UNITED STATES LIME & MINERALS INC

(a) Reflects compensation amounts reported in the Summary Compensation Table (“SCT”) for our CEO, Timothy W. Byrne, for the respective years shown.

(b) “Compensation Actually Paid to CEO” in 2023 reflects the amount in (a) of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules:

(c) The following non-CEO named executive officers are included in the average figures shown:

2023: John J. Gagnon, Nathan M. O’Neill, Russell W. Riggs, Timothy W. Stone, and Michael L. Wiedemer

2022: John J. Gagnon, Russell W. Riggs, Timothy W. Stone, and Michael L. Wiedemer

2021 and 2020: Russell W. Riggs, Timothy W. Stone, and Michael L. Wiedemer

(d) “Average Compensation Actually Paid to Non-CEO NEOs” in 2023 reflects the amount set forth in (c) of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules:

(e) For the relevant year, represents the cumulative total shareholder return (“TSR”) of the company for the measurement periods ending on December 31, of each of 2023, 2022, 2021 and 2020, respectively. TSR assumes that the value of the investment in the company’s common stock was $100 on December 31, 2019, and that all cash dividends have been reinvested.

(f) For the relevant year, represents the cumulative TSR of a peer group index consisting of Eagle Materials, Inc., Mineral Technologies, Inc., and Summit Materials Inc. for the measurement periods ending on December 31, of each of 2023, 2022, 2021, and 2020, respectively. TSR assumes that the value of the investment in the peer group index was $100 on December 31, 2019, and that all cash dividends have been reinvested.

(g) For the relevant year, represents “Net Income” in the company’s Consolidated Statements of Income included in the company’s Annual Reports on Form 10-K for each of the years ended December 31, 2023, 2022, 2021 and 2020.

(h) For the relevant year, represents “EBITDA,” which is net income before interest expense, income tax expense, depreciation, depletion, and amortization. EBITDA is a non-GAAP financial measure that the company’s management, investors and others use to measure a company’s operating performance and ability to incur and service debt, and forms of which are used to determine the EBITDA cash bonus for Mr. Byrne pursuant to his employment agreement and the compensation of other named executive officers and to determine the interest rate applicable under the company’s revolving credit facility.