MDU RESOURCES GROUP INC — Director's Dealing 2003

Aug 27, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MDU RESOURCES GROUP INC (MDU)
CIK: 0000067716
Period of Report: 2003-08-27

Reporting Person: RAILE VERNON A (VP, Controller & CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-27	Common Stock	M	15630	$21.125	Acquired	36073.568	Direct
2003-08-27	Common Stock	S	10630	$33.95	Disposed	25443.568	Direct
2003-08-27	Common Stock	S	1200	$33.94	Disposed	24243.568	Direct
2003-08-27	Common Stock	S	3800	$33.85	Disposed	20443.568	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-27	Empl.Stock Opt.(Right to Buy)	$21.125	M	15630	Disposed	2008-02-10	Common Stock (15630)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock-Restricted Stock	3900	Indirect
Common Stock - (401-k)	16228.943	Indirect
Common Stock - (ESOP)	1844.174	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Empl.Stock Opt.(Right to Buy)	$29.74	2011-02-15	Common Stock (20800)	20800	Direct

Footnotes

F1: These options were originally exercisable 2/10/07, but vesting was accelerated to 2/17/01 upon attainment of certain performance goals.