BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

Municipal Employees' Retirement System of Michigan's Holding History (CIK: 0001588873)

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

Q1 2020

Shares 11,530 Value ($000) $738 Avg Close $59.44 Range $37.90 - $68.25

Q4 2019

Shares 11,330 Value ($000) $890 Avg Close $60.15 Range $57.52 - $62.11

Q3 2019

Shares 11,200 Value ($000) $859 Avg Close $60.34 Range $54.21 - $62.80

Q2 2019

Shares 9,980 Value ($000) $780 Avg Close $58.01 Range $54.08 - $63.38

Q1 2019

Shares 9,840 Value ($000) $729 Avg Close $52.65 Range $46.35 - $57.40

Q4 2018

Shares 12,970 Value ($000) $814 Avg Close $47.68 Range $43.15 - $52.00

Q2 2018

Shares 12,560 Value ($000) $769 Avg Close $42.43 Range $39.15 - $46.25

Q1 2018

Shares 16,640 Value ($000) $904 Avg Close $39.62 Range $37.38 - $44.38

Q4 2017

Shares 16,170 Value ($000) $972 Avg Close $45.46 Range $41.87 - $51.03

Q3 2017

Shares 16,170 Value ($000) $1,114 Avg Close $50.60 Range $48.73 - $51.89

Q2 2017

Shares 20,640 Value ($000) $1,393 Avg Close $49.84 Range $47.18 - $52.32

Q1 2017

Shares 24,630 Value ($000) $1,637 Avg Close $45.51 Range $43.01 - $48.38

Q4 2016

Shares 24,150 Value ($000) $1,481 Avg Close $42.62 Range $38.96 - $45.02

Q3 2016

Shares 23,160 Value ($000) $1,418 Avg Close $43.19 Range $40.45 - $45.62

Q2 2016

Shares 22,830 Value ($000) $1,439 Avg Close $42.44 Range $39.39 - $44.88

Q1 2016

Shares 17,060 Value ($000) $1,026 Avg Close $37.32 Range $31.07 - $42.88

Q4 2015

Shares 16,110 Value ($000) $748 Avg Close $30.44 Range $27.84 - $33.06

Q3 2015

Shares 13,970 Value ($000) $578 Avg Close $28.18 Range $25.38 - $32.28

Q2 2015

Shares 14,060 Value ($000) $614 Avg Close $32.61 Range $29.70 - $35.86

Q1 2015

Shares 13,500 Value ($000) $681 Avg Close $34.02 Range $32.42 - $35.85

Q4 2014

Shares 14,490 Value ($000) $769 Avg Close $35.24 Range $31.42 - $38.13

Q3 2014

Shares 12,600 Value ($000) $603 Avg Close $35.67 Range $31.93 - $41.13

Q2 2014

Shares 12,300 Value ($000) $755 Avg Close $38.31 Range $36.56 - $40.65

Q1 2014

Shares 12,300 Value ($000) $709 Avg Close $36.15 Range $33.35 - $38.82

Q4 2013

Shares 12,200 Value ($000) $641 Avg Close $33.02 Range $30.45 - $35.53

Q3 2013

Shares 7,300 Value ($000) $364 Avg Close $32.70 Range $30.21 - $35.44

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	11,530	$738	$59.44	$37.90 - $68.25
Q4 2019	11,330	$890	$60.15	$57.52 - $62.11
Q3 2019	11,200	$859	$60.34	$54.21 - $62.80
Q2 2019	9,980	$780	$58.01	$54.08 - $63.38
Q1 2019	9,840	$729	$52.65	$46.35 - $57.40
Q4 2018	12,970	$814	$47.68	$43.15 - $52.00
Q2 2018	12,560	$769	$42.43	$39.15 - $46.25
Q1 2018	16,640	$904	$39.62	$37.38 - $44.38
Q4 2017	16,170	$972	$45.46	$41.87 - $51.03
Q3 2017	16,170	$1,114	$50.60	$48.73 - $51.89
Q2 2017	20,640	$1,393	$49.84	$47.18 - $52.32
Q1 2017	24,630	$1,637	$45.51	$43.01 - $48.38
Q4 2016	24,150	$1,481	$42.62	$38.96 - $45.02
Q3 2016	23,160	$1,418	$43.19	$40.45 - $45.62
Q2 2016	22,830	$1,439	$42.44	$39.39 - $44.88
Q1 2016	17,060	$1,026	$37.32	$31.07 - $42.88
Q4 2015	16,110	$748	$30.44	$27.84 - $33.06
Q3 2015	13,970	$578	$28.18	$25.38 - $32.28
Q2 2015	14,060	$614	$32.61	$29.70 - $35.86
Q1 2015	13,500	$681	$34.02	$32.42 - $35.85
Q4 2014	14,490	$769	$35.24	$31.42 - $38.13
Q3 2014	12,600	$603	$35.67	$31.93 - $41.13
Q2 2014	12,300	$755	$38.31	$36.56 - $40.65
Q1 2014	12,300	$709	$36.15	$33.35 - $38.82
Q4 2013	12,200	$641	$33.02	$30.45 - $35.53
Q3 2013	7,300	$364	$32.70	$30.21 - $35.44