Investor Presentaiton

Strong Presence in Attractive High-Growth Markets 10-YR POPULATION CAGR OF STATES THAT KNIFE RIVER OPERATES IN ('12-'22) 10-YR GROSS STATE PRODUCT2 CAGR ('11-'21) State '12-'22 population CAGR1 % of 2022 gross revenue 3.0% Idaho 2.0% 11% Texas 1.4% 7% 2.1% 1.6% Washington 1.2% Montana 1.1% 6% Comprises ~70% of total North Dakota 1.0% gross 3% revenue South Dakota 0.9% 4% Oregon 0.8% 23% Knife River states avg. U.S. national avg. Non-Knife River states avg. Minnesota 0.6% 16% 10-YR CONSTRUCTION INDUSTRY³ CAGR ('11-'21) Nebraska 0.6% 1 Iowa 0.4% 9% 2.6% Hawaii 0.3% 6% 2.1% 1.8% California 0.3% 10% Wyoming 0.1% 3% Alaska 0.0% 2% I | U.S. national 0.6% average Knife River states avg. U.S. national avg. Non-Knife River states avg. Source: U.S. Census Bureau, IHS Markit and Federal Reserve Economic Data (FRED). Note: 1 Knife River weighted-average equal to 0.8%; 2 Represents the total monetary value of all finished goods and services produced within a state's borders; 3 Represents the monetary value of all finished goods and services produced in the construction industry within a state's borders. KNIFE RIVER 16

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