MDU Resources Group Investor Presentation — May 2017

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BUILDING A STRONG AMERICA ®

BUILDING A STRONG AMERICA ®FIRST QUARTER EARNINGS CALLMay 4, 2017

Vice President & Chief Financial OfficerDORAN SCHWARTZBUILDING A STRONG AMERICA ®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.FORWARD -LOOKING STATEMENTSBUILDING A STRONG AMERICA ®COMPANY MANAGEMENT

Dave Goodin –President & CEO of MDU Resources

Dave Barney –President & CEO of Knife River Corporation

Martin Fritz –President & CEO of WBI Energy

Nicole Kivisto –President & CEO of Montana -Dakota Utilities, Great Plains

Natural Gas, Cascade Natural Gas & Intermountain Gas

Jeff Thiede –President & CEO of MDU Construction Services Group

Doran Schwartz –Vice President & CFO of MDU Resources

Jason Vollmer –Vice President, CAO & Treasurer of MDU Resources

3BUILDING A STRONG AMERICA ®

““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.BUILDING A STRONG AMERICA ®

BUILDING A STRONG AMERICA ®FIRST QUARTER EARNINGS CALLMay 4, 2017

President & Chief Executive OfficerDAVID GOODINBUILDING A STRONG AMERICA ®RESULTS FROM CONTINUING OPERATIONS

$0$5$10$15$20$25$30$35$40

2016 2017millionsEARNINGS

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