MDU RESOURCES GROUP INC — Director's Dealing 2023

Jun 3, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Knife River Corp (KNF)
CIK: 0001955520
Period of Report: 2023-05-31

Reporting Person: MDU RESOURCES GROUP INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-31	Common Stock	J	51340729.0000	$0.0000	Disposed	5656621.0000	Direct

Footnotes

F1: On May 10, 2023, MDU Resources Group, Inc. ("MDU Resources") reported that it owned 1,000 shares of common stock of Knife River Corporation ("Knife River"), which at the time was all of the issued and outstanding shares of common stock of Knife River. Pursuant to a plan of separation approved by the board of directors of MDU Resources, MDU Resources made a pro rata distribution to its stockholders of record as of the close of business on May 22, 2023, of approximately 90% of the outstanding Knife River common stock (the "Distribution"). In anticipation of the Distribution, which occurred at 11:59 p.m. Eastern time on May 31, 2023 (the "Distribution Date"), Knife River issued 56,996,350 shares of Knife River common stock to MDU Resources, such that MDU Resources owned 56,997,350 shares of Knife River common stock, representing all of the issued and outstanding shares of Knife River common stock as of the Distribution Date and prior to the Distribution.

F2: In connection with the Distribution, MDU Resources (i) distributed 50,909,593 shares of Knife River common stock to its stockholders by way of a pro rata dividend, (ii) transferred 431,136 shares of Knife River common stock to Knife River Corporation - Northwest, a wholly owned subsidiary of Knife River, in settlement of that certain hook stock exchange agreement dated May 19, 2023, and (iii) retained the remaining 5,656,621 shares of Knife River common stock. A summary of the hook stock exchange can be found in the section entitled "Capitalization" in Knife River's information statement, dated as of and filed with the Securities and Exchange Commission on May 10, 2023.