RAPID CITY, S.D. – Aug. 14, 2018 - Black Hills Corp. (the “Company”) (NYSE: BKH) today announced the pricing of $400 million aggregate principal amount of 4.350% senior unsecured notes due 2033. These new notes will replace the $299 million principal amount of our Remarketable Junior Subordinated Notes due 2028 (the “Existing Subordinated Notes”) and pay down short-term debt. Black Hills expects the offering to close on Aug. 17, 2018, subject to customary closing conditions. Black Hills successfully remarketed the $299 million principal amount of the Existing Subordinated Notes, which were originally issued as a part of Black Hills’ Equity Units on Nov. 23, 2015. As a result of the remarketing, the annual interest rate on the Existing Subordinated Notes will be automatically reset to 4.579%. We will exchange these Existing Subordinated Notes for a portion of the new senior unsecured notes, with the Existing Subordinated Notes being cancelled. Black Hills will not directly receive any proceeds from the $299 million remarketing transaction expected to close on Aug. 17, 2018, which was required to be completed on behalf of the holders of the Equity Units. The proceeds from this remarketing will be held as collateral to secure the $299 million due to Black Hills on Nov. 1, 2018, to settle the stock purchase obligations of the holders of the Equity Units. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made only by means of a prospectus supplement relating to the offering and accompanying base prospectus previously filed with the Securities and Exchange Commission, copies of which may be obtained for free by visiting EDGAR on the SEC Web site at www.sec.gov or, upon request, by contacting J.P. Morgan Securities LLC collect at 212-834-4533, Morgan Stanley & Co. LLC at 866-718-1649 or Wells Fargo Securities, LLC at 800-645-3751.