Vmc investor handout final aug 12 2013

Investor Presentation
August 12, 2013
Our strategy is based on our strength
Aggregates
Essential Material | Valuable Asset

2Investor Presentation, August 12, 2013
Important Disclosure Notes
This presentation contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and
expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business
plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment
volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned
divestitures and asset sales. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe,"
"should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document.
These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive
factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.
Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary
significantly from those expressed in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others,
could cause actual results to differ materially from those described in the forward-looking statements: risks that Vulcan's intentions, plans and results
with respect to cost reductions, profit enhancements and asset sales, as well as streamlining and other strategic actions adopted by Vulcan, will not
be able to be realized to the desired degree or within the desired time period and that the results thereof will differ from those anticipated or desired;
uncertainties as to the timing and valuations that may be realized or attainable with respect to planned asset sales; those associated with general
economic and business conditions; the timing and amount of federal, state and local funding for infrastructure; the effects of the sequestration on
demand for our products in markets that may be subject to decreases in federal spending; changes in Vulcan’s effective tax rate; the increasing
reliance on technology infrastructure for Vulcan’s ticketing, procurement, financial statements and other processes could adversely affect operations
in the event such infrastructure does not work as intended or experiences technical difficulties; the impact of the state of the global economy on
Vulcan’s businesses and financial condition and access to capital markets; changes in the level of spending for private residential and private
nonresidential construction; the highly competitive nature of the construction materials industry; the impact of future regulatory or legislative actions;
the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena; energy costs; costs of hydrocarbon-
based raw materials; healthcare costs; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; the impact of
Vulcan's below investment grade debt rating on Vulcan's cost of capital; volatility in pension plan asset values which may require cash contributions
to the pension plans; the impact of environmental clean-up costs and other liabilities relating to previously divested businesses; Vulcan's ability to
secure and permit aggregates reserves in strategically located areas; Vulcan's ability to manage and successfully integrate acquisitions; the potential
of goodwill or long-lived asset impairment; the potential impact of future legislation or regulations relating to climate change or greenhouse gas
emissions or the definition of minerals; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the
SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Vulcan disclaims and does not
undertake any obligation to update or revise any forward-looking statement in this document except as required by law. .

Company Snapshot
Value Proposition Based on Our Leading Position in Aggregates
95%
2012 Net Sales: $2.4 Billion Aggregates Facilities: 341
Headquarters: Birmingham, AL Ticker: VMC
Company 2012 10-K Report
Vulcan-Served States Our value proposition and
leading position is based
upon…
1. Favorable geographic footprint
that provides attractive long-term
growth prospects
2. Largest proven and probable
reserve base
3. Operational expertise and
pricing discipline which provides
attractive unit profitability

Positioning the Business to Maximize Future Earnings Growth
Strategically
Positioned
Leading
Reserve
Position
Unit
Profitability
Continues to
Grow
75%
Share of U.S.
Population
Growth
27%
Higher than
peak-year in
volumes
15.0
Billion Tons of
Aggregates
Reserves
Source: Company 2012 10-K Report. As of December 31, 2012 . Unit Profitability = Cash Gross Profit / Ton. See Non-GAAP reconciliation at end of presentation.

Aggregates-Led Value Creation
95%
 Build and Hold Substantial Reserves
 Used in virtually all types of public and private construction projects
 Strategically located in high-growth markets that will require large
amounts of aggregates to meet construction demand
 Aggregates operations require virtually no other raw material other
than aggregates reserves
 Coast-to-coast Footprint
 Diversified regional exposure
 Complementary asphalt, concrete and cement businesses in select
markets
 More opportunities to manage portfolio of locations to further enhance
long-term earnings growth
 Profitable Growth
 Tightly managed operational and overhead costs
 Benefits of scale as the largest producer
 Effective Land Management
 Can lead to attractive real estate transactions
95%
Sales Tied to
Aggregates

CA, FL and TX accounted for more than 40% of total sales in 2012. Source: Moody’s Analytics as of June 2013
Share of Total U.S. Growth – 2010 to 2020
Vulcan’s Aggregates Assets are Strategically Positioned in Attractive Markets
VMC-Served States
74%
Population Growth
69%
62%
Household Formation
Employment Growth
CA,FL,TX
38%
43%
33%

$4.01
$4.21
2011 2012
17.7%
20.4%
2011 2012
11.8%
13.9%
2011 2012
14.6%
17.1%
2011 2012
Most Recent Full Year Financial Results Demonstrate Operating Leverage
Increase in Profitability Driven by Higher Pricing and Effective Cost Control
Note: Please see Non-GAAP reconciliations at the end of this presentation. Aggregates Gross Profit Margin calculated using Segment Total Revenues.
Adjusted EBITDA Margin
Aggregates Cash Gross Profit per Ton
Gross Profit Margin
Aggregates Gross Profit Margin

Current Year Financial Results Further Enhancing Operating Leverage
Margin Expansion and Earnings Improvement in Each Operating Segment
Note: Please see Non-GAAP reconciliations at the end of this presentation. Margin calculated using Net Sales.
First Half 2013 vs. 2012:
 Net Sales up 5% and Gross Profit up 18%
 Broad-based improvement in aggregates pricing, up 4%
 Aggregates volumes down 1% due in part to extremely wet weather
 Concrete and Cement volumes up 11% and 18% respectively
 Gross Profit Margin up 140 basis points
 Aggregates earnings up 4%
 Non-aggregates earnings improvement of $17 million
 EPS Improvement of $0.36 per diluted share
 Improved Credit Metrics
 Net Debt / EBITDA 5.4x, down from 6.3x

Attractive Profitability
Unit Profitability That Was Maintained Throughout the Downturn, Now Beginning to Grow
2012 profitability is higher
than prior year and 27%
higher than peak-year in
volumes (2005)
Cash Gross Profit Per Ton of Aggregates
Tons in Millions. Note: Please see Non-GAAP reconciliations at the end of this presentation.

Track Record for Price Growth
Vulcan Consistently Outperforms, Contributing to Higher Unit Profitability
Aggregates Price Growth
Index, 1992 = 100
Note: Historical performance is not a guarantee or assurance of future performance nor that previous results will be attained or surpassed.
*Industry = Producer Price Index for Aggregates reported by the U.S. Bureau of Labor Statistics. For comparison purposes, Vulcan price not freight adjusted.
6.4%
5.3%
CAGR ’92-’02 ’02-’12
Industry*
Vulcan 3.6%
2.8%

SAG Expenses Have Been Reduced During the Downturn
Well Positioned to Leverage ERP Investment and Shared Services Platforms
Total SAG down $115
million from 2007
(31% decrease)
Millions of $ Source: Company filings Note: 2007 SAG includes Florida Rock on a pro forma basis ($84.5M).

De-Risked Balance Sheet
Higher Cash Generated from Operations and Asset Sales
2012 Cash Flow Bridge Sources of Cash
Uses of Cash
Operating activities, less debt
service costs, generated $121
million of cash in 2012
Progress on Planned Asset
Sales coincidently offset cash
used for debt maturities and
exchange offer defense costs
VPP = Volumetric Production Payment. Exchange Offer = Costs incurred as a result of an unsolicited exchange offer initiated by
Martin Marietta Materials on December 12, 2011 and subsequently withdrawn in 2012.

De-Risked Balance Sheet
Significant Financial and Operational Flexibility With Limited Near-Term Maturities
(1) Line of credit is an Asset Based Lending facility: $500 million 5 year facility expiring March 2018.
 Favorable debt maturity profile with substantial liquidity
 Minimal maturities of $150 million over the next three years
 $87 million cash on hand and $500 million line of credit (1)
 Limited financial covenants
Amounts in Millions, except ratios 2013 2012 2011
Total Debt 2,625$ 2,813$ 2,891$
Cash and Cash Equivalents 87 158 107
Net Debt 2,538$ 2,655$ 2,784$
Net Debt / TTM EBITDA 5.4 6.3 7.7
As of June 30

Aggregates Demand
Vulcan’s Key Markets Leveraged to Favorable Long Term Growth Prospects
1972 = 100. Source: Company estimates of aggregates demand using data from Woods & Poole CEDDS.
Aggregate demand
significantly below
population trend line.
Growth Trends for Vulcan-Served Markets

Aggregates Demand
Privately funded construction accounts for most of the cyclicality
Source: Company estimates of aggregates demand.

Private Construction – Residential
Growth Bodes Well for Continued Recovery in Our Markets…
Source: McGraw-Hill and Company Estimates. Trailing Twelve Months. Includes both Single-family and Multi-family. TTM = Trailing Twelve Months
U.S. Residential Housing Starts (TTM)
>60%
Share of Vulcan-
served States
+26%

Private Construction – Residential
…Evident by the Significant Growth in Housing Starts in These Key Vulcan-Served States
Source: McGraw-Hill and Company Estimates. TTM = Trailing Twelve Months. Includes both Single-family and Multi-family

Private Construction – Nonresidential
Growth in Residential is Helping Drive Growth in Private Nonresidential Buildings
Source: McGraw-Hill and Company Estimates. TTM = Trailing Twelve Months.
Year-over-Year Change in TTM
YoY
+11%

Private Construction - Nonresidential
Another leading indicator, The ABI, has remained above 50 for 10 of the last 12 months
Note: The Architectural Billings Index (ABI) is a diffusion index derived from the monthly Work-on-the-Boards Survey conducted by the AIA Economics & Market Research
Group. A value greater than 50 indicates an increase in billiing activity from the prior month.

Public Construction - Highways
More stabile and predictable funding environment leads to improving construction activity
As of June 2013. Sources: The American Road & Transportation Builders Association, McGraw-Hill and Company Estimates
1 U.S. Department of Transportation Secretary July 27, 2012
 Growth in TTM Contract Awards for New Highway Projects
 U.S. +1% and VMC-served markets +9%
 Growth in VMC-served markets driven by new road projects which are more
aggregates intensive than other types of construction
 Growth in Obligation of Regular Highway Program Funds
 $20.2 billion obligated year-to-date, up 22% from prior year
 Obligated $ greater than any year since 2009 (last year of SAFETEA-LU)
 Increased State-led Highway Funding Initiatives
 TIFIA Funding Authorization Expanded in MAP-21
 $1.75 billion of funding authorization could support up to $50 billion of new
construction 1

Public Construction – Highways
Vulcan states should get a disproportionate number of TIFIA-funded projects
Potential TIFIA Projects in Vulcan Markets
• Enacted in 1998 to provide Federal credit assistance
for eligible transportation projects and stimulate private
capital investment.
• Each dollar put into TIFIA can provide approximately
$10 in loans and support up to $30 in infrastructure
investment.
• MAP-21 Funding Authorization: $1.75 billion over two
years (FY’13 & FY’14). Signed into law July 2012.
12 projects
$14 billion
14 projects
$13 billion
5 projects
$9 billion
3 projects
$3 billion
4 projects
$3 billion
59 projects submitted for approval as of August 2013 totaling $74 billion. Includes FY 2011-FY 2013
$74Bn of Potential
Projects Submitted
>60%Share of Total Project $
in Vulcan Markets
LA, FL and GA
4 projects
$4 billion

 Attractive unit profitability
 Cost reduction initiatives
resetting mid-cycle
EBITDA to new, higher
level
 Favorable trends in
private construction
activity
 New multi-year Federal
Highway Bill
Vulcan’s Value Proposition
Well Positioned to Capitalize on Market Recovery
Superior Aggregates
Operations
Strong Operating
Leverage
De-Risked Balance
Sheet
 Largest reported reserve
base
 Favorable long term
growth prospects
 Benefits of scale
 Operational expertise and
pricing growth
 Attractive real estate
opportunities
 Substantial liquidity
 Moderate debt maturity
profile
 Commitment to
strengthening balance
sheet
 Commitment to restore a
meaningful dividend

Appendix - Reconciliation of Non-GAAP Financial Measures
Source: Company filings
Amounts in millions of dollars, except per share data
EBITDA
EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation and Amortization.
Cash gross profit
Cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization to gross profit.
YTD
12/31/12
YTD
12/31/11
EBITDA and Adjusted EBITDA
Net earnings (loss) (52.6) (70.8)
Provision (benefit) for income taxes (66.5) (78.4)
Interest expense, net 211.9 217.2
Discontinued operations, net of tax (1.3) (4.5)
EBIT 91.5 63.5
Plus: Depr., depl., accretion and amort. 332.0 361.7
EBITDA 423.5 425.2
Legal settlement - (46.4)
Restructuring charges 9.5 12.9
Exchange offer costs 43.4 2.2
Gain on sale of real estate and businesses (65.1) (42.1)
Adjusted EBITDA 411.3 351.8
Q2 Q2 Q2
2013 2012 2011
Net earnings (loss) (8.2) (78.2) (96.5)
Provision (benefit) for income taxes (43.0) (56.9) (112.0)
Interest expense, net 209.6 210.1 206.9
Discontinued operations, net of tax (3.0) 0.7 (10.7)
Depr., depl., accretion and amort. 315.0 348.2 373.2
EBITDA 470.4 423.9 360.9
Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4
2012 2011 2010 2009 2008 2007 2006 2005
Aggregates segment gross profit 352.1 306.2 320.1 393.3 657.6 828.7 819.0 650.0
Agg. Depr., depl., accretion and amort. 240.7 267.0 288.6 312.2 310.8 246.9 210.3 206.4
Aggregates segment cash gross profit 592.8 573.2 608.8 705.5 968.4 1,075.6 1,029.3 856.4
Aggregate tons 141.0 143.0 147.6 150.9 204.3 231.0 255.4 259.5
Aggregates segment cash gross profit per ton 4.21 4.01 4.12 4.68 4.74 4.66 4.03 3.30
Generally Accepted Accounting Principles (GAAP) does not define "Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)" and "cash gross profit." Thus, they should not be
considered as an alternative to any earnings measure defined by GAAP. We present these metrics for the convenience of investment professionals who use such metrics in their analysis, and for
shareholders who need to understand the metrics we use to assess performance and to monitor our cash and liquidity positions. The investment community often uses these metrics as indicators of a
company's ability to incur and service debt. We use cash gross profit, EBITDA and other such measures to assess the operating performance of our various business units and the consolidated
company. Additionally, we adjust EBITDA for certain items to provide a more consistent comparison of performance from period to period. We do not use these metrics as a measure to allocate
resources. Reconciliations of these metrics to their nearest GAAP measures are presented below:
Trailing 12 Months
Aggregates Segment Cash Gross Profit
Trailing 12 Months EBITDA

Appendix – Simplified Geology Map
Below Geological Fall Line, Little or No Hard Rock Aggregates Reserves Suitable for Mining
Simplified Geology Map

Appendix - Comprehensive Distribution Network to Serve Attractive
Markets With Limited Aggregates Reserves
4-5 truckloads per rail car
$0.04-0.12 per ton mile
65 truckloads per barge
2,500 truckloads per ship
Less than $0.01 per ton mile Note: Per ton mile costs exclude loading and unloading.
Geological Fall Line
20-25 tons per truck

Appendix - South Region Map

Appendix - Central Region Map

Appendix - East Region Map

Appendix - West Region Map

1200 Urban Center Drive
Birmingham, AL 35242-2545
Telephone: (205) 298-3000
Shareholder Services:
(866) 886-9902 (toll free inside the U.S. and Canada)
(201) 680-6578 (outside the U.S. and Canada, may call collect)
(800) 231-5469 (TDD, hearing impaired)
Internet: bnymellon.com/shareowner/equityaccess
Investor Relations:
Mark Warren
Telephone: (205) 298-3191
Email: ir@vmcmail.com
Independent Auditors:
Deloitte & Touche, LLP
Birmingham, Alabama
Registrar and Transfer Listing:
Computershare Shareowner Services LLC

Vmc investor handout final aug 12 2013

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