Strategies for Sustainable Growth and Resilience

Attractive Industry with Structural Growth Drivers US AGGREGATES VOLUMES1 (in mmT) Total US Aggregates Volume 3,500 3,000 2,500 2,000 1,500 1,000 500 US AGGREGATES VALUES¹ (in mm USD) 100 $35,000 90 50 ≈ 8 0 2 2 2 2 Knife River Aggregates Volume $30,000 Total US Aggregates Value $25,000 $20,000 $15,000 $10,000 $5,000 $800 $700 $600 $500 $400 $300 $200 $100 Knife River Aggregates Revenue $- 2014 2018 2022 Knife River Aggregates Revenue 2002 2006 2010 2014 2018 2022 $- 2002 2006 2010 Total US Aggregates Production AGGREGATES INDUSTRY CHARACTERISTICS Knife River Aggregates Volume Total US Aggregates Production Value GROWTH DRIVERS ■ Essential to construction and infrastructure ■ Population growth Limited substitutes for high-quality aggregates ■ Gains in total employment ■ Localized production requirements ■ Increase in household formations ■ Fragmented industry with ~5,000 companies Additional housing stock and housing demand ■ Pricing strength over four decades and through recessions ■ Multi-year federal transportation and infrastructure investment tax receipts and supportive state tax receipts Note: 1 USGS National Minerals Information Center Annual Data -- Natural Aggregates Statistics and Information. KNIFE RIVER 13

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