MDU Resources Group Investor Presentation — May 2020

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FIRST QUARTER EARNINGS CALL May 8, 2020

Vice President, Chief Financial Officer & Treasurer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 & Treasurer

Vice President, CAO & Controller

President & CEOE. Jeff Thiede

President & CEOFIRST QUARTER EARNINGS

2019 2020millionsEARNINGS

$0.00$0.05$0.10$0.15$0.20$0.25$0.30

2019 2020EPSELECTRIC & NATURAL GAS UTILITY

Reported earnings of $43.7 million

–$5.2 million in lower investment returns

related to certain benefit plans

negatively impacted earnings

–Further impacting earnings were

decreases in both electric and natural

gas sales volumes, due to mild weather

and higher depreciation, depletion

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