Investor Presentation January 2017 Legal Disclaimer - - PowerPoint PPT Presentation

Investor Presentation

January 2017

1

Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “trends,” “plans,” “estimates,” “projects”

• r “anticipates” or similar expressions that concern our strategy, plans, expectations or intentions. Any and all statements made relating to the

macroeconomic outlook for our markets, potential acquisition activity, our estimated and projected earnings, margins, costs, expenditures, cash fmows, sales volumes and fjnancial results are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those expected. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very diffjcult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect

• ur actual results.

In light of the signifjcant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled “Risk Factors” in our Annual Report on Form 10-K fjled with the SEC on February 22, 2016. Such factors may be updated from time to time in our periodic fjlings with the SEC, which are accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Non-GAAP Financial Measures Included in this presentation are certain non-GAAP fjnancial measures, such as Adjusted EBITDA, Further Adjusted EBITDA, Adjusted EPS, Gross Profjt and Net Debt, designed to complement the fjnancial information presented in accordance with U.S. GAAP because management believes such measures are useful to investors. These non-GAAP fjnancial measures should be considered only as supplemental to, and not superior to, fjnancial measures provided in accordance with GAAP. Please refer to the appendix of this presentation for a reconciliation of the historical non- GAAP fjnancial measures included in this presentation to the most directly comparable fjnancial measures prepared in accordance with GAAP. Reconciliations of the non-GAAP measures used in this presentation are included in the tables attached to the appendix, to the extent available without unreasonable effort. Because GAAP fjnancial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures.

Legal Disclaimer

2

Investment Thesis

− Vertically integrated supplier of materials, products and services − Diversifjed geographic and end-market exposure − Stable volume markets with margin growth potential − 3-Year Net Revenue CAGR = 10.9% − 3-Year Gross Profjt CAGR = 19.1% − 3-Year Adjusted EBITDA CAGR = 23.9% − Decades of public company heavy materials experience − Completed hundreds of materials acquisitions during career tenures − 47 acquisitions since 2009 – more than $2.5 billion of capital invested − Successfully acquire, integrate and improve acquired assets − Deep acquisition pipeline – extensive industry contacts − Early innings of the current construction cycle − Favorable demographic trends in core markets − High barriers to entry in materials markets − Focused on optimizing cash-on-cash returns − Leverage is cycle-dependent − Optimize fjnancial fmexibility at all points in cycle

Materials-Based Integrated Model Record of Superior Performance Experienced Management Team Proven Acquisition Strategy Favorable Industry Dynamics Disciplined Capital Allocation

3 East West Headquarters Cement Plants Cement Terminals

Advantaged Asset Base

TOP 3 MARKET SHARE IN LOCAL MARKETS NET REVENUE BY END USE (LTM 3Q16) EXPANDING GEOGRAPHIC FOOTPRINT

1 As reported 10/1/16 2 Pro Forma for full-year ownership of acquisitions completed since 10/1/16

NET REVENUE BY SEGMENT (LTM 3Q16)(1) ADJUSTED EBITDA BY LINE OF BUSINESS (LTM 3Q16)(2)

Public 36% Private 64% West 51% East 30% Cement 19% Products 34% Services 5% Materials 61%

DECENTRALIZED, INTERDEPENDENT MODEL ACHIEVES BEST OF LOCAL/BEST OF SCALE ADVANTAGE

Location Aggregates RMC Asphalt Utah – Salt Lake City

ü ü ü

Texas Austin Houston Midland/Odessa Paris British Columbia – Vancouver

ü — —

Kansas Perry Wichita Missouri – Columbia

ü ü —

Kentucky – Paris

ü — ü

Virginia – Roanoke

ü ü ü

Missouri – Hannibal Iowa – Davenport Cement WEST EAST CEMENT

ü ü ü ü ü ü ü ü — — — — — ü ü — ü ü ü —

4

Experienced Management Team

BRIAN HARRIS, Executive Vice President and CFO

► Joined Summit Materials in 2013 ► Previously Executive Vice President and CFO of Bausch & Lomb Holdings Inc. (2009 – 2013) ► Held several key senior management roles at Tomkins plc, including President of its

Worldwide Power Transmission business, President of Gates Unitta Asia, Senior Vice President for Strategic Business Development, and CFO of Gates Corp. (1989 – 2009)

TOM HILL, CEO

► Founded Summit Materials in 2009 ► 30+ years of industry experience at Oldcastle, Inc., the North American arm of CRH plc – CEO of Oldcastle Materials from 1992 to 2006 – CEO of Oldcastle, Inc. ($15B revenue, $2B EBITDA) from 2006 to 2008 – Served on the CRH plc Board of Directors from 2002 to 2008 ► Former Chairman of American Road and Transportation Builders Association (2002 – 2004) – Now serving on Executive Committee and as Treasurer

5

Unique, Materials-Based Integrated Model

MATERIALS PRODUCTS SERVICES

2014 2014 2014 2014 2015 2015 2015 2015 LTM 3Q16 SERVICES PRODUCTS CEMENT(1) AGGREGATES 26% 25% 43% 59% 27% 26% 44% 62% 27% 21% 40% 54%

Aggregates + Cement Asphalt + Ready-Mix Concrete Paving + Other

Vertically Integrated Model Margin Capture Begins with Strong Aggregates Position

Gross Profjt Margin %

LTM 3Q16 LTM 3Q16 LTM 3Q16

1 Represents “Cement Segment”

6

Track Record of Superior Performance

ADJUSTED EBITDA ($MM) AND ADJUSTED EBITDA MARGIN (%) GROSS PROFIT ($MM) AND GROSS PROFIT MARGIN (%)

2013 LTM 3Q16 2015 2014 2013 LTM 3Q16 2015 2014 29%(1) $239 30%(1) $317 34%(1) $442 37%(1) $536 16%(2) $130 22%(2) $288 25%(2) $360 18%(2) $189

1 Gross Profjt Margin defjned as Gross Profjt divided by Net Revenue 2 Adjusted EBITDA Margin defjned as Adjusted EBITDA divided by Net Revenue

7

Acquisition and Organic-Driven Growth

Opportunity

25%

Public

75%

Opportunity

60%

Public

40%

Opportunity

75%

Public

25%

Opportunity

80%

Public

20%

Cement – $11B Aggregates – $22B Ready-mix Concrete – $35B Asphalt – $20B

Asphalt Ready-mix Concrete Cement $3B Aggregates $13B

DOMESTIC MARKET SIZE AND CAPACITY ACQUISITION OPPORTUNITIES

► Provide resources and operational and fjnancial

rigor to previously standalone businesses

► Drive improvements quickly & permanently by

embedding within operational culture

► Enhance effjciency and maximize margins ► Pricing & productivity, fjxed assets

utilization, procurement

► Introduce tools, methodologies & training

to support commercial & operational decision-making

► Promote collective knowledge and best

practice sharing, supported by world-class IT

► Achieve benefjts of scale ► Maintain local entrepreneurial autonomy

PROVEN ABILITY TO IMPROVE MARGINS

Performance Teams Business and Functional Focuses ‘Best of Both Worlds’ Approach

$55B

Source: Company reports and estimates Note: Domestic market sizes assume: Cement – 100Mt X $100.00; Aggregates – 2.1Bt X $9.25; Ready-mix Concrete – 300M CY X $92.50; Asphalt – $360Mt X $45.00

8

Expanding Geographic Footprint

AUGUST 2009 – 1 PLATFORM AND $19 MILLION IN FURTHER ADJ. EBITDA SEPTEMBER 2016 – 12 PLATFORMS AND $379 MILLION IN FURTHER ADJ. EBITDA

Cement East West Platforms Bolt-ons Platform

1 Pro Forma for all aquisitions through 9/26/16

Acquisition Platform Locations Revenue Further Adj. EBITDA Acquisitions Platforms Locations Revenue(1) Further Adj. EBITDA

1 46 1 12 29 338 $51M $1.5B $19M $379M

Aug 2009 Sept 2016

9

Strong Portfolio of Materials-Based Assets

AGGREGATES BUSINESS OVERVIEW

► 170 active sites ► 2.7 billion tons of reserves ► 77-year average reserve life

CEMENT BUSINESS OVERVIEW

► 2 cement plants ► 10 terminal locations ► 2.4 million short tons of capacity ► 0.5 billion tons of reserves ► ~275-year average life ► Distribution from Minneapolis to New Orleans Crushed stone Sand and gravel

77% 23%

CCC Cement Plant CCC Rail Terminal CCC Water Terminal

10

Favorable Industry Dynamics

• Scarcity of raw materials
• Limited distribution range
• Aggregates prices increased

70 of last 75 years

• Limited resources
• Positive pricing

momentum

• Demand will exceed

U.S. capacity by 2019

• Geology
• Permitting
• Capital intensity
• NESHAP compliance

2 3 2 1 1 2 1 2 9 2 8 2 7 2 1 5

( 2 )

$3 $4 $5 $6 $7 $8 $8.46 $9 2 6 2 3 A 2 4 A 2 5 A 2 6 A 2 7 A 2 8 A 2 9 A 2 1 A 2 1 1 A 2 1 2 A 2 1 3 A 2 1 4 A 2 1 5 A 2 1 6 E 2 1 7 E 2 1 8 E 2 1 9 E 2 2 E 2 5 2 4 2 1 2 2 1 3 2 1 4

INDUSTRY HIGH BARRIERS TO ENTRY

AGGREGATES AGGREGATES CEMENT CEMENT

FAVORABLE INDUSTRY TRENDS

3.0 3.2 3.3 3.4 3.2 2.8 2.2 2.2 2.2 Average Price per Short Ton 2.2 2.2 2.4 2.5 126 134 141 141 129 Projected Period U.S. Capacity

U.S. AGGREGATE PRODUCTION (in billions of short tons) & PRICING1 U.S. CEMENT CAPACITY & DEMAND3 (in millions of short tons)

42 44 45 46 48 30 32 34 36 39 21 22 23 24 26 11 12 12 13 14 107 79 78 79 84 88 95 99 115 110 120 126

1 Source: U.S. Geological Survey 2 Represents USGS estimate 3 Source: Portland Cement Association; U.S. Geological Survey

Residential Cement Capacity Cement Demand Non-Residential Public Other Aggregate Production Average Price per Ton Since 2006: Price: 27% Volume: (26%) 105

11

Performance Update

12

3Q16 Performance Scorecard

$426.3 $480.2 $930.4 $1,100.9 3Q15 3Q16 YTD 3Q16 3Q15 3Q16 YTD 3Q15

GROSS PROFIT ($MM) AND MARGIN (%) ADJUSTED EBITDA ($MM) AND MARGIN (%)

3Q15 3Q16 $63.5 $73.5 $40.3 $77.3

ADJUSTED NET INCOME ($MM)

3Q15 3Q16

NET REVENUE ($MM)

1 Gross Profjt Margin defjned as Gross Profjt divided by Net Revenue 2 Adjusted EBITDA Margin defjned as Adjusted EBITDA divided by Net Revenue

YTD 3Q16 YTD 3Q15 YTD 3Q16 YTD 3Q15 YTD 3Q16 YTD 3Q15 28.2%(2) $120.4 30.4%(2) $146.2 21.2%(2) $197.2 24.5%(2) $269.3 37.4%(1) $159.5 40.3%(1) $193.6 33.4%(1) $311.0 36.8%(1) $405.1

13

3Q16 Performance Scorecard

(ORGANIC) ASP, EXCLUDING ACQUISITIONS (y/y % change) ASP, INCLUDING ACQUISITIONS (y/y % change) (3.3%) (3.4%) (1.2%) (2.8%) (14.3%) (7.9%) (ORGANIC) SALES VOLUME, EXCLUDING ACQUISITIONS (y/y % change) Aggregates Ready-Mix Concrete Asphalt Aggregates Cement Ready-Mix Concrete Asphalt SALES VOLUME, INCLUDING ACQUISITIONS (y/y % change) 14.0% 16.8% 12.2% 55.4% 14.4% 16.6% (0.6%) 2.7% 4.6% 6.4% 2.2% 1.7% (1.8%) (7.1%) 8.7% 8.1% 1.2% 7.9% 7.0% 0.6% (3.3%) (7.7%) YTD 3Q16 3Q16 Aggregates Ready-Mix Concrete Asphalt Aggregates Cement Ready-Mix Concrete Asphalt

14

Organic Volume Trend – YTD 3Q16

ADJUSTED YTD ORGANIC SALES VOLUME INDICATES UNDERLYING STRENGTH IN DEMAND

► Precipitation above historical average YTD 3Q16 ► Texas market particularly impacted

WEATHER-RELATED FACTORS PUBLIC SPENDING FACTORS

► Vancouver – Completion of several large sand

projects in 2015

► Kansas and Kentucky – Under budgetary pressures

Actual YTD 3Q16 Adjusted(1) YTD 3Q16

Aggregates Organic Sales Volume

0.2% (3.3%)

(1) Excludes Vancouver

15

Heavy Precipitation Impacted Sales Volume

NEARLY 40% MORE PRECIPITATION IN OUR CORE STATE MARKETS VS. HISTORICAL AVERAGE IN 3Q16 TOTAL INCHES OF RAIN – YTD 3Q16 INCHES OF RAIN ABOVE/BELOW HISTORICAL YTD AVERAGE

(29%) Utah

New Orleans Wichita Houston Houston Wichita Austin Roanoke Minneapolis Lexington Davenport Columbia Kansas City Davenport Roanoke Kansas City New Orleans

• St. Louis

Dallas Austin

• St. Louis

Minneapolis Columbia Des Moines Des Moines Dallas Lexington Salt Lake City Salt Lake City

77% Missouri 23% 59.5 49.6 47.6 37.9 35.8 35.7 35.4 33.5 33.4 32.8 31.8 30.8 29.7 10.2 69% 48% 31% 26% 23% 20% 18% 16% 9% 8% 6% 4% 3% (25%) Kentucky 84% Kansas 36% Texas 29% lower precipitation contributed to higher y/y organic sales volume in Utah

Source: NOAA

16

Materials-Based Growth Strategy

Capture Margin Throughout the Value Chain Gross Profjt Margin % Gross Profjt by Line of Business ($/mm) MATERIALS PRODUCTS SERVICES

3Q15 $26.2 $29.2 3Q16 3Q15 3Q15 $55.7 26.6% $64.4 28.4% 3Q16 3Q16 3Q15 29.7% 31.1% 3Q16 3Q15 3Q16 $43.8 $35.9 3Q15 3Q16 $56.1 $41.7

Aggregates Cement(1)

3Q15 3Q16 48.9% 49.5% 3Q15 3Q16 71.7% 66.8%

Aggregates Cement (1)

560 BPS Y/Y INCREASE IN AGGREGATES MARGIN IN LTM 3Q16

1 Cement gross profjt and gross profjt margin are calculated using Cement segment

TEXAS KANSAS UTAH MISSOURI KENTUCKY

Net Revenue % (YTD 3Q16) Public vs. Private % Near-Term Outlook

= +

Cycle Position(1)

+ + + +

17

Private + Public Market Update

+ Positive – Negative = Neutral

43% 57% 27% 73% 21% 79% 51% 49% 85% 15% Public Private 5% 12% 26% 13% 12% Early Early Early Early Early Late Late Late Late Late

(1) Specifjc to Summit’s market areas

18

Historical and Projected Capital Spending

TOTAL CAPITAL EXPENDITURES ($MM)

2013 2014 2015 LTM 3Q16 $66.0 $76.2 $88.9

CAPITAL EXPENDITURES AS % OF NET REVENUE

Maintenance Discretionary(1) 8% 7% 7% 6-7% 2013 2014 2015 Long-Term Target 10% LTM 3Q16 $141.2

1 Discretionary capital expenditures include value-enhancing projects that

serve to reduce operating costs or increase production capacity

19

Leverage Ratio Poised for Improvement

WEIGHTED AVERAGE INTEREST RATE

IPO (3/11/15) July 15* 1Q16 3Q16 7.5% 5.7% 5.7% 2Q16 4Q15 5.2% 5.7% 5.7%

NET LEVERAGE RATIO

July 15* 1Q16 3Q16 4.1 x 4.7 x 4.3 x 2Q16 4Q15 3.9 x 4.5 x 4.5 x IPO (3/11/15)

* Completed Davenport Cement Assets Acquisition

20

Financial Outlook

FORECASTED ADJUSTED EBITDA ($MM)

2015 $288 $365-$370 2016 Guidance

FORECASTED CAPITAL EXPENDITURES ($MM)

2015 $89 $150-$170 2016 Guidance

21

Conclusion

► Delivering Superior Results ► Unique, Materials-Based Integrated Model ► Experienced Management Team ► Proven Acquisition Strategy ► Disciplined Capital Allocation ► Favorable Industry Dynamics

22

Appendix

23

Cycle Definition

EARLY CYCLE

Recovery

Current estimated position in the cycle Mid-cycle as presented on the following pages

Steady Growth Moderating Growth Peak Volumes Expansion Late

MID-CYCLE LATE CYCLE ECONOMIC GROWTH

24

Mid-Cycle Assumptions

%CAGR LONG TERM AVG.

TO MID-CYCLE

MID TO LATE CYCLE

Aggregates

Volume1

+3.8%

+3.5%

+1.8%

Price2

+4.9%

+4.5%

+2.3% Cement

Volume3

+3.3%

+3.0%

+1.5%

Price2

+7.6%

+7.0%

+3.5%

1 Source: USGS, Crushed Stone and Sand & Gravel sales volumes

Aggregate volume depicts 30-year regression analysis for Summit primary operational states weighted by reported LTM Q216 volume

2 Source: Internal price growth 2012- LTM Q3 2016 3 Source: USGS and PCA. Portland Cement consumption

Cement volume depicts ~40 year historical regression analysis for Summit operational states weighted by reported 2015 cement volumes

25

Cycle Outlook

MID-CYCLE2 LATE CYCLE3 NET REVENUE ADJUSTED EBITDA % Margin ORGANIC DEMAND CYCLE ($ MILLIONS)

$1,460 $360 25% $1,850-2,000 $500-550 27% $2,125-2,275 $600-650 28%

EARLY CYCLE1

1 LTM Q3 2016 2 Estimated

26

Mid-Cycle Cash Flow

$ MILLIONS MID-CYCLE1

EBITDA $525 Less: Net Capex2 (140) Operating Cash Flow $385 Cash Conversion Patio 73% Less: Cash Interest (75) Less: Cash Taxes (4) Less: Distributions and TRA Payments (25) Plus: NWC (15) Less: Acq. Related Payments (10) Less: Mandatory Debt Payments (7) Free Cash Flow $250

Mid-cycle analysis assumes excess cash generation is utilized for term loan debt paydown

1 Estimated 2 Net Capex includes capital leases

27

Adding Value Through Acquisitions

Reported LTM Q3 2016 1 Mid-Cycle $360 $750 2 $650 2 $525 Net Leverage3

POTENTIAL GROWTH PATHS ($ MILLIONS)

<3x <2.5x <2x

LEVERAGE <3X UNDER BOTH MID-CYCLE ACQUISITION SCENARIOS

1 Reported Adjusted EBITDA 2 Assumes approximately $30M-$60M acquired EBITDA p.a. 3 Net Leverage calculated using Further Adjusted EBITDA

28 Three months ended Nine months ended October 1, September 26, October 1, September 26, Reconciliation of Operating Income to Gross Profit 2016 2015 2016 2015 (in thousands) Operating income $ 88,253 $ 83,357 $ 105,430 $ 66,651 General and administrative expenses 64,194 42,539 185,208 149,484 Depreciation, depletion, amortization and accretion 39,427 33,306 109,195 86,818 Transaction costs 1,684 304 5,290 8,044 Gross Profit (exclusive of items shown separately) $ 193,558 $ 159,506 $ 405,123 $ 310,997 Gross Margin (exclusive of items shown separately) 40.3 % 37.4 % 36.8 % 33.4

%

Twelve Months Ended October 1, January 2, December 27, December 28, Reconciliation of Operating Income to Gross Profit 2016 2016 2014 2013 (in thousands) Operating income $ 173,420 $ 134,641 $ 69,959 $ (47,977) General and administrative expenses 213,493 177,769 150,732 142,000 Goodwill impairment — — — 68,202 Depreciation, depletion, amortization and accretion 142,100 119,723 87,826 72,934 Transaction costs 6,765 9,519 8,554 3,990 Gross Profit (exclusive of items shown separately) $ 535,778 $ 441,652 $ 317,071 $ 239,149 Gross Margin (exclusive of items shown separately) 36.7 % 34.2 % 29.6 % 29.0

%

Non-GAAP Reconciliation

(1) Gross margin defjned as gross profjt as % of net revenue

(1)

29

Non-GAAP Reconciliation

Three months ended Nine months ended October 1, 2016 September 26, 2015 October 1, 2016 September 26, 2015 Reconciliation of Net Income Per Share to Adjusted EPS Net Income Per Share Net Income Per Share Net Income Per Share Net Income Per Share Net income attributable to Summit Materials, Inc. $ 44,820 $ 0.45 $ 14,711 $ 0.16 $ 37,073 $ 0.37 $ 4,355 $ 0.05 Adjustments: Net income (loss) attributable to noncontrolling interest 16,194 0.16 19,109 0.20 2,947 0.03 (48,370) (0.49) IPO/ Legacy equity modification costs 12,506 0.12 — — 37,257 0.37 28,296 0.29 Loss on debt financings, net of tax — — 29,654 0.29 — — 56,025 0.57 Adjusted diluted net income $ 73,520 $ 0.73 $ 63,474 $ 0.65 $ 77,277 $ 0.77 $ 40,306 $ 0.42 Weighted-average shares: Class A common stock 73,297,795 38,901,989 61,550,741 32,589,721 LP Units outstanding 26,731,747 59,360,949 38,470,523 64,618,209 Total equity interest 100,029,542 98,262,938 100,021,264 97,207,930

30

Non-GAAP Reconciliation

Three months ended Nine months ended ($ in millions) October 1, September 26, October 1, September 26, Reconciliation of Net Income (Loss) to Adjusted EBITDA 2016 2015 2016 2015 Net income (loss) $ 61,106 $ 33,872 $ 40,077 $ (45,932) Interest expense 25,273 20,727 72,467 62,231 Income tax expense (benefit) 1,309 (2,655) (7,913) (12,468) Depreciation, depletion and amortization 39,055 32,940 107,993 85,689 EBITDA $ 126,743 $ 84,884 $ 212,624 $ 89,520 Accretion 372 366 1,202 1,129 IPO/ Legacy equity modification costs 12,506 — 37,257 28,296 Loss on debt financings — 32,641 — 64,313 Income from discontinued operations — (57) — (815) Transaction costs 1,684 304 5,290 8,044 Management fees and expenses — — — 1,046 Non-cash compensation 3,801 1,569 8,866 4,138 Other 1,085 699 4,093 1,528 Adjusted EBITDA $ 146,191 $ 120,406 $ 269,332 $ 197,199 Adjusted EBITDA by Segment West 63,683 59,760 127,547 111,450 East 51,558 36,677 90,405 62,758 Cement 40,264 31,554 78,828 43,897 Corporate (9,314) (7,585) (27,448) (20,906) Adjusted EBITDA $ 146,191 $ 120,406 $ 269,332 $ 197,199

31

Net Revenue Reconciliation

Three months ended October 1, 2016 Gross Revenue Intercompany Net Volumes Pricing by Product Elimination/Delivery Revenue Aggregates 10,658 $ 10.19 $ 108,565 $ (30,291) $ 78,274 Cement 757 109.35 82,746 (1,592) 81,154 Materials $ 191,311 $ (31,883) $ 159,428 Ready-mix concrete 1,083 103.36 111,954 (814) 111,140 Asphalt 1,735 53.91 93,545 (214) 93,331 Other Products 104,384 (82,047) 22,337 Products $ 309,883 $ (83,075) $ 226,808 Nine months ended October 1, 2016 Gross Revenue Intercompany Net Volumes Pricing by Product Elimination/Delivery Revenue Aggregates 27,302 $ 9.91 $ 270,628 $ (69,411) $ 201,217 Cement 1,699 108.26 183,968 (4,310) 179,658 Materials $ 454,596 $ (73,721) $ 380,875 Ready-mix concrete 2,798 103.48 289,562 (955) 288,607 Asphalt 3,269 55.63 181,822 (384) 181,438 Other Products 248,046 (191,287) 56,759 Products $ 719,430 $ (192,626) $ 526,804

32

Adjusted EBITDA Bridge

(1) LTM Further Adjusted EBITDA is pro forma for all acquisitions as of the date listed

Three months ended Last Twelve Months Ended ($ in millions) October 1, September 26, October 1, July 2, April 2, January 2, September 26, July 17, December 27, December 28, 2016 2015 2016 2016 2016 2016 2015 2015 2014 2013 Net income (loss) $61 $34 $87 $60 $39 $1 $(41) $(47) $(6) $(104) Interest expense 25 21 95 90 82 85 86 88 87 56 Income tax expense (benefit) 1 (3) (14) (18) (22) (18) (17) (15) (7) (3) Depreciation, depletion, amortization, and accretion expense 39 33 142 136 126 120 111 101 88 73 IPO/ Legacy equity modification costs 13

• 37

25

• 28

28 28

• Loss on debt financings
• 32

7 40 71 72 64 32

• 3

Goodwill impairment

• 68

Acquisition transaction expenses 2

• 7

5 11 10 9 11 9 4 Management fees and expenses

• 1

3 3 5 3 Non-cash compensation 4 2 10 8 7 5 5 4 2 2 Other 1 1 (11) (12) (17) (16) 11 14 11 28 Adjusted EBITDA $146 $120 $360 $334 $297 $288 $259 $219 $189 $130 EBITDA for certain completed acquisitions (1) 4 8 19 26 43 20 39 64 23 (2) Further Adjusted EBITDA $150 $128 $379 $360 $340 $308 $298 $283 $212 $128

33

Free Cash Flow Reconciliation

Three months ended Nine months ended October 1, September 26, October 1, September 26, 2016 2015 2016 2015 Net income (loss) $ 61,106 $ 33,872 $ 40,077 $ (45,932) Non-cash items 55,899 35,008 148,340 99,954 Net income (loss) adjusted for non-cash items 117,005 68,880 188,417 54,022 Change in working capital accounts (5,982) (6,886) (103,894) (72,252) Net cash provided by (used in) operating activities 111,023 61,994 84,523 (18,230) Capital expenditures, net of asset sales (23,496) (23,449) (105,723) (60,789) Free cash flow $ 87,527 $ 38,545 $ (21,200) $ (79,019)

LTM October 1, September 26, 2016 2015 Net income (loss) $ 87,493 $ (41,464) Non-cash items 138,873 128,262 Net income adjusted for non-cash items 226,366 86,798 Change in working capital accounts (25,410) (14,947) Net cash provided by operating activities 200,956 71,851 Capital expenditures, net of asset sales (120,774) (68,916) Free cash flow $ 80,182 $ 2,935

34

Capital Structure Evolution

Summit Materials LLC Financials Capital Structure Slide ($ in Millions) Q4 '15 Q1 '16 Q2 '16 Q3 '16

• Int. Rates 4,5

Maturity Cash $185.4 $91.2 $8.2 $14.2 0.43% n/a Debt: Revolver1

• $14.0
• 3.92%

Mar-2020 Senior Secured Term Loans2 $646.8 $645.1 $643.5 $641.9 4.00% Jul-2022 Capital Leases and Other $44.8 $44.4 $41.4 $41.3 3.50% Various Senior Secured Debt $691.6 $689.5 $698.9 $683.1 3.97% Acq.-related Liab. $49.1 $40.7 $40.8 $43.6 11.00% Various 8.5% Senior Notes

• $250.0

$250.0 $250.0 8.50% Apr-2022 6.125% Senior Notes $650.0 $650.0 $650.0 $650.0 6.125% Jul-2023 Senior Unsecured Debt $699.1 $940.7 $940.8 $943.6 6.98% Total Debt $1,390.7 $1,630.3 $1,639.7 $1,626.8 5.72% Net Debt $1,205.3 $1,539.1 $1,631.6 $1,612.6

• Est. Annual Cash Int. Run Rate

$75.4 $94.1 $94.6 $94.2 LTM Further Adj. EBITDA3 $308.0 $340.3 $360.0 $379.1 Net Senior Secured Leverage 1.6x 1.8x 1.9x 1.8x Total Net Leverage 3.9 4.5 4.5 4.3

1 Revolver Capacity post-usage for (undrawn) Letters of Credit is $209.4M as of 10/1/16 2 Does not include the effect of the interest rate CF hedge on $200M notional (coverage through 8/31/19) 3 As reported (or expected to be reported) externally to the banks and ratings agencies for all quarters displayed (incl. the PF effect of acq.) 4 All rates as-of 10/1/2016; the Cash rate is our money-market cash-equivalent investment; Cap. Leases & ARLs are estimated 5 The Revolver and Term Loan rates reflect 'Level-2' status per our Credit Agreement, which has a one-time 25bps step-down provision

35

3Q16 Performance Scorecard

$59.8 $63.7 WEST EAST CEMENT $51.6 $36.7 $31.6

ADJUSTED EBITDA BY REGION ($MM)

$40.3 3Q15 3Q16 East West Headquarters Cement Plants Cement Terminals $111.5 $127.6 WEST EAST CEMENT $90.4 $62.8 $43.9 $78.8 YTD 3Q15 YTD 3Q16

36

Contact Information

Noel Ryan Vice President, Investor Relations Summit Materials noel.ryan@summit-materials.com