MANAGEMENT REPORT AND ANALYSIS OF THE FINANCIAL SITUATION AND OPERATING RESULTS

0

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

OVERVIEW

Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural
resource-based building materials company. As of March 31, 2022, the Company
supplies aggregates (crushed stone, sand and gravel) through its network of
approximately 350 quarries, mines and distribution yards in 28 states, Canada
and The Bahamas. Martin Marietta also provides cement and downstream products
and services, namely, ready mixed concrete, asphalt and paving, in
vertically-integrated structured markets where the Company has a leading
aggregates position. In addition, the Company has two cement plants, cement
distribution terminals and ready mixed concrete operations primarily in
California that are classified as assets held for sale and reported as
discontinued operations as of March 31, 2022. The Company's heavy-side building
materials are used in infrastructure, nonresidential and residential
construction projects. Aggregates are also used in agricultural, utility and
environmental applications and as railroad ballast. The aggregates, cement,
ready mixed concrete and asphalt and paving product lines are reported
collectively as the "Building Materials" business.

Of the society Construction materials the activity comprises two segments to be presented: the East group and the West Group.

                                  BUILDING MATERIALS BUSINESS
                                  (continuing operations only)
  Reportable Segments                  East Group                           

West Group

  Operating Locations      Alabama, Florida, Georgia, Indiana,    Arizona, Arkansas, California,
                                          Iowa,                   Colorado, Louisiana, Oklahoma,
                               Kansas, Kentucky, Maryland,                 Texas, Utah,
                             Minnesota, Missouri, Nebraska,           Washington and Wyoming
                           North Carolina, Ohio, Pennsylvania,
                          South Carolina, Tennessee, Virginia,
                           West Virginia, Nova Scotia and The
                                         Bahamas

     Product Lines               Aggregates and Asphalt             Aggregates, Cement, Ready
                                                                   Mixed Concrete, Asphalt and
                                                                         Paving Services

    Facility Types         Quarries, Mines, Asphalt Plants and       Quarries, Mines, Cement
                                 Distribution Facilities          Plants, Asphalt Plants, Ready
                                                                    Mixed Concrete Plants and
                                                                     Distribution Facilities

Modes of Transportation          Truck, Railcar and Ship             Truck, Railcar and Ship




The Building Materials business is significantly affected by weather patterns
and seasonal changes. Production and shipment levels for aggregates, cement,
ready mixed concrete and asphalt materials correlate with general construction
activity levels, most of which occur in the spring, summer and fall. Thus,
production and shipment levels vary by quarter. Operations concentrated in the
northern and midwestern United States generally experience more severe winter
weather conditions than operations in the southeast, southwest and west.
Excessive rainfall, and conversely excessive drought, can also jeopardize
production, shipments and profitability in all markets served by the
Company. Due to the potentially significant impact of weather on the Company's
operations, current-period results are not necessarily indicative of expected
performance for other interim periods or the full year.

The Company has a Magnesia Specialties business with manufacturing facilities in
Manistee, Michigan, and Woodville, Ohio. The Magnesia Specialties business
produces magnesia-based chemicals products used in industrial, agricultural and
environmental applications and dolomitic lime sold primarily to customers in the
steel and mining industries.

                                 Page 24 of 41

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         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)


CRITICAL ACCOUNTING POLICIES

The Company outlined its critical accounting policies in its Annual Report on
Form 10-K for the year ended December 31, 2021. There were no changes to the
Company's critical accounting policies during the three months ended March 31,
2022.

RESULTS OF OPERATIONS

Earnings from continuing operations before interest; income taxes; depreciation,
depletion and amortization; the earnings/loss from nonconsolidated equity
affiliates; and acquisition and integration expenses; (Adjusted EBITDA) is an
indicator used by the Company and investors to evaluate the Company's operating
performance from period to period. Adjusted EBITDA is not defined by accounting
principles generally accepted in the United States and, as such, should not be
construed as an alternative to net earnings, earnings from operations or cash
provided by operating activities. However, the Company's management believes
that Adjusted EBITDA may provide additional information with respect to the
Company's performance and is a measure used by management to evaluate the
Company's performance. Because Adjusted EBITDA excludes some, but not all, items
that affect net earnings and may vary among companies, Adjusted EBITDA as
presented by the Company may not be comparable with similarly titled measures of
other companies.

A reconciliation of net income from continuing operations attributable to Martin Marietta to adjusted EBITDA is as follows:

                                                              Three Months Ended
                                                                  March 31,
                                                           2022                2021
                                                            (Dollars in Millions)
Net Earnings from continuing operations
attributable to Martin Marietta                       $          24.5      $        65.3
Add back:
Interest expense, net of interest income                         40.5       

27.3

Income tax expense for controlling interests                      5.9       

15.8

Depreciation, depletion and amortization and
earnings/loss from
  nonconsolidated equity affiliates                             124.9       

96.0

Acquisition and integration expenses                              1.4                1.2
Adjusted EBITDA                                       $         197.2      $       205.6








                                 Page 25 of 41

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         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)



Mix-adjusted average selling price (mix-adjusted ASP) excludes the impacts of
product, geographic and other mix from the current-period average selling price
and is a non-GAAP measure. Mix-adjusted ASP is calculated by comparing
current-period shipments to like-for-like shipments in the comparable prior
period. Management uses this metric to evaluate the effectiveness of the
Company's pricing increases and believes this information is useful to investors
as it provides same-on-same pricing trends. The following reconciles reported
average selling price to mix-adjusted ASP and corresponding variances.


                                                 Three Months Ended
                                                      March 31,
                                                2022             2021
West Group - Aggregates:
Reported average selling price                $   15.05         $ 13.81

Adjustment for favorable product impact,

  geographic and other mix                        (0.58 )
Mix-adjusted ASP                              $   14.47

Reported average selling price variance             9.0 %
Mix-adjusted ASP variance                           4.8 %



Quarter ended March 31, 2022

Financial Highlights for the Quarter Ended March 31, 2022 (unless otherwise stated, all comparisons are to the prior year quarter and for continuing operations):

? Total consolidated turnover of $1.23 billion compared to $982.4 million

? Construction materials revenue from business products and services $1.08 billion

compared to $856.6 million

? Sales of Magnesia Specialties products of $70.8 million compared to $65.3

million

? Consolidated gross margin of $156.1 million compared to $174.7 million

? Consolidated operating profit of $59.9 million compared to $99.3

million

? Net income from continuing operations attributable to Martin Marietta of

      $24.5 million compared with $65.3 million


  ? Adjusted EBITDA of $197.2 million compared with $205.6 million

? Diluted earnings per share from continuing operations of $0.39 compared to

      $1.04




                                 Page 26 of 41

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         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)


The following tables present total revenues, gross profit (loss), selling,
general and administrative (SG&A) expenses and earnings (loss) from operations
data for the Company and its reportable segments by product line for continuing
operations for the three months ended March 31, 2022 and 2021. In each case, the
data is stated as a percentage of revenues of the Company or the relevant
segment or product line, as the case may be.

                                         Three Months Ended March 31,
                                        2022                  2021
                                       Amount                Amount
                                            (Dollars in Millions)
Total revenues:
Building Materials business:
Products and services
East Group
Aggregates                          $       395.1            $ 372.5
Asphalt                                         -                  -
Less: Interproduct revenues                  (0.5 )                -
East Group Total                            394.6              372.5
West Group
Aggregates                                  290.8              200.1
Cement                                      134.3              109.6
Ready mixed concrete                        290.1              235.3
Asphalt and paving                           54.8               12.2
Less: Interproduct revenues                 (87.6 )            (73.1 )
West Group Total                            682.4              484.1
Products and services                     1,077.0              856.6
Freight                                      76.8               54.9
Total Building Materials business         1,153.8              911.5
Magnesia Specialties:
Products                                     70.8               65.3
Freight                                       6.2                5.6
Total Magnesia Specialties                   77.0               70.9
Total                               $     1,230.8            $ 982.4


                                 Page 27 of 41

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         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)




                                                      Three Months Ended March 31,
                                                 2022                               2021
                                      Amount        % of Revenues        Amount        % of Revenues
                                                          (Dollars in Millions)
Gross profit (loss):
Building Materials business:
Aggregates                          $    101.9                14.9     $    121.8                21.3
Cement                                    27.3                20.3           15.3                14.0
Ready mixed concrete                      21.1                 7.3           19.4                 8.3
Asphalt and paving                       (13.3 )             (24.3 )         (8.2 )             (67.4 )
Products and services                    137.0                12.7          148.3                17.3
Freight                                    1.4                               (0.3 )
Total Building Materials business        138.4                12.0          148.0                16.2
Magnesia Specialties:
Products                                  26.8                37.8           28.4                43.5
Freight                                   (1.2 )                             (0.9 )
Total Magnesia Specialties                25.6                33.3           27.5                38.8
Corporate                                 (7.9 )                             (0.8 )
Total                               $    156.1                12.7     $    174.7                17.8




                                 Page 28 of 41

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         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)


                                                       Three Months Ended March 31,
                                                 2022                                2021
                                                         % of                               % of
                                      Amount           Revenues           Amount          Revenues
                                                          (Dollars in Millions)
Selling, general & administrative
expenses:
Building Materials business:
East Group                          $      28.8                         $     24.2
West Group                                 41.3                               33.3
Total Building Materials business          70.1                               57.5
Magnesia Specialties                        4.0                                3.7
Corporate                                  23.0                               18.6
Total                               $      97.1                 7.9     $     79.8                 8.1

                                                       Three Months Ended March 31,
                                                 2022                                2021
                                      Amount         % of Revenues        Amount        % of Revenues
                                                          (Dollars in Millions)
Earnings (Loss) from operations:
Building Materials business:
East Group                          $      28.0                         $     61.7
West Group                                 43.0                               31.9
Total Building Materials business          71.0                               93.6
Magnesia Specialties                       21.5                               23.5
Corporate                                 (32.6 )                            (17.8 )
Total                               $      59.9                 4.9     $     99.3                10.1



Building Materials Business

The following tables present aggregates volume and pricing variance data and
shipments data by segment:

                                       Three Months Ended
                                         March 31, 2022
                                     Volume          Pricing
Volume/Pricing Variance(1)
East Group                                1.1 %           5.1 %
West Group                               32.7 %           9.0 %
Total aggregates operations(2)           13.4 %           5.6 %
Organic aggregates operations(3)          2.5 %           6.5 %




                                 Page 29 of 41

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         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)


                                   Three Months Ended
                                        March 31,
                                   2022           2021
                                   (Tons in Millions)
Shipments
East Group                            23.0          22.7
West Group                            19.1          14.4

Total aggregate operations(2) 42.1 37.1


(1) Volume/pricing variances reflect the percentage increase from the comparable
period in the prior year.
(2) Total aggregates operations include acquisitions from the date of
acquisition and divestitures through the date of disposal.
(3) Organic aggregates operations exclude volume and pricing data for
acquisitions that have not been included in prior-year operations for the
comparable period and divestitures.

The following table presents shipments data by product line for the Building
Materials business:

                                                           Three Months Ended
                                                               March 31,
                                                     2022       2021       % Change
Shipments
Aggregates (in millions):
Tons to external customers                            38.6       34.5
Internal tons used in other product lines              3.5        2.6
Total aggregates tons                                 42.1       37.1           13.4 %

Cement (in millions):
Tons to external customers                             0.7        0.6
Internal tons used in ready mixed concrete             0.3        0.3
Total cement tons                                      1.0        0.9       

10.0%

Ready-mixed concrete (in millions of cubic yards) 2.4 2.1

14.8%

Asphalt (in millions):
Tons to external customers                             0.7        0.1
Internal tons used in paving business                    -          -
Total asphalt tons                                     0.7        0.1          509.1 %



The average selling price by product line for the Building Materials business is
as follows:

                                                 Three Months Ended
                                                     March 31,
                                          2022         2021        % Change
Aggregates (per ton)                    $  16.17     $  15.31            5.6 %
Cement (per ton)                        $ 129.11     $ 115.49           11.8 %
Ready Mixed Concrete (per cubic yard)   $ 120.71     $ 112.12            7.7 %
Asphalt (per ton)                       $  62.39     $  49.04           27.2 %


                                 Page 30 of 41

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         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)



Aggregates End-Use Markets

Organic aggregate shipments to the infrastructure market increased 6.2%, primarily due to increased freeway widening projects in North Carolina,
Georgia and Indiana. The infrastructure market accounted for 32% of first quarter organic aggregate shipments.

Organic aggregates shipments to the nonresidential market were flat, with strong
warehousing demand in Ohio, Indiana and Texas offset by a decrease in major
projects in North and South Carolina. The nonresidential market represented 36%
of first-quarter organic aggregates shipments.

Organic aggregate shipments to the residential market were down 2% from a strong year-ago quarter, reflecting supply chain issues, rising costs and labor shortages. The residential market accounted for 26% of first quarter organic aggregate shipments.

The ChemRock/Rail market accounted for the remaining 6% of first-quarter organic
aggregates shipments. Volumes to this end use increased 20%, driven by increased
aglime shipments in Iowa and increased ballast demand in Texas spurred by
long-deferred railroad maintenance projects.

building materials company

First-quarter organic aggregates shipments increased 2.5%, reflecting growing
public and private product demand at the onset of construction season, while
organic pricing increased 6.5%. Inclusive of acquired operations, aggregates
shipments grew 13.4% compared with prior-year quarter and pricing increased
5.6%. Overall, East Group total shipments increased 1.1%, reflecting increased
infrastructure construction activity in the Southeast and Midwest, while pricing
increased 5.1%. West Group total shipments increased 32.7%, driven by robust
underlying demand in Texas and shipments from acquired operations that more than
offset Colorado weather-related shipment shortfalls. West Group pricing
increased 9.0%, or 4.8% on a mix-adjusted basis, benefitting from improving
long-haul shipments from higher-priced distribution yards and higher selling
prices at acquired operations. Aggregates product gross margin decreased 640
basis points to 14.9%, as year-over-year price increase impacts were more than
offset by higher diesel fuel costs of approximately $12 million, increased
supplies, repair costs, contract service cost of approximately $20 million,
higher internal freight costs of $9 million and the impact of Tiller winter shut
down, which did not impact prior year quarter as the operations were acquired
April 30, 2021.

Texas cement shipments increased 10.0%, supported by robust product demand and
tight supply throughout the Texas Triangle. Cement pricing improved 11.8%,
benefitting from the carryover of 2021 mid-year price increases and improving
demand for higher-priced specialty oil-well cement products. Product gross
margin expanded 630 basis points to 20.3% compared with the prior-year quarter,
which was negatively impacted by incremental costs and inefficiencies resulting
from the Texas Deep Freeze.

Organic ready mixed concrete shipments declined slightly, driven by timing of
project completions and weather-related Colorado shipment declines. Organic
pricing grew 8.2% in first quarter 2022 compared with first quarter 2021,
following the implementation of annual price increases early in the year.
Inclusive of the acquired Arizona operations, ready mixed concrete shipments and
pricing increased 14.8% and 7.7%, respectively. Product gross margin declined
100 basis points to 7.3%, driven primarily by higher raw material and diesel
costs which more than offset price increases. Seasonal winter weather conditions
in Colorado contributed to a 3.1 percent decrease in organic asphalt shipments.
Organic pricing increased 5.8 percent. Including contributions from the acquired
West Coast operations, total asphalt shipments and pricing increased 509.1
percent and 27.2 percent, respectively. As anticipated, the Minnesota-based
asphalt facilities, which were acquired on April 30, 2021, were closed during
the first quarter given the construction season does not begin until late
spring. Consistent with the Company's historical first-quarter trends, the
asphalt and paving business posted an overall loss.

                                 Page 31 of 41

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         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)


Magnesia Specialties Business

Magnesia Specialties first-quarter product revenues increased 8.5% to $70.8
million, driven by robust global demand for magnesia-based chemical products as
well as improving domestic steel production in the latter half of the quarter.
Product gross profit was $26.8 million compared with $28.4 million. Product
gross margin decreased 570 basis points to 37.8% as higher costs for energy,
supplies and raw materials more than offset revenue growth. First-quarter
earnings from operations were $21.5 million in 2022 compared with $23.5 million
in 2021.

Consolidated operating results

Consolidated SG&A for first quarter 2022 was 7.9% of total revenues compared
with 8.1% in the prior-year quarter, an improvement of 20 basis points. Earnings
from operations for the quarter were $59.9 million in 2022 compared with $99.3
million in 2021, the decrease driven by higher costs for energy, supplies,
freight and personnel, which more than offset year over year price increases.

income tax expense

For the three months ended March 31, 2022 and 2021, the effective tax rates for continuing operations were 19.3% and 19.5%, respectively.

CASH AND CAPITAL RESOURCES

Cash provided by operating activities for the three months ended March 31, 2022
and 2021 was $169.9 million and $191.9 million, respectively. Operating cash
flow is primarily derived from consolidated net earnings before deducting
depreciation, depletion and amortization, and the impact of changes in working
capital. Depreciation, depletion and amortization were as follows:

                   Three Months Ended
                       March 31,
                   2022             2021
                 (Dollars in Millions)
Depreciation   $       101.8       $ 84.7
Depletion               11.8          6.8
Amortization            14.6          7.1
Total          $       128.2       $ 98.6

The seasonal nature of construction activities impacts the Company’s interim operating cash flows as compared to the full year. The net cash generated by operating activities for the year 2021 was $1.14 billion.

In the three months ended March 31, 2022 and 2021, the Company has paid $139.8 million and $110.3 millionrespectively, for capital investments.

The Company can repurchase its common stock through open-market purchases
pursuant to authority granted by its Board of Directors or through private
transactions at such prices and upon such terms as the Chief Executive Officer
deems appropriate. The Company repurchased 130,551 shares of common stock during
the first three months of 2022 at an aggregate cost of $50.0 million. At
March 31, 2022, 13,390,401 shares of common stock can be purchased under the
Company's repurchase authorization.

                                 Page 32 of 41

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         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)


The Company, through a wholly-owned special-purpose subsidiary, has a $400
million trade receivable securitization facility (the Trade Receivable Facility)
that matures on September 21, 2022. The Trade Receivable Facility contains a
cross-default provision to the Company's other debt agreements.

The Company has an $800 million five-year senior unsecured revolving facility
(the Revolving Facility), which expires in December 2026. The Revolving Facility
requires the Company's ratio of consolidated debt-to-consolidated EBITDA, as
defined, for the trailing-twelve-month period (the Ratio) to not exceed 3.50x as
of the end of any fiscal quarter, provided that the Company may exclude from the
Ratio debt incurred in connection with certain acquisitions during the quarter
or the three preceding quarters so long as the Ratio calculated without such
exclusion does not exceed 4.00x. Additionally, if there are no amounts
outstanding under the Revolving Facility and the Trade Receivable Facility,
consolidated debt, including debt for which the Company is a co-borrower, may be
reduced in an amount equal to the lesser of $500.0 million or the sum of the
Company's unrestricted cash and temporary investments, for purposes of the
covenant calculation. The Company was in compliance with the Ratio at March 31,
2022.

In the event of a default on the Ratio, the lenders can terminate the Revolving
Facility and Trade Receivable Facility and declare any outstanding balances as
immediately due. There were no amounts outstanding under the Trade Receivable
Facility or the Revolving Facility as of March 31, 2022.

Cash on hand, along with the Company's projected internal cash flows and
availability of financing resources, including its access to debt and equity
capital markets, is expected to continue to be sufficient to provide the capital
resources necessary to support anticipated operating needs, cover debt service
requirements, address near-term debt maturities, meet capital expenditures and
discretionary investment needs, fund certain acquisition opportunities that may
arise, allow the repurchase of shares of the Company's common stock and allow
for payment of dividends for the foreseeable future. At March 31, 2022, the
Company had $1,197.4 million of unused borrowing capacity under its Revolving
Facility and Trade Receivable Facility, subject to complying with the related
leverage covenant. Historically, the Company has successfully extended the
maturity dates of these credit facilities. Further, as of March 31, 2022, the
Company does not have any publicly-traded debt that matures prior to 2023.

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed
into law in March 2020 and provided liquidity support for businesses. Through
the CARES Act, the Company deferred payment of $27.6 million, representing the
6.2% employer share of Social Security taxes for the period from March 27, 2020
through December 31, 2020. Half of the deferred obligation was repaid in 2021
and the remaining half is due December 31, 2022. There will be no interest
assessed on amounts deferred.

TRENDS AND RISKS

The company described the risks associated with its business in its Annual Report on Form 10-K for the year ended December 31, 2021. Management continues to assess its exposure to all operational risks on an ongoing basis.

OTHER TOPICS

If you are interested in Martin Marietta stock, management recommends that, at a
minimum, you read the Company's current annual report and Forms 10-K, 10-Q and
8-K reports to the Securities and Exchange Commission (SEC) over the past
year. The Company's recent proxy statement for the annual meeting of
shareholders also contains important information. These and other materials that
have been filed with the SEC are accessible through the Company's website at
www.martinmarietta.com and are also available at the SEC's website at
www.sec.gov. You may also write or call the Company's Corporate Secretary, who
will provide copies of such reports.

                                 Page 33 of 41

————————————————– ——————————

         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)


Investors are cautioned that all statements in this Form 10-Q that relate to the
future involve risks and uncertainties, and are based on assumptions that the
Company believes in good faith are reasonable but which may be materially
different from actual results. These statements, which are forward-looking
statements under the Private Securities Litigation Reform Act of 1995, provide
the investor with the Company's expectations or forecasts of future events. You
can identify these statements by the fact that they do not relate only to
historical or current facts. They may use words such as "anticipate," "may,"
"expect," "should," "believe," "project," "intend," "will," and other words of
similar meaning in connection with future events or future operating or
financial performance. Any or all of management's forward-looking statements
here and in other publications may turn out to be wrong.

The Company's outlook is subject to various risks and uncertainties, and is
based on assumptions that the Company believes in good faith are reasonable but
which may be materially different from actual results. Factors that the Company
currently believes could cause actual results to differ materially from the
forward-looking statements in this Form 10-Q (including the outlook) include,
but are not limited to: the ability of the Company to face challenges, including
those posed by the COVID-19 pandemic and implementation of any such related
response plans; fluctuations in COVID-19 cases in the United States and the
extent that geography of outbreak primarily matches the regions in which the
Company's Building Materials business principally operates; the resiliency and
potential declines of the Company's various construction end-use markets; the
potential negative impact of the COVID-19 pandemic on the Company's ability to
continue supplying heavy-side building materials and related services at normal
levels or at all in the Company's key regions; the duration, impact and severity
of the impact of the COVID-19 pandemic on the Company, including the markets in
which the Company does business, its suppliers, customers or other business
partners as well as the Company's employees; the economic impact of government
responses to the pandemic; the performance of the United States economy,
including the impact on the economy of the COVID-19 pandemic and governmental
orders restricting activities imposed to prevent further outbreak of COVID-19;
shipment declines resulting from economic events beyond the Company's control; a
widespread decline in aggregates pricing, including a decline in aggregates
shipment volume negatively affecting aggregates price; the history of both
cement and ready mixed concrete being subject to significant changes in supply,
demand and price fluctuations; the termination, capping and/or reduction or
suspension of the federal and/or state gasoline tax(es) or other revenue related
to public construction; the level and timing of federal, state or local
transportation or infrastructure or public projects funding, most particularly
in Texas, Colorado, California, North Carolina, Georgia, Minnesota, Iowa,
Florida, Indiana and Maryland; the impact of governmental orders restricting
activities imposed to prevent further outbreak of COVID-19 on travel,
potentially reducing state fuel tax revenues used to fund highway projects; the
United States Congress' inability to reach agreement among themselves or with
the Administration on policy issues that impact the federal budget; the ability
of states and/or other entities to finance approved projects either with tax
revenues or alternative financing structures; levels of construction spending in
the markets the Company serves; a reduction in defense spending and the
subsequent impact on construction activity on or near military bases; a decline
in the commercial component of the nonresidential construction market, notably
office and retail space, including a decline resulting from economic distress
related to the COVID-19 pandemic; a decline in energy-related construction
activity resulting from a sustained period of low global oil prices or changes
in oil production patterns or capital spending, particularly in Texas;
increasing residential mortgage interest rates and other factors that could
result in a slowdown in residential construction; unfavorable weather
conditions, particularly Atlantic Ocean and Gulf of Mexico hurricane activity,
wildfires, the late start to spring or the early onset of winter and the impact
of a drought or excessive rainfall in the markets served by the Company, any of
which can significantly affect production schedules, volumes, product and/or
geographic mix and profitability; whether the Company's operations will continue
to be treated as "essential" operations under applicable government orders
restricting business activities imposed to prevent further outbreak of COVID-19
or, even if so treated, whether site-specific health and safety concerns might
otherwise require certain of the Company's operations to be halted for some
period of time; the volatility of fuel costs, particularly diesel fuel, notably
related to the current conflict between Russia and Ukraine, and the impact on
the cost, or the availability generally, of other consumables, namely steel,
explosives,

                                 Page 34 of 41

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         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)


tires and conveyor belts, and with respect to the Company's Magnesia Specialties
business, natural gas; continued increases in the cost of other repair and
supply parts; construction labor shortages and/or supply­chain challenges;
unexpected equipment failures, unscheduled maintenance, industrial accident or
other prolonged and/or significant disruption to production facilities;
increasing governmental regulation, including environmental laws; the failure of
relevant government agencies to implement expected regulatory reductions;
transportation availability or a sustained reduction in capital investment by
the railroads, notably the availability of railcars, locomotive power and the
condition of rail infrastructure to move trains to supply the Company's Texas,
Colorado, Florida, Carolinas and Gulf Coast markets, including the movement of
essential dolomitic lime for magnesia chemicals to the Company's plant in
Manistee, Michigan and its customers; increased transportation costs, including
increases from higher or fluctuating passed-through energy costs or fuel
surcharges, and other costs to comply with tightening regulations, as well as
higher volumes of rail and water shipments (leading to reduced profit margins
when compared with aggregates moved by truck); availability of trucks and
licensed drivers for transport of the Company's materials; availability and cost
of construction equipment in the United States; weakening in the steel industry
markets served by the Company's dolomitic lime products; changes in steel
capacity utilization; trade disputes with one or more nations impacting the U.S.
economy, including the impact of tariffs on the steel industry; unplanned
changes in costs or realignment of customers that introduce volatility to
earnings, including the Magnesia Specialties business; proper functioning of
information technology and automated operating systems to manage or support
operations; inflation and its effect on both production and interest costs; the
concentration of customers in construction markets and the increased risk of
potential losses on customer receivables; the impact of the level of demand in
the Company's end-use markets, production levels and management of production
costs on the operating leverage and therefore profitability of the Company; the
possibility that the expected synergies from acquisitions will not be realized
or will not be realized within the expected time period, including achieving
anticipated profitability to maintain compliance with the Company's leverage
ratio debt covenant; changes in tax laws, the interpretation of such laws and/or
administrative practices, including acquisitions or divestitures, that would
increase the Company's tax rate; violation of the Company's debt covenant if
price and/or volumes return to previous levels of instability; downward pressure
on the Company's common stock price and its impact on goodwill impairment
evaluations; the possibility of a reduction of the Company's credit rating to
non-investment grade; and other risk factors listed from time to time found in
the Company's filings with the SEC.

You should consider these forward-looking statements in light of risk factors
discussed in the Company's Annual Report on Form 10-K for the year ended
December 31, 2021 and other periodic filings made with the SEC. All of the
Company's forward-looking statements should be considered in light of these
factors. In addition, other risks and uncertainties not presently known to the
Company or that the Company considers immaterial could affect the accuracy of
its forward-looking statements, or adversely affect or be material to the
Company. The Company assumes no obligation to update any such forward-looking
statements.

                                 Page 35 of 41

————————————————– ——————————

         MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
                                   FORM 10-Q
                         For the Quarter March 31, 2022

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS
                                  (Continued)


INVESTOR ACCESS TO COMPANY DEPOSITS

Shareholders may obtain, free of charge, a copy of Martin Marietta’s Annual Report on Form 10-K, as filed with the Security and Exchange Commission for the year ended December 31, 2021by writing to:

Martin Marietta
Attn: Corporate Secretary
4123 Parklake Avenue
Raleigh, North Carolina 27612

In addition, Martin Marietta’s annual report, press releases and filings with the Security and Exchange Commission, including Forms 10-K, 10-Q, 8-K and 11-K, are generally accessible through the Company’s website. Deposits with the
Security and Exchange Commission accessible through the Website are available through a link to the Electronic Data Collection, Analysis and Retrieval System (EDGAR). As a result, access to these repositories is available as soon as EDGAR places the related document in its database. Contact details for Investor Relations are as follows:

Telephone: (919) 783-4691
Website address: www.martinmarietta.com

Information included on the Company’s website is not incorporated into or otherwise part of this report.

                                 Page 36 of 41

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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

                                   FORM 10-Q
                      For the Quarter Ended March 31, 2022

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