<SEC-DOCUMENT>0001104659-25-094481.txt : 20250929
<SEC-HEADER>0001104659-25-094481.hdr.sgml : 20250929
<ACCEPTANCE-DATETIME>20250929161142
ACCESSION NUMBER:		0001104659-25-094481
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20250925
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250929
DATE AS OF CHANGE:		20250929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACK HILLS CORP /SD/
		CENTRAL INDEX KEY:			0001130464
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				460458824
		STATE OF INCORPORATION:			SD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31303
		FILM NUMBER:		251356178

	BUSINESS ADDRESS:	
		STREET 1:		7001 MT RUSHMORE RD
		STREET 2:		PO BOX 1400
		CITY:			RAPID CITY
		STATE:			SD
		ZIP:			57709
		BUSINESS PHONE:		6057212343

	MAIL ADDRESS:	
		STREET 1:		7001 MT RUSHMORE RD
		STREET 2:		PO BOX 1400
		CITY:			RAPID
		STATE:			SD
		ZIP:			57709

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACK HILLS HOLDING CORP
		DATE OF NAME CHANGE:	20001222
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 18pt"><b>UNITED STATES
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 18pt"><b>SECURITIES AND
EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>Washington</b></span><b>,
D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CURRENT REPORT
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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Pursuant to Section
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as Specified in
Its Charter)</p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former Name or Former Address, if Changed
Since Last Report)</b></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span style="font-family: Wingdings"><span id="xdx_902_edei--WrittenCommunications_c20250925__20250925_zqNNliKm17fg"><ix:nonNumeric contextRef="AsOf2025-09-25" format="ixt:booleanfalse" id="Fact000021" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span></span>&#160;&#160;&#160;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_90B_edei--SolicitingMaterial_c20250925__20250925_z8Tu0patL3Ak"><ix:nonNumeric contextRef="AsOf2025-09-25" format="ixt:booleanfalse" id="Fact000022" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span>&#160;&#160;&#160;Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_90D_edei--PreCommencementTenderOffer_c20250925__20250925_zqZ43eQFdzMh"><ix:nonNumeric contextRef="AsOf2025-09-25" format="ixt:booleanfalse" id="Fact000023" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span>&#160;&#160;&#160;Pre-commencement communications pursuant to Rule
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_900_edei--PreCommencementIssuerTenderOffer_c20250925__20250925_zlGYLTpem2W7"><ix:nonNumeric contextRef="AsOf2025-09-25" format="ixt:booleanfalse" id="Fact000024" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span>&#160;&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&#160;</p>

<p style="border-bottom: rgb(35,31,32) 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Securities registered pursuant to Section 12(b)
of the Act:</b></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: auto; margin-right: auto">
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    Symbol(s)</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0; text-align: justify">Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.5pt 0pt 9pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Emerging growth company <span style="font-family: Wingdings"><span id="xdx_907_edei--EntityEmergingGrowthCompany_c20250925__20250925_zmk5W2HPCMXi"><ix:nonNumeric contextRef="AsOf2025-09-25" format="ixt:booleanfalse" id="Fact000028" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.5pt 0pt 9pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0; text-align: justify">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act. <span style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Wingdings">&#168;</span></span></p>



<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Entry into a Material Definitive Agreement.</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September&#160;25, 2025, Black Hills Corporation
(the &#8220;<span style="text-decoration: underline">Company</span>&#8221; or &#8220;<span style="text-decoration: underline">we</span>&#8221;) entered into an Underwriting Agreement by and between the Company and the
representative of the several underwriters named in Schedule A thereto (the &#8220;<span style="text-decoration: underline">Underwriting Agreement</span>&#8221;), pursuant to
which the Company has agreed to issue and sell and the underwriters have severally agreed to purchase an aggregate principal amount of
$450 million of its 4.550% Notes due 2031 (the &#8220;<span style="text-decoration: underline">Notes</span>&#8221;). The aggregate gross consideration received by the Company
(taking into account original issue discount and underwriting discounts) for the sale of the Notes is approximately $447.0 million. The
issuance and settlement of the Notes are scheduled to occur on October&#160;2, 2025, subject to customary closing conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Underwriting Agreement contains representations
and warranties, covenants and other terms that are customary for such kind of agreement. In addition, the Company has agreed to indemnify
the underwriters against certain liabilities on customary terms. Some of the underwriters and their affiliates have engaged in, and may
in the future engage in, investment banking and other commercial dealings, including but not limited to commercial lending services, with
the Company, its direct or indirect subsidiaries or its affiliates. They have received, or may in the future receive, customary fees and
commissions for these transactions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes were offered pursuant to the Company&#8217;s
Registration Statement on Form&#160;S-3 (Registration No.&#160;333-272739) (the &#8220;<span style="text-decoration: underline">Registration Statement</span>&#8221;), and the
related Prospectus dated June&#160;16, 2023 and Prospectus Supplement dated September&#160;25, 2025. A copy of the Underwriting Agreement
is attached hereto as Exhibit&#160;1.1 and is expressly incorporated by reference herein and into the Registration Statement. The foregoing
descriptions are qualified in their entirety by reference to the actual terms thereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 1in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 9.01</b></span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Statements and Exhibits.</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.75in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(d)</b></span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibits</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following exhibits are furnished or filed herewith:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="border-bottom: black 1pt solid; padding: 0.7pt 0.7pt 0.75pt 0.75pt; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></td>
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    <td style="border-bottom: black 1pt solid; padding: 0.7pt 0.7pt 0.75pt 0.75pt; width: 91%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0.7pt 0.7pt 0.75pt 0.75pt"><a href="tm2526501d4_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></a></td>
    <td style="padding: 0.7pt 0.7pt 0.75pt 0.75pt">&#160;</td>
    <td style="padding: 0.7pt 0.7pt 0.75pt 0.75pt"><a href="tm2526501d4_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement dated as of September&#160;25, 2025 between Black Hills Corporation and the representative of the underwriters named therein.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0.7pt 0.7pt 0.75pt 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104.1</span></td>
    <td style="padding: 0.7pt 0.7pt 0.75pt 0.75pt">&#160;</td>
    <td style="padding: 0.7pt 0.7pt 0.75pt 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page&#160;Interactive Data File (embedded within the Inline XBRL document)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration: underline">SIGNATURES</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BLACK HILLS CORPORATION</span></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%">&#160;</td>
    <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Kimberly F. Nooney</span></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kimberly F. Nooney</span></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President and Chief Financial Officer</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: September&#160;29, 2025</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;1.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Black Hills Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$450,000,000 4.550% Notes due 2031</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>UNDERWRITING AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September&nbsp;25, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC<BR>
383 Madison Avenue<BR>
New York, New York 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representative (the &ldquo;<B>Representative</B>&rdquo;) of the
Several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. <I>Introductory</I>. Black Hills Corporation,
a South Dakota corporation (the &ldquo;<B>Company</B>&rdquo;), agrees with the several Underwriters named in Schedule A hereto (the &ldquo;<B>Underwriters</B>&rdquo;)
to issue and sell to the several Underwriters $450,000,000 aggregate principal amount of its 4.550% Notes due 2031 (the &ldquo;<B>Offered
Securities</B>&rdquo;). The Offered Securities will be issued under an indenture dated as of May&nbsp;21, 2003, between the Company and
Computershare Trust Company, N.A. (as direct successor to Wells Fargo Bank, National Association and ultimate successor to LaSalle Bank
National Association), as Trustee (the &ldquo;<B>Trustee</B>&rdquo;) (the &ldquo;<B>Base Indenture</B>&rdquo;), as supplemented by a first
supplemental indenture dated as of May&nbsp;21, 2003, between the Company and the Trustee, a second supplemental indenture dated as of
May&nbsp;14, 2009, between the Company and the Trustee, a third supplemental indenture dated as of July&nbsp;16, 2010, between the Company
and the Trustee, a fourth supplemental indenture dated as of November&nbsp;19, 2013 between the Company and the Trustee, a fifth supplemental
indenture dated as of January&nbsp;13, 2016, between the Company and the Trustee, a sixth supplemental indenture dated as of August&nbsp;19,
2016, between the Company and the Trustee, a seventh supplemental indenture dated as of August&nbsp;17, 2018, between the Company and
the Trustee, an eighth supplemental indenture dated as of October&nbsp;3, 2019, between the Company and the Trustee, a ninth supplemental
indenture dated as of June&nbsp;17, 2020, between the Company and the Trustee, a tenth supplemental indenture dated as of August&nbsp;26,
2021, between the Company and the Trustee, an eleventh supplemental indenture dated as of March&nbsp;7, 2023, between the Company and
the Trustee, a twelfth supplemental indenture dated as of September&nbsp;15, 2023, a thirteenth supplemental indenture dated as of May&nbsp;16,
2024 and a fourteenth supplemental indenture to be dated as of the Closing Date (as defined below) between the Company and the Trustee
with respect to the Offered Securities (the &ldquo;<B>Supplemental Indenture</B>&rdquo; and, the Base Indenture as supplemented by such
first, second, third, fourth, fifth, sixth, seventh, eighth, ninth, tenth, eleventh twelfth and thirteenth supplemental indentures and
the Supplemental Indenture, the &ldquo;<B>Indenture</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has entered into an agreement and plan
of merger dated as of August&nbsp;18, 2025 (the &ldquo;<B>Merger Agreement</B>&rdquo;) with NorthWestern Energy Group,&nbsp;Inc. (the
 &ldquo;<B>NorthWestern</B>&rdquo;) and River Merger Sub Inc. (&ldquo;<B>Merger Sub</B>&rdquo;), as described in the General Disclosure
Package (as defined below). The term &ldquo;<B>Merger Agreement</B>&rdquo; as used herein shall include all exhibits, schedules and attachments
to such Merger Agreement. The term &ldquo;<B>Merger</B>&rdquo; as used herein shall refer to the transactions contemplated by the Merger
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. <I>Representations and Warranties of the Company</I>.
The Company represents and warrants to, and agrees with, the several Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a)&nbsp;<I>Filing and Effectiveness
of Registration Statement; Certain Defined Terms</I>. The Company has filed with the Commission a registration statement on Form&nbsp;S-3
(No.&nbsp;333-272739), including a related prospectus or prospectuses relating to the Offered Securities, covering the registration of
the Offered Securities under the Act, which has become effective. &ldquo;<B>Registration Statement</B>&rdquo; at any particular time means
such registration statement in the form then filed with the Commission, including any other amendment thereto, any document incorporated
by reference therein and all 430B Information and all 430C Information with respect to such registration statement, that in any case has
not been superseded or modified. &ldquo;<B>Registration Statement</B>&rdquo; without reference to a time means the Registration Statement
as of the Effective Time. For purposes of this definition, 430B Information shall be considered to be included in the Registration Statement
as of the time specified in Rule&nbsp;430B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>430B Information</B>&rdquo; means information
included in a prospectus relating to the Offered Securities then deemed to be a part of the Registration Statement pursuant to Rule&nbsp;430B(e)&nbsp;or
retroactively deemed to be a part of the Registration Statement pursuant to Rule&nbsp;430B(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>430C Information</B>&rdquo; means information
included in a prospectus relating to the Offered Securities then deemed to be a part of the Registration Statement pursuant to Rule&nbsp;430C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Act</B>&rdquo; means the Securities Act
of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Applicable Time</B>&rdquo; means approximately
3:10 p.m.&nbsp;(Eastern time) on the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Closing Date</B>&rdquo; has the meaning
defined in Section&nbsp;3 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Commission</B>&rdquo; means the Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Effective Time</B>&rdquo; of the Registration
Statement relating to the Offered Securities means the time of the first contract of sale for the Offered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Exchange Act</B>&rdquo; means the Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Final Prospectus</B>&rdquo; means the
Statutory Prospectus that discloses the public offering price, other 430B Information and other final terms of the Offered Securities
and otherwise satisfies Section&nbsp;10(a)&nbsp;of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>General Use Issuer Free Writing Prospectus</B>&rdquo;
means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors, as evidenced by its being
so specified in Schedule B to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Issuer Free Writing Prospectus</B>&rdquo;
means any &ldquo;issuer free writing prospectus&rdquo;, as defined in Rule&nbsp;433, relating to the Offered Securities in the form filed
or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant
to Rule&nbsp;433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Limited Use Issuer Free Writing Prospectus</B>&rdquo;
means any Issuer Free Writing Prospectus that is not a General Use Issuer Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Rules&nbsp;and Regulations</B>&rdquo;
means the rules&nbsp;and regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Securities Laws</B>&rdquo; means, collectively,
the Sarbanes-Oxley Act of 2002, as amended (&ldquo;<B>Sarbanes-Oxley</B>&rdquo;), the Act, the Exchange Act, the Trust Indenture Act, the
Rules&nbsp;and Regulations, the auditing principles, rules, standards and practices applicable to auditors of &ldquo;issuers&rdquo; (as
defined in Sarbanes-Oxley) promulgated or approved by the Public Company Accounting Oversight Board and, as applicable, the rules&nbsp;of
the New York Stock Exchange and the Nasdaq Stock Market (&ldquo;<B>Exchange Rules</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Statutory Prospectus</B>&rdquo; with
reference to any particular time means the prospectus relating to the Offered Securities that is included in the Registration Statement
immediately prior to that time, including all 430B Information and all 430C Information with respect to the Registration Statement. For
purposes of the foregoing definition, 430B Information shall be considered to be included in the Statutory Prospectus only as of the actual
time that form of prospectus (including a prospectus supplement) is filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;and not
retroactively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Trust Indenture Act</B>&rdquo; means
the Trust Indenture Act of 1939, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified, a reference to a &ldquo;rule&rdquo;
is to the indicated rule&nbsp;under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b)&nbsp;<I>Compliance with Securities
Act Requirements</I>. (i)&nbsp;(A)&nbsp;At the time the Registration Statement initially became effective, (B)&nbsp;at the time of each
amendment thereto for the purposes of complying with Section&nbsp;10(a)(3)&nbsp;of the Act (whether by post-effective amendment, incorporated
report or form of prospectus), (C)&nbsp;at the Effective Time relating to the Offered Securities and (D)&nbsp;on the Closing Date, the
Registration Statement conformed and will conform in all material respects to the requirements of the Act, the Trust Indenture Act and
the Rules&nbsp;and Regulations and did not and will not include any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading and (ii)&nbsp;(A)&nbsp;on its date, (B)&nbsp;at
the time of filing the Final Prospectus pursuant to Rule&nbsp;424(b)&nbsp;and (C)&nbsp;on the Closing Date, the Final Prospectus will
conform in all material respects to the requirements of the Act, the Trust Indenture Act and the Rules&nbsp;and Regulations, and will
not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading. The preceding sentence does not apply to statements in or omissions from any such document based
upon written information furnished to the Company by any Underwriter through the Representative specifically for use therein, it being
understood and agreed that the only such information is that described as such in Section&nbsp;8(b)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c)&nbsp;<I>Automatic Shelf Registration
Statement</I>. (i)&nbsp;<I>Well-Known Seasoned Issuer Status</I>. (A)&nbsp;At the time of initial filing of the Registration Statement,
(B)&nbsp;at the time of the most recent amendment thereto for the purposes of complying with Section&nbsp;10(a)(3)&nbsp;of the Act (whether
such amendment was by post-effective amendment, incorporated report filed pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act
or form of prospectus), and (C)&nbsp;at the time the Company or any person acting on its behalf (within the meaning, for this clause only,
of Rule&nbsp;163(c)) made any offer relating to the Offered Securities in reliance on the exemption of Rule&nbsp;163, the Company was
a &ldquo;well known seasoned issuer&rdquo; as defined in Rule&nbsp;405, including not having been an &ldquo;ineligible issuer&rdquo; as
defined in Rule&nbsp;405.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in">(ii)&nbsp;<I>Effectiveness of Automatic
Shelf Registration Statement</I>. The Registration Statement is an &ldquo;automatic shelf registration statement&rdquo;, as defined in
Rule&nbsp;405, that initially became effective within three years of the date of this Agreement. If immediately prior to the Renewal Deadline
(as hereinafter defined), any of the Offered Securities remain unsold by the Underwriters, the Company will prior to the Renewal Deadline
file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Offered Securities,
in a form reasonably satisfactory to the Representative. If the Company is no longer eligible to file an automatic shelf registration
statement, the Company will prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating
to the Offered Securities, in a form reasonably satisfactory to the Representative, and will use its best efforts to cause such registration
statement to be declared effective within 180 days after the Renewal Deadline. The Company will take all other action necessary or appropriate
to permit the public offering and sale of the Offered Securities to continue as contemplated in the expired registration statement relating
to the Offered Securities. References herein to the Registration Statement shall include such new automatic shelf registration statement
or such new shelf registration statement, as the case may be. &ldquo;<B>Renewal Deadline</B>&rdquo; means the third anniversary of the
initial effective time of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in">(iii)&nbsp;<I>Eligibility to Use Automatic
Shelf Registration Form</I>. The Company has not received from the Commission any notice pursuant to Rule&nbsp;401(g)(2)&nbsp;objecting
to use of the automatic shelf registration statement form. If at any time when Offered Securities remain unsold by the Underwriters the
Company receives from the Commission a notice pursuant to Rule&nbsp;401(g)(2)&nbsp;or otherwise ceases to be eligible to use the automatic
shelf registration statement form, the Company will (A)&nbsp;promptly notify the Representative, (B)&nbsp;promptly file a new registration
statement or post-effective amendment on the proper form relating to the Offered Securities, in a form reasonably satisfactory to the
Representative, (C)&nbsp;use its best efforts to cause such registration statement or post-effective amendment to be declared effective
as soon as practicable, and (D)&nbsp;promptly notify the Representative of such effectiveness. The Company will take all other action
necessary or appropriate to permit the public offering and sale of the Offered Securities to continue as contemplated in the registration
statement that was the subject of the Rule&nbsp;401(g)(2)&nbsp;notice or for which the Company has otherwise become ineligible. References
herein to the Registration Statement shall include such new registration statement or post-effective amendment, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in">(iv)&nbsp;<I>Filing Fees</I>. The Company
has paid or shall pay the required Commission filing fees relating to the Offered Securities within the time required by Rule&nbsp;456(b)(1)&nbsp;without
regard to the proviso therein and otherwise in accordance with Rules&nbsp;456(b)&nbsp;and 457(r).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(d)&nbsp;<I>Ineligible Issuer Status</I>.
(i)&nbsp;At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a bona
fide offer (within the meaning of Rule&nbsp;164(h)(2)) of the Offered Securities and (ii)&nbsp;at the date of this Agreement, the Company
was not and is not an &ldquo;ineligible issuer&rdquo;, as defined in Rule&nbsp;405, including (A)&nbsp;the Company or any subsidiary of
the Company in the preceding three years not having been convicted of a felony or misdemeanor or having been made the subject of a judicial
or administrative decree or order as described in Rule&nbsp;405 and (B)&nbsp;the Company in the preceding three years not having been
the subject of a bankruptcy petition or insolvency or similar proceeding, not having had a registration statement be the subject of a
proceeding under Section&nbsp;8 of the Act and not being the subject of a proceeding under Section&nbsp;8A of the Act in connection with
the offering of the Offered Securities, all as described in Rule&nbsp;405.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(e)&nbsp;<I>General Disclosure Package</I>.
As of the Applicable Time, neither (i)&nbsp;the General Use Issuer Free Writing Prospectus(es) issued at or prior to the Applicable Time
and the preliminary prospectus supplement, dated September&nbsp;25, 2025, including the base prospectus of the Company, dated June&nbsp;16,
2023 (which is the most recent Statutory Prospectus distributed to investors generally), and the other information, if any, stated in
Schedule B to this Agreement to be included in the General Disclosure Package, all considered together (collectively, the &ldquo;<B>General
Disclosure Package</B>&rdquo;), nor (ii)&nbsp;any individual Limited Use Issuer Free Writing Prospectus, when considered together with
the General Disclosure Package, included any untrue statement of a material fact or omitted to state any material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does
not apply to statements in or omissions from any Statutory Prospectus or any Issuer Free Writing Prospectus in reliance upon and in conformity
with written information furnished to the Company by any Underwriter through the Representative specifically for use therein, it being
understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section&nbsp;8(b)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(f)&nbsp;<I>Issuer Free Writing Prospectuses</I>.
Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale
of the Offered Securities or until any earlier date that the Company notified or notifies the Representative as described in the next
sentence, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information then
contained in the Registration Statement. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs
an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information then
contained in the Registration Statement or as a result of which such Issuer Free Writing Prospectus, if republished immediately following
such event or development, would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (i)&nbsp;the Company
has promptly notified or will promptly notify the Representative and (ii)&nbsp;the Company has promptly amended or will promptly amend
or supplement such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(g)&nbsp;<I>Good Standing of the Company</I>.
The Company has been duly incorporated and is existing and in good standing under the laws of the State of South Dakota, with power and
authority (corporate and other) to own its properties and conduct its business as described in the Registration Statement, the General
Disclosure Package and the Final Prospectus; and the Company is duly qualified to do business as a foreign corporation in good standing
in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except
where the failure to be so qualified and in good standing would not, individually or in the aggregate, result in a material adverse effect
on the condition (financial or otherwise), results of operations, business, properties or prospects of the Company and its subsidiaries
taken as a whole (&ldquo;<B>Material Adverse Effect</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(h)&nbsp;<I>Subsidiaries</I>. Each subsidiary
of the Company has been duly incorporated or organized, as the case may be, and is existing and in good standing under the laws of the
jurisdiction of its incorporation or organization, as the case may be, with power and authority (corporate and other) to own its properties
and conduct its business as described in the Registration Statement, the General Disclosure Package and the Final Prospectus, except where
the failure to be so qualified and in good standing would not, individually or in the aggregate, result in a Material Adverse Effect;
and each subsidiary of the Company is duly qualified to do business as a foreign corporation, limited partnership, general partnership
or limited liability company, as the case may be, in good standing in all other jurisdictions in which its ownership or lease of property
or the conduct of its business requires such qualification, except where the failure to be so qualified and in good standing would not,
individually or in the aggregate, result in a Material Adverse Effect; all of the issued and outstanding capital stock or partnership
or limited liability company interests, as the case may be, of each subsidiary of the Company has been duly authorized and validly issued
and, with respect to the capital stock of each subsidiary that is a corporation, is fully paid and nonassessable; and, except as disclosed
in the Registration Statement, the General Disclosure Package and the Final Prospectus, the capital stock or partnership or limited liability
company interests, as the case may be, of each subsidiary owned by the Company, directly or through subsidiaries, is owned free from liens,
encumbrances and defects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i)&nbsp;<I>The Indenture</I>. The Base
Indenture has been duly authorized, executed and delivered by the Company and has been duly qualified under the Trust Indenture Act. The
Supplemental Indenture has been duly authorized by the Company and, when executed and delivered by the Company and assuming due authorization,
execution and delivery by the Trustee, the Indenture will constitute a valid and legally binding obligation of the Company, enforceable
in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors&rsquo; rights and to general equity principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(j)&nbsp;<I>The Offered Securities</I>.
The Offered Securities are in the form contemplated by the Indenture and have been duly authorized by the Company and, when issued and
delivered pursuant to the Indenture to and paid for by the Underwriters in accordance with the terms of this Agreement, will have been
duly executed, authenticated, issued and delivered by the Company and will constitute valid and legally binding obligations of the Company,
enforceable in accordance with their terms, and be entitled to the benefits provided by the Indenture, subject in each case to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&rsquo;
rights and to general equity principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(k)&nbsp;<I>No Finder&rsquo;s Fee</I>.
Except as disclosed in the Registration Statement, the General Disclosure Package and the Final Prospectus, there are no contracts, agreements
or understandings between the Company and any person that would give rise to a valid claim against the Company or any Underwriter for
a brokerage commission, finder&rsquo;s fee or other like payment in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(l)&nbsp;<I>Registration Rights</I>.
Except as disclosed in the Registration Statement, the General Disclosure Package and the Final Prospectus, there are no contracts, agreements
or understandings between the Company and any person granting such person the right to require the Company to file a registration statement
under the Act with respect to any securities of the Company owned or to be owned by such person or to require the Company to include such
securities in the securities registered pursuant to a Registration Statement or in any securities being registered pursuant to any other
registration statement filed by the Company under the Act (collectively, &ldquo;<B>registration rights</B>&rdquo;), and any person to
whom the Company has granted registration rights has agreed, if necessary, not to exercise such rights until after the expiration of the
Lock-Up Period referred to in Section&nbsp;5 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(m)&nbsp;<I>Absence of Further Requirements</I>.
No consent, approval, authorization, or order of, or filing or registration with, any person (including any governmental agency or body
or any court) is required for the consummation of the transactions contemplated by this Agreement or the Indenture in connection with
the offering, issuance and sale of the Offered Securities by the Company, except such as have been obtained or made and such as may be
required under state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(n)&nbsp;<I>Title to Property</I>. Except
as disclosed in the Registration Statement, the General Disclosure Package and the Final Prospectus, the Company and its subsidiaries
have good and marketable title to all real properties and all other properties and assets owned by them that are material to the Company
and its subsidiaries taken as a whole, in each case free from liens, charges, encumbrances and defects that would materially affect the
value thereof or materially interfere with the use made or to be made thereof by them and, except as disclosed in the Registration Statement,
the General Disclosure Package and the Final Prospectus, the Company and its subsidiaries hold any leased real or personal property that
is material to the Company and its subsidiaries taken as a whole under valid and enforceable leases with no terms or provisions that would
materially interfere with the use made or to be made thereof by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(o)&nbsp;<I>Absence of Defaults and
Conflicts Resulting from Transaction</I>. The execution, delivery and performance of this Agreement and the Indenture, and the issuance
and sale of the Offered Securities and compliance with the terms and provisions thereof, will not result in a breach or violation of any
of the terms and provisions of, or constitute a default or a Debt Repayment Triggering Event (as defined below) under, or result in the
imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, (i)&nbsp;the
charter or by-laws or other organizational documents of the Company or any of its subsidiaries, (ii)&nbsp;any statute, rule, regulation
or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or any of its subsidiaries
or any of their properties, or (iii)&nbsp;any agreement or instrument to which the Company or any of its subsidiaries is a party or by
which the Company or any of its subsidiaries is bound or to which any of the properties of the Company or any of its subsidiaries is subject,
except, in the case of clauses (ii)&nbsp;and (iii), as would not, individually or in the aggregate, result in a Material Adverse Effect.
A &ldquo;<B>Debt Repayment Triggering Event</B>&rdquo; means any event or condition that gives, or with the giving of notice or lapse
of time would give, the holder of any note, debenture, or other evidence of indebtedness (or any person acting on such holder&rsquo;s
behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of
its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(p)&nbsp;<I>Absence of Existing Defaults
and Conflicts</I>. Neither the Company nor any of its subsidiaries is in violation of its respective charter, by-laws or organizational
documents or in default (or with the giving of notice or lapse of time would be in default) under any existing obligation, agreement,
covenant or condition contained in any indenture, loan agreement, mortgage, lease or other agreement or instrument to which any of them
is a party or by which any of them is bound or to which any of the properties of any of them is subject, except such defaults that would
not, individually or in the aggregate, result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(q)&nbsp;<I>Authorization of Agreement</I>.
This Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(r)&nbsp;<I>Possession of Licenses</I>.
The Company and its subsidiaries possess, and are in compliance with the terms of, all adequate certificates, authorizations, franchises,
licenses and permits (&ldquo;<B>Licenses</B>&rdquo;) necessary or material to the conduct of the business now conducted or proposed in
the General Disclosure Package to be conducted by them and have not received any notice of proceedings relating to the revocation or modification
of any Licenses that, if determined adversely to the Company or any of its subsidiaries, would individually or in the aggregate have a
Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(s)&nbsp;<I>Absence of Labor Dispute</I>.
No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is imminent
that could have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(t)&nbsp;<I>Possession of Intellectual
Property</I>. The Company and its subsidiaries own, possess, or can acquire on reasonable terms, adequate trademarks, trade names and
other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively, &ldquo;<B>intellectual
property rights</B>&rdquo;) necessary to conduct the business now operated by them, or presently employed by them, and have not received
any notice of infringement of or conflict with asserted rights of others with respect to any intellectual property rights that, if determined
adversely to the Company or any of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(u)&nbsp;<I>Environmental Laws</I>.
Except as disclosed in the Registration Statement, the General Disclosure Package and the Final Prospectus, neither the Company nor any
of its subsidiaries is in violation of any statute, any rule, regulation, decision or order of any governmental agency or body or any
court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or
restoration of the environment or human exposure to hazardous or toxic substances (collectively, &ldquo;<B>environmental laws</B>&rdquo;),
owns or operates any real property contaminated with any substance that is subject to any environmental laws, is liable for any off-site
disposal or contamination pursuant to any environmental laws, or is subject to any claim relating to any environmental laws, which violation,
contamination, liability or claim would individually or in the aggregate have a Material Adverse Effect; and the Company is not aware
of any pending investigation which might lead to such a claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(v)&nbsp;<I>Accurate Disclosure</I>.
The statements in the Registration Statement, General Disclosure Package and the Final Prospectus under the headings &ldquo;Description
of the Notes&rdquo;, &ldquo;Description of Senior Debt Securities&rdquo;, &ldquo;Material U.S. Federal Income Tax Consequences&rdquo;
and &ldquo;Underwriting (Conflicts of Interest)&rdquo;, insofar as such statements summarize legal matters, agreements, documents or proceedings
discussed therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings in all material respects
and present the information required to be shown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(w)&nbsp;<I>Absence of Manipulation</I>.
The Company has not taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be
expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or
resale of the Offered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(x)&nbsp;<I>Internal Controls and Compliance
with the Sarbanes-Oxley Act</I>. Except as set forth in the Registration Statement, the General Disclosure Package and the Final Prospectus,
the Company, its subsidiaries and the Company&rsquo;s Board of Directors (the &ldquo;<B>Board</B>&rdquo;) are in compliance in all material
respects with Sarbanes-Oxley and all applicable Exchange Rules. The Company maintains a system of internal controls, including, but not
limited to, disclosure controls and procedures, internal controls over accounting matters and financial reporting, an internal audit function
and legal and regulatory compliance controls (collectively, &ldquo;<B>Internal Controls</B>&rdquo;) that comply in all material respects
with the Securities Laws and are sufficient to provide reasonable assurances that (i)&nbsp;transactions are executed in accordance with
management&rsquo;s general or specific authorizations, (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial
statements in conformity with generally accepted accounting principles in the United States and to maintain accountability for assets,
(iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific authorization and (iv)&nbsp;the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences. The Internal Controls are, or upon consummation of the offering of the Offered Securities will be, overseen by the
Audit Committee (the &ldquo;<B>Audit Committee</B>&rdquo;) of the Board in accordance with Exchange Rules. Since the date of the filing
of the Company&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024, the Company has not publicly
disclosed or reported to the Audit Committee or the Board, and within the next 90 days the Company does not reasonably expect to publicly
disclose or report to the Audit Committee or the Board, (i)&nbsp;any significant deficiency in the design or operation of Internal Controls
that could adversely affect the Company&rsquo;s ability to record, process, summarize and report financial data, any material weakness
in Internal Controls, any material change in Internal Controls or any fraud involving management or other employees who have a significant
role in Internal Controls (each, an &ldquo;<B>Internal Control Event</B>&rdquo;) or (ii)&nbsp;any material violation of, or failure to
comply with, the Securities Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(y)&nbsp;<I>Absence of Accounting Issues</I>.
Except as set forth in the Registration Statement, the General Disclosure Package and the Final Prospectus, the Audit Committee is not
reviewing or investigating, and neither the Company&rsquo;s independent auditors nor its internal auditors have recommended that the Audit
Committee review or investigate, (i)&nbsp;materially adding to, deleting, changing the application of, or changing the Company&rsquo;s
disclosure with respect to, any of the Company&rsquo;s material accounting policies&#894; (ii)&nbsp;any matter which could result in a
material restatement of the Company&rsquo;s financial statements for any annual or interim period during the current or prior three fiscal
years; or (iii)&nbsp;any material Internal Control Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(z)&nbsp;<I>Litigation</I>. Except as
disclosed in the Registration Statement, the General Disclosure Package and the Final Prospectus, there are no pending actions, suits
or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign) against or
affecting the Company, any of its subsidiaries or any of their respective properties that, if determined adversely to the Company or any
of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect, or would materially and adversely affect the
ability of the Company to perform its obligations under this Agreement or the Indenture, or which are otherwise material in the context
of the sale of the Offered Securities; and no such actions, suits or proceedings (including any inquiries or investigations by any court
or governmental agency or body, domestic or foreign) are, to the Company&rsquo;s knowledge, threatened or contemplated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(aa) <I>Financial Statements</I>. The
financial statements of the Company included in the Registration Statement, the General Disclosure Package and the Final Prospectus present
fairly the financial position of the Company and its consolidated subsidiaries as of the dates shown and their results of operations and
cash flows for the periods shown, and such financial statements have been prepared in conformity with the generally accepted accounting
principles in the United States applied on a consistent basis; and the schedules included in the Registration Statement present fairly
the information required to be stated therein. The interactive data in extensible Business Reporting Language included or incorporated
by reference in the Registration Statement , the General Disclosure Package and the Final Prospectus fairly presents the information called
for in all material respects and has been prepared in all material respects in accordance with the Commission&rsquo;s rules&nbsp;and guidelines
applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(bb) <I>NorthWestern Financial Statements</I>.
To the knowledge of the Company, (i)&nbsp;the financial statements of NorthWestern included in the Registration Statement, the General
Disclosure Package and the Final Prospectus present fairly the financial position of NorthWestern and its consolidated subsidiaries as
of the dates shown and their results of operations and cash flows for the periods shown, (ii)&nbsp;such financial statements have been
prepared in conformity with the generally accepted accounting principles in the United States applied on a consistent basis; and (iii)&nbsp;the
related schedule included in the Registration Statement presents fairly the information required to be stated therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(cc) <I>No Material Adverse Change in
Business</I>. Except as disclosed in the General Disclosure Package, since the end of the period covered by the latest audited financial
statements included in the General Disclosure Package (i)&nbsp;there has been no change, nor any development or event involving a prospective
change, in the condition (financial or otherwise), results of operations, business, properties or prospects of the Company and its subsidiaries,
taken as a whole that is material and adverse, (ii)&nbsp;there has been no dividend or distribution of any kind declared, paid or made
by the Company on any class of its capital stock (other than regular quarterly cash dividends in respect of the Company&rsquo;s common
stock and declared and paid by the Company in the ordinary course of business) and (iii)&nbsp;there has been no material adverse change
in the capital stock, short-term indebtedness, long-term indebtedness, net current assets or net assets of the Company and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(dd) <I>Investment Company Act</I>.
The Company is not and, after giving effect to the offering and sale of the Offered Securities and the application of the proceeds thereof
as described in the Registration Statement, the General Disclosure Package and the Final Prospectus, will not be an &ldquo;investment
company&rdquo; as defined in the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ee) <I>Ratings</I>. No &ldquo;nationally
recognized statistical rating organization&rdquo; as such term is defined for purposes of Section&nbsp;3(a)(62) of the Exchange Act (i)&nbsp;has
imposed (or has informed the Company that it is considering imposing) any condition (financial or otherwise) on the Company&rsquo;s retaining
any rating assigned to the Company or any securities of the Company or (ii)&nbsp;has indicated to the Company that it is considering any
of the actions described in Section&nbsp;7(c)(ii)&nbsp;hereof, except as has been publicly disclosed by the applicable nationally recognized
statistical rating organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ff) <I>Merger</I>. The Merger Agreement
has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company and Merger Sub, enforceable
in accordance with its terms, and, to the knowledge of the Company, the Merger Agreement has been duly authorized, executed and delivered
by, and is a valid and binding agreement of NorthWestern , enforceable in accordance with its terms, except as enforcement thereof may
be subject to or limited by bankruptcy, insolvency or other similar laws relating to or affecting creditors&rsquo; rights generally or
by general equitable principles. To the knowledge of the Company, NorthWestern is not in breach of any of its representations or warranties
contained in the Merger Agreement (after taking into account the exceptions to such representations and warranties set forth in the NorthWestern
Disclosure Letter (as defined in the Merger Agreement)), except for such breaches that would not, individually or in the aggregate, reasonably
be expected to have a material adverse effect on the consummation of the transactions contemplated by the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(gg) <I>Pro Forma Financial and Other
Information</I>. Except as set forth in the General Disclosure Package, the pro forma consolidated financial statements of the Company
and its subsidiaries and the related notes thereto set forth in the Registration Statement and the General Disclosure Package present
fairly the information contained therein, have been prepared in accordance with Article&nbsp;11 of Regulation S-X with respect to pro
forma financial statements and have been properly presented on the bases described therein, and the assumptions used in the preparation
thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred
to therein based upon such assumptions. To the Company&rsquo;s knowledge, the other financial and non-financial information relating to
the Merger included in the Registration Statement and the General Disclosure Package taken as a whole presents fairly in all material
respects the information shown therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(hh) <I>Foreign Corrupt Practices Act.</I>
Within the last five years, none of the Company, any of its subsidiaries or, to the Company&rsquo;s knowledge, any director, officer,
agent, employee, controlled affiliate or other controlled person acting on behalf of the Company or any of its subsidiaries has taken
any action, directly or indirectly, that would reasonably be expected to result in a violation by such persons of the Foreign Corrupt
Practices Act of 1977, as amended, and the rules&nbsp;and regulations thereunder (the &ldquo;<B>FCPA</B>&rdquo;), including, without limitation,
making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise
to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything
of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or official thereof
or any candidate for foreign political office, in contravention of the FCPA and the Company and its subsidiaries conduct their businesses
in material compliance with the FCPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii)&nbsp;<I>Money Laundering Laws.</I>
The operations of the Company and its subsidiaries comply in all material respects with applicable financial recordkeeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all
jurisdictions in which the Company and its subsidiaries operate, the rules&nbsp;and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity applicable to the Company and its subsidiaries
(collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;); and no action, suit or proceeding by or before any Governmental Entity
with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened against the Company or any of its
subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(jj) <I>OFAC</I>. None of the Company,
any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, controlled affiliate or other controlled
representative of the Company or any of its subsidiaries is an individual or entity currently the subject or target of any international
economic sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the
Treasury&rsquo;s Office of Foreign Assets Control, the United Nations Security Council, the European Union, His Majesty&rsquo;s Treasury
or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;). The Company will not use the proceeds of the sale
of the Offered Securities in violation of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(kk) <I>Cybersecurity</I>. Except as
disclosed in the Registration Statement, the General Disclosure Package and the Final Prospectus, or as would not, individually or in
the aggregate, result in a Material Adverse Effect: (i)&nbsp;to the Company&rsquo;s knowledge there has been no security breach or other
compromise of or relating to any of the Company&rsquo;s or its subsidiaries&rsquo; information technology and computer systems, networks,
hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained
by or on behalf of them), equipment or technology (collectively, &ldquo;<B>IT Systems and Data</B>&rdquo;); (ii)&nbsp;the Company and
its subsidiaries have not been notified of, and have no knowledge of any event or condition that would reasonably be expected to result
in, any security breach or other compromise to their IT Systems and Data; and (iii)&nbsp;the Company and its subsidiaries are presently
in compliance with all applicable laws or statutes and all judgments, orders, rules&nbsp;and regulations of any court or arbitrator or
governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems
and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification. Except as
disclosed in the Registration Statement, the General Disclosure Package and the Final Prospectus, the Company and its subsidiaries have
implemented backup and disaster recovery technology consistent with industry standards and practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. <I>Purchase, Sale and Delivery of Offered Securities</I>.
On the basis of the representations, warranties and agreements and subject to the terms and conditions set forth herein, the Company agrees
to sell to the several Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company the
respective principal amount of Offered Securities set forth opposite such Underwriter&rsquo;s name in Schedule A hereto at a purchase
price of 99.335% of the principal amount of the Offered Securities, plus accrued interest, if any, from October&nbsp;2, 2025, to the Closing
Date (as hereinafter defined).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of the purchase price for, and delivery
of, the Offered Securities shall be made at the offices of Davis Polk&nbsp;&amp; Wardwell LLP, 450 Lexington Avenue, New York, New York
10017, or at such other place as shall be agreed upon by the Representative and the Company, at 9:30 a.m.&nbsp;(New York City time) on
October&nbsp;2, 2025, or such other time not later than five business days after such date as shall be agreed upon by the Representative
and the Company (such time and date of payment and delivery being herein called the &ldquo;<B>Closing Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment shall be made by wire transfer of immediately
available funds to a bank account designated by the Company against delivery to the Representative for the respective accounts of the
Underwriters of the Offered Securities to be purchased by them. It is understood that each Underwriter has authorized the Representative,
for their account, to accept delivery of, receipt for, and make payment of the purchase price for, the Offered Securities that it has
agreed to purchase. The Representative may (but shall not be obligated to) make payment of the purchase price for the Offered Securities
to be purchased by any Underwriter whose funds have not been received by the Closing Date, but such payment shall not relieve such Underwriter
from its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Delivery of the Offered Securities, which will
be represented by one or more definitive global notes in book-entry form, shall be made through the facilities of the Depository Trust
Company unless the Representative shall otherwise instruct. The Offered Securities to be so delivered will be in fully registered form
in such authorized denominations as established pursuant to the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4. <I>Offering by Underwriters</I>. It is understood
that the several Underwriters propose to offer the Offered Securities for sale to the public as set forth in the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5. <I>Certain Agreements of the Company</I>. The
Company agrees with the several Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a)&nbsp;<I>Filing of Prospectuses</I>.
The Company has filed or will file each Statutory Prospectus (including the Final Prospectus) pursuant to and in accordance with Rule&nbsp;424(b)(2)&nbsp;(or,
if applicable and consented to by the Representative, subparagraph (5), such consent not to be unreasonably withheld or delayed) not later
than the second business day following the earlier of the date it is first used or the execution and delivery of this Agreement. The Company
has complied and will comply with Rule&nbsp;433.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b)&nbsp;<I>Filing of Amendments; Response
to Commission Requests</I>. The Company will promptly advise the Representative of any proposal to amend or supplement the Registration
Statement or any Statutory Prospectus at any time and will offer the Representative a reasonable opportunity to comment on any such amendment
or supplement; and the Company will also advise the Representative promptly of (i)&nbsp;the filing of any such amendment or supplement,
(ii)&nbsp;any request by the Commission or its staff for any amendment to the Registration Statement, for any supplement to any Statutory
Prospectus or for any additional information, (iii)&nbsp;the institution by the Commission of any stop order proceedings in respect of
the Registration Statement or the threatening of any proceeding for that purpose, and (iv)&nbsp;the receipt by the Company of any notification
with respect to the suspension of the qualification of the Offered Securities in any jurisdiction or the institution or threatening of
any proceedings for such purpose. The Company will use its best efforts to prevent the issuance of any such stop order or the suspension
of any such qualification and, if issued, to obtain as soon as possible the withdrawal thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c)&nbsp;<I>Continued Compliance with
Securities Laws</I>. If, at any time when a prospectus relating to the Offered Securities is (or, but for the exemption in Rule&nbsp;172,
would be) required to be delivered under the Act by any Underwriter or dealer, any event occurs as a result of which the Final Prospectus
as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at any time
to amend the Registration Statement or supplement the Final Prospectus to comply with the Act, the Company will promptly notify the Representative
of such event and will promptly prepare and file with the Commission and furnish, at its own expense, to the Underwriters and the dealers
and any other dealers upon request of the Representative, an amendment or supplement which will correct such statement or omission or
an amendment which will effect such compliance. Neither the Representative&rsquo;s consent to, nor the Underwriters&rsquo; delivery of,
any such amendment or supplement shall constitute a waiver of any of the conditions set forth in Section&nbsp;7 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(d)&nbsp;<I>Rule&nbsp;158</I>. As soon
as practicable, but not later than 16 months, after the date of this Agreement, the Company will make generally available to its securityholders
an earnings statement covering a period of at least 12 months beginning after the date of this Agreement and satisfying the provisions
of Section&nbsp;11(a)&nbsp;of the Act and Rule&nbsp;158.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(e)&nbsp;<I>Furnishing of Prospectuses</I>.
The Company will furnish to the Representative copies of the Registration Statement, including all exhibits, any Statutory Prospectus,
the Final Prospectus and all amendments and supplements to such documents, in each case as soon as available and in such quantities as
the Representative reasonably request. The Company will pay the expenses of printing and distributing to the Underwriters all such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(f)&nbsp;<I>Blue Sky Qualifications</I>.
The Company will arrange for the qualification of the Offered Securities for sale and the determination of their eligibility for investment
under the laws of such jurisdictions as the Representative reasonably designate and will continue such qualifications in effect so long
as required for the distribution; <I>provided</I> that, in connection therewith, the Company shall not be required to qualify as a foreign
corporation or to take any action that would subject it to a general consent to service of process in any such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(g)&nbsp;<I>Reporting Requirements</I>.
During the period of five years hereafter, if any Offered Securities remain outstanding, the Company will furnish to the Representative
and, upon request, to each of the other Underwriters, as soon as practicable after the end of each fiscal year, a copy of its annual report
to stockholders for such year; and the Company will furnish to the Representative (i)&nbsp;as soon as available, a copy of each report
and any definitive proxy statement of the Company filed with the Commission under the Exchange Act or mailed to stockholders, and (ii)&nbsp;from
time to time, such other information concerning the Company as the Representative may reasonably request. However, so long as the Company
is subject to the reporting requirements of either Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act and is timely filing
reports with the Commission on its Electronic Data Gathering, Analysis and Retrieval system (&ldquo;<B>EDGAR</B>&rdquo;), it is not required
to furnish such reports or statements to the Representative or the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(h)&nbsp;<I>Payment of Expenses</I>.
The Company will pay all expenses incident to the performance of its obligations under this Agreement, including but not limited to any
filing fees and other expenses (including fees and disbursements of counsel to the Underwriters) incurred in connection with qualification
of the Offered Securities for sale under the laws of such jurisdictions as the Representative reasonably designate and the preparation
and printing of memoranda relating thereto, any fees charged by investment rating agencies for the rating of the Offered Securities, costs
and expenses relating to investor presentations or any &ldquo;road show&rdquo; in connection with the offering and sale of the Offered
Securities including, without limitation, any travel expenses of the Company&rsquo;s officers and employees and any other expenses of
the Company including the chartering of airplanes (but excluding any separately-incurred travel expenses of employees and representatives
of the Representative and the Underwriters), fees and expenses incident to listing any of the Offered Securities on the New York Stock
Exchange, American Stock Exchange, Nasdaq Stock Market and other national and foreign exchanges, fees and expenses in connection with
the registration of the Offered Securities under the Exchange Act, and expenses incurred in distributing preliminary prospectuses and
the Final Prospectus (including any amendments and supplements thereto) to the Underwriters and for expenses incurred for preparing, printing
and distributing any Issuer Free Writing Prospectuses to investors or prospective investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i)&nbsp;<I>Use of Proceeds</I>. The
Company will use the net proceeds received in connection with this offering in the manner described in the &ldquo;Use of Proceeds&rdquo;
section of the Registration Statement, the General Disclosure Package and the Final Prospectus and, except as disclosed in the Registration
Statement, General Disclosure Package and the Final Prospectus, the Company does not intend to use any of the proceeds from the sale of
the Offered Securities hereunder to repay any outstanding debt owed to any affiliate of any Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(j)&nbsp;<I>Absence of Manipulation</I>.
The Company will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected
to cause or result in stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of
the Offered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(k)&nbsp;<I>Restriction on Sale of Securities</I>.
The Company will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, or file with the Commission
a registration statement under the Act relating to United States dollar-denominated debt securities issued or guaranteed by the Company
and having a maturity of more than one year from the date of issue, or publicly disclose the intention to make any such offer, sale, pledge,
disposition or filing, without the prior written consent of J.P. Morgan Securities LLC for a period beginning on the date hereof and ending
on the Closing Date (the &ldquo;<B>Lock-Up Period</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6. <I>Free Writing Prospectuses</I>. (a)&nbsp;Issuer
Free Writing Prospectuses. The Company represents and agrees that, unless it obtains the prior consent of the Representative, and each
Underwriter represents and agrees that, unless it obtains the prior consent of the Company and the Representative, it has not made and
will not make any offer relating to the Offered Securities that would constitute an Issuer Free Writing Prospectus, or that would otherwise
constitute a &ldquo;free writing prospectus&rdquo;, as defined in Rule&nbsp;405, required to be filed with the Commission. Any such free
writing prospectus consented to by the Company and the Representative is hereinafter referred to as a &ldquo;<B>Permitted Free Writing
Prospectus</B>&rdquo;. The Company represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus
as an &ldquo;issuer free writing prospectus&rdquo;, as defined in Rule&nbsp;433, and has complied and will comply with the requirements
of Rules&nbsp;164 and 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending
and record keeping.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b)&nbsp;<I>Term Sheet</I>. The Company
will prepare a final term sheet relating to the Offered Securities, containing only information that describes the final terms of the
Offered Securities and otherwise in a form consented to by the Representative, and will file such final term sheet within the period required
by Rule&nbsp;433(d)(5)(ii)&nbsp;following the date such final terms have been established for the offering of the Offered Securities.
Any such final term sheet is an Issuer Free Writing Prospectus and a Permitted Free Writing Prospectus for purposes of this Agreement.
The Company also consents to the use by any Underwriter of a free writing prospectus that contains only (i)&nbsp;(A)&nbsp;information
describing the preliminary terms of the Offered Securities or their offering or (B)&nbsp;information that describes the final terms of
the Offered Securities or their offering and that is included in the final term sheet of the Company contemplated in the first sentence
of this subsection or (ii)&nbsp;other information that is not &ldquo;issuer information&rdquo;, as defined in Rule&nbsp;433, it being
understood that any such free writing prospectus referred to in clause (i)&nbsp;or (ii)&nbsp;above shall not be an Issuer Free Writing
Prospectus for purposes of this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7. <I>Conditions of the Obligations of the Underwriters</I>.
The obligations of the several Underwriters to purchase and pay for the Offered Securities on the Closing Date will be subject to the
accuracy of the representations and warranties of the Company herein (as though made on the Closing Date), to the accuracy of the statements
of Company officers made pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder and to the
following additional conditions precedent:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a)&nbsp;<I>Accountants&rsquo; Comfort
Letters</I>. The Representative shall have received letters, dated, respectively, the date hereof and the Closing Date, of each of Deloitte&nbsp;&amp;
Touche LLP in their capacity as accountants for the Company and Deloitte&nbsp;&amp; Touche LLP in their capacity as accountants for NorthWestern,
confirming that it is a registered public accounting firm and independent public accountants within the meaning of the Securities Laws
and substantially in the form agreed on or prior to the date hereof (except that, in any letter dated the Closing Date, the specified
date referred to in such form shall be a date no more than three days prior to the Closing Date).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b)&nbsp;<I>Filing of Prospectus</I>.
The Final Prospectus shall have been filed with the Commission in accordance with the Rules&nbsp;and Regulations and Section&nbsp;5(a)&nbsp;hereof.
No stop order suspending the effectiveness of the Registration Statement or of any part thereof shall have been issued and no proceedings
for that purpose shall have been instituted or, to the knowledge of the Company or any Underwriter, shall be contemplated by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c)&nbsp;<I>No Material Adverse Change</I>.
Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i)&nbsp;any change, or any development or event
involving a prospective change, in the condition (financial or otherwise), results of operations, business, properties or prospects of
the Company and its subsidiaries taken as a whole which, in the judgment of the Representative, is material and adverse and makes it impractical
or inadvisable to market the Offered Securities; (ii)&nbsp;any downgrading in the rating of any debt securities of the Company by any
 &ldquo;nationally recognized statistical rating organization&rdquo; (as defined for purposes of Rule&nbsp;3(a)(62)), or any public announcement
that any such organization has under surveillance or review its rating of any debt securities of the Company (other than an announcement
with positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating); (iii)&nbsp;any change
in U.S. or international financial, political or economic conditions or currency exchange rates or exchange controls the effect of which
is such as to make it, in the judgment of the Representative, impractical to market or to enforce contracts for the sale of the Offered
Securities, whether in the primary market or in respect of dealings in the secondary market; (iv)&nbsp;any suspension or material limitation
of trading in securities generally on the New York Stock Exchange, or any setting of minimum or maximum prices for trading on such exchange;
(v)&nbsp;any suspension of trading of any securities of the Company on any exchange or in the over-the-counter market; (vi)&nbsp;any banking
moratorium declared by any U.S. Federal or New York authorities; (vii)&nbsp;any major disruption of settlements of securities, payment
or clearance services in the United States or any other country where such securities are listed, or (viii)&nbsp;any attack on, outbreak
or escalation of hostilities or act of terrorism involving the United States, any declaration of war by Congress or any other national
or international calamity or emergency if, in the judgment of the Representative, the effect of any such attack, outbreak, escalation,
act, declaration, calamity or emergency is such as to make it impractical or inadvisable to market the Offered Securities or to enforce
contracts for the sale of the Offered Securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(d)&nbsp;<I>Opinion of Counsel for Company</I>.
The Representative shall have received an opinion, dated the Closing Date, of Faegre Drinker Biddle&nbsp;&amp; Reath LLP, counsel for
the Company, in form and substance reasonably satisfactory to the Representative, substantially in the form agreed on or prior to the
date hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(e)&nbsp;<I>Opinion of General Counsel
to the Company</I>. The Representative shall have received an opinion, dated the Closing Date, of Todd Brink,&nbsp;Esq.,&nbsp;Interim
General Counsel to the Company, in form and substance reasonably satisfactory to the Representative, substantially in the form agreed
on or prior to the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(f)&nbsp;<I>Opinion of Counsel for Underwriters</I>.
The Representative shall have received from Davis Polk&nbsp;&amp; Wardwell LLP, counsel for the Underwriters, such opinion or opinions,
dated the Closing Date, with respect to such matters as the Representative may require, and the Company shall have furnished to such counsel
such documents as they request for the purpose of enabling them to pass upon such matters. In rendering such opinion, Davis Polk&nbsp;&amp;
Wardwell LLP may rely as to the incorporation of the Company and all other matters governed by South Dakota law upon the opinion of Todd
Brink,&nbsp;Esq.,&nbsp;Interim General Counsel to the Company, referred to above.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(g)&nbsp;<I>Officers&rsquo; Certificate</I>.
The Representative shall have received a certificate, dated the Closing Date, of an executive officer of the Company and a principal financial
or accounting officer of the Company in which such officers shall state that: the representations and warranties of the Company in this
Agreement are true and correct; the Company has complied with all agreements and satisfied all conditions on its part to be performed
or satisfied hereunder at or prior to the Closing Date; no stop order suspending the effectiveness of the Registration Statement has been
issued and no proceedings for that purpose have been instituted or, to the best of their knowledge and after reasonable investigation,
are contemplated by the Commission; and, subsequent to the date of the most recent financial statements in the General Disclosure Package,
there has been no material adverse change, nor any development or event involving a prospective material adverse change, in the condition
(financial or otherwise), results of operations, business, properties or prospects of the Company and its subsidiaries taken as a whole
except as set forth in or contemplated by the General Disclosure Package or as described in such certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will furnish the Representative with such conformed copies
of such opinions, certificates, letters and documents as the Representative reasonably request. The Representative may in their sole discretion
waive on behalf of the Underwriters compliance with any conditions to the obligations of the Underwriters hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8. <I>Indemnification and Contribution</I>. (a)&nbsp;Indemnification
by the Company. The Company will indemnify and hold harmless each Underwriter, its partners, members, directors, officers, employees,
agents, affiliates and each person, if any, who controls such Underwriter within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20
of the Exchange Act (each, an &ldquo;<B>Indemnified Party</B>&rdquo;), against any and all losses, claims, damages or liabilities, joint
or several, to which such Indemnified Party may become subject, under the Act, the Exchange Act, other Federal or state statutory law
or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon any untrue statement or alleged untrue statement of any material fact contained in any part of the Registration Statement at
any time, any Statutory Prospectus as of any time, the Final Prospectus or any Issuer Free Writing Prospectus, or arise out of or are
based upon the omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, and will reimburse each Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party
in connection with investigating or defending against any loss, claim, damage, liability, action, litigation, investigation or proceeding
whatsoever (whether or not such Indemnified Party is a party thereto), whether threatened or commenced, and in connection with the enforcement
of this provision with respect to any of the above as such expenses are incurred; provided, however, that the Company will not be liable
in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged
untrue statement in or omission or alleged omission from any of such documents in reliance upon and in conformity with written information
furnished to the Company by any Underwriter through the Representative specifically for use therein, it being understood and agreed that
the only such information furnished by any Underwriter consists of the information described as such in subsection (b)&nbsp;below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b)&nbsp;<I>Indemnification by the Underwriters</I>.
Each Underwriter will severally and not jointly indemnify and hold harmless the Company, each of its directors and each of its officers
who signs a Registration Statement and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Act
or Section&nbsp;20 of the Exchange Act (each, an &ldquo;<B>Underwriter Indemnified Party</B>&rdquo;), against any losses, claims, damages
or liabilities to which such Underwriter Indemnified Party may become subject, under the Act, the Exchange Act, other Federal or state
statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any part of the Registration
Statement at any time, any Statutory Prospectus as of any time, the Final Prospectus or any Issuer Free Writing Prospectus, or arise out
of or are based upon the omission or the alleged omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or
omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Underwriter
through the Representative specifically for use therein, and will reimburse any legal or other expenses reasonably incurred by such Underwriter
Indemnified Party in connection with investigating or defending against any such loss, claim, damage, liability, action, litigation, investigation
or proceeding whatsoever (whether or not such Underwriter Indemnified Party is a party thereto), whether threatened or commenced, based
upon any such untrue statement or omission, or any such alleged untrue statement or omission as such expenses are incurred, it being understood
and agreed that the only such information furnished by any Underwriter consists of the following information in the Final Prospectus furnished
on behalf of each Underwriter: the concession and discount figures appearing in the third paragraph under the caption &ldquo;Underwriting&rdquo;
and the information contained in the sixth through tenth paragraphs under the caption &ldquo;Underwriting&rdquo;) (pertaining to the underwriters&rsquo;
intention to make market in the Notes, short positions, stabilizing transactions, over-allotment transactions, syndicate covering transactions
and penalty bids).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c)&nbsp;<I>Actions against Parties;
Notification</I>. Promptly after receipt by an indemnified party under this Section&nbsp;of notice of the commencement of any action,
such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under subsection (a)&nbsp;or (b)&nbsp;above,
notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve it from
any liability that it may have under subsection (a)&nbsp;or (b)&nbsp;above except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying
party shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a)&nbsp;or (b)&nbsp;above.
In case any such action is brought against any indemnified party and it notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party
similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the
consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this
Section&nbsp;for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other
than reasonable costs of investigation. No indemnifying party shall, without the prior written consent of the indemnified party, effect
any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity
could have been sought hereunder by such indemnified party unless such settlement (i)&nbsp;includes an unconditional release of such indemnified
party from all liability on any claims that are the subject matter of such action and (ii)&nbsp;does not include a statement as to, or
an admission of, fault, culpability or a failure to act by or on behalf of an indemnified party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(d)&nbsp;<I>Contribution</I>. If the
indemnification provided for in this Section&nbsp;is unavailable or insufficient to hold harmless an indemnified party under subsection
(a)&nbsp;or (b)&nbsp;above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a
result of the losses, claims, damages or liabilities referred to in subsection (a)&nbsp;or (b)&nbsp;above (i)&nbsp;in such proportion
as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the
offering of the Offered Securities or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative
fault of the Company on the one hand and the Underwriters on the other in connection with the statements or omissions which resulted in
such losses, claims, damages or liabilities as well as any other relevant equitable considerations. The relative benefits received by
the Company on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from
the offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by
the Underwriters. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the
Underwriters and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such untrue
statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in
the first sentence of this subsection (d)&nbsp;shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding the
provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total
price at which the Offered Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of
any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo; obligations
in this subsection (d)&nbsp;to contribute are several in proportion to their respective underwriting obligations and not joint. The Company
and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;8(d)&nbsp;were determined
by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to in this Section&nbsp;8(d).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9. <I>Default of Underwriters</I>. If any Underwriter
or Underwriters default in their obligations to purchase Offered Securities hereunder on the Closing Date and the aggregate principal
amount of Offered Securities that such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed 10% of the
total principal amount of Offered Securities that the Underwriters are obligated to purchase on the Closing Date, the Representative may
make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Underwriters,
but if no such arrangements are made by the Closing Date, the non-defaulting Underwriters shall be obligated severally, in proportion
to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Underwriters agreed but failed to purchase
on the Closing Date. If any Underwriter or Underwriters so default and the aggregate principal amount of Offered Securities with respect
to which such default or defaults occur exceeds 10% of the total principal amount of Offered Securities that the Underwriters are obligated
to purchase on the Closing Date and arrangements satisfactory to the Representative and the Company for the purchase of such Offered Securities
by other persons are not made within 36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting
Underwriter or the Company, except as provided in Section&nbsp;10. As used in this Agreement, the term &ldquo;Underwriter&rdquo; includes
any person substituted for an Underwriter under this Section. Nothing herein will relieve a defaulting Underwriter from liability for
its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10. <I>Survival of Certain Representations and
Obligations</I>. The respective indemnities, agreements, representations, warranties and other statements of the Company or its officers
and of the several Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any
investigation, or statement as to the results thereof, made by or on behalf of any Underwriter, the Company or any of their respective
representatives, officers or directors or any controlling person, and will survive delivery of and payment for the Offered Securities.
If the purchase of the Offered Securities by the Underwriters is not consummated for any reason other than solely because of the termination
of this Agreement pursuant to Section&nbsp;9 hereof or the occurrence of any event specified in clause (iii), (iv), (vi), (vii)&nbsp;or
(viii)&nbsp;of Section&nbsp;7(d), the Company will reimburse the Underwriters for all out-of-pocket expenses (including fees and disbursements
of counsel) reasonably incurred by them in connection with the offering of the Offered Securities, and the respective obligations of the
Company and the Underwriters pursuant to Section&nbsp;8 hereof shall remain in effect. In addition, if any Offered Securities have been
purchased hereunder, the representations and warranties in Section&nbsp;2 and all obligations under Section&nbsp;5 shall also remain in
effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11. <I>Notices</I>. All communications hereunder
will be in writing and, if sent to the Underwriters, will be mailed or delivered and confirmed to the Representative at J.P. Morgan Securities
LLC, 383 Madison Avenue, New York, New York 10179 (fax: (212) 834-6081) Attention: Investment Grade Syndicate Desk or, if sent to the
Company, will be mailed or delivered and confirmed to it at 7001 Mount Rushmore Road, Rapid City, South Dakota 57702, Attention: General
Counsel; <I>provided</I>, <I>however</I>, that any notice to an Underwriter pursuant to Section&nbsp;8 will be mailed or delivered and
confirmed to such Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12. <I>Successors</I>. This Agreement will inure
to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and controlling
persons referred to in Section&nbsp;8, and no other person will have any right or obligation hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13. <I>Representation of Underwriters</I>. The
Representative will act for the several Underwriters in connection with this financing, and any action under this Agreement taken by the
Representative will be binding upon all the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">14. <I>Counterparts</I>. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute
one and the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by
the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable
law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">15. <I>Absence of Fiduciary Relationship</I>. The
Company acknowledges and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a)&nbsp;<I>No Other Relationship</I>.
The Representative has been retained solely to act as an underwriter in connection with the sale of Offered Securities and that no fiduciary,
advisory or agency relationship between the Company and the Representative has been created in respect of any of the transactions contemplated
by this Agreement or the Final Prospectus, irrespective of whether the Representative has advised or is advising the Company on other
matters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b)&nbsp;<I>Arms&rsquo; Length Negotiations</I>.
The price of the Offered Securities set forth in this Agreement was established by the Company following discussions and arms&rsquo;-length
negotiations with the Representative and the Company is capable of evaluating and understanding and understands and accepts the terms,
risks and conditions of the transactions contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c)&nbsp;<I>Absence of Obligation to
Disclose</I>. The Company has been advised that the Representative and its respective affiliates are engaged in a broad range of transactions
which may involve interests that differ from those of the Company and that the Representative has no obligation to disclose such interests
and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(d)&nbsp;<I>Waiver</I>. The Company
waives, to the fullest extent permitted by law, any claims it may have against the Representative for breach of fiduciary duty or alleged
breach of fiduciary duty and agrees that the Representative shall have no liability (whether direct or indirect) to the Company in respect
of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders,
employees or creditors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">16. <I>Applicable Law</I>. This Agreement shall
be governed by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby submits to the non-exclusive
jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out
of or relating to this Agreement or the transactions contemplated hereby. The Company irrevocably and unconditionally waives any objection
to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby
in Federal and state courts in the Borough of Manhattan in The City of New York and irrevocably and unconditionally waives and agrees
not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">17. <I>Recognition of the U.S. Special Resolution
Regimes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a)&nbsp;In the event that any Underwriter
that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of
this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws
of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b)&nbsp;In the event that any Underwriter
that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent
than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the
United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c)&nbsp;For purposes of this Section&nbsp;17:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp; &ldquo;<I>BHC
Act Affiliate</I>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with,
12 U.S.C. &sect; 1841(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&ldquo;<I>Covered
Entity</I>&rdquo; means any of the following: (i)&nbsp;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance
with, 12 C.F.R. &sect;&nbsp;252.82(b); (ii)&nbsp;&ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance
with, 12 C.F.R. &sect;&nbsp;47.3(b); or (iii)&nbsp;a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance
with, 12 C.F.R. &sect;&nbsp;382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&ldquo;<I>Default
Right</I>&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81,
47.2 or 382.1, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&ldquo;<I>U.S.
Special Resolution Regime</I>&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with the Representative&rsquo;s
understanding of our agreement, kindly sign and return to the Company one of the counterparts hereof, whereupon it will become a binding
agreement between the Company and the several Underwriters in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BLACK HILLS CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Tom Stevens</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Tom Stevens </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Vice President, Treasurer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing Underwriting Agreement is hereby
confirmed and accepted as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">J.P. MORGAN SECURITIES LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Som Bhattacharyya</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Som Bhattacharyya</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;Executive Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acting on behalf of themselves and as the Representative of the several
Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Principal Amount of <BR> Offered Securities</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 77%; font: 10pt Times New Roman, Times, Serif; text-align: left">J.P. Morgan Securities LLC</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right">108,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BofA Securities,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">99,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">RBC Capital Markets, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">54,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Scotia Capital (USA) Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">54,000.000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Wells Fargo Securities, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">54,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BMO Capital Markets Corp.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">27,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MUFG Securities Americas Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">27,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">U.S. Bancorp Investments,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">27,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">450,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. General Use Issuer Free Writing Prospectuses (included in the
General Disclosure Package)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;General Use Issuer Free Writing Prospectus&rdquo;
includes each of the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. Final term sheet, dated September&nbsp;25, 2025,
a copy of which is attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2. Other Information Included in the General Disclosure Package</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following information is also included in the
General Disclosure Package:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pricing Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[</B><I>Intentionally Omitted</I><B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(&ldquo;<B>Significant Subsidiaries</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 74%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiary Name</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>State of Organization</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Black Hills Colorado Electric, LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Black Hills Energy Arkansas,&nbsp;Inc.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arkansas</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Black Hills Power,&nbsp;Inc.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Dakota</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Black Hills Service Company, LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Dakota</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Black Hills Utility Holdings,&nbsp;Inc.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Dakota</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Black Hills Nebraska Gas, LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cheyenne Light, Fuel and Power Company</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wyoming</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-101.SCH
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<XBRL>
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<TYPE>EX-101.LAB
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<FILENAME>bkh-20250925_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
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<XBRL>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
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<DOCUMENT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Sep. 25, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 25,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-31303<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Black Hills Corporation<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001130464<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">46-0458824<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">SD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">7001 Mount Rushmore Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Rapid City<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">SD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">57702<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">605<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">721-1700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock of $1.00 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BKH<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:stateOrProvinceItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<td>dei:centralIndexKeyItemType</td>
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<td>na</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
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<td>xbrli:booleanItemType</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
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<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<tr>
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<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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   "Publisher": "SEC",
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}
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