X0303 4 2011-05-31 1 0001130464 BLACK HILLS CORP /SD/ BKH 0001194282 JORGENSEN KAY S PO BOX 1400 RAPID CITY SD 57709 1 0 0 0 Common Stock 7794.567 D Phantom Stock Unit 2011-05-31 4 A 0 483.5590 31.02 A Common Stock 483.559 15255.1507 I by Trust Phantom Stock Unit 2011-06-01 4 A 0 181.0774 30.75 A Common Stock 181.0774 15436.2281 I by Trust 1 for 1 Conversion Ratio Derivative Security is exercisable upon retirement under terms of the agreement. Derivative Security expires upon retirement under terms of the agreement. Lorna Zacher, by power of attorney 2011-06-02