WIXLIB

Q2-19 Investor Update(As of June 30, 2019)

Disclaimer/Forward-Looking StatementsStatements made by us in this presentation and in other reports andstatements released by us that are not historical facts constitute “forwardlooking statements” within the meaning of Section 27A of the Securities Actof 1933, as amended, and Section 21E of the Securities Exchange Act of1934, as amended. These for-ward-looking statements are necessarilyestimates reflecting the judgment of our senior management based on ourcurrent estimates, expectations, forecasts and projections and includecomments that express our current opinions about trends and factors thatmay impact future operating results. Some of the forward-lookingstatements may be identified by words like “believes”, “expects”,“anticipates”, “estimates”, “plans”, “intends”, “projects”, “indicates“, “could”,“may” and similar expressions. These statements are not guarantees offuture performance and involve a number of risks, uncertainties andassumptions. Accordingly, actual results or the performance of KennedyWilson Holdings, Inc. (the “Company”) or its subsidiaries may differsignificantly, positively or negatively, from forward-looking statements madeherein. Unanticipated events and circumstances are likely to occur. Factorsthat might cause such differences include, but are not limited to, the risksthat the Company’s business strategy and plans may not receive the level ofmarket acceptance anticipated; disruptions in general economic andbusiness conditions, particularly in geographic areas where our businessmay be concentrated; the continued volatility and disruption of the capitaland credit markets, higher interest rates, higher loan costs, less desirableloan terms, and a reduction in the availability of mortgage loans andmezzanine financing, all of which could increase costs and could limit ourability to acquire additional real estate assets; continued high levels of, orincreases in, unemployment and a general slowdown in commercial activity;our leverage and ability to refinance existing indebtedness or incuradditional indebtedness; an increase in our debt service obligations; ourability to generate a sufficient amount of cash from operations to satisfyworking capital requirements and to service our existing and futureindebtedness; our ability to achieve improvements in operating efficiency;foreign currency fluctuations; adverse changes in the securities markets; ourability to retain our senior management and attract and retain qualified andexperienced employees; our ability to attract new user and investor clients;our ability to retain major clients and renew related contracts; trends in theuse of large, full-service commercial real estate providers; changes in taxlaws in the United States, Europe or Japan that reduce or eliminate ourdeductions or other tax benefits; future acquisitions may not be available atfavorable prices or with advantageous terms and conditions; and costsrelating to the acquisition of assets we may acquire could be higher thananticipated. Any such forward-looking statements, whether made in thisreport or elsewhere, should be considered in the context of the variousdisclosures made by us about our businesses including, without limitation,the risk factors discussed in our filings with the U.S. Securities andExchange Commission (“SEC”). Except as required under the federalsecurities laws and the rules and regulations of the SEC, we do not haveany intention or obligation to update publicly any forward-lookingstatements, whether as a result of new information, future events, change inassumptions, 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 competitiveuncertainty 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 thatthe 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 subjectto 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 respectto 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, orlegal advice.1Q2-19 INVESTOR UPDATE

Table of ContentsStrategic Review2Page3Financial Performance Review14Market Review - Multifamily18Market Review - Office27Appendix33Q2-19 INVESTOR UPDATE

OverviewStrategic Review3Q2-19 INVESTOR UPDATE

About Kennedy WilsonWe are a leading global real estate investment company.We own, operate and invest in real estate, both on our ownand through our investment management platform. Wefocus on multifamily and office properties located in theWestern U.S., the U.K., and Ireland.Office: 150 S. El Camino Blvd, Beverly Hills, CA4Q2-19 INVESTOR UPDATEMultifamily: Radius, Seattle, WAMixed-Use: Capital Dock, Dublin, Ireland

Kennedy Wilson (NYSE: KW) at a glance1 7.7bnGross AssetValue2,4336Total employees1 Informationshown at share as of June 30, 2019defined in definitions section in the appendix3 Includes 16m of fees from property services2 As5Q2-19 INVESTOR UPDATE 2.4bnFee-bearingCapital216No. of offices4 410m 70m4.0% 0.21Estimated Annual Adjusted Fees2,3NOI2Dividend yield5 Quarterly DividendIncludes 1.2bn of Gross Asset Value related to non-income producing and unstabilized assetson annual dividend of 0.84 and share price of 21.24 on 07/29/195 Based

Near-term global strategic priorities1Grow PropertyNOIGrow Investment2ManagementPlatform36Asset RecyclingProgramQ2-19 INVESTOR UPDATE Organic growth through value-add strategy 105m of NOI from unstabilized anddevelopment assets by YE-2023 Raise significant new fee-bearing capital Expanded capital raising to Europe Focus on smaller and low-yielding assets 400-500m of cash expected to be generatedto KW from near-term asset sales

The Kennedy Wilson Advantage1Globally diversified real estate portfolio in growingmarkets with complementary investment managementplatform2Long-term relationships with major institutions3Local expertise to accretively allocate capital4First-mover advantage from early entry in key targetmarkets5Over 30-year track record as global real estateinvestor and operator7Q2-19 INVESTOR UPDATE

Real Estate Portfolio andValue Creation Opportunities8Q2-19 INVESTOR UPDATE

Two key investment segmentsInvestment Management PlatformBalance Sheet PortfolioMultifamily: AtlasIssaquah, WA, USA Office: 111 BPRVictoria, London, UKPermanent capital vehicle focused on 9Targeting investments with accretiveSeparate AccountOffice: BrandGlendale, CA, USAMultifamily: The Grange,South Dublin, IrelandComplementary platform generating recurringasset management fees and promotesmaximizing property cash flow Commingled Fund Primary investors include:asset management opportunities insurance companiesLonger-term hold period public and private pension plans family office and private equity clientsQ2-19 INVESTOR UPDATE

Excellent scale across multifamily and office76% Multifamily & OfficeSectors 410mEstimatedAnnual NOI1321No. of assets1 AsMultifamily: 47%Office: 29%Retail: 16%28,89210Q2-19 INVESTOR UPDATE19.0mNo. of multifamilyunits23 Includes 410mEstimatedAnnual NOI1Hotel &Industrial: 8%defined in definitions section in the appendix190 unstabilized units and 4,109 units under development2 IncludesGeographyCommercial Area (sq ft)3Western US: 48%UK: 24%Ireland: 23%Italy & Spain: 5%94.4%Occupancy42.0m sq ft of unstabilized assets and 0.9m sq ft under developmentmultifamily and commercial assets and excludes unstabilized assets4 Stabilized

Development and unstabilized pipeline to add 105m in NOI2022-2023 65-70mBy YE-2021 39mCapital Dock, Dublin 2Grange, DublinKona Village Resort, Kona, HIClancy Quay Phase III, Dublin 8Leisureplex, Co. DublinCoopers Cross, DublinHanover Quay, Dublin 2400 California Street, San Francisco, CAThe Clara, Boise, ID11Q2-19 INVESTOR UPDATEThe scope of these projects are subject to change.

Investment Management Platform12Q2-19 INVESTOR UPDATE

Fee-Bearing Capital raised from broad institutional investor baseInvestor TypeInvestor GeographyInvestor Type 2.4bnFee-BearingCapital1,21 AsPension Fund: 37%Insurance Company: 35%Family Office: 13%Private Equity: 13%Other: 2%defined in definitions section in the appendixof Fee-Bearing Capital is through commingled funds2 38%13Q2-19 INVESTOR UPDATEGeography 2.4bnFee-BearingCapital1US: 39%Canada: 18%Middle East: 17%Europe: 17%Asia: 9%

OverviewFinancial Performance Review14Q2-19 INVESTOR UPDATE

Solid base with strong growth potentialStrong Adjusted EBITDA, NOI and dividend per share growthRecurring property NOI growth ( m)Adjusted EBITDA growth ( vidend track record 0.70 0.16 0.20Multifamily: Atlas Apartments, Issaquah, WA, USA15Q2-19 INVESTOR UPDATE 0.28 0.36 0.48 0.76 0.84 0.562011 2012 2013 2014 2015 2016 2017 2018 2019

Solid balance sheet with good liquidity levelsReduced floating rate riskAmple liquidity 854mCash and Linesof CreditCash: 47%Revolving creditfacility: 53%94%Fixed orhedged debtFixed: 80%Hedged via interestrate cap: 14%Floating: 6%(KW Share)Improved credit rating BB S&P corporate ratingaverage cost 3.9% Weightedof debt16Q2-19 INVESTOR UPDATE 1.9bn Of unencumbered assetsaverage term to 5.3yrs Weightedmaturity

Components of ValueBelow are key valuation metrics as of June 30, 2019.InvestmentsKennedy Wilson’s ShareIncome Producing AssetsDescription1Multifamily24,593 units2Commercial16.1 million sq ft of office, retail, and industrial3Hotels4 Hotels / 679 Hotel RoomsEst. Annual NOI(1)(2) 191.7195.222.6Total Estimated Annual NOI 409.5Unstabilized, Development, and Non-Income Producing AssetsKW Gross Asset Value4Unstabilized: Multifamily and Commercial190 multifamily units2.0 million commercial sq ft 515.85Development – Commercial, Multifamily,and Hotel4,109 multifamily units0.9 million commercial sq ftOne five-star resort423.26Loans, Residential, and Other20 investments, 6 loan investments317.0Total Gross Asset Value 1,256.0Investment Management and Real Estate ServicesTTMAdj. EBITDA(3)7Investment ManagementManagement and promote fees 54.1 36.58Property ServicesFees and commissions16.0(0.3) 70.1 36.2TotalNet Debt10KW Share of Debt11KW Share of CashTotal Net Debt(1), (2), (3): See definitions in appendix17TTMAdj. Fees(3)Q2-19 INVESTOR UPDATETotal 6,154.0 (428.4)5,725.6

OverviewMultifamily - Market Review18Q2-19 INVESTOR UPDATE

Multifamily Portfolio: 192m of Estimated Annual NOIEuropeUS 159.4mBoiseEst. Ann. NOIAssets821Units22,2191ORPacific Northwest (WA, OR)43Units10,259 34.9m22San FranciscoBay AreaUnits6,195 30.7mLos AngelesNorthern CaliforniaAssets8Units2,797 25.9mSouthern CaliforniaAssets919102IDUnits2,968Q2-19 INVESTOR UPDATEUTSalt LakeCity2,3742DublinDublinUnits6NVUnits 13.0mAssetsCAMountain States (UT, ID, NV)AssetsAssetsPortland 67.9mAssetsEst. Ann. NOIWASeattle 32.3m1,158Cork 12.8mCounty DublinAssetsUnits2 2.3m716CorkAssets1Units 4.3m206UKAssets11 Excludes2 ExcludesUnitsLondon29412 assets with 2,927 units under development5 assets with 190 unstabilized units and 1,182 units under development