MDU Resources Group Investor Presentation — February 2021

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2020 EARNINGS & 2021 GUIDANCE CALL FEB. 4, 2021

Vice President & Chief Financial OfficerDuring the course of 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““With integrity, create

superior shareholder value

by expanding upon our

expertise to be the supplier

of choice in all of our

markets while being a safe

and great place to work.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COMPANY OVERVIEW

5Infrastructure is our business, and we are Building a Strong America®.

Powering and connecting homes, factories, offices and stores. Building roads, highways, data infrastructure and airports. MDU

Resources keeps our economy moving.

56%High- quality Portfolio of Businesses1 Diversified Earnings Contribution

Construction Regulated Energy

Gas$1,180.2 $304.8 $99.6

Pipeline $143.9 $74.0 $37.0

Services$2,095.7 $173.1 $109.7

Materials$2,178.0 $304.9 $147.3

Total3$5,532.7 $856.7 $390.22020 EBITDA

1.Numbers presented in millions

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