Kennedy-Wilson Holdings, Inc. Supplemental Financial Information For the Quarter Ended September 30, 2018 TABLE OF CONTENTS

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2 Supplemental Financial Information For the Quarter Ended September 30, TABLE OF CONTENTS Earnings Release News Release Consolidated Balance Sheets (unaudited) Consolidated Statements of Operations (unaudited) Non-GAAP Metrics (unaudited) Supplemental Financial Information (unaudited) Capitalization Summary Components of Value 16 Components of Value Summary All Property Multifamily and Commercial Investment Summary by Ownership Multifamily Investment Detail Commercial Investment Detail Hotel, Loans, Residential and Other Investment Detail Unstabilized and Development Detail Debt Schedule Investment Management and Real Estate Services Other Portfolio and Financial Information Same Property - Multifamily Same Property - Commercial EBITDA by Segment (Non-GAAP) Pro-rata Financial Information Appendix Cover The property depicted on the cover of this earnings release and supplemental financial information is Pioneer Point, an apartment community in Ilford, UK. Certain terms used in this release are defined below under the caption "Common Definitions". Certain information included in this release constitutes non-gaap financial measures. For a definition of the non-gaap financial measures used in this release, see "Common Definitions" below, and for a reconciliation of those measures to their most comparable GAAP measure, see the tables set forth in the Company's supplemental financial information available at

3 Contact: Daven Bhavsar, CFA Director of Investor Relations (310) S. El Camino Drive Beverly Hills, CA NEWS RELEASE KENNEDY WILSON REPORTS RECORD THIRD QUARTER RESULTS Company increases quarterly dividend by 11% BEVERLY HILLS, Calif. (October 31, ) - (NYSE: KW) today reported results for 3Q-: 3Q (Amounts in millions, except per share data) YTD GAAP Results GAAP Net Income (Loss) to Common Shareholders Per Diluted Share (8.9) (0.08) Non-GAAP Results Adjusted EBITDA Adjusted Net Income *Please refer to pages 9-10 for a reconciliation of GAAP to Non-GAAP results. "We delivered a record third quarter driven by strong operational performance and continued progress on the completion of our development and value-add initiatives," said William McMorrow, Chairman and CEO of Kennedy Wilson. "We look to continue executing our asset sale program, with a focus on smaller and noncore assets, while also driving organic NOI growth through upgrading our existing portfolio and acquiring well-located high quality assets and development sites in under-supplied and growing multifamily markets. Our global real estate portfolio and investment management business both remain well-positioned for continued growth." 3Q Highlights Adjusted EBITDA Increased by 66 million to 142 million: The Company's share of Property NOI increased by 41 million from 3Q-17, primarily driven by the acquisition of KWE in 4Q-17. The Company's share of Net Gains and promotes increased by 32 million to 58 million from 3Q-17. 3

4 Strong Same Property Performance with NOI up 4% Driven by Continued Growth in our Multifamily Portfolio: 3Q - vs 3Q - Multifamily - Market Rate Multifamily - Affordable Commercial Hotel Total YTD - vs YTD - Occupancy Revenue NOI Occupancy Revenue NOI 0.3% 4.7% 4.9% 0.1% 5.1% 5.9% (0.5)% 5.1% 6.7% (0.4)% 5.6% 7.0% 0.6% 2.7% 1.8% % 4.1% 2.7% N/A 5.6% 11.7% NA 4.5% 12.4% 4.2% 4.3% 4.6% 5.0% In-Place Estimated Annual NOI of 416 Million and Targeting Approximately an Additional 100 Million from Unstabilized and Development Assets by the End of 2023: Estimated Annual NOI from the stabilized portfolio decreased by 5% to 416 million from 439 million at year-end. The decrease is primarily a result of the net sale of assets for the nine months ended September 30,. Completed the lease-up and stabilization of the 300 Capital Dock office building and the Northbank apartments in Dublin, Pioneer Point apartments in London, and Vintage at Mill Creek apartments in Washington, which added 8 million to Estimated Annual NOI. Targeting an additional 26 million of Estimated Annual NOI to be in place by the end of 2019 (of which 76% is either multifamily or pre-leased office development), and an incremental million to be in place by the end of 2023, through the planned completion of development and stabilization initiatives. Investment Activity Capital Recycling: In the quarter, the Company invested 189 million of capital, allocating 78% to new acquisitions and 22% to capex and share repurchases. For the year, the Company invested 506 million of capital, allocating 50% to new acquisitions, 31% to share repurchases, and 19% to value-add capital expenditures. The Company generated 159 million of cash to KW from the sale of assets during 3Q-18, bringing its year-to-date total to 466 million of cash generated from dispositions. Acquisitions: The Company, together with its equity partners, completed 309 million of acquisitions in 3Q-18, including the following key transactions: City Block 3, Dublin, Ireland: The Company's largest acquisition for the quarter was a 131 million, six-acre, mixed use development site in Dublin, Ireland. The Company holds a 50% ownership interest with an initial equity investment of 79 million (inclusive of closing costs). The site contains planning permission to develop 452 apartment units and 300,000 square feet of commercial space, which is currently expected to complete in Southridge, Reno, Nevada: The Company acquired a multifamily property in Reno, Nevada, totaling 293 units, for 36 million. The Company invested approximately 16 million of equity and secured a seven-year fixed rate loan of 20 million. In total, the Company has an interest in 1,241 multifamily units in Reno, including 648 units in its Vintage Housing affordable housing platform that are currently under development. Dispositions: The Company, together with its equity partners, completed 321 million of dispositions in 3Q-18, including the following key transactions: Italian Office Sale: The Company's largest sale of the quarter was a 283,000 square foot office asset in Milan, Italy, which was sold for 81 million. 4

5 AXA JV Contribution: The Company contributed a 50% interest in three wholly-owned Irish multifamily assets - the Elysian, Northbank, and Liffey Trust - into its joint venture with AXA Investment Managers - Real Assets. Investment Management and Real Estate Services Business Adjusted Fees: For the quarter, adjusted fees were 20 million, a decrease of 7 million from 3Q-. The decrease is related to lower base investment management fees of 6 million resulting primarily from the acquisition of KWE in 4Q-17, lower property management fees of 5 million primarily related to the sale of the Company's loan servicing platform in Spain in 4Q-, offset by higher investment management performance, acquisition, and disposition fees of 4 million. Fee-Bearing Capital Growth: The Company has raised 678 million of new fee-bearing capital over the last 12 months, bringing its total fee-bearing capital to 2.0 billion. Balance Sheet and Liquidity Liquidity: Liquidity totaled 919 million, including cash of 419 million and 500 million of capacity on the Company's undrawn revolving line of credit. Global Debt Profile: Kennedy Wilson's debt had a weighted average interest rate of 4.0% and a weighted average remaining maturity of 5.6 years, with 77% of total debt (at share) fixed and another 14% hedged against increases in interest rates. 45% of the Company's debt is either Euro or Sterling denominated and 55% is U.S. dollar denominated. Share Repurchase Plan(2): In, the Company has repurchased 8.8 million shares for 157 million. As of September 30,, the Company had 103 million remaining under its 250 million share repurchase plan. Dividend Kennedy Wilson announced an 11% increase in its quarterly common dividend to 0.21 cents per share, or 0.84 on an annualized basis. The fourth quarter dividend is payable on January 3, 2019 to common shareholders of record as of December 28,. Foreign Currency Fluctuations and Hedging Income Statement 3Q Impact: For 3Q-, changes in foreign currency rates decreased both consolidated revenue and Adjusted EBITDA by 2% compared to foreign currency rates as of September 30,. YTD Impact: For YTD-, changes in foreign currency rates increased consolidated revenue by 1% and Adjusted EBITDA remained flat compared to foreign currency rates as of September 30,. Shareholders' Equity During the first nine months of the year, GBP and EUR foreign currency rates decreased by 4% and 3%, respectively, on average against the USD. The net decrease in shareholders' equity related to fluctuations in foreign currency and related hedges (in the GBP and EUR) was 16 million, equating to 1% of total shareholders' equity. 5

6 Subsequent Events The Company and AXA Investment Managers - Real Assets in a 50/50 joint venture completed the acquisition of 274 units and a four-acre development site at the Grange, in the South Dublin suburb of Sandyford. The purchase was made from Grant Thornton Receiver, on behalf of the National Asset Management Agency ( NAMA ) for 183 million. Footnotes Includes 60.1 million of restricted cash, which is included in cash and cash equivalents. (2) Future purchases under the program may be made in the open market, in privately negotiated transactions, through the net settlement of the company's restricted stock grants or otherwise, with the amount and timing of the repurchases dependent on market conditions and subject to the Company's discretion. Conference Call and Webcast Details Kennedy Wilson will hold a live conference call and webcast to discuss results at 7:00 a.m. PT/ 10:00 a.m. ET on Thursday, November 1. The direct dial-in number for the conference call is (844) for U.S. callers and (412) for international callers. A replay of the call will be available for one week beginning two hours after the live call and can be accessed by (877) for U.S. callers and (412) for international callers. The passcode for the replay is The webcast will be available at: A replay of the webcast will be available one hour after the original webcast on the Company s investor relations web site for three months. About Kennedy Wilson Kennedy Wilson (NYSE:KW) is a leading global real estate investment company. We own, operate, and invest in real estate both on our own and through our investment management platform. We focus on multifamily and office properties located in the Western U.S., UK, and Ireland. For further information on Kennedy Wilson, please visit Tables Follow 6

7 Consolidated Balance Sheets (Dollars in millions) September 30, December 31, Assets Cash and cash equivalents Accounts receivable Loan purchases and originations Real estate and acquired in place lease values, net of accumulated depreciation and amortization 5, ,443.7 Unconsolidated investments Other assets Total assets , ,724.8 Liabilities Accounts payable Accrued expenses and other liabilities Mortgage debt 2, ,156.6 KW unsecured debt 1, ,179.4 KWE unsecured bonds 1, , , ,147.3 Total liabilities Equity Common stock Additional paid-in capital Accumulated deficit 1, ,883.3 (56.7) Accumulated other comprehensive loss (90.6) (443.4) Noncontrolling interests Total equity Total liabilities and equity 7 (427.1) 1,253.0 Total shareholders equity 1, , , , ,724.8

8 Consolidated Statements of Operations (Dollars in millions, except share amounts and per share data) Three Months Ended September 30, Nine Months Ended September 30, Revenue Rental Hotel Rental operating Hotel operating Cost of real estate sold Commission and marketing Compensation and related General and administrative Depreciation and amortization Sale of real estate Investment management, property services and research fees Loan purchases, loan originations and other Total revenue Operating expenses Total operating expenses Income from unconsolidated investments, net of depreciation and amortization Operating income Non-operating income (expense) Gain on sale of real estate, net Acquisition-related expenses Interest expense Other income (loss) Income before (provision for) benefit from income taxes (Provision for) benefit from income taxes Net income Net income attributable to noncontrolling interests Net income (loss) attributable to common shareholders (0.4) (1.0) (0.6) (2.3) (55.2) (56.8) (181.3) (158.9) 3.4 (0.3) (6.9) 3.7 (33.7) (0.9) (0.8) (18.7) (59.9) (31.3) (8.9) Basic earnings per share Income (loss) per basic Weighted average shares outstanding for basic 141,003,413 (0.08) 111,966, ,450, ,955,924 Diluted earnings per share Income (loss) per diluted Weighted average shares outstanding for diluted Dividends declared per common share ,800, (0.08) 111,966, Includes impact of the Company allocating income and dividends per basic and diluted share to participating securities ,516, ,955,

9 Adjusted EBITDA (Dollars in millions) The table below reconciles Adjusted EBITDA to net income attributable to common shareholders, using Kennedy Wilson s pro-rata share amounts for each adjustment item. Three Months Ended Nine Months Ended September 30, September 30, Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders 12.1 (8.9) Non-GAAP adjustments: Add back (Kennedy Wilson's Share): Interest expense Depreciation and amortization (5.4) 33.7 (3.2) Provision for (benefit from) income taxes Share-based compensation Adjusted EBITDA See Appendix for reconciliation of Kennedy Wilson's Share amounts. The table below provides a detailed reconciliation of Adjusted EBITDA to net income. Three Months Ended Nine Months Ended September 30, Net income September 30, Non-GAAP adjustments: Add back: Interest expense 55.2 Kennedy Wilson's share of interest expense included in unconsolidated investments Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments Provision for (benefit from) income taxes 6.9 (3.7) Share-based compensation Depreciation and amortization EBITDA attributable to noncontrolling interests Adjusted EBITDA 56.8 (4.3) (61.9) 75.5 (74.1) (154.0) EBITDA attributable to noncontrolling interest includes 2.1 million and 25.3 million of depreciation and amortization, 1.4 million and 16.2 million of interest, and 0.0 million and 1.7 million of taxes, for the three months ended September 30, and, respectively. EBITDA attributable to noncontrolling interest includes 7.7 million and 72.4 million of depreciation and amortization, 6.5 million and 46.2 million of interest, and 0.0 million and 4.1 million of taxes, for the nine months ended September 30, and, respectively. 9

10 Adjusted Net Income (Dollars in millions, except share data) The table below reconciles Adjusted Net Income to net income attributable to common shareholders, using Kennedy Wilson s pro-rata share amounts for each adjustment item. Three Months Ended Nine Months Ended September 30, September 30, Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders 12.1 (8.9) Non-GAAP adjustments: Add back (Kennedy Wilson's Share): Depreciation and amortization 52.8 Share-based compensation Adjusted Net Income 9.2 Weighted average shares outstanding for diluted ,800, ,966, ,516, ,955,924 See Appendix for reconciliation of Kennedy Wilson's Share amounts. The table below provides a detailed reconciliation of Adjusted Net Income to net income. Three Months Ended Nine Months Ended September 30, Net income September 30, Non-GAAP adjustments: Add back (less): Depreciation and amortization Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments Share-based compensation (2.9) (44.0) (67.6) (103.7) Net income attributable to the noncontrolling interests, before depreciation and amortization Adjusted Net Income Weighted average shares outstanding for diluted ,800, ,966, ,516, ,955,924 Includes 2.1 million and 25.3 million of depreciation and amortization for the three months ended September 30, and, respectively, and 7.7 million and 72.4 million of depreciation and amortization for the nine months ended September 30, and. 10

11 Forward-Looking Statements Statements made by us in this report and in other reports and statements released by us that are not historical facts constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forwardlooking statements are necessarily estimates reflecting the judgment of our senior management based on our current estimates, expectations, forecasts and projections and include comments that express our current opinions about trends and factors that may impact future operating results. Disclosures that use words such as "believe," "anticipate," "estimate," "intend," "may," "could," "plan," "expect," "project" or the negative of these, as well as similar expressions, are intended to identify forward-looking statements. These statements are not guarantees of future performance, rely on a number of assumptions concerning future events, many of which are outside of our control, and involve known and unknown risks and uncertainties that could cause our actual results, performance or achievement, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties may include the factors and the risks and uncertainties described elsewhere in this report and other filings with the Securities and Exchange Commission (the "SEC"), including the Item 1A. "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31,, as amended by our subsequent filings with the SEC. Any such forward-looking statements, whether made in this report or elsewhere, should be considered in the context of the various disclosures made by us about our businesses including, without limitation, the risk factors discussed in our filings with the SEC. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise. Common Definitions KWH, "KW," Kennedy Wilson, the "Company," "we," "our," or "us" refers to and its wholly-owned subsidiaries. The consolidated financial statements of the Company include the results of the Company's consolidated subsidiaries. KWE refers to Kennedy Wilson Europe Real Estate plc, which was a London Stock Exchange-listed company that we externally managed through a wholly-owned subsidiary. On October 20, we acquired KWE, which is now a wholly-owned subsidiary. Prior to the acquisition, we owned approximately 24% and in accordance with U.S. GAAP, the results of KWE were consolidated in our financial statements. Adjusted EBITDA represents net income before interest expense, our share of interest expense included in income from investments in unconsolidated investments, depreciation and amortization, our share of depreciation and amortization included in income from unconsolidated investments, loss on early extinguishment of corporate debt and income taxes, share-based compensation expense for the Company and EBITDA attributable to noncontrolling interests. Please also see the reconciliation to GAAP in the Company s supplemental financial information included in this release and also available at Our management uses Adjusted EBITDA to analyze our business because it adjusts net income for items we believe do not accurately reflect the nature of our business going forward or that relate to non-cash compensation expense or noncontrolling interests. Such items may vary for different companies for reasons unrelated to overall operating performance. Additionally, we believe Adjusted EBITDA is useful to investors to assist them in getting a more accurate picture of our results from operations. However, Adjusted EBITDA is not a recognized measurement under GAAP and when analyzing our operating performance, readers should use Adjusted EBITDA in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, Adjusted EBITDA is not intended to be a measure of free cash flow for our management s discretionary use, as it does not remove all non-cash items (such as acquisition-related gains) or consider certain cash requirements such as tax and debt service payments. The amount shown for Adjusted EBITDA also differs from the amount calculated under 11

12 similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and noncash charges and are used to determine compliance with financial covenants and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. Adjusted fees refers to Kennedy Wilson s gross investment management, property services and research fees adjusted to include Kennedy Wilson's share of fees eliminated in consolidation, Kennedy Wilson s share of fees in unconsolidated service businesses and performance fees included in unconsolidated investments. Effective January 1,, we adopted new GAAP guidance on revenue recognition and implemented a change in accounting principles related to performance allocations, which resulted in us now accounting for performance allocations (commonly referred to as performance fees or carried interest ) under the GAAP guidance for equity method investments and presenting performance allocations as a component of income from unconsolidated investments. Our management uses Adjusted fees to analyze our investment management and real estate services business because the measure removes required eliminations under GAAP for properties in which the Company provides services but also has an ownership interest. These eliminations understate the economic value of the investment management, property services and research fees and makes the Company comparable to other real estate companies that provide investment management and real estate services but do not have an ownership interest in the properties they manage. Our management believes that adjusting GAAP fees to reflect these amounts eliminated in consolidation presents a more holistic measure of the scope of our investment management and real estate services business. Adjusted Net Income represents net income before depreciation and amortization, our share of depreciation and amortization included in income from unconsolidated investments, share-based compensation and net income attributable to noncontrolling interests, before depreciation and amortization. Please also see the reconciliation to GAAP in the Company s supplemental financial information included in this release and also available at Cap rate represents the net operating income of an investment for the year preceding its acquisition or disposition, as applicable, divided by the purchase or sale price, as applicable. Cap rates set forth in this presentation only includes data from income-producing properties. We calculate cap rates based on information that is supplied to us during the acquisition diligence process. This information is not audited or reviewed by independent accountants and may be presented in a manner that is different from similar information included in our financial statements prepared in accordance with GAAP. In addition, cap rates represent historical performance and are not a guarantee of future NOI. Properties for which a cap rate is provided may not continue to perform at that cap rate. "Consolidated investment account" refers to the sum of Kennedy Wilson s equity in: cash held by consolidated investments, consolidated real estate and acquired in-place leases gross of accumulated depreciation and amortization, net hedge asset or liability, unconsolidated investments, consolidated loans, and net other assets. "Equity partners" refers to non-wholly-owned subsidiaries that we consolidate in our financial statements under U.S. GAAP and third-party equity providers. "Estimated annual NOI" is a property-level non-gaap measure representing the estimated annual net operating income from each property as of the date shown, inclusive of rent abatements (if applicable). The calculation excludes depreciation and amortization expense, and does not capture the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures, tenant improvements, and leasing commissions necessary to maintain the operating performance of our properties. Any of the enumerated items above could have a material effect on the performance of our properties. Also, where specifically noted, for properties purchased in, the NOI represents estimated Year 1 NOI from our original underwriting. Estimated year 1 NOI for properties purchased in may not be indicative of the actual results for those properties. Estimated annual NOI is not an indicator of the actual annual net operating income that the Company will or expects to realize in any period. Please also see the definition of "Net operating income" below. The Company does not provide a reconciliation for estimated annual NOI to its most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimation of each of the component reconciling items, and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact estimated annual NOI, including, for example, gains on sales of depreciable real estate and other items that have not yet occurred and are 12

13 out of the company s control. For the same reasons, the Company is unable to meaningfully address the probable significance of the unavailable information and believes that providing a reconciliation for estimated annual NOI would imply a degree of precision as to its forward-looking net operating income that would be confusing or misleading to investors. "Estimated Forward Return on Cost represents the Company s estimate of future net operating income, assuming it has completed its planned value-add asset management initiatives, divided by the sum of the purchase price and additional capital expenditure costs that are expected to be incurred in accordance with the Company s original underwriting at the time of acquisition. This information is not audited or reviewed by independent accountants and may be presented in a manner that is different from similar information included in our financial statements prepared in accordance with GAAP. Estimated Forward Return on Cost is based on management s current expectations and are based on assumptions that may prove to be inaccurate and involve known and unknown risks. For example, Estimated Forward Return on Cost is based in part on data made available to us during the course of our due diligence process in connection with asset acquisitions and assumes the timely and on-budget completion of our value-add initiatives, the timely leasing of all additional capacity and the absence of customer defaults or early lease terminations. Accordingly, the actual return on cost of an investment made by the Company may differ materially and adversely from the Estimated Forward Return on Cost figures set forth in this release, and we caution you not to place undue reliance on such figures. "Gross Asset Value refers to the gross carrying value of assets, before debt, depreciation and amortization, and net of noncontrolling interests. "Investment account refers to the consolidated investment account presented after noncontrolling interest on invested assets gross of accumulated depreciation and amortization. "Investment Management and Real Estate Services Assets under Management" ("IMRES AUM") generally refers to the properties and other assets with respect to which we provide (or participate in) oversight, investment management services and other advice, and which generally consist of real estate properties or loans, and investments in joint ventures. Our IMRES AUM is principally intended to reflect the extent of our presence in the real estate market, not the basis for determining our management fees. Our IMRES AUM consists of the total estimated fair value of the real estate properties and other real estate related assets either owned by third parties, wholly owned by us or held by joint ventures and other entities in which our sponsored funds or investment vehicles and client accounts have invested. Committed (but unfunded) capital from investors in our sponsored funds is not included in our IMRES AUM. The estimated value of development properties is included at estimated completion cost. "Net Gains" represent the Company s share of gains from the disposition of real estate and real estate related assets, net of any impairment losses. For consolidated assets, amounts are included in the Sale of Real Estate and Cost of Real Estate Sold or Gain on sale of asset, net line item on the Company s income statement, in accordance with U.S. GAAP. For unconsolidated investments, amounts are included in the Income from unconsolidated investments, net of depreciation and amortization line item on the Company s income statement in accordance with U.S. GAAP. "Net operating income" or " NOI is a non-gaap measure representing the income produced by a property calculated by deducting operating expenses from operating revenues. Our management uses net operating income to assess and compare the performance of our properties and to estimate their fair value. Net operating income does not include the effects of depreciation or amortization or gains or losses from the sale of properties because the effects of those items do not necessarily represent the actual change in the value of our properties resulting from our value-add initiatives or changing market conditions. Our management believes that net operating income reflects the core revenues and costs of operating our properties and is better suited to evaluate trends in occupancy and lease rates. Please also see the reconciliation to GAAP in the Company s supplemental financial information included in this release and also available at "Noncontrolling interests" represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson. 13

14 "Pro-Rata" represents Kennedy Wilson's share calculated by using our proportionate economic ownership of each asset in our portfolio, including our approximate 24% ownership in KWE immediately prior to our acquisition of KWE. Please also refer to the pro-rata financial data in our supplemental financial information. "Property NOI" or "Property-level NOI" is a non-gaap measure calculated by deducting the Company's Pro-Rata share of rental and hotel operating expenses from the Company's Pro-Rata rental and hotel revenues. Please also see the reconciliation to GAAP in the Company s supplemental financial information included in this release and also available at Same property refers to properties in which Kennedy Wilson has an ownership interest during the entire span of both periods being compared. The same property information presented throughout this report is shown on a cash basis and excludes non-recurring expenses. This analysis excludes properties that are either under development or undergoing lease up as part of our asset management strategy. Note about Non-GAAP and certain other financial information included in this presentation In addition to the results reported in accordance with U.S. generally accepted accounting principles ("GAAP") included within this presentation, Kennedy Wilson has provided certain information, which includes non-gaap financial measures (including Adjusted EBITDA, Adjusted Net Income, Net Operating Income, and Adjusted Fees, as defined above). Such information is reconciled to its closest GAAP measure in accordance with the rules of the SEC, and such reconciliations are included within this presentation. These measures may contain cash and non-cash acquisition-related gains and expenses and gains and losses from the sale of real-estate related investments. Consolidated non-gaap measures discussed throughout this report contain income or losses attributable to non-controlling interests. Management believes that these non-gaap financial measures are useful to both management and Kennedy Wilson's shareholders in their analysis of the business and operating performance of the Company. Management also uses this information for operational planning and decision-making purposes. Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measures. Additionally, non-gaap financial measures as presented by Kennedy Wilson may not be comparable to similarly titled measures reported by other companies. Annualized figures used throughout this release and supplemental financial information, and our estimated annual net operating income metrics, are not an indicator of the actual net operating income that the Company will or expects to realize in any period. KW-IR 14

15 Supplemental Financial Information 15

16 Capitalization Summary (Dollars in millions, except per share data) September 30, December 31, Market Data Common stock price per share Common stock shares outstanding Equity Market Capitalization 3, , , , , ,930.1 (455.6) 8, ,192, ,561,284 2, , , , ,698.8 Kennedy Wilson's Share of Debt Kennedy Wilson's share of property debt Senior notes payable Kennedy Wilson Europe bonds Credit Facility Total Kennedy Wilson's share of debt Total Capitalization Less: Kennedy Wilson's share of cash Total Enterprise Value 16 (345.7) 8,353.1

17 Components of Value Summary As of September 30, (Unaudited, Dollars in millions) Below are key valuation metrics provided to assist in the calculation of a sum-of-the-parts valuation of the Company as of September 30,. Please note that excluded below is the potential value of the Company's future promoted interest as well as the value of the Company's team and brand. A sum of the parts can be calculated by adding together KW s share of the value of its investments (#1-#6), the value of KW s services business (#7-#9) and subtracting KW s net liabilities (#10-#11). Kennedy Wilson's Share Investments Description Occupancy Est. Annual NOI(2) Common Valuation Approach Page # Income Producing Assets 1 Multifamily 23,264 units 94.3% 2 Commercial 15.8 million square feet 3 Hotels 11 Hotels / 1,717 Hotel Rooms Cap rate % Cap rate 22 N/A 31.4 Cap rate Multiple of gross asset value 22 N/A Multiple of gross asset value 24 N/A Multiple of gross asset value 23 Total Estimated Annual NOI Unstabilized, Development, and Non-income Producing Assets 4 Unstabilized(5) 5 Development(5) 6 Loans, residential, and other(5) KW Gross Asset Value 474 multifamily units 1.9 million commercial sq. ft. 37.6% 3,155 multifamily units 0.9 million commercial sq. ft. One five-star resort 20 investments, 6 unresolved loans Total Gross Asset Value TTM Adj. Fees(3) Investment Management and Real Estate Services Management and promote fees 53.1 TTM Adj. EBITDA(3) 7 Investment management Adj. EBITDA or Adj. Fees Multiple 29 8 Property services Fees and commissions 15.9 (0.3) Adj. EBITDA or Adj. Fees Multiple 29 9 Meyers Research Subscription revenue and consulting fees 15.7 (2.4) Adj. Fees Multiple 29 Total 1, Net Debt 10 KW Share of Debt(4) 11 KW Share of Cash Total Secured and Unsecured Debt Cash 6,085.6 Face Value (455.6) Book Value Total Net Debt 5, Please see common definitions for a definition of estimated annual NOI and a description of its limitations. The Company does not provide a reconciliation for estimated annual NOI to its most directly comparable forward looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimation of each of the component reconciling items, and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact estimated annual NOI, including, for example, gains on sales of depreciable real estate and other items that have not yet occurred and are out of the Company s control. For the same reasons, the Company is unable to meaningfully address the probable significance of the unavailable information and believes that providing a reconciliation for estimated annual NOI would imply a degree of precision as to its forward-looking net operating income that would be confusing or misleading to investors. (2) Based on weighted-average ownership figures held by KW. 17

18 (3) TTM figures are representative of the trailing 12 months (excluding fees for the management of KWE) and are not indicators of the actual results that the Company will or expects to realize in any period. Includes Kennedy Wilson's share of debt at Vintage Housing Holdings of million, based on economic ownership (5) See additional detail related to Unstabilized, Development, and Non-income Producing Assets, as of September 30,. KW Share of Debt below is included in the Net Debt amounts within the Components of Value Summary above. (4) KW Gross Asset Value Unstabilized - Multifamily and Commercial Development - Multifamily, Commercial, and Hotel Loans, residential, and other Unstabilized, Development, and Non-income Producing Assets , KW Share of Debt Investment Account

19 Incoming-Producing Properties As of September 30, (Unaudited, Dollars in millions) The pie charts below reflect Kennedy Wilson's Pro-rata share of Estimated Annual NOI (from income-producing properties) by country and property type, as of September 30,, of which 80% is derived from wholly-owned assets. The following summarizes Kennedy Wilson's pro-rata share of estimated annual NOI from its income-producing portfolio by property type and geography. Multifamily - Market Rate Pacific Southern Northern Mountain Northwest California California States Hawaii U.K. Ireland 4.3 Italy 24.4 Spain Total Multifamily - Affordable Office Retail Industrial Hotel Total Estimated Annual NOI

20 All-Property Investment Summary by Ownership As of September 30, (Dollars in millions) The following summarizes Kennedy Wilson's income-producing multifamily and commercial portfolio by ownership category. Excluded below are unstabilized, development, loans, and residential and other investments. Total Portfolio September 30, KW Ownership Category ~100% Owned Commercial Multifamily Rentable Units Sq. Ft. 9, December 31, Hotel Rooms 1,475 KW Share of Est. Annual NOI Ownership(2) 99.4% Estimated Commercial Annual NOI Multifamily Rentable Change Units Sq. Ft. (7.9 )% 9, Hotel Rooms 611 KW Share of Est. Annual NOI Ownership(2) 99.5% ~50% owned 10, % 11.1 % 9, % Minority-owned 3, % (7.8 )% 4, N/A % Total 23, , % (5.3)% 23, % (2) Please see common definitions for a definition of estimated annual NOI and a description of its limitations. The Company does not provide a reconciliation for estimated annual NOI to its most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact estimated annual NOI, including, for example, gains on sales of depreciable real estate and other items that have not yet occurred and are out of the Company s control. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for estimated annual NOI would imply a degree of precision as to its forward-looking net operating income that would be confusing or misleading to investors. Weighted average ownership figures based on the Company s share of NOI and are presented on a pre-promote basis. 20

21 Multifamily Investment Summary As of September 30, (Dollars in millions, except average rents per unit) Multifamily Pacific Northwest # of Assets # of Units Average Monthly Rents Per Market Occupancy Rate Unit(2)(3) 94.7 % 1,597 Kennedy Wilson's Share of Estimated Annual NOI 43 10, Southern California 9 2, , Northern California 9 3, , , % 1,556 Mountain States 17 4,819 Total Western US 78 21,177 Ireland(4) 8 1, , United Kingdom(4) , Total Europe 9 2, % 2, , % 1, Total Stabilized Unstabilized/Development Total Multifamily 14 3, , See Page 24 for more information Please see common definitions for a definition of estimated annual NOI and a description of its limitations. The Company does not provide a reconciliation for estimated annual NOI to its most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimation of each of the component reconciling items, and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact estimated annual NOI, including, for example, gains on sales of depreciable real estate and other items that have not yet occurred and are out of the Company s control. For the same reasons, the Company is unable to meaningfully address the probable significance of the unavailable information and believes that providing a reconciliation for estimated annual NOI would imply a degree of precision as to its forward-looking net operating income that would be confusing or misleading to investors. Amounts are based on weighted-average ownership figures held by KW. (2) Average Monthly Rents Per Unit is defined as the total potential monthly rental revenue (actual rent for occupied units plus market rent for vacant units) divided by the number of units, and are weighted-averages based on the Company's ownership percentage in the underlying properties. (3) Average Monthly Rents Per Market Rate Unit for the market rate portfolio based on Kennedy Wilson's share of units. Average Monthly Rents Per Unit for the affordable portfolio are 829, 846, 848, and 749 for Pacific Northwest, Southern California, Northern California, and Mountain States, respectively. (4) Estimated foreign exchange rates are 0.86 = 1 USD, and and 0.77 = 1 USD related to NOI. 21

22 Commercial Investment Summary As of September 30, (Dollars and Square Feet in millions, except average rent per sq. ft.) Commercial # of Assets Rentable Sq. Ft. Occupancy Average Annual Rent per Sq. Ft.(2) Pacific Northwest % 21.2 Southern California(3) Northern California Kennedy Wilson's Share of Estimated Annual NOI Total Western US % 21.8 United Kingdom(4) Ireland Spain(4) Mountain States (4) (4) Italy Total Europe(4) % Total Stabilized % Unstabilized/Development Total Commercial See page 24 for more information Please see common definitions for a definition of estimated annual NOI and a description of its limitations. The Company does not provide a reconciliation for estimated annual NOI to its most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimation of each of the component reconciling items, and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact estimated annual NOI, including, for example, gains on sales of depreciable real estate and other items that have not yet occurred and are out of the Company s control. For the same reasons, the Company is unable to meaningfully address the probable significance of the unavailable information and believes that providing a reconciliation for estimated annual NOI would imply a degree of precision as to its forward-looking net operating income that would be confusing or misleading to investors. Amounts are based on weighted-average ownership figures held by KW. (2) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of September 30, and are weighted-averages based on the Company's ownership percentage in the underlying properties. (3) The information presented in this row for Southern California commercial assets includes our corporate headquarters wholly owned by KW comprising 58,000 sq. ft., 35 million of debt, 100% occupancy, 3.0 million in annual NOI and KW Gross Asset Value of 67.9 million as of September 30,. (4) Estimated foreign exchange rates are 0.86 = 1 USD, and 0.76 = 1 USD, related to NOI. 22

23 Hotel, Loans, Residential and Other Investment Summary As of September 30, (Dollars in millions, except for Average Daily Rate) Hotel # of Assets Northern California 1 Hawaii 1 72 Total Western US (3) United Kingdom Kennedy Wilson's Share of Estimated Annual NOI Average Daily Rate(2) Hotel Rooms , Ireland(3) Total Europe 9 1, , Total Hotel Development Total Hotel ,867 See page 24 for more information Please see common definitions for a definition of estimated annual NOI and a description of its limitations. The Company does not provide a reconciliation for estimated annual NOI to its most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimation of each of the component reconciling items, and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact estimated annual NOI, including, for example, gains on sales of depreciable real estate and other items that have not yet occurred and are out of the Company s control. For the same reasons, the Company is unable to meaningfully address the probable significance of the unavailable information and believes that providing a reconciliation for estimated annual NOI would imply a degree of precision as to its forward-looking net operating income that would be confusing or misleading to investors. Amounts are based on weighted-average ownership figures held by KW. (2) Average Daily Rate data is based on the most recent 12 months and is weighted based on the Company's ownership percentage in the underlying properties. (3) Estimated foreign exchange rates are 0.86 = 1 USD, and 0.76 = 1 USD, related to NOI. Residential, Loans and Other # of Investments Residential Units/Lots Total Acres # of Unresolved Loans Southern California Northern California , ,004 1 Hawaii Total Western US Ireland Total Residential and Loans Other Investments Total Residential, Loans and Other KW Gross Asset Value , , Estimated foreign exchange rate is 0.86 = 1 USD, related to Gross Asset Value

24 Unstabilized and Development Detail As of September 30, (Dollars in millions) Unstabilized Assets This section includes the Company's unstabilized assets that are undergoing lease-up. There is no certainty that these assets will reach stabilization in the time periods shown. In addition, the cost to complete unstabilized assets is subject to many uncertainties that are beyond our control, and the actual costs may be significantly higher than the estimates shown below. All dollar amounts are Kennedy Wilson's share. Property Location Type KW Ownership % # of Assets Commercial Sq. Ft. MF Units Est. Stabilization Date KW Share Est Stabilized NOI KW Est. Costs to Complete(3) KW Gross Asset Value Vintage - Crossings at Virginia Mountain States Multifamily 39% Leavesden Park United Kingdom(2) Office 100% 1 198, Old School United Kingdom(2) Office 100% 1 24, Malibu Sands Southern California Retail 50% 1 16, Colossus United Kingdom(2) Industrial 100% 1 188, Merlin Park United Kingdom(2) Industrial 100% 1 63, , Subtotal Various Mountain States Retail 87%-97% 3 415,000 The Oaks Southern California Office 100% 1 355,000 Various United Kingdom(2) Office 100% 3 346, Subtotal 7 1,116,000 Total Unstabilized 13 1,605, Note: The table above excludes three fund assets totaling 277 units, 0.3 million commercial sq. ft., and KW Gross Asset Value of 10.3 million. Excludes two office development sites totaling 56,000 commercial sq. ft. and KW Gross Asset Value of 17.7 million that are expected to sell before the end of. There is no certainty that these assets will sell before the end of. (2) Estimated foreign exchange rates are 0.86 = 1 USD and 0.76 = 1 USD, related to NOI. (3) Figures shown in this column are an estimate of KW's remaining costs to develop to completion or to complete the entitlement process, as applicable, as of September 30,. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing. These figures are budgeted costs and are subject to change. There is no guarantee that the Company will be able to secure the project-level debt financing that is assumed in the figures above. If the Company is unable to secure such financing, the amount of capital that the Company will have to invest to complete the projects above may significantly increase. 24

25 Unstabilized and Development Detail (continued) As of September 30, (Dollars in millions) Development Projects This section includes the development or redevelopment projects that the Company is undergoing or considering, and excludes residential investments. The scope of these projects may change. There is no certainty that the Company will develop or redevelop any or all of these potential projects. In addition, the cost to complete development projects is subject to many uncertainties that are beyond our control, and the actual costs may be significantly higher than the estimates shown below. All dollar amounts are Kennedy Wilson's share. If Completed Property Location Type Status KW Est. Ownership Completion % Date Est. Stabilization Date Commercial Sq. Ft. Current MF Units / Hotel Rooms KW Share Est. Stabilized KW Share Total NOI Capitalization KW Gross Asset Value KW Est. Costs to Complete(2) KW Est. Cash to Complete Capital Dock Ireland(3) Mixed-Use Under Construction 43% ,000 Vintage Housing Holdings WA and NV Multifamily 3 Under - Affordable Construction 39% Puerta del Sol Spain(3) Retail 100% Santa Rosa Nor Cal Multifamily In Design 80% In Planning Subtotal , ,000 1, (7) (4) (5) (5) (5) Vintage Housing Holdings WA and NV Multifamily 2 Under - Affordable Construction 39% (8) Vintage Housing Holdings WA and NV Multifamily 2 In Design - Affordable 39% (9) Clancy Quay - Phase 3 Ireland(3) Multifamily Under Construction 50% , Hanover Quay Ireland(3) Office Received Planning 60% , (6) Kildare Ireland(3) Office In Planning 100% , (6) 138,000 1, Subtotal /430 California Nor Cal Office 10% , Mixed-Use Under Construction In Design Leisureplex Ireland(3) (3) 100% , (6) City Block 3 Ireland Mixed-Use In Design 50% , (6) Kona Village Resort Hawaii Hotel 50% (6) Other Various Various Under Construction In Design 100% TBD TBD TBD TBD NA TBD Subtotal 566,000 TBD Total Development 883,000 3, , Note: 200 Capital Dock, which was sold in May in a forward-funding sale agreement with JPMorgan and has a KW Gross Asset Value of 17.5 million, is excluded from the table above. The actual completion date for projects is subject to several factors, many of which are not within our control. Accordingly, the projects identified may not be completed when expected, or at all. 25

26 (2) Figures shown in this column are an estimate of KW's remaining costs to develop to completion or to complete the entitlement process, as applicable, as of September 30,. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing. These figures are budgeted costs and are subject to change. There is no guarantee that the Company will be able to secure the project-level debt financing that is assumed in the figures above. If the Company is unable to secure such financing, the amount of capital that the Company will have to invest to complete the projects above may significantly increase. KW cost to complete differs from KW share total capitalization as the latter includes costs that have already been incurred to date while the former relates to future estimated costs. (3) Estimated foreign exchange rates are 0.86 = 1 USD and 0.76 = 1 USD, related to NOI. (4) Will be partially financed with the proceeds from the forward-funding sale agreement of 200 Capital Dock, which was executed with JPMorgan during 2Q-. We still have 23.2 million available under the project's million construction loan as of September 30,. (5) We anticipate these development projects to be financed with tax-exempt bonds and tax-credit equity. (6) We anticipate being able to secure construction financing at a 50% leverage of KW Estimated Costs to Complete. These figures reflect this leverage assumption and are budgeted costs and are subject to change. (7) Excludes 69.3 million of tax-credit equity. (8) Excludes 38.1 million of tax-credit equity. (9) Excludes 51.0 million of tax-credit equity. 26

27 Debt and Liquidity Schedule As of September 30, (Dollars in millions) Consolidated Secured Maturity 10.4 Kennedy Wilson Europe Unsecured Bonds(2) Unconsolidated Secured KW Share(3) KW Unsecured Debt (4) , , Thereafter Total 2, , , ,220.6 (220.2) Cash Net Debt 2, ,576.8 (70.3) 1, ,118.4 (102.4) Excludes 17.3 million of unamortized loan fees and unamortized net premium of 2.0 million, as of September 30,. Excludes 4.6 million of unamortized loan fees and unamortized net discount of 3.8 million, as of September 30,. (3) Includes Kennedy Wilson's share of debt at Vintage Housing Holdings based on contractual ownership. (4) Represents principal balance of credit facility. (5) Represents principal balance of senior notes. (2) Weighted average interest rate (KW Share): 4.0% per annum Weighted average remaining maturity in years (KW Share): 5.6 years , (5) 1, , ,374.4 (156.6) (455.6)

28 Debt and Liquidity Schedule (continued) As of September 30, (Dollars in millions) Kennedy Wilson has exposure to fixed and floating rate debt through its corporate debt along with debt encumbering its consolidated properties and its joint venture investments. The table below details Kennedy Wilson's total consolidated and unconsolidated debt by interest rate type. KW Share of Debt Fixed Rate Debt Secured Investment Level Debt 2,073.8 Floating with Interest Rate Caps Floating without Interest Rate Caps Total KW Share of Debt 3,264.1 Kennedy Wilson Europe Unsecured Bonds 1, ,290.9 KW Unsecured Debt 1, ,275.0 Total 4,514.7 % of Total Debt % % 5, % 100% Includes Kennedy Wilson's share of debt at Vintage Housing Holdings of 6.3 million, based on contractual ownership. KW Share of Secured Investment Debt Multifamily Pacific Northwest Commercial % % % % % Northern California Mountain States Hawaii % of KW Share Total Southern California Residential, Loans and Other Hotels Total Western US 1, , % United Kingdom % Ireland % Spain % Italy % Total Europe , , % Total 1, , , % % of Total Debt 52% 45% Includes Kennedy Wilson's share of debt at Vintage Housing Holdings of 6.3 million, based on contractual ownership. 28 3% % 100%

29 Investment Management and Real Estate Services Platform (Unaudited, Dollars in millions) Kennedy Wilson's investment management and real estate services platform offers a comprehensive line of real estate services for the full lifecycle of real estate ownership. Kennedy Wilson has approximately 16 billion in IMRES AUM and 51 million square feet under management as of September 30,. Adjusted Fees - Detail 3Q Fee Description Investment Management - Base YTD Investment Management - Acquisition/ Disposition Property Services Research Total Adjusted Fees(2) Investment Management - Performance Note: "Fee Bearing Capital" represents total investment level equity, development costs, and/or equity commitments on which we earn fee income. As defined in "Common Definitions" section of the earnings release. (2) Please see the appendix for a reconciliation of Adjusted Fees to its closest GAAP measure