MDU Resources Group Investor Presentation — August 2022

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EARNINGS CALLAugust 4, 20222

Vision: With integrity, Building a Strong America® while being a great and safe place to work

Mission: Delivering superior value to stakeholders by providing essential infrastructure and services to AmericaA B

Vice President & CFO

Vice President, CAO & Controller

President & CEOE. Jeff Thiede

MDU Construction Services GroupPresident & CEO

WBI Energy President & CEO

Utilities Group President & CEO

3During this presentation, we will make certain “forward -looking

statements” within the meaning of Section 21E of the Securities

Exchange Act of 1934. Although the company believes that its

expectations and beliefs are based on reasonable assumptions, actual results may differ materially.

For a discussion of factors that may cause actual results to

differ, refer to Item 1A – Risk Factors in the company’s most

recent Form 10- K and Form 10- Q.FORWARD -LOOKING STATEMENTS

4Separation AnnouncementANNOUNCED PLAN TO SEPARATE KNIFE RIVER

6MDU Resources’ Board of Directors

unanimously approved a plan to separate Knife River from the Company.

–Separation will result in two independent,

publicly traded and well -capitalized

–Expected to be effected as a tax -free spinoff

to MDU shareholders.

–Completion expected in 2023.

Financial Results$100.2

$- $20 $40 $60 $80 $100 $120

2021 2022millionsEARNINGS

$- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60

8MDU RESOURCES GROUP, INC.

SECOND QUARTER EARNINGS ELECTRIC & NATURAL GAS UTILITY

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