KKR & Co. Inc.

Overview
February 7,Presentation
2023 – 4Q’24

February 2025
Legal Disclosures
This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations
and financial results of KKR & Co. Inc. and its subsidiaries (collectively, “KKR”), which includes The Global Atlantic Financial Group LLC and its subsidiaries (collectively, “Global
Atlantic” or “GA”), unless the context requires otherwise. This presentation is not, and shall not be construed, as an offer to purchase or sell, or the solicitation of an offer to
purchase or sell any securities of KKR. This presentation may not be distributed, referenced, quoted or linked by website, in whole or in part, except as agreed to in writing
by KKR & Co. Inc.
The statements contained in this presentation are made as of the date of this presentation, other than financial figures, which are as of September 30, 2024, unless another
time is specified in relation to such statements or financial figures, and access to this presentation at any given time shall not give rise to any implication that there has been
no change in the facts set forth in this presentation since such date.
This presentation contains certain forward-looking statements pertaining to KKR, including with respect to the investment funds, and vehicles and accounts managed by KKR
and the Global Atlantic insurance companies. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that are not historical facts. You can identify these forward-looking statements by the use of words such as
“opportunity,” “outlook,” “believe,” “think,” “expect,” “feel,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,”
“estimate,” “anticipate,” “visibility,” “positioned,” “path to,” “conviction,” the negative version of these words, other comparable words or other statements that do not
relate strictly to historical or factual matters. These forward-looking statements are based on KKR’s beliefs, assumptions and expectations, but these beliefs, assumptions
and expectations can change as a result of many possible events or factors, not all of which are known to KKR or within its control. Due to various risks and uncertainties,
actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Past performance is no guarantee of future results.
All forward-looking statements speak only as of the date of this presentation. KKR does not undertake any obligation to update any forward-looking statements to reflect
circumstances or events that occur after the date of this presentation except as required by law. Please see the Appendix for additional important information about
forward-looking statements, including the assumptions and risks concerning projections and estimates of future performance.
This presentation includes certain non-GAAP measures, including adjusted net income (“ANI”), total segment earnings, total investing earnings, total operating earnings
(“TOE”), fee related earnings (“FRE”), strategic holdings operating earnings, and total asset management segment revenues. These non-GAAP measures are in addition to,
and not a substitute for, measures of financial and operating performance prepared in accordance with U.S. GAAP. While we believe that providing these non-GAAP
measures is helpful to investors in assessing the overall performance of KKR’s business, they may not include all items that are significant to an investor’s analysis of our
financial results. Please see the Appendix for additional important information about the non-GAAP measures presented herein.
Please see the Appendix for other important information. In addition, information about factors affecting KKR, including a description of risks that should be considered
when making a decision to purchase or sell any securities of KKR, can be found in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023,
filed with the SEC on February 29, 2024, and its other filings with the SEC, which are available at www.sec.gov.
From time to time, we may use our website as a channel of distribution of material information. Financial and other material information regarding KKR is routinely posted
on and accessible at www.kkr.com. Financial and other material information regarding Global Atlantic is routinely posted on and accessible at www.globalatlantic.com.
Information on these websites are not incorporated by reference herein and are not a part of this presentation.

2
KKR Overview

Established in 1976, KKR is a

global investment firm with
industry-leading investment
experience and a strong culture
committed to teamwork

$638 billion ~2,700 KKR Multi-asset 26 KKR

48 Years
in AUM employees experience offices

across Credit & across across 4 continents

Liquid Strategies plus ~1,600 Global private equity, serving local
of investment
($276bn), Private Atlantic real estate, markets, plus 9
experience
Equity ($195bn) & employees(1) infrastructure and Global Atlantic
Real Assets ($166bn) credit offices

Note: All figures are as of December 31, 2024 unless otherwise noted. See Appendix endnotes.
(1) As of December 31, 2023.

3
Positioned For Significant Growth Ahead

Purpose-built business model with three

High-growth growth engines to drive recurring earnings
industry with Leveraging our
leadership in key core strengths
Asset Strategic
markets Management
Insurance
Holdings

✓ Growing alternatives ✓ Differentiated ✓ Leading insurance ✓ Scaled Core Private ✓ Investing acumen
industry investment franchise Equity strategy ✓ Capital allocation
✓ Insurance performance ✓ Growth enhanced with ✓ Recurring, quarterly ✓ Collaborative culture
✓ Asia Pacific / Japan ✓ Embedded growth 100% ownership dividends with
from investment in ✓ Strong conviction we attractive growth
✓ Infrastructure /
distribution and can double Global trajectory
Climate
products Atlantic AUM from
✓ Private Credit / ABF
here
✓ Private Wealth

With a highly aligned and motivated leadership team –

employees own ~30% of outstanding KKR stock(1)
Note: The statements above are forward-looking statements. These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See
Appendix for important information regarding cautionary factors about forward-looking statements.
(1) As of September 30, 2024.

4
Evolution And Growth Of Our Business
($ in billions, except per share data)

Three Segments
2019 2024
Scaling of
Strategic
Existing Insurance Asset
Holdings Management
Asset Businesses
Management
Assets Under Initial acquisition in Strategic
Insurance
Management February 2021 Introduced as a Holdings
new segment in
January 2024
Private Equity +2.1x
AUM $218 Increased AUM $638
ownership to 100%
in January 2024
Mgmt. Infrastructure
+4.7x Mgmt.
$1.2 & Energy Current portfolio of $3.5
Fees Fees
18 companies

FRE $1.1 Assets Under FRE $3.3

Real Estate +8.5x Management
$191

ANI $1.6 ANI $4.2

Credit & Liquid
+2.8x
Strategies Expecting to
Perpetual $72
generate growing, Perpetual
$22 $268
Capital KCM recurring durable Capital
Transaction +2.4x earnings
Stock Fees KKR (1) 2024 Stock
$29 Announcement $148
Price Price

Note: Stock price data as of December 31, 2019, and December 31, 2024, respectively. Perpetual capital is capital of indefinite duration, which may be materially reduced or terminated under certain conditions.
See Appendix for endnotes and other important information.

5
 Year-Over-
Year Growth

A Strong 2024 Across Key Metrics

Strong Financial Results

$ 638bn +15%
• Management Fees → +14% in 2024 vs. 2023 AUM
• Fee Related Earnings → +37% in 2024 vs. 2023
• Adjusted Net Income → +38% in 2024 vs. 2023

Robust Fundraising Momentum

• Raised $114 billion of capital in 2024 vs. $69 billion in 2023
$ 268bn +20%
• Flagship fundraising off to a strong start and 30+ strategies targeted to Perpetual Capital
raise capital in the next 12-18 months
• K-Series momentum continues with AUM of $16 billion at year end 2024 vs.
$6 billion at year end 2023

Increased Investment Activity

• $84 billion of capital deployed in 2024 vs. $44 billion in 2023
$ 3.3bn +37%
• Capital markets transaction fees reached $1.0 billion in 2024 for the first time Fee Related Earnings
in KKR’s history

Strong Performance
•
•
Monetizations of $2.4 billion increased by 43% year-over-year
Gross unrealized carried interest of $7.9 billion at year end 2024 vs.
$6.0 billion at year end 2023
$ 4.2bn +38%
Adjusted Net Income

Note: Perpetual capital is capital of indefinite duration, which may be materially reduced or terminated under certain conditions. See Appendix for endnotes and other important information.

6
Our Capital Allocation Toolkit

Core Private Equity Insurance

Share Buybacks Strategic M&A

Our objective for capital allocation is to generate

recurring and durable, growth-oriented earnings per share

Note: The statements above are forward-looking statements. These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See
Appendix endnotes for important information regarding estimates and assumptions and cautionary factors about forward-looking statements.

7
KKR’s Culture And Values Drive Outcomes

Teamwork

Diversity

Best-in-class talent
Integrity
One P&L and
compensation pool

Accountability
One Collaboration

Firm Business building &

innovation
Relationship-Driven

Allows us to maximize
the impact of our model
Innovation

Excellence

8
Our Model
Our Model – Three Growth Engines

Asset Strategic
Insurance
Management Holdings

10
Asset Management
Scaled And Diversified Assets Under Management
Assets Under Management
($ in billions)
$638 $638
$30
Liquid Strategies

$553
$116
Alternative Credit
$504
$471

$130
Leveraged Credit
+18%
CAGR

$79 Real Estate

$252
$218 $86 Infrastructure & Energy(1)
$195
$168
$55 Growth Equity & Core PE
$130
$120
$100 $107
$83
$62 $60 $140 Traditional Private Equity

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2024

Note: See Appendix endnotes for footnote references.

12
Strong, Broad-Based Investment Performance

Fund Investment Performance Gross Unrealized Carried Interest

($ in billions)

Gross Return – 2024

$7.9

Traditional Private Equity Portfolio 14% +32%

$6.0
Infrastructure Portfolio 14%

Opportunistic Real Estate Portfolio 4%

Leveraged Credit Composite 10%

Alternative Credit Composite 12%

4Q'23 4Q'24

Note: Traditional private equity does not include core or growth. See Appendix for endnotes explaining composition of the portfolios and composites presented on this page and for other important information.
Past performance is no guarantee of future results.

13
Differentiated Value Creation Toolkit

CAPSTONE

KKR ADVISORS KKR CAPITAL MARKETS

GLOBAL MACRO
KKR GLOBAL INSTITUTE
ASSET ALLOCATION

PUBLIC POLICY & GLOBAL CLIENT

SUSTAINABILITY SOLUTIONS

14
Diversified & Fast-Growing Management Fee Profile

Other(1)
~25%
CAGR Core PE
Growth Equity

Real Estate

Infrastructure

Alternative Credit

Leveraged Credit

Traditional PE
Distinct strategies in Americas,
Europe and Asia

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Note: See Appendix endnotes for footnote references.

15
Lifecycle Of Our Products

Early Developing Maturing Scaled

Platform Formation Product Buildout Building Scale Scale Benefits
Private

Health Care Growth North America PE

Equity

Middle Market PE Technology Growth

Global Impact Europe PE
Core PE
Customized Portfolio Solutions Asia PE

Core+ Real Estate Americas Asia Infrastructure

Real Assets

Core+ Real Estate Europe Core Infrastructure

Core+ Real Estate Asia Opportunistic Europe RE Opportunistic Americas RE
Global Infrastructure
Opportunistic RE Credit / CMBS Opportunistic Asia RE Japanese REIT (KJRM)
Stabilized RE Credit Mortgage REIT
Climate Crescent Energy

High Yield Bank Loans

CLOs
Credit

Asia Private Credit Junior Capital Asset-Based Finance

Asia Leveraged Credit Public BDC
Strategic Investments Global Direct Lending
Private Wealth

Private Equity
K-Series –

Credit
Infrastructure
Real Estate

Note: Excludes Global Atlantic and Liquid Strategies (Hedge Funds).

16
Lifecycle Of Our Products

Early Developing Maturing Scaled

Platform Formation Product Buildout Building Scale Scale Benefits
Private

Health Care Growth North America PE

Equity

Middle Market PE Technology Growth

50%+
Global Impact Europe PE
Core PE
Customized Portfolio Solutions Asia PE

Core+ Real Estate Americas Asia Infrastructure

Real Assets

Core+ Real Estate Europe Core Infrastructure

Core+ Real Estate Asia Opportunistic Europe RE Opportunistic Americas RE
of AUM is not yet scaled
Opportunistic RE Credit / CMBS
Stabilized RE Credit
Opportunistic Asia RE
Mortgage REIT
Japanese REIT (KJRM)
Global Infrastructure

Climate Crescent Energy

High Yield Bank Loans

CLOs
Credit

Asia Private Credit

80%+
Junior Capital Asset-Based Finance
Asia Leveraged Credit Public BDC
Strategic Investments Global Direct Lending
Private Wealth

Private Equity
K-Series –

Credit
of our strategies are not yet scaled
Infrastructure
Real Estate

Note: Excludes Global Atlantic and Liquid Strategies (Hedge Funds).

17
Continued Fundraising Momentum
30+ Strategies Targeted To Raise Capital
New Capital Raised
In The Next 12-18 Months
($ in billions) Including three major flagship strategies
Private Equity
$114 Private Equity
Real Assets
• North America Private Equity • Customized Portfolio Solutions
Credit & Liquid Strategies
• Asia Private Equity • K-Series: Private Equity
$18
• Technology Growth

Real Assets
• Global Infrastructure • Opportunistic Asia RE
• Core Infrastructure • Core+ RE Americas
$40 • Climate • Core+ RE Europe
$69
• Asia Infrastructure • Core+ RE Asia
$7 • K-Series: Infrastructure • Opportunistic RE Credit
• Opportunistic Americas RE • Stabilized RE Credit
$16 • Opportunistic Europe RE • K-Series: Real Estate
Credit
• Global Leveraged Credit • Asia Leveraged Credit
• Global Direct Lending • Capital Solutions (Strategic
$56 • Junior Capital Investments)
$47 • Asset-Based Finance • Structured Credit

• Asset-Based Finance • CLOs

High Grade • K-Series: Credit
• Asia Private Credit
Insurance
2023 2024 • Reinsurance Sidecar • Reinsurance
Co-Investment Opportunities
Note: This is not a definitive list and there is no certainty that KKR will raise capital as contemplated for all of the listed strategies. These statements are estimated based on various assumptions, and there is no
guarantee that our expectations will be realized as presented. See Appendix for additional details, important information regarding estimates and assumptions and cautionary factors about forward-looking
statements.

18
Private Wealth Approach Positions KKR To Win

Traditional
Family Capital
Drawdown
Office & K-Series Group
& Perpetual
Ultra HNW Partnership
Vehicles

Growing K-Series AUM

($ in billions)

$18 Partnership with:

~3x

$7

January 1, 2024 January 1, 2025

Note: These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and
assumptions and cautionary factors about forward-looking statements.

19
Insurance
Overview Of Global Atlantic
Leading insurance company with a 20-year track record of serving the retirement & life insurance needs of
individuals & institutions

• Founded at Goldman Sachs in 2004 and separated as an independent company in 2013

• In February 2021, GA was initially acquired by KKR as a majority owned subsidiary

• In January 2024, KKR acquired the remaining stake in Global Atlantic, increasing ownership to 100%

• Since the announcement of KKR’s original acquisition in July 2020, Global Atlantic AUM has more than doubled

Performance Highlights

Scaled & Leader in Leading Strong Leading Risk &

Diversified Target Returns & Financial Investment
Business Markets(1) Growth Profile Capabilities

$191 billion Top 5 Fixed Annuities +24% AUM CAGR(2) High Ratings Benefit of Strategic
Assets Under Top 3 Block & Flow Reinsurer $1.0 billion 2024 Insurance A2 / A- / A / A(3) Partnership with KKR
Management Top 5 Preneed Insurance Operating Earnings

Note: Past performance is no guarantee of future results. See Appendix for endnotes for footnote references and important information regarding these performance highlights.

21
Two Complementary Channels

Individual Markets Institutional Markets

Block
Fixed & Indexed Annuities Reinsurance for
Annuity and Flow
Life Insurance Products Insurance Companies
Pension Risk Transfer (PRT)
for Individuals Preneed Insurance
Funding Agreements

Top 5 210+ $15.4 billion 41% Top 3 30+ $27.1 billion 59%(3)
2024 2024
Fixed Annuity Distribution Global Atlantic Life & Annuity Reinsurance Global Atlantic
New Business New Business
Carrier(1) Partners(2) Reserves Block Reinsurer(1) Clients Reserves
Volumes Volumes

Key Distribution Partners Recent Clients

One of the Top 5

Largest U.S. Banks

Note: Includes select distribution partners and recent reinsurance transaction clients. See Appendix for endnotes for footnote references and important information regarding these performance highlights.

22
Global Atlantic Has Multiple Ways To Grow
Global Atlantic has a clear path to doubling assets

c Invest in Emerging
Opportunities
• International Life & Annuity Blocks
Improve Positioning in • International Flow Re
b • GA-KKR Wealth Product & Distribution
Maturing Businesses • Retirement group annuity products

• Independent Channel
• Registered Indexed Linked Annuities
Maintain Top 3 or 5 in • Direct PRT
a
Franchise Businesses • Funding Agreement Backed Notes

• U.S. Life & Annuity Blocks

• Fixed Annuities, Fixed Indexed Annuities
• Bank & Broker Dealer Channel
$191bn • Preneed Insurance
• Flow Reinsurance
• Pension Risk Transfer (PRT) Reinsurance

$72bn d Fundraising: Insurance as an Asset Class

KKR 4Q’24
(1)
Announcement
(July 8, 2020)

Note: These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnotes for footnote references and
important information regarding estimates and assumptions and cautionary factors about forward-looking statements.

23
Invest In Emerging Opportunities – Japan
Insurance Landscape – Parallels Between the U.S. and Japan

United States Japan

~$4 trillion ~$3 trillion

Addressable market Size of Addressable market
L&A Reserves(1)

Aging population Growing Demand for Already aged population

(~17% of population over 65) Retirement/Savings Products(2) (~30% of population over 65)

Multi-decade declining rates Sustained low-rate environment &

~4.5% limited local asset origination
10yr UST ~1.4%
Macroeconomic 10yr JGB
Headwinds(3)

2000 2010 2020 2000 2010 2020

Life company ROEs (9-15%) Low ROEs (0-8%)

Depressed Valuations Driving Need
Shareholders seeking return of capital for Risk and Capital Management(4) Shareholders seeking return of capital
Shift to “capital light” business model Upcoming regulatory capital changes

Similar markets and products create opportunity for GA and KKR to be a solutions provider via asset management and reinsurance

Note: See Appendix endnotes for sources.

24
Multiplier Effect: Scaling GA And Asset Management
In Tandem
…And GA Helps Scale
KKR Helps Scale GA Originations… …And Third Party Insurance Capital
KKR Existing Platforms…
($ in billions) ($ in billions) ($ in billions)

KKR AUM of Asset Classes

Average Annual Asset Originations(1) Third Party Insurance AUM
Well-Suited for Insurance Companies
$68
$40 $152

Direct
$41 Lending

>2x >2x

>5x $43
Real Estate
Credit

$17
$26

$28 $68 Asset-Based

Finance
$18

2018 - 2020 2021 - 2024 1Q'20 4Q'24 1Q'20 4Q'24

(Pre-Acquisition) (Post-Acquisition)

Note: See Appendix endnotes for footnote references.

25
Strategic Holdings
An Observation: The Asset Management Industry
Market Capitalization
($ in billions)

$1,198 $1,043

Public Asset Managers Globally

Note: Market capitalization as of February 19, 2025. Asset Managers inclusive of 3i Group, Affiliated Managers Group, AllianceBernstein, Amundi, Apollo, Ares, BlackRock, Blackstone, Blue Owl, Bridgepoint Group,
Brookfield Asset Management, Brookfield Corporation, Carlyle, CVC, EQT Partners, Franklin Resources, Invesco, Janus Henderson, KKR, Legal & General, Onex Corporation, Partners Group, T. Rowe Price,
Tikehau Capital and TPG.

27
What Is Core PE?
Strategic Holdings currently consists of KKR’s direct interest in our Core Private Equity strategy

Key Characteristics of a Core Private Equity Business

Long Duration Lower Leverage Over Hold Period

High-Quality Management More Limited External Exposures

Cash Generative More Limited Disruptors

Less Cyclical Control

28
We Have Built An Attractive, Diversified Strategy
Industry Diversification(1)

Infrastructure
10% Business
Services
33%
Health Care
13%

TMT
14%

Consumer
30%

~16% Annualized Like-for-Like Revenue

& EBITDA Growth Since 2018(2)

Note: See Appendix for endnotes for footnote references and important information about the core private equity strategy.

29
KKR’s
Differentiated
Asia Platform
Asia Is The Driver Of Global Growth

The Asia Pacific Growth Outlook is Massive Significant Runway for Alternatives in Asia Pacific

2024E to 2029E
($ in billions)
Contribution to Global Real GDP Growth (%)(1) Alternatives AUM as a % of GDP(2)

Asia US
expected to 10%
drive ~60% 24%
of total Europe
global 7%
growth Alternatives
underrepresented
16% in Asia

9%
Other
26%

Asia
Pacific
57%

North America Europe Asia Pacific

Note: These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnotes for footnote references
and important information regarding estimates and assumptions and cautionary factors about forward-looking statements.

31
Massive Opportunity In Japan

Japanese Conglomerates Still Have a We See Opportunities to Unlock Value by

Large Number of Subsidiaries Creating Simplicity out of Complexity

# of Listed Subsidiaries in Japan(1)

# of Listed Subsidiaries % of Total Listed Companies Price to Book Multiple of Tokyo Stock Exchange-Listed Companies(4)
350 313 313 294 18. 00%

279 258
300

252 16. 00%

14. 00%
Less than 0.5x
250

~400 / 11%
12. 00%

200

8.7% 8.6%
10. 00%

More than 2.0x Out of

150

8.0% 7.5% 6.8%

8.0 0%

100
6.6% 6.0 0%

~1,100 / 28% ~3,900 listed

companies,
4.0 0%

50

2.0 0%

0 0.0 0%
~40% trade
2018 2019 2020 2021 2022 2023 below 1.0x
Book
Only 55 listed subsidiaries (1.1% of total) in the U.S. in 2024 (2)

Japan Has a Large Number of Listed Companies

# of Listed Companies – Japan(3) # of Listed Companies – U.S.(2)(3)

Up by Down by
450 0

~2,200 3,946 900 0 8,090 ~3,100

400 0 800 0

350 0 700 0
Between 1.0x to 2.0x Between 0.5x to 1.0x
4,957
~1,200 / 30% ~1,200 / 31%
300 0 600 0

250 0

200 0
1,752 500 0

400 0

150 0 300 0

100 0 200 0

500 100 0

0 0
In the 1980s, ~40% of US public companies traded below 1.0x(5)
1990 2024 1996 2024

Note: See Appendix endnotes for footnote references.

32
KKR Is The Leading Franchise In Asia Pacific

Diversification Across Asset Classes Best-In-Class Performance Recognized by the Market

($ in billions)

Assets Under Management 2023 Asia Pacific Awards Across Asset Classes

$67
Asia Credit • PEI Large-Cap Firm of the Year for the 8th Consecutive Year – Asia Pacific
• PEI Firm of the Year for the 8th Consecutive Year – Southeast Asia
Asia Infrastructure
• PEI Deal of the Year – Asia Pacific
3.8x • PEI Exit of the Year – Asia Pacific
Asia Real Estate
• PEI Firm of the Year – Australasia
• Infra Investor Fund Manager of the Year – Asia Pacific

$18 • Infra Investor Energy Transition Investor of the Year – Asia Pacific
Asia Private Equity • Infra Investor Digital Infrastructure Investor of the Year – Asia Pacific
• Infra Investor Energy Transition Deal of the Year – Asia Pacific
• PERE Hotels & Leisure Investor of the Year – Asia Pacific

2018 2024

580+ employees 9 offices ~$45bn invested since 2005

33
KKR Is The Leading Franchise In Japan

Large End Markets Largest KKR Exposure in Asia Pacific Differentiated Investment Returns

Total Fair Value of Asia Pacific Investments Traditional PE Investments

11%
4% 37%
KOREA

4th Largest
SOUTHEAST
ASIA
36%
JAPAN Gross IRR
14%
Global Economy(1) GREATER
CHINA
2.1x
Gross MOIC
Across 13 investments since 2010

Private Markets Investments

20%
INDIA
$6.4bn
Top 3 Largest 15%
Capital Invested
AUSTRALIA
Life and Annuity Market Globally(2)
Across 20+ investments

Note: Includes fair value of capital invested in Asia Pacific as of December 31, 2024, including both Asia Pacific focused vehicles and global vehicles such as Diversified Core Infrastructure, Core Private Equity and
Global Impact that invest in the region. Past performance is no guarantee of future results. See Appendix for endnotes for footnote references and important information.

34
Broad-Based Scaling And Diversification Of AUM

$67bn AUM ASIA CREDIT

• Asia Credit Opportunities Fund I
$3bn (5%)
Asia Pacific Dedicated: Additional Investable Vehicles:
ASIA INFRA • Asia Infrastructure I • Diversified Core Infrastructure
• Asia Infrastructure II • K-Series
$15bn (22%)
3.8x • Asia Real Estate Partners I
ASIA REAL ESTATE • Asia Real Estate Partners II
• Core+
$17bn (25%) • KJRM: J-REITs

$18bn AUM

Asia Pacific Dedicated: Additional Investable Vehicles:

ASIA PE • Asia I – IV • Global Impact
• Core Private Equity
$33bn (49%) • K-Series

2018 2024

Note: Past performance is no guarantee of future results. See Appendix for important information.

35
Local ‘Boots On The Ground’ Approach

Key:
Country: # of Employees
580+ employees across Asia Pacific

GREATER CHINA: 56 KOREA: 31

• 40+ investments since inception • 20+ investments since inception

JAPAN: 56 + 155 KJRM specialists

• 20+ investments since inception
INDIA: 49
• 30+ investments since inception
HONG KONG &
GENERALISTS: 98
Full KKR Toolkit in Asia

SOUTHEAST ASIA: 86 Capstone

• 40+ investments since inception
Capital Markets
Capital Solutions
Global Macro
AUSTRALIA & NEW ZEALAND: 51
• 40+ investments since inception Public Policy & Sustainability
Senior Advisors
Global Institute

Note: Investment count by country reflects all private markets APAC investments, excluding KJRM. Includes Asia Credit.

36
Leaning Into Strength To Launch New Businesses
($ in billions)

Asia Private Equity Asia Infrastructure Asia Credit Asia Real Estate
Capital Commitments Capital Commitments AUM AUM

$15 $17

4x
$9 KJRM
$13
$6 $3
2x
$6

$4 $4
$1

$1 $4

Fund I Fund II Fund III Fund IV Fund I Fund II 2021 2024 2019 2024
2007 2013 2017 2020 2020 2022

Note: Asia Real Estate reflects Assets Under Management of the opportunistic and Core+ strategies, including KJRM. Fund year reflects investment period start date. There is no certainty that KKR will raise capital
as contemplated for all of the listed strategies. These figures are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for
endnote references and important information regarding estimates and assumptions and cautionary factors about forward-looking statements. There can be no guarantee that these growth rates will
continue.

37
Case Study – Asia Infrastructure

Largest Pan-Regional Fund Diversification Across Industry Leader

Asset Classes & Geographies
Asia Infra Assets Under Management ($bn)

Fund Commitments: $14.6 4%

Fund I: $3.8bn $13.7 10%
Fund II: $6.4bn $12.2 32%
20+ investments

20% 2020
2021
2022
2023
$3.8 $4.0 31%

$1.4 India Southeast Asia

$0.0
South Korea Japan
2018 2019 2020 2021 2022 2023 2024 Australia & New Zealand China

Invested widely across Infrastructure Investor

All organic growth all sub-sectors and Fund Manager of the Year, Asia
six key regions Pacific, 2020-23

Note: Diversification across geographies figures based on cost for investments in Asia Pacific Infrastructure Funds I and II.

38
Case Study – Asia Private Equity

Largest Pan-Regional One of the longest Asian Recognized Excellence

Private Equity Franchise Private Equity Track Records
($ in billions)
$33
2023 Select Asia Pacific Awards
2x $27bn • PEI Asia Pacific Large-Cap Firm of the
INVESTED ACROSS OVER 100 Year for the 8th Consecutive Year
$17 ASIAN FUNDS I-IV INVESTMENTS
• PEI Deal of the Year – Asia Pacific
Most Recent Fully Deployed Fund:
• PEI Exit of the Year – Asia Pacific

2.3x 26%
GROSS MOIC FOR GROSS IRR FOR
ASIAN FUND III ASIAN FUND III
(1)
2018 2024

Dedicated country team coverage,

with enhanced industry and Operating in the region since 2005 Award-winning franchise
sector alignment

Note: Past performance is no guarantee of future results. See Appendix for endnotes for footnote references and important information.

39
Case Study – Asia Real Estate

Meaningful position in the Combined capabilities with The KKR Edge

4th largest commercial real one of Japan’s largest real
estate markets globally(1) estate asset managers
Differentiated presence and
operating capabilities

$17bn of AUM
Extended pools of capital
across capital sources: across risk-return spectrum

Opportunistic
Collaboration Across KKR Strategies in Practice: Significant scale with a
Core+ permanent capital base
KJRM acquired 32 logistics
J-REIT warehouse properties from
Logisteed, an Asia PE investment

An edge in sourcing, underwriting

KJRM extends KKR’s leading
150+ professionals at KJRM and asset management in a large,
presence in Japan
localized market

Note: Past performance is no guarantee of future results. See Appendix for footnote references and important information.

40
Appendix I
Our Earnings Framework

Strategic Expected
Insurance
Fee Related Holdings Total Operating to be More
Operating Stable &
Earnings Operating Earnings Recurring
Earnings
Earnings
Net of Compensation
and Operating Expenses

Net Realized Net Realized Driven by

Performance Investment
Total Investing Monetizations
& Performance
Income Income Earnings

Net of Compensation Net of Compensation

Interest Expense, Net & Other

Income Taxes on Adj. Earnings

Adjusted Net
Income

42
Fourth Quarter 2024 Segment Earnings
($ in thousands, except per share data) 4Q'23 4Q'24 FY'23 FY'24

Management Fees $ 784,581 $ 906,118 $ 3,030,325 $ 3,461,381

Transaction and Monitoring Fees, Net 264,233 323,797 720,654 1,165,884
Fee Related Performance Revenues 23,898 25,091 94,427 137,992
Fee Related Compensation (241,349) (219,624) (865,336) (833,918)
Other Operating Expenses (155,989) (192,397) (596,284) (663,543)
Fee Related Earnings $ 675,374 $ 842,985 $ 2,383,786 $ 3,267,796

Insurance Operating Earnings $ 231,274 $ 249,973 $ 816,637 $ 1,014,546

Strategic Holdings Operating Earnings $ 14,531 $ 7,811 $ 14,531 $ 76,211

Total Operating Earnings $ 921,179 $ 1,100,769 $ 3,214,954 $ 4,358,553

Net Realized Performance Income 169,861 306,025 398,949 608,788

Net Realized Investment Income 93,434 93,350 541,441 542,163
Total Investing Earnings $ 263,295 $ 399,375 $ 940,390 $ 1,150,951

Total Segment Earnings $ 1,184,474 $ 1,500,144 $ 4,155,344 $ 5,509,504

Interest Expense, Net and Other (81,849) (75,658) (351,869) (318,441)

Income Taxes on Adjusted Earnings (214,143) (239,337) (763,382) (988,797)
Adjusted Net Income $ 888,482 $ 1,185,149 $ 3,040,093 $ 4,202,266

Adjusted Per Share Measures:

FRE per Adjusted Share $ 0.76 $ 0.94 $ 2.68 $ 3.66
TOE per Adjusted Share $ 1.04 $ 1.23 $ 3.61 $ 4.88
ANI per Adjusted Share $ 1.00 $ 1.32 $ 3.42 $ 4.70

Note: See Appendix for GAAP reconciliations, endnotes about taxes affecting Adjusted Net Income and other important information.

43
Appendix II
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
($ in thousands) FY'19 4Q'23 4Q'24 3Q'23 LTM 3Q'24 LTM FY'23 FY'24

Net Income (Loss) - KKR Common Stockholders $ 1,971,685 $ 1,040,429 $ 1,125,555 $ 2,761,195 $ 2,991,119 $ 3,680,514 $ 3,076,245
Preferred Stock Dividends 33,364 — — 68,997 — 51,747 —
Net Income (Loss) Attributable to Noncontrolling Interests 2,634,491 548,931 258,728 957,111 2,119,995 1,624,825 1,829,792
Income Tax Expense (Benefit) 528,750 286,611 258,330 1,020,480 982,677 1,197,523 954,396
Income (Loss) Before Tax (GAAP) $ 5,168,290 $ 1,875,971 $ 1,642,613 $ 4,807,783 $ 6,093,791 $ 6,554,609 $ 5,860,433
Impact of Consolidation and Other (1,015,559) (516,121) (95,067) (894,463) (1,689,841) (1,569,591) (1,268,787)
Equity-based Compensation - KKR Holdings 91,296 — — — — — —
Preferred Stock Dividends (33,364) — — — — — —
Income Taxes on Adjusted Earnings (207,479) (214,143) (239,337) (783,331) (963,603) (763,382) (988,797)
Asset Management Adjustments:
Unrealized (Gains) Losses (1,409,605) (282,563) (288,342) 15,387 (668,011) (843,627) (673,790)
Unrealized Carried Interest (1,263,046) (401,857) 44,397 (969,940) (2,389,454) (1,656,974) (1,943,200)
Unrealized Carried Interest Compensation 520,033 202,650 (49,778) 465,723 1,757,986 792,758 1,505,558
Transaction-related and Non-operating Items — 9,768 (31,690) 28,537 163,467 31,805 122,009
Equity-based Compensation 201,095 79,798 72,557 205,557 286,659 230,858 279,418
Equity-based Compensation - Performance based 6,694 68,210 85,582 265,950 314,854 271,958 332,226
Strategic Holdings Adjustments:
Unrealized (Gains) Losses (445,262) (182,818) (314,133) (817,151) (827,103) (691,307) (958,418)
Insurance Adjustments (1) :
(Gains) Losses from Investments(1) — 140,696 213,395 366,466 1,392,649 363,956 1,465,348
Non-operating Changes in Policy Liabilities and Derivatives(1) — 107,339 104,000 179,910 300,256 228,929 296,917
Transaction-related and Non-operating Items(1) — 4,148 936 9,732 23,827 7,347 20,615
(1)
Equity-based and Other Compensation — (5,390) 35,317 112,244 94,092 71,579 134,799
(1)
Amortization of Acquired Intangibles — 2,794 4,699 11,094 16,030 11,175 17,935
Adjusted Net Income $ 1,613,093 $ 888,482 $ 1,185,149 $ 3,003,498 $ 3,905,599 $ 3,040,093 $ 4,202,266
Interest Expense, Net 217,046 73,362 71,764 329,340 303,979 325,919 302,381
Net Income Attributable to Noncontrolling Interests 4,907 8,487 3,894 23,580 20,653 25,950 16,060
Income Taxes on Adjusted Earnings 207,479 214,143 239,337 783,331 963,603 763,382 988,797
Total Segment Earnings $ 2,042,525 $ 1,184,474 $ 1,500,144 $ 4,139,749 $ 5,193,834 $ 4,155,344 $ 5,509,504
Net Realized Performance Income (384,875) (169,861) (306,025) (415,285) (472,624) (398,949) (608,788)
Net Realized Investment Income (577,388) (93,434) (93,350) (619,577) (542,247) (541,441) (542,163)
Total Operating Earnings $ 1,080,262 $ 921,179 $ 1,100,769 $ 3,104,887 $ 4,178,963 $ 3,214,954 $ 4,358,553
Strategic Holdings Operating Earnings — (14,531) (7,811) (20,316) (82,931) (14,531) (76,211)
Insurance Operating Earnings — (231,274) (249,973) (816,728) (995,847) (816,637) (1,014,546)
Fee Related Earnings $ 1,080,262 $ 675,374 $ 842,985 $ 2,267,843 $ 3,100,185 $ 2,383,786 $ 3,267,796

(1) Amounts represent the portion allocable to KKR.

45
Reconciliation of GAAP to Non-GAAP Shares (Unaudited)

46
Important Information – Endnotes
Notes to Page 3 – KKR Overview Notes to Page 22 – Two Complementary Channels
• KKR offices excludes offices that are not part of KKR’s asset management business, including Global (1) Fixed-rate annuities based on sales data as reported by LIMRA for the three months ended
Atlantic and KJRM. September 30, 2024. Global Atlantic estimates that it was ranked as a Top 3 Block reinsurer, based on
publicly available data and company announcements as of December 31, 2024.
• KKR employees consists of 791 Asset Management Investment Professionals and KKR Capstone and
1,944 Other Asset Management Employees. See our 2023 Annual Report on Form 10-K for further (2) Distribution Partners only includes banks and broker-dealers.
information about these employees.
(3) Includes Closed Block & Other which represents ~1% of reserves, and related to closed block of
Note to Page 5 – Evolution And Growth Of Our Business participating whole life policies that have been ceded to a third party.
(1) Represents 1Q’20 Global Atlantic Adjusted Invested Assets. Note to Page 23 – Global Atlantic Has Multiple Ways To Grow
Note to Page 12 – Scaled And Diversified Assets Under Management (1) Represents 1Q’20 Global Atlantic Adjusted Invested Assets.
(1) Includes $1.4 billion of unallocated commitments from a strategic investment partnership within Real Notes to Page 24 – Invest In Emerging Opportunities – Japan
Assets.
(1) Size of L&A Reserves: US: Represents total general account reserves of U.S. life insurers as of YE
Notes to Page 13 – Strong, Broad-Based Investment Performance 2023, sourced via S&P Market Intelligence. Japan: Life and Annuities Market as of YE 2023, sourced
via Life Insurance Association of Japan.
• Traditional private equity portfolio refers to the portfolio of investments held by all KKR’s private
equity flagship funds. This portfolio does not include investments from KKR’s growth equity or core (2) Growing Demand for Retirement/Savings Products: U.S.: Sourced via World Bank Organization as of
private equity. YE 2023. Japan: Sourced via World Bank Organization as of YE 2023.
• Opportunistic real estate portfolio refers to the portfolio of investments held by KKR’s flagship (3) Macroeconomic Headwinds: U.S.: Represents the 10yr UST. Japan: Represents the 10yr Japanese
opportunistic real estate equity funds. This portfolio does not include investments from KKR's core plus Government Bond yield.
real estate funds or real estate credit funds.
(4) Depressed Valuations Driving Need for Risk and Capital Management: U.S.: Represents average ROE
• Infrastructure portfolio refers to the portfolio of investments held by KKR’s flagship core plus across U.S. life insurers over last two years. Japan: Represents average ROE across major Japanese
infrastructure equity funds. This portfolio does not include investments from KKR’s core infrastructure life insurers over last two years.
fund, KKR Diversified Core Infrastructure.
Note to Page 25 – Multiplier Effect: Scaling GA And Asset Management In Tandem
Note to Page 15 – Diversified & Fast-Growing Management Fee Profile
(1) Includes investment grade, publicly traded corporate bonds, as well as KKR Capital Invested for
(1) “Other” largely includes Liquid Strategies and Energy amongst other smaller strategies. Global Atlantic, and KKR and third party supported origination.
Notes to Page 21 – Overview Of Global Atlantic
(1) Fixed-rate annuities based on sales data as reported by LIMRA for the three months ended
September 30, 2024. Global Atlantic estimates that it was ranked as a Top 3 Block reinsurer, based on
publicly available data and company announcements as of December 31, 2024. Global Atlantic was a
top five preneed insurer based on direct statutory premium as of December 31, 2023.
(2) At the time of KKR’s acquisition announcement of Global Atlantic on July 8, 2020, Global Atlantic’s
Adjusted Invested Assets were $73 billion, or the quarter-end figure at 2Q’20. However, this figure
was not yet known at the time of announcement. The AUM CAGR is calculated based on this 2Q’20
Adjusted Invested Assets figure of $73 billion at announcement while the bar shows the latest
available figure at the time (1Q'20) of $72 billion.
(3) Represents Financial Strength Ratings of Global Atlantic’s insurance subsidiaries (not credit ratings of
any product or security), as of February 19, 2025. Moody’s (Stable Outlook) / S&P (Positive Outlook) /
Fitch (Stable Outlook) / AM Best (Stable Outlook).

47
Important Information – Endnotes
Notes to Page 29 – We Have Built An Attractive, Diversified Strategy Note to Page 40 – Case Study – Asia Real Estate
(1) Data represented calculated by 3Q’24 LTM adjusted EBITDA (KKR’s Share) as of December 31, 2024. (1) Source: MSCI.
(2) Like-for-like calculation reflects the underlying revenue / EBITDA growth of investments made in the Note to Page 43 – Fourth Quarter 2024 Segment Earnings
preceding years, assuming those investments were owned for the full acquisition year and are shown
on a constant currency / constant ownership percentage basis. • The amount of tax benefit from equity-based compensation for 4Q'24 and 4Q'23 was $35.8 million
and $14.9 million, respectively, and for FY'24 and FY'23 was $126.7 million and $51.3 million,
• The adjusted EBITDA information represents the measures management currently uses to monitor the respectively. Its inclusion in Adjusted Net Income had the effect of increasing this metric for 4Q'24 and
operating performance of the businesses. 4Q'23 by 3% and 2%, respectively, and for FY'24 and FY'23 by 3% and 2%, respectively.
• LTM Adjusted revenue and EBITDA represents KKR’s look-through ownership percentage for each of
these companies in the aggregate as a result of the firm’s investments in these companies through its
participation in our core private equity strategy multiplied by the revenue and EBITDA of each portfolio
company, respectively. Non-U.S. dollar businesses have been converted at the period-ending foreign
exchange rate. The calculation reflects the underlying revenue or EBITDA growth of investments made
in the preceding periods, assuming those businesses were owned for the full acquisition year and are
shown on a constant currency / constant ownership percentage basis. We believe this is helpful to the
investor to show a steady state growth profile of the underlying portfolio on an organic basis.
Notes to Page 31 – Asia Is The Driver Of Global Growth
(1) Data as of October 2024. Source: IMF, World Bank, KKR GMAA analysis.
(2) Data as of February 2025. Source: Preqin Alternatives AUM, IMF.
Notes to Page 32 – Massive Opportunity In Japan
(1) Source: Japan Exchange Group.
(2) Source: S&P Capital IQ. Data as of August 2024. Represents the number of common stocks listed on
the New York Stock Exchange, MYSE MKT LLC, Nasdaq Global Market, Nasdaq Capital Market or
Nasdaq Global Select.
(3) Source: Japan Exchange Group and World Bank. Data as of June 2024.
(4) Source: S&P Capital IQ. Data as of August 19, 2024. Includes common stock and preferred stock.
Excludes ETFs and REITs.
(5) Source: SPARX Asset Management.
Notes to Page 34 – KKR Is The Leading Franchise In Japan
(1) Based on GDP data from IMF as of February 2025.
(2) Source: National Association of Insurance Commissioners (NAIC).
Note to Page 39 – Case Study – Asia Private Equity
(1) Includes Asia Next Generation Technology.

48
Non-GAAP and Segment Definitions
The key non-GAAP and other operating and performance measures that follow are used by management deductions from equity-based compensation were to be excluded from Income Taxes on Adjusted
in making operational and resource deployment decisions as well as in assessing the performance of KKR's Earnings, KKR’s ANI would be lower and KKR’s effective tax rate would appear to be higher, even
business. They include certain financial measures that are calculated and presented using methodologies though a lower amount of income taxes would have actually been paid or payable during the
other than in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP period. KKR separately discloses the amount of tax deduction from equity-based compensation
measures, including adjusted net income (“ANI”), total segment earnings, total investing earnings, total for the period reported and the effect of its inclusion in ANI for the period. KKR makes these
operating earnings (“TOE”), fee related earnings (“FRE”), strategic holdings operating earnings, and total adjustments when calculating ANI in order to more accurately reflect the net realized earnings
asset management segment revenues, are presented prior to giving effect to the allocation of income that are expected to be or become available for distribution to KKR’s equity holders or
(loss) among KKR & Co. Inc. and holders of certain securities exchangeable into shares of common stock of reinvestment into KKR’s business. However, ANI does not represent and is not used to calculate
KKR & Co. Inc. and, as such, represent the entire KKR business in total. In addition, these non-GAAP actual dividends under KKR’s dividend policy, which is a fixed amount per period, and ANI should
measures are presented without giving effect to the consolidation of the investment vehicles and not be viewed as a measure of KKR’s liquidity.
collateralized financing entities (“CFEs”) that KKR manages. These measures described above have the
definitions given to them below. • Total Segment Earnings is a performance measure that KKR believes is useful to stockholders as it
provides a supplemental measure of our operating performance without taking into account
We believe that providing these non-GAAP measures on a supplemental basis to our GAAP results is items that KKR does not believe arise from or relate directly to KKR's operations. Total Segment
helpful to stockholders in assessing the overall performance of KKR's business. These non-GAAP measures Earnings excludes: (i) equity-based compensation charges, (ii) amortization of acquired
should not be considered as a substitute for financial measures calculated in accordance with GAAP. “Non- intangibles, and (iii) transaction-related and non-operating items, if any. Transaction-related and
operating adjustments” as used in these non-GAAP definitions refers to adjustments made which are not non-operating items arise from corporate actions and non-operating items, which consist of: (i)
adjustments or exclusions of normal, recurring cash operating expenses necessary for business operations. impairments, (ii) transaction costs from acquisitions, (iii) depreciation on real estate that KKR
Reconciliations of these non-GAAP measures to the most directly comparable financial measures owns and occupies, (iv) contingent liabilities, net of any recoveries, and (v) other gains or charges
calculated and presented in accordance with GAAP, where applicable, are included under the that affect period-to-period comparability and are not reflective of KKR's ongoing operational
“Reconciliation of GAAP to Non-GAAP Measures" section of this Appendix. performance. Inter-segment transactions are not eliminated from segment results when
management considers those transactions in assessing the results of the respective segments.
We also caution readers that these non-GAAP measures may differ from the calculations made by other These transactions include (i) management fees earned by our Asset Management segment as
investment managers, and as a result, may not be directly comparable to similarly titled measures the investment adviser for Global Atlantic insurance companies, (ii) management and
presented by other investment managers. performance fees earned by our Asset Management segment for acquiring and managing the
• Adjusted Net Income is a performance measure of KKR’s earnings, which is derived from KKR’s companies included in our Strategic Holdings segment, and (iii) interest income and expense
reported segment results. ANI is used to assess the performance of KKR’s business operations and based on lending arrangements where our Asset Management segment borrows from our
measures the earnings potentially available for distribution to its equity holders or reinvestment Insurance segment. All these inter-segment transactions are recorded by each segment based on
into its business. ANI is equal to Total Segment Earnings less Interest Expense, Net and Other and the applicable governing agreements. Total Segment Earnings represents the total segment
Income Taxes on Adjusted Earnings. Interest Expense, Net and Other includes interest expense on earnings of KKR’s Asset Management, Insurance and Strategic Holdings segments.
debt obligations not attributable to any particular segment net of interest income earned on cash • Asset Management Segment Earnings is the segment profitability measure used to make
and short-term investments. Income Taxes on Adjusted Earnings represents the (i) amount of operating decisions and to assess the performance of the Asset Management segment. This
income taxes that would be paid assuming that all pre-tax Asset Management and Strategic measure is presented before income taxes and is comprised of: (i) Fee Related Earnings, (ii)
Holdings segment earnings were allocated to KKR & Co. Inc. and taxed at the same effective rate, Realized Performance Income, (iii) Realized Performance Income Compensation, (iv) Realized
which assumes that all securities exchangeable into shares of common stock of KKR & Co. Inc. Investment Income, and (v) Realized Investment Income Compensation. The non-operating
were exchanged and (ii) amount of income taxes on Insurance Operating Earnings. Income taxes adjustments made to derive Asset Management Segment Earnings excludes the impact of: (i)
on Insurance Operating Earnings represent the total current and deferred tax expense or benefit unrealized gains (losses) on investments, (ii) unrealized carried interest, and (iii) unrealized carried
on income before taxes adjusted to eliminate the impact of the tax expense or benefit associated interest compensation. Management fees earned by KKR as the adviser, manager or sponsor for
with the non-operating adjustments. Equity based compensation expense is excluded from ANI, its investment funds, vehicles and accounts, including its Global Atlantic insurance companies and
because (i) KKR believes that the cost of equity awards granted to employees does not contribute Strategic Holdings segment, are included in Asset Management Segment Earnings.
to the earnings potentially available for distributions to its equity holders or reinvestment into its
business and (ii) excluding this expense makes KKR’s reporting metric more comparable to the
corresponding metric presented by other publicly traded companies in KKR’s industry, which KKR
believes enhances an investor’s ability to compare KKR’s performance to these other companies.
Income Taxes on Adjusted Earnings includes the benefit of tax deductions arising from equity-
based compensation, which reduces Income Taxes on Adjusted Earnings during the period. If tax

49
Non-GAAP and Segment Definitions (cont’d)
• Insurance Operating Earnings is the segment profitability measure used to make operating earnings from companies and businesses reported through its Strategic Holdings segment.
decisions and to assess the performance of the Insurance segment. This measure is presented Strategic Holdings Operating Earnings currently consists of earnings derived from dividends that
before income taxes and is comprised of: (i) Net Investment Income, (ii) Net Cost of Insurance, the firm receives from businesses acquired through the firm’s participation in our core private
and (iii) General, Administrative, and Other Expenses. The non-operating adjustments made to equity strategy. Strategic Holdings Operating Earnings currently equals dividends less
derive Insurance Operating Earnings excludes the impact of: (i) investment gains (losses) which management fees that are earned by our Asset Management segment. This measure is used by
include realized gains (losses) related to asset/liability matching investment strategies and management to assess the Strategic Holdings segment’s generation of earnings from revenues
unrealized investment gains (losses) and (ii) non-operating changes in policy liabilities and that are measured and received on a more recurring basis than, and are not dependent on,
derivatives which includes (a) changes in the fair value of market risk benefits and other policy realizations from investment activities.
liabilities measured at fair value and related benefit payments, (b) fees attributed to guaranteed
• Total Operating Earnings is a performance measure that represents the sum of (i) FRE, (ii)
benefits, (c) derivatives used to manage the risks associated with policy liabilities, and (d) losses
at contract issuance on payout annuities. Insurance Operating Earnings includes (i) realized gains Insurance Operating Earnings, and (iii) Strategic Holdings Operating Earnings. KKR believes this
and losses not related to asset/liability matching investment strategies and (ii) the investment measure is useful to stockholders as it provides additional insight into the profitability of the
management costs that are earned by our Asset Management segment as the investment most recurring forms of earnings from each of KKR’s segments as compared to investing
adviser of the Global Atlantic insurance companies. earnings.
• Total Investing Earnings is a performance measure that represents the sum of (i) Net Realized
• Strategic Holdings Segment Earnings is the segment profitability measure used to make
operating decisions and to assess the performance of the Strategic Holdings segment. This Performance Income and (ii) Net Realized Investment Income. KKR believes this measure is
measure is presented before income taxes and is comprised of: Dividends, Net and Net Realized useful to stockholders as it provides additional insight into the earnings of KKR’s segments from
Investment Income. The non-operating adjustment made to derive Strategic Holdings Segment the realization of investments.
Earnings excludes the impact of unrealized gains (losses) on investments. Strategic Holdings • Total Asset Management Segment Revenues is a performance measure that represents the
Segment Earnings includes management fees and performance fees that are earned by the realized revenues of the Asset Management segment (which excludes unrealized carried
Asset Management segment. interest and unrealized gains (losses) on investments) and is the sum of (i) Management Fees, (ii)
• Fee Related Earnings is a performance measure used to assess the Asset Management Transaction and Monitoring Fees, Net, (iii) Fee Related Performance Revenues, (iv) Realized
segment’s generation of earnings from revenues that are measured and received on a more Performance Income, and (v) Realized Investment Income. Asset Management Segment
recurring basis as compared to KKR’s investing earnings. KKR believes this measure is useful to Revenues excludes Realized Investment Income earned based on the performance of businesses
stockholders as it provides additional insight into the profitability of our fee generating asset presented in the Strategic Holdings segment. KKR believes that this performance measure is
management and capital markets businesses. FRE equals (i) Management Fees, including fees useful to stockholders as it provides additional insight into all forms of realized revenues
paid by the Insurance and Strategic Holdings segments to the Asset Management segment and generated by our Asset Management segment.
fees paid by Ivy vehicles and other reinsurance vehicles, (ii) Transaction and Monitoring Fees, • Adjusted shares represents shares of common stock of KKR & Co. Inc. outstanding under GAAP
Net and (iii) Fee Related Performance Revenues, less (x) Fee Related Compensation, and (y) adjusted to include certain securities exchangeable into shares of common stock of KKR & Co.
Other Operating Expenses. Inc.
• Fee Related Performance Revenues refers to the realized portion of performance fees • Perpetual capital refers to a component of AUM that has an indefinite term and for which there
from certain AUM that has an indefinite term and for which there is no immediate is no predetermined requirement to return invested capital to investors upon the realization of
requirement to return invested capital to investors upon the realization of investments. investments. Perpetual capital includes the AUM of our registered funds, certain unregistered
Fee related performance revenues consists of performance fees (i) expected to be vehicles, listed companies, and insurance companies, and it excludes our traditional private
received from our investment funds, vehicles and accounts on a recurring basis, and (ii) equity funds, similarly structured investment funds, collateralized loan obligations, hedge fund
that are not dependent on a realization event involving investments held by the partnerships and certain other investment vehicles. Investors should not view this component of
investment fund, vehicle or account. our AUM as being permanent without exception, because it can be subject to material
• Fee Related Compensation refers to the compensation expense, excluding equity-based reductions and even termination. Perpetual capital is subject to material reductions from
compensation, paid from (i) Management Fees, (ii) Transaction and Monitoring Fees, Net, changes in valuation and withdrawals by or payments to investors, clients and policyholders
and (iii) Fee Related Performance Revenues. (including through elections by investors to redeem their fund investments, periodic dividends,
and payment obligations under insurance policies and reinsurance agreements) as well as
• Other Operating Expenses represents the sum of (i) occupancy and related charges and (ii) termination by a client of, or failure to renew, its investment management agreement with KKR.
other operating expenses.
• Strategic Holdings Operating Earnings is a performance measure used to assess the firm’s

50
Important Information – Other Legal Disclosures
Past Performance and Investment Returns compounding earnings over a long period of time from such segment, and the belief that such segment is
an unconstrained business line); KKR’s ability to grow its AUM, to deploy capital, to realize unrealized
Past performance is not a guarantee of future results. Information about any fund or strategy and investment appreciation, and the time period over which such events may occur; KKR’s ability to manage
investments made by such fund or strategy, including past performance of such fund, strategy or the investments in and operations of acquired companies and businesses; the effects of any transactional
investment, is provided solely to illustrate KKR’s investment experience, and processes and strategies used activity on KKR’s operating results, including pending sales of investments; expansion and growth
by KKR in the past with respect to such funds or strategies. The performance information relating to KKR’s opportunities and other synergies resulting from acquisitions of companies (including the acquisition of
historical investments is not intended to be indicative of any fund’s or strategy’s future results or the Global Atlantic and businesses in our Strategic Holdings segment), internal reorganizations or strategic
future results of KKR. Certain funds or strategies are also relatively new and their limited historical results partnerships with third parties; the timing and expected impact to our business of any new investment
may not be indicative of results they will experience over a longer period of time. There can be no fund, vehicle or product launches; the timing and completion of certain transactions contemplated by the
assurance that any KKR entity (including any KKR investment fund, vehicle or account, the KKR balance Reorganization Agreement entered into on October 8, 2021 by KKR & Co. Inc. pursuant to which the
sheet, the Strategic Holdings segment, or Global Atlantic insurance company) will achieve results parties agreed to undertake a series of integrated transactions to effect a number of transformative
comparable to any results included in this presentation, or that any investments made by a KKR entity structural and governance changes in the future; the implementation or execution of, or results from, any
now, in the past or in the future will be profitable, or that KKR entities will find investment opportunities strategic initiatives (including efforts to access private wealth investors and the modification of our
similar to any presented in connection with this presentation. Actual realized value of currently unrealized compensation framework announced on November 29, 2023, which decreased the targeted percentage of
investments will depend on, among other factors, the value of the investments and market conditions at compensation from fee related revenues and increased the targeted percentage from realized carried
the time of disposition, related transaction costs, the timing and manner of sale, and many of the risks interest and incentive fees).
described in the forward-looking statements section of this Annex, all of which may differ from the
assumptions and circumstances on which the currently unrealized valuations are based. Accordingly, the Expected dividend amounts and investment returns in the new business segment Strategic Holdings may
actual realized values of unrealized investments may differ materially from the values indicated herein. be materially less than our current expectations or not materialize at all, and the volatility of employee
compensation as a result of the modification of our compensation framework could impact our ability to
Third Party Sources and Other Information hire, retain, and motivate our employees whom we are dependent on.
Certain information presented in this presentation has been developed internally or obtained from sources These forward-looking statements are based on KKR’s beliefs, assumptions and expectations, taking into
believed to be reliable; however, KKR does not give any representation or warranty as to the accuracy, account all information currently available to it. These beliefs, assumptions and expectations can change as
adequacy, timeliness or completeness of such information, and assumes no responsibility for independent a result of many possible events or factors, not all of which are known to KKR or are within its control.
verification of such information. These forward-looking statements are based on KKR’s beliefs, assumptions and expectations, taking into
Forward-Looking Statements account all information currently available to it. These beliefs, assumptions and expectations can change as
a result of many possible events or factors, not all of which are known to KKR or are within its control. The
This presentation contains certain forward-looking statements pertaining to KKR, including investment use of words such as “unconstrained,” “consistent,” "trends," "dominant" or comparable words or other
funds, vehicles and accounts managed by KKR and Global Atlantic. You can identify these forward-looking statements is not a guarantee of future performance or that any other statements to which these apply
statements by the use of words such as “opportunity,” “outlook,” “believe,” “think,” “expect,” “feel,” are guaranteed to occur. If a change occurs, forward-looking statements made as part of this presentation
“potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” may vary materially from those expressed in the applicable forward-looking statements.
“estimate,” “anticipate,” “visibility,” “positioned,” “path to,” “conviction”, the negative version of these
words, other comparable words or other statements that do not relate strictly to historical or factual These forward-looking statements include target, goal, hypothetical or estimated results, projections and
matters. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans other comparable phrases and concepts are hypothetical in nature and are shown for illustrative,
and strategies, anticipated events or trends and similar expressions concerning matters that are not informational purposes only. Except as otherwise specifically stated, this information is not intended to
historical facts, including but, not limited to, any statements with respect to: statements regarding KKR’s forecast or predict future events, but rather to show the hypothetical estimates calculated using the
business, financial condition, liquidity and results of operations, including Capital Invested, uncalled specific assumptions presented herein. It does not reflect any actual results, which may differ materially.
commitments, cash and short-term investments, and levels of indebtedness; the potential for future Certain of the forward-looking information has been made for illustrative purposes and may not
business growth; outstanding shares of common stock of KKR & Co. Inc. and its capital structure; non- materialize. No representation or warranty is made as to the reasonableness of the assumptions made or
GAAP and segment measures and performance metrics, including AUM, FPAUM, ANI, TOE, Book Value, that all assumptions used in calculating the target, goal, hypothetical or estimated results have been stated
Total Segment Earnings, FRE, Insurance Operating Earnings, Strategic Holdings Operating Earnings, Total or fully considered. Changes in the assumptions may have a material impact on the target, goal,
Investing Earnings, and Total Segment Earnings; the declaration and payment of dividends on capital stock hypothetical or estimated results presented. Target, goal, hypothetical or estimated results or projections
of KKR & Co. Inc.; the timing, manner and volume of repurchase of shares of capital stock of KKR & Co. Inc.; may not materialize.
our statements regarding the potential of, and future financial results from, KKR’s Strategic Holdings
segment (including expectations about dividend payments from companies and businesses in the Strategic
Holdings segment in the future, the future growth of such companies and businesses, the potential for

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Forward-Looking Statements (cont’d) within the expected timeframes); interest rate fluctuations; difference between policyholder behavior
estimates, reserve assumptions and actual claims experience; estimates used in preparation of
These statements are subject to numerous risks, uncertainties and assumptions, including those listed financial statements and models for insurance products; our ability to execute Global Atlantic's growth
here in the above and below paragraphs and described under the section entitled “Risk Factors” in KKR & strategies successfully; Global Atlantic’s actual or perceived financial strength and ratings of Global
Co. Inc.’s Annual Report on Form 10‐K for the year ended December 31, 2023, filed with the SEC on Atlantic and its subsidiaries; business Global Atlantic reinsures and business it cedes to reinsurers;
February 29, 2024, as such factors may be updated from time to time in our periodic filings with the SEC, changes in accounting standards applicable to insurance companies; volatility in our insurance
which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as being business’s net income under GAAP; reinsurance assets held in trust, which limit Global Atlantic’s ability
exhaustive and should be read in conjunction with the other cautionary statements that are included in to invest those assets; determination of the amount of impairments and allowances for credit losses;
this presentation and in KKR & Co. Inc.’s filings with the SEC. liquidity risks from Global Atlantic’s membership in Federal Home Loan Banks; changes in relevant tax
All forward-looking statements speak only as of the date of this presentation. KKR does not undertake any laws, regulations or treaties; regulations, including those related to capital requirements, that apply to
obligation to update any forward-looking statements to reflect circumstances or events that occur after Global Atlantic; Bermuda insurance subsidiaries possibly being subject to additional licensing
the date on which such statements were made except as required by law. requirements; and not being able to mitigate the reserve strain associated with statutory accounting
rules; and
Without limiting the statements made in the prior paragraphs, the following factors, among others, could
cause actual results to vary from the forward-looking statements: • risks related to our organizational structure, including risks involving: our status as a controlled
company; declining common stock price due to the large number of shares eligible for future sale and
• risks related to our business, including: future business growth and various assumptions about the issuable as grants or in acquisitions; ability to issue preferred stock may cause the price of our
ability to capitalize on growth opportunities and future business performance, the assumptions and common stock to decline; our right to repurchase all outstanding shares of common stock under
estimates used in any forward-looking statements made herein, including relating to New Capital specified circumstances; limitations on our ability to pay periodic dividends; our obligations to make
Raised, Assets Under Management, Fee Related Earnings per share, Total Operating Earnings per payments to our principals pursuant to a tax receivable agreement; potential application of restrictions
share, Adjusted Net Income per share, Strategic Holdings Operating Earnings, the timing and amounts under the Investment Company Act of 1940; and reorganizations undertaken by us.
generated by the monetization of investments held by KKR or its investment vehicles, difficult market
and economic conditions; geopolitical developments and other local and global events; disruptions
caused by natural disasters, catastrophes, or potential changes in climate conditions; our liquidity
requirements and sources of liquidity; assets we refer to as “perpetual capital” being subject to
material reduction; high variability in earnings and cash flow; “clawback” provisions in our governing
agreements; inability to raise additional or successor funds successfully; intense competition in the
investment management and insurance industries; changes in relevant tax laws, regulations and
treaties or adverse interpretations by tax authorities; recruiting, retaining and motivating our
employees and other key personnel; expansion into new investment strategies, geographic markets,
businesses and types of investors; failure to manage existing balance sheet commitments; extensive
regulation of our businesses (including compliance with applicable laws); litigation volatility related to
our capital markets activities;
• risks related to our investment activities, including risks involving: historical returns not being
indicative of future results; valuation methodologies for establishing the fair value of certain assets can
be subjective; the impact on valuations by market and economic conditions; changes in debt or equity
markets; dependence on significant leverage in our investments; exposures to, and investments in,
leveraged companies or companies experiencing financial or business difficulties; concentration of
investments by type of issuer, geographic region, asset types, or otherwise; investments in relatively
illiquid assets; investments in real assets; investments in emerging and less established companies;
investments in companies that are based outside of the United States; investors in certain of our
investment vehicles are entitled to redeem their investments in these vehicles on a periodic basis, and
certain of our investment advisory agreements may be terminated with minimal notice;
• risks related to our insurance activities, including risks involving: possibility of not achieving the
intended benefit of the Global Atlantic acquisitions (including a failure to realize anticipated benefits

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Website
From time to time, we may use our website as a channel of distribution of material information. Financial
and other material information regarding KKR is routinely posted on and accessible at www.kkr.com.
Financial and other important information regarding Global Atlantic is routinely posted on and accessible
at www.globalatlantic.com. Information on these websites are not incorporated by reference herein and
are not a part of this presentation. In addition, you may automatically receive email alerts and other
information about KKR by enrolling your email address at the “Email Alerts” area of the Investor Center on
KKR’s website.
KKR Entities
Any discussion of specific KKR entities other than KKR & Co. Inc. is provided solely to demonstrate such
entities’ role within the KKR organization and their contributions to the business, operations and financial
results of KKR & Co. Inc. Each KKR entity is responsible for its own financial, contractual and legal
obligations.
Nothing in this presentation is intended to constitute, and shall not be construed as constituting, the
provision of any tax, accounting, financial, investment, insurance, regulatory, legal or other advice by KKR
or its representatives. Without limiting the foregoing, this presentation is not and shall not be construed as
an "advertisement" for purposes of the Investment Advisers Act of 1940, as amended, or an offer to
purchase or sell, or the solicitation of an offer to purchase or sell, any security, service or product of or by
any KKR entity, including but not limited to any investment advice, any investment fund, vehicle or
account, any capital markets service, or any insurance product, including but not limited to (i) any
investment funds, vehicles or accounts sponsored, advised or managed by (or any investment advice from)
Kohlberg Kravis Roberts & Co. L.P., KKR Credit Advisors (US) LLC, KKR Credit Advisors (Ireland) or other
subsidiary, (ii) any capital markets services by KKR Capital Markets LLC (“KCM”) or any KCM affiliate outside
the United States, or (iii) any insurance product or reinsurance offered by Accordia Life and Annuity
Company, Commonwealth Annuity and Life Insurance Company, First Allmerica Financial Life Insurance
Company, Forethought Life Insurance Company, Global Atlantic Re Limited, Global Atlantic Assurance
Limited or any other Global Atlantic owned or sponsored insurance company, or any investment or
insurance product or reinsurance offered by any insurance-related vehicle sponsored or managed by
Global Atlantic.
Each KKR entity is responsible for its own financial, contractual and legal obligations. This presentation has
been prepared solely for informational purposes. This presentation is not intended to make, and does not
make, any financial or investment recommendation or otherwise promote a product or service of KCM or
any of its affiliates.

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