Kiewit Royalty Trust Stock

Kiewit Royalty Trust is a royalty trust. The Company holds royalty and overriding royalty interests in certain coal leases. The Company has approximately three royalty interests and 16 overriding royalty interests in leases of four coal mines located in the States of Montana and Wyoming (the Coal Royalties). The Coal Royalties provide for the payment of either a specified amount per ton of coal produced, or a fixed percentage of the value or price with respect to the coal produced under the leases relating to these interests. The remaining terms of the individual Coal Royalties vary considerably, as does the acreage covered by the underlying coal leases, the estimated total tons of coal within a legal description of property as evidenced by a lease (the Tons Under Lease) and the estimated total tons of coal under lease that can be economically extracted under existing market conditions (Current Economic Tons).