BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

HBK INVESTMENTS L P's Holding History (CIK: 0001011443)

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

Q4 2014

Shares 9,600 Value ($000) $509 Avg Close $35.24 Range $31.42 - $38.13

Q3 2014

Shares 15,100 Value ($000) $723 Avg Close $35.67 Range $31.93 - $41.13

Q2 2014

Shares 3,900 Value ($000) $239 Avg Close $38.31 Range $36.56 - $40.65

Q1 2014

Shares 4,100 Value ($000) $236 Avg Close $36.15 Range $33.35 - $38.82

Q4 2013

Shares 10,100 Value ($000) $530 Avg Close $33.02 Range $30.45 - $35.53

Q3 2013

Shares 8,000 Value ($000) $399 Avg Close $32.70 Range $30.21 - $35.44

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	9,600	$509	$35.24	$31.42 - $38.13
Q3 2014	15,100	$723	$35.67	$31.93 - $41.13
Q2 2014	3,900	$239	$38.31	$36.56 - $40.65
Q1 2014	4,100	$236	$36.15	$33.35 - $38.82
Q4 2013	10,100	$530	$33.02	$30.45 - $35.53
Q3 2013	8,000	$399	$32.70	$30.21 - $35.44