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When you retire, you have a chance to clean out your desk and start over with a clean slate. While going through my desk, I found a handout that I spent many years looking for. The handout was from Reliastar, a business who expanded to Minot in 1998 and one of MADC’s first major projects. During the announcement of their expansion, Reliastar provided this handout

(see below), which explained why they chose Minot for their expansion “The Minot Factor.” Reliastar continued operations in Minot, changed its name to ING, currently is a client of Cognizant (since August of 2012) and has over 350 employees working in the Minot location today.

In my 24 years of serving on the Board of MADC, we have continued to remain true to these principles, in good times and bad. We have never stopped following

these principles and we must continue to follow them in order to remain successful.

2017 was a year of developing new relationships. Stephanie Hoffart, President/CEO of MADC, did an excellent job of growing MADC’s partnership with the new State and City leadership, with MADC’s Norwegian contacts, and especially the Burlington Northern Sante Fe (BNSF) Railway.

In late 2017, MADC received the BNSF Site Certification and recognition for the Industrial Park of Minot. Achieving this designation required years of dedication and effort, we are very thankful to Hoffart and her staff for their hard work on this project and for making this happen for Minot. The Industrial Park of Minot is now one of the largest shovel ready pieces of land with rail in the Midwest, this will help us tremendously as we recruit companies to Minot.

2017 also brought advancements to our work with SkySkopes, as well as their partners and vendors. With the help of MADC, SkySkopes received their new drone (the FX20) and will begin training in early 2018. We wish SkySkopes much success, they have been great ambassadors for Minot.

I end this with a request to our stakeholders and business community, I encourage you to become an investor of MADC. By investing in MADC, you are investing in the future of Minot. A strong membership is important to any organization, but your investment will directly support MADC’s day to day operations. I also encourage you to let Hoffart know of any businesses looking to expand to Minot, we have a lot to offer them. I ask that you talk to your neighbor and encourage them to join MADC and help Minot grow.

The Industrial Park of Minot now holds the distinction of being the first location in North Dakota to earn the BNSF Railway’s Site Certified designation, making Minot one of thirteen communities across the U.S. to achieve this title. Amongst other goals set for 2017, MADC worked diligently to put this vision into

fruition and I’m proud that we made this happen for the Minot community.

Having this coveted designation opens doors for business growth in our region and truly shows the business opportunities and business friendly environment that is present here in Minot. Becoming BNSF Site Certified means incoming businesses will save six to nine months of construction time, lowering their overall costs and improving their bottom line. The BNSF Site Certification is a great way for Minot to remain competitive and is a key element in MADC’s new business attraction efforts. This appointment will certainly create new opportunities for MADC in 2018.

Another key milestone for MADC in 2017 was being invited to participate in a citywide economic development revamp. For many years MADC has utilized the International Economic Development Council to stay on top of changing economic conditions, to ensure MADC stays relevant to serving Minot’s economy. I was excited to learn IEDC was coming to Minot; the opportunity to gather key stakeholders, work together to

analyze Minot’s economic strengths, weaknesses, resources available, etc., ultimately sharing the end goal of launching a citywide economic development plan to improve Minot’s economy. I believe we all want the same for Minot, it’s just a matter of getting there and which path to take.

The IEDC event last fall provided a great foundation for city leadership to begin this extensive process together, economic development is not a science and there are so many variables that need to come together in order for us to be successful. We all have our own responsibilities in the community, this process with IEDC will address the items that are falling between the gaps of responsibility, this is a great chance for us to collaborate and fix the things that have raised challenges for the business community.

As we welcome 2018, MADC looks forward to participating in IEDC’s extensive three day event (in March) that will drive a new economic development plan. In order for Minot to have a strong economy and thriving business community, it will take all the key stakeholders in the community to come together and I think that is what we can finally expect in 2018.

I would like to graciously thank the investors of MADC, the City of Minot, Ward County and all of our partners for their continued support. MADC overcame obstacles and achieved exciting successes in 2017 and none of it would have been possible without their support. I’d also like to thank the MADC Board of Directors and staff for all their commitment and efforts in 2017.

From the Chairperson From the President

Jim Rostad1st Vice Chairperson

PresidentMinot Public School Board

Ward County Commissioner

Brekka Kramer2nd Vice Chairperson

General Manager Odney Advertising

Randy HauckTreasurer

General Manager Verendrye Electric Cooperative

Alan WalterWard County Commissioner

Project ManagerAckerman-Estvold Engineering

Chuck BarneyMayor- City of Minot

DirectorSeverson Entrepreneurship AcademyMinot State University

Steve BigelowPast Chairman

Co-Owner Central Machining & Pump Repair

2017Executive

Committee

Jim MontgomeryChairpersonVice PresidentFirst Western Insurance

Stephanie HoffartMADC President/CEOEDFP Certified

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2017 Board of Directors Ex-Officio Members

Kathy AasCommunity Relations Manager

Xcel Energy

Stacy NortonPresident

Helgeson-Norton Agency

Brad JohnsonPresident

Monarch Products Company

Ryan AckermanPresident/CEO

Ackerman-Estvold Engineering

Curt OlsonDistrict Manager

Montana-Dakota Utilities Company

Kent KirkhammerOperations Manager

NewKota Services & Rentals

Darrell OlsonPresident/CEO

Town & Country Credit Union

Danny HansonPresident

Investors Management & Marketing

Steve LysneGeneral Manager/CEO

SRT Communications

Phyllis BurckhardExecutive Director

Visit Minot/CVB

Thomas BarryCity Manager

City of Minot

Pat TravnicekRepresentative

Minot Air Force Base Retired

Dr. Steven ShirleyPresident

Minot State University

Randy BurckhardND State Senator District 5

Retired Director of External Affairs SRT Communications

Duane KlabundeManager of Shipper Services

ND RegionEnbridge

Terri PhilionMarketing Director

Minot Area Dev. Corp.

Robert DavisPlanning Director

City of Minot

David LakefieldFinance Director

City of Minot

Dr. Mark VollmerSuperintendent

Minot Public Schools

John MacMartinPresident

Minot Area Chamber of Commercee

DJ McIntyreCustomer Service Office Manager

North Dakota Job Service

MADC Staff

Jay FisherConsultant Fisher Research, LLC

Retired NW Dist. Director NDSU Research Extension Center

Shannon StraightMinot City Council

Jaime HaugeAdministrative Assistant

Minot Area Dev. Corp.

Jonn KnechtSVP-Business Development

American Bank Center

Mark JantzerMinot City Council

General Manager The Computer Store

Dr. Jacek MrozikAssociate VP Graduate, Online, Distance and Continuing Education

Minot State University

John ZakianNational Disaster Resilience Program Manager

City of Minot

Jason ZimmermanBusiness Banking Officer

First Western Bank and Trust

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Minot Leaders Unite to Change Minot’s Economy

With a shift in city leadership and changing economy, Minot leaders stressed the importance of unifying and collaborating to improve Minot’s economy. MADC and the City of Minot leaned on economic development experts, the International Economic Development Council (IEDC), who provided 3 economic development frontrunners for a two day seminar to educate city leadership on the basics of economic development.

On November 16th and 17th, Minot City Council, MADC board members, Chamber of Commerce board members, the Minot Downtown Business and Professional Association, and other key organizations in the community joined forces to learn what’s needed to improve Minot’s economy.

Over the two day course, the economic development experts provided various presentations that were filled with experience, purpose, and techniques for Minot leaders to apply on a local level. The presentations focused on:

“The IEDC event served as a solid starting foundation for the City and its economic development partners to explore exciting ways to formulate a fresh, new approach in creation

of a long-term and sustainable citywide growth strategy,” explained City Manager, Tom Barry.

John Zakian, NDR Program Director, stated “the desired outcome of the IEDC Course was definitely accomplished far better than expected, which was to stimulate thinking among the key stakeholders and elected leaders in Minot about how to connect the assets, opportunities, and challenges in Minot to create a robust, forward looking best practice long term sustainable economic growth strategy for the entire community.” He also explained how the economic development course laid the foundation for IEDC’s return in 2018. With a larger team of economic development experts joining Minot’s key stakeholders, IEDC will guide Minot leadership in launching and creating an aggressive citywide economic development plan.

To help enforce change and move forward with success, there isn’t a more qualified resource than IEDC. IEDC is the world’s largest and oldest organization for economic development with 5,000+ members and a network of over 30,000. IEDC’s history has proven to improve the quality of life for communities; which is exactly what Minot’s key stakeholders are seeking. Minot’s leadership wants to embrace the changes and work together to improve the quality of life for the Minot community, and especially the business community.

David Myers, Certified Economic Developer and Executive Director of the Ponca City Development Authority in Ponca City, Oklahoma, was one of the keynote speakers provided by IEDC. He drove Minot’s key stakeholders to think strategically about Minot’s economy and future. He explained that every community has the potential to support existing industries, nurture and grow start-up firms, attract new dollars, and develop a sense of community; all of which will eventually improve

the community’s tax base. Nonetheless, not every community is ready to do so. Stephanie Hoffart, President/CEO of MADC, touched on Myers’s presentation. “Myers provided Minot’s leadership with the tools to be ready for the changes the community wants to see. He helped leadership recognize that many problems facing communities may not be all that unique community to community; but how the leaders within a community connect with each other in order to address these problems can be unique and is what differentiates communities.”

Myers also narrowed in on Minot’s strategic plan. He reviewed MADC’s strategic plan, but spoke on the importance of a citywide strategic plan to determine what’s possible and how to achieve it. Minot needs to understand and optimize the resources available, leadership needs to create a culture for strategic thinking, for regular and creatively reinventing the future of Minot and to develop a quality of place. Developing a sense of community is critical, as community competiveness in the global economy is driven by its quality of place. What can Minot do to improve quality of life? How can Minot improve the business community and better support the businesses that already exist in the Magic City? What should leadership do? What can leadership do? What will leadership do? Minot stakeholders look forward to the next step of this process to address these questions and put together an actionable plan to improve Minot’s economy.

City Council Member, Stephan Podrygula, states “The IEDC workshop provided an excellent overview of the current-state-of-the-art in economic development… It’s time to re-examine our priorities, more closely focus our efforts, and build

stronger support from the broader community. It was really nice getting an objective outside perspective, and I very much look forward to the team coming back this spring, to gather more in-depth input from the community and give us more specific feedback that we can put to use.”

“From what I saw, I think the IEDC is going to be a great resource as our economic development activities evolve. Business retention and expansion, place-making, workforce attraction, development, and training; those were focus areas that stood out

to me. Combine them with our current infrastructure efforts and I see the recipe for success coming together. If we can create an environment marked by confidence, optimism, and opportunity, I think the risk takers and the entrepreneurs will do the rest of the work for us,” explained City Council Member, Josh Wolsky.

IEDC will be coming back to Minot the week of March 11, 2018 to evaluate Minot’s economic development practices and continue educating stakeholders on best practices that can guide MADC on next steps and how to overcome the challenges moving forward.

• Things You Should Know About Economic Development

• Thinking Strategically About Your Economy and the Future

• An Economic Developer’s View of Entrepreneurship & Small Business

• Economic Development Role in Real Estate Development and Reuse

• Understanding the Marketing & Attraction and Site Selection Process

• Workforce Development for Sustained Economic Growth

• Revitalization: Breathing New Life into Divested Locations

• Business Retention and Expansion: Growing from Within

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The Industrial Park of Minot received astounding recognition in December 2017 with the announcement of becoming BNSF Site Certified, the first site in the state of North Dakota. MADC diligently pursued this nationwide acknowledgement and couldn’t be more proud to bring such excitement and potential to the Magic City.

BNSF certification ensures a site is ready for rapid development with an extensive analysis of existing and projected infrastructure, environmental and geotechnical standards, utility evaluation and site availability. By selecting a BNSF certified property, businesses greatly reduce development time,

increase speed to market, and reduce upfront development risk of rail-served industrial sites.

The Industrial Park of Minot is one of thirteen other sites awarded this recognition across the country, such an accomplishment! With a BNSF Site Certification, Minot has become a frontrunner for new business expansion by saving businesses six to nine months of construction time, lowering their overall costs.

“The Industrial Park of Minot is BNSF’s first Certified Site in North Dakota and strategically located at the heart of our Great Northern corridor,” said Colby Tanner, Assistant Vice President, BNSF Economic Development. “BNSF’s northern route serves agricultural production in the northern plains and is the gateway to the Bakken region, making Minot a perfect fit for both agricultural and industrial customers looking for direct-rail access.”

So what does this mean for the Magic City? Becoming Site Certified means the Industrial Park of Minot will be sponsored in BNSF’s aggressive nationwide marketing campaign in 2018. Minot will be promoted in BNSF’s newsletter, which is sent to over 8,300 of its Industrial Products & Agricultural commodity customers. In addition,

MADC Achieves BNSF Site Certification, a Statewide & Nationwide Recognition

BNSF will emphasize information about state-specific Certified Sites in its state fact sheets. BNSF Railway has also started work on a GIS online property search tool, scheduled to launch in 2018, and will specifically highlight the Industrial Park of Minot. BNSF and its Certified Sites Program was featured in two site Selection Magazine investor profiles, which have a ciculation of over 43,000 subscribers. The Minot Industrial Park will also be promoted in BNSF’s other marketing outlets, such as its website, economic development contact list of over 1,200 (including site selection consultants), BNSF’s Facebook Page with 99,500 followers, BNSF’s Twitter account with 32,300 followers, and more.

The Industrial Park of Minot is located in the north east corner of Minot, offering 800 acres that are available for new businesses. 386 of the acreage is site certified by BNSF for companies needing full rail service. The remaining acres will be available for non-rail or less frequent rail service. MADC worked closely with BNSF in 2017 to secure and develop a rail spur for existing anchor tenant- AGT Foods (AGT) and future businesses. With direct access to BNSF Railway, the industrial park is zoned Heavy Industrial (I-2) offering convenient access to three U.S. highways.

BNSF plays a significant role in North Dakota’s economy, moving nearly 1.9 million carloads of freight in North Dakota annually. BNSF links North Dakota’s $5 billion agriculture industry with the rest of the world through its transportation. BNSF has also helped relieve U.S. oil and gas transportation, providing unique value to customers with efficient access coast to coast. Whether its consumer products, packaged goods, paper products, clothes, automobiles- you

name it, BNSF provides for North Dakota retailers and business.

“With the announcement of becoming BNSF Site Certified, there has already been spiked interest and potential leads for new business expansion. MADC can’t wait to see what’s going to unfold in 2018. I look forward to seeing new development in the Industrial Park of Minot and also how it’s going to positively influence Minot’s economy,” states Stephanie Hoffart, President/CEO of MADC.

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In 2017, the MAGIC Sky Initiative grew by adding three new business partners that represent different fields within the UAS industry:

• Ackerman-Estvold (headquartered in Minot)

• eSmart Systems (headquarted in Norway)

• Robot Aviation (established in Norway)

These new partners have joined Minot’s first lead business, SkySkopes, to provide full-service solutions to customers. The collaboration will provide cost savings in the utility, infrastructure and oil and gas industries of Western North Dakota.

Last year, MADC helped secure 5 UAS pilot projects and facilitated new collaborations between SkySkopes, Robot Aviation, and eSmart Systems.

UAS industry leaders, Robot Aviation and eSmart Systems (both Norwegian-based

companies) visited Minot to speak at the annual Business to Business Seminar (B2B); MADC capitalized on the opportunity and connected the two companies with potential customers in the

Minot region. Robot Aviation, eSmart Systems, and SkySkopes presented in front of decision-making executives, which led to the UAS pilot projects.

With MAGIC Fund dollars MADC also secured a world-class drone, the first Robot Aviation SkyRobot FX20 to be sold in the U.S. In 2018, Robot Aviation and eSmart Systems will return to Minot to collaborate with SkySkopes for FX20 flight training and demonstrations. Additional equipment was purchased to include the most advanced sensors and cameras for utility and infrastructure inspections.

MADC co-sponsored the MAGIC Sky Drone Zone at the 2017 40th Annual Norsk Hostfest providing one-on-one lessons from Minot’s industry experts, SkySkopes, a leading drone service provider who feature the most qualified UAS pilots in the country. People of all ages engaged at the booth throughout the four day event, the largest Scandinavian festival in the United States.

MADC greatly furthered the MAGIC Sky Initiative in 2017, by creating UAS opportunities and developing new business attraction for the Minot region.

5th Annual Business to Business Seminar: UAS Use ApplicationsWith great success from 2016’s Business to Business Seminar (B2B), last year’s event further examined the Unmanned Aerial Systems (UAS) industry and the complex technology behind this evolving field. In 2017, Minot leaders were invited to attend a UAS Summit in Norway, which consequently led to business meetings with eSmart and Robot Aviation. This special opportunity helped drive the foundation of 2017’s B2B and the potential for the Midwest to further develop in UAS.

The event co-hosted by MADC and Minot State University featured a combination of leaders

within the UAS industry, starting off with Bjorn Forsdal, President of Robot Aviation USA, who represented the manufacturing side of UAS. Robot Aviation, founded in Norway, is at the forefront of commercial drone technology with more than 20 years of experience in developing and operating advanced unmanned aircraft systems for defense and the civilian sector. Robot Aviation’s niche role in the industry involves industrial applications, bridging the digital and material worlds, and integrating solutions tailored for each industry.

In addition to drone manufacturing, another key component of the UAS industry is data collection. eSmart Systems, headquartered in Norway,

provides a digital platform for intelligent grid operations. Knut E. Gustavsen, CVP & President North America of eSmart Systems, discussed the numerous aspects of data collection and the critical/neccessary role it has in the UAS industry.

Representing the end-user for the UAS industry was Mark Nisbet, Principal Manager, North Dakota of Xcel Energy. He shared Xcel’s involvement with UAS and how Xcel has proven that drones enhance public and worker safety, save time, and provide exceptional data. Xcel Energy uses drones for infrastructure inspections, post storm assessments, and more. Nisbet explained how Xcel Energy still utilizes talent from Norway and Isreal when it comes to the UAS industry. These countries offer advancements that the U.S. is still striving to achieve, coinciding with the importance of the B2B, which provided the opportunity to collaborate and foster business opportunities/partnerships on an international level.

Lastly, the 2017 B2B event concluded with the presentation of Dr. Mark Hagerott, Chancellor of the North Dakota University System. Chancellor Hagerott explained the University System’s strategy and efforts for preparing a qualified workforce for the UAS industry and the importance of cyber security. He shed light on the new realm of intelligence, and how it’s changing the world.

With over 75 attendees, the 2017 B2B had record-breaking attendance and covered the different UAS applications, and potential business opportunities for North Dakota. One key goal of the annual B2B is to drive new business opportunities, and the 2017 B2B did just that. Forsdal closed the 2017 B2B stating that MADC’s outreach efforts make it possible for companies like Robot Aviation to enter the region and creates opportunities to meet with potential customers. The B2B brought together leaders of the UAS industry and cultivated opportunities for expanding the industry in the Magic City.

The Industrial Park of Minot underwent exciting development in 2017. MADC facilitated these advancements to ensure the industrial park remains a desirable location for new business attraction. This development included the completion of 2,500 linear feet of rail being laid,

a new zoning district, and the installation of the BNSF power turnout switch. Development of the Industrial Park of Minot was necessary for Minot to remain in the limelight and with these development efforts, it helped MADC secure the BNSF Site Certification.

MADC Further Develops the Industrial Park of Minot

MADC Creates Opportunities for MAGIC Sky Initiative

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Marketing Metrics for 2017• Tradeshow: Northern Pulse Growers Annual Meeting in Minot, ND• Tradeshow: KMOT Ag Expo in Minot, ND

• MADC President joins Sales Tax Ad Hoc Committee

• MADC launches the MAGIC Sky Initiative• MADC President is featured on the Flag Family Media’s

Business Segment for Economic Development Organizations

• Site Visit• MADC continues their partnership with the City for the development

of new industrial zoning in the Industrial Park of Minot

• MADC board members meet with Governor Burgum to discuss the four laning of Highway 52

• Site Visit• MADC President and board member attend Energy Day at the

ND State Capitol

• MADC Marketing Director attends Senator Heitkamp’s Panel on ND Issues

• MAGIC Fund request for SkySkopes is unanimously approved by Minot City Council

• MADC President attends IEDC: Tech-Led Economic Development Course

• Site Visit

• MADC begins attending Planning Steering Committee meetings for new industrial zones

• MADC meets with Friendly International Consult from Norway

• Tradeshow: Williston Basin Petroleum Conference in Regina, SK• Tradeshow: Partner with ND Department of Commerce at the AUVSI

Xponential Conference & Trade Show in Dallas, TX

• Site Visit• MADC President and board member attend a meeting with Jay

Schuler, the new Commissioner of the ND Department of Commerce

• MADC President and board member attend EDND Summer Conference in Wahpeton, ND

• Tradeshow: Drone Focus Conference in Fargo, ND

• MADC President joins clients to meet with Jay Schuler at the ND Department of Commerce

• New zoning ordinances are passed by Minot City Council for the Industrial Park of Minot

• MADC hosts a ND Department of Commerce Community meeting

• MADC President attends IEDC: Workforce Development Strategies Course

• MADC continues support for the four laning of Highway 52• MADC board members attend the Developer’s Forum at City Hall

• Site Visit • Tradeshow: UAS Summit & Expo in Grand Forks, ND

• Tradeshow: InterDrone in Las Vegas, NV• MADC board approves the funding of the Economic Impact Study

by the Western Dakota Energy Association• MADC President attends IEDC Annual Meeting in Toronto, ON• MADC President and board member attend Governor’s Workshop

in Fargo, ND• MADC attends meetings with the Friendly International Consult,

Robot Aviation, SkySkopes, and eSmart Systems

• MADC cohosts the 5th Annual Business to Business Seminar with Norway delegation

• MADC co-sponsors MAGIC Sky Drone Zone at the Norsk Hostfest• MADC meets with Skien delegation to further strengthen the Sister

City partnership

• Tradeshow: Drone World Expo in San Jose, CA• MADC hires new Marketing Director• MAGIC Sky Initiative adds three partner businesses• Highway 52 committee hosts a U.S. Highway 52/Provincial 39

Summit in Kenmare, ND• MADC President and board member attend EmPower ND in

Bismarck, ND

• MADC Marketing Director attends Social Media eBoot Camp• MADC President and Marketing Director attend the EDND Fall

Conference in Williston, ND• MADC President attends Commercial UAV Expo in Las Vegas, NV

• MADC Marketing Director facilitates the Economic Development Session for the 2017 Community Leadership Institute

• MADC President speaks at the YP Power Hour• The IEDC presents the Economic Development 101 2-day course

at the Holiday Inn Riverside• SkySkopes’ CFO promotes the MAGIC Sky Initiative at the Vision

West Consortium in Crosby, ND

• MADC President attends Career Advisory Committee meeting at Magic City Campus

• MADC supports the City in hosting members of the ND Legislature’s Energy Development and Transmission Committee to discuss “Hub City” funding

• The Robot Aviation FX20 arrives at the MADC office, the first Robot Aviation drone sold in the USA

• The Industrial Park of Minot is officially BNSF Site Certified• MADC holds press conference to announce BNSF Site Certification• MADC board members and staff spend the night in Ward County Jail

for Domestic Violence Crisis Center fundraiser• MADC President attends MOT Airport Master Plan Advisory

Committee meeting

• MADC staff helps with Chamber’s Air Force Base Cookie Drive• MADC staff meets with City’s NDR Program Manager to discuss the

next IEDC visit• Site Visit

January

February

March

April

May

June

July

August

September

October

November

December

2017 Year In Review

Social Media

Follow MADC on Facebook & LinkedIn!

2017 Social Media Marketing

150% increase inAudience Reach

755% in Engagement2015 2016+

2015

2016

2017

Facebook & LinkedIn Increases from 2015 to 2017

2015 2016 2017

Number of Posts 111 126 215

Audience Reach 14,004 35,013 47,338

Engagement 871 7,448 3,962

Increased traffic website by approximately

e-NewslettersMonthly Audience Reach: Average 950

Minot MEMO & Gateway to the Bakken

Unique Reads: 6,813Total Reads: 17,177

Increased traffic website by approximately

BNSF Marketing CampaignWith the designation of the Industrial Park of Minot becoming BNSF Site Certified, it allowed MADC to take part in a national marketing campaign. MADC is proud to have earned this certification and welcomed the opportunity promote Minot in the following:

• BNSF’s Newsletter, sent to 8,300 Industrial Products & Agricultural Commodity Customers

• Two Site Selection magazines, with a circulation of over 43,000 subscribers

• BNSF’s State Fact Sheets, specifically highlighting Minot• BNSF’s Facebook Page with 99,500 followers• BNSF’s Twitter Account with 32,300 followers• BNFS’s Website• And soon to be promoted in a GIS Online Property

Search Tool, launching in 2018

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Thank You for Your Continued Support!

2017 Investor List 2017 Financial Statement (Unaudited)Ackerman-EstvoldAckerman Surveying & Assoc.ACME ElectricAE2SAll American TrophiesAmerican Bank CenterAnderson, Wade & Whitty PCArtco Promotional ProductsBlue Cross Blue Shield of NDBrady, Martz & AssociatesBraun Intertec CorporationBremer BankBrokers “12” Inc.C&C Plumbing & Heating, LLPCal-Dak CabinetsCentral Machining & Pump RepairCentral Power Electric Cooperative, Inc.Century 21 Action Realtors Inc.Circle SanitationCity of MinotClassified DirectoriesClayton FegleyClute Office EquipmentCognizantColdwell Banker 1st Minot RealtyConcrete Mobile, LLCConlin’s Furniture Inc.Connole & Somerville P & HCreative Printing Inc.CTS Properties LLC.Dacotah BankDakota Boys and Girls RanchDakota Business LendingDakota FenceDakota SquareDakota Tax & AccountingDean SomervilleDelta VacationsDouglas MattsonEAPC Architects EngineersElectrical Workers Union #714EnbridgeExcavating, Inc.Fargo Glass & Paint CompanyFarm Credit Services of NDFarstad Oil / Superpumper Fiberglass Specialties First International Bank & Trust First Western Bank & Trust First Western Insurance Fisher Research LLC. Gate City Bank GEM Federal Credit Union Gourmet Chef, Inc. Grand Hotel Gravel Products, Inc. Greater Northwest Publishing, Inc. Hampton Inn & Suites Helgeson-Norton Agency Hess Corporation Hight Construction, LLC. Holiday Inn Riverside

Houston Engineering, Inc. I Keating Furniture World Interiors Plus Investors Management & Marketing Jerome’s Collision Center Jerome C. Jorgenson JLG Architects John Stewart Kalix Karen Krebsbach KK Bold KLJ KMOT-TV Knowles Jewelry KXMC-TV Liechty Homes Lowe’s Garden Center Lowe’s Printing Magic City Beverage Magnum LTL, Inc. Main Electric Construction, Inc. Marketplace Foods Material Testing Services, LLC Mattson Construction Co. Maxson Law Office, P.C. Mayer Electric Inc. McGee, Hankla & Backes, PC Mercer Engineering, PC Metro Developer LLC Mi Mexico Midco Miller Holdings, Inc./Minot Lumber Mindt Construction, Inc Minot’s Finest Collision Center Minot Area Chamber of Commerce Minot Area Community Foundation Minot Automotive Center, Inc. Visit Minot Minot Daily News Minot Electric Minot Milling Minot Paving Company, Inc. Minot Plumbing & Heating Minot Public Schools Minot Sash & Door, Inc. Minot State University Monarch Products Company Montana-Dakota Utilities Company Moore Engineering, Inc. Morelli Distributing, Inc. Mowbray & Son Plumbing & Heating, Inc. Mr. Duane Peterson Murphy Motors Next to New, Inc. Muus Lumber & Hardware ND State Fair Association NewKota Services & Rentals, LLC. Niess Impressions Norsk Hostfest Association North Central Research Ext. Ctr., NDSU North Country Sportswear North Dakota Guaranty & Title Co. North Hill Bowl, Inc.

North Star Community Credit Union Northern Bottling Company Northstar Steel, Inc. Northwestern Electric Northwestern Mutual O’Day Equipment, LLC Odney Advertising Olson & Burns, PC Olson Family Dental Paradise Spas Peoples State Bank Perkins Restaurants & Bakery Prairie Engineering, P.C. Prairie Federal Credit Union Preferred Rest. Grp/Taco John’s Quentin Burdick Job Corps Center R & K Contractors, Inc. RDO Equipment Co Ready Builders, Inc Real Builders, Inc. Rehab Services, Inc. Rolac Contracting, Inc. Ryan Family Dealerships Schock’s Safe & Lock Services, Inc. Signal Realtors, Inc. Sleep Inn & Suites/MainStay Suites Soaring Eagle Outerwear, LLC Souris Basin Planning Council Souris Valley Apts. Souris Valley Dental Group SRT Communications, Inc. Stein Construction, Inc. Stone Crafters, Inc Strata Corporation Taylor Motors, Inc. TectaAmerica/Greenberg/Target Roofing Terhorst Manufacturing The Computer Store Thomas Family Funeral Home Thompson Larson Funeral Home Tires Plus Tollefson’s Retail Group, Inc. Town & Country Credit Union Trinity Health United Community Bank United Mailing Services, Inc. US Bank Minot Vallely Sport & Marine Verendrye Electric Cooperative Ward County Ward Warehousing & Distribution Co. Waste Management of ND Watne Inc. Realtors Wells Fargo Bank, N.A. Westlie Motor Company Wilbur-Ellis Company Winfield Solutions, LLC Wold Engineering Woodridge Xcel Energy

ASSETSCurrent AssetsCash & Cash Equivalents $ 581,329 $ 822,703 $ 1,404,031Accounts Receivable $ 25,768 $ 88,889 $ 114,657Prepaid Expenses $ 4,582 $ - $ 4,582

TOTAL CURRENT ASSETS $ 611,678 $ 911,592 $ 1,523,270

INVESTMENT & LONG TERM RECEIVABLESLand Held for Expansion $ - $ 11,550,069 $ 11,550,069Notes Receivable - Long Term (net of current portion) $ - $ 7,750 $ 7,750Allowance for Uncollectibles $ - $ (3,000) $ (3,000)

TOTAL INVESTMENTS & LONG TERM RECEIVABLES $ $ 11,554,819 $ 11,554,819

Property & Equipment $ 137,950 $ - $ 137,950Less Accumulated Depreciation $ (121,881) $ - $ (121,881)Net Property & Equipment $ 16,069 $ - $ 16,069

TOTAL ASSETS $ 627,747 $ 12,466,411 $ 13,094,158

LIABILITIESCurrent Liabilities $ - $ 7,691,135 $ 7,691,135Accounts Payable $ - $ - $ -Accrued Vacation $ 21,677 $ - $ 21,677Other Liabilities $ - $ 2,693,574 $ 2,693,574

TOTAL CURRENT LIABILITIES $ 21,677 $ 10,384,709 $ 10,406,386

Long Term Obligations Less $ - $ - $ -Current Maturities $ - $ - $ -

TOTAL LIABILITIES $ 21,677 $ 10,384,709 $ 10,406,386

NET ASSETSTemporarily Restricted $ - $ 2,081,702 $ 2,081,702Unrestricted $ 606,070 $ - $ 606,070FIXED NET ASSETS $ 606,070 $ 2,081,702 $ 2,687,772

TOTAL NET ASSETS $ 627,747 $ 12,466,411 $ 13,094,158

Balance Sheet December 31, 2017

MADC Operating JDF Restricted TOTAL

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Past Presidents / Chairpersons of the Board

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T.A. Solheim 1967-1970Morris Broschat 1971George Johnson 1972Doug Anderson 1973Al Braun 1975Roald Mattson 1976Leo P. Makelky 1977Robert A. Wheeler 1978Clair A. Watne 1979C. Morris Anderson 1980Ed Schmit 1981Jim Jenson 1982Lanny Wade 1983Eldon Seelig 1984Ken Johnson 1985John Pierson 1986J.J. “Joe” Vihstadt 1987Tim Kretschmar 1988Gary L. Wickre 1989Bob Horne 1990John Petrik 1991John Hoeven 1992Marv Semrau 1993

M.E. “Buzz” Syria 1994Bob Lamont 1995Rich Campbell 1996Terry Hoff 1997John Stewart 1998Michael Zaun 1999Clayton Fegley 2000Mark Nisbet 2001Buzz Stitzer 2002Daryl Somerville 2003Jim Montgomery 2004Kathleen Gaddie 2005-2006Randy Burckhard 2007Darwin Langseth 2008Senator Karen Krebsbach 2009Jim Maxson 2010Jay Fisher 2011Matt Kramer 2012Kathy Aas 2013David Reiten 2014Darrell Olson 2015Steve Bigelow 2016