BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

Employees Retirement System of Texas's Holding History (CIK: 0001398739)

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

Q1 2015

Shares 37,700 Value ($000) $1,902 Avg Close $34.02 Range $32.42 - $35.85

Q4 2014

Shares 37,700 Value ($000) $2,000 Avg Close $35.24 Range $31.42 - $38.13

Q2 2013

Shares 7,000 Value ($000) $341 Avg Close $30.15 Range $27.57 - $32.51

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	37,700	$1,902	$34.02	$32.42 - $35.85
Q4 2014	37,700	$2,000	$35.24	$31.42 - $38.13
Q2 2013	7,000	$341	$30.15	$27.57 - $32.51