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(d)	Exhibits

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•	2019 earnings guidance increased to range of $3.40 to $3.60 per share

•	2020 earnings guidance reaffirmed in range of $3.50 to $3.80 per share

•	Capital investment forecast for 2019 through 2023 increased by $246 million to $2.8 billion

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•

On April 30, the Wyoming Public Service Commission approved Wyoming Electric’s application for a new Blockchain Interruptible Service Tariff. The utility has partnered with the economic development organization for City of Cheyenne and Laramie County to actively recruit blockchain customers to the state. This tariff is complementary to recently enacted Wyoming legislation supporting the development of blockchain within the state.

•	On March 29, Nebraska Gas filed an application with the Nebraska Public Service Commission requesting to merge its two natural gas distribution companies in the state. The two companies currently serve 292,000 natural gas utility customers.

•	On March 6, Wyoming Gas filed an application with the Wyoming Public Service Commission requesting to merge its four natural gas distribution companies in the state. The four companies currently serve 128,500 natural gas utility customers.

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On Feb. 1, Colorado Gas filed a rate review application with the Colorado Public Utilities Commission to consolidate the rates, tariffs and services of its two existing gas distribution territories in Colorado. The rate review also requests $2.5 million in new revenue to recover investments in safety, reliability and system integrity for natural gas service to its 187,000 customers. Colorado Gas is also requesting a new rider mechanism to recover accelerated safety and integrity investments in its system. In October 2018, Black Hills received approval to consolidate its two gas utility businesses into a new company called Black Hills Colorado Gas.

•	During the first quarter, South Dakota Electric continued construction on a $70 million, 175-mile electric transmission line from Stegall, Nebraska to Rapid City, South Dakota. The 94-mile final segment of the transmission line is expected to be completed and placed in service in the fall of 2019.

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During the first quarter, South Dakota Electric and Wyoming Electric continued the regulatory approval processes for the proposed Renewable Ready Service Tariffs and related jointly-filed certificate of public convenience and necessity for the$57 million, 40-megawatt Corriedale Wind Energy Project in Cheyenne, Wyoming. If approved, the wind project will be jointly-owned by the two electric utilities to deliver renewable energy to large commercial and industrial customers and governmental agencies. The project is planned to be constructed and placed in service in 2020.

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On March 11, Black Hills Electric Generation commenced construction on the $71 million, 60-megawatt Busch Ranch II Wind Farm near Pueblo, Colorado. Through a competitive bidding process, Black Hills Electric Generation was selected to deliver renewable energy under a 25-year power purchase agreement to its Black Hills electric utility affiliate in Colorado. The wind farm is expected to be completed and in service in the fall of 2019.

•	On April 29, Black Hills’ board of directors declared a quarterly dividend on the common stock. Shareholders of record on at the close of business on May 17, 2019, will receive $0.505 per share payable on June 1, 2019. The annual equivalent rate of $2.02 per share represents 49 consecutive years of dividend increases, the second longest in the natural gas and electric utilities industry.

•	During the first quarter, Black Hills issued 280,497 shares under its At-the-Market equity offering program for net proceeds of approximately $20 million.

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(a)	In 2019, we changed our segment measure of profit to Adjusted operating income.

(b)	Adjusted operating income removes the impacts of capital lease accounting relating to the 20-year PPA between Black Hills Colorado IPP and Colorado Electric for the Electric Utilities and Power Generation segments and Corporate and Other. These changes had no impact on consolidated financial results.

(c)	Income tax benefit (expense) for the three months ended March 31, 2018 included a $49 million tax benefit resulting from legal entity restructuring and $2.3 million of income tax expense associated with changes in the prior estimated impact of tax reform on deferred income taxes.

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•	Capital spending of $777 million;

•	Normal weather conditions for the remainder of the year within our utility service territories including temperatures, precipitation levels and wind conditions;

•	Normal operations and weather conditions for the remainder of the year for planned construction, maintenance and/or capital investment projects;

•	Completion of utility regulatory dockets;

•	Complete construction and place in service the Rapid City, South Dakota, to Stegall, Nebraska, electric transmission line, Busch Ranch II wind project and Natural Bridge Pipeline by year-end 2019;

•	No significant unplanned outages at any of our facilities;

•	Equity financing of $80 to $100 million during 2019 under our At-the-Market equity offering program; and

•	No significant acquisitions or divestitures.

*

Earnings per share from continuing operations, as adjusted, is defined as GAAP Earnings per share from continuing operations, adjusted for expenses and gains that the company believes do not reflect the company’s core operating performance. Examples of these types of adjustments may include unique one-time events, impairment of assets, and acquisition and disposition costs. The company is not able to provide forward-looking quantitative GAAP to non-GAAP reconciliation for the 2019 earnings guidance, as adjusted, because we do not know the unplanned or unique events that may occur.

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•	Capital spending of $777 million and $582 million in 2019 and 2020, respectively;

•	Normal weather conditions within our utility service territories including temperatures, precipitation levels and wind conditions;

•	Normal operations and weather conditions for planned construction, maintenance and/or capital investment projects;

•	Completion of utility regulatory dockets;

•	Complete construction and place in service the Rapid City, South Dakota, to Stegall, Nebraska, electric transmission line, the Busch Ranch II wind project and the Natural Bridge Pipeline by year-end 2019, and the Corriedale Wind Energy Project by year-end 2020;

•	No significant unplanned outages at any of our facilities;

•	Equity financing of $80 to $100 million in 2019 and $40 to $80 million in 2020 under our At-the-Market equity offering program; and

•	No significant acquisitions or divestitures.

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•	A prior year $49 million tax benefit resulting from legal entity restructuring, partially offset by:

◦	A prior year $2.3 million income tax expense associated with changes in the prior estimated impact of tax reform on deferred income taxes; and

◦	A current year $3.4 million increase in income tax benefit from forecasted federal production tax credits and state investment tax credits as well as $1.8 million of income tax benefit for deferred tax amortization related to tax reform (which is offset by reduced revenue at our utilities).

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•	The accuracy of our assumptions on which our earnings guidance is based;

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Our ability to obtain adequate cost recovery for our utility operations through regulatory proceedings and favorable rulings on periodic applications to recover costs for capital additions, plant retirements and decommissioning, fuel, transmission, purchased power, and other operating costs and the timing in which new rates would go into effect and the results of regulatory proceedings regarding the effects of the TCJA;

•	Our ability to complete our capital program in a cost-effective and timely manner;

•	Our ability to execute our utility jurisdiction simplification plan;

•	The impact of future governmental regulation; and

•	Other factors discussed from time to time in our filings with the SEC.

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