Investor Presentaiton

MARKET CONDITIONS HOMES SOLD BY PRICE, RURAL NORTH DAKOTA ■Up to $150,000 $350,001 to $500,000 $150,001 to $250,000 ■Over $500,000 $250,001 to $350,000 1% 1% 1% 2% 3% 2% 3% 4% 6% 7% 7% 6% 10% 12% 8% 15% 16% 15% 13% 15% 19% 16% 27% In rural areas, 64% of homes sold for $150,000 or less in 2012, compared to 41% in 2021 33% 33% 33% 33% 33% Trends overall were 36% 33% 31% 28% similar in rural ND as 64% 54% 51% 45% 46% 45% 42% 41% 42% 41% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Multiple Listing Services of North Dakota (2022) urban, although not as pronounced, especially for higher price sales.

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