April 28, 2017

Stuart Bradie – President and Chief Executive OfficerMark Sopp – Executive Vice President and Chief Financial Officer Nelson Rowe – Senior Vice President, Investor Relations

1Q 2017 Financial Results

This presentation contains forward-looking statements regarding our plans, objectives, goals, strategies, future events, future financial performance and backlog information and other information that is not historical. When used in this presentation, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts” or future or conditional verbs such as “will,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. Such statements are based upon our current expectations and various assumptions, which are made in good faith, and we believe there is a reasonable basis for them. However, because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from the forward-looking statements contained in this presentation. Additional information about potential risk factors that could affect our business and financial results is included in our Form 10-K filed on February 24, 2017.

We caution you not to place undue reliance on the forward-looking statements included in this presentation, which speak only as of the date hereof. We disclaim any intent or obligation, except as required by law, to revise or update this information to reflect new information or future events or circumstances.

This presentation contains the financial measure “EBITDA,” which is not calculated in accordance with U.S. GAAP. A reconciliation of the non-GAAP financial measure EBITDA to the most directly comparable GAAP financial measure has been provided in the Appendix to this presentation.

Forward-Looking Statements

Safety: Moving Towards Zero Harm

IOGP = International Association of Oil & Gas Producers Note: Final IOGP 2016 results will not be available until mid‐2017

0.380.36

0.43

0.42

0.28

0.24

0.22

0.230.21

0.19 0.180.16

0.35 0.350.32

0.31

0.24

0.00

0.10

0.20

0.30

0.40

0.50

2011 2012 2013 2014 2015 2016 Q1 2017

KBR IOGP Top Q IOGP Average

Total Recordable Incident Rate (TRIR) Performance: 2011- Q1 2017

The data set above represents the KBR current portfolio excluding discontinued operations.

KBR is focused on an industry-leading commitment to employee safety

Over the last 27 months, KBR has achieved a 48% decrease in TRIR and a 40% increase in Zero Harm Days

SAFETY

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Substantial completion final domestic EPC power project in Non-Strategic Business

In April 2017, settled legal claim against Pemex. Received $435M and dismissal of all pending litigation (2Q event)

Settlement of major legal matters Settlement reached on class action

lawsuit related to 2013 restatement Appeals court upheld dismissal of

claims related to sodium dichromate

Growth in existing U.S. gov’t contracts supporting U.S. Military and backlog growth in Technology

Significant re-compete win for KBRwyle to provide ground systems and operations support for NASA’s Goddard Space Flight Center (2Q event)

Strategic win for Brown & Root in Indonesia for Chevron (2Q event)

1Q17HIGHLIGHTS

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Solid Earnings with Revenue Growth (11%) Progress against strategic objectives:

Reducing risk Delivering more predictable earnings Strong project delivery performance

1Q17: Highlights

Significantly Lower Risk Profile1Q17

BACKLOG

Backlog by Contract Type

Cost Reimbursable, PFI & Services

Contracts

Total KBR BacklogAt 3/31/17:

$10.6B + $2.2B options

Fixed Price Contracts

(GS, T&C) –Low Risk

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Fixed Price Contracts,

E&C

~75% of earnings for 2017 secured in backlog

Majority of KBR backlog is currently either long-term, reimbursable, PFI or service contracts with a lower risk profile and predictable cash flows

GS backlog excludes unexercised options and ID/IQ and MATOC contract values not yet under task order; work ultimately realized may be significantly higher

‒ Current estimate $2.2B in additional unrecognized backlog

Consolidated Results: 1Q17 vs 1Q16

1Q17 revenues reflect the impact of the two GS acquisitions and organic growth in U.S gov’t contracts

Gross profit in 1Q17 compared favorably to 1Q16 as a result of revenue growth and strong project execution

Equity in earnings lower due primarily to a reduction in the percentage of completion estimated on the Ichthys project joint venture in Australia; extends profit recognition into future periods

Net operating cash outflows; funding late stage EPC contracts

RESULTS

*Consolidated EBITDA and Adjusted EPS reconciliations provided in the Appendix

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($ in millions, except EPS) Mar 31, 2017 Mar 31, 2016

Bookings $ 772 $ 711Backlog of Unfilled Orders $ 10,595 $ 12,019

Revenues $ 1,106 $ 996

Gross Profit $ 82 $ 68

Equity in Earnings $ 9 $ 29

Gross Profit & Equity in Earnings $ 91 $ 97

General & Administrative Expenses ($32) ($34)

Gain on Disposition of Assets/Restructuring $ 4 $ 2

Operating Income $ 63 $ 65

Provision for Income Taxes ($13) ($15)

Non-controlling Interest ($1) ($3)

Net Income Attributable to KBR $ 37 $ 42

EBITDA* $ 68 $ 67

EPS (diluted) $ 0.26 $ 0.30

Adjusted EPS (excl legacy legal fees)* $ 0.28 $ 0.34

Operating Cash Flow ($115) ($21)

Quarter Ending

Government Services‒ Increases in revenue and gross profit & equity

in earnings are driven by acquisitions and organic growth. 1Q16 included a $15M change order for a program in the Middle East.

Technology & Consulting‒ Revenue and gross profit were down in 1Q17

due to lower proprietary equipment sales. Gross profit margin percent up slightly due to technology licenses.

Engineering & Construction‒ Revenue down due to reduced activity on

several projects including LNG projects in Australia.

‒ Increase in gross profit in 1Q17 due primarily strong project execution; at normative level.

‒ Equity in earnings is $18M lower compared to 1Q16 due to a dilution of percentage of completion on the Ichthys project. Profit recognition will now be deferred into future periods.

SEGMENT RESULTS

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Segment Results: 1Q17 vs 1Q16

*Consolidated EBITDA reconciliation provided in the Appendix

($ in millions) Mar 31, 2017 Mar 31, 2016

Revenues

Government Services 515 210

Technology & Consulting 76 97

Engineering & Construction 489 606

Non-Strategic Business 26 83

Consolidated Revenues $1,106 $996

Gross Profit (Loss) & Equity in Earnings

Government Services 46 32

Technology & Consulting 14 17

Engineering & Construction 33 47

Non-Strategic Business (2) 1

Consolidated Gross Profit & Equity in Earnings $91 $97

EBITDA

Government Services 47 31

Technology & Consulting 14 16

Engineering & Construction 35 39

Non-Strategic Business (2) 5

Other (26) (24)

Consolidated EBITDA* $68 $67

Quarter Ending

2017 Forward ExpectationsMARKET OUTLOOK

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Foundation for 2017 Performance Expectations:‒ Revenue

o Strong Gov’t Services growth, both organic and acquisitive along with steady T&C revenue offsetting challenging E&C market conditions

o Continued expansion in global industrial services market

o Strong backlog earnings coverage (~75%), low re-competes

‒ Profitabilityo Solid foundation for stable and predictable

earnings growth‒ Operating Cash Flow

o Positive for 2017o Heavy outflows for end of cycle EPC contracts

Capital Structure/Liquidity‒ Maintain dividend, working capital focus, strong

balance sheet

Beyond 2017‒ Strong cash conversion ratio‒ More capital deployment options‒ Capital allocation strategy to be updated at

upcoming Investor Day

Guiding Principles

EPS, excluding legacy legal fees, now expected above mid-point of $1.10 - $1.40 range– Reflects gain on Pemex settlement to be recorded in 2Q17

– Reflects organic growth for GS, T&C and OpEx projects in E&C, contraction in CapEx projects in E&C, and target margins for all segments

– Includes $22M, or $0.15 EPS, in amortization

– Estimate for legacy legal fees is $9M or $0.07 EPS

EBITDA range: $300M-$350M

Effective Tax Rate: 25% - 27%

Operating Cash Flow: $100M-$200M

2017GUIDANCE

~75% Of Earnings Already In Backlog

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Solid financials, growing revenue with strategic wins

Well positioned for growth in both Gov’t Services & Hydrocarbons sectors. Increasing project pursuit pipeline and consulting activity.

More predictable earnings from high-level of secured backlog. No major re-competes in 2017.

Reduced uncertainty and risk as legacy projects complete and we successfully resolve legal and commercial disputes

Cost structure that is efficient and scalable

Stronger free cash flow beyond 2017 and attendant capital deployment options

2017 is Starting off StrongCONCLUSION

Executing on Strategy

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APPENDIX

Consolidated EBITDA ReconciliationNON-GAAP

RECONCILIATION

Note: EBITDA is defined as earnings before interest income / expense, income taxes, depreciation and amortization

($ in millions) Mar 31, 2017 Mar 31, 2016

Net Income Attributable To KBR $ 37 $ 42

Add Back:

Interest Expense (Income) $ 5 $ 1

Provision for Income Taxes $ 13 $ 15

Depreciation & Amortization $ 13 $ 9

Consolidated EBITDA $ 68 $ 67

Quarter Ending

Adjusted EPS ReconciliationNON-GAAP

RECONCILIATION

Mar 31, 2017 Mar 31, 2016

EPS (diluted) $ 0.26 $ 0.30

Add Back:

Legacy Legal Fees $ 0.02 $ 0.04

Adjusted EPS $ 0.28 $ 0.34

Quarter Ending