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<SEC-DOCUMENT>0000897101-10-000528.txt : 20100312
<SEC-HEADER>0000897101-10-000528.hdr.sgml : 20100312
<ACCEPTANCE-DATETIME>20100312100813
ACCESSION NUMBER:		0000897101-10-000528
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		24
CONFORMED PERIOD OF REPORT:	20100427
FILED AS OF DATE:		20100312
DATE AS OF CHANGE:		20100312
EFFECTIVENESS DATE:		20100312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MDU RESOURCES GROUP INC
		CENTRAL INDEX KEY:			0000067716
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				410423660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03480
		FILM NUMBER:		10676066

	BUSINESS ADDRESS:	
		STREET 1:		1200 WEST CENTURY AVENUE
		CITY:			BISMARCK
		STATE:			ND
		ZIP:			58506-5650
		BUSINESS PHONE:		701-530-1059

	MAIL ADDRESS:	
		STREET 1:		1200 WEST CENTURY AVENUE
		CITY:			BISMARCK
		STATE:			ND
		ZIP:			58506-5650

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MONTANA DAKOTA UTILITIES CO
		DATE OF NAME CHANGE:	19850429
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>mdu101042_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

<HTML>
<HEAD>
<title>MDU Resources Group, Inc.: DEFINITIVE PROXY STATEMENT</title>
</HEAD>
<BODY>

<BR>
<TABLE WIDTH=100%>
<TR>
<TD><P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, DC 20549 </FONT></P>
<H4 ALIGN=center><font size=5>SCHEDULE 14A</font></H4>
<P ALIGN=center><FONT SIZE=2>Proxy Statement Pursuant to Section 14(a) of the Securities<BR>Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp; )</FONT></P>
<BR>
</TD></TR>
</TABLE>



<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT face="Times New Roman" color=#000000 size=2>Filed by the Registrant&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=wingdings size=2>x </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT face="Times New Roman" color=#000000 size=2>Filed by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=wingdings size=2>o </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT face="Times New Roman" color=#000000 size=2>Check the appropriate box: </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=left width="3%"><FONT face=wingdings size=2>o </FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Preliminary Proxy Statement </FONT></TD></TR>
</TABLE>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD vAlign=top align=left width="3%"><FONT face=wingdings size=2>o </FONT></TD>
    <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B> </FONT> </TD></TR>
</TABLE>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD vAlign=top align=left width="3%"><FONT face=wingdings size=2>x </FONT></TD>
    <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Definitive Proxy Statement </FONT></TD></TR>
</TABLE>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD vAlign=top align=left width="3%"><FONT face=wingdings size=2>o </FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Definitive Additional Materials </FONT></TD></TR>
</TABLE>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD vAlign=top align=left width="3%"><FONT face=wingdings size=2>o </FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Soliciting Material Pursuant to &sect; 240.14a-12 </FONT></TD></TR>
</TABLE>
<BR>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT FACE="Times New Roman" COLOR="#000000" SIZE="5"><B>MDU Resources Group, Inc.</B> </FONT></P>
<HR width="55%" color=#000000 noShade SIZE=1>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=2>(Name of Registrant as Specified In Its Charter) </FONT></P>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<BR>

<DIV align=center>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><HR width="55%" color=#000000 noShade SIZE=1>
<FONT face="Times New Roman" color=#000000 size=2>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </FONT><BR>
</DIV>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT face="Times New Roman" color=#000000 size=2>Payment of Filing Fee (Check the appropriate box): </FONT></P>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD vAlign=top align=left width="3%"><FONT face=wingdings size=2>x </FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>No fee required </FONT></TD></TR>
</TABLE>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD vAlign=top align=left width="3%"><FONT face=wingdings size=2>o </FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></TD></TR>
</TABLE>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD WIDTH="4%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="2%"><FONT face="Times New Roman" color=#000000 size=2>1)</FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Title of each class of securities to which transaction applies: </FONT></TD></TR>
</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>
<HR align=right width="93%" color=black noShade SIZE=1>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD WIDTH="4%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="2%"><FONT face="Times New Roman" color=#000000 size=2>2)</FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Aggregate number of securities to which transaction applies: </FONT></TD></TR>
</TABLE>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>
<HR align=right width="93%" color=black noShade SIZE=1>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD WIDTH="4%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="2%"><FONT face="Times New Roman" color=#000000 size=2>3)</FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):  </FONT></TD></TR>
</TABLE>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>
<HR align=right width="93%" color=black noShade SIZE=1>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD WIDTH="4%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="2%"><FONT face="Times New Roman" color=#000000 size=2>4)</FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Proposed maximum aggregate value of transaction: </FONT></TD></TR>
</TABLE>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>
<HR align=right width="93%" color=black noShade SIZE=1>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD WIDTH="4%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="2%"><FONT face="Times New Roman" color=#000000 size=2>5)</FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Total fee paid: </FONT></TD></TR>
</TABLE>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>
<HR align=right width="93%" color=black noShade SIZE=1>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD vAlign=top align=left width="3%"><FONT face=wingdings size=2>o </FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Fee paid previously with preliminary materials. </FONT></TD></TR>
</TABLE>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD vAlign=top align=left width="3%"><FONT face=wingdings size=2>o </FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Check box if any part of the fee is offset as provided
by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing. </FONT></TD></TR>
</TABLE>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD WIDTH="4%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="2%"><FONT face="Times New Roman" color=#000000 size=2>1)</FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Amount Previously Paid: </FONT></TD></TR>
</TABLE>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>
<HR align=right width="93%" color=black noShade SIZE=1>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD WIDTH="4%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="2%"><FONT face="Times New Roman" color=#000000 size=2>2)</FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Form, Schedule or Registration Statement No.: </FONT></TD></TR>
</TABLE>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>
<HR align=right width="93%" color=black noShade SIZE=1>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD WIDTH="4%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="2%"><FONT face="Times New Roman" color=#000000 size=2>3)</FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Filing Party: </FONT></TD></TR>
</TABLE>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>
<HR align=right width="93%" color=black noShade SIZE=1>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
<TD WIDTH="4%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left width="2%"><FONT face="Times New Roman" color=#000000 size=2>4)</FONT></TD>
<TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
<TD vAlign=top align=left><FONT face="Times New Roman" color=#000000 size=2>Date Filed: </FONT></TD></TR>
</TABLE>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -12px"><FONT size=1></FONT>&nbsp;</P>
<HR align=right width="93%" color=black noShade SIZE=1>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>


<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
<P><IMG SRC="a093692040_v1.jpg" ALT="(MDU RESOURCES GROUP, INC. LOGO)"></P>
</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
</TABLE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="53%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="46%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>1200 West
 Century Avenue</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><I>Terry D. Hildestad</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><I>President and</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><I>Chief Executive Officer</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>Mailing
 Address:</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>P.O. Box 5650</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>Bismarck, ND
 58506-5650</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I> (701) 530-1000</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT STYLE="MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>March 12, 2010</FONT></P>

<P style="margin-left:5%;MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>To Our
Stockholders:</FONT></P>

<P style="margin-left:5%;MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>Please join
us for the 2010 Annual Meeting of Stockholders. The meeting will be held on
Tuesday, April 27, 2010, at 11:00 a.m., Central Daylight Saving Time, at 909
Airport Road, Bismarck, North Dakota.</FONT></P>

<P style="margin-left:5%;MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>The formal
matters are described in the accompanying Notice of Annual Meeting of Stockholders
and Proxy Statement. We also will have a brief report on current matters of
interest. Lunch will be served following the meeting.</FONT></P>

<P style="margin-left:5%;MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>We were
pleased with the stockholder response for the 2009 Annual Meeting at which
88.77 percent of the common stock was represented in person or by proxy. We
hope for an even greater representation at the 2010 meeting.</FONT></P>

<P style="margin-left:5%;MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>You may
vote your shares by telephone, by the Internet, or by returning the enclosed
proxy card. Representation of your shares at the meeting is very important. We
urge you to submit your proxy promptly.</FONT></P>

<P style="margin-left:5%;MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL><B>Please note that the New York Stock Exchange rules have changed. Brokers
may not vote your shares on the election of directors if you have not given
your broker specific instructions as to how to vote. Please be sure to give
specific voting instructions to your broker so that your vote can be counted.</B></FONT></P>

<P style="margin-left:5%;MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>All
stockholders who find it convenient to do so are cordially invited and urged to
attend the meeting in person. Registered stockholders will receive a request for
admission ticket(s) with their proxy card that can be completed and returned to
us postage-free. Stockholders whose shares are held in the name of a bank or
broker will not receive a request for admission ticket(s). They should,
instead, (1) call (701)&nbsp;530-1000&nbsp;to&nbsp;request an admission ticket(s), (2) bring a
statement from their bank or broker showing proof of stock ownership as of
February 26, 2010 to the annual meeting, and (3) present their admission
ticket(s) and photo identification, such as a driver&#146;s license. Directions to
the meeting will be included with your admission ticket.</FONT></P>

<P style="margin-left:5%;MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>I hope you
will find it possible to attend the meeting.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Sincerely yours,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
<P><IMG SRC="a093692041_v1.jpg" ALT="(-s- Terry D. Hildestad)"></P>
</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=5 FACE=ARIAL><B>MDU RESOURCES GROUP, INC.<BR>
</B><FONT FACE=ARIAL size=2><B>1200 West Century Avenue</B></FONT></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Mailing Address: <BR>
P.O. Box 5650<BR>
Bismarck, North Dakota 58506-5650 <BR>
(701) 530-1000</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=4 FACE=ARIAL><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD APRIL 27, 2010</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 FACE=ARIAL><B>Important Notice Regarding the Availability of Proxy Materials for the <BR>
Stockholder Meeting to Be Held on April 27, 2010</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>The 2010 Notice of Annual Meeting and Proxy
Statement and 2009 Annual Report <BR>
to Stockholders are available at www.mdu.com/proxymaterials.</B></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>March 12, 2010</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>NOTICE IS
HEREBY GIVEN that the Annual Meeting of Stockholders of MDU Resources Group,
Inc. will be held at 909 Airport Road, Bismarck, North Dakota, on Tuesday,
April 27, 2010, at 11:00 a.m., Central Daylight Saving Time, for the following
purposes:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>To elect ten directors nominated
 by the board of directors to one-year terms;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>To repeal Article TWELFTH of our
 Restated Certificate of Incorporation, which contains provisions relating to
 business combinations with interested stockholders, and make related
 amendments to Articles THIRTEENTH and FOURTEENTH;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>To repeal Article FIFTEENTH of
 our Restated Certificate of Incorporation, which contains supermajority vote
 requirements for amendments to certain articles of our Restated Certificate
 of Incorporation;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>(4)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>To repeal section (c) of Article
 THIRTEENTH of our Restated Certificate of Incorporation, which provides that
 directors may be removed by stockholders only for cause, and make technical
 amendments to section (a) of Article THIRTEENTH;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>(5)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>To ratify the appointment of
 Deloitte &amp; Touche LLP as our independent auditors for 2010;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>(6)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>To act upon a stockholder
 proposal requesting a report on coal combustion waste; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>(7)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>To transact any other business
 that may properly come before the meeting or any adjournment or adjournments
 thereof.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The board
of directors has set the close of business on February 26, 2010 as the record
date for the determination of common stockholders who will be entitled to
notice of, and to vote at, the meeting.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>All
stockholders who find it convenient to do so are cordially invited and urged to
attend the meeting in person. Registered stockholders will receive a request
for admission ticket(s) with their proxy card that can be completed and
returned to us postage-free. Stockholders whose shares are held in the name of
a bank or broker will not receive a request for admission ticket(s). They
should, instead, (1) call (701) 530-1000 to request an admission ticket(s), (2)
bring a statement from their bank or broker showing proof of stock ownership as
of February 26, 2010 to the annual meeting, and (3) present their admission
ticket(s) and photo identification, such as a driver&#146;s license. Directions to
the meeting will be included with your admission ticket. We look forward to
seeing you.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>By order of the Board of
 Directors,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
<P><IMG SRC="a093692042_v1.jpg" ALT="(-s- Paul K. Sandness)"></P>
</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Paul K. Sandness <BR>
 Secretary</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:0.5IN;  TEXT-INDENT:-0.5IN'><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Page</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Notice of Annual Meeting of Stockholders</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C001_V1">Proxy Statement</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C002_V1">Voting Information</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C003_V1">Item 1. Election of Directors</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C004_V1">Director Nominees</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.95PT;TEXT-INDENT:-17.3PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C005_V1">Item 2. Repeal of Article TWELFTH of
 our Restated Certificate of Incorporation, which Contains Provisions Relating
 to Business Combinations with Interested Stockholders, and Related Amendments
 to Articles THIRTEENTH and FOURTEENTH</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.95PT;TEXT-INDENT:-17.3PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C006_V1">Item 3. Repeal of Article FIFTEENTH of
 our Restated Certificate of Incorporation, which Contains Supermajority Vote
 Requirements for Amendments to Certain Articles of our Restated Certificate
 of Incorporation</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.95PT;TEXT-INDENT:-17.3PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C007_V1">Item 4. Repeal of Section (c) of
 Article THIRTEENTH of our Restated Certificate of Incorporation, which
 Provides that Directors may be Removed by Stockholders Only for Cause, and
 Technical Amendments to Section (a) of Article THIRTEENTH</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C008_V1">Item 5. Ratification of Independent
 Auditors</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C009_V1">Accounting and Auditing Matters</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C010_V1">Item 6. Stockholder Proposal Requesting
 a Report on Coal Combustion Waste</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C011_V1">Executive Compensation</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C012_V1">Compensation Discussion and Analysis</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C013_V1">Compensation Committee Report</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C014_V1">Summary Compensation Table for 2009</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C015_V1">Grants of Plan-Based Awards in 2009</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C016_V1">Outstanding Equity Awards at Fiscal
 Year-End 2009</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>36</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C017_V1">Option Exercises and Stock Vested
 during 2009</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>37</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C018_V1">Pension Benefits for 2009</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>37</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C019_V1">Nonqualified Deferred Compensation for
 2009</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C020_V1">Potential Payments upon Termination or
 Change of Control</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C021_V1">Director Compensation for 2009</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>49</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C022_V1">Information Concerning Executive
 Officers</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>51</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C023_V1">Security Ownership</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>52</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C024_V1">Related Person Transaction Disclosure</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>53</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C025_V1">Corporate Governance</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>53</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C026_V1">Section 16(a) Beneficial Ownership
 Reporting Compliance</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>59</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C027_V1">Other Business</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>59</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C028_V1">Shared Address Stockholders</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>59</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C029_V1">2011 Annual Meeting of Stockholders</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>59</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#C030_V1">Exhibit A &#150; MDU Resources Group, Inc.&#146;s
 Proposed Amendments to its Restated Certificate of Incorporation</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>A-1</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=4 FACE=ARIAL><B>P<A NAME="C001_V1"></A>ROXY STATEMENT</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The board
of directors of MDU Resources Group, Inc. is furnishing this proxy statement
beginning March 12, 2010 to solicit your proxy for use at our annual meeting of
stockholders on April 27, 2010.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We will pay
the cost of soliciting your proxy and reimburse brokers and others for
forwarding proxy material to you. Georgeson Inc. additionally will solicit
proxies for approximately $8,000 plus out-of-pocket expenses.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Securities
and Exchange Commission&#146;s e-proxy rules allow companies to post their proxy
materials on the Internet and provide only a Notice of Internet Availability of
Proxy Materials to stockholders as an alternative to mailing full sets of proxy
materials except upon request. For 2010, we have elected to use the Securities
and Exchange Commission&#146;s full set delivery option, which means that while we
are posting our proxy materials online, we are also mailing a full set of our
proxy materials to our stockholders. We believe that mailing a full set of
proxy materials will help ensure that a majority of outstanding shares of our
common stock are present in person or represented by proxy at our meeting. We
also hope to help maximize stockholder participation. Therefore, even if you
previously consented to receiving your proxy materials electronically, you will
receive a full set of proxy materials in the mail for this year&#146;s annual
meeting. However, we will continue to evaluate the option of providing only a
Notice of Internet Availability of Proxy Materials to some or all of our
stockholders in the future.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>V<A NAME="C002_V1"></A>OTING
INFORMATION</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Who may vote? </B><FONT FACE=ARIAL>You may vote if you owned shares of our common stock
at the close of business on February 26, 2010. You may vote each share that you
owned on that date on each matter presented at the meeting. As of February 26,
2010, we had 188,053,936 shares of common stock outstanding entitled to one
vote per share.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>What am I voting on? </B><FONT FACE=ARIAL>You are voting on:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the election of ten directors
 nominated by the board of directors for one-year terms</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the repeal of article TWELFTH of
 our restated certificate of incorporation, which contains provisions relating
 to business combinations with interested stockholders, and related amendments
 to articles THIRTEENTH and FOURTEENTH</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the repeal of article FIFTEENTH
 of our restated certificate of incorporation, which contains supermajority
 vote requirements for amendments to certain articles of our restated
 certificate of incorporation</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the repeal of section (c) of
 article THIRTEENTH of our restated certificate of incorporation, which
 provides that directors may be removed by stockholders only for cause, and
 technical amendments to section (a) of article THIRTEENTH</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the ratification of the appointment
 of Deloitte &amp; Touche LLP as our independent auditors for 2010 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a stockholder proposal requesting
 a report on coal combustion waste and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>any other business that is
 properly brought before the meeting.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>What vote is required to pass an item of business? </B><FONT FACE=ARIAL>A majority
of our outstanding shares of common stock entitled to vote must be present in
person or represented by proxy to hold the meeting.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>If you hold
shares through an account with a bank or broker, the bank or broker may vote
your shares on some matters even if you do not provide voting instructions.
Brokerage firms have the authority under the New York Stock Exchange rules to
vote shares on certain matters when their customers do not provide voting
instructions. However, on other matters, when the brokerage firm has not
received voting instructions from its customers, the brokerage firm cannot vote
the shares on that matter and a &#147;broker non-vote&#148; occurs. <B>Please note that the New York Stock Exchange rules
have changed and an uncontested election of directors is no longer considered a
routine matter. This means that brokers may not vote your shares on the
election of directors if you have not given your broker specific instructions
as to how to vote. Please be sure to give specific voting instructions to your
broker so that your vote can be counted.</B></FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>1</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Item 1 &#150;
 Election of Directors</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<div><FONT SIZE=2 FACE=ARIAL>A majority
of votes cast is required to elect a director in an uncontested election. A
majority of votes cast means the number of votes cast &#147;for&#148; a director&#146;s
election must exceed the number of votes cast &#147;against&#148; the director&#146;s
election. &#147;Abstentions&#148; and &#147;broker non-votes&#148; do not count as votes cast &#147;for&#148;
or &#147;against&#148; the director&#146;s election. In a contested election, which is an
election in which the number of nominees for director exceeds the number of
directors to be elected, directors will be elected by a plurality of the votes
cast. If a nominee becomes unavailable for any reason or if a vacancy should
occur before the election, which we do not anticipate, the proxies will vote
your shares in their discretion for another person nominated by the board.</FONT></div>

<P><FONT SIZE=2 FACE=ARIAL>Our policy
on majority voting for directors and our corporate governance guidelines
require any nominee for re-election as a director to tender to the board, prior
to nomination, his or her irrevocable resignation from the board that will be
effective, in an uncontested election of directors only, upon</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>receipt of a greater number of
 votes &#147;against&#148; than votes &#147;for&#148; election at our annual meeting of
 stockholders and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>acceptance of such resignation by
 the board of directors.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Following
certification of the stockholder vote, the nominating and governance committee
will promptly recommend to the board whether or not to accept the tendered
resignation. The board will act on the nominating and governance committee&#146;s
recommendation no later than 90 days following the date of the annual meeting.</FONT></P>

<DIV><FONT SIZE=2 FACE=ARIAL><B>Item 2 &#150; Repeal of Article TWELFTH of our Restated Certificate of
Incorporation, which Contains Provisions Relating to Business Combinations with
Interested Stockholders, and Related Amendments to Articles THIRTEENTH and
FOURTEENTH</B></FONT></DIV>

<DIV><FONT SIZE=2 FACE=ARIAL>Approval of
Item 2 requires the affirmative vote of a majority of the outstanding shares of
common stock. Abstentions will count as votes &#147;against&#148; the proposal.</FONT></DIV>
<BR>
<DIV><FONT SIZE=2 FACE=ARIAL><B>Item 3 &#150; Repeal of Article FIFTEENTH of our Restated Certificate of
Incorporation, which Contains Supermajority Vote Requirements for Amendments to
Certain Articles of our Restated Certificate of Incorporation</B></FONT></DIV>

<DIV><FONT SIZE=2 FACE=ARIAL>Approval of
Item 3 requires the affirmative vote of a majority of the outstanding shares of
common stock. Abstentions will count as votes &#147;against&#148; the proposal.</FONT></DIV>
<BR>
<DIV><FONT SIZE=2 FACE=ARIAL><B>Item 4 &#150; Repeal of Section (c) of Article THIRTEENTH of our Restated
Certificate of Incorporation, which Provides That Directors May Be Removed by
Stockholders Only for Cause, and Technical Amendments to Section (a) of Article
THIRTEENTH</B></FONT></DIV>

<DIV><FONT SIZE=2 FACE=ARIAL>Approval of
Item 4 requires the affirmative vote of a majority of the outstanding shares of
common stock. Abstentions will count as votes &#147;against&#148; the proposal.</FONT></DIV>
<BR>
<DIV><FONT SIZE=2 FACE=ARIAL><B>Item 5 &#150; Ratification of the Appointment of Deloitte &amp; Touche LLP as
our Independent Auditors for 2010</B></FONT></DIV>

<DIV><FONT SIZE=2 FACE=ARIAL>Approval of
Item 5 requires the affirmative vote of a majority of our common stock present
in person or represented by proxy at the meeting and entitled to vote on the
proposal. Abstentions will count as votes &#147;against&#148; the proposal.</FONT></DIV>
<BR>
<DIV><FONT SIZE=2 FACE=ARIAL><B>Item 6 &#150; Stockholder Proposal Requesting a Report on Coal Combustion
Waste</B></FONT></DIV>

<DIV><FONT SIZE=2 FACE=ARIAL>Approval of
Item 6 requires the affirmative vote of a majority of our common stock present
in person or represented by proxy at the meeting and entitled to vote on the
proposal. Abstentions will count as votes &#147;against&#148; the proposal. Broker non-votes
are not counted as voting power present and, therefore, are not counted in the
vote.</FONT></DIV>

<P><FONT SIZE=2 FACE=ARIAL>Unless you
specify otherwise when you submit your proxy, the proxies will vote your shares
of common stock &#147;for&#148; all directors nominated by the board of directors, &#147;for&#148;
proposals 2, 3, 4 and 5 and &#147;against&#148; proposal 6.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>How do I vote? </B><FONT FACE=ARIAL>There are three ways to vote by proxy:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>by calling the toll free
 telephone number on the enclosed proxy card </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>by using the Internet as
 described on the enclosed proxy card or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>by returning the enclosed proxy
 card in the envelope provided.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>You may be
able to vote by telephone or the Internet if your shares are held in the name
of a bank or broker. Follow their instructions.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Can I revoke my proxy? </B><FONT FACE=ARIAL>Yes. You can revoke your
proxy by:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>filing written revocation with
 the corporate secretary before the meeting</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>filing a proxy bearing a later
 date with the corporate secretary before the meeting or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>revoking your proxy at the
 meeting and voting in person.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL><B>I<A NAME="C003_V1"></A>TEM
1. ELECTION OF DIRECTORS</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>At our 2007
annual meeting of stockholders, our board of directors proposed and our
stockholders approved the declassification of our board of directors. The
declassification was phased in over a three-year period from 2008 - 2010.
Directors elected at our 2007 annual meeting comprise the last class elected to
serve a three-year term, and their terms will expire at this year&#146;s annual
meeting. As a result, commencing with this year&#146;s annual meeting, our board
will be completely declassified. All nominees for director are nominated to
serve one-year terms, until the annual meeting of stockholders in 2011 and
until their respective successors are elected and qualified, or until their
earlier resignation, removal from office, or death. Effective as of the date of
this year&#146;s annual meeting, the board of directors has set the number of
directors at ten.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The board
of directors expresses its thanks to John L. Olson and Sister Thomas Welder,
O.S.B. Mr. Olson retired from the board effective August 13, 2009 after
reaching the mandatory retirement age of 70 for outside directors. Mr. Olson
served on the board for 24 years and on the audit committee for 23 years. He also
served on the compensation and nominating and governance committees during his
tenure. Sister Welder chose not to seek re-election at this annual meeting
because, pursuant to our bylaws&#146; mandatory retirement policy, she would be
required to retire on May 13, 2010, which is the first regular meeting of the
board after she attains the mandatory retirement age. Sister Welder served on
the board for 22 years and on the nominating and governance committee for 21
years. She also served on the finance and audit committees during her tenure.
Their dedicated service and expertise will be missed.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We have
provided information below about our nominees, all of whom are incumbent
directors, including their ages, years of service as directors, business
experience, and service on other boards of directors, including any other
directorships held during the past five years. We have also included
information about each nominee&#146;s specific experience, qualifications,
attributes, or skills that led the board to conclude that he or she should
serve as a director of MDU Resources Group, Inc. at the time we file our proxy
statement, in light of our business and structure. Unless we specifically note
below, no corporation or organization referred to below is a subsidiary or
other affiliate of ours.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>D<A NAME="C004_V1"></A>irector
Nominees</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=6 VALIGN=TOP>
<P><IMG SRC="a093692043_v1.jpg" ALT="(PHOTO)"></P>
</TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>Thomas Everist</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director Since 1995</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Age 60</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Compensation Committee</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Mr. Everist has served as
 president and chairman of The Everist Company, Sioux Falls, South Dakota, an
 aggregate, concrete, and asphalt production company, since April 15, 2002. He
 was previously president and chairman of L.G. Everist, Inc., Sioux Falls,
 South Dakota, an aggregate production company, from 1987 to April 15, 2002.
 He held a number of positions in the aggregate and construction industries
 prior to assuming his current position with The Everist Company. He is a
 director of Showplace Wood Products, Sioux Falls, South Dakota, a custom
 cabinets manufacturer, and has been a director of Raven Industries, Inc.,
 Sioux Falls, South Dakota, a general manufacturer of
 electronics, flow controls, and engineered films since 1996, and its chairman
 of the board since April 1, 2009.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Mr. Everist
attended Stanford University where he received a bachelor&#146;s degree in
mechanical engineering and a master&#146;s degree in construction management. He is
active in the Sioux Falls community and currently serves as a director on the
Sanford Health Foundation, a non-profit charitable health services
organization. From July 2001 to June 2006, he served on the South Dakota
Investment Council, the state agency responsible for prudently investing state
funds.</FONT></P>
</TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the
following reasons, the board concluded that Mr. Everist should serve as a
director of MDU Resources Group, Inc., in light of our business and structure,
at the time we file our proxy statement. A significant portion of MDU Resources
Group, Inc.&#146;s earnings is derived from its construction services and aggregate
mining businesses. Mr. Everist has considerable business experience in this
area, with more than 36 years in the aggregate and construction materials
industry. He has also demonstrated success in his business and leadership
skills, serving as president and chairman of his companies for over 22 years.
We value other public company board service. Mr. Everist has</FONT></P></td></tr></table>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>3</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
</TABLE>

<P style=margin-left:20%><FONT SIZE=2 FACE=ARIAL>experience
serving as a director and now chairman of another public company, which
enhances his contributions to our board. His leadership skills and experience with
his own companies and on other boards enable him to be an effective board
member and compensation committee chairman. With the retirement of John L.
Olson and Sister Thomas Welder, Mr. Everist becomes our longest serving board
member, providing 15 years of board experience as well as extensive knowledge
of our business.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=5 VALIGN=TOP>
<P><IMG SRC="a093692044_v1.jpg" ALT="(PHOTO)"></P>
</TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>Karen B. Fagg</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director Since 2005</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Age 56</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Nominating and Governance Committee<BR>
Compensation Committee</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=bottom>
 <P><FONT SIZE=2 FACE=ARIAL>Ms. Fagg has served as vice
 president of DOWL LLC, d/b/a DOWL HKM, an engineering and design firm, since
 April 2008. Ms. Fagg was president from April 1, 1995 through March 2008, and
 chairman and majority owner from June 2000 through March 2008 of HKM
 Engineering, Inc., Billings, Montana, an engineering and physical science services
 firm. HKM Engineering, Inc. merged with DOWL LLC on April 1, 2008. Ms. Fagg
 was employed with MSE, Inc., Butte, Montana, an energy research and
 development company, from 1976 through 1988 and served as vice president of operations and
 corporate development director. Ms. Fagg served a four-year term as director
 of the Montana Department of Natural Resources and Conservation, Helena,
 Montana, the state agency charged with promoting stewardship of Montana&#146;s
 water, soil, energy, and rangeland resources; regulating oil and gas
 exploration and production; and administering several grant and loan programs
 from 1989 through 1992.</FONT></P>
<TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Ms. Fagg
has a bachelor&#146;s degree in mathematics from Carroll College in Helena, Montana.
She served on the board for St. Vincent&#146;s Healthcare from October 2003 until
October 2009, including a term as board chair and on the board of Deaconess
Billings Clinic Health System from 1994 to 2003. She is a member of the Board
of Trustees of Carroll College, the Board of Advisors of the Charles M. Bair
Family Trust, and a member of the Board of Directors of the Billings Chamber of
Commerce. She is also a member of the Montana State University Engineering
Advisory Council, whose responsibilities include evaluating the mission and
goals of the College of Engineering and assisting in the development and
implementation of the college&#146;s strategic plan. From 2002 through 2006, she
served on the Montana Board of Investments, the state agency responsible for
prudently investing state funds. From 2001 to 2005, she served on the board of
Montana State University&#146;s Advanced Technology Park. From 2000 to 2007, she
served on the ZooMontana Board and as vice chair from 2006 to 2007.</FONT></P>
<TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the
following reasons, the board concluded that Ms. Fagg should serve as a director
of MDU Resources Group, Inc., in light of our business and structure, at the
time we file our proxy statement. Construction and engineering, energy, and the
responsible development of natural resources are all important aspects of our
business. Ms. Fagg has business experience in all these areas, including 15
years of construction and engineering experience at DOWL HKM and its
predecessor, HKM Engineering, Inc., where she has served as vice president,
president, and chairman. Ms. Fagg has also had 12 years of experience in energy
research and development at MSE, Inc., where she served as vice president of
operations and corporate development director, and four years focusing on
stewardship of natural resources as director of the Montana Department of
Natural Resources and Conservation. In addition to her industry experience, Ms.
Fagg brings to our board 12 years of business leadership and management
experience as president and chairman of her own company, as well as knowledge
and experience acquired through her service on a number of Montana state and
community boards.</FONT></P></td></tr></table>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=6 VALIGN=TOP>
<P><IMG SRC="a093692045_v1.jpg" ALT="(PHOTO)"></P>
</TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director Since 2006</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Age 60</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>President and Chief Executive
 Officer</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P style="margin-top:0pt; margin-bottom:0pt"><FONT SIZE=2 FACE=ARIAL>Mr. Hildestad was elected
 president and chief executive officer and a director of the company effective
 August 17, 2006. He had served as president and chief operating officer from
 May 1, 2005 until August 17, 2006. Prior to that, he served as president and
 chief executive officer of our subsidiary, Knife River Corporation, from 1993
 until May 1, 2005. He began his career with the company in 1974 at Knife
 River Corporation, where he served in several operating positions before
 becoming its president. He additionally serves as an executive officer and as
 chairman of the company&#146;s principal subsidiaries and of the managing
 committees of Montana-Dakota Utilities Co. and Great Plains Natural Gas Co.</FONT></P>
<P style="margin-top:8pt; margin-bottom:0pt"><FONT SIZE=2 FACE=ARIAL>Mr.
Hildestad has a bachelor&#146;s degree from Dickinson State University and has
completed the Advanced Management Program at Harvard School of Business. Mr.
Hildestad is a member of the U.S. Bancorp Western North Dakota Advisory Board
of Directors.</FONT></P>
<P style="margin-top:8pt; margin-bottom:0pt"><FONT SIZE=2 FACE=ARIAL>For the
following reasons, the board concluded that Mr. Hildestad should serve as a
director of MDU Resources Group, Inc., in light of our business and structure,
at the time we file our proxy statement. As chief executive officer of MDU
Resources Group, Inc., Mr. Hildestad is</FONT></P>
<TR>
 <TD VALIGN=TOP>
     <FONT SIZE=1>&nbsp;</FONT></TD>
 </TR>
<TR>
 <TD COLSPAN=2 VALIGN=TOP>
     <FONT SIZE=1>&nbsp;</FONT></TD></tr></table>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
</TABLE>

<P style=margin-left:20%><FONT SIZE=2 FACE=ARIAL>the only
officer of the company to sit on our board, consistent with our past practice.
With over 35 years of experience at our company, Mr. Hildestad has a deep
knowledge and understanding of MDU Resources Group, Inc., its operating
companies and its lines of business. Mr. Hildestad has demonstrated his
leadership abilities and his commitment to our company since he was elected
president and chief executive officer and a director in 2006 and prior to that
time through his long service as chief operating officer of the company and as
president and chief executive officer at Knife River Corporation, our
construction materials and contracting subsidiary. The board also believes that
Mr. Hildestad&#146;s integrity, values, and good judgment make him well-suited to
serve on our board.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=5 VALIGN=TOP>
<P><IMG SRC="a093692046_v1.jpg" ALT="(PHOTO)"></P>
</TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>A. Bart Holaday</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director Since 2008</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Age 67</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Audit Committee</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Nominating and Governance
 Committee</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Mr. Holaday headed the Private
 Markets Group of UBS Asset Management and its predecessor entities for 15
 years prior to his retirement in 2001, during which time he managed more than
 $19 billion in investments. Prior to that he was vice president and principal
 of the InnoVen Venture Capital Group. He was founder and president of Tenax
 Oil and Gas Corporation, an onshore Gulf Coast exploration and production
 company, from 1980 through 1982. He has four years of senior management
 experience with Gulf Oil Corporation, a global energy and petrochemical
 company, and eight years of senior management with the federal government,
 including the Department of Defense, Department of the Interior, and the Federal Energy Administration. He
 is currently the president and owner of Dakota Renewable Energy Fund, LLC,
 which invests in small companies in North Dakota. He is a member of the
 investment advisory board of Commons Capital LLC, a venture capital firm; a
 member of the board of directors of Adams Street Partners, LLC, a private
 equity investment firm; Alerus Financial, a financial services company;
 Jamestown College; the United States Air Force Academy Endowment (chairman);
 the Falcon Foundation (vice president), which provides scholarships to Air
 Force Academy applicants; the Center for Innovation Foundation at the
 University of North Dakota (chairman and trustee) and the University of North
 Dakota Foundation; and is chairman and CEO of the Dakota Foundation. He is a
 past member of the board of directors of the National Venture Capital
 Association, Walden University, and the U.S. Securities and Exchange
 Commission advisory committee on the regulation of capital markets.</FONT></P>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Mr. Holaday
has a bachelor&#146;s degree in engineering sciences from the U.S. Air Force
Academy. He was a Rhodes Scholar, earning a bachelor&#146;s degree and a master&#146;s
degree in politics, philosophy, and economics from Oxford University. He also
earned a law degree from George Washington Law School and is a Chartered
Financial Analyst. In 2005, he was awarded an honorary Doctor of Letters from
the University of North Dakota.</FONT></P>
<TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the
following reasons, the board concluded that Mr. Holaday should serve as a
director of MDU Resources Group, Inc., in light of our business and structure,
at the time we file our proxy statement. MDU Resources Group, Inc. has
significant operations in the natural gas and oil industry. Mr. Holaday has
knowledge and experience in this industry. He founded and served as president
of Tenax Oil and Gas Corporation. He has four years experience in senior
management with Gulf Oil Corporation and 15 years of experience managing
private equity investments, including investments in oil and gas, as the head
of the Private Markets Group of UBS Asset Management and its predecessor
organizations. This business experience demonstrates his leadership skills and
success in the oil and gas industry. Mr. Holaday brings to the board his
extensive finance and investment experience as well as his business development
skills acquired through his work at UBS Asset Management, Tenax Oil and Gas
Corporation, Gulf Oil Corporation, and several private equity investment firms.
This will enhance the knowledge of the board and provide useful insights to
management in connection not only with our natural gas and oil business, but
with all of our businesses.</FONT></P></td></tr></table><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=4 VALIGN=TOP>
<P><IMG SRC="a093692047_v1.jpg" ALT="(PHOTO)"></P>
</TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>Dennis W. Johnson</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director Since 2001</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Age 60</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Audit Committee</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Mr. Johnson is chairman, chief
 executive officer and president of TMI Corporation, and chairman and chief
 executive officer of TMI Systems Design Corporation, TMI Transport
 Corporation and TMI Storage Systems Corporation, all of Dickinson, North
 Dakota, manufacturers of casework and architectural woodwork. He has been
 employed at TMI since 1974 serving as president or chief executive officer
 since 1982 and has been the majority stockholder since 1985. Mr. Johnson is
 serving his ninth year as president of the Dickinson City Commission. He
 previously was a director of the Federal Reserve Bank of Minneapolis. He is a
 past member and chairman of the Theodore Roosevelt Medora Foundation.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>5</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
</TABLE>

<P style=margin-left:20%><FONT SIZE=2 FACE=ARIAL>Mr. Johnson
has a bachelor of science degree in electrical and electronics engineering as
well as a master of science degree in industrial engineering from North Dakota
State University. He has served on numerous industry, state, and community
boards, including the North Dakota Workforce Development Council (chairperson),
the Decorative Laminate Products Association, the North Dakota Technology
Corporation, St. Joseph Hospital Life Care Foundation, St. John Evangelical
Lutheran Church, Dickinson State University, the executive operations committee
of the University of Mary Harold Shafer Leadership Center, and the Dickinson
United Way. He also served on North Dakota Governor Sinner&#146;s Education Action
Commission, the North Dakota Job Service Advisory Council, the North Dakota
State University President&#146;s Advisory Council, North Dakota Governor Schafer&#146;s
Transition Team, and chaired North Dakota Governor Hoeven&#146;s Transition Team. He
has received numerous awards including the 1991 Regional Small Business Person
of the Year Award and the Greater North Dakotan Award.</FONT></P>

<P style=margin-left:20%><FONT SIZE=2 FACE=ARIAL>For the
following reasons, the board concluded that Mr. Johnson should serve as a
director of MDU Resources Group, Inc., in light of our business and structure,
at the time we file our proxy statement. Mr. Johnson has over 27 years of
experience in business management, manufacturing, and finance, and has
demonstrated his success in these areas, through his positions as chairman,
president, and CEO of TMI, as well as through his prior service as a director
of the Federal Reserve Bank of Minneapolis. His finance experience and
leadership skills enable him to make valuable contributions to our audit
committee, which he has chaired for six years. As a result of his service on a
number of state and local organizations in North Dakota, Mr. Johnson has significant
knowledge of local, state, and regional issues involving North Dakota, a state
where we have significant operations and assets.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=4 VALIGN=TOP>
<P><IMG SRC="a093692048_v1.jpg" ALT="(PHOTO)"></P>
</TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>Thomas C. Knudson</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director Since 2008</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Age 63</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Compensation Committee</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Mr. Knudson has been president of
 Tom Knudson Interests, LLC, since its formation on January 14, 2004. Tom
 Knudson Interests, LLC, provides consulting services in energy, sustainable
 development, and leadership. Mr. Knudson began employment with Conoco Oil
 Company (Conoco) in May 1975 and retired in 2004 from Conoco&#146;s successor,
 ConocoPhillips, as senior vice president of human resources, government
 affairs and communications, and information technology. Mr. Knudson served as
 a member of ConocoPhillips&#146; management committee. His diverse career at
 Conoco and ConocoPhillips included engineering, operations, business
 development, and commercial assignments. He was the founding chairman of the
 Business Council for Sustainable Development in both the United States and
 the United Kingdom. He has been a director
 of Bristow Group Inc. since June 2004 and its chairman of the board of
 directors since August 2006, and was a director of Natco Group Inc. from
 April 2005 to November 2009 and Williams Partners LP from November 2005 to
 September 2007. Bristow Group Inc. is a leading provider of helicopter
 services to the offshore oil industry. Natco Group Inc. is a leading
 manufacturer of oil and gas processing equipment. Williams Partners LP owns
 natural gas gathering, transportation, processing, and treating assets, and
 also has natural gas liquids fractionating and storage assets.</FONT></P>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Mr. Knudson
has a bachelor&#146;s degree in aerospace engineering from the U.S. Naval Academy
and a master&#146;s degree in aerospace engineering from the U.S. Naval Postgraduate
School. He served as a naval aviator, flying combat missions in Vietnam, and
was a lieutenant commander in 1974 when he was honorably discharged. Mr.
Knudson has served on the boards of a number of petroleum industry
associations, Covenant House Texas, The Houston Museum of Natural Science, and
Alpha USA/Houston. He has served as an adjunct professor at the Jones Graduate
School of Management at Rice University.</FONT></P>
<TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the
following reasons, the board concluded that Mr. Knudson should serve as a
director of MDU Resources Group, Inc., in light of our business and structure,
at the time we file our proxy statement. A significant portion of our earnings
is derived from natural gas and oil production and the transportation, storage,
and gathering of natural gas. Mr. Knudson has extensive knowledge and
experience in this industry as a result of his prior employment with Conoco and
ConocoPhillips, as well as through his service on the boards of Natco Group,
Inc. and Williams Partners LP. Mr. Knudson has a broad background in engineering,
operations, and business development, as well as service on the management
committee at Conoco and ConocoPhillips, which bring additional experience and
perspective to our board. His service as senior vice president of human
resources at ConocoPhillips makes him an excellent fit for our compensation
committee. Sustainable business development is also an important aspect of our
business, and Mr. Knudson, as the founding chairman of the Business Council for
Sustainable Development, brings to our board significant experience and
knowledge in this area. Mr. Knudson also has significant knowledge of local,
state, and regional issues involving Texas, a state where we have important
operations and assets.</FONT></P></td></tr></table>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>6</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=5 VALIGN=TOP>
<P><IMG SRC="a093692049_v1.jpg" ALT="(PHOTO)"></P>
</TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>Richard H. Lewis</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director Since 2005</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Age 60</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Audit Committee<BR>
Nominating and Governance
 Committee</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Mr. Lewis has been the managing
 general partner of Brakemaka LLLP, a private investment partnership for managing
 family investments, and president of the Lewis Family Foundation since August
 2004. Mr. Lewis serves as chairman of the board of Entre Pure Industries,
 Inc., a privately held company involved in the purified water and ice
 business. He serves as a director of Colorado State Bank and Trust and on the
 senior advisory board of TPH Partners, L.P., a private equity fund with an
 energy-only focus. Mr. Lewis founded Prima Energy Corporation, a natural gas
 and oil exploration and production company in 1980, and served as chairman
 and chief executive officer of the company
 until its sale in July 2004. During his tenure, Prima Energy was named to
 Forbes Magazine&#146;s 200 Best Small Companies in America list seven times and
 was ranked the No. 1 Colorado public company for the decade of the 1990&#146;s in
 terms of market return. Mr. Lewis represented natural gas producers on a
 panel that studied electric restructuring in Colorado and has testified
 before Congressional committees on industry matters. He worked in private practice
 as a certified public accountant for eight years prior to founding Prima
 Energy.</FONT></P>
<TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Mr. Lewis
has a bachelor&#146;s degree in finance and accounting from the University of
Colorado. He served as a board member on the Colorado Oil and Gas Association
from November 1999 to November 2009, including a term as its president. In
2000, Mr. Lewis was inducted into the Ernst &amp; Young Entrepreneur of the
Year Hall of Fame and in 2004 was inducted into the Rocky Mountain Oil and Gas
Hall of Fame. Mr. Lewis serves as the chairman of the Development Board of
Colorado Uplift, a non-profit organization whose mission is to build long-term,
life-changing relationships with urban youth. He also serves on the Board of
Trustees of Alliance for Choice in Education, which provides scholarships to
inner city youth. He has also served on the Board of Trustees of the Metro
Denver YMCA, the Advisory Council to the Leeds School of Business at the
University of Colorado, and as a director for the Partnership for the West.</FONT></P>
<TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the
following reasons, the board concluded that Mr. Lewis should serve as a
director of MDU Resources Group, Inc., in light of our business and structure,
at the time we file our proxy statement. MDU Resources Group, Inc. derives a
significant portion of its earnings from natural gas and oil production, one of
our business segments. Mr. Lewis has extensive business experience, recognized
excellence, and demonstrated success in this industry through almost 25 years
at his company, Prima Energy Corporation, and ten years on the board of the
Colorado Oil and Gas Association. In addition to his industry experience, he
brings investment experience to our board through his service on the senior
advisory board of TPH Partners, L.P., an energy-only private equity fund. As a
certified public accountant and a director of Colorado State Bank and Trust,
Mr. Lewis also contributes significant finance and accounting knowledge to our
board and audit committee. Mr. Lewis also brings to the board his knowledge of
local, state, and regional issues involving Colorado and the Rocky Mountain
region, where we have important operations.</FONT></P></td></tr></table><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=8 VALIGN=TOP>
<P><IMG SRC="a093692050_v1.jpg" ALT="(PHOTO)"></P>
</TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>Patricia L. Moss</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director Since 2003</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Age 56</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Compensation Committee</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Ms. Moss has served as the
 president and chief executive officer of Cascade Bancorp, a financial holding
 company in Bend, Oregon, since 1998, chief executive officer of Cascade
 Bancorp&#146;s principal subsidiary, Bank of the Cascades, since 1993, serving
 also as president from 1993 to 2003, and a director of Cascade Bancorp since
 1993. She also serves as a director of the Oregon Investment Fund Advisory
 Council, a state-sponsored program to encourage the growth of small
 businesses within Oregon, and a director of Clear Choice Health Plans Inc., a
 multi-state insurance company.</FONT></P>
<TR>
 <TD VALIGN=TOP>
     <FONT SIZE=1>&nbsp;</FONT></TD>
 </TR>
<TR>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Ms. Moss graduated magna cum
 laude with a bachelor of science degree in business administration from
 Linfield College in Oregon and did master&#146;s studies at Portland State
 University. She received commercial banking school certification at the ABA
 Commercial Banking School at the University of Oklahoma. She served as a
 director of the Oregon Business Council, whose mission is to mobilize
 business leaders to contribute to Oregon&#146;s quality of life and economic
 prosperity; the Cascades Campus Advisory Board of the Oregon State
 University; the North Pacific Group, Inc., a wholesale distributor of
 building materials, industrial and hardwood products, and other specialty
 products; the Aquila Tax Free Trust of Oregon, a mutual fund created
 especially for the benefit of Oregon residents; and as a director and chair
 of the St. Charles Medical Center.</FONT></P>
<TR>
 <TD VALIGN=TOP>
     <FONT SIZE=1>&nbsp;</FONT></TD>
 </TR>
<TR>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>In August
2009, the Federal Deposit Insurance Corporation and the Oregon Division of
Finance and Corporate Securities entered into a consent agreement with Bank of
the Cascades that requires the bank to develop and adopt a plan to maintain the
capital necessary for it to be &#147;well-capitalized,&#148; to improve its lending
policies and its allowance for loan losses, to increase its liquidity, to
retain qualified</FONT></P></td></tr></table>

<BR><BR>

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 <P>&nbsp;</P>
 </TD>
 </TR>
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 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>7</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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<BR>

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 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
</TABLE>

<P style=margin-left:20%><FONT SIZE=2 FACE=ARIAL>management,
and to increase the participation of its board of directors in the affairs of
the bank. In October 2009, the bank&#146;s parent, Cascade Bancorp, entered into a
written agreement with the Federal Reserve Bank of San Francisco and the Oregon
Division relating largely to improving the financial condition of Cascade
Bancorp and the Bank of the Cascades.</FONT></P>

<P style=margin-left:20%><FONT SIZE=2 FACE=ARIAL>For the
following reasons, the board concluded that Ms. Moss should serve as a director
of MDU Resources Group, Inc., in light of our business and structure, at the
time we file our proxy statement. A significant portion of MDU Resources Group,
Inc.&#146;s utility, construction services, and contracting operations are located
in the Pacific Northwest. Ms. Moss has first-hand business experience and
knowledge of the Pacific Northwest economy and local, state, and regional
issues through her position as president, chief executive officer, and a
director at Cascade Bancorp and Bank of the Cascades, where she has over 28
years of experience. Ms. Moss provides to our board her experience in finance
and banking as well as her experience in business development through her work
at Cascade Bancorp and on the Oregon Investment Advisory Council and the Oregon
Business Council. Ms. Moss is also certified as a Senior Professional in Human
Resources, which makes her well-suited for our compensation committee. In
deciding that Ms. Moss should be renominated as a director, the board was
mindful of the consent agreement with Bank of the Cascades, but concluded that
Ms. Moss brought the many skills and experiences discussed above to our board
and had proved herself to be a dedicated and hard-working director.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=4 VALIGN=TOP>
<P><IMG SRC="a093692051_v1.jpg" ALT="(PHOTO)"></P>
</TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>Harry J. Pearce</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director Since 1997</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Age 67</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Chairman of the Board</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=top>
 <P><FONT SIZE=2 FACE=ARIAL>Mr. Pearce was elected chairman
 of the board of the company on August 17, 2006. Prior to that, he served as
 lead director effective February 15, 2001 and was vice chairman of the board
 from November 16, 2000 until February 15, 2001. Mr. Pearce has been a
 director of Marriott International, Inc., a major hotel chain, since 1995. He
 was a director of Nortel Networks Corporation, a global telecommunications
 company, from January 11, 2005 to August 10, 2009, serving as chairman of the
 board from June 29, 2005. He retired on December 19, 2003, as chairman of
 Hughes Electronics Corporation, a General Motors Corporation subsidiary and
 provider of digital television entertainment,
 broadband satellite network, and global video and data broadcasting. He had
 served as chairman since June 1, 2001. Mr. Pearce was vice chairman and a
 director of General Motors Corporation, one of the world&#146;s largest
 automakers, from January 1, 1996 to May 31, 2001. He served on the
 President&#146;s Council on Sustainable Development and co-chaired the President&#146;s
 Commission on the United States Postal Service. Prior to joining General
 Motors, he was a senior partner in the Pearce &amp; Durick law firm in
 Bismarck, North Dakota. Mr. Pearce is a director of the United States Air
 Force Academy Endowment, and a member of the Advisory Board of the University
 of Michigan Cancer Center. He is a Fellow of the American College of Trial
 Lawyers and a member of the International Society of Barristers. He also
 serves on the Board of Trustees of Northwestern University. He has served as
 a chairman or director on the boards of numerous nonprofit organizations,
 including as chairman of the board of Visitors of the U.S. Air Force Academy,
 chairman of the National Defense University Foundation, and chairman of the
 Marrow Foundation. He currently serves as a director of the National Bone
 Marrow Transplant Link and New York Marrow Foundation. Mr. Pearce received a
 bachelor&#146;s degree in engineering sciences from the U.S. Air Force Academy and
 his law degree from Northwestern University&#146;s School of Law.</FONT></P>
<TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the
following reasons, the board concluded that Mr. Pearce should serve as a
director of MDU Resources Group, Inc., in light of our business and structure,
at the time we file our proxy statement. MDU Resources Group, Inc. values
public company leadership and the experience directors gain through such
leadership. Mr. Pearce is recognized nationally as well as in the State of
North Dakota as a business leader and for his business acumen. He has multinational
business management experience and proven leadership skills through his
position as vice chairman at General Motors Corporation, as well as through his
extensive service on the boards of large public companies, including Marriott
International Inc.; Hughes Electronics Corporation, where he was chairman; and
Nortel Networks Corporation, where he also was chairman. He also brings to our
board his long experience as a practicing attorney. In addition, Mr. Pearce is
focused on corporate governance issues and is the founding chair of the
Chairmen&#146;s Forum, an organization comprised of non-executive chairmen of
publicly-traded companies. Participants in the Chairmen&#146;s Forum discuss ways to
enhance the accountability of corporations to owners and promote a deeper
understanding of independent board leadership and effective practices of board
chairmanship. The board also believes that Mr. Pearce&#146;s values and commitment
to excellence make him well-suited to serve as chairman of our board.</FONT></P></td></tr></table>

<BR><BR>

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 <P>&nbsp;</P>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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<BR>

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 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
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 </TD>
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</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=4 VALIGN=TOP>
<P><IMG SRC="a093692052_v1.jpg" ALT="(PHOTO)"></P>
</TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>John K. Wilson</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director Since 2003</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Age 55</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Audit Committee</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Mr. Wilson was president of
 Durham Resources, LLC, a privately held financial management company, in
 Omaha, Nebraska, from 1994 to December 31, 2008. He previously was president
 of Great Plains Energy Corp., a public utility holding company and an
 affiliate of Durham Resources, LLC, from 1994 to July 1, 2000. He was vice
 president of Great Plains Natural Gas Co., an affiliate company of Durham
 Resources, LLC, until July 1, 2000. The company bought Great Plains Energy
 Corp. and Great Plains Natural Gas Co. on July 1, 2000. Mr. Wilson also
 served as president of the Durham Foundation and was a director of Bridges
 Investment Fund, a mutual fund, and the Greater
 Omaha Chamber of Commerce. He is presently a director of HDR, Inc., an
 international architecture and engineering firm based in Omaha, and serves on
 the advisory boards of US Bank NA Omaha and Duncan Aviation, an aircraft service
 provider, headquartered in Lincoln, Nebraska. He also serves as deputy
 director of the Robert B. Daugherty Charitable Foundation.</FONT></P>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Mr. Wilson
is a certified public accountant. He received his bachelor&#146;s degree in business
administration, cum laude, from the University of Nebraska &#150; Omaha. During his
career, he was a member of the audit staff and an audit manager at Peat,
Marwick, Mitchell (now known as KPMG), controller for Great Plains Natural Gas
Co., and chief financial officer and treasurer for all Durham Resources
entities.</FONT></P>
<TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the
following reasons, the board concluded that Mr. Wilson should serve as a
director of MDU Resources Group, Inc., in light of our business and structure,
at the time we file our proxy statement. Mr. Wilson has an extensive background
in finance and accounting as well as extensive experience with mergers and
acquisitions through his education and work experience at a major accounting
firm and his later positions as controller and vice president of Great Plains
Natural Gas Co.; president of Great Plains Energy Corp.; and president, chief
financial officer, and treasurer for Durham Resources, LLC and all Durham
Resources entities. The electric and natural gas utility business was our core
business when our company was founded in 1924. That business now operates
through four utilities: Montana-Dakota Utilities Co., Great Plains Natural Gas
Co., Cascade Natural Gas Corporation, and Intermountain Gas Company. Mr. Wilson
is our only non-employee director with direct experience in this area through
his prior positions at Great Plains Natural Gas Co. and Great Plains Energy
Corp. In addition, Mr. Wilson&#146;s extensive finance and accounting experience
make him well-suited for our audit committee.</FONT></P></td></tr></table><br>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>The board of directors recommends a vote
&#147;for&#148; each nominee.</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>A majority
of votes cast is required to elect a director in an uncontested election. A
majority of votes cast means the number of votes cast &#147;for&#148; a director&#146;s
election must exceed the number of votes cast &#147;against&#148; the director&#146;s election.
&#147;Abstentions&#148; and &#147;broker non-votes&#148; do not count as votes cast &#147;for&#148; or
&#147;against&#148; the director&#146;s election. In a contested election, which is an
election in which the number of nominees for director exceeds the number of
directors to be elected and which we do not anticipate, directors will be
elected by a plurality of the votes cast.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Unless you
specify otherwise when you submit your proxy, the proxies will vote your shares
of common stock &#147;for&#148; all directors nominated by the board of directors. If a
nominee becomes unavailable for any reason or if a vacancy should occur before
the election, which we do not anticipate, the proxies will vote your shares in
their discretion for another person nominated by the board.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Our policy
on majority voting for directors and our corporate governance guidelines
require any nominee for re-election as a director to tender to the board, prior
to nomination, his or her irrevocable resignation from the board that will be
effective, in an uncontested election of directors only, upon:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>receipt of a greater number of
 votes &#147;against&#148; than votes &#147;for&#148; election at our annual meeting of
 stockholders and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>acceptance of such resignation by
 the board of directors.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Following
certification of the stockholder vote, the nominating and governance committee
will promptly recommend to the board whether or not to accept the tendered
resignation. The board will act on the nominating and governance committee&#146;s
recommendation no later than 90 days following the date of the annual meeting.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Please note that the New York Stock Exchange rules have changed. Brokers
may not vote your shares on the election of directors if you have not given
your broker specific instructions as to how to vote. Please be sure to give
specific voting instructions to your broker so that your vote can be counted.</B></FONT></P>

<BR><BR>

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 </TD>
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 <P>&nbsp;</P>
 </TD>
 </TR>
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 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>9</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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<BR>

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 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL><B>I<A NAME="C005_V1"></A>TEM
2. REPEAL OF ARTICLE TWELFTH OF OUR RESTATED CERTIFICATE OF INCORPORATION,
WHICH CONTAINS PROVISIONS RELATING TO BUSINESS COMBINATIONS WITH INTERESTED
STOCKHOLDERS, AND RELATED AMENDMENTS TO ARTICLES THIRTEENTH AND FOURTEENTH</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In November
2009, we received a stockholder proposal requesting that the board of directors
take the steps necessary to change the stockholder vote requirements that call
for a greater than simple majority vote in our restated certificate of
incorporation, as amended, and bylaws to a majority of votes cast for or
against any proposal.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Article
TWELFTH of our restated certificate of incorporation, which has &#147;fair price&#148;
provisions relating to business combinations with interested stockholders,
contains a supermajority vote requirement. Article TWELFTH provides that,
unless the transaction is approved by two-thirds of the continuing directors,
the fair price and procedural requirements of article TWELFTH will apply to the
business combination, and the business combination must be approved by at least
80% of the voting power of the outstanding voting stock. In this proxy
statement, we sometimes refer to the provisions of article TWELFTH as the &#147;fair
price&#148; provisions.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Article
TWELFTH requires the affirmative vote of at least 80% of the voting power of
our outstanding voting stock to approve certain transactions involving an
&#147;interested stockholder,&#148; which is a person or group that beneficially owns
more than 10% of our outstanding voting stock.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
supermajority vote requirement applies to the following transactions:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a merger or consolidation with an
 interested stockholder</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a sale, lease, exchange or other
 disposition of assets of the company with an aggregate fair market value of
 $5 million or more to an interested stockholder</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the issuance of securities by the
 company with an aggregate fair market value of $5 million or more to an
 interested stockholder</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a voluntary plan of liquidation
 or dissolution proposed by an interested stockholder and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a reclassification,
 recapitalization, merger or any other transaction that increases the
 proportionate share of outstanding shares of the company owned by an
 interested stockholder.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The
supermajority vote requirement does not apply to transactions that have been
approved by two-thirds of the continuing directors. Continuing directors are
members of the board who are unaffiliated with, and not nominees of, an
interested stockholder and who were members of the board prior to the time the
interested stockholder became an interested stockholder. Continuing directors
also include directors designated to succeed continuing directors.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We added
article TWELFTH to our restated certificate of incorporation in 1985. As we
discussed in our proxy statement at that time, there had been a number of
instances in which an unsolicited bidder had acquired control of a company over
the objections of management and, after acquiring control, had compelled a
merger, consolidation or sale of assets without an arm&#146;s length negotiation of
the terms. While tender offers or other takeover attempts could be made at a
price substantially above the market price of a company&#146;s common stock, they
frequently were made for less than all of the outstanding shares of a target
company. Such partial offers could present stockholders with the alternative of
either partially liquidating their investment at a time when that may be
disadvantageous or retaining an investment in an enterprise under new
management whose objectives may differ from those of the remaining
stockholders. Article TWELFTH was designed to deal with then recently-developed
takeover strategies such as two-tiered transactions that often resulted in
inequitable treatment of long-term stockholders. Article TWELFTH was designed
to encourage a person making an unsolicited bid for the company to negotiate
with our board of directors to reach terms that were fair and in the best
interests of the stockholders.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In more
recent years, however, some investors have viewed fair price provisions as
inconsistent with principles of good corporate governance and believe that
these provisions make it more difficult for stockholders to effect change and
participate in important decisions affecting the company. These investors
believe that the supermajority vote requirement that is part of the fair price
provisions limits the ability of a majority of stockholders to effect change by
providing a veto right to a large minority stockholder or group of
stockholders. They also assert that supermajority vote provisions cause boards
and management to be less responsive or accountable to stockholders. Others
have argued that supermajority vote requirements not only offer little, if any,
protection to minority stockholders, but also have the effect of discouraging
legitimate offers for a company by making them more expensive.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>After
receiving the stockholder proposal, the board of directors reviewed the
advantages and disadvantages of the provisions contained in article TWELFTH and
after this review decided to propose the repeal of article TWELFTH to further
our goal of ensuring that our corporate governance policies maximize our
accountability to stockholders.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>10</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The company
will continue to be subject to Section 203 of the Delaware General Corporation
Law, whether or not the proposed amendments are approved. With some exceptions,
Section 203 provides that a business combination, as defined in Section 203,
with an interested stockholder, which is a person owning 15% or more of a
company&#146;s outstanding voting stock, cannot be completed for a three-year period
after the date the person became an interested stockholder, unless</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>prior to the time the person
 became an interested stockholder, the board of directors approved either the
 business combination or the transaction that resulted in the person becoming
 an interested stockholder</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>upon consummation of the
 transaction that resulted in the person becoming an interested stockholder,
 that person owned at least 85% of the outstanding voting stock, excluding
 certain shares or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the business combination was
 approved by the board of directors and by at least two-thirds of the
 outstanding voting stock not owned by the interested stockholder.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>In addition
to the deletion of article TWELFTH, the board of directors has proposed related
amendments to articles THIRTEENTH and FOURTEENTH of our restated certificate of
incorporation. These amendments add to article THIRTEENTH some definitions of
terms currently included in article TWELFTH that are relevant to other articles
of our restated certificate of incorporation. These definitions of terms have
been modified to reflect the repeal of article TWELFTH. In addition, in article
FOURTEENTH, the amendments substitute the term &#147;business combination&#148; that was
previously defined in article TWELFTH with a description of the term&#146;s meaning,
which is no longer limited to transactions with &#147;interested stockholders.&#148;</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The board
of directors has approved the proposed amendments to our restated certificate
of incorporation described above. The board resolution setting forth the
proposed amendments to our restated certificate of incorporation is included in
Exhibit A to this proxy statement and shows the changes that would result from
the amendments. If approved by our stockholders, the amendments will become
effective upon filing with the Secretary of State of the State of Delaware,
which filing we would make promptly after the annual meeting.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>The board of directors recommends a vote
&#147;for&#148; the proposal to repeal article TWELFTH of our restated certificate of
incorporation, which contains provisions relating to business combinations with
interested stockholders, and related amendments to articles THIRTEENTH and FOURTEENTH.</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Approval
requires the affirmative vote of a majority of the outstanding shares of common
stock. Abstentions will count as votes against this proposal.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>I<A NAME="C006_V1"></A>TEM
3. REPEAL OF ARTICLE FIFTEENTH OF OUR RESTATED CERTIFICATE OF INCORPORATION,
WHICH CONTAINS SUPERMAJORITY VOTE REQUIREMENTS FOR AMENDMENTS TO CERTAIN
ARTICLES OF OUR RESTATED CERTIFICATE OF INCORPORATION</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>As
discussed above under Item 2, in November 2009, we received a stockholder
proposal requesting that the board of directors take the steps necessary to
change the stockholder vote requirements that call for a greater than simple
majority vote in our restated certificate of incorporation and bylaws to a
majority of votes cast for or against any proposal.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Article
FIFTEENTH of our restated certificate of incorporation, as amended, requires
the affirmative vote of at least 80% of the voting power of the outstanding
voting stock to amend, alter, change or repeal, or to adopt any provision
inconsistent with, the following provisions of our restated certificate of
incorporation:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>article TWELFTH, which contains
 provisions relating to business combinations with interested stockholders and
 includes a supermajority vote requirement. As described under Item 2 above,
 article TWELFTH is proposed to be deleted.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>article THIRTEENTH, which
 contains provisions relating to the board of directors and establishes the
 range for the number of directors on the board, the authority of the board to
 fix the exact number of directors within the range, the provisions for annual
 election of directors, and the authority of the board to fill vacancies or
 newly created directorships</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>article FOURTEENTH, which sets
 forth a list of factors for the board of directors to consider in evaluating
 a proposal by another party to make a tender or exchange offer for securities
 of the company or to effect a merger, consolidation or other business
 combination with the company</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>article FIFTEENTH itself and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>article SIXTEENTH, which contains
 provisions setting forth how stockholder action must be effected and who is
 entitled to call special meetings of stockholders.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>11</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The
supermajority vote requirement does not apply to amendments that are recommended
to stockholders by two-thirds of the continuing directors.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We added
article FIFTEENTH to our restated certificate of incorporation in 1985. The
supermajority vote requirement was intended to prevent one or more stockholders
controlling a simple majority of our voting stock from repealing the fair price
and other provisions referred to in article FIFTEENTH and to give minority
stockholders holding in the aggregate in excess of 20% of the voting power the
ability to prevent amendments to the fair price and other provisions referred
to in article FIFTEENTH.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>However, as
with fair price provisions, in more recent years, some investors have viewed
supermajority vote requirements as inconsistent with principles of good
corporate governance and argue that such provisions make it more difficult for
stockholders to effect change and participate in important decisions affecting
the company. These investors believe that supermajority vote requirements limit
the ability of a majority of stockholders to effect change by providing a veto
right to a large minority stockholder or group of stockholders. They also
assert that supermajority vote provisions cause boards and management to be
less responsive or accountable to stockholders. Others have argued that
supermajority vote requirements not only offer little, if any, protection to
minority stockholders, but also have the effect of discouraging legitimate
offers for the company by making them more expensive. A number of major
corporations have determined that, regardless of the merits of supermajority
vote provisions, principles of good corporate governance dictate that such
requirements be eliminated.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>After
receiving the stockholder proposal, the board of directors reviewed the
advantages and disadvantages of supermajority vote requirements contained in
article FIFTEENTH and, after this review, decided to propose the repeal of
article FIFTEENTH to further our goal of ensuring that our corporate governance
policies maximize our accountability to stockholders.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>If article
FIFTEENTH is repealed, the stockholder vote required to approve amendments to
the provisions of our restated articles of incorporation identified in article
FIFTEENTH that are not recommended to stockholders by two-thirds of our
continuing directors would be reduced from an 80% supermajority vote to a
majority of our outstanding voting stock. Section 242(b) of the Delaware
General Corporation Law would apply to all amendments to our restated
certificate of incorporation and require that charter amendments be approved by
a majority of the outstanding stock entitled to vote thereon and by a majority
of the outstanding stock of each class entitled to vote thereon as a class,
unless the Delaware General Corporation Law or our restated certificate of
incorporation specifically provides for a greater than majority vote.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The board
of directors has approved the proposed amendment as described above. The board
resolution setting forth the proposed amendment to our restated certificate of
incorporation is included in Exhibit A to this proxy statement and shows the
changes that would result from the amendment. If approved by our stockholders,
the amendment will become effective upon filing with the Secretary of State of
the State of Delaware, which filing we would make promptly after the annual
meeting.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>The board of directors recommends a vote
&#147;for&#148; the proposal to repeal article FIFTEENTH of our restated certificate of
incorporation, which contains supermajority vote requirements for amendments to
certain articles of our restated certificate of incorporation.</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Approval
requires the affirmative vote of a majority of the outstanding shares of common
stock. Abstentions will count as votes against this proposal.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>I<A NAME="C007_V1"></A>TEM
4. REPEAL OF SECTION (c) OF ARTICLE THIRTEENTH OF OUR RESTATED CERTIFICATE OF
INCORPORATION, WHICH PROVIDES THAT DIRECTORS MAY BE REMOVED BY STOCKHOLDERS
ONLY FOR CAUSE, AND TECHNICAL AMENDMENTS TO SECTION (a) OF ARTICLE THIRTEENTH</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Section (c)
of article THIRTEENTH of our restated certificate of incorporation, as amended,
provides that any director or the entire board of directors may be removed by
stockholders only for cause and sets forth the requirements for such removal.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In 2007,
our board of directors proposed and our stockholders approved the
declassification of our board. The declassification has been phased in over a
three-year period from 2008 to 2010. Directors elected at our 2007 annual
meeting comprise the last class of directors elected to serve a three-year
term, and their terms will expire with this year&#146;s annual meeting. As a result,
commencing with this year&#146;s annual meeting, our board will be completely
declassified, and all directors at this year&#146;s annual meeting will be elected
to serve one-year terms.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>12</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>With the
completion of the declassification of our board, section (c) of article
THIRTEENTH will not be consistent with Section 141(k) of the Delaware General
Corporation Law, which provides that the right of stockholders to remove
directors may not be limited to removal for cause unless the board is
classified.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The board
of directors has therefore proposed to repeal section (c) of article THIRTEENTH
and to make technical amendments to section (a) of article THIRTEENTH.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The board
of directors has approved the proposed amendments to our restated certificate
of incorporation described above. The board resolution setting forth the
proposed amendments to our restated certificate of incorporation is included in
Exhibit A to this proxy statement and shows the changes that would result from
the amendments. If approved by our stockholders, the amendments will become
effective upon filing with the Secretary of State of the State of Delaware,
which filing we would make promptly after the annual meeting. However, even if
our stockholders do not approve the repeal of section (c), it will no longer
have any effect because its provisions will be inconsistent with the Delaware
General Corporation Law.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>The board of directors recommends a vote
&#147;for&#148; the proposal to repeal section (c) of article THIRTEENTH of our restated
certificate of incorporation, which provides that directors may be removed by
stockholders only for cause, and technical amendments to section (a) of article
THIRTEENTH.</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Approval
requires the affirmative vote of a majority of the outstanding shares of common
stock. Abstentions will count as votes against this proposal.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>I<A NAME="C008_V1"></A>TEM
5. RATIFICATION OF INDEPENDENT AUDITORS</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The audit
committee at its February 2010 meeting appointed Deloitte &amp; Touche LLP as
our independent auditors for fiscal year 2010. The board of directors concurred
with the audit committee&#146;s decision. Deloitte &amp; Touche LLP has served as
our independent auditors since fiscal year 2002.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Although
your ratification vote will not affect the appointment or retention of Deloitte
&amp; Touche LLP for 2010, the audit committee will consider your vote in
determining its appointment of our independent auditors for the next fiscal
year. The audit committee, in appointing our independent auditors, reserves the
right, in its sole discretion, to change an appointment at any time during a
fiscal year if it determines that such a change would be in our best interests.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>A
representative of Deloitte &amp; Touche LLP will be present at the annual meeting
and will be available to respond to appropriate questions. We do not anticipate
that the representative will make a prepared statement at the meeting; however,
he or she will be free to do so if he or she chooses.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>The board of directors recommends a vote
&#147;for&#148; the ratification of <BR>
Deloitte &amp; Touche LLP as our independent auditors for 2010.</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Ratification
of the appointment of Deloitte &amp; Touche LLP as our independent auditors for
2010 requires the affirmative vote of a majority of our common stock present in
person or represented by proxy at the meeting and entitled to vote on the
proposal. Abstentions will count as votes against this proposal.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In
connection with the audit of our financial statements for 2010, the parties
have drafted an agreement for audit committee approval that contains provisions
for alternative dispute resolution and for the exclusion of punitive damages.
The agreement provides that disputes arising out of our engagement of Deloitte
&amp; Touche LLP are resolved through mediation or arbitration, commonly
referred to as alternative dispute resolution procedures, and that the
company&#146;s and Deloitte &amp; Touche LLP&#146;s rights to pursue punitive damages or
other forms of relief not based upon actual damages are waived. The alternative
dispute resolution provisions do not apply to claims by third parties, such as
our stockholders or creditors.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>13</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL><B>A<A NAME="C009_V1"></A>CCOUNTING
AND AUDITING MATTERS</B></FONT></P>

<P><FONT SIZE=3 FACE=ARIAL>Fees</font><FONT FACE=ARIAL size=2><BR>The following table summarizes the aggregate fees that our
independent auditors, Deloitte &amp; Touche LLP, billed or are expected to bill
us for professional services rendered for 2009 and 2008:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>2008*</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Audit Fees(a)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,393,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,535,253</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Audit-Related Fees(b)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>52,292</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>78,511</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Tax Fees(c)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>All Other Fees(d)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>130,016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Total Fees(e)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,593,708</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,647,417</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Ratio of Tax and All Other Fees to Audit and Audit-Related
 Fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.29</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;&nbsp;&nbsp;*</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>The 2008
 amounts were adjusted from amounts shown in the 2009 proxy statement to
 reflect actual amounts.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (a)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Audit fees for
 both 2009 and 2008 consisted of services rendered for the audit of our annual
 financial statements; reviews of our quarterly financial statements; comfort
 letters; statutory and regulatory audits and consents and other services
 related to Securities and Exchange Commission matters.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (b)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Audit-related
 fees for 2009 are associated with the audit of the Intermountain Gas
 Company&#146;s benefit plans and accounting research assistance. Audit-related
 fees for 2008 are associated with accounting research assistance;
 consultation on accounting process improvements, including recommended
 practices and opportunities for control improvement; and assistance in the
 transition of benefit plan audits to another accounting firm.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (c)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Tax fees for
 2009 include support services associated with the Cascade Natural Gas
 Corporation IRS audit. Tax fees for 2008 are associated with tax planning,
 compliance, and support services. </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (d)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>All other fees
 for 2009 are for services provided by Deloitte FAS, LLP in connection with
 the review of accounting practices and procedures at one of the company&#146;s
 operating locations. No fees under the category of all other fees were
 incurred during 2008.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (e)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Total fees
 reported above include out-of-pocket expenses related to the services
 provided of $267,708 for 2009 and $269,618 for 2008.</I></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL>Pre-Approval Policy<BR>
<FONT FACE=ARIAL SIZE=2>The audit committee pre-approved all services Deloitte &amp;
Touche LLP performed in 2009 in accordance with the pre-approval policy and
procedures the audit committee adopted at its August 12, 2003 meeting. This
policy is designed to achieve the continued independence of Deloitte &amp;
Touche LLP and to assist in our compliance with Sections 201 and 202 of the
Sarbanes-Oxley Act of 2002 and related rules of the Securities and Exchange
Commission.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The policy
defines the permitted services in each of the audit, audit-related, tax and all
other services categories as well as prohibited services. The pre-approval
policy requires management to submit annually for approval to the audit
committee a service plan describing the scope of work and anticipated cost
associated with each category of service. At each regular audit committee meeting,
management reports on services performed by Deloitte &amp; Touche LLP and the
fees paid or accrued through the end of the quarter preceding the meeting.
Management may submit requests for additional permitted services before the
next scheduled audit committee meeting to the designated member of the audit
committee, Dennis W. Johnson, for approval. The designated member updates the
audit committee at the next regularly scheduled meeting regarding any services
that he approved during the interim period. At each regular audit committee
meeting, management may submit to the audit committee for approval a supplement
to the service plan containing any request for additional permitted services.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In
addition, prior to approving any request for audit-related, tax or all other
services of more than $50,000, Deloitte &amp; Touche LLP will provide a
statement setting forth the reasons why rendering of the proposed services does
not compromise Deloitte &amp; Touche LLP&#146;s independence. This description and
statement by Deloitte &amp; Touche LLP may be incorporated into the service
plan or as an exhibit thereto or may be delivered in a separate written
statement.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>I<A NAME="C010_V1"></A>TEM
6. STOCKHOLDER PROPOSAL REQUESTING A REPORT ON COAL COMBUSTION WASTE</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>A
stockholder has notified us that it intends to present a resolution for action
by the stockholders at the annual meeting. We will provide the name, address
and stock ownership of the proponent to stockholders promptly after receiving
an oral or written request. The text of the resolution and the supporting statement
submitted by the proponent are as follows.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>14</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL>Stockholder Proposal</FONT></P>

<P STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:0.5IN; '><FONT SIZE=2 FACE=ARIAL>Report On
Risks Associated With Coal Combustion Waste</FONT></P>

<P STYLE='MARGIN-RIGHT:0.5IN; MARGIN-LEFT:0.5IN; '><FONT SIZE=2 FACE=ARIAL><B>WHEREAS:</B><FONT FACE=ARIAL> Coal combustion waste (CCW) is a by-product of
burning coal that contains high concentrations of arsenic, mercury, heavy
metals and other toxins that pollution control equipment filters out of
smokestacks. Across the country, over 130 million tons of CCW are being stored
in surface waste ponds, impoundments and abandoned mines.</FONT></FONT></P>

<P STYLE='MARGIN-RIGHT:0.5IN; MARGIN-LEFT:0.5IN; '><FONT SIZE=2 FACE=ARIAL>Our
company&#146;s electricity generation mix is 54% coal, 17% Gas, 4% Renewables, and
26% Purchased power/capacity agreements.</FONT></P>

<P STYLE='MARGIN-RIGHT:0.5IN; MARGIN-LEFT:0.5IN; '><FONT SIZE=2 FACE=ARIAL>According
to the company, our company operates CCW impoundment sites. CCW is therefore a
significant issue for our company.</FONT></P>

<P STYLE='MARGIN-RIGHT:0.5IN; MARGIN-LEFT:0.5IN; '><FONT SIZE=2 FACE=ARIAL>In 2007,
the U.S. Environmental Protection Agency (EPA) published a draft risk
assessment that found extremely high risks to human health from the disposal of
CCW in waste ponds and landfills. EPA&#146;s analyses of the behavior of CCW in
unlined disposal sites predict that some metals will migrate and contaminate
nearby groundwater to levels extremely dangerous to people.</FONT></P>

<P STYLE='MARGIN-RIGHT:0.5IN; MARGIN-LEFT:0.5IN; '><FONT SIZE=2 FACE=ARIAL>The EPA has
found ample evidence at over 60 sites in the U.S. that CCW has polluted ground
and surface waters.</FONT></P>

<P STYLE='MARGIN-RIGHT:0.5IN; MARGIN-LEFT:0.5IN; '><FONT SIZE=2 FACE=ARIAL>EPA has
identified over 580 CCW impoundment facilities around the country. At least 49
of these have been labeled &#147;high hazard potential&#148; sites where a dam breach and
subsequent spill of CCW material would likely result in a loss of human life
and significant environmental consequences.</FONT></P>

<P STYLE='MARGIN-RIGHT:0.5IN; MARGIN-LEFT:0.5IN; '><FONT SIZE=2 FACE=ARIAL>Recent
reports by the New York Times and others have drawn attention to the impactful
presence of CCW in the nation&#146;s air and waterways, through leakage from CCW
impoundments and through direct discharge to surrounding rivers and streams.</FONT></P>

<P STYLE='MARGIN-RIGHT:0.5IN; MARGIN-LEFT:0.5IN; '><FONT SIZE=2 FACE=ARIAL>The
Tennessee Valley Authority&#146;s (TVA) 1.1 billion gallon CCW spill in December
2008 that covered over 300 acres in eastern Tennessee with toxic sludge
highlights the serious environmental risks associated with storing CCW. TVA
estimates a total cleanup cost of $1.2 billion. This figure does not contain
the extensive litigation costs that ensued, including the large class action
lawsuit filed against TVA in February 2009.</FONT></P>

<P STYLE='MARGIN-RIGHT:0.5IN; MARGIN-LEFT:0.5IN; '><FONT SIZE=2 FACE=ARIAL>EPA
officials have indicated that the agency will determine by the end of 2009
whether certain power plant by-products such as coal ash should be treated as
hazardous waste, which would subject CCW to stricter regulations.</FONT></P>

<P STYLE='MARGIN-RIGHT:0.5IN; MARGIN-LEFT:0.5IN; '><FONT SIZE=2 FACE=ARIAL><B>RESOLVED:</B><FONT FACE=ARIAL> Shareholders request that the board prepare a report,
at reasonable cost and omitting proprietary information, on the company&#146;s
efforts, above and beyond legal compliance, to reduce environmental and health
hazards associated with coal combustion waste ponds, impoundments and mines,
and how those efforts reduce risks to the company&#146;s finance and operations.
This report should be available to shareholders by August 2010.</FONT></FONT></P>

<P><FONT SIZE=3 FACE=ARIAL>Company Response</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>The board of directors recommends a vote
&#147;against&#148; this proposal.</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Our company
and Montana-Dakota Utilities Co., a division of our company (&#147;Montana-Dakota&#148;),
are committed to environmental stewardship and compliance with all applicable
environmental laws and regulations.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Our company
has three primary environmental goals:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>minimize waste and maximize
 resources</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>support environmental laws and
 regulations that are based on sound science and cost-effective technology and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>comply with or exceed all
 applicable environmental laws, regulations and permit requirements.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Montana-Dakota&#146;s
electric operations are subject to federal, state and local laws and
regulations providing for air, water and solid waste pollution control; federal
health and safety regulations; and state hazard communication standards.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>15</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The
Environmental Protection Agency (&#147;EPA&#148;) has previously determined that fossil
fuel combustion wastes, including coal combustion waste (&#147;CCW&#148;), did not
warrant regulation as a hazardous waste and exempted them from regulation under
Subtitle C (hazardous waste) of the Resource Conservation and Recovery Act
(&#147;RCRA&#148;). However, CCW disposed of in landfills and surface impoundments is
regulated under Subtitle D (solid waste regulations) of the RCRA, and CCW used
as minefill is regulated under Subtitle D and/or under the Surface Mining
Control and Reclamation Act. The EPA announced its intention to propose new
regulations in December 2009 governing management and storage of CCW in
landfills and surface impoundments and to determine whether to continue to
regulate CCW as a non-hazardous solid waste under Subtitle D or to designate it
as hazardous and regulate it under Subtitle C of the RCRA. In December 2009,
however, the EPA announced that it was deferring taking action on this for a
short period of time due to the complexity of the analysis. The EPA has also
announced its intention to revise existing standards under the Clean Water Act,
which would include discharge from CCW ponds.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Four of
Montana-Dakota&#146;s nine existing electric generating stations have steam turbines
using coal for fuel. Montana-Dakota will also obtain electricity from Wygen
III, a coal-fired electric generating station, when it becomes operational in
spring 2010. Two stations, Coyote and Heskett, are located in North Dakota; Big
Stone is located in South Dakota; Lewis &amp; Clark is located in Montana; and
Wygen III is located in Wyoming. Montana-Dakota is the owner and operator of
Heskett and Lewis &amp; Clark and has a 25 percent interest in Coyote, a 22.7
percent ownership interest in Big Stone and a 25 percent interest in Wygen III.
CCW at these facilities is managed either in a wet state in ponds with dry
disposal, or entirely in a dry state.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The states
of North Dakota, South Dakota, and Wyoming have regulations relating to CCW
that far exceed any current federal regulations. North Dakota, South Dakota,
and Wyoming require facilities located within each state - Coyote and Heskett
in North Dakota, Big Stone in South Dakota, and Wygen III in Wyoming - to
obtain permits for managing CCW impoundments and for long-term CCW disposal.
The permits for each facility require that impoundments for CCW be
appropriately designed and that ground water be monitored. Site staff and state
environmental agency staff routinely inspect each site. Annual reports for
these facilities, summarizing ground water results and activities conducted at
these sites, are submitted to each respective regulatory agency: North Dakota
Department of Health, South Dakota Department of Environment and Natural
Resources, and Wyoming Department of Environmental Quality.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>While the
state of Montana has no requirements at this time for managing CCW,
Montana-Dakota has adopted what it considers to be &#147;best practices&#148; at the
Lewis &amp; Clark Station, where it manages CCW in ponds and dewaters the waste
prior to ultimate dry disposal at a naturally clay lined disposal area adjacent
to the mine from which the plant receives its coal.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The ponds
were designed and constructed under the supervision of a consulting
professional engineer, requiring liners (clay or high density polyethylene), and
appropriate stability and erosion prevention measures. There are ground water
monitoring wells, which are sampled semiannually.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>There are
also weekly visual inspections of the ponds by plant technicians and a biennial
visual inspection by the Montana Department of Environmental Quality Water
Protection Bureau. The yard crews inspect the ash handling system daily, and in
winter, the inspections are conducted twice daily.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The board
of directors respects our stockholders&#146; interest in environmental and health
matters. However, the board believes that Montana-Dakota has already taken
appropriate actions to manage its CCW and that the investment of human and
financial resources that would be required to produce such a report would not
be a necessary or prudent use of stockholder assets.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Therefore, the board of directors
recommends a vote &#147;against&#148; this proposal.</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Approval
requires the affirmative vote of a majority of our common stock present in
person or represented by proxy at the meeting and entitled to vote on the
proposal. Abstentions will count as votes against this proposal. Broker
non-votes are not counted as voting power present and, therefore, are not
counted in the vote.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>16</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL><B>E<A NAME="C011_V1"></A>XECUTIVE
COMPENSATION</B></FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>C<A NAME="C012_V1"></A>ompensation
Discussion and Analysis</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I>The following compensation discussion and analysis may contain
statements regarding corporate performance targets and goals. These targets and
goals are disclosed in the limited context of our compensation programs and
should not be understood to be statements of management&#146;s expectations or
estimates of results or other guidance. We specifically caution investors not
to apply these statements to other contexts.</I></FONT></P>

<P><FONT SIZE=3 FACE=ARIAL>Introduction<BR>
<FONT FACE=ARIAL SIZE=2>In this compensation discussion and analysis, we discuss our
compensation objectives, our decisions, and the reasons for our decisions
relating to 2009 compensation for our named executive officers.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>For 2009,
our named executive officers were Terry D. Hildestad, Vernon A. Raile, John G.
Harp, William E. Schneider, and Steven L. Bietz. Mr. Bietz, president and chief
executive officer of WBI Holdings, Inc., is a named executive officer for the
first time.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Each year
we conduct a strategic analysis to identify opportunities and challenges
associated with the operating environments in which we do business. Our
strategy is to apply our expertise in three core lines of business &#150; energy,
construction materials, and utility resources &#150; to increase market share,
increase profitability, and enhance stockholder value through:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>organic growth as well as a
 continued disciplined approach to the acquisition of well-managed companies
 and properties</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the elimination of system-wide
 cost redundancies through increased focus on integration of operations and
 standardization and consolidation of various support services and functions
 across companies within the organization and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the development of projects that
 are accretive to earnings per share and return on invested capital.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL>Objectives of our Compensation
Program<BR>
<FONT FACE=ARIAL SIZE=2>We structure our compensation program to help retain and
reward the executive officers who we believe are critical to our long-term
success. We have a written executive compensation policy for our Section 16
officers, including all our named executive officers. Our policy has the
following stated objectives:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>recruit, motivate, reward, and
 retain the high performing executive talent required to create superior
 long-term total stockholder return in comparison to our peer group</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>reward executives for short-term
 performance as well as the growth in enterprise value over the long-term</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>provide a competitive package
 relative to industry-specific and general industry comparisons and internal
 equity, as appropriate, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>ensure effective utilization and
 development of talent by working in concert with other management processes &#150;
 for example, performance appraisal, succession planning, and management
 development.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>We pay/grant:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>base salaries in order to provide
 executive officers with sufficient, regularly-paid income and attract,
 recruit, and retain executives with the knowledge, skills, and abilities
 necessary to successfully execute their job duties and responsibilities</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>annual incentives in order to be
 competitive from a total remuneration standpoint and ensure focus on annual
 financial and operating results and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>long-term incentives in order to
 be competitive from a total remuneration standpoint and ensure focus on
 stockholder return.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>If earned,
incentive compensation, which consists of annual cash incentive awards and
three-year performance share awards under our Long-Term Performance-Based
Incentive Plan, makes up the greatest portion of our named executive officers&#146;
total compensation. The compensation committee believes incentive compensation
that comprised approximately 61% to 71% of total target compensation for the
named executive officers for 2009 is appropriate because:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>our named executive officers are
 in positions to drive, and therefore bear high levels of responsibility for,
 our corporate performance</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>incentive compensation is more
 variable than base salary and dependent upon our performance</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>17</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>variable compensation helps
 ensure focus on the goals that are aligned with our overall strategy and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the interests of our named
 executive officers will be aligned with those of our stockholders by making a
 majority of the named executive officers&#146; target compensation contingent upon
 results that are beneficial to stockholders.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The
following table shows the allocation of total target compensation for 2009
among the individual components of base salary, annual incentive, and long-term
incentive:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="81%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="33%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=3 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Name</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 ROWSPAN=3 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>% of Total<BR>
 Target<BR>
 Compensation<BR>
 Allocated to<BR>
 Base Salary (%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>% of Total Target Compensation<BR>
 Allocated to Incentives</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Annual (%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Long-Term (%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Annual +<BR>
 Long-Term (%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>42.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp *</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>William E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="81%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>*</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>The percentages
 listed for Mr. Harp exclude the additional incentive opportunity of $200,000
 in 2009, which is discussed in greater detail under the heading &#147;John G.
 Harp&#146;s Additional 2009 Incentive.&#148; Including the additional incentive
 opportunity would yield the following percentages: Base Salary, 33.4%; Annual
 Incentive, 36.5%; Long-Term Incentive, 30.1%; and Annual + Long-Term, 66.6%.</I></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>In order to
reward long-term growth as well as short-term results, the compensation
committee establishes incentive targets that emphasize long-term compensation
as much as or more than short-term compensation for all Section 16 officers.
The annual incentive targets for 2009 range from 30% to 100% of base salary and
the long-term incentive targets range from 30% to 150% of base salary, depending
on the executive&#146;s salary grade. Generally, our approach is to allocate a
higher percentage of total target compensation to the long-term incentive than
to the short-term incentive for our higher level executives, since they are in
a better position to influence our long-term performance.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Additionally,
the long-term incentive, if earned, is paid in company common stock. These
awards, combined with our stock ownership guidelines, promote ownership of our
stock by the named executive officers. The compensation committee believes
that, as stockholders, the named executive officers will be motivated to
consistently deliver financial results that build wealth for all stockholders
over the long-term.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We also
offer our Section 16 officers, including all of our named executive officers,
benefits under our pension plans and our nonqualified defined benefit
retirement plan, which we refer to as the Supplemental Income Security Plan or
SISP. Historically, we have provided these programs because they have been
instrumental in retaining executive talent; both have vesting requirements
which call for minimum lengths of service to earn the full benefits. However,
legislative changes relating to pension plans and cost reduction initiatives
led to changes in both the pension plans and the SISP. The SISP was also
changed to ensure the reductions in defined benefit retirement plans were
consistent between executive and non-executive employees. Specifically, benefit
accruals under our pension plans ceased after December 31, 2009. We discuss the
modifications to both the pension plans and the SISP in the narrative following
the &#147;Pension Benefits for 2009&#148; table.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>All of our
named executive officers have change of control employment agreements. The
change of control employment agreements define &#147;change of control&#148; to include
consummation of a merger or similar transaction rather than merely stockholder
approval of the merger.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We believe
it is important to encourage our executive officers to continue working for us
during any change of control transaction periods and to provide severance
payments and benefits if employment is terminated for no fault of the officer
following a change of control. These agreements provide a measure of job and
financial security so that potentially disruptive transactions do not affect
the officers&#146; judgment when working on behalf of the company and its
stockholders prior to and after a change of control. We do not view the change
of control agreements as additional compensation and do not take them into account
when determining the amount of compensation provided because the events
required to trigger these payments and benefits may never occur.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In addition
to these agreements, the Long-Term Performance-Based Incentive Plan provides
for accelerated vesting and payment of performance awards at the time of a
change of control. In 2009, we amended the plan&#146;s &#147;change of control&#148;
definition so that vesting and payment of awards are not triggered prematurely.
The compensation committee believes that these protections are necessary to
reassure the officers that they will not lose prior incentive awards or
otherwise be adversely affected by a change of control. We discuss the
amendments to the plan&#146;s change of control definition in &#147;Potential Payments
upon Termination or Change of Control.&#148;</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>18</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL>Role of Compensation Consultants and
Management<BR>
<FONT FACE=ARIAL SIZE=2><B>Role of Compensation Consultants<BR>
</B></FONT><FONT FACE=ARIAL SIZE=2>In 2008, the compensation committee retained Towers Perrin,
a nationally recognized consulting firm, to assess the competitive pay levels
for base salary and incentive compensation for each Section 16 officer position
and to assist the compensation committee in establishing competitive 2009
compensation targets for our Section 16 officers. The assessment included
identifying material changes to the positions analyzed, updating competitive
compensation information, gathering and analyzing relevant general and
industry-specific survey data, and updating the base salary structure. Towers
Perrin assessed competitive pay levels for base salary, total annual cash,
which is base salary plus annual incentives, and total direct compensation,
which is the sum of total annual cash and the expected value of long-term
incentives. They compared our positions to like positions contained in general
industry compensation surveys, industry-specific compensation surveys and, for
our chief executive officer, the chief executive officers in our performance
graph peer group. The compensation surveys used by Towers Perrin were:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="53%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Survey*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Number of<BR>
 Companies<BR>
 Participating<BR>
 (#)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Median<BR>
 Number of<BR>
 Employees<BR>
 (#)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Number of<BR>
 Publicly-<BR>
 Traded<BR>
 Companies<BR>
 (#)(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Median<BR>
 Revenue<BR>
 (000s)<BR>
 ($)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Towers Perrin&#146;s Executive Compensation Database</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>395</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,529</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>283</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,730,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Towers Perrin&#146;s Energy Services Industry Executive
 Compensation Database</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>91</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>63</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,960,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Effective Compensation, Inc.&#146;s Oil &amp; Gas Exploration
 and Production Survey</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>119</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>140</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>247,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Mercer&#146;s Energy Compensation Survey</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>217</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>610</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>173</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>774,172</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Watson Wyatt&#146;s Report on Top Management Compensation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,309</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(2)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>For the Towers
 Perrin Executive Compensation Database, the number listed in the table is the
 number of companies reporting market capitalization. For the Towers Perrin
 Energy Services Industry Executive Compensation Database, the number listed
 in the table is the number of companies reporting three-year stockholder
 return.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>The 2,309
 organizations participating in the 2007/2008 Watson Wyatt Report included 368
 organizations with 2,000 to 4,999 employees; 298 organizations with 5,000 to
 9,999 employees; 309 organizations with 10,000 to 19,999 employees; and 372
 organizations with 20,000 or more employees. Watson Wyatt did not provide a
 revenue breakdown or the number of publicly-traded companies participating in
 its survey. Towers Perrin utilized the 2007/2008 survey and aged the data to
 January 1, 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;&nbsp;*</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>The information
 in the table is based solely upon information provided by the publishers of
 the surveys and is not deemed filed or a part of this compensation discussion
 and analysis for certification purposes.</I></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Our
revenues for 2007, 2008, and 2009 were approximately $4.2 billion, $5.0
billion, and $4.2 billion, respectively.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In addition
to the above compensation surveys, for the chief executive officer comparison,
Towers Perrin used information for the chief executive officers at the
following companies, which comprised our performance graph peer group in July
of 2007:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Alliant Energy Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>NSTAR</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Berry Petroleum Company</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>OGE Energy Corp.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Black Hills Corporation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>ONEOK, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Comstock Resources, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Quanta Services, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Dycom Industries, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Questar Corporation</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>EMCOR Group, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>SCANA Corporation</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Encore Acquisition Company</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Southwest Gas Corporation</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>EQT Corporation (formerly
 Equitable Resources, Inc.)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>St. Mary Land &amp; Exploration
 Company</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Florida Rock Industries, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Swift Energy Company</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Granite Construction Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>U.S. Concrete, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Martin Marietta Materials, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Vectren Corporation</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>National Fuel Gas Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Vulcan Materials Company</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Northwest Natural Gas Company</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Whiting Petroleum Corporation</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Role of Management<BR>
</B><FONT FACE=ARIAL>The chief executive officer played an important role in
recommending 2009 compensation to the committee for the other named executive
officers. The chief executive officer attended compensation committee meetings;
however, he was not present during discussions regarding his compensation. In
addition, he assessed the performance of the named executive officers and
worked with the human resources department and compensation consultants to
recommend:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>base salary grades and individual
 salaries</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>annual and long-term incentive
 targets and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>increases in the level of the
 SISP benefits to current participants.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>19</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Our human
resources personnel also supported the chief executive officer and the
compensation committee by:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>working with the outside
 compensation consultants and the chief executive officer on the determination
 of recommended salary grades, which have associated annual base salary ranges
 and incentive targets</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>reviewing recommended salary
 increases and incentive targets submitted by executive officers for officers
 reporting to them for reasonableness and alignment with company or business
 unit objectives and to help ensure internal equity and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>designing and updating annual and
 long-term incentive programs.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Once
performance goals are approved by the compensation committee, the committee
generally does not modify the goals. However, if major unforeseen changes in
economic and environmental conditions or other significant factors beyond the
control of management substantially affected their ability to achieve the
specified performance goals, the compensation committee, in consultation with
the chief executive officer, may modify the performance goals. Such goal
modifications will only be considered in years of unusually adverse or
favorable external conditions.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL>Internal Equity &#150; Relative Value of
Named Executive Officer Positions<BR>
<FONT FACE=ARIAL SIZE=2>From an internal equity standpoint, the compensation
committee considers, upon recommendation of the chief executive officer, the
relative value of each named executive officer position when making
compensation decisions. A position&#146;s relative value is determined by
considering:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>participation on our management
 policy committee, which is the entity responsible for setting corporate-wide
 operating and management policies and procedures as well as our strategic
 direction</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the position&#146;s responsibilities
 relative to our total earnings, use of invested capital, and the stable
 generation of earnings and cash flow and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the position&#146;s impact on key
 strategic initiatives.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>This
consideration impacts the assignment of a salary grade, short-term incentive
targets, and long-term incentive targets. The compensation committee may make
adjustments from competitive data in one or more of these items to ensure the
pay differences between the chief executive officer and the other named
executive officers are reasonable in their judgment in light of the internal equity
factors described above. For example, the compensation committee has
historically assigned a long-term incentive target percentage to the chief
executive officer position that is lower than the competitive level indicated
through market data. The committee&#146;s rationale is to have the chief executive
officer&#146;s compensation closer to the compensation of his direct reports than
what the market data would otherwise indicate.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>To test the
reasonableness of the company&#146;s approach on pay equity, the compensation
committee measured the chief executive officer&#146;s compensation as a multiple of
the compensation paid to our other four named executives, then compared these
multiples to competitive pay information provided by Towers Perrin. The chart
below shows the company&#146;s pay multiples and the competitive pay multiples.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We
calculated the four multiples in the chart by dividing our chief executive
officer&#146;s target total direct compensation by the target total direct
compensation of each of our four named executives. We calculated the four
competitive pay multiples by dividing the target total direct compensation for
the chief executive officer position, as provided by Towers Perrin, by the
target total direct compensation of each position similar to each of our four named
executives, as provided by Towers Perrin. For purposes of this comparison,
target total direct compensation consists of base salary plus target annual
incentive plus target long-term incentive.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>20</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>


<P ALIGN=CENTER><FONT SIZE=2><img src="a093692053_v1.jpg" ALT="(BAR CHART)"></font></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="75%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><img src="a093692053a_v1.jpg" ALT="(LOGO)"></font></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>MDU Resources Group, Inc.&#146;s Chief
 Executive Officer&#146;s Target Total Direct Compensation as a Multiple of Each
 Named Executive Officer&#146;s Target Total Direct Compensation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><img src="a093692053b_v1.jpg" ALT="(LOGO)"></font></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Competitive Chief Executive
 Officer Target Total Direct Compensation as a Multiple of Each Named
 Executive Officer&#146;s Competitive Target Total Direct Compensation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The
company&#146;s chief executive officer multiples are less than chief executive
officer pay multiples as calculated with competitive data.* The compensation
committee views the lower multiples as support for the belief that compensation
targets among the named executives are equitably distributed.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
  <TR>
 <TD WIDTH="3%" VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>*</I></FONT></P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>The information
 in the chart showing chief executive officer pay multiples from competitive
 data is based solely upon information provided by the publishers of the
 compensation surveys discussed earlier and is not deemed filed or a part of
 this compensation discussion and analysis for certification purposes.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>Decisions for 2009</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>The compensation committee, in
 conjunction with the board of directors, determined all compensation for each
 named executive officer for 2009 and set overall and individual compensation
 targets for the three components of compensation &#150; base salary, annual
 incentive, and long-term incentive. The compensation committee made
 recommendations to the board of directors regarding compensation of all
 Section 16 officers, and the board of directors then approved the
 recommendations.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>The compensation committee
 reviewed competitive executive compensation data from Towers Perrin and
 established salary grades at its August 2008 meeting. At the November 2008
 meeting, it established individual base salaries, target annual incentive
 award levels, and target long-term incentive award levels for 2009. At the
 February meetings of the compensation committee and the board of directors,
 annual and long-term incentive awards were determined, along with the payouts
 based on performance from the recently completed performance period for prior
 annual and long-term awards. The February meetings occur after the release of
 earnings for the prior year.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Salary Grades
 for 2009</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>The compensation committee
 determines the named executive officers&#146; base salaries and annual and
 long-term incentive targets by reference to salary grades. Each salary grade
 has a minimum, midpoint, and maximum annual salary level with the midpoint
 targeted at approximately the 50th percentile of data provided by Towers
 Perrin for positions in the salary grade. The compensation committee may
 adjust the salary grades away from the 50th percentile in order to balance
 the external market data with internal equity. The salary grades also have
 annual and long-term incentive target levels, which are expressed as a
 percentage of the individual&#146;s actual annual salary. We generally place named
 executive officers into a salary grade based on historical classification of
 their positions; however, the compensation committee, at its August meeting,
 reviews each classification and may place a position into a different salary
 grade if it determines that the targeted competitive compensation for the
 position changes significantly or the executive&#146;s responsibilities and/or
 performance warrants a different salary grade. The committee also considers,
 upon recommendation from the chief executive officer, a position&#146;s relative
 value as discussed above.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>21</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Our named
executive officers&#146; salary grade classifications are listed below along with
the 2009 base salary ranges associated with each classification:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="39%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" COLSPAN=3 VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2009 Base Salary (000s)</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Minimum</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Midpoint</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Maximum</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P><FONT SIZE=1 FACE=ARIAL>Position</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P ALIGN=left><FONT SIZE=1 FACE=ARIAL>Grade</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P ALIGN=LEFT><FONT SIZE=1 FACE=ARIAL>Name</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>($)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>($)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>($)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>President and CEO</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>K</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>775</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>930</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Executive Vice President, Treasurer and CFO</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>J</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>312</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>390</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>468</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>President and CEO, MDU Construction Services Group, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>J</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>312</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>390</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>468</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>President and CEO, Knife River Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>J</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>William E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>312</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>390</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>468</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>President and CEO, WBI Holdings, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>J</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>312</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>390</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>468</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The
executive vice president, treasurer and chief financial officer and the
president and chief executive officers of MDU Construction Services Group,
Inc., Knife River Corporation, and WBI Holdings, Inc. are assigned to salary
grade &#147;J.&#148; The committee believes that from an internal equity standpoint,
these positions should carry the same salary grade. The salary grades for our
named executive officers remained unchanged for 2009.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
compensation committee determines where, within each salary grade, an
individual&#146;s base salary should be. The compensation committee believes that
having a range of possible salaries within each salary grade gives the
committee the flexibility to assign different salaries to individual executives
within a salary grade to reflect one or more of the following:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>our performance on financial
 measurements as compared to our performance graph peer group</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>executive&#146;s performance on
 financial goals</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>executive&#146;s performance on
 non-financial goals, including the results of the performance assessment
 program </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>executive&#146;s experience, tenure,
 and future potential </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>position&#146;s relative value
 compared to other positions within the company </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>relationship of the salary to the
 competitive salary market value </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>internal equity with other
 executives and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>economic environment of the
 corporation or executive&#146;s business unit.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Our
performance assessment program rates performance in the following areas, which
help determine actual salaries within the range of salaries associated with the
executive&#146;s salary grade:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>visionary leadership</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>leadership</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>strategic thinking</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>mentoring</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>leading with integrity</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>relationship building</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>managing customer focus</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>conflict resolution</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>financial responsibility</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>organizational savvy</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>achievement focus</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>safety</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>judgment</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Great Place to Work&reg;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>planning and organization</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>An
executive&#146;s overall performance in our performance assessment program is rated
on a scale of one to five, with five as the highest rating denoting
distinguished performance. An overall performance above 3.75 is considered
commendable performance.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The chief
executive officer assessed each named executive officer&#146;s performance under the
performance assessment program, and the compensation committee, as well as the
full board of directors, assessed the chief executive officer&#146;s performance.</FONT></P>


<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>22</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Base Salaries of the Named Executive
Officers for 2009</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Terry D. Hildestad<BR>
</B><FONT FACE=ARIAL>Mr. Hildestad has
served as chief executive officer since August 2006. For 2009, the committee
increased his salary by 7.1%, from $700,000 to $750,000. The reasons for Mr.
Hildestad&#146;s 2009 increase were:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the
 company&#146;s 2008 forecasted financial results (based on 9 months&#146; actual plus 3
 months&#146; estimate) on earnings per share (EPS) and return on invested capital
 (ROIC) were higher than 2008 targets by 12.4% and 6.6%, respectively</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the
 company&#146;s ROIC for the twelve months ended June 30, 2008 was 19.1% higher
 than the median ROIC for the performance graph peer companies over the same
 time period on a continuing operations basis</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the
 board recognized Mr. Hildestad&#146;s strong leadership during difficult economic
 times, as well as fostering a culture of integrity throughout the
 organization, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>moving
 Mr. Hildestad&#146;s salary closer to the 2009 salary grade midpoint of $775,000.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Vernon A. Raile<BR>
</B><FONT FACE=ARIAL>Mr. Raile has served
as executive vice president, treasurer and chief financial officer since
January 2006. Mr. Raile&#146;s 2009 base salary was set at $450,000, representing an
increase of 12.5% over his 2008 base salary of $400,000. The committee set his
2009 base salary at $450,000, above the midpoint of his salary grade, due to
his commendable performance assessment rating, his years of service, and the
results associated with these key achievements:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the
 company&#146;s 2008 forecasted financial results (based on 9 months&#146; actual plus 3
 months&#146; estimate) on EPS and ROIC were higher than 2008 targets by 12.4% and
 6.6%, respectively</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the
 company&#146;s ROIC for the twelve months ended June 30, 2008 was 19.1% higher
 than the median ROIC for the performance graph peer companies over the same
 time period on a continuing operations basis, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>key
 financing initiatives that were undertaken utilizing Mr. Raile&#146;s experience
 and skill.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>John G. Harp<BR>
</B><FONT FACE=ARIAL>Mr. Harp has served
as president and chief executive officer of MDU Construction Services Group,
Inc. since September 2004. For 2009, his base salary was set at $450,000,
representing an increase of 12.5% over his 2008 base salary of $400,000. The
committee set his 2009 base salary at $450,000, above the midpoint of his
salary grade, due to his commendable performance assessment rating and due to
results associated with these key achievements:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>MDU
 Construction Services Group, Inc.&#146;s 2008 forecasted financial results (based
 on 9 months&#146; actual plus 3 months&#146; estimate) on EPS and ROIC were higher than
 2008 targets by 74.0% and 59.1%, respectively</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>MDU
 Construction Services Group, Inc.&#146;s ROIC for the twelve months ended June 30,
 2008 was 115.9% higher than the median ROIC of construction services
 companies in our performance graph peer group, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Mr.
 Harp&#146;s strong grasp of all aspects of MDU Construction Services Group, Inc.&#146;s
 business, including operations, collections, bidding, and personnel.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>William E. Schneider<BR>
</B><FONT FACE=ARIAL>Mr. Schneider has
served as president and chief executive officer of Knife River Corporation
since May 2005. Mr. Schneider&#146;s 2009 base salary was maintained at $447,400,
representing no increase from 2008. The committee did not grant Mr. Schneider a
base salary increase because Knife River Corporation&#146;s 2008 nine-month
financial results were less than target and because the committee wished to be
consistent with the overall wage freeze imposed across Knife River Corporation.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Steven L. Bietz<BR>
</B><FONT FACE=ARIAL>Mr. Bietz has served
as president and chief executive officer of WBI Holdings, Inc. since March
2006. For 2009, his base salary was set at $350,000, representing an increase
of 11.8% over his 2008 base salary of $313,100. The committee set his 2009 base
salary at $350,000, below the midpoint of his salary grade, due to his commendable
performance assessment rating and due to results associated with these key
achievements:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>WBI
 Holdings, Inc.&#146;s 2008 forecasted financial results (based on 9 months&#146; actual
 plus 3 months&#146; estimate) on EPS and ROIC were higher than 2008 targets by
 37.1% and 30.9%, respectively</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>23</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>The
 ROIC associated with the oil and natural gas exploration and production unit
 of WBI Holdings, Inc. for the twelve month period ended June 30, 2008 was
 58.4% higher than the median ROIC of oil and natural gas exploration and
 production companies in our performance graph peer group, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Mr.
 Bietz&#146;s leadership in the large-scale development of the Bakken Field.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The following table shows each named executive officer&#146;s
base salary for 2008 and 2009 and the percentage change.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="60%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="56%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Base Salary<FONT  SIZE=1 FACE=ARIAL><BR>
 </FONT><FONT SIZE=1 FACE=ARIAL>for
 2008</FONT><FONT SIZE=1 FACE=ARIAL><BR>
 </FONT><FONT SIZE=1 FACE=ARIAL>(000s)</FONT><FONT  SIZE=1 FACE=ARIAL><BR>
 </FONT><FONT SIZE=1 FACE=ARIAL>($)</FONT></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Base Salary <FONT  SIZE=1 FACE=ARIAL><BR>
 </FONT><FONT SIZE=1 FACE=ARIAL>for
 2009</FONT><FONT SIZE=1 FACE=ARIAL><BR>
 </FONT><FONT SIZE=1 FACE=ARIAL>(000s)</FONT><FONT  SIZE=1 FACE=ARIAL><BR>
 </FONT><FONT SIZE=1 FACE=ARIAL>($)</FONT></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>% Change<FONT  SIZE=1 FACE=ARIAL><BR>
 </FONT><FONT SIZE=1 FACE=ARIAL>(%)</FONT></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>700.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>400.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>400.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>William E.
 Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>447.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>447.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>313.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL><B>2009 Annual Incentives</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>What the Performance Measures Are and Why
We Chose Them<BR>
</B><FONT FACE=ARIAL>The compensation
committee develops and reviews financial and other corporate performance
measures to help ensure that compensation to the executives reflects the
success of their respective business unit and/or the corporation, as well as
the value provided to our stockholders. For Messrs. Hildestad and Raile, the
performance measures for annual incentive awards are our annual return on
invested capital results compared to target and our annual earnings per share
results compared to target. For Messrs. Schneider, Harp, and Bietz, the
performance measures for annual incentive awards are their respective business
unit&#146;s annual return on invested capital results compared to target and their
respective business unit&#146;s allocated earnings per share results compared to
target. The 2009 safety results of WBI Holdings, Inc. was also a measure for
Mr. Bietz&#146;s 2009 annual incentive.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The compensation committee believes earnings per share and
return on invested capital are very good measurements in assessing company
performance from a financial standpoint. Earnings per share is a generally accepted
accounting principle measurement and is a key driver of stockholder return over
the long-term. Return on invested capital measures how efficiently and
effectively management deploys its capital. Sustained returns on invested
capital in excess of our cost of capital create wealth for our stockholders.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Allocated earnings per share for a business unit is
calculated by dividing that business unit&#146;s earnings by the business unit&#146;s
portion of the total company weighted average shares outstanding. Return on
invested capital for the company is calculated by dividing our earnings,
without regard to after tax interest expense and preferred stock dividends, by
our average capitalization for the calendar year. Return on invested capital
for a business unit is calculated by dividing the business unit&#146;s earnings,
without regard to after tax interest expense and preferred stock dividends, by
the business unit&#146;s average capitalization for the calendar year.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The compensation committee determines the weighting of the performance
measures each year based upon recommendations from the chief executive officer.
The compensation committee weighted the 2009 performance measures for return on
invested capital compared to targeted results and allocated earnings per share
compared to targeted results each at 50%. The compensation committee believes
both measures are equally important in driving stockholder value in the short
term and over time.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We limit the after-tax annual incentive compensation we will
pay above the target amount to 20% of earnings in excess of planned earnings.
We calculate the earnings in excess of planned earnings without regard to the
after-tax annual incentive amounts above target. We measure the 20% limitation
at the major business unit level for business unit executives, which include
Messrs. Harp, Schneider and Bietz, and at the corporate level for corporate
executives, which include Messrs. Hildestad and Raile. In 2009, the 20%
limitation was calculated without regard to the noncash ceiling test impairment
charge that we discuss later and an associated depletion, depreciation and
amortization benefit.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We establish our incentive plan performance targets in
connection with our annual financial planning process, where we assess the
economic environment, competitive outlook, industry trends, and company
specific conditions to set projections of results. The committee evaluates the
projected results and uses this evaluation to establish the incentive plan
performance targets. The committee also considers annual improvement in the
return on invested capital measure for incentive purposes to help ensure that
return on invested capital will equal or exceed the weighted average cost of
capital. Historically, this consideration took the form of a minimum annual increase
in a business unit&#146;s and/or the company&#146;s return on invested capital incentive
plan performance target(s). For 2009, the committee chose to</FONT></P>
<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>24</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>use the stretch return on invested capital target approved
by the board in the 2009 business plan rather than the required annual minimum
increase in recognition of the soft economic environment and depressed
commodity prices. In the committee&#146;s discretion, it may establish incentive
plan performance targets higher, lower, or at the same level as the prior
year&#146;s target and/or results.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>What the Incentive Targets Are and Why We
Chose Them<BR>
</B><FONT FACE=ARIAL>The compensation
committee established the annual incentive targets as a percentage of the
individual&#146;s actual base salary.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The chief executive officer&#146;s target annual incentive was
100% of his base salary. Messrs. Raile, Harp, Schneider, and Bietz&#146;s target
annual incentives were 65% of their base salaries. These incentive targets were
derived in part from competitive data provided by Towers Perrin and in part by
the compensation committee&#146;s desire, based on internal equity, to have a
uniform annual incentive target for the business unit president and chief
executive officer positions and the executive vice president, treasurer and
chief financial officer position. The target annual incentives for the named
executives did not change in 2009 from 2008. The award opportunities available
to each named executive officer ranged from no payment if the goals were met
below the 85% level to a 200% payout if the goals were met at or above the 115%
level. In 2009, Mr. Bietz also had five individual goals relating to WBI
Holdings, Inc.&#146;s safety results, and each goal that was not met reduced his
annual incentive award by 1%.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The table below lists each named executive officer&#146;s 2009
base salary, the 2009 annual incentive target percentage, the officer&#146;s 2009
incentive plan performance targets, the 2009 incentive plan results, and the
annual incentive earned for 2009.</FONT></P>


<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="6%" rowSpan=2>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>2009<BR>
Base<BR>
Salary<BR>
(000s)<BR>
($)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="6%" rowSpan=2>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>2009<BR>
Annual<BR>
Incentive<BR>
Target<BR>
(%)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%" colSpan=3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL>2009<BR>
Incentive Plan<BR>
Performance<BR>
Targets</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%" colSpan=3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL>2009<BR>
Incentive<BR>
Plan Results</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="6%" rowSpan=2>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>2009<BR>
Annual<BR>
Incentive<BR>
Earned<BR>
(000s)<BR>
($)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Name</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>EPS<BR>
($)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>ROIC<BR>
(%)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>EPS<BR>
($)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>ROIC<BR>
(%)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2>
<P style="MARGIN: 2pt 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Terry D. Hildestad (1)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>750.0</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>100</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.09</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>5.7</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.30</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>6.6</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: #000000 2px solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1,500.00</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Vernon A. Raile (1)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>450.0</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>65</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.09</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>5.7</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.30</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>6.6</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>585.00</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>John G. Harp (2)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>450.0</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>65</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>3.17</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>10.2</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>3.21</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>10.4</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>392.50</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>William E. Schneider (3)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>447.4</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>65</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>0.52</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>4.3</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>0.68</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>5.3</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>581.62</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Steven L. Bietz (4)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>350.0</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>65</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.69</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>5.6</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>2.22</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>7.1</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>450.45</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: black 1pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>(1)</FONT></I></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: black 1pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="97%" colSpan=15>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>Based on earnings per share and return on invested capital for MDU Resources Group, Inc. The 2009 incentive plan results were adjusted to exclude the 2009 noncash impairment charge as discussed below.</FONT></I></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>(2)</FONT></I></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="97%" colSpan=15>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>Based on allocated earnings per share and return on invested capital for MDU Construction Services Group, Inc. The amount for Mr. Harp includes an additional $100,000 incentive as described below.</FONT></I></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>(3)</FONT></I></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="97%" colSpan=15>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>Based on allocated earnings per share and return on invested capital for Knife River Corporation.</FONT></I></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>(4)</FONT></I></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=top width="97%" colSpan=15>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>Based on allocated earnings per share and return on invested capital for WBI Holdings, Inc. The 2009 incentive plan results were adjusted to exclude the 2009 noncash impairment charge as discussed below. Also in 2009, WBI Holdings, Inc. met four of five safety goals, and therefore Mr. Bietz&#146;s 2009 Annual Incentive Earned reflects a reduction of 1% or $4,550.00.</FONT></I></P>
</TD></TR></TABLE></DIV>





<P><FONT SIZE=2 FACE=ARIAL>The following table shows the changes in our performance
targets and achievements for both 2008 and 2009.</FONT></P>







<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=bottom width="27%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="11%" colSpan=3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL>2008<BR>
Incentive Plan<BR>
Performance<BR>
Targets</FONT></P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="11%" colSpan=3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL>2008<BR>
Incentive<BR>
Plan Results</FONT></P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="11%" colSpan=3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL>2009<BR>
Incentive Plan<BR>
Performance<BR>
Targets</FONT></P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="11%" colSpan=3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL>2009<BR>
Incentive<BR>
Plan Results</FONT></P>
</TD></TR>
<TR>
     <TD vAlign=bottom width="27%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Name</FONT></P>
</TD>
     <TD vAlign=top width="8%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>EPS<BR>
($)</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>ROIC<BR>
(%)</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>EPS<BR>
($)</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>ROIC<BR>
(%)</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>EPS<BR>
($)</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>ROIC<BR>
(%)</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>EPS<BR>
($)</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>ROIC<BR>
(%)</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom width="27%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Terry D. Hildestad (1)</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top width="8%">
<P style="MARGIN: 0pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.77</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top width="5%">
<P style="MARGIN: 0pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>9.1</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top width="7%">
<P style="MARGIN: 0pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.59</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top width="5%">
<P style="MARGIN: 0pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>8.0</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top width="7%">
<P style="MARGIN: 0pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.09</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top width="5%">
<P style="MARGIN: 0pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>5.7</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top width="7%">
<P style="MARGIN: 0pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.30</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top width="5%">
<P style="MARGIN: 0pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>6.6</FONT></P>
</TD></TR>
<TR>
     <TD vAlign=bottom width="27%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Vernon A. Raile (1)</FONT></P>
</TD>
     <TD vAlign=top width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.77</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>9.1</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.59</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>8.0</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.09</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>5.7</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.30</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>6.6</FONT></P>
</TD></TR>
<TR>
     <TD vAlign=bottom width="27%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>John G. Harp (2)</FONT></P>
</TD>
     <TD vAlign=top width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>2.73</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>10.5</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>5.03</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>17.7</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>3.17</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>10.2</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>3.21</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>10.4</FONT></P>
</TD></TR>
<TR>
     <TD vAlign=bottom width="27%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>William E. Schneider (3)</FONT></P>
</TD>
     <TD vAlign=top width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.03</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>7.5</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>0.42</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>3.5</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>0.52</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>4.3</FONT></P>
</TD>
     <TD vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>0.68</FONT></P>
</TD>
     <TD vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>5.3</FONT></P>
</TD></TR>
<TR>
     <TD vAlign=bottom width="27%" colSpan=2 style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Steven L. Bietz (4)</FONT></P>
</TD>
     <TD vAlign=top width="8%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&#151;</FONT></P>
</TD>
     <TD vAlign=top width="5%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&#151;</FONT></P>
</TD>
     <TD vAlign=top width="7%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&#151;</FONT></P>
</TD>
     <TD vAlign=top width="5%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&#151;</FONT></P>
</TD>
     <TD vAlign=top width="7%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1.69</FONT></P>
</TD>
     <TD vAlign=top width="5%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>5.6</FONT></P>
</TD>
     <TD vAlign=top width="7%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>2.22</FONT></P>
</TD>
     <TD vAlign=top width="5%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%" style=padding-bottom:2pt>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>7.1</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: black 1pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>(1)</FONT></I></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: black 1pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="97%" colspan=17>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>Based on earnings per share and return on invested capital for MDU Resources Group, Inc. The 2009 incentive plan results were adjusted to exclude the 2009 noncash impairment charge as discussed below.</FONT></I></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>(2)</FONT></I></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="97%" colspan=17>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>Based on allocated earnings per share and return on invested capital for MDU Construction Services Group, Inc.</FONT></I></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>(3)</FONT></I></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="97%" colspan=17>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>Based on allocated earnings per share and return on invested capital for Knife River Corporation.</FONT></I></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>(4)</FONT></I></P>
</TD>
      <TD style="PADDING-RIGHT: 0in; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 0in" vAlign=top width="97%" colspan=17>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=ARIAL>Based on allocated earnings per share and return on invested capital for WBI Holdings, Inc. The 2009 incentive plan results were adjusted to exclude the 2009 noncash impairment charge as discussed below.</FONT></I></P>
</TD></TR></TABLE></DIV>













<P><FONT SIZE=2 FACE=ARIAL><B>2009 Annual Incentive Results and the
Impact of the 2009 Noncash Impairment Charges</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The company uses the full-cost method of accounting for its
natural gas and oil activities. Under this method, the company is required to
perform quarterly &#147;ceiling tests&#148; to compare the present value of the future
net cash flow from proven reserves to the book value of those reserves at the
balance sheet date.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>25</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Due to the low energy prices at the beginning of 2009, the
compensation committee, upon recommendation of the chief executive officer, at
the February 2009 meeting decided to disregard, for purposes of calculating
2009 annual incentives, the effects of any potential noncash ceiling test
impairment charges related to the company&#146;s natural gas and oil properties.
Consistent with this determination, no associated earnings benefit resulting
from lower depletion, depreciation and amortization expenses would be considered
in the calculation. The committee&#146;s rationale for the decision was:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>operating
 cash flows are not affected by a ceiling test charge</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the
 underlying value of the business is not affected by a ceiling test charge</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the
 ceiling test charge would be driven by a single day point in time price to
 value natural gas and oil reserves, which may not be reflective of the
 underlying long-term value of the assets, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>recognition
 of the Securities and Exchange Commission&#146;s decision to change the &#147;ceiling
 test&#148; rules from using prices from the last day of the reporting period to a
 12-month average of prices on the first day of the month during the reporting
 period effective December 31, 2009.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>On March 31, 2009, the company recorded a $384.4 million
after-tax noncash charge in response to the natural gas and oil prices at that
time. If the committee had not excluded the noncash charge, our named
executives would not have received an incentive payment for 2009.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Terry D. Hildestad&#146;s 2009 Annual Incentive
Award<BR>
</B><FONT FACE=ARIAL>As president and
chief executive officer of MDU Resources Group, Inc., Mr. Hildestad&#146;s 2009
incentive plan performance targets were based on our earnings per share and
return on invested capital. We set his 2009 earnings per share target level and
return on invested capital below his 2008 targets and actual results to reflect
significantly lower commodity prices and the continued effects of the soft
economic activity in the construction industries.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>For 2009 incentive plan results, the company&#146;s 2009 earnings
per share and return on invested capital results were 119.3% and 115.8% of
their respective 2009 targets. Therefore, we paid $1,500,000 to Mr. Hildestad
as a 2009 incentive.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Vernon A. Raile&#146;s 2009 Annual Incentive
Award<BR>
</B><FONT FACE=ARIAL>As executive vice president,
treasurer and chief financial officer of MDU Resources Group, Inc., Mr. Raile&#146;s
2009 incentive plan performance targets were based on our earnings per share
and return on invested capital. As discussed above for Mr. Hildestad, we set
his 2009 earnings per share target level and return on invested capital below
his 2008 targets and actual results to reflect significantly lower commodity
prices and the continued effects of the soft economic activity in the
construction industries.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>For 2009 incentive plan results, the company&#146;s 2009 earnings
per share and return on invested capital results were 119.3% and 115.8% of
their respective 2009 targets. Therefore, we paid $585,000 to Mr. Raile as a
2009 incentive.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>John G. Harp&#146;s 2009 Annual Incentive Award<BR>
</B><FONT FACE=ARIAL>As president and
chief executive officer of MDU Construction Services Group, Inc., we based Mr.
Harp&#146;s 2009 incentive plan performance targets on allocated earnings per share
and return on invested capital for MDU Construction Services Group, Inc. We set
his 2009 earnings per share target level above his 2008 earnings per share
target level to reflect the 2009 planned dividend to MDU Resources Group, Inc.,
which we projected would reduce the allocated shares for MDU Construction
Services Group, Inc. and therefore increase its allocated earnings per share.
We set the 2009 return on invested capital target slightly lower than the 2008
return on invested capital target to reflect lower anticipated earnings. The
2009 earnings per share and return on invested capital targets were lower than
the actual results for 2008 to reflect the downturn in the Las Vegas
construction market.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>For 2009 incentive plan results, MDU Construction Services
Group, Inc.&#146;s 2009 earnings per share results and return on invested capital
results were 101.3% and 102.0% of their respective 2009 targets. These results
would normally equate to an incentive payment of $323,798. However, as
discussed earlier, we limit incentive payments above target to 20% of after-tax
earnings above planned earnings. Since MDU Construction Services Group, Inc.&#146;s
2009 actual earnings were below 2009 planned earnings, we limited Mr. Harp&#146;s
2009 actual incentive to his 2009 target incentive amount of $292,500.
Therefore, we paid $292,500 to Mr. Harp as a 2009 incentive.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>26</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>John G. Harp&#146;s Additional 2009 Incentive<BR>
</B><FONT FACE=ARIAL>In addition to the 2009 annual incentive award, Mr. Harp had
the opportunity to earn an additional incentive, which the compensation
committee structured as follows:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="73%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="22%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>MDU Construction Services Group,
 Inc.&#146;s 2009 Return on Invested Capital (ROIC) as compared to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P STYLE="margin-top:0pt;margin-bottom:2pt;"><FONT SIZE=1 FACE=ARIAL>MDU Construction Services Group,
 Inc.&#146;s 2009 Weighted Average Cost of Capital (WACC)</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT STYLE="margin-top:0pt;margin-bottom:2pt;"><FONT SIZE=1  FACE=ARIAL>Additional Incentive Amount</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P STYLE="margin-top:2pt;margin-bottom:2pt;"><FONT SIZE=1 FACE=ARIAL>2009 ROIC is less than 100 basis points above 2009 WACC</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$0</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P STYLE="margin-top:2pt;margin-bottom:2pt;"><FONT SIZE=1 FACE=ARIAL>2009 ROIC is 100 to 199 basis points above 2009 WACC</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$100,000</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P STYLE="margin-top:2pt;margin-bottom:2pt;"><FONT SIZE=1 FACE=ARIAL>2009 ROIC is 200 basis points or more above 2009 WACC</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$200,000</FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Throughout
2009, MDU Construction Services Group, Inc. accumulated significant amounts of
cash through effective working capital management. These amounts exceeded the
amounts anticipated at the beginning of 2009, resulting in the reduction of all
of its commercial paper and more dividends to MDU Resources Group, Inc. than
originally projected. In addition, MDU Construction Services Group, Inc. was
able to lend the remaining excess cash to other MDU Resources Group, Inc.&#146;s
subsidiaries, reducing debt at the MDU Resources Group, Inc. level. Although
the remaining excess cash did not lower the invested capital at MDU
Construction Services Group, Inc. on a standalone basis, it did lower the
overall invested capital of MDU Resources Group, Inc. Therefore, the
compensation committee, upon recommendation from the chief executive officer,
approved calculating MDU Construction Services Group, Inc.&#146;s 2009 return on
invested capital to reflect the excess cash accumulated. The compensation
committee&#146;s rationale for this decision was:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>recognition of, and rewarding
 for, effectively managing accounts receivable through timely collections, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>MDU Resources Group, Inc.
 benefited from the excess cash through lower average commercial paper
 balances in 2009.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>MDU
Construction Services Group, Inc.&#146;s 2009 return on invested capital, as
adjusted for the excess cash, was 12.5% compared to its 2009 weighted average
cost of capital of 11.1%. Because the 2009 return on invested capital of 12.5%
was higher than the reported 2009 weighted average cost of capital of 11.1%,
Mr. Harp received $100,000 in additional incentive for 2009.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>William E. Schneider&#146;s 2009 Annual Incentive Award<BR>
</B><FONT FACE=ARIAL>As president and chief executive officer of Knife River
Corporation, Mr. Schneider&#146;s 2009 incentive plan performance targets were based
on allocated earnings per share and return on invested capital for Knife River
Corporation. We set his 2009 targets for allocated earnings per share and
return on invested capital lower than his 2008 targets and higher than 2008
actual results. The compensation committee arrived at these targets based on
the current economic softness in the construction markets, partially offset by
a significant reduction in Knife River Corporation&#146;s cost structure.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>For 2009,
Knife River Corporation&#146;s 2009 earnings per share and return on invested
capital results were 130.8% and 123.3% of their respective 2009 targets.
Therefore, we paid $581,620 to Mr. Schneider as a 2009 incentive.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Steven L. Bietz&#146;s 2009 Annual Incentive Award<BR>
</B><FONT FACE=ARIAL>As president and chief executive officer of WBI Holdings,
Inc., Mr. Bietz&#146;s 2009 incentive plan performance targets were based on
allocated earnings per share and return on invested capital for WBI Holdings,
Inc. We set his 2009 earnings per share and return on invested capital target
levels below his 2008 target and 2008 actual results largely to reflect lower
commodity prices and lower anticipated production due to reduced capital
expenditures.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>For 2009
incentive plan results, the company&#146;s 2009 earnings per share and return on
invested capital results were 131.4% and 126.8% of their respective 2009 targets.
These results equated to an incentive of $455,000, which was reduced by $4,550
or 1% due to not achieving one of the five 2009 safety goals. Therefore, we
paid $450,450 to Mr. Bietz as a 2009 incentive.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Deferral of Annual Incentive Compensation<BR>
</B><FONT FACE=ARIAL>We provide executives the opportunity to defer receipt of
earned annual incentives. If an executive chooses to defer his or her annual
incentive, we will credit the deferral with interest at a rate determined by
the compensation committee. For 2009, the committee discontinued using the
prime rate in favor of using Moody&#146;s U.S. Long-Term Corporate Bond Yield
Average for &#147;A&#148; rated companies. The committee&#146;s reasons for using this
approach recognized:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>incentive deferrals are a
 low-cost source of capital for the company, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>incentive deferrals are unsecured
 obligations and therefore carry a higher risk to the executives.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>27</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>2009 Long-Term Incentives</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Awards Granted in 2009 under the Long-Term Performance-Based Incentive
Plan<BR>
</B><FONT FACE=ARIAL>We use the Long-Term Performance-Based Incentive Plan, which
is an omnibus plan and has been approved by our stockholders, for long-term
incentive compensation. We discontinued the use of stock options in 2003 and
now use performance shares as the only form of long-term incentive
compensation.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
compensation committee uses the performance graph peer group as the comparator
group to determine relative stockholder return and potential payments under the
Long-Term Performance-Based Incentive Plan for its 2009-2011 performance share
award cycle. The companies comprising our performance graph peer group are the
same companies listed above under the heading &#147;Role of Compensation
Consultants&#148; with the exception of Florida Rock Industries, which was acquired
in late 2007.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
performance measure is our total stockholder return over a three-year
measurement period as compared to the total stockholder returns of the
companies in our performance graph peer group over the same three-year period.
The compensation committee selected this goal because it believes executive pay
under a long-term, capital accumulation program such as this should mirror our
long-term performance in stockholder return as compared to other public companies
in our industries. Payments are made in company stock; dividend equivalents are
paid in cash.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Total
stockholder return is the percentage change in the value of an investment in
the common stock of a company, from the closing price on the last trading day
in the calendar year preceding the beginning of the performance period, through
the last trading day in the final year of the performance period. It is assumed
that dividends are reinvested in additional shares of common stock at the
frequency paid.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>As with the
annual incentive target, we determined the long-term incentive target for a
given position by reference to the salary grade. We derived these incentive
targets in part from competitive data provided by Towers Perrin and in part by
the committee&#146;s judgment on the impact each position has on our total
stockholder return. The committee also believed consistency across positions in
the same salary grades and keeping the chief executive officer&#146;s long-term
incentive target below a level indicated by competitive data were important
from an internal equity standpoint. The 2009 long-term incentive targets for
each named executive were unchanged from 2008.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>On February
12, 2009, the board of directors, upon recommendation of the compensation
committee, made performance share grants to the named executive officers. The
compensation committee determined the target number of performance shares
granted to each named executive officer by multiplying the named executive
officer&#146;s 2009 base salary by his or her long-term incentive target and then
dividing this product by the average of the closing prices of our stock from
January 2, 2009 through January 22, 2009, as shown in the following table:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2009<BR>
 Base<BR>
 Salary to<BR>
 Determine<BR>
 Target<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2009<BR>
 Long-Term<BR>
 Incentive<BR>
 Target at<BR>
 Time of<BR>
 Grant<BR>
 (%)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2009<BR>
 Long-Term<BR>
 Incentive<BR>
 Target at<BR>
 Time of<BR>
 Grant<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Average<BR>
 Closing Price<BR>
 of Our Stock<BR>
 From January 2<BR>
 Through<BR>
 January 22<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Resulting<BR>
 Number of<BR>
 Performance<BR>
 Shares<BR>
 Granted on<BR>
 February 12<BR>
 (#)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,125,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20.52</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54,824</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>405,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20.52</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,736</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>405,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20.52</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,736</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>William E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>447,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>402,660</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20.52</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,622</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350,000</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>315,000</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20.52</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,350</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>From 0% to
200% of the target grant will be paid out in February 2012 depending on our
three-year 2009-2011 total stockholder return compared to the total three-year
stockholder returns of companies in our performance graph peer group. The
payout percentage will be a function of our rank against our performance graph
peer group as follows:</FONT></P>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="50%" ALIGN=CENTER>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="43%" COLSPAN=3 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>The Company&#146;s<BR>
 Percentile Rank</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Payout Percentage of<BR>
 February 12, 2009 Grant</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>100th</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>75th</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>50th</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>40th</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Less than 40th</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Payouts for
percentile ranks falling between the intervals will be interpolated. We also
will pay dividend equivalents in cash on the number of shares actually earned
for the performance period. The dividend equivalents will be paid in 2012 at
the same time as the performance awards are paid.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>28</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Awards Paid on February 12, 2009 under the Long-Term Performance-Based
Incentive Plan<BR>
</B><FONT FACE=ARIAL>We granted performance shares to our named executive
officers under the Long-Term Performance-Based Incentive Plan on February 16,
2006 for the 2006 through 2008 performance period. Our total stockholder return
for the 2006 through 2008 performance period was 5.46%, which corresponded to a
percentile rank of 48% against our performance graph peer group. The percentile
rank of 48% corresponded to a payout percentage of 82%, meaning 82% of the
target shares originally granted plus dividend equivalents were paid to the
named executive officers. The table below lists the shares granted on February
16, 2006, the shares paid on February 12, 2009 based on the payout percentage,
and the dividend equivalents earned.</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="27%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Shares<BR>
 Granted on<BR>
 February 16,<BR>
 2006(1)<BR>
 (#)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Payout<BR>
 Percentage<BR>
 (%)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Shares<BR>
 Paid on<BR>
 February 12,<BR>
 2009(1)<BR>
 (#)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Dividend<BR>
 Equivalents<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,883</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>82</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,584</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,968</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,429</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>82</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,192</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17,157</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,072</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>82</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,259</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,903</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>William E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,285</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>82</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,534</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,018</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>82</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,755</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,688</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM colspan=13>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1) Shares are
 adjusted for the 3-for-2 stock split effective July 26, 2006.</I><BR></FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:8PX">
 <TD COLSPAN=13 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL>PEER4 Analysi$: Comparison of Pay for Performance Ratios<BR><FONT FACE=ARIAL SIZE=2>Each year we compare our named executive officers&#146; pay for
performance ratios to the pay for performance ratios of the named executive
officers in the performance graph peer group. This analysis looks at the
relationship between our compensation levels and our average annual total
stockholder return in comparison to the peer group over a five-year period. All
data used in the analysis, including the valuation of long-term incentives and
calculation of stockholder return, were compiled by Equilar, Inc., an
independent service provider, which uses each company&#146;s annual filings as a
basis of its data collection.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>This
analysis consisted of dividing what we paid our named executive officers for
the years 2004 through 2008 by our average annual total stockholder return for
the same five-year period to yield our pay ratio. Our pay ratio was then
compared to the pay ratio of the companies in the performance graph peer group,
which was calculated by dividing total direct compensation for all the proxy
group executives by the sum of each company&#146;s average annual total stockholder
return for the same five-year period. The results are shown in the following
chart.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>5 Year Total Direct Compensation to 5 Year
Total Stockholder Return*</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="62%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>MDU Resources<BR>
 Group, Inc.<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Performance<BR>
 Graph<BR>
 Peer Group<BR>
 ($)</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Dollars of Total Direct Compensation (1) per Point of
 Total Stockholder Return</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,489,386</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,390,223</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Total direct
 compensation is the sum of annual base salaries, annual incentives, the value
 of long-term incentives at grant and all other compensation as reported in
 the proxy statements. For 2006, 2007 and 2008, total direct compensation also
 includes the change in pension values and nonqualified deferred compensation
 earnings as reported in the proxy statements</I><FONT  FACE=ARIAL><I>.</I></FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><I>*</I></FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>The chart is
 not deemed filed or a part of this compensation discussion and analysis for
 certification purposes.</I></FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=6 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P>&nbsp;</P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The results
of the analysis showed that we paid our named executive officers slightly more
than what the performance graph peer group companies paid their named executive
officers for comparable levels of stockholder return over the five-year period.
Specifically, as indicated in the chart, the data shows that we paid our named
executive officers approximately $99,000 more per point of stockholder return
than our performance graph peer group. We have been conducting our PEER4
Analysi$ since 2004.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL>Post-Termination Compensation and
Benefits</FONT><BR>
<FONT SIZE=2 FACE=ARIAL><B>Pension Plans<BR>
</B>Effective 2006, we no longer offer defined benefit pension
plans to new non-bargaining unit employees. The defined benefit plans available
to employees hired before 2006 were amended to cease benefit accruals as of
December 31, 2009. The frozen benefit provided through our qualified defined
benefit pension plans is determined by years of service and base salary.
Effective 2010, for those employees who were participants in defined benefit
pension plans and for executives and other employees hired after 2006, the
company offers increased company contributions to our 401(k) plan.</FONT></P>

<BR><BR>

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 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>29</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=3 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Supplemental Income Security Plan</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Benefits Offered<BR>
</B><FONT FACE=ARIAL>We offer certain key
managers and executives, including all of our named executive officers,
benefits under our nonqualified retirement plan, which we refer to as the
Supplemental Income Security Plan or SISP. The SISP has a ten-year vesting
schedule and was amended to add an additional vesting requirement for benefit
level increases occurring on or after January 1, 2010. The SISP provides
participants with additional retirement income and death benefits. The
additional retirement income may take two forms:</FONT></FONT></P>

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 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a
 supplemental retirement benefit payable for fifteen years beginning at the
 later of age 65 or after employment ends. The company amended this portion of
 the benefit to reflect a 20% reduction in future benefit levels for employees
 who join the plan on or after January 1, 2010 and for current participants
 who receive benefit level increases on or after January 1, 2010.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>an
 additional retirement benefit to offset the Internal Revenue Code limitations
 placed on benefits payable under our qualified defined benefit pension plans.
 The company amended the additional retirement benefit to no longer allow new
 participants and to cease benefit accruals for existing participants as of
 December 31, 2009. If eligible, the participants receive this retirement
 benefit after they separate from the company and until they reach age 65. In
 order to be eligible to receive the additional retirement benefit,
 participants must vest in their pension benefit, which requires five years of
 service, and their pension must be limited by the Internal Revenue Code. Mr.
 Harp has an additional qualification in that he must remain employed until
 age 60 in order to receive this additional retirement benefit.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>A death benefit is provided if SISP participants die before
their supplemental retirement benefits commence or if they elect to receive
death benefits in lieu of all or a part of their supplemental retirement
benefits. The death benefit is payable for 15 years.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We believe the SISP is critical in retaining the talent
necessary to drive long-term stockholder value. In addition, we believe that
the ten-year vesting provision of the SISP, augmented by an additional three
years of vesting for benefit level increases occurring on or after January 1,
2010, helps promote retention of key executive officers.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Benefit Level Increases<BR>
</B><FONT FACE=ARIAL>The chief executive
officer recommends benefit level increases to the compensation committee for
participants except himself. The chief executive officer considers, among other
things, the participant&#146;s salary in relation to the salary ranges that
correspond with the SISP benefit levels, the participant&#146;s performance, the
performance of the applicable business unit or the company, and the cost
associated with the benefit level increase.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Each November, the compensation committee considers SISP
benefit level increases for the upcoming year as recommended by the chief
executive officer and also considers benefit level increases for the chief executive
officer. In November 2008, Messrs. Raile, Harp, and Bietz each received an
increase in their SISP benefit levels, which were effective on January 1, 2009.
The benefit level increases recognized each named executive&#146;s contribution to
the success of the company and individual business unit, where applicable. The
committee, however, approved the chief executive officer&#146;s recommendation to
limit the benefit increases for Messrs. Harp and Bietz to a level below the
levels that corresponded to each named executive&#146;s base salary. The chief
executive officer&#146;s rationale was to limit additional costs associated with the
benefit level increases in light of the uncertain economic times. The committee
believed Mr. Hildestad&#146;s benefit level was appropriate and therefore did not
grant him an increase.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In November 2009, Messrs. Harp, Schneider, and Bietz each
received an increase in their SISP benefit levels which was effective on
December 1, 2009. The committee&#146;s rationale for Messrs. Harp and Bietz&#146;s
benefit level increases was recognition of their continued contribution to the
financial success of the company and to bring their SISP benefit levels in line
with their current salary. Mr. Schneider was awarded a benefit level increase
to one level above the level corresponding to his current base salary in
recognition of his leadership in the financial turnaround of Knife River
Corporation. The following table reflects our named executive officers&#146; SISP
levels, including the changes effective December 1, 2009:</FONT></P>


<DIV align=left>
<TABLE style="WIDTH: 75%" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=bottom noWrap width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="12%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap width="18%" colSpan=3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL>January 1, 2009<BR>
Annual SISP Benefits</FONT></P>
</TD>
     <TD vAlign=bottom noWrap width="12%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap width="18%" colSpan=3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8pt" face=ARIAL>December 31, 2009<BR>
Annual SISP Benefits</FONT></P>
</TD>
     <TD width="1%"></TD></TR>
<TR>
     <TD vAlign=bottom noWrap width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Name</FONT></P>
</TD>
     <TD vAlign=bottom noWrap width="12%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>Survivors<BR>
($)</FONT></P>
</TD>
     <TD vAlign=bottom noWrap width="8%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>Retirement<BR>
($)</FONT></P>
</TD>
     <TD vAlign=bottom noWrap width="12%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>Survivors<BR>
($)</FONT></P>
</TD>
     <TD vAlign=bottom noWrap width="8%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>Retirement<BR>
($)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Terry D. Hildestad </FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top noWrap width="12%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1,025,040</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top noWrap width="8%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>512,520</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top noWrap width="12%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>1,025,040</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=top noWrap width="8%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>512,520</FONT></P>
</TD>
     <TD style="BORDER-TOP: #000000 2px solid" width="1%"></TD></TR>
<TR>
     <TD vAlign=bottom noWrap width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Vernon A. Raile</FONT></P>
</TD>
     <TD vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>548,400</FONT></P>
</TD>
     <TD vAlign=top noWrap width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>274,200</FONT></P>
</TD>
     <TD vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>548,400</FONT></P>
</TD>
     <TD vAlign=top noWrap width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>274,200</FONT></P>
</TD>
     <TD width="1%"></TD></TR>
<TR>
     <TD vAlign=bottom noWrap width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>John G. Harp</FONT></P>
</TD>
     <TD vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>468,600</FONT></P>
</TD>
     <TD vAlign=top noWrap width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>234,300</FONT></P>
</TD>
     <TD vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>548,400</FONT></P>
</TD>
     <TD vAlign=top noWrap width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>274,200</FONT></P>
</TD>
     <TD width="1%"></TD></TR>
<TR>
     <TD vAlign=bottom noWrap width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>William E. Schneider</FONT></P>
</TD>
     <TD vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>468,600</FONT></P>
</TD>
     <TD vAlign=top noWrap width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>234,300</FONT></P>
</TD>
     <TD vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>548,400</FONT></P>
</TD>
     <TD vAlign=top noWrap width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>274,200</FONT></P>
</TD>
     <TD width="1%"></TD></TR>
<TR>
     <TD vAlign=bottom noWrap width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=ARIAL>Steven L. Bietz</FONT></P>
</TD>
     <TD vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>328,080</FONT></P>
</TD>
     <TD vAlign=top noWrap width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>164,040</FONT></P>
</TD>
     <TD vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="4%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>386,640</FONT></P>
</TD>
     <TD vAlign=top noWrap width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8pt" face=ARIAL>193,320</FONT></P>
</TD>
     <TD width="1%"></TD></TR></TABLE></DIV>


<BR>
<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>30</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3 FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=3 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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</TABLE>

<P><FONT FACE="ARIAL" SIZE="3">Clawback </FONT><BR>
<FONT FACE="ARIAL" SIZE="2">In November 2005, we
implemented a guideline for repayment of incentives due to accounting
restatements, commonly referred to as a clawback policy, whereby the
compensation committee may seek repayment of annual and long-term incentives
paid to executives if accounting restatements occur within three years after
the payment of incentives under the annual and long-term plans. Under our
clawback policy, the compensation committee may require employees to forfeit
awards and may rescind vesting, or the acceleration of vesting, of an award. </FONT></P>

<P><FONT FACE="ARIAL" SIZE="3">Impact of Tax and Accounting Treatment </FONT><BR>
<FONT FACE="ARIAL" SIZE="2">The compensation
committee may consider the impact of tax and/or accounting treatment in
determining compensation. Section 162(m) of the Internal Revenue Code places a
limit of $1 million on the amount of compensation paid to certain officers that
we may deduct as a business expense in any tax year unless, among other things,
the compensation qualifies as performance-based compensation, as that term is
used in Section 162(m). Generally, long-term incentive compensation and annual
incentive awards for our chief executive officer and those executive officers
whose overall compensation is likely to exceed $1 million are structured to be
deductible for purposes of Section 162(m) of the Internal Revenue Code, but we
may pay compensation to an executive officer that is not deductible. All annual
or long-term incentive compensation paid to our named executive officers for
2009 satisfied the requirements for deductibility. </FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Section 409A of the Internal Revenue Code imposes additional
income taxes on executive officers for certain types of deferred compensation
if the deferral does not comply with Section 409A. We have amended our
compensation plans and arrangements affected by Section 409A with the objective
of not triggering any additional income taxes under Section 409A.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Section 4999 of the Internal Revenue Code imposes an excise
tax on payments to executives and others of amounts that are considered to be
related to a change of control if they exceed levels specified in Section 280G
of the Internal Revenue Code. The potential impact of the Section 4999 excise
tax is addressed with the modified tax payment provisions in the change of
control employment agreements, which are described earlier in this compensation
discussion and analysis and later in the proxy statement under the heading
&#147;Potential Payments upon Termination or Change of Control.&#148; We do not consider
the potential impact of Section 4999 or 280G when designing our compensation
programs.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The compensation committee also considers the accounting and
cash flow implications of various forms of executive compensation. In our
financial statements, we record salaries and annual incentive compensation as
expenses in the amount paid, or to be paid, to the named executive officers.
For our equity awards, accounting rules also require that we record an expense
in our financial statements. We calculate the accounting expense of equity
awards to employees in accordance with FASB Accounting Standards Codification
Topic 718.</FONT></P>

<P><FONT FACE="ARIAL" SIZE="3">Stock Ownership Guidelines </FONT><BR>
<FONT FACE="ARIAL" SIZE="2">We instituted stock
ownership guidelines on May 5, 1993, which we revised in February 2003, to
encourage executives to own a multiple of their base salary in our common
stock. All officers who participate in our Long-Term Performance-Based
Incentive Plan are subject to the guidelines. The guidelines call for the
executive to reach the multiple within five years. Unvested performance shares
and other unvested equity awards do not count towards the guidelines. In 2009,
the compensation committee reviewed these guidelines against the performance
graph peer companies that published ownership guidelines, and determined no
change was necessary. Each February, the compensation committee receives a
report on the status of stock holdings by executives. The table shows the named
executive officers&#146; holdings as of December 31, 2009: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="41%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Assigned<BR>
 Guideline<BR>
 Multiple of<BR>
 Base Salary</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Actual<BR>
 Holdings as a<BR>
 Multiple of<BR>
 Base Salary</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Number of<BR>
 Years at<BR>
 Guideline<BR>
 Multiple<BR>
 (#)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4X</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.79</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.67</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3X</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.96</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3X</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.06</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>William E.
 Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3X</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.43</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3X</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.95</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The compensation committee may consider the
guidelines and the executive&#146;s stock ownership in determining compensation. The
committee, however, did not do so with respect to 2009 compensation.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

  </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>31</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=3 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 </TR>
</TABLE>
<BR>
<DIV><FONT SIZE=3 FACE=ARIAL>Policy
Regarding Hedging Stock Ownership</FONT></DIV>

<DIV><FONT SIZE=2 FACE=ARIAL>In our Executive Compensation Policy, we adopted a policy
that prohibits executives from hedging their ownership of company common stock.
Executives may not enter into transactions that allow the executive to benefit
from devaluation of our stock or otherwise own stock technically but without
the full benefits and risks of such ownership.</FONT></DIV>

<P><A NAME="C013_V1"></A><FONT SIZE=3 FACE=ARIAL><B>Compensation
Committee Report</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The compensation committee has reviewed and discussed the
Compensation Discussion and Analysis required by Reg. S-K, Item 402(b), with
management. Based on the review and discussions referred to in the preceding
sentence, the compensation committee recommended to the board of directors that
the Compensation Discussion and Analysis be included in our proxy statement on
Schedule 14A.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Thomas Everist, Chairman<BR>
Karen B. Fagg<BR>
Thomas C. Knudson<BR>
Patricia L. Moss</B></FONT></P>

<P ALIGN=CENTER><A NAME="C014_V1"></A><FONT SIZE=3 FACE=ARIAL><B>Summary
Compensation Table for 2009</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="19%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name
 and<BR>
 Principal Position<BR>
 (a)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Year<BR>
 (b)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Salary<BR>
 ($)<BR>
 (c)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Bonus<BR>
 ($)<BR>
 (d)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Stock<BR>
 Awards<BR>
 ($)<BR>
 (e)(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Option<BR>
 Awards<BR>
 ($)<BR>
 (f)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Non-Equity<BR>
 Incentive Plan<BR>
 Compensation<BR>
 ($)<BR>
 (g)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Change in<BR>
 Pension Value<BR>
 and<BR>
 Nonqualified<BR>
 Deferred<BR>
 Compensation<BR>
 Earnings<BR>
 ($)<BR>
 (h)(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>All Other<BR>
 Compensation<BR>
 ($)<BR>
 (i)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Total<BR>
 ($)<BR>
 (j)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,117,861</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>825,319</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,824</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,203,004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>President and CEO</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>700,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,200,485</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>310,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>898,941</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,476</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,119,702</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>625,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>779,293</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,362,413</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,026</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,023,732</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>402,417</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>585,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>695,177</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,124</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,140,718</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Executive Vice President,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>400,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>411,575</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>115,440</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>498,210</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,176</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,432,401</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Treasurer and CFO</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>295,882</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>555,248</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,026</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,559,556</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>402,417</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>392,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(4)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>761,670</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,272 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(7)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,029,859</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>President and CEO of</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>400,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>411,575</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>720,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(5)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>338,774</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,230 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(7)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,893,579</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>MDU Construction</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>341,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>239,763</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>341,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>47,334</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,080 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(7)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>992,177</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Services Group, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>William E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>447,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>400,093</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>581,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>726,646</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,324</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,165,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>President and CEO of</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>447,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>460,374</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>180,801</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,976</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,097,551</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Knife River Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>422,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>356,052</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>206,780</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450,347</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,026</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,442,205</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>312,987</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>475,985</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,084</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,597,506</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>President and CEO of</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>WBI Holdings, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Amounts in this column represent the aggregate grant date
 fair value of the performance share awards calculated in accordance with
 Financial Accounting Standards Board Accounting Standards Codification Topic
 718 &#150; Share-Based Payment. Amounts for 2008 and 2007 have been recalculated
 to comply with the new requirements. This column was prepared assuming none
 of the awards will be forfeited. The amounts were calculated using a Monte
 Carlo simulation, as described in Note 13 of our audited financial statements
 in our Annual Report on Form 10-K for the year ended December 31, 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><I>(2)</I> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><I>Amounts
shown represent the change in the actuarial present value for years ended
December 31, 2007, 2008, and 2009 for the named executive officers&#146;
accumulated benefits under the pension plan, excess SISP, and SISP and, for
Mr. Harp, the additional retirement benefit, collectively referred to as the
&#147;accumulated pension change,&#148; plus above market earnings on deferred annual incentives,
if any. The amounts shown are based on accumulated pension change and above
market earnings as of December 31, 2007, 2008, and 2009, as follows:</I> </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>32</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="97%" style='margin-left:3%'>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="32%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><I>Accumulated<BR>
 Pension Change</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><I>Above Market<BR>
 Earnings</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>Name</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/2007<BR>
 ($)</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/2008<BR>
 ($)</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/2009<BR>
 ($)</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/2007<BR>
 ($)</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/2008<BR>
 ($)</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/2009<BR>
 ($)</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Terry D. Hildestad</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>1,336,815</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>883,351</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>806,554</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>25,598</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>15,590</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>18,765</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Vernon A. Raile</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>508,987</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>469,755</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>661,243</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>46,261</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>28,455</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>33,934</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>John G. Harp</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>38,498</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>331,558</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>743,334</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><I>Additional Retirement</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><I> (John G. Harp)*</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>8,836</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>7,216</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>18,336</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>William E. Schneider</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>411,123</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>155,816</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>696,572</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>39,224</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>24,985</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>30,074</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>Steven L. Bietz</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>



 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>475,985</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>* See footnote 6.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (3)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes company contributions to the 401(k), payment of a
 life insurance premium, and matching contributions to charitable
 organizations.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>(4)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes one-time incentive payment of $100,000 in
 addition to his annual incentive compensation.</I></FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (5)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes one-time incentive payment of $200,000 in
 addition to his executive incentive compensation plan payment.</I></FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (6)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>In addition to the change in the actuarial present value
 of Mr. Harp&#146;s accumulated benefit under the pension plan, excess SISP, and
 SISP, this amount also includes the following amounts attributable to Mr.
 Harp&#146;s additional retirement benefit:</I></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="82%" style='margin-left:3%'>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="61%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2007</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2008</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2009</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><I>Change
 in present value of additional years of service for pension plan</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>$6,033</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>$3,570</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>$13,077</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><I>Change
 in present value of additional years of service for excess SISP</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2,803</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>3,646</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>5,259</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><I>Change
 in present value of additional years of service for SISP</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&#151;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Mr. Harp&#146;s additional retirement benefit is described in
 the narrative that follows the Pension Benefits for 2009 table. The
 additional retirement benefit provides Mr. Harp with additional retirement
 benefits equal to the additional benefit he would earn under the pension
 plan, excess SISP, and the SISP if he had three additional years of service.
 The amounts in the table above reflect the change in present value of this
 additional benefit in 2007, 2008, and 2009. The additional retirement benefit
 was determined by calculating the actuarial present values of the accumulated
 benefits under the pension plan, excess SISP, and SISP, with and without the
 three additional years of service, using the same assumptions used to
 determine the amounts disclosed in the Pension Benefits for 2009 table.
 Because Mr. Harp would be fully vested in his SISP benefit if he retired at
 age 65, the assumed retirement age of these calculations, the additional
 years of service provided by the additional retirement agreement would not
 increase that benefit. If Mr. Harp retires before becoming 100% vested in his
 SISP benefit, his SISP benefit would be less than the amount shown in the
 Pension Benefits for 2009 table, but the payments he would receive under the
 additional retirement benefit arrangement would increase, as would the
 amounts reflected in the table above and in the Summary Compensation Table.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (7)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes a company contribution to Mr. Harp&#146;s 401(k), a
 matching contribution to a charity, payment of a life insurance premium, an
 additional premium for Mr. Harp&#146;s long-term disability insurance, and Mr.
 Harp&#146;s office and automobile allowance.</I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><A NAME="C015_V1"></A><FONT SIZE=3 FACE=ARIAL><B>Grants
of Plan-Based Awards in 2009</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN=7 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>All Other<BR>
 Stock<BR>
 Awards:<BR>
 Number of<BR>
 Shares of<BR>
 Stock or<BR>
 Units<BR>
 (#)<BR>
 (i)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN=7 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>All Other<BR>
 Option<BR>
 Awards:<BR>
 Number of<BR>
 Securities<BR>
 Underlying<BR>
 Options<BR>
 (#)<BR>
 (j)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN=7 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Exercise<BR>
 or Base<BR>
 Price of<BR>
 Option<BR>
 Awards<BR>
 ($/Sh)<BR>
 (k)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN=7 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Grant<BR>
 Date Fair<BR>
 Value of<BR>
 Stock and<BR>
 Option<BR>
 Awards<BR>
 ($)<BR>
 (l)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 ROWSPAN=3 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Estimated Future<BR>
 Payouts Under Non-Equity<BR>
 Incentive Plan Awards</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 ROWSPAN=3 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Estimated Future<BR>
 Payouts Under Equity<BR>
 Incentive Plan Awards</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name<BR>
 (a)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Grant<BR>
 Date<BR>
 (b)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Threshold<BR>
 ($)<BR>
 (c)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Target<BR>
 ($)<BR>
 (d)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Maximum<BR>
 ($)<BR>
 (e)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Threshold<BR>
 (#)<BR>
 (f)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Target<BR>
 (#)<BR>
 (g)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Maximum<BR>
 (#)<BR>
 (h)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Terry
 D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2/12/09(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>187,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2/12/09(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,482</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54,824</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>109,648</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,117,861</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon
 A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2/12/09(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>73,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>292,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>585,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2/12/09(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,973</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,736</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39,472</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>402,417</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>John
 G. Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2/12/09(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>73,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>292,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>585,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2/12/09(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,973</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,736</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39,472</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>402,417</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2/12/09(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>William
 E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2/12/09(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>72,703</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>290,810</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>581,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2/12/09(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,962</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,622</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39,244</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>400,093</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Steven
 L. Bietz</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2/12/09(4)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>56,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>227,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>455,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2/12/09(2)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,535</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,350</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,700</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>312,987</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Annual incentive for 2009 granted pursuant to the MDU
 Resources Group, Inc. Long-Term Performance-Based Incentive Plan.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Performance shares for the 2009-2011 performance period
 granted pursuant to the MDU Resources Group, Inc. Long-Term Performance-Based
 Incentive Plan.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (3)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Mr. Harp&#146;s additional 2009 incentive opportunity.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT FACE="ARIAL" SIZE="1"><I>(4)</I> </FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT FACE="ARIAL" SIZE="1"><I>Annual
incentive for 2009 granted pursuant to the WBI Holdings Inc. Executive
Incentive Compensation Plan.</I> </FONT></P>


 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>33</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL>Narrative
 Discussion Relating to the Summary Compensation Table<BR>
 and Grants of Plan-Based Awards Table</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Incentive Awards</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Annual Incentive</B><BR>On February
11, 2009, the compensation committee recommended the 2009 annual incentive
award opportunities for our named executive officers, and the board approved
these opportunities at its meeting on February 12, 2009. These award
opportunities are reflected in the Grants of Plan-Based Awards table at grant
on February 12, 2009 in columns (c), (d), and (e) and in the Summary
Compensation Table as earned with respect to 2009 in column (g).</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Executive
officers may receive annual cash incentive awards based upon achievement of
annual performance measures with a threshold, target, and maximum level. A target
incentive award is established based on a percent of the executive&#146;s base
salary. Actual payment may range from zero to 200% of the target based upon
achievement of corporate goals.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In order to
be eligible to receive an annual incentive award under the Long-Term
Performance-Based Incentive Plan, Messrs. Hildestad, Raile, Schneider, and Harp
must have remained employed by the company through December 31, 2009, unless
the compensation committee determines otherwise. The committee has full
discretion to determine the extent to which goals have been achieved, the
payment level, whether any final payment will be made, and whether to adjust
awards downward based upon individual performance. Unless the committee
determines otherwise, performance measure targets shall be adjusted to take
into account unusual or nonrecurring events affecting the company, a subsidiary
or a division or business unit, or any of their financial statements, or
changes in applicable laws, regulations or accounting principles to the extent
such unusual or nonrecurring events or changes in applicable laws, regulations
or accounting principles otherwise would result in dilution or enlargement of
the annual incentive award intended to be provided. Such adjustments are made
in a manner that will not cause the award to fail to qualify as
performance-based compensation for purposes of Section 162(m) of the Internal
Revenue Code.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>With
respect to annual incentive awards granted pursuant to the WBI Holdings, Inc.
Executive Incentive Compensation Plan, which includes Mr. Bietz, participants
who retire at age 65 during the year remain eligible to receive an award.
Subject to the compensation committee&#146;s discretion, executives who terminate
employment for other reasons are not eligible for an award.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
committee has full discretion to determine the extent to which goals have been
achieved, the payment level, and whether any final payment will be made. Once
performance goals are approved by the committee for executive incentive
compensation plan awards, the committee generally does not modify the goals.
However, if major unforeseen changes in economic and environmental conditions
or other significant factors beyond the control of management substantially
affected management&#146;s ability to achieve the specified performance goals, the
committee, in consultation with the chief executive officer, may modify the
performance goals. Such goal modifications will only be considered in years of
unusually adverse or favorable external conditions.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>For Messrs.
Hildestad and Raile, the performance measures for annual incentive awards are
our annual return on invested capital achieved compared to target and our
annual earnings per share achieved compared to target. For Messrs. Schneider,
Harp, and Bietz, the performance measures for annual incentive awards are their
respective business unit&#146;s annual return on invested capital achieved compared
to target and their respective business unit&#146;s allocated earnings per share
achieved compared to target. In 2009, Mr. Bietz had five individual goals
relating to WBI Holdings Inc.&#146;s safety results, and each goal that was not met
reduced his annual incentive award by 1%.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>For 2009,
the compensation committee weighted the goals for annual return on invested
capital compared to target and allocated earnings per share compared to target
each at 50%.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We limit
the after-tax annual incentive compensation we will pay above the target amount
to 20% of earnings in excess of planned earnings. We calculate the earnings in
excess of planned earnings without regard to the after-tax annual incentive
amounts above target. We measure the 20% limitation at the major business unit
level for business unit and operating company executives, which include Messrs.
Harp, Schneider, and Bietz, and at the corporate level for corporate
executives, which include Messrs. Hildestad and Raile. In 2009, the 20%
limitation was calculated without regard to the noncash ceiling test impairment
charge and an associated depletion, depreciation and amortization benefit as
discussed in the Compensation Discussion and Analysis.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>34</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The award
opportunities available to each named executive officer were:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="60%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="21%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="19%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2009 earnings per share<BR>
 results as a % of 2009 target</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Corresponding payment of<BR>
 annual incentive target based on<BR>
 earnings per share</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Less than 85%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>85</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>95</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>103</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>106</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>140</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>109</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>112</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>115</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2009 return on invested capital<BR>
 results as a % of 2009 target</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Corresponding payment of<BR>
 annual incentive target based on<BR>
 return on invested capital</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Less than 85%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>85</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>95</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>103</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>106</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>140</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>109</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>112</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>115</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>For
discussion of the specific incentive plan performance targets and results,
please see the Compensation Discussion and Analysis.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In addition
to his 2009 annual incentive award opportunity under our Long-Term
Performance-Based Incentive Plan, Mr. Harp had an opportunity to earn an
additional incentive, which was structured as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>MDU Construction Services Group,
 Inc.&#146;s 2009 Return on Invested Capital (ROIC) as compared to<BR>
 MDU Construction Services Group, Inc.&#146;s 2009 Weighted Average Cost of Capital
 (WACC)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Additional Incentive Amount</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>2009 ROIC is less than 100 basis points above 2009 WACC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>2009 ROIC is 100 to 199 basis points above 2009 WACC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>2009 ROIC is 200 basis points or more above 2009 WACC</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$200,000</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>For a
specific discussion of this additional incentive opportunity and the
compensation committee&#146;s determination with respect to payment, please refer to
the Compensation Discussion and Analysis.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Long-Term Incentive<BR>
</B><FONT FACE=ARIAL>On February 11, 2009, the compensation committee recommended
long-term incentive grants to the named executive officers in the form of
performance shares, and the board approved these grants at its meeting on
February 12, 2009. These grants are reflected in columns (f), (g), (h), and (l)
of the Grants of Plan-Based Awards table and in column (e) of the Summary
Compensation Table.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>From 0% to
200% of the target grant will be paid out in February 2012, depending on our
2009-2011 total stockholder return compared to the total three-year stockholder
returns of companies in our performance graph peer group. The payout percentage
is determined as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="60%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="19%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="19%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>The Company&#146;s Percentile Rank</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Payout Percentage of<BR>
 February 12, 2009 Grant</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>100th</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>&nbsp;&nbsp;75th</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>&nbsp;&nbsp;50th</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>&nbsp;&nbsp;40th</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Less than 40th</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Payouts for
percentile ranks falling between the intervals will be interpolated. We also
will pay dividend equivalents in cash on the number of shares actually earned
for the performance period. The dividend equivalents will be paid in 2012 at
the same time as the performance awards are paid.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>35</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Salary and Bonus in Proportion to Total Compensation<BR>
</B><FONT FACE=ARIAL>The following table shows the proportion of salary to total
compensation. We paid no bonuses to our named executive officers in 2009.</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Salary<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Total<BR>
 Compensation<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Salary as % of<BR>
 Total Compensation</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,203,004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,140,718</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,029,859</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>William E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>447,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,165,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20.7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,597,506</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=3 FACE=ARIAL><B>O<A NAME="C016_V1"></A>utstanding Equity Awards at Fiscal Year-End 2009</B></FONT></P>

<TABLE BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="15%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
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 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
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 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
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 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=17 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Option Awards</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Stock Awards</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name<BR>
 (a)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Number of<BR>
 Securities<BR>
 Underlying<BR>
 Unexercised<BR>
 Options<BR>
 Exercisable<BR>
 (#)<BR>
 (b)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Number of<BR>
 Securities<BR>
 Underlying<BR>
 Unexercised<BR>
 Options<BR>
 Unexercisable<BR>
 (#)<BR>
 (c)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Equity<BR>
 Incentive<BR>
 Plan Awards:<BR>
 Number of<BR>
 Securities<BR>
 Underlying<BR>
 Unexercised<BR>
 Unearned<BR>
 Options<BR>
 (#)<BR>
 (d)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Option<BR>
 Exercise<BR>
 Price<BR>
 ($)<BR>
 (e)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Option<BR>
 Expiration<BR>
 Date<BR>
 (f)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Number<BR>
 of Shares<BR>
 or Units<BR>
 of Stock<BR>
 That<BR>
 Have Not<BR>
 Vested<BR>
 (#)<BR>
 (g)(1,2)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Market<BR>
 Value of<BR>
 Shares or<BR>
 Units of<BR>
 Stock<BR>
 That<BR>
 Have Not<BR>
 Vested<BR>
 ($)<BR>
 (h)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Equity<BR>
 Incentive<BR>
 Plan Awards:<BR>
 Number of<BR>
 Unearned<BR>
 Shares,<BR>
 Units or<BR>
 Other Rights<BR>
 That Have<BR>
 Not Vested<BR>
 (#)<BR>
 (i)(3)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Equity<BR>
 Incentive<BR>
 Plan Awards:<BR>
 Market or<BR>
 Payout Value<BR>
 of Unearned<BR>
 Shares,<BR>
 Units or<BR>
 Other Rights<BR>
 That Have<BR>
 Not Vested<BR>
 ($)<BR>
 (j)(4)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,712</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>87,603</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>181,830</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,291,188</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,114</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,290</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>65,438</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,544,337</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>63,055</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,488,098</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>William E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,970</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,092</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,354</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,636,754</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>558</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,169</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,545</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,216,462</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:3PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Adjusted for
 the 3-for-2 stock split effective July 26, 2006.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>These shares of
 restricted stock were granted in 2001 and vest automatically on February 15,
 2010. Vesting of some or all shares may be accelerated upon change of control
 or if the total stockholder return equals or exceeds the 50th percentile of
 the performance graph peer group during the final three-year performance
 cycle 2007-2009. Non-preferential dividends are paid on these shares.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (3)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Below is a
 breakdown by year of the plan awards:</I></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="67%" STYLE=MARGIN-LEFT:3%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="39%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>Named Executive
 Officer</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>Award</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>Shares</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>End of<BR>
 Performance<BR>
 Period</I></FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Terry D.
 Hildestad</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2007</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>33,091</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/09</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2008</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>39,091</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/10</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2009</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>109,648</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/11</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Vernon A. Raile</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2007</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12,564</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/09</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2008</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>13,402</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/10</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2009</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>39,472</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/11</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>John G. Harp</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2007</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>10,181</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/09</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2008</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>13,402</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/10</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2009</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>39,472</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/11</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>William E.
 Schneider</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2007</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>15,119</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/09</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2008</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>14,991</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/10</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2009</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>39,244</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/11</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Steven L. Bietz</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2007</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>10,354</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/09</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2008</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>10,491</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/10</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>2009</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>30,700</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><I>12/31/11</I></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Shares for the
 2007 award are shown at the target level (100%) based on results for the
 2007-2009 performance cycle at target.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Shares for the
 2008 award are shown at the target level (100%) based on results for the
 first two years of the 2008-2010 performance cycle at target.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Shares for the
 2009 award are shown at the maximum level (200%) based on results for the
 first year of the 2009-2011 performance cycle above target.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (4)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Value based on
 the number of performance shares reflected in column (i) multiplied by
 $23.60, the year-end closing price for 2009.</I></FONT></P>
 </TD>
 </TR>
</TABLE>


<BR><BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>36</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><A NAME="C017_V1"></A><FONT SIZE=3 FACE=ARIAL><B>Option Exercises and Stock Vested during
2009</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="32%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Option Awards</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Stock Awards</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name<BR>
 (a)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Number of<BR>
 Shares Acquired<BR>
 on Exercise<BR>
 (#)<BR>
 (b)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Value Realized<BR>
 on Exercise<BR>
 ($)<BR>
 (c)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Number of<BR>
 Shares Acquired<BR>
 on Vesting<BR>
 (#)<BR>
 (d)(1,2)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Value Realized<BR>
 on Vesting<BR>
 ($)<BR>
 (e)(3)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,584</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>397,426</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,192</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>206,830</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,259</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>167,603</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>William E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,534</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>254,358</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,755</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>116,789</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:3PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Adjusted for
 the 3-for-2 stock split effective July 26, 2006.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Reflects
 performance shares for the 2006-2008 performance period that vested on
 February 12, 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (3)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Reflects the
 value of performance shares based on our stock price of $18.61 on February
 12, 2009, and the dividend equivalents that were paid on the vested shares.</I></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:3PX">
 <TD colspan=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><A NAME="C018_V1"></A><FONT SIZE=3 FACE=ARIAL><B>Pension Benefits for 2009</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="19%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="26%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name<BR>
 (a)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Plan Name<BR>
 (b)</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Number of<BR>
 Years Credited<BR>
 Service<BR>
 (#)<BR>
 (c)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Present Value<BR>
 of Accumulated<BR>
 Benefit<BR>
 ($)<BR>
 (d)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Payments<BR>
 During Last<BR>
 Fiscal Year<BR>
 ($)<BR>
 (e)</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Pension Plan</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,369,893</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP I(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,487,740</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP II(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,456,479</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP Excess</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>842,854</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Pension Plan</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,033,470</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP I(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>891,572</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP II(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,899,169</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP Excess</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Pension Plan</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>172,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP I(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP II(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,784,336</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP Excess</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,837</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Harp Additional Retirement Benefit</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>120,136</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>William E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Pension Plan</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>667,138</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP I(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,081,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP II(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,278,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP Excess</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>128,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Pension Plan</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>675,382</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP I(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>458,686</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>SISP II(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>440,819</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>SISP Excess</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>72,082</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:2PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Grandfathered
 under Section 409A.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>


 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Not
 grandfathered under Section 409A.</I></FONT></P>


 </TD>
 </TR>
<TR STYLE="FONT-SIZE:3PX">
 <TD colspan=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The amounts
shown for the pension plan and excess SISP represent the actuarial present
values of the executives&#146; accumulated benefits accrued as of December 31, 2009,
calculated using a 5.75% discount rate, the 1994 Group Annuity Mortality Table
for post-retirement mortality, and no recognition of future salary increases or
pre-retirement mortality. The assumed retirement ages for these benefits was
age 60 for Messrs. Harp and Bietz and age 62 for Mr. Schneider. These are the
earliest ages at which the executives could begin receiving unreduced benefits.
Retirement on December 31, 2009, was assumed for Messrs. Hildestad and Raile,
who were age 60 and 64, respectively, on that date. The amounts shown for the
SISP I and SISP II were determined using a 5.75% discount rate and assume
benefits commenced at age 65. The assumptions used to calculate Mr. Harp&#146;s
additional retirement benefit are described below.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Pension Plans</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Messrs. Hildestad, Raile, and
 Harp participate in the MDU Resources Group, Inc. Pension Plan for
 Non-Bargaining Unit Employees, which we refer to as our pension plan. Mr.
 Schneider participates in the Knife River Corporation Salaried Employees&#146;
 Pension Plan, which we refer to as the KR pension plan. Mr. Bietz
 participates in the Williston Basin Interstate Pipeline Company Pension Plan,
 which we refer to</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>37</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>as the WBI
pension plan. Pension benefits under our pension plan and the WBI pension plan
are based on the participant&#146;s average annual salary over the 60 consecutive
month period in which the participant received the highest annual salary during
the participant&#146;s final 10 years of service. For this purpose, only a
participant&#146;s salary is considered; incentives and other forms of compensation
are not included. Benefits are determined by multiplying (1) the participant&#146;s
years of credited service by (2) the sum of (a) the average annual salary up to
the social security integration level times 1.1% and (b) the average annual
salary over the social security integration level times 1.45%. The KR pension
plan uses the same formula except that 1.2% and 1.6% are used instead of 1.1%
and 1.45%. The maximum years of service recognized when determining benefits
under each of the pension plans is 35. Pension plan benefits are not reduced
for social security benefits.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Each of the
pension plans was amended to cease benefit accruals as of December 31, 2009,
meaning the normal retirement benefit will not change.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>To receive
unreduced retirement benefits under our pension plan and the WBI pension plan,
participants must either remain employed until age 60 or elect to defer
commencement of benefits until age 60. Under the KR pension plan, participants
must remain employed until age 62 or elect to defer commencement of benefits
until age 62 to receive unreduced benefits. Messrs. Hildestad and Raile were
eligible for unreduced retirement benefits under our pension plan on December
31, 2009. Participants whose employment terminates between the ages of 55 and
60, with 5 years of service, in our pension plan or the WBI pension plan and
between the ages of 55 and 62, with 5 years of service, in the KR pension plan
are eligible for early retirement benefits. Early retirement benefits are
determined by reducing the normal retirement benefit by 0.25% per month for
each month before age 60 in our pension plan and the WBI pension plan and age
62 in the KR pension plan. If a participant&#146;s employment terminates before age
55, the same reduction applies for each month the termination occurs before age
62, with the reduction capped at 21%. Messrs. Harp and Schneider are currently
eligible for early retirement benefits.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Benefits
for single participants under the pension plans are paid as straight life
amounts and benefits for married participants are paid as actuarially reduced
pensions with a survivor benefit for spouses, unless participants choose
otherwise. Participants who terminate employment before age 55 may elect to
receive their benefits in a lump sum. Mr. Bietz is currently eligible for a
lump sum.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
Internal Revenue Code places limitations on benefit amounts that may be paid
under the pension plans and on the amount of compensation that may be
recognized when determining benefits. In 2009, the maximum annual benefit
payable under the pension plans was $195,000 and the maximum amount of
compensation that could be recognized when determining benefits was $245,000.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Supplemental
 Income Security Plan</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>We also offer key managers and
 executives, including all of our named executive officers, benefits under our
 nonqualified retirement plan, which we refer to as the Supplemental Income
 Security Plan or SISP. Benefits under the SISP consist of:</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a supplemental retirement benefit
 intended to augment the retirement income provided under our qualified pension
 plans &#150; we refer to this benefit as the regular SISP benefit</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>an excess retirement benefit
 relating to Internal Revenue Code limitations on retirement benefits provided
 under our qualified pension plans - we refer to this benefit as the excess SISP
 benefit, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>death benefits &#150; we refer to
 these benefits as the SISP death benefit.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Effective January 1, 2010, we
 amended the SISP to:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>reduce by 20% the regular SISP
 and death benefit levels in the benefit schedule used to determine regular
 SISP and death benefits for new participants and participants whose benefit
 levels increase on or after January 1, 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>impose an additional vesting
 period applicable to any increased regular SISP benefit and SISP death
 benefit occurring on or after January 1, 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>eliminate the excess SISP benefit
 for new participants and current participants who were not already eligible
 for the excess SISP benefit, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>freeze excess SISP benefit
 accruals.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>SISP benefits are forfeited if
 the participant&#146;s employment is terminated for cause.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>38</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Regular SISP
 Benefits and Death Benefits</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Regular SISP benefits and death
 benefits are determined by reference to one of two schedules attached to the
 SISP - the original schedule or the amended schedule. Our compensation
 committee, after receiving recommendations from our chief executive officer,
 determines the level at which participants are placed in the schedules. A
 participant&#146;s placement is generally, but not always, determined by reference
 to the participant&#146;s annual base salary. Benefit levels in the amended
 schedule which became effective on January 1, 2010, are 20% lower than the
 benefit levels in the original schedule. The amended schedule applies to new
 participants and participants who receive a benefit level increase on or
 after January 1, 2010.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Participants
can elect to receive (1) the regular SISP benefit only, (2) the SISP death
benefit only, or (3) a combination of both. Regardless of the participant&#146;s
election, if the participant dies before the regular SISP benefit would
commence, only the SISP death benefit is provided. If the participant elects to
receive both a regular SISP benefit and a SISP death benefit, each of the benefits
is reduced proportionately.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The regular
SISP benefits reflected in the table above are based on the assumption that the
participant elects to receive only the regular SISP benefit. The present values
of the SISP death benefits that would be provided if the named executive
officers were to die prior to the commencement of regular SISP benefits are
reflected in the table that appears in the section entitled &#147;Potential Payments
upon Termination or Change of Control.&#148;</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The SISP
was amended to address changes in applicable tax laws resulting from the
enactment of section 409A of the Internal Revenue Code. Regular SISP benefits
that were vested as of December 31, 2004 and were thereby grandfathered under
section 409A remain subject to SISP provisions then in effect, which we refer
to as SISP I benefits. Regular SISP benefits that are subject to section 409A,
which we refer to as SISP II benefits, are governed by amended provisions
intended to comply with section 409A. Participants generally have more discretion
with respect to the distributions of their SISP I benefits.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The time
and manner in which the regular SISP benefits are paid depend on a variety of
factors, including the time and form of benefit elected by the participant and
whether the benefits are SISP I or SISP II benefits. Unless the participant
elects otherwise, the SISP I benefits are paid over 180 months, with benefits
commencing when the participant attains age 65 or, if later, when the
participant retires. The SISP II benefits commence when the participant attains
age 65 or, if later, when the participant retires, subject to a six-month delay
if the participant is subject to the provisions of section 409A of the Internal
Revenue Code that require delayed commencement of these types of retirement
benefits. The SISP II benefits are paid over 180 months or, if commencement of
payments is delayed for six months, 173 months. If the commencement of benefits
is delayed for six months, the first payment includes the payments that would
have been paid during the six-month period. If the participant dies after the
regular SISP benefits have begun but before receipt of all of the regular SISP
benefits, the remaining payments are made to the participant&#146;s designated
beneficiary.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Rather than
receiving their regular SISP I benefits in equal monthly installments over 15
years commencing at age 65, participants can elect a different form and time of
commencement of their SISP I benefits. Participants can elect to defer
commencement of the regular SISP I benefits. If this is elected, the
participant retains the right to receive a monthly SISP death benefit if death
occurs prior to the commencement of the regular SISP I benefit.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Participants
also can elect to receive their SISP I benefits in one of three actuarially
equivalent forms &#150; a life annuity, 100% joint and survivor annuity, or a joint
and two-thirds joint and survivor annuity, provided that the cost of providing
these actuarial equivalent forms of benefits does not exceed the cost of
providing the normal form of benefit. Neither the election to receive an
actuarial equivalent benefit nor the administrator&#146;s right to pay the regular
SISP benefit in the form of an actuarially equivalent lump sum are available
with respect to SISP II benefits.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>To promote
retention, the regular SISP benefits are subject to the following ten-year
vesting schedule:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>0% vesting for less than 3 years
 of participation</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>20% vesting for 3 years of
 participation</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>40% vesting for 4 years of
 participation, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>an additional 10% vesting for
 each additional year of participation up to 100% vesting for 10 years of
 participation.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>In 2009,
the plan was amended to impose an additional vesting requirement on benefit
level increases for the regular SISP benefit granted on or after January 1,
2010. The requirement applies only to the increased benefit level. The
increased benefit vests after the later of three additional years of
participation in the SISP or the end of the regular vesting schedule described
above. The additional three-year vesting</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>39</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>requirement
for benefit level increases is pro-rated for participants who are officers,
attain age 65, and are required to retire, pursuant to the company&#146;s bylaws, prior
to the end of the additional vesting period as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>33% of the increase vests for
 participants required to retire at least one year but less than two years
 after the increase is granted, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>66% of the increase vests for
 participants required to retire at least two years but less than three years
 after the increase is granted.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The benefit
level increases of participants who attain age 65 and are required to retire
pursuant to the company&#146;s bylaws will be further reduced to the extent the
participants are not fully vested in their regular SISP benefit under the
10-year vesting schedule described above. The additional vesting period
associated with a benefit level increase may be waived by the compensation
committee.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>SISP death
benefits become fully vested if the participant dies while actively employed.
Otherwise, the SISP death benefits are subject to the same vesting schedules as
the regular SISP benefits.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Excess SISP
 Benefits</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Excess SISP benefits are equal to
 the difference between (1) the monthly retirement benefits that would have
 been payable to the participant under the qualified pension plans absent the
 limitations under the Internal Revenue Code and (2) the actual benefits
 payable to the participant under the qualified pension plan. Participants are
 only eligible for the excess SISP benefits if (1) the participant is fully
 vested under the qualified pension plan, (2) the participant&#146;s employment
 terminates prior to age 65, and (3) benefits under the qualified pension plan
 are reduced due to limitations under the Internal Revenue Code on plan
 compensation. Effective January 1, 2005, participants who were not then
 vested in the excess SISP benefits were also required to remain actively
 employed by the company until age 60. In 2009, the plan was amended to limit
 eligibility of the excess SISP benefit to current SISP participants (1) who
 are already vested in the excess SISP benefit or (2) who will become vested
 in the excess SISP benefits if they remain employed with the company until
 age 60. The plan was further amended to freeze the excess SISP benefits to a
 maximum of the benefit level payable based on the participant&#146;s years of
 service and compensation level as of December 31, 2009. With the exception of
 Mr. Harp, each of the named executive officers would be entitled to the
 excess SISP benefit if they were to terminate employment prior to age 65. Mr.
 Harp must remain employed until age 60 to become entitled to his excess SISP
 benefit.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Benefits
generally commence six months after the participant&#146;s employment terminates and
continue to age 65 or until the death of the participant, if prior to age 65.
If a participant who dies prior to age 65 elected a joint and survivor benefit,
the survivor&#146;s excess SISP benefit is paid until the date the participant would
have attained age 65.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Mr. Harp&#146;s
 Additional Retirement Benefit</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>To encourage Mr. Harp to remain
 with the company, on November 16, 2006, upon recommendation of our chief
 executive officer and the compensation committee, our board of directors
 approved an additional retirement benefit for Mr. Harp. The benefit provides
 for Mr. Harp to receive payments that represent the equivalent of an
 additional three years of service under our pension plan, the excess SISP,
 and the SISP. The additional three years of service recognize Mr. Harp&#146;s
 previous employment with a subsidiary of the company. To calculate payments
 Mr. Harp could receive due to his additional retirement benefit, we applied
 the additional years of service to each of the retirement arrangements and
 assumed he remained employed until age 60, for purposes of calculating the
 additional benefit under the pension plan and excess SISP, and age 65, for
 purposes of calculating the additional benefit under the SISP II. Because Mr.
 Harp would be fully vested in the SISP II benefit if he retired at age 65,
 the additional years of service provided by the agreement would not increase
 his SISP II benefit. Consequently, the amount shown in the table does not
 include any additional benefit attributable to the SISP II. If Mr. Harp were
 to retire before achieving 10 years of service and becoming fully vested in
 his SISP II benefit, the additional years of service provided by the
 additional retirement benefit would increase his vesting percentage under the
 SISP II and therefore would result in an additional payment. For a
 description of the payments that could be provided under the additional
 retirement benefit if Mr. Harp&#146;s employment were to be terminated on December
 31, 2009, refer to the table and related notes in &#147;Potential Payment upon
 Termination or Change of Control&#148; below.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The SISP
also provides that if a participant becomes totally disabled, the participant
will continue to receive credit for up to two additional years under the SISP
as long as the participant is totally disabled during such time. Since the
named executive officers other than Mr. Harp are fully vested in their SISP
benefits, this would not result in any incremental benefit for the named
executive officers other than Mr. Harp. The present value of these two
additional years of service for Mr. Harp is reflected in the table that appears
in the section entitled &#147;Potential Payments upon Termination or Change of
Control.&#148;</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>40</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><A NAME="C019_V1"></A><FONT SIZE=3 FACE=ARIAL><B>Nonqualified Deferred Compensation for 2009</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="29%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name<BR>
 (a)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Executive<BR>
 Contributions in<BR>
 Last FY<BR>
 ($)<BR>
 (b)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Registrant<BR>
 Contributions in<BR>
 Last FY<BR>
 ($)<BR>
 (c)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Earnings in<BR>
 Aggregate<BR>
 Last FY<BR>
 ($)<BR>
 (d)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Aggregate<BR>
 Withdrawals/<BR>
 Distributions<BR>
 ($)<BR>
 (e)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Aggregate<BR>
 Balance at<BR>
 Last FYE<BR>
 ($)<BR>
 (f)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>52,314</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>835,932</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>94,556</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,510,791</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>William E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>83,840</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,339,689(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:3PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="98%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes
 $392,000, which was reported in the Summary Compensation Table for 2006 in
 column (g).</I></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:3 PX">
 <TD colspan=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Participants
in the executive incentive compensation plans may elect to defer up to 100% of
their annual incentive awards. Deferred amounts accrue interest at a rate
determined annually by the compensation committee. The interest rate in effect
for 2009 was 6.48% or the &#147;Moody&#146;s Rate,&#148; which was defined by reference to the
U.S. Long-Term Corporate Bond Yield Average for &#147;A&#148; rated companies. Effective
January 1, 2009, &#147;Moody&#146;s Rate&#148; is the number that results from adding the
daily Moody&#146;s U.S. Long-Term Corporate Bond Yield Average for &#147;A&#148; rated
companies as of the last business day of each month for the 12-month period
ending October 31, 2008, and dividing by 12. The deferred amount will be paid
in accordance with the participant&#146;s election, following termination of
employment or beginning in the fifth year following the year the award was
granted. The amounts will be paid in accordance with the participant&#146;s election
in a lump sum or in monthly installments not to exceed 120 months. In the event
of a change of control, all amounts become immediately payable.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>A change of
control is defined as</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>an acquisition during a 12-month
 period of 30% or more of the total voting power of our stock</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>an acquisition of our stock that,
 together with stock already held by the acquirer, constitutes more than 50%
 of the total fair market value or total voting power of our stock</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>replacement of a majority of the
 members of our board of directors during any 12-month period by directors
 whose appointment or election is not endorsed by a majority of the members of
 our board of directors or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>acquisition of our assets having
 a gross fair market value at least equal to 40% of the total gross fair
 market value of all of our assets.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Potential Payments upon Termination or
 Change of Control</B><A NAME="C020_V1"></A></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>The following tables show the
 payments and benefits our named executive officers would receive in
 connection with a variety of employment termination scenarios and upon a
 change of control. The information assumes the terminations and the change of
 control occurred on December 31, 2009. All of the payments and benefits
 described below would be provided by the company or its subsidiaries.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The tables
exclude base salary, 2009 annual incentives, stock awards the named executive
officers earned due to employment through December 31, 2009, and compensation and
benefits provided under plans or arrangements that do not discriminate in favor
of the named executive officers and that are generally available to all
salaried employees, such as benefits under our qualified defined benefit
pension plan, accrued vacation pay, continuation of health care benefits, and
life insurance benefits. The tables also do not include the named executive
officers&#146; benefits under our nonqualified deferred compensation plans that are
reported in the Nonqualified Deferred Compensation for 2009 table. See the
Pension Benefits for 2009 table and the Nonqualified Deferred Compensation for
2009 table, and accompanying narratives, for a description of the named
executive officers&#146; accumulated benefits under our qualified defined benefit pension
plans and our nonqualified deferred compensation plans.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We provide
disability benefits to some of our salaried employees equal to 60% of their
base salary, subject to a cap on the amount of base salary taken into account
when calculating benefits. For officers, the limit on base salary is $200,000.
For other salaried employees, the limit is $100,000. For all salaried
employees, disability payments continue until age 65 if disability occurs at or
before age 60 and for 5 years if disability occurs between the ages of 60 and
65. Disability benefits are reduced for amounts paid as retirement benefits.
The amounts in the tables reflect the present value of the disability benefits
attributable to the additional $100,000 of base salary recognized for executives
under our disability program, subject to the 60% limitation, after reduction
for amounts that would be paid as retirement benefits. The present value of the
disability benefits was determined using a discount rate of 5.75%. As the
tables reflect, with the exception of Mr. Harp, the reduction for amounts paid
as retirement benefits would eliminate disability benefits assuming a
termination of employment on December 31, 2009.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>41</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Upon a change
of control, share-based awards granted under our Long-Term Performance-Based
Incentive Plan vest and non-share-based awards are paid in cash. All shares of
restricted stock would vest in full upon a change of control. All performance
share awards would vest at their target levels. For this purpose, the term
change of control is defined as:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the acquisition by an individual,
 entity, or group of 20% or more of our outstanding voting securities</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a turnover in a majority of our
 board of directors without the approval of a majority of the members of the
 board who were members of the board as of the plan&#146;s effective date or whose
 election was approved by such board members</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>consummation of a merger or
 consolidation or sale or other disposition of all or substantially all of the
 company&#146;s assets, unless the company&#146;s stockholders immediately prior to the
 transaction beneficially own more than 60% of the outstanding shares and
 voting power of the resulting corporation after the merger or the corporation
 that acquires the company&#146;s assets, as the case may be or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>stockholder approval of the
 company&#146;s liquidation or dissolution.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Shares of
restricted stock and associated dividends are forfeited upon termination of
employment. Performance shares are forfeited if termination of employment
occurs during the first year of the performance period. If a termination of
employment occurs for a reason other than cause, performance share awards
granted prior to 2009 are prorated as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="98%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>if the termination of employment
 occurs during the second year of the performance period, the executive
 receives a prorated portion of any performance shares earned based on the
 number of months employed during the performance period and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>if the termination of employment
 occurs during the third year of the performance period, the executive
 receives the full amount of any performance shares earned.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Beginning
with performance share awards granted in 2009, these awards will be forfeited
if the participant&#146;s employment terminates for any reason before the
participant has reached age 55 and completed 10 years of service. Performance
shares and related dividend equivalents for those participants whose employment
is terminated after the participant has reached age 55 and completed 10 years
of service will be prorated as described above.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Accordingly,
if a December 31, 2009 termination is assumed, the named executive officers&#146;
2009-2011 performance share awards would be forfeited, any amounts earned under
the 2008-2010 performance share awards would be reduced by one-third, and any
amounts earned under the 2007-2009 performance share awards would not be
reduced. The number of performance shares earned depends on actual performance
through the full performance period. As actual performance for the 2007-2009
performance share awards has been determined, the amounts for these awards in
the event of a non-change of control termination were based on actual
performance, which resulted in vesting of 100% of the target award. Amounts for
the 2008-2010 performance share awards are also shown at target, based upon
assumed target performance. No amounts are shown for the 2009-2011 performance
share awards because such awards would be forfeited. Although vesting would
only occur after completion of the performance period, the amounts shown in the
tables were not reduced to reflect the present value of the performance shares
that could vest. Dividend equivalents attributable to earned performance shares
would also be paid. Dividend equivalents accrued through December 31, 2009 are
included in the amounts shown.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The value
of the vesting of shares of restricted stock and performance shares shown in
the tables was determined by multiplying the number of shares of restricted
stock or performance shares that would vest upon termination or a change of
control by the closing price of our stock on December 31, 2009.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We also
have change of control employment agreements with our named executive officers
and other executives, which provide certain protections to the executives in
the event there is a change of control of the company.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>For these
purposes, we define &#147;change of control&#148; as:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the acquisition by an individual,
 entity, or group of 20% or more of our voting securities</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a turnover in a majority of our
 board of directors without the approval of a majority of the members of the
 board who were members of the board as of the agreement date or whose
 election was approved by such board members</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>consummation of a merger or
 consolidation, unless our stockholders immediately prior to the merger
 beneficially own more than 60% of the outstanding shares and voting power of
 the resulting corporation after the merger or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>stockholder approval of our
 liquidation or dissolution.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>42</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>If a change
of control occurs, the agreements provide for a three-year employment period
from the date of the change of control, during which the named executive
officer is entitled to receive:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a base salary of not less than
 twelve times the highest monthly salary paid within the preceding twelve
 months</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>annual incentive opportunity of
 not less than the highest annual incentive paid in any of the three years
 before the change of control </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>participation in our incentive,
 savings, retirement, and welfare benefit plans </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>reasonable vehicle allowance,
 home office allowance, and subsidized annual physical examinations and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>office and support staff,
 vacation, and expense reimbursement consistent with such benefits as they
 were provided before the change of control.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Assuming a
change of control occurred on December 31, 2009, the guaranteed minimum level
of base salary provided over the three-year employment period would not result
in an increase in any of the named executive officers&#146; base salaries. The
minimum annual incentive amounts Messrs. Hildestad, Raile, Harp, Schneider, and
Bietz would be entitled to over the three-year employment period would be
$1,500,000, $585,000, $720,000, $581,620, and $450,450, respectively. The
agreements also provide that severance payments and benefits will be provided:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>if we terminate the named
 executive officer&#146;s employment during the employment period, other than for
 cause or disability, or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the named executive officer
 resigns for good reason.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>&#147;Cause&#148;
means the named executive officer&#146;s willful and continued failure to
substantially perform his duties or willfully engaging in illegal conduct or
gross misconduct materially injurious to the company. &#147;Good reason&#148; includes:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a material diminution of the
 named executive officer&#146;s authority, duties, or responsibilities </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a material change in the named
 executive officer&#146;s work location and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>our material breach of the
 agreement.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>In such
event, the named executive officer would receive:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>accrued but unpaid base salary
 and accrued but unused vacation</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a lump sum payment equal to three
 times his (a) annual salary using the higher of the then current annual
 salary or twelve times the highest monthly salary paid within the twelve
 months before the change of control and (b) annual incentive using the
 highest annual incentive paid in any of the three years before the change of
 control or, if higher, the annual incentive for the most recently completed
 fiscal year</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a pro-rated annual incentive for
 the year of termination</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>an amount equal to the actuarial
 equivalent of the additional benefit the named executive officer would
 receive under the SISP and any other supplemental or excess retirement plan
 if employment continued for an additional three years</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>outplacement benefits and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a payment equal to any federal
 excise tax on excess parachute payments if the total parachute payments
 exceed 110% of the safe harbor amount for that tax. If this 110% threshold is
 not exceeded, the named executive officer&#146;s payments and benefits would be
 reduced to avoid the tax. The named executive officers are not reimbursed for
 any taxes imposed on this tax reimbursement payment.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>This description
of severance payments and benefits reflects the terms of the agreements as in
effect on December 31, 2009.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
compensation committee may also consider providing severance benefits on a
case-by-case basis for employment terminations not related to a change of
control. The compensation committee adopted a checklist of factors in February
2005 to consider when determining whether any such severance benefits should be
paid. The tables do not reflect any such severance benefits, as these benefits
are made in the discretion of the committee on a case-by-case basis and it is
not possible to estimate the severance benefits, if any, that would be paid.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>43</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=3 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Terry D. Hildestad</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="21%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Executive
 Benefits and<BR>
 Payments Upon<BR>
 Termination or<BR>
 Change of Control</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Voluntary<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Not for<BR>
 Cause<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>For Cause<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Death<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Disability<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Not for<BR>
 Cause<BR>
 or Good<BR>
 Reason<BR>
 Termination<BR>
 Following<BR>
 Change of<BR>
 Control<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Change of<BR>
 Control<BR>
 (Without<BR>
 Termination)<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Compensation:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Base Salary</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Short-term Incentive(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2007-2009 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>836,653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>836,653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>836,653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>836,653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>836,653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>836,653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2008-2010 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>645,270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>645,270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>645,270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>645,270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>967,893</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>967,893</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2009-2011 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,326,741</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,326,741</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Restricted Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>87,603</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>87,603</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><B>Benefits and Perquisites:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Regular SISP(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,944,219</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,944,219</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,944,219</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,944,219</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Excess SISP(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>842,838</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>842,838</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>842,838</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>842,838</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>SISP Death Benefits(4)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,335,773</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Disability Benefits</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Outplacement Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>280G Tax(5)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,940,878</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>6,268,980</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>6,268,980</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>11,817,696</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>6,268,980</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>18,246,825</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>3,218,890</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes the prorated annual incentive for the year of
 termination, which is the full annual incentive since we assume termination
 occurred on December 31, 2009, and the additional severance payment of three
 times the annual incentive. For each of these, we used the higher of (1) the
 annual incentive earned in 2009 or (2) the highest annual incentive paid in
 2007, 2008, and 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents the present value of Mr. Hildestad&#146;s vested
 regular SISP benefit as of December 31, 2009, which was $42,710 per month for
 15 years, commencing at age 65. Present value was determined using a 5.75%
 discount rate. The terms of the regular SISP benefit are described following
 the Pension Benefits for 2009 table. The three additional years of vesting
 credit assumed for purposes of calculating the additional SISP benefit under
 Mr. Hildestad&#146;s change of control agreement would not increase the actuarial
 present value of his SISP amount.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (3)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents the present value of all excess SISP benefits
 Mr. Hildestad would be entitled to upon termination of employment under the
 SISP. Present value was determined using a 5.75% discount rate. The terms of
 the excess SISP benefit are described following the Pension Benefits for 2009
 table.</I><FONT SIZE=1 FACE=ARIAL><I> The three additional years of employment assumed for
 purposes of calculating the additional retirement plan payment under Mr.
 Hildestad&#146;s change of control agreement would not increase the actuarial
 present value of his excess SISP benefits.</I></FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (4)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents the present value of 180 monthly payments of
 $85,420 per month, which would be paid as a SISP death benefit under the
 SISP. Present value was determined using a 5.75% discount rate. The terms of
 the SISP death benefit are described following the Pension Benefits for 2009
 table. </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I> (5)</I></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>Determined applying the Internal Revenue Code section 4999
 excise tax of 20% only if 110% threshold is exceeded.</I></FONT></P>


 </TD>
 </TR>
</TABLE>
<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>44</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=3 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Vernon A. Raile</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="21%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Executive
 Benefits and<BR>
 Payments Upon<BR>
 Termination or<BR>
 Change of Control</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Voluntary<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Not for<BR>
 Cause<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>For Cause<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Death<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Disability<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Not for<BR>
 Cause<BR>
 or Good<BR>
 Reason<BR>
 Termination<BR>
 Following<BR>
 Change of<BR>
 Control<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Change of<BR>
 Control<BR>
 (Without<BR>
 Termination)<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Compensation:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Base Salary</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,350,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Short-term Incentive(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,340,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2007-2009 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>317,661</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>317,661</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>317,661</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>317,661</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>317,661</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>317,661</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2008-2010 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>221,231</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>221,231</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>221,231</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>221,231</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>331,834</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>331,834</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2009-2011 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>477,611</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>477,611</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Restricted Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,290</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,290</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Benefits and Perquisites:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Regular SISP(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,790,741</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,790,741</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,790,741</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,790,741</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>SISP Death Benefits(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,529,675</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Disability Benefits</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Outplacement Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>280G Tax(4)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>856,992</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>3,329,633</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>3,329,633</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>6,068,567</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>3,329,633</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>8,541,129</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>1,153,396</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes the prorated annual incentive for the year of
 termination, which is the full annual incentive since we assume termination
 occurred on December 31, 2009, and the additional severance payment of three
 times the annual incentive. For each of these, we used the higher of (1) the
 annual incentive earned in 2009 or (2) the highest annual incentive paid in
 2007, 2008, and 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents the present value of Mr. Raile&#146;s vested regular
 SISP benefit as of December 31, 2009, which was $22,850 per month for 15
 years, commencing at age 65. Present value was determined using a 5.75%
 discount rate. The terms of the regular SISP benefit are described following
 the Pension Benefits for 2009 table. The three additional years of vesting
 credit assumed for purposes of calculating the additional SISP benefit under Mr.
 Raile&#146;s change of control agreement would not increase the actuarial present
 value of his SISP amount.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><I>(3)</I> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><I>Represents
the present value of 180 monthly payments of $45,700 per month, which would
be paid as a SISP death benefit under the SISP. Present value was determined
using a 5.75% discount rate. The terms of the SISP death benefit are
described following the Pension Benefits for 2009 table.</I> </FONT> </P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT FACE="ARIAL" SIZE="1"><I>(4)</I> </FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT FACE="ARIAL" SIZE="1"><I>Determined
applying the Internal Revenue Code section 4999 excise tax of 20% only if
110% threshold is exceeded.</I> </FONT></P>


 </TD>
 </TR>
</TABLE>
<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>45</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>John G. Harp</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="99%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Executive Benefits and<BR>
 Payments Upon<BR>
 Termination or<BR>
 Change of Control</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>Voluntary<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>Not
 for<BR>
 Cause<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>For
 Cause<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>Death<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>Disability<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>Not
 for<BR>
 Cause<BR>
 or Good<BR>
 Reason<BR>
 Termination<BR>
 Following<BR>
 Change of<BR>
 Control<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>Change
 of<BR>
 Control<BR>
 (Without<BR>
 Termination)<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Compensation:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Base Salary</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,350,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Short-term
 Incentive(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,880,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2007-2009
 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>257,410</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>257,410</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>257,410</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>257,410</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>257,410</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>257,410</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2008-2010
 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>221,231</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>221,231</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>221,231</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>221,231</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>331,834</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>331,834</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2009-2011
 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>477,611</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>477,611</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Restricted Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Benefits
 and Perquisites:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Incremental
 Pension(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>107,307</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>107,307</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>107,307</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>107,307</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Regular SISP</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,249,035</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,249,035</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,603,546</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(4)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,784,336</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(5)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Excess SISP(6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>193,615</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>SISP Death
 Benefits(7)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>5,529,675</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Disability
 Benefits(8)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>227,839</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Outplacement
 Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>280G Tax(9)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,068,156</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL><B>1,834,983</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL><B>1,834,983</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL><B>6,008,316</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL><B>2,417,333</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL><B>8,500,269</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL><B>1,066,855</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes
 the prorated annual incentive for the year of termination, which is the full
 annual incentive since we assume termination occurred on December 31, 2009,
 and the additional severance payment of three times the annual incentive. For
 each of these, we used the higher of (1) the annual incentive earned in 2009
 or (2) the highest annual incentive paid in 2007, 2008, and 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>
 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents
 the equivalent of three additional years of service that would be provided
 under the Harp additional retirement benefit described following the Pension
 Benefits for 2009 table. Present value was determined using a 5.75% discount
 rate.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (3)</I></FONT></P>
 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents
 the present value of Mr. Harp&#146;s vested regular SISP benefit as of December
 31, 2009, which was $15,995 per month for 15 years, commencing at age 65.
 Present value was determined using a 5.75% discount rate. The terms of the
 regular SISP benefit are described following the Pension Benefits for 2009
 table. Also includes the additional benefit attributable to three additional
 years of service that would be provided under the retirement benefit
 agreement described following the Pension Benefits for 2009 table.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (4)</I></FONT></P>
 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents
 the present value of Mr. Harp&#146;s vested SISP benefit described in footnote 3,
 adjusted to reflect the increase in the present value of his regular SISP
 benefit that would result from an additional two years of vesting under the
 SISP. Present value was determined using a 5.75% discount rate.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (5)</I></FONT></P>
 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents
 the present value of Mr. Harp&#146;s vested SISP benefit described in footnote 3,
 adjusted to reflect the increase in the present value of his regular SISP benefit
 that would result if he continued employment for an additional three years.
 Present value was determined using a 5.75% discount rate.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (6)</I></FONT></P>
 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents
 the present value of all excess SISP benefits Mr. Harp would be entitled to, calculated
 with the assumption of three additional years of employment, as provided
 under Mr. Harp&#146;s change of control agreement. Present value was determined
 using a 5.75% discount rate. The terms of the excess SISP benefit are
 described following the Pension Benefits for 2009 table.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (7)</I></FONT></P>
 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents
 the present value of 180 monthly payments of $45,700 per month, which would
 be paid as a SISP death benefit under the SISP. Present value was determined
 using a 5.75% discount rate. The terms of the SISP death benefit are
 described following the Pension Benefits for 2009 table. </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (8)</I></FONT></P>
 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents
 the present value of the disability benefit after reduction for amounts that
 would be paid as retirement benefits. Present value was determined using a
 5.75% discount rate.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I> (9)</I></FONT></P>


 </TD>
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>Determined
 applying the Internal Revenue Code section 4999 excise tax of 20% only if
 110% threshold is exceeded.</I></FONT></P>


 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>46</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=3 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>William E. Schneider</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="24%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Executive Benefits and<BR>
 Payments Upon<BR>
 Termination or<BR>
 Change of Control</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Voluntary<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Not for<BR>
 Cause<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>For Cause<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Death<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Disability<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Not for<BR>
 Cause<BR>
 or Good<BR>
 Reason<BR>
 Termination<BR>
 Following<BR>
 Change of<BR>
 Control<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Change of<BR>
 Control<BR>
 (Without<BR>
 Termination)<BR>
 ($)</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>Compensation:</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Base Salary</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,342,200</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Short-term
 Incentive(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,326,480</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2007-2009
 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>382,260</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>382,260</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>382,260</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>382,260</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>382,260</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>382,260</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2008-2010
 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>247,451</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>247,451</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>247,451</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>247,451</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>371,177</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>371,177</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2009-2011
 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>474,852</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>474,852</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Restricted
 Stock</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,092</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,092</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>Benefits and Perquisites:</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Regular
 SISP(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,359,818</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,359,818</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,359,818</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,359,818</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Excess
 SISP(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>126,868</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>126,868</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>126,868</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>126,868</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>SISP Death
 Benefits(4)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,529,675</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Disability
 Benefits</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Outplacement
 Services</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,000</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>280G Tax(5)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>808,830</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>3,116,397</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>3,116,397</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>6,159,386</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>3,116,397</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>8,312,577</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>1,298,381</B></FONT></P>


 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes the
 prorated annual incentive for the year of termination, which is the full
 annual incentive since we assume termination occurred on December 31, 2009,
 and the additional severance payment of three times the annual incentive. For
 each of these, we used the higher of (1) the annual incentive earned in 2009
 or (2) the highest annual incentive paid in 2007, 2008, and 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents the
 present value of Mr. Schneider&#146;s vested regular SISP benefit as of December
 31, 2009, which was $22,850 per month for 15 years, commencing at age 65.
 Present value was determined using a 5.75% discount rate. The terms of the
 regular SISP benefit are described following the Pension Benefits for 2009
 table. The three additional years of vesting credit assumed for purposes of
 calculating the additional SISP benefit under Mr. Schneider&#146;s change of
 control agreement would not increase the actuarial present value of his SISP
 amount.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (3)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents the
 present value of all excess SISP benefits Mr. Schneider would be entitled to
 upon termination of employment under the SISP. Present value was determined
 using a 5.75% discount rate. The terms of the excess SISP benefit are
 described following the Pension Benefits for 2009 table. The three additional
 years of employment assumed for purposes of calculating the additional
 retirement plan payment under Mr. Schneider&#146;s change of control agreement
 would not increase the actuarial present value of his excess SISP benefits.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (4)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents the
 present value of 180 monthly payments of $45,700 per month, which would be
 paid as a SISP death benefit under the SISP. Present value was determined
 using a 5.75% discount rate. The terms of the SISP death benefit are
 described following the Pension Benefits for 2009 table.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I> (5)</I></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>Determined
 applying the Internal Revenue Code section 4999 excise tax of 20% only if
 110% threshold is exceeded.</I></FONT></P>


 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>47</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=3 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Steven L. Bietz</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="24%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Executive
 Benefits and<BR>
 Payments Upon<BR>
 Termination or<BR>
 Change of Control</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Voluntary<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Not for<BR>
 Cause<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><BR>
 For Cause<BR>
 Termination<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Death<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Disability<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Not for<BR>
 Cause<BR>
 or Good<BR>
 Reason<BR>
 Termination<BR>
 Following<BR>
 Change of<BR>
 Control<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Change of<BR>
 Control<BR>
 (Without<BR>
 Termination)<BR>
 ($)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Compensation:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Base Salary</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,050,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Short-term Incentive(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,801,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2007-2009 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>261,784</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>261,784</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>261,784</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>261,784</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>261,784</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>261,784</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2008-2010 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>173,171</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>173,171</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>173,171</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>173,171</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>259,757</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>259,757</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>2009-2011 Performance Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>371,470</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>371,470</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Restricted Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,169</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,169</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Benefits and Perquisites:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Regular SISP(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>899,505</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>899,505</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>899,505</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>899,505</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Excess SISP</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>146,033</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>146,033</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(3<FONT  SIZE=1 FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>146,033</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>388,504</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(4<FONT  SIZE=1 FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>SISP Death Benefits(5)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,898,602</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Disability Benefits</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Outplacement Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>280G Tax(6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>671,881</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>1,480,493</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>1,480,493</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>4,333,557</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>1,480,493</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>5,767,870</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>906,180</B></FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes the prorated annual incentive for the year of
 termination, which is the full annual incentive since we assume termination
 occurred on December 31, 2009, and the additional severance payment of three
 times the annual incentive. For each of these, we used the higher of (1) the
 annual incentive earned in 2009 or (2) the highest annual incentive paid in
 2007, 2008, and 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents the present value of Mr. Bietz&#146;s vested regular
 SISP benefit as of December 31, 2009, which was $16,110 per month for 15
 years, commencing at age 65. Present value was determined using a 5.75%
 discount rate. The terms of the regular SISP benefit are described following
 the Pension Benefits for 2009 table. The three additional years of vesting
 credit assumed for purposes of calculating the additional SISP benefit under
 Mr. Bietz&#146;s change of control agreement would not increase the actuarial
 present value of his SISP amount.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (3)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents the present value of all excess SISP benefits
 Mr. Bietz would be entitled to upon termination of employment under the SISP.
 Present value was determined using a 5.75% discount rate. The terms of the
 excess SISP benefit are described following the Pension Benefits for 2009
 table. </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (4)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Represents the present value of all excess SISP benefits
 Mr. Bietz would be entitled to, calculated with the assumption of three
 additional years of employment, as provided under Mr. Bietz&#146;s change of
 control agreement. Present value was determined using a 5.75% discount rate.
 The terms of the excess SISP benefit are described following the Pension Benefits
 for 2009 table.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><I>(5)</I> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><I>Represents
the present value of 180 monthly payments of $32,220 per month, which would
be paid as a SISP death benefit under the SISP. Present value was determined
using a 5.75% discount rate. The terms of the SISP death benefit are
described following the Pension Benefits for 2009 table.</I> </FONT> </P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT FACE="ARIAL" SIZE="1"><I>(6)</I> </FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT FACE="ARIAL" SIZE="1"><I>Determined
applying the Internal Revenue Code section 4999 excise tax of 20% only if
110% threshold is exceeded.</I> </FONT></P>


 </TD>
 </TR>
</TABLE>
<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>48</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><A NAME="C021_V1"></A><FONT SIZE=3 FACE=ARIAL><B>Director
Compensation for 2009</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="27%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name<BR>
 (a)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Fees<BR>
 Earned<BR>
 or Paid<BR>
 in Cash<BR>
 ($)<BR>
 (b)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Stock<BR>
 Awards<BR>
 ($)<BR>
 (c)(1)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Option<BR>
 Awards<BR>
 ($)<BR>
 (d)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Non-Equity<BR>
 Incentive Plan<BR>
 Compensation<BR>
 ($)<BR>
 (e)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Change in<BR>
 Pension<BR>
 Value and<BR>
 Nonqualified<BR>
 Deferred<BR>
 Compensation<BR>
 Earnings<BR>
 ($)<BR>
 (f)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>All Other<BR>
 Compensation<BR>
 ($)<BR>
 (g)(2)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Total<BR>
 ($)<BR>
 (h)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX" >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Thomas Everist</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>57,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>126,702</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Karen B. Fagg</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>55,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(4)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>124,869</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>A. Bart Holaday</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,583</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>120,202</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Dennis W. Johnson</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>59,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>128,702</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Thomas C. Knudson</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>52,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>121,702</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Richard H. Lewis</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>55,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>124,702</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Patricia L. Moss</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>52,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(5)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>121,702</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>John L. Olson</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(7)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>563,060</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(9)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>672,588</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Harry J. Pearce</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>130,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(8)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>199,619</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>Sister Thomas
 Welder</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,583</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>120,202</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>John K. Wilson</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>53,583</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>(10)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,445</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>123,202</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Valued based on $17.147, the purchase price of the stock
 on the date of grant, May 18, 2009, which is the grant date fair value.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>(2)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Group life insurance premiums, except for Mr. Olson.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (3)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Mr. Everist had 18,562 stock options outstanding as of
 December 31, 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>(4)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes $17,984 that Ms. Fagg received in our common
 stock in lieu of cash.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>(5)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes $52,064 that Ms. Moss received in our
 common stock in lieu of cash.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>(6)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Mr. Olson retired on August 13, 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (7)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Mr. Olson had 18,562 stock options outstanding as of
 December 31, 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>(8)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Mr. Pearce had 13,500 stock options outstanding as of
 December 31, 2009.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (9)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Comprised of a group life insurance premium of $116 and
 the value of Mr. Olson&#146;s deferred compensation at December 31, 2009, which is
 payable over five years in monthly installments.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I> (10)</I></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes $44,578 that Mr. Wilson received in our common
 stock in lieu of cash.</I></FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Effective June 1, 2009, the board approved changes to the
MDU Resources Group, Inc. Directors&#146; Compensation Policy, and the following
table shows the cash and stock retainers payable to our non-employee directors.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="54%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD nowrap VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Effective June 1, 2009</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD nowrap VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Prior to June 1, 2009</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Base Retainer</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>55,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Additional Retainers:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Non-Executive Chairman</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(1)(2)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Lead Director, if any</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Audit Committee Chairman</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Compensation Committee Chairman</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Nominating and Governance Committee Chairman</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Meeting Fees:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Board Meeting</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Committee Meeting</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Annual Stock Retainer</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,050 shares</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,050 shares</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>$50,000 of this amount was paid in company common stock
 prior to January 1, 2009. </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>The Non-Executive Chairman does not receive board or
 committee meeting fees.</I></FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>In addition to liability insurance, we maintain group life
insurance in the amount of $100,000 on each non-employee director for the
benefit of each director&#146;s beneficiaries during the time each director serves
on the board. The annual cost per director is $174.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Directors may defer all or any portion of the annual cash
retainer, meeting fees, if any, and any other cash compensation paid for service
as a director pursuant to the Deferred Compensation Plan for Directors.
Deferred amounts are held as phantom stock with dividend accruals and are paid
out in cash over a five-year period after the director leaves the board.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Directors are reimbursed for all reasonable travel expenses
including spousal expenses in connection with attendance at meetings of the
board and its committees. All amounts together with any other perquisites were
below the disclosure threshold for 2009.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc. </B><FONT  SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>49</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=2 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Our post-retirement income plan for directors was terminated
in May 2001 for current and future directors. The net present value of each
director&#146;s benefit was calculated and converted into phantom stock. Payment is
deferred pursuant to the Deferred Compensation Plan for Directors and will be
made in cash over a five-year period after the director&#146;s retirement from the
board.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The board adopted stock ownership guidelines for directors
in November 2005. Each director is expected to own our common stock equal in
value to five times the director&#146;s base retainer. A director, with good cause
and with the knowledge of the board, may donate or assign all of the director&#146;s
company common stock to a charitable, religious, or non-profit organization in
lieu of ownership. Shares acquired through purchases on the open market and
participation in our director stock plans will be considered in ownership
calculations as will ownership of our common stock by a spouse. A director is
allowed five years commencing January 1 of the year following the year of that
director&#146;s initial election to the board to meet the guideline requirements.
The level of common stock ownership is monitored with an annual report made to
the compensation committee of the board. For stock ownership, please see
&#147;Security Ownership.&#148;</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In our Director Compensation Policy, we prohibit our
directors from hedging their ownership of company common stock. Directors may
not enter into transactions that allow the director to benefit from devaluation
of our stock or otherwise own stock technically but without the full benefits
and risks of such ownership.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL>Narrative
Disclosure of our Compensation Policies and Practices<BR>
as They Relate to Risk Management</FONT><BR>
<FONT SIZE=2 FACE=ARIAL>We have reviewed our compensation policies and practices for
all employees and concluded that any risks arising from our policies and
programs are not reasonably likely to have a material adverse effect on our
company.</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;&nbsp;


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>50</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc. </B><FONT SIZE=1 FACE=ARIAL>Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL><B>I<A NAME="C022_V1">NFORMATION
CONCERNING EXECUTIVE OFFICERS</A></B></FONT><B><BR>
</B><FONT SIZE=2 FACE=ARIAL>At the first annual meeting of the board after the annual
meeting of stockholders, our board of directors elects our executive officers,
who serve until their successors are chosen and qualify. A majority of our
board of directors may remove any executive officer at any time. Information
concerning our executive officers, including their ages, present corporate
positions, and business experience, is as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="16%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="71%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Age</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Present Corporate Position and
 Business Experience</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>60</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>President and Chief Executive Officer. For information
 about Mr. Hildestad, see &#147;Election of Directors.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Steven L. Bietz</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>51</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mr. Bietz was elected president and chief executive officer
 of WBI Holdings, Inc. effective March 4, 2006; president effective January 2,
 2006; executive vice president and chief operating officer effective
 September 1, 2002; vice president-administration and chief accounting officer
 effective November 3, 1999; vice president-administration effective February
 1997; and controller effective January 1994.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>William R. Connors</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>48</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mr. Connors was elected vice president&#150;renewable resources
 of MDU Resources Group, Inc., effective September 1, 2008. Prior to that, he
 was vice president-business development of Cascade Natural Gas Corporation
 effective November 2007; vice president-origination, contracts &amp;
 regulatory of Centennial Energy Resources, LLC, effective January 2007; vice
 president-origination, contracts &amp; regulatory of Centennial Power, Inc.,
 effective July 2005; and, was first employed as vice president-contracts
 &amp; regulatory of Centennial Power, Inc., effective July 2004. Prior to
 that Mr. Connors was of counsel to Miller Nash, LLP, a law firm in Seattle,
 Washington.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mark A. Del Vecchio</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>50</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mr. Del Vecchio was elected vice president&#150;human resources
 on October 1, 2007. From November 3, 2003 to October 1, 2007, Mr. Del Vecchio
 was director of executive programs and compensation. From April 1996 to October
 31, 2003, Mr. Del Vecchio was vice president and member of The Carter Group,
 LLC, an executive search and management consulting company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>David L. Goodin</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>48</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mr. Goodin was elected president and chief executive
 officer of Montana-Dakota Utilities Co., Great Plains Natural Gas Co., and
 Cascade Natural Gas Corporation effective June 6, 2008, and president and
 chief executive officer of Intermountain Gas Company effective October 1,
 2008. Prior to that, he was president of Montana-Dakota Utilities Co. and
 Great Plains Natural Gas Co. effective March 1, 2008; president of Cascade
 Natural Gas Corporation effective July 2, 2007; executive vice president-operations
 and acquisitions of Montana-Dakota Utilities Co. effective January
 2007; vice president-operations effective January 2000; electric systems
 manager effective April 1999; electric systems supervisor effective August
 1993; division electric superintendent effective February 1989; and division
 electrical engineer effective May 1983.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>John G. Harp</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>57</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mr. Harp was elected president and chief executive officer
 of Utility Services Inc., which is now MDU Construction Services Group, Inc.,
 effective September 29, 2004. From May 2004 to September 29, 2004, Mr. Harp
 was vice president of Ledcor Technical Services Inc., a provider of fiber
 optic cable maintenance services. From April 2001 to May 2004, he was
 president of JODE CORP., a broadband maintenance company. Mr. Harp sold JODE
 CORP. to Ledcor Construction in May 2004. Prior to that, he was president of
 Harp Line Constructors Co. and Harp Engineering, Inc. from July 1998, when
 they were bought by Utility Services Inc., to April 2001.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Nicole A. Kivisto</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>36</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Ms. Kivisto was elected vice president, controller and
 chief accounting officer effective February 17, 2010. Prior to that she was
 controller effective December 1, 2005; a financial analyst IV in the
 Corporate Planning Department effective May 2003; a financial and investor
 relations analyst in the Investor Relations Department effective May 2000;
 and a financial analyst in the Corporate Accounting Department effective July
 1995.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Douglass A. Mahowald</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>60</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mr. Mahowald was elected treasurer and assistant secretary
 effective February 17, 2010. Prior to that he was the assistant treasurer and
 assistant secretary effective August 1992; treasury services manager
 effective November 1982; and budget statistician effective February 1982.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Cynthia J. Norland</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>55</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Ms. Norland was elected vice president&#150;administration
 effective July 16, 2007. Prior to that she was the assistant vice
 president&#150;administration effective January 17, 2007; associate general
 counsel in the Legal Department effective March 6, 2004; and senior attorney
 in the Legal Department effective June 1, 1995.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Vernon A. Raile</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>65</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mr. Raile retired on February 16, 2010. He served as
 executive vice president, treasurer and chief financial officer effective
 March 1, 2006; executive vice president and chief financial officer effective
 January 3, 2006; and senior vice president, controller and chief accounting
 officer effective November 2002. He served as controller until May 2003. He
 was vice president, controller and chief accounting officer from August 1992
 until November 2002.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>51</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="16%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="71%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Paul K. Sandness</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>55</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mr. Sandness was elected general counsel and secretary of
 the company, its divisions and major subsidiaries effective April 6, 2004. He
 also was elected a director of the company&#146;s principal subsidiaries and was
 appointed to the Managing Committees of Montana-Dakota Utilities Co. and
 Great Plains Natural Gas Co. Prior to that he served as a senior attorney
 effective 1987 and as an assistant secretary of several subsidiary companies.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>William E. Schneider</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>61</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mr. Schneider was elected president and chief executive
 officer of Knife River Corporation effective May 1, 2005; and senior vice
 president-construction materials effective from September 15, 1999 to April
 30, 2005.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Doran N. Schwartz</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>40</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mr. Schwartz was elected vice president and chief
 financial officer effective February 17, 2010. Prior to that, he was vice
 president and chief accounting officer effective March 1, 2006; and assistant
 vice president-special projects effective September 6, 2005. He was director
 of membership rewards for American Express, a financial services company,
 from November 2004 to August 1, 2005; audit manager for Deloitte &amp;
 Touche, an audit and professional services company, from June 2002 to November
 2004; and audit manager/senior for Arthur Andersen, an audit and professional
 services company, from December 1997 to June 2002.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>John P. Stumpf</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>50</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mr. Stumpf was elected vice president&#150;strategic planning
 effective December 1, 2006. Mr. Stumpf was vice president&#150;corporate
 development for Knife River Corporation from July 1, 2002 to November 30,
 2006 and director of corporate development of Knife River Corporation from
 January 14, 2002 to June 30, 2002. Prior to that, he was special projects
 manager for Knife River Corporation from May 1, 2000 to January 13, 2002.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL><B>S<A NAME="C023_V1">ECURITY
OWNERSHIP</A></B></FONT><B><BR>
</B><FONT SIZE=2 FACE=ARIAL>The table below sets forth the number of shares of our
capital stock that each director and each nominee for director, each named
executive officer and all directors and executive officers as a group owned
beneficially as of December 31, 2009.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="29%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Common Shares Beneficially<BR>
 Owned Include:</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Common Shares<BR>
 Beneficially<BR>
 Owned(1)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Shares<BR>
 Individuals<BR>
 Have Rights<BR>
 to Acquire<BR>
 Within 60<BR>
 Days(2)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Shares Held By<BR>
 Family<BR>
 Members(3)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Percent<BR>
 of Class</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Deferred<BR>
 Director Fees<BR>
 Held as<BR>
 Phantom<BR>
 Stock(4)</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Steven L.
 Bietz</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>58,516</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(5<FONT SIZE=1 FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Thomas
 Everist</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,870,623</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,562</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,642</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Karen B.
 Fagg</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,381</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>John G.
 Harp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>77,356</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(5<FONT SIZE=1 FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Terry D.
 Hildestad</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>184,043</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(5<FONT SIZE=1 FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>A. Bart
 Holaday</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dennis W.
 Johnson</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,506</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(7<FONT SIZE=1 FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,560</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Thomas C.
 Knudson</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Richard H.
 Lewis</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,152</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Patricia L.
 Moss</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>42,276</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Harry J.
 Pearce</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>158,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>43,806</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Vernon A.
 Raile</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>56,426</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(5<FONT SIZE=1 FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>William E.
 Schneider</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>102,898</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(5<FONT SIZE=1 FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sister
 Thomas Welder</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>46,942</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>(8<FONT SIZE=1 FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,271</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>John K.
 Wilson</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,578</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>All directors and executive officers as a group<BR>(23 in
 number)</FONT></P>

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,929,144</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>42,512</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,146</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.6</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100,871</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>*</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Less than one
 percent of the class.</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD COLSPAN=13 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I> &#147;Beneficial
 ownership&#148; means the sole or shared power to vote, or to direct the voting
 of, a security, or investment power with respect to a security.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>
 </TD>
 <TD COLSPAN=13 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Indicates
 shares of our stock that executive officers and directors have the right to
 acquire within 60 days pursuant to stock options. These shares are included
 in the &#147;Common Shares Beneficially Owned&#148; column.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (3)</I></FONT></P>
 </TD>
 <TD COLSPAN=13 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>These shares
 are included in the &#147;Common Shares Beneficially Owned&#148; column.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (4)</I></FONT></P>
 </TD>
 <TD COLSPAN=13 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>These shares
 are not included in the &#147;Common Shares Beneficially Owned&#148; column. Directors
 may defer all or a portion of their cash compensation pursuant to the
 Deferred Compensation Plan for Directors. Deferred amounts are held as
 phantom stock with dividend accruals and are paid out in cash over a
 five-year period after the director leaves the board.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (5)</I></FONT></P>
 </TD>
 <TD COLSPAN=13 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes full
 shares allocated to the officer&#146;s account in our 401(k) retirement plan.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (6)</I></FONT></P>
 </TD>
 <TD COLSPAN=13 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Includes
 1,820,000 shares of common stock acquired through the sale of
 Connolly-Pacific to us.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (7)</I></FONT></P>
 </TD>
 <TD COLSPAN=13 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>Mr. Johnson
 disclaims all beneficial ownership of the 4,560 shares owned by his wife.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (8)</I></FONT></P>
 </TD>
 <TD COLSPAN=13 VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL><I>The total
 includes shares held by the Annunciation Monastery, of which community Sister
 Welder is a member, and by the University of Mary, of which Sister Welder is
 the president emerita. The monastery owns 33,260 shares. Sister Welder
 disclaims all beneficial ownership of the shares owned by the monastery and
 the university.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=14 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL><I>&nbsp;</I></FONT></P>


 </TD>
 </TR>
</TABLE>

<BR>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>52</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=3 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The table
below sets forth information with respect to any person we know to be the
beneficial owner of more than five percent of any class of our voting
securities.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="75%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="47%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="19%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Title of Class</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Name and Address<BR>
 of Beneficial Owner</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Amount and Nature<BR>
 of Beneficial Ownership</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Percent<BR>
 of Class</FONT></P>


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Common Stock</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>New York Life Trust Company<BR>
 51 Madison Avenue<BR>
 New York, NY 10010</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,494,741</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.59</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>Common Stock</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock, Inc.<BR>
 40 East 52nd Street<BR>
 New York, NY 10022</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,863,566</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.79</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="75%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (1)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>In a Schedule
 13G/A, Amendment No. 10, filed on February 12, 2010, New York Life Trust
 Company indicates that it holds these shares as directed trustee of our
 401(k) plan and has sole voting and dispositive power with respect to all
 shares.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I> (2)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>In a Schedule
 13G, filed on January 29, 2010, BlackRock, Inc. reports that it completed its
 acquisition of Barclays Global Investors on December 1, 2009 and amends the
 most recent Schedule 13G filing made by Barclays Global Investors, NA and
 certain of its affiliates with respect to our common stock. BlackRock, Inc.
 reports sole voting and dispositive power with respect to all shares as the
 parent holding company or control person of BlackRock Asset Management Japan
 Limited, BlackRock Advisors (UK) Limited, BlackRock Institutional Trust
 Company, N.A., BlackRock Fund Advisors, BlackRock Asset Management Canada
 Limited, BlackRock Asset Management Australia Limited, BlackRock Advisors,
 LLC, BlackRock Capital Management, Inc., BlackRock Financial Management,
 Inc., BlackRock Investment Management, LLC, BlackRock (Luxembourg) S.A.,
 BlackRock Fund Managers Ltd, BlackRock International Ltd and BlackRock
 Investment Management UK Ltd.</I></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL><B>R<A NAME="C024_V1"></A>ELATED
PERSON TRANSACTION DISCLOSURE</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>The board
of directors has adopted a policy for the review of related person
transactions. This policy is contained in our corporate governance guidelines,
which are posted on our website at www.mdu.com.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The audit
committee reviews related person transactions in which we are or will be a
participant to determine if they are in the best interests of our stockholders
and the company. Financial transactions, arrangements, relationships, or any
series of similar transactions, arrangements, or relationships in which a
related person had or will have a material interest and that exceed $120,000
are subject to the committee&#146;s review.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Related
persons are directors, director nominees, executive officers, holders of 5% or
more of our voting stock, and their immediate family members. Immediate family
members are spouses, parents, stepparents, mothers-in-law, fathers-in-law,
siblings, brothers-in-law, sisters-in-law, children, stepchildren,
daughters-in-law, sons-in-law, and any person, other than a tenant or domestic
employee, who shares in the household of a director, director nominee,
executive officer, or holder of 5% or more of our voting stock.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>After its
review, the committee makes a determination or a recommendation to the board
and officers of the company with respect to the related person transaction.
Upon receipt of the committee&#146;s recommendation, the board of directors or
officers, as the case may be, takes such action as they deem appropriate in
light of their responsibilities under applicable laws and regulations.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The audit
committee and the board of directors reviewed two leases between an indirect
subsidiary of the company and a Montana partnership, Mojo, owned by John G.
Harp, President and Chief Executive Officer of MDU Construction Services Group,
Inc., and his brother, Michael D. Harp. The properties described in these two
leases are located in Kalispell and Billings, Montana and have been leased
since 1998. In November 2007, the audit committee determined that renewing
these leases was in the company&#146;s best interests after it reviewed 2004 third
party appraisals for the properties and a 2007 appraisal of the Kalispell
property and considered the consumer price index and our operating companies&#146;
knowledge of local property markets. The audit committee recommended and the
board approved three-year leases for these properties that provide for our
indirect subsidiary to pay a combined monthly rent of $10,100 to Mojo, a
Montana partnership.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>C<A NAME="C025_V1"></A>ORPORATE
GOVERNANCE</B></FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>Director
Independence</B></FONT><BR>

<FONT SIZE=2 FACE=ARIAL>The board
of directors has adopted guidelines on director independence that are included
in our corporate governance guidelines, which are available for review on our
corporate website at
http://www.mdu.com/Documents/Governance/2010_02_GovGuidelines.pdf. The board of
directors has determined that Thomas Everist, Karen B. Fagg, A. Bart Holaday,
Dennis W. Johnson, Thomas C. Knudson, Richard H. Lewis, Patricia L. Moss, John
L. Olson (until he retired August 13, 2009), Harry J. Pearce, Sister Thomas
Welder, and John K. Wilson:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>have no material relationship
 with us and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>are independent in accordance
 with our director independence guidelines and the New York Stock Exchange
 listing standards.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>53</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=2 FACE=ARIAL><B>&nbsp;</B></FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>In
determining director independence for 2009, the board of directors considered
the following transactions or relationships:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Mr. Everist&#146;s ownership at that
 time of approximately 1.8 million shares of our common stock</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>charitable contributions to the
 City of Dickinson in the amount of $20,000 &#150; Mr. Johnson was president of the
 City of Dickinson board of commissioners; payment to the company for utility
 line relocation done by our division, Montana-Dakota Utilities Co., in the
 regular course of business at the request of TMI Systems Design Corporation
 in the amount of $71,530 &#150; Mr. Johnson was Chairman and Chief Executive
 Officer of TMI Systems Design Corporation</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>charitable contributions to
 Colorado UpLift in the amount of $25,000 &#150; Mr. Lewis was a director and
 member of Colorado UpLift&#146;s executive committee</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>charitable contributions to St.
 Alexius Medical Center in the amount of $6,000 &#150; Sister Welder was a director
 of St. Alexius; payment of our employees&#146; tuition and education-related
 expenses and charitable contributions in the amount of $62,500 to the
 University of Mary &#150; Sister Welder was the president of the University of
 Mary in 2008; and charitable contributions to Missouri Slope Areawide United
 Way in the amount of $20,500 &#150; Sister Welder was a director of the Missouri
 Slope Areawide United Way and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>public utility services provided
 by our utility operations to entities with which directors are affiliated at
 rates fixed by the regulatory bodies having jurisdiction.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL><B>Director
Resignation Upon Change of Job Responsibility</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>Our corporate governance guidelines require a director to
tender his or her resignation after a material change in job responsibility. In
2009, no directors submitted resignations under this requirement.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>Code of Conduct</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>We have a code of conduct and ethics, which we refer to as
the Leading With Integrity Guide, which applies to all employees, directors,
and officers.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We intend
to satisfy our disclosure obligations regarding:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>amendments to, or waivers of, any
 provision of the code of conduct that applies to our principal executive
 officer, principal financial officer, and principal accounting officer and
 that relates to any element of the code of ethics definition in Regulation
 S-K, Item 406(b) and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>waivers of the code of conduct
 for our directors or executive officers, as required by New York Stock
 Exchange listing standards</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>by posting
such information on our website at
http://www.mdu.com/Documents/Governance/IntegrityGuide.pdf.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>Board Leadership
Structure and Board&#146;s Role in Risk Oversight</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>The board separated the positions of chairman of the board
and chief executive officer in 2006 and elected Harry J. Pearce, a non-employee
independent director, as our chairman, and Terry D. Hildestad as our president
and chief executive officer. Separating these positions allows our chief
executive officer to focus on our day-to-day business, while allowing the
chairman of the board to lead the board in its fundamental role of providing
advice to and independent oversight of management. The board recognizes the
time, effort, and energy that the chief executive officer is required to devote
to his position in the current business environment, as well as the commitment
required to serve as our chairman, particularly as the board&#146;s oversight
responsibilities continue to grow. While our bylaws and corporate governance
guidelines do not require that our chairman and chief executive officer
positions be separate, the board believes that having separate positions and
having an independent outside director serve as chairman is the appropriate
leadership structure for the company at this time and demonstrates our
commitment to good corporate governance.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Risk is
inherent with every business, and how well a business manages risk can
ultimately determine its success. We face a number of risks, including economic
risks, environmental and regulatory risks, and others, such as the impact of
competition and weather conditions. Management is responsible for the day-to-day
management of risks the company faces, while the board, as a whole and through
its committees, has responsibility for the oversight of risk management. In its
risk oversight role, the board of directors has the responsibility to satisfy
itself that the risk management processes designed and implemented by
management are adequate and functioning as designed.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The board
believes that establishing the right &#147;tone at the top&#148; and that full and open
communication between management and the board of directors are essential for
effective risk management and oversight. Our chairman meets regularly with our
president and chief executive officer and other senior officers to discuss
strategy and risks facing the company. Senior management attends the quarterly board
meetings and is available to address any questions or concerns raised by the
board on risk management-related and any other</FONT></P>

<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>54</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>matters.
Each quarter, the board of directors receives presentations from senior
management on strategic matters involving our operations. The board holds
strategic planning sessions with senior management to discuss strategies, key
challenges, and risks and opportunities for the company.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>While the
board is ultimately responsible for risk oversight at our company, our three
board committees assist the board in fulfilling its oversight responsibilities
in certain areas of risk. The audit committee assists the board in fulfilling
its oversight responsibilities with respect to risk management in the areas of
financial reporting, internal controls and compliance with legal and regulatory
requirements, and, in accordance with New York Stock Exchange requirements,
discusses policies with respect to risk assessment and risk management. Risk
assessment reports are regularly provided by management to the audit committee.
The compensation committee assists the board in fulfilling its oversight
responsibilities with respect to the management of risks arising from our compensation
policies and programs. The nominating and governance committee assists the
board in fulfilling its oversight responsibilities with respect to the
management of risks associated with board organization, membership and
structure, succession planning for our directors and executive officers, and
corporate governance.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>Board Meetings and
Committees</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>During 2009, the board of directors held five meetings. Each
incumbent director attended at least 75% of the combined total meetings of the
board and the committees on which the director served during 2009. Director
attendance at our annual meeting of stockholders is left to the discretion of
each director. Four directors attended our 2009 annual meeting of stockholders.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Harry J.
Pearce was elected non-employee chairman of the board on August 17, 2006. Mr.
Pearce served as lead director from February 15, 2001 to August 17, 2006. He
presides at the executive session of the non-employee directors held in
connection with each regularly scheduled quarterly board of directors meeting.
The non-employee directors also meet in executive session with the chief
executive officer at each regularly scheduled quarterly board of directors
meeting. All of our non-employee directors are independent directors.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The board
has a standing audit committee, compensation committee, and nominating and
governance committee. These committees are composed entirely of independent
directors.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The audit,
compensation, and nominating and governance committees have charters, which are
available for review on our website at
http://www.mdu.com/Governance/Pages/BoardChartersandCommittees.aspx. Our
corporate governance guidelines are available at
http://www.mdu.com/Documents/Governance/2010_02_GovGuidelines.pdf, and our
Leading With Integrity Guide is also on our website at
http://www.mdu.com/Documents/Governance/IntegrityGuide.pdf.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>Nominating and
Governance Committee</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>The nominating and governance committee met three times
during 2009. The committee members were John L. Olson, chairman, Karen B. Fagg,
Richard H. Lewis, and Sister Thomas Welder. John L. Olson served as chairman of
the committee until he retired from the board on August 13, 2009, and Karen B.
Fagg became chairman. A. Bart Holaday joined the committee effective February
11, 2010.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
nominating and governance committee provides recommendations to the board with
respect to:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>board organization, membership,
 and function </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>committee structure and
 membership </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>succession planning for our
 executive management and directors and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>corporate governance guidelines
 applicable to us.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The
nominating and governance committee assists the board in overseeing the
management of risks in the committee&#146;s areas of responsibility.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
committee identifies individuals qualified to become directors and recommends
to the board the nominees for director for the next annual meeting of
stockholders. The committee also identifies and recommends to the board
individuals qualified to become our principal officers and the nominees for
membership on each board committee. The committee oversees the evaluation of
the board and management.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In
identifying nominees for director, the committee consults with board members,
our management, consultants, and other individuals likely to possess an
understanding of our business and knowledge concerning suitable director
candidates.</FONT></P>

<BR><BR>

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 </TD>
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 <P>&nbsp;</P>
 </TD>
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 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
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 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>55</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Our
corporate governance guidelines include our policy on consideration of director
candidates recommended to us. We will consider candidates that our stockholders
recommend. In November 2008, we amended our policy to include additional
information stockholders must provide regarding their recommended candidates.
Stockholders may submit director candidate recommendations to the nominating
and governance committee chairman in care of the secretary at MDU Resources
Group, Inc., P.O. Box 5650, Bismarck, ND 58506-5650. Please include the
following information:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the candidate&#146;s name, age,
 business address, residence address, and telephone number </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the candidate&#146;s principal
 occupation </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the class and number of shares of
 our stock owned by the candidate </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>a description of the candidate&#146;s
 qualifications to be a director </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>whether the candidate would be an
 independent director and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>any other information you believe
 is relevant with respect to the recommendation.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>These
guidelines provide information to stockholders who wish to recommend candidates
for director for consideration by the nominating and governance committee.
Stockholders who wish to actually nominate persons for election to our board at
an annual meeting of stockholders must follow the procedures set forth in
section 2.08 of our bylaws. You may obtain a copy of the bylaws by writing to
the secretary of MDU Resources Group, Inc. at the address above. Our bylaws are
also available on our website at
http://www.mdu.com/Documents/Governance/MDU%20ResourcesBylaws.pdf. See also the
section entitled &#147;2011 Annual Meeting of Stockholders&#148; later in the proxy
statement.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>There are
no differences in the manner by which the committee evaluates director
candidates recommended by stockholders and those recommended by other sources.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In
evaluating director candidates, the committee considers an individual&#146;s:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
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 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>background, character, and
 experience</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>skills and experience which
 complement the skills and experience of current board members</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>success in the individual&#146;s
 chosen field of endeavor</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>skill in the areas of accounting
 and financial management, banking, general management, human resources,
 marketing, operations, public affairs, law, and operations abroad</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>background in publicly traded
 companies</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>geographic area of residence</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>independence, including
 affiliations or relationships with other groups, organizations, or entities
 and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>prior and future compliance with
 applicable law and all applicable corporate governance, code of conduct and
 ethics, conflict of interest, corporate opportunities, confidentiality, stock
 ownership and trading policies, and our other policies and guidelines.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>On February
11, 2010, the board, upon recommendation of the nominating and governance
committee, amended our corporate governance guidelines to include diversity as
a consideration in identifying nominees for director. When identifying nominees
to serve as director, the nominating and governance committee will consider
candidates with diverse business and professional experience, skills, gender,
and ethnic background, as appropriate, in light of the current composition and
needs of the board. The nominating and governance committee will assess the
effectiveness of this policy annually in connection with the nomination of
directors for election at the annual meeting of stockholders. The composition
of the current board reflects diversity in business and professional
experience, skills, and gender.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
committee generally will hire an outside firm to perform a background check on
potential nominees.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>Audit Committee</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>The audit committee is a separately-designated standing
committee established in accordance with section 3(a)(58)(A) of the Securities
Exchange Act of 1934.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The audit
committee met seven times during 2009. The audit committee members are Dennis
W. Johnson, chairman, A. Bart Holaday, Richard H. Lewis, and John K. Wilson.
John L. Olson served on the committee until he retired from the board on August
13, 2009. The</FONT></P>

<BR><BR>

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 </TD>
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 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>56</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>board of
directors has determined that Messrs. Johnson, Holaday, Lewis, Olson (until he
retired), and Wilson are &#147;audit committee financial experts&#148; as defined by
Securities and Exchange Commission regulations and Messrs. Johnson, Holaday,
Lewis, Olson (until he retired), and Wilson meet the independence standard for
audit committee members under our director independence guidelines and the New
York Stock Exchange listing standards, including the Securities and Exchange
Commission&#146;s audit committee member independence requirements.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The audit
committee assists the board of directors in fulfilling its oversight
responsibilities to the stockholders and serves as a communication link among
the board, management, the independent auditors, and the internal auditors. The
audit committee:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="94%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>assists the board&#146;s oversight of</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the integrity of our financial
 statements and system of internal controls </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>our compliance with legal and
 regulatory requirements </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the independent auditors&#146;
 qualifications and independence </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the performance of our internal
 audit function and independent auditors and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>risk management in the audit
 committee&#146;s areas of responsibility and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>prepares the report that
 Securities and Exchange Commission rules require we include in our annual
 proxy statement.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="85%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP >
 <P ALIGN=CENTER><FONT SIZE=3  FACE=ARIAL><B>Audit Committee Report</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P style=margin-right:3%><FONT SIZE=2 FACE=ARIAL>In connection with our financial
 statements for the year ended December 31, 2009, the audit committee has (1)
 reviewed and discussed the audited financial statements with management; (2)
 discussed with the independent auditors the matters required to be discussed
 by statement on Auditing Standards No. 61, as amended, (AICPA, <I>Professional Standards, </I>Vol. 1, AU
 section 380), as adopted by the Public Company Accounting Oversight Board in
 Rule 3200T; (3) received the written disclosures and the letter from the
 independent accountants required by applicable requirements of the Public
 Company Accounting Oversight Board regarding the independent accountant&#146;s
 communications with the audit committee concerning independence, and
 discussed with the independent accountant the independent accountant&#146;s
 independence.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Based on the review and
 discussions referred to in items (1) through (3) of the above paragraph, the
 audit committee recommended to the board of directors that the audited
 financial statements be included in our Annual Report on Form 10-K for the
 year ended December 31, 2009 for filing with the Securities and Exchange
 Commission.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Dennis W.
 Johnson, Chairman</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>A. Bart
 Holaday </B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Richard H. Lewis
 </B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>John K. Wilson</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL><B>Compensation
Committee</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>The compensation committee met four times during 2009. The
compensation committee members are Thomas Everist, chairman, Karen B. Fagg,
Thomas C. Knudson, and Patricia L. Moss.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
compensation committee&#146;s responsibilities, as set forth in its charter,
include:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>review and recommend changes to
 the board regarding our executive compensation policies for directors and
 executives</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>evaluate the chief executive
 officer&#146;s performance and, either as a committee or together with other independent
 directors as directed by the board, determine his or her compensation</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>recommend to the board the
 compensation of our other Section 16 officers and directors</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>establish goals, make awards,
 review performance and determine, or recommend to the board, awards earned
 under our annual and long-term incentive compensation plans</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>review and discuss with
 management the compensation discussion and analysis and based upon such
 review and discussion, determine whether to recommend to the board that the
 compensation discussion and analysis be included in our proxy statement
 and/or our Annual Report on Form 10-K</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>arrange for the preparation of
 and approve the compensation committee report to be included in our proxy
 statement and/or Annual Report on&nbsp;Form 10-K&nbsp;and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>assist the board in overseeing
 the management of risk in the committee&#146;s areas of responsibility.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR><BR>

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 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>57</B></FONT></P>
 </TD>
 </TR>
</TABLE>

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 </TD>
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 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
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</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The
compensation committee and the board of directors have sole and direct
responsibility for determining compensation for our Section 16 officers and
directors. The compensation committee makes recommendations to the board
regarding compensation of all Section 16 officers, and the board then approves
the recommendations. The compensation committee and the board may not delegate
their authority. They may, however, use recommendations from outside
consultants, the chief executive officer, and the human resources department.
The chief executive officer, the chief financial officer, the vice
president-human resources, and general counsel regularly attend compensation
committee meetings. The committee meets in executive session as needed.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We discuss
our processes and procedures for consideration and determination of compensation
of our Section 16 officers in the Compensation Discussion and Analysis. We also
discuss in the Compensation Discussion and Analysis the role of our executive
officers and compensation consultants in determining or recommending
compensation for our Section 16 officers.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
compensation committee has sole authority to retain, discharge, and approve
fees and other terms and conditions for retention of compensation consultants
to assist in consideration of the compensation of the chief executive officer,
the other Section 16 officers, and the board of directors. The compensation
committee charter requires the committee&#146;s pre-approval of the engagement of
the committee&#146;s compensation consultants by the company for any other purpose.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In February
2009, the compensation committee approved the retention of Towers Perrin as its
compensation consultant for 2009 to perform duties to be identified in an
engagement letter. In an engagement letter dated March 3, 2009 and signed by
the chairman of the compensation committee, the compensation committee
requested Towers Perrin to provide an executive compensation review similar to
those prepared in prior years.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The review
was to:</FONT></P>

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 <P>&nbsp;</P>
 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>match company positions to survey
 data</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>develop 2010 competitive
 estimates on base salaries and targeted short-term and long-term incentives</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>compare company base salaries and
 targeted short-term and long-term incentives, by position, to market
 estimates</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>construct a recommended 2010
 salary grade structure, salary grade changes, and changes in base salaries
 and incentive targets based on competitive data and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>address general trends in
 executive compensation, such as overall salary movement and the recession&#146;s
 impact on executive compensation.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>In May
2009, upon recommendation of the chairman, the committee decided not to
continue the consultant&#146;s engagement for 2009 due to budget concerns and the
company&#146;s ability to access data through other sources.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
compensation committee did authorize the company to participate in compensation
and employee benefits surveys sponsored by Towers Perrin.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The board
of directors determines compensation for our non-employee directors based upon
recommendations from the compensation committee. In February 2009, the
compensation committee decided that the compensation review for the board of
directors would be undertaken internally by the company, rather than by an
outside consultant. At its May 2009 meeting, the committee reviewed the
analysis of competitive data and recent trends in director compensation
prepared by the company. The company&#146;s analysis was based on proxy data from
our performance graph peer group companies compiled by Equilar and on data from
the National Association of Corporate Directors 2008/2009 Director Compensation
Report. The committee compared this data to our directors&#146; compensation and
each of its components. After review and discussion of the market data, which
indicated that aggregate director compensation was at the median of the
National Association of Corporate Directors 2008/2009 Director Compensation
Report companies and above the median &#150; 65th percentile &#150; of the peer group
companies, the compensation committee recommended, and the board approved, that
the annual retainer be increased by $25,000 to $55,000 and that the monthly
fees be eliminated, effective June 1, 2009.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>Stockholder
Communications</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>Stockholders and other interested parties who wish to
contact the board of directors or an individual director, including our
non-employee chairman or non-employee directors as a group, should address a
communication in care of the secretary at MDU Resources Group, Inc., P.O. Box
5650, Bismarck, ND 58506-5650. The secretary will forward all communications.</FONT></P>

<BR><BR>

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 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>58</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Proxy
 Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&nbsp;</FONT></P>


 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=3 FACE=ARIAL><B>S<A NAME="C026_V1"></A>ECTION
16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>Section 16 of the Securities Exchange Act of 1934, as
amended, requires that officers, directors, and holders of more than 10% of our
common stock file reports of their trading in our equity securities with the
Securities and Exchange Commission. Based solely on a review of Forms 3, 4, and
5 and any amendments to these forms furnished to us during and with respect to
2009 or written representations that no Forms 5 were required, we believe that
all such reports were timely filed.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>O<A NAME="C027_V1"></A>THER
BUSINESS</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>Neither the board of directors nor management intends to
bring before the meeting any business other than the matters referred to in the
notice of annual meeting and this proxy statement. In addition, other than as
described under Item 6 above and in the following sentences, we have not been
informed that any other matter will be presented to the meeting by others. One
stockholder proposal was submitted for inclusion in the proxy statement, which
we have omitted pursuant to Rule 14a-8 of the Securities and Exchange
Commission&#146;s proxy rules. If this stockholder complies with our advance notice
bylaw provisions and properly presents the proposal at the annual meeting, it
is the intention of the persons named in the proxy to vote against this
proposal. If any other matter requiring a vote of the stockholders should
arise, the persons named in the enclosed proxy will vote in accordance with
their best judgment.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>S<A NAME="C028_V1"></A>HARED
ADDRESS STOCKHOLDERS</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL>In accordance with a notice sent to eligible stockholders
who share a single address, we are sending only one annual report to
stockholders and one proxy statement to that address unless we received
instructions to the contrary from any stockholder at that address. This practice,
known as &#147;householding,&#148; is designed to reduce our printing and postage costs.
However, if a stockholder of record wishes to receive a separate annual report
to stockholders and proxy statement in the future, he or she may contact the
office of the treasurer at MDU Resources Group, Inc., P.O. Box 5650, Bismarck,
ND 58506-5650, Telephone Number: (701) 530-1000. Eligible stockholders of
record who receive multiple copies of our annual report to stockholders and
proxy statement can request householding by contacting us in the same manner.
Stockholders who own shares through a bank, broker, or other nominee can
request householding by contacting the nominee.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We hereby
undertake to deliver promptly, upon written or oral request, a separate copy of
the annual report to stockholders and proxy statement to a stockholder at a
shared address to which a single copy of the document was delivered.</FONT></P>

<P><FONT SIZE=3 FACE=ARIAL><B>2<A NAME="C029_V1"></A>011
ANNUAL MEETING OF STOCKHOLDERS</B></FONT><BR>
<FONT SIZE=2 FACE=ARIAL><B>Director Nominations:</B> Our bylaws provide that director
nominations may be made only by (i) the board at any meeting of stockholders or
(ii) at an annual meeting by a stockholder entitled to vote for the election of
directors and who has complied with the procedures established by the bylaws.
For a nomination to be properly brought before an annual meeting by a
stockholder, the stockholder intending to make the nomination must have given
timely and proper notice of the nomination in writing to the corporate
secretary in accordance with and containing all information and the completed
questionnaire provided for in the bylaws. To be timely, such notice must be
delivered to or mailed to the corporate secretary and received at our principal
executive offices not later than 90 days prior to the first anniversary of the
preceding year&#146;s annual meeting of stockholders. For purposes of our annual
meeting of stockholders expected to be held April 26, 2011, any stockholder who
wishes to submit a nomination must submit the required notice to the corporate
secretary on or before January 27, 2011.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Other Meeting Business:</B><FONT FACE=ARIAL> Our bylaws also provide
that no business may be brought before an annual meeting except (i) as
specified in the meeting notice given by or at the direction of the board, (ii)
as otherwise properly brought before the meeting by or at the direction of the
board or (iii) properly brought before the meeting by a stockholder entitled to
vote who has complied with the procedures established by the bylaws. For
business to be properly brought before an annual meeting by a stockholder
(other than nomination of a person for election as a director which is
described above) the stockholder must have given timely and proper notice of
such business in writing to the corporate secretary, in accordance with, and
containing all information provided for in the bylaws and such business must be
a proper matter for stockholder action under the General Corporation Law of
Delaware. To be timely, such notice must be delivered or mailed to the
corporate secretary and received at our principal offices not later than the
close of business 90 days prior to the first anniversary of the preceding
year&#146;s annual meeting of stockholders. For purposes of our annual meeting
expected to be held April 26, 2011, any stockholder who wishes to bring
business before the meeting (other than nomination of a person for election as
a director which is described above) must submit the required notice to the
corporate secretary on or before January 27, 2011.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Discretionary Voting:</B><FONT FACE=ARIAL> Rule 14a-4 of the
Securities and Exchange Commission&#146;s proxy rules allows us to use discretionary
voting authority to vote on matters coming before an annual stockholders&#146;
meeting if we do not have notice of the matter at least 45 days before the
anniversary date on which we first mailed our proxy materials for the prior
year&#146;s annual stockholders&#146; meeting or the date specified by an advance notice
provision in our bylaws. Our bylaws contain an advance notice provision that we
have described above. For our annual meeting of stockholders expected to be
held on April 26, 2011, stockholders must submit such written notice to the
corporate secretary on or before January 27, 2011.</FONT></FONT></P>

<BR><BR>

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 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>59</B></FONT></P>
 </TD>
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</TABLE>

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 <P><FONT SIZE=3 FACE=ARIAL><B>Proxy Statement</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>


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<P><FONT SIZE=2 FACE=ARIAL><B>Stockholder Proposals:</B><FONT FACE=ARIAL> The requirements we
describe above are separate from and in addition to the Securities and Exchange
Commission&#146;s requirements that a stockholder must meet to have a stockholder
proposal included in our proxy statement under Rule 14a-8 of the Exchange Act.
For purposes of our annual meeting of stockholders expected to be held on April
26, 2011, any stockholder who wishes to submit a proposal for inclusion in our
proxy materials must submit such proposal to the corporate secretary on or
before November 12, 2010.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Bylaw Copies:</B><FONT FACE=ARIAL> You may obtain a copy of the full text of the bylaw
provisions discussed above by writing to the corporate secretary. Our bylaws
are also available on our website at: http://www.mdu.com/Documents/Governance/MDU%20ResourcesBylaws.pdf.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>We will make available to our stockholders to whom we furnish this proxy
statement a copy of our Annual Report on Form 10-K, excluding exhibits, for the
year ended December 31, 2009, which is required to be filed with the Securities
and Exchange Commission. You may obtain a copy, without charge, upon written or
oral request to the Office of the Treasurer of MDU Resources Group, Inc., 1200
West Century Avenue, Mailing Address: P.O. Box 5650, Bismarck, ND 58506-5650,
Telephone Number: (701) 530-1000. You may also access our Annual Report on Form
10-K through our website at www.mdu.com.</B></FONT></P>

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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>By order of the Board of
 Directors,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><IMG SRC="a093692054_v1.jpg" ALT="(-s- Paul K. Sandness)"></P>
 </TD>
 </TR>
 <TR>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
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 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Paul K. Sandness </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Secretary </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>March 12, 2010</FONT></P>
 </TD>
 </TR>
</TABLE>

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 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>60</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
 Group, Inc.</B><FONT SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

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 <P><FONT SIZE=4 FACE=ARIAL><B>E<A NAME="C030_V1"></A>XHIBIT A</B></FONT></P>
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 <P><FONT SIZE=4 FACE=ARIAL><B>MDU Resources Group, Inc.&#146;s Proposed
 Amendments<BR>
 to Its Restated Certificate of Incorporation</B></FONT></P>
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<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>RESOLVED, that the Board of Directors of MDU Resources Group, Inc. (the &#147;Corporation&#148;) hereby declares it advisable:</FONT></P>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That the provisions requiring a supermajority vote by stockholders set forth in Articles TWELFTH and FIFTEENTH of the Restated Certificate of Incorporation of the Corporation be repealed, and that certain technical amendments to the provisions of Articles THIRTEENTH and FOURTEENTH of the Restated Certificate of Incorporation of the Corporation be adopted in connection with the repeal of such supermajority vote provisions and the declassification of the Board of Directors of the Corporation effected in 2007, effective at the close of business on the date on which the appropriate Certificate of Amendment to the Corporation&#146;s Restated Certificate of Incorporation is filed in the office of the Secretary of State of the State of Delaware;</FONT></P>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, in order to effect the foregoing, the Restated Certificate of Incorporation of the Corporation, as heretofore amended, be further amended by amending Articles TWELFTH, THIRTEENTH, FOURTEENTH and FIFTEENTH as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 1pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>TWELFTH.</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial></FONT></B><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">[RESERVED]</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>Part I. For the purposes of this Article TWELFTH, the following terms shall have the meaning hereinafter set forth:</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(a)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>&#147;Affiliate&#148; or &#147;Associate&#148; shall have the respective meanings ascribed to such terms in the General Rules and Regulations under the Securities Exchange Act of 1934 as in effect on January 1, 1985.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(b)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>A person shall be a &#147;Beneficial Owner&#148; of any Voting Stock:</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(i)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>which such person or any of its Affiliates or Associates (as herein defined) beneficially owns, directly or indirectly; or</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(ii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>which such person or any of its Affiliates or Associates has (A) the right to acquire (whether such right is exercisable immediately or only after the passage of time), pursuant to any agreement, arrangement or understanding or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise, or (B) the right to vote pursuant to any agreement, arrangement or understanding; or</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(iii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>which are beneficially owned, directly or indirectly, by any other person with which such person or any of its Affiliates or Associates has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of any shares of Voting Stock.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(c)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>&#147;Business Combination&#148; shall mean any of the following:</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(i)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>any merger or consolidation of the Corporation or any Subsidiary with (A) any Interested Stockholder or (B) any other corporation (whether or not itself an Interested Stockholder) which is, or after such merger or consolidation would be, an Affiliate of an Interested Stockholder; or</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(ii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions) to or with any Interested Stockholder or any Affiliate of any Interested Stockholder of any assets of the Corporation or any Subsidiary having an aggregate Fair Market Value of $5,000,000 or more but shall not include transactions between the Corporation and its Subsidiaries; or</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(iii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>the issuance or transfer by the Corporation or any subsidiary (in one transaction or a series of transactions) of any securities of the Corporation or any subsidiary to any Interested Stockholder or any Affiliate of any Interested Stockholder in exchange for cash, securities or other property (or a combination thereof) having an aggregate Fair Market Value of $5,000,000 or more; or,</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(iv)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>the adoption of any plan or proposal for the liquidation or dissolution of the Corporation proposed by or on behalf of an Interested Stockholder or any Affiliate of any Interested Stockholder; or</FONT></STRIKE></P>






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 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>MDU Resources Group, Inc.</B><FONT  SIZE=1 FACE=ARIAL> Proxy Statement</FONT></FONT></P>
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<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 1pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(v)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>any reclassification of securities (including any reverse stock split), or recapitalization of the Corporation, statutory share exchange, or any merger or consolidation of the Corporation with any of its Subsidiaries or any other transaction (whether or not with or into or otherwise involving an Interested Stockholder) which has the effect, directly or indirectly, of increasing the proportionate share of the outstanding shares of any class of equity or convertible securities of the Corporation or any Subsidiary which is directly or indirectly owned by any Interested Stockholder or any Affiliate of any Interested Stockholder.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(d)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>&#147;Continuing Director&#148; shall mean any member of the Board of Directors of the Corporation (the &#147;Board&#148;) who is unaffiliated with, and not a nominee of, the Interested Stockholder (as such term is used in the context of a Business Combination) and was a member of the Board prior to the time that the Interested Stockholder became an Interested Stockholder and any successor of a Continuing Director who is unaffiliated with, and not a nominee of, the Interested Stockholder and is designated to succeed a Continuing Director by two-thirds of Continuing Directors then on the Board.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(e)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>&#147;Fair Market Value&#148; means:</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(i)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>in the case of stock, the highest closing sale price during the thirty-day period immediately preceding the date in question of a share of such stock on the Composite Tape for the New York Stock Exchange-Listed Stocks, or, if such stock is not quoted on the Composite Tape for the New York Stock Exchange, or, if such stock is not listed on such Exchange, on the principal United States securities exchange registered under the Securities Exchange Act of 1934 on which such stock is listed, or, if such stock is not listed on any such exchange, the highest closing bid quotation with respect to a share of such stock during the thirty-day period preceding the date in question on the National Association of Securities 
Dealers, Inc. Automated Quotations System (&#147;NASDAQ&#148;) or, if NASDAQ is not then in use, any other system then in use, or, if no such quotations are available, the fair market value on the date in question of a share of such stock as determined by two-thirds of the Continuing Directors in good faith; and</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(ii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>in the case of property other than cash or stock, the fair market value of such property on the date in question as determined by a majority of the Continuing Directors in good faith.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(f)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>&#147;Institutional Voting Stock&#148; shall mean any class of Voting Stock which was issued to and continues to be held solely by one or more insurance companies, pension funds, commercial banks, savings banks and/or similar financial institutions or institutional investors.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(g)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>&#147;Interested Stockholder&#148; shall mean any person (other than the Corporation or any Subsidiary) who or which:</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(i)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>is the Beneficial Owner, directly or indirectly, of more than 10 percent of the voting power of the then outstanding Voting Stock; or</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(ii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>is an Affiliate of the Corporation and at any time within the two-year period immediately prior to the date in question, became the Beneficial Owner, directly or indirectly, of 10 percent or more of the voting power of the then outstanding Voting Stock; or</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(iii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>is an assignee of or has otherwise succeeded to any shares of Voting Stock which were at any time within the two-year period immediately prior to the date in question beneficially owned by any Interested Stockholder, if such assignment or succession shall have occurred in the course of a transaction or series of transactions not involving a public offering within the meaning of the Securities Act of 1933.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>For the purpose of determining whether a person is an Interested Stockholder pursuant to this paragraph (g), the number of shares of Voting Stock deemed to be outstanding shall include shares deemed owned through application of paragraph (b) of this Part I but shall not include any other shares of Voting Stock which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(h)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>In the event of any Business Combination in which the Corporation survives the phrase &#147;consideration other than cash to be received&#148; as used in Sections (a) and (b) of Part II of this Article TWELFTH shall include the shares of Common Stock and/or the shares of any other class of outstanding Voting Stock retained by the holders of such shares.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(i)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>A &#147;person&#148; shall mean any individual, firm, partnership, trust, corporation or other entity.</FONT></STRIKE></P>
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 <P><FONT SIZE=1 FACE=ARIAL><B>MDU Resources
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<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(j)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>&#147;Subsidiary&#148; means any corporation of which a majority of any class of equity security is owned, directly or indirectly, by the Corporation; provided, however, that for the purposes of the definition of Interested Stockholder set forth in paragraph (g) of this Part I, the term &#147;Subsidiary&#148; shall mean only a corporation of which a majority of each class of equity security is owned, directly or indirectly, by the Corporation.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(k)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>&#147;Voting Stock&#148; shall mean each share of stock of the Corporation generally entitled to vote in elections of directors.</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>The Continuing Directors of the Corporation shall have the power and duty to determine, for the purposes of this Article TWELFTH, on the basis of information known to them after reasonable inquiry, all facts necessary to determine the applicability of the various provisions of this Article TWELFTH, including (a) whether a person is an Interested Stockholder, (b) the number of shares of Voting Stock beneficially owned by any person, (c) whether a person is an Affiliate or Associate of another, and (d) whether a class of Voting Stock is Institutional Voting Stock. Any such determination made in good faith shall be binding and conclusive on all parties.</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>PART II.</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>Except as otherwise expressly provided in Part III of this Article TWELFTH and in addition to any other provision of law and as may otherwise be set forth in the Certificate of Incorporation, the consummation of any Business Combination shall require that all of the following conditions shall have been met:</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(a)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>The aggregate amount of the cash and the Fair Market Value as of the date of the consummation of the Business Combination of consideration other than cash to be received per share by holders of Common Stock in such Business Combination shall be at least equal to the highest of the following:</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(i)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(if applicable) the highest per share price (including any brokerage commissions, transfer taxes and soliciting dealers&#146; fees) paid by the Interested Stockholder for any shares of Common Stock acquired by it (A) within the two-year period immediately prior to the first public announcement of the proposal of the Business Combination (the &#147;Announcement Date&#148;) or (B) in the transaction in which it became an Interested Stockholder, whichever is highest;</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(ii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>the Fair Market Value per share of Common Stock on the Announcement Date or on the date on which the Interested Stockholder became an Interested Stockholder (such latter date is referred to in this Article TWELFTH as the &#147;Determination Date&#148;), whichever is higher; and</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(iii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(if applicable) the price per share equal to the Fair Market Value per share of Common Stock determined pursuant to paragraph (ii) above, multiplied by the ratio of (A) the highest per share price (including any brokerage commissions, transfer taxes and soliciting dealers&#146; fees) paid by the Interested Stockholder for any shares of Common Stock acquired by it within the two-year period immediately prior to the Announcement Date to (B) the Fair Market Value per share of Common Stock on the first day in such two-year period upon which the Interested Stockholder acquired any shares of Common Stock.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(b)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>The aggregate amount of the cash and the Fair Market Value as of the date of the consummation of the Business Combination of consideration other than cash to be received per share by holders of shares of any class of outstanding Voting Stock other than Common Stock (and other than Institutional Voting Stock), shall be at least equal to the highest of the following (it being intended that the requirements of this paragraph (b) shall be required to be met with respect to every class of outstanding Voting Stock, whether or not the Interested Stockholder has previously acquired any shares of a particular class of Voting Stock):</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(i)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(if applicable) the highest per share price (including any brokerage commissions, transfer taxes and soliciting dealers&#146; fees) paid by the Interested Stockholder for any shares of such class of Voting Stock acquired by it (A) within the two-year period immediately prior to the Announcement Date or (B) in the transaction in which it became an Interested Stockholder, whichever is higher;</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(ii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(if applicable) the highest preferential amount per share to which the holders of shares of such class of Voting Stock are entitled in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation;</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(iii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>the Fair Market Value per share of such class of Voting Stock on the Announcement Date or on the Determination Date, whichever is higher; and</FONT></STRIKE></P>




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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(iv)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(if applicable) the price per share equal to the Fair Market Value per share of such class of Voting Stock determined pursuant to paragraph (b)(iii) above, multiplied by the ratio of (A) the highest per share price (including any brokerage commissions, transfer taxes and soliciting dealers&#146; fees) paid by the Interested Stockholder for any shares of such class of Voting Stock acquired by it within the two-year period immediately prior to the Announcement Date to (B) the Fair Market Value per share of such class of Voting Stock on the first day in such two-year period upon which the Interested Stockholder acquired any shares of such class of Voting Stock.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(c)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>The consideration to be received by holders of a particular class of outstanding Voting Stock (including Common Stock) shall be in cash or in the same form as the Interested Stockholder has previously paid for shares of such class of Voting Stock. If the Interested Stockholder has paid for shares of any class of Voting Stock with varying forms of consideration, the form of consideration for such class of Voting Stock shall be either cash or the form used to acquire the largest number of shares of such class of Voting Stock previously acquired by it.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(d)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>After such Interested Stockholder has become an Interested Stockholder and prior to the consummation of such Business Combination:</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(i)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>except as approved by two-thirds of the Continuing Directors, there shall have been no failure to declare and pay at the regular date therefor any full quarterly dividends (whether or not cumulative) on the outstanding Preferred Stock;</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(ii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>there shall have been (A) no reduction in the annual rate of dividends paid on the Common Stock (except as necessary to reflect any subdivision of the Common Stock), except as approved by two-thirds of the Continuing Directors, and (B) an increase in such annual rate of dividends as necessary to reflect any reclassification (including any reverse stock split), recapitalization, reorganization or any similar transaction which has the effect of reducing the number of outstanding shares of the Common Stock, unless the failure so to increase such annual rate is approved by two-thirds of the Continuing Directors; and</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(iii)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>such Interested Stockholder shall have not become the beneficial owner of any additional shares of Voting Stock except as part of the transaction which results in such Interested Stockholder becoming an Interested Stockholder.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(e)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>After such Interested Stockholder has become an Interested Stockholder, such Interested Stockholder shall not have received the benefit, directly or indirectly (except proportionately as a stockholder), of any loans, advances, guarantees, pledges or other financial assistance or any tax credits or other tax advantages provided by the Corporation, whether in anticipation of or in connection with such Business Combination or otherwise.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(f)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>A proxy or information statement describing the proposed Business Combination and containing the information specified for proxy or information statements under the Securities Exchange Act of 1934 and the rules and regulations thereunder (or any subsequent provisions replacing such Act, rules or regulations) shall be mailed to stockholders of the Corporation at least thirty days prior to the consummation of such Business Combination (whether or not such proxy or information statement is required to be mailed pursuant to such Act or subsequent provisions).</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>PART III.</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>Unless the Business Combination shall have been approved by two-thirds of the Continuing Directors, (a) the provisions of Part II of this Article TWELFTH shall be applicable to each particular Business Combination, and (b) any such Business Combination shall be approved by the affirmative vote of at least four-fifths of the voting power of all shares of Voting Stock (considered for purposes of this Article TWELFTH as one class, it being understood that for purposes of this Article TWELFTH, each share of Voting Stock shall have the number of votes granted to it pursuant to Article FOURTH of the Certificate of Incorporation).</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>PART IV.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>Nothing contained in this Article TWELFTH shall be construed to relieve any Interested Stockholder from any fiduciary obligation imposed by law.</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt 0.5in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>THIRTEENTH.</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>The business and affairs of the Corporation shall be managed by the Board of Directors consisting of not less than six nor more than fifteen persons. The exact number of directors within the limitations specified in the preceding sentence shall be fixed from</FONT></P>







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<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 1pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&
nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>time to time by the Board of Directors pursuant to a resolution adopted by two-thirds of the Continuing Directors. The directors need not be elected by ballot unless required by the By-Laws of the Corporation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>At each annual meeting of stockholders, the directors shall be elected for terms expiring at the next annual meeting of stockholders</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>;</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial> </FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>provided, however, that each director elected at the annual meetings of stockholders held in 2005, 2006 and 2007 shall serve for the full three-year term to which such director was elected</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>. Each director shall hold office for the term for which he is elected or appointed and until his successor shall be elected and qualified or until his </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">earlier resignation, removal from office or</FONT></B><FONT lang=EN-U
S style="FONT-SIZE: 10pt" FACE=Arial> death</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>, or until he shall resign or be removed</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>In the event of any increase or decrease in the authorized number of directors, each director then serving as such shall nevertheless continue as director until the expiration of his current term, or </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">until</font></B><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial> his earlier resignation, removal from office or death.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>Newly created directorships resulting from any increase in the authorized number of directors or any vacancies in the Board of Directors resulting from death, resignation, retirement, disqualification, removal from office or other cause shall be filled by a two-thirds vote of the Continuing Directors then in office, or a sole remaining director, although less than a quorum, and directors so chosen shall hold office for a term expiring at the next annual meeting of stockholders. If one or more directors shall resign from the Board effective as of a future date, such vacancy or vacancies shall be filled pursuant to the provisions hereof, and such new directorship(s) shall become effective when such resignation or resignations shall become effec
tive, and each director so chosen shall hold office for a term expiring at the next annual meeting of stockholders.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(c)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">[RESERVED]</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>Any director or the entire Board of Directors may be removed; however, such removal must be for cause and must be approved as set forth in this Section. Except as may otherwise be provided by law, cause for removal shall be construed to exist only if: (i) the director whose removal is proposed has been convicted, or where a director was granted immunity to testify where another has been convicted, of a felony by a court of competent jurisdiction and such conviction is no longer subject to direct appeal; (ii) such director has been grossly negligent in the performance of his duties to the Corporation; or (iii) such director has been adjudicated by a court of competent jurisdiction to be mentally incompetent, which mental incompetency directly affects his ability as a director of the Corporation, and such adjudication is no longer subject to direct appeal.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>Removal for cause, as cause is defined above, must be approved by at least a majority vote of the shares of the Corporation then entitled to be voted at an election for that director, and the action for removal must be brought within three months of such conviction or adjudication.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>Notwithstanding the foregoing, and except as otherwise provided by law, in the event that Preferred Stock of the Corporation is issued and holders of any one or more series of such Preferred Stock are entitled, voting separately as a class, to elect one or more directors of the Corporation to serve for such terms as set forth in the Certificate of Incorporation, the provisions of this Article THIRTEENTH, Section (c), shall also apply, in respect to the removal of a director or directors so elected to the vote of the holders of the outstanding shares of that class and not to the vote of the outstanding shares as a whole.</FONT></STRIKE></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(d)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>Any directors elected pursuant to special voting rights of one or more series of Preferred Stock, voting as a class, shall be excluded from, and for no purpose be counted in, the scope and operation of the foregoing provisions, unless expressly stated.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(e)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">For</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> purposes of this Article </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">THIRTEENTH</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">, the following terms shall have the </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">meanings hereinafter set forth:</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(i)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">&#147;Affiliate&#148; or &#147;Associate&#148; shall have the respective meanings ascribed to such terms in the General Rules and Regulations under the Securities Exchange Act of 1934 as in effect on January 1, 1985. </FONT></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(ii)</FONT></B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial> </FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">A person shall be a &#147;Beneficial Owner&#148; of any Voting Stock: </FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 2in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(A)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">which such person or any of its Affiliates or Associates beneficially owns, directly or indirectly; or</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial> </FONT></P>
<P style="MARGIN: 0in 0in 0pt 2in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 2in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(B)</FONT></B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>&nbsp;</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">which such person or any of its Affiliates or Associates has </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(1) </FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">the right to acquire (whether such right is exercisable immediately or only after the passage of time), pursuant to any agreement, arrangement or understanding or upon the exercise of conversion rights, exchange rights, warrants or options, or <
/FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">otherwise</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">, or</FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> (2)</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> the right to vote pursuant to any </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">agreement</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">, arrangement or understanding; or </FONT></P>



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<P style="MARGIN: 0in 0in 0pt 2in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(C)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">which are beneficially owned, directly or indirectly, by any other person with which such person or any of its Affiliates or Associates has any </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">agreement</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of any shares of Voting Stock.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(iii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">&#147;Continuing Director&#148; shall mean any member of the Board of Directors of the Corporation who is unaffiliated with, and not a nominee of, </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">any Interested Stockholder</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> and was a member of the Board </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">of Directors prior to the time that any</FONT></B><
FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> Interested Stockholder became an Interested Stockholder and any successor of a Continuing Director who is unaffiliated with, and not a nominee of, </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">any</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> Interested Stockholder and is designated to succeed a Continuing Director by two-thirds of </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">the</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> Continuing Directors then on the Board </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">of Direc
tors.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(iv)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">&#147;Interested Stockholder&#148; shall mean any person (other than the Corporation or any Subsidiary) who or which:</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 2in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(A)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">is the Beneficial Owner, directly or indirectly, of more than 10 percent of the voting power of the then outstanding Voting Stock; or</FONT></P>
<P style="MARGIN: 0in 0in 0pt 2in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 2in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(B)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">is an Affiliate of the Corporation and at any time within the two-year period immediately prior to the date in question, became the Beneficial Owner, directly or indirectly, of more than 10 percent of the voting power of the then outstanding Voting Stock; or</FONT></P>
<P style="MARGIN: 0in 0in 0pt 2in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 2in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(C)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">is an assignee of or has otherwise succeeded to any shares of Voting Stock which were at any time within the two-year period immediately prior to the date in question beneficially owned by any Interested Stockholder, if such assignment or succession shall have occurred in the course of a transaction or series of transactions not involving a public offering within the meaning of the Securities Act of 1933.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in"><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">For the purpose of determining whether a person is an Interested Stockholder pursuant to this </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">Article THIRTEENTH, Section (e)(iv),</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> the number of shares of Voting Stock deemed to be outstanding shall include shares deemed owned through application of </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">Section (e)(ii) of this Article THIRTEENTH</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> but shall not include any other shares of Voting Stock which may be issuable pursuant 
to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(v)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial> </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">A &#147;person&#148; shall mean any individual, firm, </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">partnership,</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> trust, corporation or other entity.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(vi)</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">&#147;Subsidiary&#148; means any corporation of which a majority of any class of equity security is owned, directly or indirectly, by the Corporation; provided, however, that for the purposes of the definition of Interested Stockholder set forth in </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">Section (e)(iv) of this Article THIRTEENTH,</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; 
TEXT-DECORATION: underline"> the term &#147;Subsidiary&#148; shall mean only a corporation of which a majority of each class of equity security is owned, directly or indirectly, by the Corporation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(vii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">&#147;Voting Stock&#148; shall mean each share of stock of the Corporation generally entitled to vote in elections of directors.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 1in"><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">The Continuing Directors of the Corporation shall have the power and duty to determine, on the basis of information known to them after </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">reasonable</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> inquiry, all facts necessary to determine the applicability of the various provisions of this Article </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">THIRTEENTH, including (A)</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> whether a person is an Interested Stockholder, </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY:
 inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(B)</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> the number of shares of Voting Stock beneficially owned by any person, </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">and (C)</FONT></B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline"> whether a person is an Affiliate or Associate of another. Any such determination made in good faith shall be binding and conclusive on all parties.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">(f)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">Capitalized terms used and not defined in Article FOURTEENTH or in Article SIXTEENTH of the Certificate of Incorporation which are defined in Section (e) of this Article THIRTEENTH shall have the meanings, for purposes of Article FOURTEENTH and Article SIXTEENTH of the Certificate of Incorporation, ascribed to such terms in Section (e) of this Article THIRTEENTH.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>FOURTEENTH. The Board of Directors, in evaluating any proposal by another party to (a) make a tender or exchange offer for any securities of the Corporation, (b) effect a </FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>Business Combination (as defined in Article TWELFTH),</FONT></STRIKE><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">merger, consolidation or other business combination of the Corporation</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial> or (c) effect any other transaction having an effect upon the properties, operations or control of the Corporation similar to a tender or exchange offer </FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>or Business Combination</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial> </FONT><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inlin
e; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">for any securities of the Corporation or a merger, consolidation or other business combination of the Corporation</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>, as the case may be, whether by an Interested Stockholder</FONT></P>


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<P style="MARGIN: 0in 0in 0pt 0.5in"><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(as defined in Article TWELFTH) </FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>or otherwise, may, in connection with the exercise of its judgment as to what is in the best interests of the Corporation and its stockholders, give due consideration to the following:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>the consideration to be received by the Corporation or its stockholders in connection with such transaction in relation not only to the then current market price for the outstanding capital stock of the Corporation, but also to the market price for the capital stock of the Corporation over a period of years, the estimated price that might be achieved in a negotiated sale of the Corporation as a whole or in part through orderly liquidation, the premiums over market price for the securities of other corporations in similar transactions, current political, economic and other factors bearing on securities prices and the Corporation&#146;s financial condition, future prospects and future value as an independent Corporation;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>the character, integrity and business philosophy of the other party or parties to the transaction and the management of such party or parties;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>the business and financial conditions and earnings prospects of the other party or parties to the transaction, including, but not limited to, debt service and other existing or likely financial obligations of such party or parties, the intention of the other party or parties to the transaction regarding the use of the assets of the Corporation to finance the acquisition, and the possible effect of such conditions upon the Corporation and its Subsidiaries and the other elements of the communities in which the Corporation and its Subsidiaries operate or are located;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>the projected social, legal and economic effects of the proposed action or transaction upon the Corporation or its Subsidiaries, its employees, suppliers, customers and others having similar relationships with the Corporation, and the communities in which the Corporation and its Subsidiaries do business;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>the general desirability of the continuance of the Corporation as an independent entity; and</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>(vi)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>such other factors as the Continuing Directors may deem relevant.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 1pt" FACE=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>FIFTEENTH. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>[</FONT></B><B><FONT face=ARIAL style="FONT-SIZE: 10pt; DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">RESERVED</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>]</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial> </FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>Notwithstanding anything to the contrary contained in this Certificate of Incorporation or the By-Laws of the Corporation (and notwithstanding the fact that a lesser percentage may be specified by law, this Certificate of Incorporation or the By-Laws of the Corporation), the affirmative vote of the holders of at least four-fifths of the voting power of the then outstanding Voting Stock shall be required to amend, alter, change or repeal, or to adopt any provision inconsistent with, Articles TWELFTH, THIRTEENTH, FOURTEENTH
, FIFTEENTH and SIXTEENTH of this Certificate of Incorporation, provided that such four-fifths vote shall not be required for any amendment, alteration, change or repeal recommended to the stockholders by two-thirds of the Continuing Directors, as defined in Article TWELFTH.</FONT></STRIKE></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>FURTHER RESOLVED, that the Board of Directors hereby directs that this resolution and above proposed amendments be attached as an exhibit to the proxy statement for the Corporation&#146;s 2010 Annual Meeting of Stockholders for consideration by the stockholders entitled to vote in respect thereof;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" FACE=Arial>FURTHER RESOLVED, that upon approval of the proposed amendments to the Restated Certificate of Incorporation by the stockholders, the proper officers of the Corporation be, and each of them hereby is, authorized and directed to file a Certificate of Amendment to the Corporation&#146;s Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, to amend the Corporation&#146;s Registration Statement on Form 8-A relating to the common stock of the Corporation, and to file any and all other documents and to take any and all such further action as they deem necessary or appropriate to reflect such amendments.</FONT></P>




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 <P><FONT SIZE=1 FACE=ARIAL>P.O. Box 64945</FONT></P>
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 <P><FONT SIZE=1 FACE=ARIAL>St. Paul, MN 55164-0945</FONT></P>
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 <P><FONT SIZE=1 FACE=ARIAL>Address Change? Mark box, sign, and indicate changes
 below:&nbsp;&nbsp;<FONT SIZE=5 FACE=WINGDINGS>o</FONT></FONT></P>
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 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 0.5PT'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 0.5PT;BORDER-RIGHT:SOLID BLACK 0.5PT'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:5PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Vote by Internet, Telephone or Mail<BR>
 24 Hours a Day, 7 Days a Week</B></FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:5PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Your telephone or
 Internet vote authorizes the named<BR>
 proxies to vote your shares in the same manner as if you<BR>
 marked, signed and returned your proxy card.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2><img src="a093692057_v1.jpg" ALT="(INTERNET LOGO)"></font></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>INTERNET </B><FONT SIZE=1  FACE=ARIAL>&#150;
 www.eproxy.com/mdu</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Use the Internet to vote your proxy until 12:00 p.m. (CDT)
 on Monday, April 26, 2010.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2><img src="a093692058_v1.jpg" ALT="(TELEPHONE LOGO)"></font></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>TELEPHONE </B><FONT SIZE=1  FACE=ARIAL>&#150; <B>1-800-560-1965</B></FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Use a touch-tone telephone to vote your proxy until 12:00
 p.m. (CDT) on Monday, April 26, 2010.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><img src="a093692059_v1.jpg" ALT="(MAIL LOGO)"></font></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>MAIL </B><FONT SIZE=1  FACE=ARIAL>&#150; Mark, sign and
 date your proxy card and return it in the postage-paid envelope provided, or
 return it to MDU Resources Group, Inc., c/o Shareowner Services, P.O. Box
 64873, St. Paul, MN 55164-0873.</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><I><B>If you vote by Telephone
or Internet, please do not mail your Proxy Card.</B></I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>The Board of Directors Recommends a Vote
&#147;FOR&#148; all nominees and &#147;FOR&#148; Items 2, 3, 4, and 5.</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%">
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL><B>1.</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL>Election of directors:</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:5PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
</TR>
<TR>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>FOR</B></FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>AGAINST</B></FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>ABSTAIN</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>FOR</B></FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>AGAINST</B></FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>ABSTAIN</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:3PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
</TR>
 <TR>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL><B>01.</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL>Thomas Everist</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL><B>06.</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL>Thomas C. Knudson</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL><B>02.</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL>Karen B. Fagg</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL><B>07.</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL>Richard H. Lewis</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="30%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT SIZE=2><img src="a093692060_v1.jpg" ALT="(LOGO)"></font></P>
 </TD>
 <TD >
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><I>Please fold here &#150; Do not separate</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><img src="a093692061_v1.jpg" ALT="(LOGO)"></font></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
  <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%">
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL><B>03.</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL>Terry D. Hildestad</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL><B>08.</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL>Patricia L. Moss</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL><B>04.</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL>A. Bart Holaday</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL><B>09.</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL>Harry J. Pearce</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL><B>05.</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL>Dennis W. Johnson</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL><B>10.</B></FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1 FACE=ARIAL>John K. Wilson</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=5  FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>2.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Repeal of article TWELFTH of our restated certificate of
 incorporation, relating to business combinations with interested
 stockholders, and related amendments.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>For</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>Against</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>Abstain</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>3.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Repeal of article FIFTEENTH of our restated certificate of
 incorporation, which contains supermajority vote requirements.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>For</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>Against</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>Abstain</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>4.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Repeal of section (c) of article THIRTEENTH of our
 restated certificate of incorporation, which provides that directors may be
 removed only for cause.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>For</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>Against</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>Abstain</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>5.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Ratification of Deloitte &amp; Touche LLP as our independent
 auditors for 2010.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>For</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>Against</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>Abstain</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=9 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>The Board of Directors Recommends a Vote
 &#147;AGAINST&#148; Item 6.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>6.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Stockholder proposal requesting a report on coal
 combustion waste.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>For</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>Against</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 FACE=WINGDINGS>o</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P style="margin-top:11px"><FONT SIZE=1 FACE=ARIAL>Abstain</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=1 FACE=ARIAL><B>THIS PROXY WHEN PROPERLY
EXECUTED WILL BE VOTED AS DIRECTED OR, IF NO DIRECTION IS GIVEN, WILL BE VOTED <U>FOR</U>
ALL NOMINEES, <U>FOR</U> ITEMS 2, 3, 4, AND 5, AND <U>AGAINST</U> ITEM 6.</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="38%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Date _____________________________________</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Signature(s) in Box</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:5PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 0.5PT'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 0.5PT;BORDER-RIGHT:SOLID BLACK 0.5PT;BORDER-TOP:SOLID BLACK 0.5PT'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Please
 sign exactly as your name(s) appears on Proxy. If held in joint tenancy, all
 persons should sign. Trustees, administrators, etc., should include title and
 authority. Corporations should provide full name of corporation and title of
 authorized officer signing the Proxy. </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK 0.5PT'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 0.5PT'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  SOLID BLACK 0.5PT;BORDER-BOTTOM:SOLID BLACK 0.5PT;BORDER-RIGHT:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-TOP:NONE;BORDER-LEFT:  NONE;BORDER-BOTTOM:SOLID BLACK 0.5PT;BORDER-RIGHT:SOLID BLACK 0.5PT'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>MDU RESOURCES GROUP, INC.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>ANNUAL MEETING OF STOCKHOLDERS</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Tuesday, April 27, 2010<BR>
11:00 a.m. Central Daylight Saving Time</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>909 Airport Road<BR>
Bismarck, ND</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="62%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="29%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2><img src="a093692056_v1.jpg" ALT="(MDU RESOURCES GROUP, INC. LOGO)"></font></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>1200 West Century Avenue</FONT></P>
 </TD>
 <TD ROWSPAN=6 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=4  FACE=ARIAL><B>proxy</B></FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:5PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><I>Mailing Address:</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>P.O. Box 5650</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Bismarck, ND 58506-5650</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(701) 530-1000</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:3PX">
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 2PX'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 2PX'>
 <P>&nbsp;</P>
 </TD>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 2PX'>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>This proxy is solicited on behalf of the
Board of Directors for the<BR>
Annual Meeting of Stockholders on April 27, 2010.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>This proxy will also be used to provide voting
instructions to New York Life Trust Company, as Trustee of the MDU Resources
Group, Inc. 401(k) Retirement Plan, for any shares of Company common stock held
in the plan.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The undersigned hereby appoints Harry J. Pearce and Paul K. Sandness and
each of them, proxies, with full power of substitution, to vote all Common
Stock of the undersigned at the Annual Meeting of Stockholders to be held at
11:00 a.m., Central Daylight Saving Time, April 27, 2010, at 909 Airport Road,
Bismarck, ND, and at any adjournment(s) thereof, upon all subjects that may
properly come before the meeting, including the matters described in the Proxy
Statement furnished herewith, subject to any directions indicated on the
reverse side. <B>Your vote is important! Ensure
that your shares are represented at the meeting. </B>Either (1) submit
your proxy by touch-tone telephone, (2) submit your proxy by Internet or (3)
mark, date, sign and return this proxy card in the envelope provided (no
postage is necessary if mailed in the United States). <B>If no directions are given, the proxies will vote in
accordance with the Directors&#146; recommendation on all matters listed on this
proxy, and at their discretion on any other matters that may properly come
before the meeting.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><I><BR><BR><BR><BR>See reverse for voting instructions.</I></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>100476</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3>
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