Bill Utt – Chairman, President and CEO

Sue Carter - Senior Vice President and CFO

June 3, 2010

Credit Suisse 2010Engineering & Construction Conference

Forward Looking StatementsThis presentation contains “forward-looking statements.” All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements include statements about the benefits of the split-off, the discussions of KBR’s business strategies and KBR’s expectations concerning future operations, profitability, liquidity and capital resources. You can generally identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”“forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should” or other similar words. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from those in the future that are implied by these forward-looking statements. Many of these factors cannot be controlled or predicted. These risks and other factors include those described under “Risk Factors” in KBR’s Annual Report on Form 10-K dated February 25, 2010, Forms 10-Q, recent Current Reports on Forms 8-K, and other Securities and Exchange Commission filings. Those factors, among others, could cause KBR’s actual results and performance to differ materially from the results and performance projected in, or implied by, the forward-looking statements. As you read and consider this presentation, you should carefully understand that the forward-looking statements are not guarantees of performance or results. KBR cautions you that assumptions, beliefs, expectations, intentions and projections about future events may and often do vary materially from actual results. Therefore, KBR cannot assure you that actual results will not differ materially from those expressed or implied by forward-looking statements.

The forward-looking statements included in this presentation are made only as of the date of this document. New risks and uncertainties arise from time to time, and KBR cannot predict those events or their impact. KBR assumes no obligation to update any forward-looking statements after the date of this presentation as a result of new information, future events or developments, except as required by the federal securities laws.

KBR – A Leading Global E&C Provider

* For contracts that contain both fixed-price and cost-reimbursable components, KBR classifies the components as either fixed-price or cost-reimbursable according to the composition of the contract, except for smaller contracts that are characterized on the predominate component.

» Revenue: Full Year 2009 - $12.1 Billion; 2009 Fortune 500 Company #193Full Year 2008 - $11.6 Billion; Fortune 500 Company #234

» Backlog: March 31, 2010 - $13.3 Billion (81% reimbursable / 19% fixed-price)*March 31, 2009 - $12.8 Billion (78% reimbursable / 22% fixed-price)*

» Headquarters in Houston, Texas

» 100+ years of operating history

» ~51,000 employees; 45+ countries

» Extensive service capabilities:

• Engineering, procurement, construction, commissioning, and start-up (EPC-CS) to global hydrocarbons, power, industrial, minerals, and infrastructure customers

• Defense, logistics, and contingency support for defense services

1

KBR Operates in 45 Countries

Edmonton

Calgary

Houston

Monterrey

Arlington

MMM

GreenfordLeatherhead

Moscow

Atyrau

Baku

Dubai

CairoAlgiers

Angola

Lagos

Johannesburg

BaghdadKuwait City China

SingaporeJakarta

Perth

Brisbane

SydneyAdelaide Canberra

Melbourne

Gothenburg

Abu Dhabi

2

DhahranNew Delhi

BirminghamAtlanta

Wilmington

Raleigh / Charlotte

Gas Monetization

3

LNG remains robust

Skikda LNG progressing well

Gorgon LNG execution is strong

Pluto 2 and 3 FEED progressing

Inpex Ichthys FEED work continues

Browse LNG Basis of Design award

Improving Gas Monetization margins

Tangguh/Yemen LNG projects complete with expected change orders

Escravos GTL and Skikda LNG will have reducing impact over the next year

Double-digit margins not unrealistic over time

Oil & Gas

4

Capturing opportunities

Expect to convert FEEDs to detailed engineering, design, and implementation during 2010

Iraq infrastructure opportunities

Strong level of global offshore activity with several excellent opportunities in Caspian and West Africa over next 18 months

Expand service offerings from engineering to project execution

Recent Energo Engineering acquisition

Expands KBR’s offshore capabilities in areas of integrity management and advanced structural engineering

Downstream

5

Saudi Arabia projects progressing well

FEED activities continue on Ras Tanura Integrated project

Yanbu EPC packages currently being evaluated by customer

Believe pull-out by Aramco partner may delay construction by only one month

African refinery projects moving forward

Lobito project first phases of EPCm expected to move forward during first half of 2010

PetroSA FEED expected to commence later this year

North America Government & DefenseLogCAP Updates and Outlook

CTP LogCAP IV Award and Basic Life Support services in Iraq to be continued under LogCAP III

Bahrain LogCAP IV Award

Received $60 million in prior period award fees

Continue to expect 2010 revenue decline of approximately 50% from 2009 levels

Positive breakthroughs on DCAA and other legacy LogCAP issues

Life After LogCAP

Replacing LogCAP work by diversifying customer base, building on logistical expertise, and expanding geographically

New customers including NATO, Air Force Civil Engineering Agency, National Reconnaissance Office

Turkey and Spain base operations award by U.S. Air Force

6

Infrastructure, Government, and PowerInternational Government & Defense

Continued support for U.K. Ministry of Defence and NATO in Afghanistan

Building on U.K. based logistics and life support and consultancy and training capabilities in Australia to expand services within the Asia-Pacific region

Infrastructure & MineralsContinued strengthening markets for transportation, water, infrastructure, and facilities

Minerals markets strengthening

Power & IndustrialExperiencing a higher level of proposal activity

Expect an increased level of awards on gas-fired plants and environmental projects in second half of 2010

7

ServicesU.S. construction markets

Renewed activity for small to mid-size capital projects

Not yet seeing a return of larger construction projects

Increased activity in Alberta oil sands region

Strong Building Group activity over past several quarters with sanctioned projects moving forward

Industrial Services

DuPont construction, maintenance and services project began mobilizing in first quarter of 2010

Turnaround activity picking up8

KBR Financials and Backlog

KBR’s Backlog

10

Creating a more profitable backlog portfolio

Working off lower margin Escravos GTL, LogCAP, and Skikda LNG (reimbursable component)

Adding higher value services to backlog

Engineering and technical services

Project and construction management

What grows backlog?

Gorgon LNG, Solid Waste Authority, Progress Energy, PNG LNG, DuPont, Suncor Turnaround, Shaybah NGL, Yanbu utilities, Boeing Dreamliner, numerous Upstream FEEDs, Building Group awards

In 2009, approximately 60% of added backlog generated from current project scope growth

Strong Balance Supports Functional Options

11

Capitalization @ March 31, 2010 ($ in millions)

Cash and Cash Equivalents 908$

Cash Associated with Joint Ventures 264

Discretionary Cash 644$

Stable cash balance which will grow upon receipt of EPC 1 arbitration and LogCAP award fees. KBR intends to use

discipline and balance in putting cash to work.

Working Capital Management

12

Focused on reducing general business accounts receivable

Managing accounts payable

Resolution of unbilled receivables on uncompleted contracts

Collecting on past disputes (EPC 1)

Government Business

As LogCAP work declines, less working capital requirements

Diligently working to resolve disputed withhold amounts

Award fees

KBR Investment Thesis

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• KBR is a growth company across a broad based and diverse series of businesses

• Optimism for acceleration in new orders around growth opportunities across markets

• Ample opportunities to replace declining LogCAP work

• Strong balance sheet with emphasis on cash management

• Patience, prudence, and thoughtfulness in managing KBR’s cash balances

We Deliver