Strategies for Sustainable Growth and Resilience

Track Record of Strong and Balanced Growth REVENUE ($MM) ADJ. EBITDA ($MM)² ■Revenue¹ Intercompany sales $3,129 $2,716 $2,729 $2,730 $287 $296 $278 $2,392 594 $240 526 551 501 466 $185 2,535 2,191 2,178 2,229 1,926 2018 2019 2020 2021 2022 CAPEX ($MM) $91 $174 $178 $154 $136 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 CASH FLOW ($MM)³ $94 $86 $151 $118 $104 2018 2019 2020 2021 2022 Note: EBITDA, Adj. EBITDA and Cash Flow are non-GAAP measures, see Appendix for reconciliation. Historical adjusted EBITDA figures reduced by an assumed $17mm in annual dis-synergies. 1 Revenue amounts exclude internal sales; 2 Pro Forma Adjusted EBITDA: 3 Cash Flow defined as Adj. EBITDA - Capex (excluding acquisitions). KNIFE RIVER 39

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