BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

STEPHENS INC /AR/'s Holding History (CIK: 0000757657)

Note: Option positions (PUT/CALL) are excluded.

Q4 2017

Shares 12,809 Value ($000) $770 Avg Close $45.46 Range $41.87 - $51.03

Q3 2017

Shares 7,859 Value ($000) $541 Avg Close $50.60 Range $48.73 - $51.89

Q2 2017

Shares 6,888 Value ($000) $465 Avg Close $49.84 Range $47.18 - $52.32

Q1 2017

Shares 5,376 Value ($000) $357 Avg Close $45.51 Range $43.01 - $48.38

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	12,809	$770	$45.46	$41.87 - $51.03
Q3 2017	7,859	$541	$50.60	$48.73 - $51.89
Q2 2017	6,888	$465	$49.84	$47.18 - $52.32
Q1 2017	5,376	$357	$45.51	$43.01 - $48.38