Black Hills Energy Landlord Agreement

Investor RelationsJerome E. Nichols605-721-1171jerome.nichols@blackhillscorp.com Black Hills CorporationBlack Hills Corp. (NYSE: BKH) is a customer-oriented, growth-oriented distribution company with a tradition of improving life with energy and the vision of being the energy partner of choice. Headquartered in Rapid City, South Dakota, the company serves 1.28 million natural gas and electricity customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. For more information, see www.blackhillscorp.com. Under the agreement, Black Hills Wyoming will continue to supply 60 megawatts of capacity and power from its Wygen I power plant to Cheyenne Light. The new agreement will start on 1 January 2022 and will replace the existing power purchase agreement and will continue for a period of 11 years, until 31 December 2032. These include our ability to obtain FERC approval for the transaction agreement and the new power purchase agreement, the ability to successfully resolve nebraska rate demand, and our 2020 earnings forecast. These forward-looking statements are based on assumptions that we believe are appropriate based on current expectations and forecasts regarding future events, conditions and industry trends that affect our business. However, whether actual results and developments are consistent with our expectations and forecasts is subject to a number of risks and uncertainties that may, among other things, cause actual results to differ materially from those contained in the forward-looking statements, risk factors set forth in Part I, Point 1A, of our 2019 Annual Report, on Form 10-K submitted to the SEC, are described.