BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

Pine River Capital Management L.P.'s Holding History (CIK: 0001288136)

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

Q1 2015

Shares 9,970 Value ($000) $503 Avg Close $34.02 Range $32.42 - $35.85

Q4 2014

Shares 4,825 Value ($000) $256 Avg Close $35.24 Range $31.42 - $38.13

Q3 2014

Shares 4,825 Value ($000) $231 Avg Close $35.67 Range $31.93 - $41.13

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	9,970	$503	$34.02	$32.42 - $35.85
Q4 2014	4,825	$256	$35.24	$31.42 - $38.13
Q3 2014	4,825	$231	$35.67	$31.93 - $41.13