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(d)	Exhibits

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•	On July 19, Colorado Electric set a new all-time peak load of 422 megawatts, surpassing the previous peak of 413 megawatts set in July 2018.

•	On July 19, Wyoming Electric set a new all-time peak load of 265 megawatts, surpassing the previous peak of 254 megawatts set in July 2018.

•

South Dakota Electric and Wyoming Electric received approvals for the Renewable Ready Service Tariffs and related jointly-filed certificate of public convenience and necessity to construct the $57 million, 40-megawatt Corriedale Wind Energy Project. The wind project will be jointly owned by the two electric utilities to deliver renewable energy for large commercial and industrial customers and governmental agencies. The project is expected to be in service in 2020.

•

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 the City of Cheyenne and Laramie County to actively recruit blockchain customers to the Cheyenne region. This tariff is complementary to recently enacted Wyoming legislation supporting the development of blockchain technology within the state.

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

•	During the second quarter, Black Hills’ natural gas utility subsidiaries advanced the company’s initiative to consolidate natural gas utility jurisdictions within the states of Colorado, Nebraska and Wyoming.

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On June 3, Wyoming Gas filed a rate review application with the Wyoming Public Service Commission to consolidate the rates, tariffs and services of its four existing gas distribution territories in Wyoming. The rate review requests $16 million in new revenue to recover investments in safety, reliability and system integrity. Wyoming Gas is also requesting a new rider mechanism to recover safety and integrity investments in its system.

◦	On March 29, Nebraska Gas filed an application with the Nebraska Public Service Commission requesting approval to merge its two natural gas distribution companies in Nebraska. A rate review is expected to be filed in 2020 to consolidate the rates, tariffs and services of its two existing natural gas distribution companies.

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During the second quarter, Colorado Gas continued progress on its rate review application to consolidate rates, tariffs and services of its two existing gas distribution territories in Colorado. The rate review requests $2.5 million in new revenue to recover investments in safety, reliability and system integrity. Colorado Gas is also requesting a new rider mechanism to recover safety and integrity investments in its system.

•	On May 10, Wyoming Gas commenced construction on the $54 million, 35-mile Natural Bridge pipeline project to enhance supply reliability and delivery capacity for customers in central Wyoming. The new 12-inch steel pipeline will interconnect from a supply point near Douglas, Wyoming, to existing facilities near Casper, Wyoming. The pipeline is expected to be in service in late 2019.

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During the second quarter, Black Hills Electric Generation continued 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 generation project remains on schedule to be in service in the fall of 2019.

•

On Aug. 2, Black Hills Wyoming and affiliate Wyoming Electric jointly filed a request with the Federal Energy Regulatory Commission for approval of a new 60-megawatt power purchase agreement. If approved, Black Hills Wyoming will deliver 60 megawatts of energy to Wyoming Electric from its Wygen I power plant starting Jan. 1, 2023, and continuing for 20 years. A decision from the FERC is expected later this year.

•	On July 31, Black Hills’ board of directors declared a quarterly dividend on the common stock. Shareholders of record on the close of business on Aug. 19, 2019, will receive $0.505 per share payable on Sept. 1, 2019. Calendar year 2019 represents our 49th consecutive year of dividend increases.

•	On June 17, Black Hills amended its term loan due July 30, 2020. The amendment increased total commitments to $400 million from $300 million, and extended the term through June 17, 2021, on substantially similar terms and covenants. Net proceeds were used to pay down short-term debt.

•	During the three months ended June 30, 2019, Black Hills issued a total of 658,598 shares of common stock under its at-the-market equity offering program for net proceeds of $49 million. Year-to-date, the company has issued a total of 939,095 shares of common stock for net proceeds of $69 million under this program.

•	During the second quarter, Black Hills completed an employee engagement survey through a third-party service, a process that occurs approximately every two years. The survey results revealed an employee engagement score of 75 percent, which is 4 percent higher than the 2017 survey, 13 percent higher than the U.S. Utilities average and 8 percent higher than the U.S. High Performing Company norm.

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

(b)	Adjusted operating income removes the impacts of finance 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 six months ended June 30, 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 ($70 million of which has been completed in the first half of 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 ($70 million of which has been completed in the first half of 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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•	The accuracy of our assumptions on which our earnings guidance is based;

•	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;

•	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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