KKR & Co. Inc. Reports Fourth Quarter 2020 Results

DIVIDENDS AND OTHERA dividend of 0.135 per share of common stock has been declared for the fourth quarter of 2020, which will be paid on March 9, 2021 toholders of record of common stock as of the close of business on February 22, 2021. Beginning with any dividends to be announced with theresults for the quarter ending March 31, 2021, KKR expects to pay its common stockholders an annualized dividend of 0.58 per share ofcommon stock, equal to a quarterly dividend of 0.145 per share of common stock.A dividend of 0.421875 per share of Series A Preferred Stock has been declared and set aside for payment on March 15, 2021 to holders ofrecord of Series A Preferred Stock as of the close of business on March 1, 2021. A dividend of 0.406250 per share of Series B PreferredStock has been declared and set aside for payment on March 15, 2021 to holders of record of Series B Preferred Stock as of the close ofbusiness on March 1, 2021. A dividend of 0.75 per share of Series C Mandatory Convertible Preferred Stock has been declared and set asidefor payment on March 15, 2021 to holders of record of Series C Mandatory Convertible Preferred Stock as of the close of business on March1, 2021.The declaration and payment of any future dividends on preferred or common stock will be subject to the discretion of the board of directorsof KKR & Co. Inc. based on a number of factors, including KKR’s future financial performance and other considerations that the boarddeems relevant, the terms of KKR & Co. Inc.'s certificate of incorporation and applicable law. There can be no assurance that future dividendswill be made as intended or at all or that any particular dividend policy for common stock will be maintained.Based on preliminary financial results of Global Atlantic as of December 31, 2020, the estimated value of the Global Atlantic assets to bemanaged by KKR as of the closing of the Global Atlantic acquisition is approximately 90 billion.SHARE REPURCHASE ACTIVITY (1)KKR has a repurchase program, which may be used to repurchase shares in the open market as well as to reduce shares issuable toparticipants in its equity incentive plans. In total, as can be seen in the table below, KKR has used approximately 1.4 billion to eitherrepurchase shares or retire equity awards since the inception of KKR’s share repurchase plan on October 27, 2015 through February 5, 2021.Share Repurchase Activity -- October 27, 2015 through February 5, 2021 (2)Inception to Date(Amounts in millions, except per share amounts)Open Market Share RepurchasesReduction of Shares for Retired Equity Awards52.3(3)20.5Total Repurchased Shares and Retired Equity Awards72.8Total Capital Used 1,411Average Price Paid Per Share (4) 19.38Remaining Availability under Current Share Repurchase Plan 407From December 31, 2019 through February 5, 2021, KKR used a total of approximately 379 million to repurchase 10.2 million shares in theopen market and to retire equity awards representing 4.2 million shares that otherwise would have been issued to participants under the EquityIncentive Plans. During this period, open market purchases were made at an average cost of 24.14 per share. The timing, manner, price andamount of any common stock repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legalrequirements, price and economic and market conditions. The program does not require KKR to repurchase any specific number of shares ofcommon stock, and the program may be suspended, extended, modified or discontinued at any time.(1)References to the repurchase and reduction of shares relate to shares of KKR common stock.(2)KKR & Co. Inc.'s initial repurchase authorization was announced on October 27, 2015.(3)Refers to the retirement of equity awards issued pursuant to the Amended and Restated KKR & Co. Inc. 2010 Equity Incentive Plan and the KKR & Co. Inc. 2019 EquityIncentive Plan (collectively the "Equity Incentive Plans").(4)Average price paid per share reflects total capital used to repurchase shares and to retire equity awards from inception to February 5, 2021 divided by the total number ofrepurchased shares and retired equity awards.Page 3

CONFERENCE CALLA conference call to discuss KKR's financial results will be held on Tuesday, February 9, 2021 at 10:00 a.m. ET. The conference call may beaccessed by dialing (877) 407-0312 (U.S. callers) or 1 (201) 389-0899 (non-U.S. callers); a pass code is not required. Additionally, theconference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR's website at https://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR's website beginning approximately one hour afterthe live broadcast ends.A slide presentation containing supplemental commentary about KKR's financial results for the fiscal quarter and year ended December 31,2020 may be accessed through the Investor Center of the KKR website at https://ir.kkr.com/events-presentations/. The presentation will bereferenced on the conference call discussed above.From time to time, KKR may use its website as a channel of distribution of material company information. Financial and other importantinformation regarding KKR is routinely posted and accessible on the Investor Center for KKR & Co. Inc. at https://ir.kkr.com/. In addition,you may automatically receive email alerts and other information about KKR by enrolling your email address at the “Email Alerts” area ofthe Investor Center on the website.ABOUT KKRKKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims togenerate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, andsupporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and realassets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products underthe management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored fundsand insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com andon Twitter @KKR Co.Page 4

FORWARD-LOOKING STATEMENTSThis release contains certain forward-looking statements. 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, including butnot limited to the statements with respect to: the declaration and payment of dividends in future quarters; the timing, manner and volume ofrepurchase of common stock pursuant to its repurchase program; the amount that Global Atlantic will contribute to KKR's AUM; KKR'sability to manage Global Atlantic's investments; operation of Global Atlantic following the closing of the transaction; expansion and growthopportunities and other synergies resulting from the transaction; the transaction’s effects on KKR’s operating results. The forward-lookingstatements are based on KKR’s beliefs, assumptions and expectations, taking into account all information currently available to it. Thesebeliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or arewithin its control. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited todividends, tax assets, tax liabilities, AUM, FPAUM, after-tax distributable earnings, capital invested, syndicated capital, uncalledcommitments, cash and short-term investments, fee related earnings, adjusted EBITDA, core interest expense and book value, debt levels,outstanding shares of common stock and capital structure may vary materially from those expressed in the forward-looking statements. Thefollowing factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipatedbenefits within the expected timeframes from the acquisition of Global Atlantic; unforeseen liabilities or integration and other costs of theGlobal Atlantic acquisition and timing related thereto; changes in Global Atlantic's business; distraction of KKR's or Global Atlantic'smanagement or other diversion of resources within each company caused by the Global Atlantic acquisition; retention of key Global Atlanticemployees; Global Atlantic's ability to maintain business relationships following the acquisition; the severity and duration of the COVID-19pandemic; the pandemic's impact on the U.S. and global economies; foreign, federal, state and local governmental responses to the pandemic;whether KKR realizes all or any of the anticipated benefits from converting to a corporation and the timing of realizing such benefits; whetherthere are increased or unforeseen costs associated with the conversion, including any adverse change in tax law; the volatility of the capitalmarkets; failure to realize the benefits of or changes in KKR's or Global Atlantic's business strategies including the ability to realize theanticipated synergies from acquisitions, including the Global Atlantic acquisition, strategic partnerships or other transactions; availability,terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in theasset management or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy; underperformance ofKKR's or Global Atlantic's investments and decreased ability to raise funds; KKR's and Global Atlantic's compliance with laws applicable totheir respective businesses; changes to Global Atlantic as a consolidated subsidiary of KKR; ability of KKR to manage Global Atlantic'sinvestments; KKR's control of Global Atlantic; changes in Global Atlantic policyholders' behaviors; any disruption in servicing GlobalAtlantic's insurance policies; the use of estimates and risk management in Global Atlantic's business; outcome of Global Atlantic's litigationand regulatory matters; and the degree and nature of KKR's and Global Atlantic's competition. All forward-looking statements speak only asof the date hereof. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events thatoccur after the date on which such statements were made except as required by law. In addition, KKR’s business strategy is focused on thelong term and financial results are subject to significant volatility. Additional information about factors affecting KKR is available in KKR &Co. Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 18, 2020, quarterlyreports on Form 10-Q for subsequent quarters and other filings with the SEC, which are available at www.sec.gov.CONTACT INFORMATIONInvestor Relations:Craig LarsonTel: 1-877-610-4910 (U.S.) / ti HullerTel: 1-212-750-8300media@kkr.comPage 5

GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(Amounts in thousands, except share and per share amounts)Quarter EndedDecember 31, 2020December 31, 2019RevenuesFees and OtherCapital Allocation-Based Income (Loss)Total RevenuesExpensesCompensation and BenefitsOccupancy and Related ChargesGeneral, Administrative and OtherTotal ExpensesInvestment Income (Loss)Net Gains (Losses) from Investment ActivitiesDividend IncomeInterest IncomeInterest ExpenseTotal Investment Income (Loss) 669,4061,335,7582,005,164Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common StockBasicDiluted (2)Weighted Average Shares of Common Stock Outstanding (1)BasicDiluted (2)2,006,7912,224,1004,230,891 3,191—Series C Mandatory Convertible Preferred Stock DividendsNet Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders 535,83415,951199,535751,320Series A and B Preferred 51,179,057Income Tax Expense (Benefit)Net Income (Loss) Attributable to Noncontrolling Interests Year EndedDecember 31, 2020December 31, 2019 1,479,689 515,101 1,945,954 1,971,685 2.602.46 0.930.91 3.453.37 AAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)(Amounts in thousands, except per share amounts)As ofDecember 31, 2020AssetsCash and Cash EquivalentsInvestmentsOther AssetsTotal Assets Liabilities and EquityDebt ObligationsOther LiabilitiesTotal Liabilities Stockholders' EquityKKR & Co. Inc. Stockholders' Equity - Series A and B Preferred StockKKR & Co. Inc. Stockholders' Equity - Series C Mandatory Convertible Preferred StockKKR & Co. Inc. Stockholders' Equity - Series I and II Preferred Stock, Common Stock (1)Noncontrolling InterestsTotal EquityTotal Liabilities and EquityKKR & Co. Inc. Stockholders' Equity Per Outstanding Share of Common Stock(1)December 31, 20195,363,00969,274,7155,168,77879,806,502 33,423,5965,582,99039,006,586 383,66130,396,945 06,502 482,554—10,324,93619,694,88430,502,37460,899,319 21.15 18.44(1) As used in this press release, references to common stock for prior periods mean Class A common stock of KKR & Co. Inc. and references to Series I Preferred Stock and Series II PreferredStock for prior periods mean Class B common stock and Class C common stock of KKR & Co. Inc., respectively.(2) Consistent with prior quarters, KKR Holdings L.P. units have been excluded from the calculation of diluted earnings per share of common stock since the exchange of these units would notdilute KKR’s respective ownership interests in the KKR Group Partnership L.P.Page 6

DISTRIBUTABLE REVENUES, DISTRIBUTABLE EXPENSES AND AFTER-TAX DISTRIBUTABLE EARNINGS (UNAUDITED)(Amounts in thousands, except share and per share amounts)DISTRIBUTABLE REVENUESQuarter EndedDecember 31, 2020Distributable RevenuesFees and Other, NetManagement FeesTransaction FeesMonitoring FeesFee CreditsTotal Fees and Other, Net September 30, 2020393,144 388,73041,032(147,476)675,430Year EndedDecember 31, 2019359,831 300,64528,824(115,442)573,858December 31, 2020317,131 255,51126,668(108,662)490,648December 31, 20191,417,594 6,289(382,940)1,861,517Realized Performance Income (Loss)Carried InterestIncentive FeesTotal Realized Performance Income 865,2561,136,044Realized Investment Income (Loss)Net Realized Gains (Losses)Interest Income and DividendsTotal Realized Investment Income 685,773Total Distributable Revenues 1,067,552 1,068,474 962,069 3,970,905 3,683,334DISTRIBUTABLE EXPENSESQuarter EndedDecember 31, 2020Distributable ExpensesCompensation and Benefits (1)Occupancy and Related ChargesOther Operating ExpensesTotal Distributable Expenses 375,53717,142106,838499,517September 30, 2020 427,39613,63976,163517,198Year EndedDecember 31, 2019 357,74014,302108,133480,175December 31, 2020 1,536,77758,859334,6801,930,316December 31, 2019 1,446,29258,888343,4181,848,598AFTER-TAX DISTRIBUTABLE EARNINGSQuarter EndedDecember 31, 2020After-tax Distributable Earnings( ) Total Distributable Revenues(-) Total Distributable Expenses( ) Total Distributable Operating Earnings (-) Interest Expense(-) Series A and B Preferred Dividends(-) Income (Loss) Attributable to Noncontrolling Interests(-) Income Taxes PaidAfter-tax Distributable Earnings 04September 30, 2020 55Year EndedDecember 31, 2019 December 31, 2020 501,522,396December 31, 2019 791,405,304After-tax Distributable Earnings Per Adjusted ShareWeighted Average Adjusted Shares (2) 0.49877,218,055 0.48861,854,785 0.44848,327,093 1.78857,495,058 1.67841,542,195Assets Under ManagementFee Paying Assets Under ManagementCapital Invested and Syndicated CapitalUncalled Commitments 251,679,200186,217,00012,482,90066,960,000 233,808,800177,290,20010,019,10067,077,600 218,355,100161,209,8009,833,00056,920,600 251,679,200186,217,00034,541,90066,960,000 218,355,100161,209,80028,055,90056,920,600Fee Related Earnings 430,866 318,900 271,210 1,230,501 1,031,084(1)Includes equity-based compensation of 113.0 million, 42.5 million, and 49.9 million for the quarters ended December 31, 2020, September 30, 2020, and December 31, 2019,respectively, and 246.4 million and 207.8 million for the year ended December 31, 2020 and 2019, respectively.(2)Includes shares of KKR & Co. Inc. common stock assuming conversion of all of the outstanding Series C Mandatory Convertible Preferred Stock. See Exhibit A for reconciliation of KKR'sWeighted Average GAAP Shares of Common Stock Outstanding to Weighted Average Adjusted Shares.Page 7

SCHEDULE OF SELECTED SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)(Amounts in thousands)PRIVATE MARKETS BUSINESS LINE REVENUES & OPERATING METRICSQuarter EndedDecember 31, 2020Fees and Other, NetManagement FeesTransaction FeesMonitoring FeesFee CreditsTotal Fees and Other, Net Realized Performance Income (Loss)Carried InterestIncentive FeesTotal Realized Performance Income (Loss)Assets Under ManagementFee Paying Assets Under ManagementCapital InvestedUncalled Commitments Year EndedSeptember 30, 2020276,002 162,57041,032(115,405)364,199 117,23011,375128,605 148,689,30094,195,9006,035,00056,631,700December 31, 2019241,788 133,94328,824(107,275)297,280 December 31, 2020December 31, 2019201,760 122,60126,668(83,170)267,859 958,271 398,859127,907(307,432)1,177,605 780,254421,494106,289(307,716)1,000,321 1,006,56414,0981,020,662 1,046,0382,3161,048,354 148,689,30094,195,90019,207,00056,631,700 119,274,70076,918,10014,116,00046,811,300 217,978701218,679 232,180831233,011 135,758,50090,351,0006,232,00056,202,000 119,274,70076,918,1004,491,60046,811,300PUBLIC MARKETS BUSINESS LINE REVENUES & OPERATING METRICSQuarter EndedDecember 31, 2020Fees and Other, NetManagement FeesTransaction FeesFee CreditsTotal Fees and Other, Net Realized Performance Income (Loss)Carried InterestIncentive FeesTotal Realized Performance Income (Loss)Assets Under ManagementFee Paying Assets Under ManagementCapital InvestedUncalled Commitments Year EndedSeptember 30, 2020117,142 33,564(32,071)118,635 —114,762114,762 102,989,90092,021,1003,800,20010,328,300December 31, 2019118,043 8,436(8,167)118,312 —15,52215,522 98,050,30086,939,2001,708,30010,875,600December 31, 2020115,371 26,142(25,492)116,021 —11,94011,940 99,080,40084,291,7004,034,00010,109,300December 31, 2019459,323 69,792(66,211)462,904 446,98279,383(75,224)451,141 35,640148,952184,592 24,75062,94087,690 102,989,90092,021,10010,309,50010,328,300 99,080,40084,291,70010,075,40010,109,300CAPITAL MARKETS BUSINESS LINE REVENUES & OPERATING METRICSQuarter EndedDecember 31, 2020Year EndedSeptember 30, 2020December 31, 2019December 31, 2020December 31, 2019Transaction Fees 192,596 158,266 106,768 480,483 410,055Syndicated Capital 2,647,700 2,078,800 1,307,400 5,025,400 3,864,500PRINCIPAL ACTIVITIES BUSINESS LINE REVENUESQuarter EndedDecember 31, 2020Realized Investment Income (Loss)Net Realized Gains (Losses)Interest Income and DividendsTotal Realized Investment Income (Loss) 69,09179,664148,755Year EndedSeptember 30, 2020 172,22488,191260,415December 31, 2019 43,524182,946226,470December 31, 2020December 31, 2019 284,521360,138644,659 189,858495,915685,773Page 8

BOOK ASSETS, BOOK LIABILITIES AND BOOK VALUE (UNAUDITED)(Amounts in thousands, except share and per share amounts)BOOK ASSETSAs ofDecember 31, 2020December 31, 2019Book AssetsCash and Short-term Investments 5,961,083InvestmentsNet Unrealized Carrie

Value growth, we had the most active fundraising and deployment year in our history,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “The strength of our fundamen