Investor Presentaiton

Industry-Leading Returns on Invested Capital Disciplined capital allocation to sustain attractive industry leading ROICS 3-YEAR AVERAGE ROIC (2020-2022) Source: Company filings. 12.9% Knife River 10.5% 7.2% Peer Range Peer Group Median 2.7% Note: Peers used for comparison: Construction Partners, Granite Construction, Martin Marietta Materials, Summit Materials, Tutor Perini, Vulcan Materials. ROIC is calculated as Operating Income / (Average Equity + Average Debt Excluding Operating Leases). Knife River figures are post dis-synergies. KNIFE RIVER 44

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