Page 3 - Martin Marietta - 2024 Proxy Statement

April 15, 2024

Dear Shareholders:

It is my pleasure to invite you to attend Martin Marietta’s 2024 Annual Meeting of
Shareholders on Thursday, May 16, 2024. This document provides some of the
highlights of our key actions and important decisions in 2023, as well as information
about our financial and other performance. Please review this Proxy Statement and the
2023 Annual Report for more information about these topics.

Record 2023 Financial Performance
In 2023 Martin Marietta delivered another year of strong financial results marking twelve
years of consecutive profit growth reflecting the continued success of our commercial and
operational excellence efforts, value-over-volume strategy, active portfolio management
and disciplined capital allocation. Our double-digit pricing growth in 2023 across nearly all
product lines continues to yield higher margins, profits and cash flows. We grew
aggregates gross profit per ton by 46% to $6.93 and achieved 41% growth of diluted
earnings per share (EPS) from continuing operations to $19.32. We increased our dividend
12% in August 2023 (the Company’s eighth-consecutive year of increasing the dividend)
and, collectively with share repurchases, we returned $324 million to shareholders. Our
cumulative Total Shareholder Return (TSR) over the past 14 years is 558%. These
significant accomplishments underscore the durability of our business and our strategic
plan. Martin Marietta has built a long-lasting and resilient business that is poised to
continue to outperform in the near-, medium- and long-term.

Active Portfolio Management
Over recent years we have made tremendous progress on our Strategic Operating Analysis and Review (SOAR) 2025
initiatives. In line with these initiatives, we announced and/or completed over $2.47 billion of non-core asset divestitures in
2023. This includes closing the sale of our Tehachapi, California cement plant and substantially completing our planned
asset sales from the 2021 Lehigh Hanson West acquisition. In February 2024, we also closed the sale of our South Texas
cement and concrete businesses for $2.1 billion. These divestitures provide us additional balance sheet flexibility to pursue
SOAR 2025 growth initiatives, are consistent with our aggregates-led product focus, and support our strategically
positioned nationwide footprint. Following these divestitures, we recently announced the acquisition of Albert Frei & Sons,
Inc. in Colorado and the acquisition of 20 active aggregates operations in Alabama, South Carolina, South Florida,
Tennessee and Virginia from affiliates of Blue Water Industries (BWI Southeast). These two pure-play aggregates businesses
will enhance our aggregates platform in multiple high-growth markets and are expected to contribute more than
$180 million of annualized Adjusted EBITDA in 2024.

World-Class Safety Achieved

We continued our relentless focus on world-class safety performance, achieving Martin Marietta’s safest year on record
with a world-class lost time incident rate (LTIR) for the seventh-consecutive year (0.13 in 2023) and a world-class total
injury incident rate (TIIR) for the third-consecutive year (0.78 in 2023). Moreover, our fidelity to our Guardian Angel culture
meant that 99.9% of our over 9,000 employees experienced ZERO lost-time incidents and 99.1% of employees
experienced zero reportable incidents. These outstanding results are evidence of our team’s broad-based commitment to
safety, which we validated further through a series of employee feedback activities and on-site assessments last year. Our
safety culture and performance set the foundation for our long-term financial strength. As such, we established a Safety
Executive Steering Committee to guide and ensure strong focus on the Company’s safety efforts, by developing a
refreshed roadmap for continued safety execution and improvement. Our successful long-term strategy is to build and
maintain the safest, best-performing and premier aggregates-led building materials company in markets that exhibit
favorable growth dynamics.