2Q-20 Investor Update (As of June 30, 2020) - PowerPoint PPT Presentation

2Q-20 Investor Update (As of June 30, 2020)

Disclaimer/Forward-Looking Statements Statements made by us in this presentation and in other reports and ability to acquire additional real estate assets; continued high levels of, or statements released by us that are not historical facts constitute “forward - increases in, unemployment and a general slowdown in commercial activity; looking statements” within the meaning of Section 27A of the Securities Act our leverage and ability to refinance existing indebtedness or incur of 1933, as amended, and Section 21E of the Securities Exchange Act of additional indebtedness; an increase in our debt service obligations; our 1934, as amended. These for-ward-looking statements are necessarily ability to generate a sufficient amount of cash from operations to satisfy estimates reflecting the judgment of our senior management based on our working capital requirements and to service our existing and future current estimates, expectations, forecasts and projections and include indebtedness; our ability to achieve improvements in operating efficiency; comments that express our current opinions about trends and factors that foreign currency fluctuations; adverse changes in the securities markets; our may impact future operating results. Some of the forward-looking ability to retain our senior management and attract and retain qualified and “believes”, “expects”, statements may be identified by words like experienced employees; our ability to attract new user and investor clients; “anticipates”, “estimates”, “plans”, “intends”, “projects”, “indicates“, “could”, our ability to retain major clients and renew related contracts; trends in the “may” and similar expressions. These statements are not guarantees of use of large, full-service commercial real estate providers; changes in tax future performance and involve a number of risks, uncertainties and laws in the United States, Europe or Japan that reduce or eliminate our assumptions. Accordingly, actual results or the performance of Kennedy- deductions or other tax benefits; future acquisitions may not be available at Wilson Holdings, Inc. (the “Company”) or its subsidiaries may differ favorable prices or with advantageous terms and conditions; and costs significantly, positively or negatively, from forward-looking statements made relating to the acquisition of assets we may acquire could be higher than herein. Unanticipated events and circumstances are likely to occur. Factors anticipated. Any such forward-looking statements, whether made in this that might cause such differences include, but are not limited to, the risks report or elsewhere, should be considered in the context of the various that the Company’s business strategy and plans may not receive the level of disclosures made by us about our businesses including, without limitation, market acceptance anticipated; disruptions in general economic and the risk factors discussed in our filings with the U.S. Securities and Exchange Commission (“SEC”) . Except as required under the federal business conditions, particularly in geographic areas where our business may be concentrated; the continued volatility and disruption of the capital securities laws and the rules and regulations of the SEC, we do not have and credit markets, higher interest rates, higher loan costs, less desirable any intention or obligation to update publicly any forward-looking loan terms, and a reduction in the availability of mortgage loans and statements, whether as a result of new information, future events, change in mezzanine financing, all of which could increase costs and could limit our assumptions, or otherwise. The information with respect to the projections presented herein is based on a number of assumptions about future events and is subject to significant economic and competitive uncertainty and other contingencies, none of which can be predicted with any certainty and some of which are beyond the company’s control. There can be no assurances that the projections will be realized, and actual results may be higher or lower than those indicated. Neither the company nor any of their respective security holders, directors, officers, employees, advisors or affiliates, or any representatives or affiliates of the foregoing, assumes responsibility for the accuracy of the projections presented herein. The modeling, calculations, forecasts, projections, evaluations, analyses, simulations, or other forward-looking information prepared by Property and Portfolio Research, Inc. (Licensor) and presented herein (the “Licensor Materials”) are based on various assumptions concerning future events and circumstances, all of which are uncertain and subject to change without notice. Actual results and events may differ materially from the projections presented. All Licensor Materials speak only as of the date referenced with respect to such data and may have changed since such date, which changes may be material. You should not construe any of the Licensor Materials as investment, tax, accounting, or legal advice. 1 2Q-20 INVESTOR UPDATE

Table of Contents Page Strategic Review 3 Financial Performance Review 15 Western U.S. Markets 18 European Markets 24 Appendix 31 2 2Q-20 INVESTOR UPDATE

Overview Strategic Review 3 2Q-20 INVESTOR UPDATE

Recent Highlights Fee-Bearing • $3.5bn as of 2Q; +6% in 2Q;+94% since YE-17 1 Capital • $2bn of non-discretionary capital in pipeline Growth • $2bn debt platform launched in May Debt • 2 First two loans closed in 3Q for $90m 1 Platform • $200m with signed non-binding term sheets Strong 2Q • 97% of rents collected for Multifamily and Office 3 Rent • 92% of rents collected for portfolio Collections • $788m in cash and restricted cash Ample 4 Liquidity • $300m available under credit facility Limited Debt • 5 ~3% of debt maturing by YE-21 Maturities 1 KW share of first two loan investments totals 25% 4 2Q-20 INVESTOR UPDATE

Kennedy Wilson (NYSE:KW) at a glance $ 19 bn 30,000 IMRES AUM 1,2 Multifamily Units 6.0 % 22M Dividend Yield 3 Commercial Sq Ft Capitol Dock, Dublin, Ireland 1 As defined in definitions section in the appendix 5 2Q-20 INVESTOR UPDATE 2 Includes $2bn related to property services 3 Based on annual dividend of $0.88 and share price of $14.70 on 8/3/20

About Kennedy Wilson We are a leading global real estate investment company. We own, operate and invest in real estate directly and through our investment management platform. We focus on multifamily and office properties located in the Western U.S., UK, and Ireland. Office: 150 El Camino Multifamily: Radius Multifamily: Vantage Beverly Hills, CA, U.S. Seattle, WA, U.S. Dublin, Ireland 6 2Q-20 INVESTOR UPDATE

The Kennedy Wilson Advantage Globally diversified real estate portfolio in growing 1 markets with complementary investment management platform Long-term relationships with major financial 2 institutions Local expertise to accretively allocate capital 3 First-mover advantage from early entry in key target 4 markets Proven 32-year track record as global real estate 5 operator and investor across the capital structure 7 2Q-20 INVESTOR UPDATE

Real Estate Portfolio and Value Creation Opportunities 8 2Q-20 INVESTOR UPDATE

Two key investment segments Co-Investment Portfolio Consolidated Portfolio Targeting wholly-owned investments Includes real estate and loan with accretive asset management investments with insurance company opportunities partners and commingled fund business (KW ownership 5-50%) $ 3.5 bn $ 100 m $ 305 m 98 % Fee-Bearing Estimated Estimated KW Ownership Capital 1 Annual NOI 1 Annual NOI 1 Multifamily: Atlas Office: 111 BPR Office: West Hills Multifamily: The Grange, Victoria, London, UK Issaquah, WA, U.S. Canoga Park, CA, U.S. South Dublin, Ireland 1 As defined in definitions section in the appendix 9 2Q-20 INVESTOR UPDATE

Excellent scale across multifamily and office 81% Multifamily & Office Sectors Geography Multifamily: 47% Western U.S.: 55% $ 405 m Office: 34% $ 405 m UK: 21% Retail: 13% Ireland: 20% Estimated Estimated Hotel/Loans/ Italy & Spain: 4% Annual NOI 1 Industrial: 6% Annual NOI 1 316 29,990 22.3 m 94.0 % No. of assets No. of multifamily Commercial Area (sq ft) 3 Occupancy 4 units 2 1 As defined in definitions section in the appendix 4 Physical occupancy at share of stabilized multifamily and commercial assets 2 Includes 914 unstabilized units and 3,671 units under development only and excludes unstabilized assets 3 Includes 2.0m sq ft of unstabilized assets and 0.8m sq ft under development 10 2Q-20 INVESTOR UPDATE

Suburban assets comprise 72% of multifamily and office NOI Multifamily and Office Suburban: 72% $ 328 m Multifamily: Mission Hills Urban: 28% Camarillo, CA, U.S. Estimated Annual NOI 1 Office: Hamilton Landing Novato, CA, U.S. 1 As defined in definitions section in the appendix 11 2Q-20 INVESTOR UPDATE

Office NOI: 98% from low and mid-rise properties Low/Mid/High-Rise Low-rise: 61% $ 137 m Mid-rise: 37% High-rise: 2% Estimated Annual NOI 1 Low-rise office: The Heights Weybridge, UK Tenant Concentration Single Tenant /Business Park: 75% $ 137 m Multiple: 25% Estimated Annual NOI 1 Mid-rise office: 90 East Issaquah, WA, U.S. 1 As defined in definitions section in the appendix 12 2Q-20 INVESTOR UPDATE

Investment Management Platform 13 2Q-20 INVESTOR UPDATE