August 2, 2017

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

2Q 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 conditionalverbs 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 February24, 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=InternationalAssociationofOil&GasProducersNote:FinalIOGP2016resultswillnotbeavailableuntilmid-2017

0.38 0.36

0.43

0.42

0.28

0.24 0.170.23 0.21 0.19 0.18 0.16

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 Q22017

KBR IOGPTopQ IOGPAverage

Total Recordable Incident Rate (TRIR) Performance: 2011- Q2 2017

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

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

Over the last 30 months, KBR has achieved a 60% decrease in TRIR and a 46% increase in Zero Harm Days

SAFETY

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§ Strong results, solid project execution, raising guidance

§ Continued progress resolving legacy and legal matters

§ Settled legal claim against PEMEX. Received $435M and dismissal of all pending litigation

§ Received summary judgment for recovery of claims in the Private Security litigation

§ Received summary judgment to dismiss Burn Pit lawsuits

§ Delivering growth in Government Services, capturing wins in differentiated and higher technology pursuits

§ Significant wins for KBRwyle§ NASA’s Goddard Space Flight Center

(protest withdrawn)§ NAVFAC’s Diego Garcia BOS (under

protest)§ DoD missile defense systems task order§ Seat on NOAA’s Professional and Technical

Satellite contract

§ Cash deployment and capital allocation§ Reduced debt by $180M§ Repurchased 3.3M shares

2Q17HIGHLIGHTS

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§ Solid Earnings with Revenue Growth (8%)

§ Progress against strategic objectives:§ Delivering predictable earnings§ Deploying capital to maximize value§ Reducing uncertainty and risk

2Q17: Highlights

Consolidated Results: 2Q17 vs 2Q16

§ 2Q17 revenues reflect the impact of the two GS acquisitions and organic growth in U.S gov’t contracts offset with E&C projects nearing completion

§ Gross profit in 2Q17 compared favorably to 2Q16 as a result of the PEMEX settlement along with GS revenue growth and strong project execution

§ Equity in earnings flat; lower volume on Australian LNG joint venture offset with favorable adjustments to U.K. joint ventures

§ Net operating cash inflows reflect the cash receipt from the PEMEX settlement and strong working capital management

RESULTS

*ConsolidatedEBITDAandAdjustedEPSreconciliationsprovidedintheAppendix

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($ in millions, except EPS) Jun 30, 2017 Jun 30, 2016

Bookings $ 855 $ 55Backlog of Unfilled Orders $ 10,324 $ 11,032

Revenues $ 1,094 $ 1,009

Gross Profit $ 108 $ 74

Equity in Earnings $ 32 $ 33

Gross Profit & Equity in Earnings $ 140 $ 107

General & Administrative Expenses ($38) ($34)

Gain on Disposition of Assets/Restructuring $ 1 ($10)

Operating Income $ 103 $ 63

Provision for Income Taxes ($21) ($23)

Non-controlling Interest & Other ($5) $ 7

Net Income Attributable to KBR $ 77 $ 47

EBITDA* $ 117 $ 80

EPS (diluted wtd avg) $ 0.54 $ 0.32

Adjusted EPS (excl legacy legal fees)* $ 0.57 $ 0.35

Diluted weighted average shares 141 142

Operating Cash Flow $ 325 $ 9

Quarter Ending

§ Government Services‒ Increases in revenue and gross profit & equity in

earnings are driven by acquisitions and organic growth, offsetting 2Q16 settlement of $33M in reimbursable legal fees related to the sodium dichromate matter

§ Technology & Consulting‒ Revenue was down in 2Q17 due to lower proprietary

equipment sales. Gross profit and margin percent up slightly due to technology licenses and cost reductions.

§ Engineering & Construction‒ Revenue down as planned due to projects nearing

completion‒ Increase in gross profit in 2Q17 due primarily to

PEMEX settlement‒ Equity in earnings is $9M lower compared to 2Q16

due to lower activity on an Australian LNG JV

SEGMENT RESULTS

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Segment Results: 2Q17 vs 2Q16

*ConsolidatedEBITDAreconciliationprovidedintheAppendix

($ in millions) Jun 30, 2017 Jun 30, 2016

Revenues

Government Services 543 229

Technology & Consulting 82 98

Engineering & Construction 462 621

Non-Strategic Business 7 61

Consolidated Revenues $1,094 $1,009

Gross Profit (Loss) & Equity in Earnings

Government Services 55 51

Technology & Consulting 17 15

Engineering & Construction 69 58

Non-Strategic Business (1) (17)

Consolidated Gross Profit & Equity in Earnings $140 $107

EBITDA

Government Services 57 50

Technology & Consulting 17 14

Engineering & Construction 67 45

Non-Strategic Business (1) (17)

Other (23) (12)

Consolidated EBITDA* $117 $80

Quarter Ending

§ Strong cash flow ‒ PEMEX receipt of $344M, net of tax

‒ Good cash receipts

§ Maximizing Shareholder value by staying true to capital allocation strategy‒ Reduced debt by $180M

‒ Repurchased 3.3M shares for $50M

‒ Quarterly Dividend payments of $11M

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Cash Flow, Cash Position and Capital Allocation CASH/ CAPTIAL DEPLOYMENT

Quarter EndingOperating and Free Cash Flow Jun 30, 2017

Operating Cash Flow $ 325

Capital Expenditures ($3)

Free Cash Flow $ 322

Cash and Net Debt Position Mar 31, 2017 Jun 30, 2017

Cash: Balance $ 410 $ 491

Debt: Revolver Borrowing ($650) ($470)

Net Cash (Debt) Position ($240) $ 21

Quarter Ending

2017GUIDANCE

>80% Of Earnings In Backlog

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PriorFYGuidance

Updated FYGuidance

AdjustedEPS,excludinglegacylegalfees $1.10 - $1.40(abovemid-point)

$1.25 - $1.45

• IncludesPEMEXsettlementrecorded in2Q17

• Includes$22Mor$0.15EPSinamortization

• Estimatedlegacylegalfees is$9Mor$0.07EPS

EBITDArange $300M- $350M $300M- $350M

EffectiveTaxRate 25%- 27% 23%- 25%

OperatingCashFlow $100M- $200M $120M- $200M

2017 Earnings Guidance

2nd Half ExpectationsMARKET

OUTLOOK

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§ Performance Expectations:‒ Revenueo Growth in Government Services continues as

planned

o T&C growth expected to continue fueled by ammonia, petro-chem and refining markets

o E&C expected to decline, impacted by capex projects worked off partially offset by opex projects

‒ Profitabilityo Improving and more predictable earnings growth

o Potential Australian LNG JV dilution due to additional scope

‒ Operating Cash Flowo Positive for 2017, $120M to $200M

o As planned outflows for EPC contracts nearing completion

§ Capital Structure/Liquidity‒ Operating cash flow conversion improving

§ Markets‒ Government Services: steady growth, good pipeline,

capitalizing on capabilities

‒ T&C: buoyant, good pipeline, good win rate

‒ E&C: good bidding pipeline with core customers, FEEDs moving forward, market remains challenged

Guiding Principles§ Grow Profits§ Strengthen Business Acumen§ Build High Performance Culture

§ Improved, consistent and more predictable earnings momentum leading to raised guidance

§ Delivering growth in Government Services, capturing high technical and professional services wins

§ Strong margins in T&C, growth expected in 2nd half

§ Solid execution and repositioned reliance from large capex projects to multiple and smaller recurring opex projects in core E&C segment

§ High-level of secured backlog; solid prospects with awards expected 4Q into early 2018

§ Continued success in resolving legacy legal and commercial disputes

§ Strong operating cash flow facilitated debt reduction and buy backs

2Q17 SummaryCONCLUSION

Executing on Strategy

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APPENDIX

Significantly Lower Risk Profile2Q17

BACKLOG

Backlog by Contract Type

Total KBR BacklogAt 6/30/17:

$10.3B + $2.4B options

Cost Reimbursable, PFI & Services

Contracts

Fixed Price Contracts, E&C

§ >80% 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 $2.4B in additional unrecognized backlog

Fixed Price Contracts (GS, T&C) – Low

Risk

Consolidated EBITDA ReconciliationNON-GAAP

RECONCILIATION

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

($ in millions) Jun 30, 2017 Jun 30, 2016

Net Income Attributable To KBR $ 77 $ 47

Add Back:

Interest Expense (Income) $ 5 $ 0

Provision for Income Taxes $ 22 $ 23

Depreciation & Amortization $ 13 $ 10

Consolidated EBITDA $ 117 $ 80

Quarter Ending

Adjusted EPS ReconciliationNON-GAAP

RECONCILIATION

Jun 30, 2017 Jun 30, 2016

EPS (diluted) $ 0.54 $ 0.32

Add Back:

Legacy Legal Fees $ 0.03 $ 0.03

Adjusted EPS $ 0.57 $ 0.35

Quarter Ending