October 31, 2017

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

3Q 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 

0.380.36

0.43

0.42

0.280.24

0.180.23

0.210.19 0.18

0.16 0.16

0.35 0.350.32

0.31

0.24 0.21

0.00

0.10

0.20

0.30

0.40

0.50

2011 2012 2013 2014 2015 2016 Q3 2017

KBR IOGP Top Q IOGP Average

Total Recordable Incident Rate (TRIR) Performance: 2011- Q3 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 33 months, KBR has achieved a 57% decrease in TRIR and a 42% increase in Zero Harm Days

SAFETY

3

Strong results, solid project execution, robust bookings, better working capital management, raising guidance

Delivering growth in Government Services, over $1B awarded on key contracts, Book/Bill 1.5x

Significant and strategic wins NAVFAC Diego Garcia BOS NAVFAC Djibouti BOS NAVFAC Bahrain and UAE BOS FAA security systems and equipment

maintenance Seat on NASA REMIS contract U.K. MOD services supporting deployed

operations Revamp of ammonia facility in Russia BP Tortue pull-through Pre-FEED/FEED JVGAS EPCM in Algeria

Strategic acquisition of high end classified business, Sigma Bravo, in Australia

1 Year anniversary of Wyle & HTSI acquisitions

3Q17HIGHLIGHTS

4

Solid Earnings, Realizing Synergies Progress against strategic objectives:

Delivering predictable earnings Reducing uncertainty and risk Positioned for growth

3Q17: Highlights

Consolidated Results: 3Q17 vs 3Q16

3Q17 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

3Q17 gross profit is up excluding non-recurring items from 3Q16, due to GS revenue growth and strong project execution Non-recurring charges of $126M taken

in 3Q16 on a power project in Non-Strategic Business and an ammonia project in E&C offset with reimbursements of $11M on Legacy GS matters

Equity in earnings growth over 3Q16 due to activity in our Affinity joint venture offset with lower volume on Australian LNG joint venture

RESULTS

*Consolidated EBITDA and Adjusted EPS reconciliations provided in the Appendix

5

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

Bookings $ 1,075 $ 1,491Backlog of Unfilled Orders $ 10,342 $ 11,431

Revenues $ 1,034 $ 1,073

Gross Profit $ 87 ($36)

Equity in Earnings $ 23 $ 19

Gross Profit & Equity in Earnings $ 110 ($17)

General & Administrative Expenses ($37) ($43)

Gain on Disposition of Assets/Restructuring $ 0 ($7)

Operating Income $ 73 ($67)

Benefit (Provision) for Income Taxes ($16) $ 11

Net Interest & Noncontrolling Interest, Other ($12) ($7)

Net Income (Loss) Attributable to KBR $ 45 ($63)

EBITDA* $ 82 ($61)

EPS (diluted wtd avg) $ 0.32 ($0.44)

Adjusted EPS (excl legacy legal fees)* $ 0.35 ($0.44)

Diluted weighted average shares 140 142

Operating Cash Flow $ 28 $ 20

Quarter Ending

Government Services‒ Increases in revenue and gross profit & equity

in earnings are driven by late 3Q16 acquisition, organic growth and strong project execution

Technology & Consulting‒ Revenue up in 3Q17 due to increase in

consulting, catalyst and syngas offerings offset with lower proprietary equipment sales. Gross profit up due to favorable technology mix and stronger consulting performance

Engineering & Construction‒ Revenue down as expected due to projects

nearing completion‒ Increase in gross profit in 3Q17 due to strong

execution in addition to non-recurring losses on an ammonia project in 3Q16

‒ Equity in earnings is $2M lower compared to 3Q16 due to lower activity on an Australian LNG JV

Non-Strategic Business‒ Increase in gross profit due to non-recurring

losses on a power project in 3Q16, aided by positive close-out adjustments

SEGMENT RESULTS

6

Segment Results: 3Q17 vs 3Q16

*Consolidated EBITDA reconciliation provided in the Appendix

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

Revenues

Government Services 582 401

Technology & Consulting 78 67

Engineering & Construction 370 595

Non-Strategic Business 4 10

Consolidated Revenues $1,034 $1,073

Gross Profit (Loss) & Equity in Earnings

Government Services 53 40

Technology & Consulting 20 17

Engineering & Construction 34 12

Non-Strategic Business 3 (86)

Consolidated Gross Profit & Equity in Earnings $110 $(17)

EBITDA

Government Services 53 31

Technology & Consulting 20 17

Engineering & Construction 27 2

Non-Strategic Business 3 (85)

Other (21) (26)

Consolidated EBITDA* $82 $(61)

Quarter Ending

7

Cash and Debt Position CASH

Continued Cash Growth

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

Cash: Balance $ 410 $ 491 $ 511

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

Net Cash (Debt) Position ($240) $ 21 $ 41

Quarter Ending

2017GUIDANCE

8

Prior FY Guidance

Updated FY Guidance

Adjusted EPS , excluding legacy legal fees $1.25 ‐ $1.45 $1.35 ‐ $1.50

• Includes PEMEX settlement recorded in 2Q17

• Includes $22M or $0.15 EPS in amortization

• Estimated legacy legal fees is $13M or $0.09 EPS

EBITDA range $300M ‐ $350M $320M ‐ $350M

Effective Tax Rate 23% ‐ 25% 23% ‐ 25%

Operating Cash Flow $120M ‐ $200M $120M ‐ $200M

2017 Earnings Guidance

4Q17 ExpectationsMARKET

OUTLOOK

9

Performance Expectations:‒ Revenue

o Flat revenues for Government Services as new awards expected to contribute late December

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 opexprojects

‒ Profitabilityo Stable & on track through 4Q

‒ Operating Cash Flowo Positive for 2017, $120M to $200Mo As planned outflows for EPC contracts nearing

completion Capital Structure/Liquidity

‒ Net operating outflows for project ramp down

Markets‒ Government Services: steady growth, good

pipeline, capitalizing on capabilities‒ T&C: steady growth, 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

Delivering growth in Government Services, realizing synergies

Strong margins in T&C, growth expected in 4Q

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 in 4Q into early 2018

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

3Q17 SummaryCONCLUSION

Executing on Strategy

10

APPENDIX

Significantly Lower Risk Profile3Q17

BACKLOG

Backlog by Contract Type

Total KBR BacklogAt 9/30/17:

$10.3B + $2.9B options

Cost Reimbursable, PFI & Services

Contracts

Fixed Price Contracts,

E&C

95% 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 $2.9B 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, other non-operating income / expense (including FX), depreciation and amortization

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

Net Income Attributable To KBR $ 45 ($63)

Add Back:

Interest Expense (Income) $ 6 $ 3

Provision for Income Taxes $ 16 ($11)

Other Non-Operating Expense (Income) $ 4 ($2)

Depreciation & Amortization $ 11 $ 12

Consolidated EBITDA $ 82 ($61)

Quarter Ending

Adjusted EPS ReconciliationNON-GAAP

RECONCILIATION

Sep 30, 2017 Sep 30, 2016

EPS (diluted) $ 0.32 ($0.44)

Add Back:

Legacy Legal Fees $ 0.03 $ 0.00

Adjusted EPS $ 0.35 ($0.44)

Quarter Ending