Aggregates Segment Freight-Adjusted Revenues
					(in thousands, except per ton data)
				*Three Months Ended*		*Six Months Ended*
				*June 30*		*June 30*
			2021	2020	2021	2020
Aggregates segment
Segment sales			$1,125,367	$1,070,596	$2,020,276	$1,938,822
Less:		Freight & delivery revenues ¹	234,845	240,880	432,071	446,588
		Other revenues	16,551	15,003	33,079	29,488
Freight-adjusted revenues			$873,971	$814,713	$1,555,126	$1,462,746
Unit shipment - tons			58,528	56,195	104,965	101,243
Freight-adjusted sales price			$14.93	$14.50	$14.82	$14.45

¹At the segment level, freight & delivery revenues include intersegment freight & delivery (which are eliminated at the consolidated level) and freight to remote
distribution sites.

Aggregates segment incremental gross profit flow-through rate is not a GAAP measure and represents the year-over-year change in gross profit divided by the year-over-year change in segment sales excluding freight & delivery (revenues and costs). This metric should not be considered as an alternative to metrics defined by GAAP. We present this metric as it is consistent with the basis by which we review our operating results. We believe that this presentation is consistent with our competitors and meaningful to our investors as it excludes revenues associated with freight & delivery, which are pass-through activities. Reconciliation of this metric to its nearest GAAP measure is presented below:

Aggregates Segment Incremental Gross Profit Margin in Accordance with GAAP
						(dollars in thousands)
				*Three Months Ended*		*Six Months Ended*
				*June 30*		*June 30*
			2021	2020	2021	2020
Aggregates segment
Gross profit			$373,833	$351,162	$597,471	$545,293
Segment sales			$1,125,367	$1,070,596	$2,020,276	$1,938,822
Gross profit margin			33.2%	32.8%	29.6%	28.1%
Incremental gross profit margin			41.4%		64.1%

Aggregates Segment Incremental Gross Profit Flow-through Rate (Non-GAAP)
						(dollars in thousands)
				*Three Months Ended*		*Six Months Ended*
				*June 30*		*June 30*
			2021	2020	2021	2020
Aggregates segment
Gross profit			$373,833	$351,162	$597,471	$545,293
Segment sales			$1,125,367	$1,070,596	$2,020,276	$1,938,822
Less:		Freight & delivery revenues ¹	234,845	240,880	432,071	446,588
	Segment sales excluding freight & delivery		$890,522	$829,716	$1,588,205	$1,492,234
Gross profit margin excluding freight & delivery			42.0%	42.3%	37.6%	36.5%
Incremental gross profit flow-through rate			37.3%		54.4%

¹At the segment level, freight & delivery revenues include intersegment freight & delivery (which are eliminated at the consolidated level) and freight to remote
distribution sites.

GAAP does not define "Aggregates segment cash gross profit" and it should not be considered as an alternative to earnings measures defined by GAAP. We and the investment community use this metric to assess the operating performance of our business. Additionally, we present this metric as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a measure to allocate resources. Aggregates segment cash gross profit per ton is computed by dividing Aggregates segment cash gross profit by tons shipped. Reconciliation of this metric to its nearest GAAP measure is presented below:

Aggregates Segment Cash Gross Profit
					(in thousands, except per ton data)
				*Three Months Ended*		*Six Months Ended*
				*June 30*		*June 30*
			2021	2020	2021	2020
Aggregates segment
Gross profit			$373,833	$351,162	$597,471	$545,293
Depreciation, depletion, accretion and amortization			84,328	80,747	165,136	157,883
	Aggregates segment cash gross profit		$458,161	$431,909	$762,607	$703,176
Unit shipments - tons			58,528	56,195	104,965	101,243
Aggregates segment cash gross profit per ton			$7.83	$7.69	$7.27	$6.95

Vulcan Reports Second Quarter 2021 Results