Investor Presentaiton

NUMBER OF OBSERVATIONS SRS AND MLS DATA Residential Homes Sold in North Dakota, 2021 12,000 10,652 10,386 10,000 8,000 6,000 4,000 2,000 0 Statewide 8,232 7,164 3,488 2,154 12 Largest Cities Rural Areas Sales Ratio Study data ■MLS data Source: North Dakota Office of State Tax Commissioner (2022) and Multiple Listing Services of North Dakota (2022)

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