Investor Presentaiton

Experienced Board and Strong Governance Practices Board and governance practices establish a framework to ensure the effective oversight of strategic objectives following Knife River's separation from MDU Resources Board and Governance Practices Highly qualified directors with deep institutional, industry, and market knowledge Diverse Board, including by gender and race/ethnicity (together, 50%), as well as by geography Separate Chair and CEO Fully independent Board, excluding our CEO Majority vote standard for directors in uncontested elections ✓ Structure in place to fully declassify the Board at the 2027 annual meeting Standard proxy access provision ✓ Planned extensive and proactive shareholder engagement program to facilitate year-round dialogue KNIFE RIVER 7

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