MDU RESOURCES GROUP INC — Director's Dealing 2003

Aug 20, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MDU RESOURCES GROUP INC (MDU)
CIK: 0000067716
Period of Report: 2003-05-23

Reporting Person: WHITE MARTIN A (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-05-23	Common Stock	G	5000	—	Disposed	31044.172	Direct
2003-08-18	Common Stock	M	60760	$21.125	Acquired	91925.615	Direct
2003-08-18	Common Stock	G	4000	—	Disposed	87925.615	Direct
2003-08-18	Common Stock	G	300	—	Disposed	87625.615	Direct
2003-08-18	Common Stock	S	46400	$32.589	Disposed	41225.615	Direct
2003-05-23	Common Stock	G	5000	—	Acquired	26725.8341	Indirect
2003-08-18	Common Stock	G	4000	—	Acquired	30905.9671	Indirect
2003-08-18	Common Stock	G	300	—	Acquired	570	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-18	Empl.Stock Opt.(Right to Buy)	$21.125	M	60760	Disposed	2008-02-10	Common Stock (60760)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock-Restricted Stock	29600	Indirect
Common Stock - (401-k)	8497.088	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Empl.Stock Opt.(Right to Buy)	$29.74	2011-02-15	Common Stock (180000)	180000	Direct

Footnotes

F1: Gift to wife.

F2: As custodian for minor children under Uniform Transfer to Minor's Act ND.

F3: These options were originally exercisable 2/10/07, but vesting was accelerated to 2/17/01 upon attainment of certain performance goals.