Black Hills Corporation 2025-2026 Proxy Voting Records

Description as filed by funds: Election of Directors: Anne G. Waleski

Black Hills Corporation’s own tally for this item (“Elect Director: Anne G. Waleski”): 60,223,646 for, 726,965 withheld, per its Form 8-K filed May 1, 2026 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 99% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 113 asset managers below reported 35,114,617 for, 159,212 withheld, 46,866 abstained.

Showing the 25 largest of 113 asset managers. See all 113 in the interactive database.

Description as filed by funds: Election of Directors: Scott M. Prochazka

Black Hills Corporation’s own tally for this item (“Elect Director: Scott M. Prochazka”): 58,581,725 for, 2,368,886 withheld, per its Form 8-K filed May 1, 2026 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 96% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 113 asset managers below reported 34,650,649 for, 388,441 withheld, 281,605 abstained.

Showing the 25 largest of 113 asset managers. See all 113 in the interactive database.

Description as filed by funds: Election of Directors: Teresa A. Taylor

Black Hills Corporation’s own tally for this item (“Elect Director: Teresa A. Taylor”): 57,824,353 for, 3,126,258 withheld, per its Form 8-K filed May 1, 2026 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 95% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 113 asset managers below reported 34,462,667 for, 448,273 withheld, 409,755 abstained.

Showing the 25 largest of 113 asset managers. See all 113 in the interactive database.

Description as filed by funds: To vote on a proposal to approve the issuance of shares of common stock, par value $1.00 per share, of Black Hills ("Black Hills Common Stock"), pursuant to the terms of the Agreement and Plan of Merger, dated as of August 18, 2025 (the "Merger Agreement"), by and among Black Hills, River Merger Sub Inc. ("Merger Sub"), and NorthWestern Energy Group, Inc. ("NorthWestern") (the "Black Hills Issuance Proposal");

The 71 asset managers below reported 23,229,787 for, 672,574 against, 116,705 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Showing the 25 largest of 71 asset managers. See all 71 in the interactive database.

Description as filed by funds: A proposal to approve the issuance of shares of common stock, par value $1.00 per share, of Black Hills, pursuant to the terms of the Agreement and Plan of Merger, dated as of August 18, 2025, by and among Black Hills, Merger Sub and NorthWestern.

The 49 asset managers below reported 11,637,849 for, 2 against, 4,021 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Showing the 25 largest of 49 asset managers. See all 49 in the interactive database.

Description as filed by funds: To vote on a proposal to amend the Black Hills Charter to change the name of Black Hills (the "Black Hills Name Change Amendment");

The 71 asset managers below reported 23,229,787 for, 672,574 against, 116,705 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Showing the 25 largest of 71 asset managers. See all 71 in the interactive database.

The 49 asset managers below reported 11,629,883 for, 2 against, 11,987 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Showing the 25 largest of 49 asset managers. See all 49 in the interactive database.

Description as filed by funds: Change Company Name to Bright Horizon Energy Corporation

Black Hills Corporation’s own tally for this item (“3. To amend the restated articles of incorporation of the Company to change the name of the Company”): 65,098,702 for, 1,844,797 against — passed, per its Form 8-K filed April 2, 2026 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “Shareholders approved to amend the restated articles of incorporation of the Company to change the name of the Company.”
Support: 97% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 2 asset managers below reported 223,164 for.

Description as filed by funds: To vote on a proposal to amend the restated articles of incorporation of Black Hills (the "Black Hills Charter") to increase the authorized shares from 100 million to 300 million (the "Black Hills Share Increase Proposal");

Black Hills Corporation’s own tally for this item (“2. To amend the restated articles of incorporation of the Company to increase the authorized shares from 100 million to 300 million”): 61,251,844 for, 5,712,057 against — passed, per its Form 8-K filed April 2, 2026 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “Proposal 2: Shareholders approved to amend the restated articles of incorporation of the Company to increase the authorized shares from 100 million to 300 million.”
Support: 91% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 113 asset managers below reported 33,595,095 for, 1,949,138 against, 116,705 abstained.

Showing the 25 largest of 113 asset managers. See all 113 in the interactive database.

Description as filed by funds: To vote on a proposal to increase the authorized indebtedness of Black Hills from $8 billion to $20 billion (the "Black Hills Indebtedness Increase Proposal");

Black Hills Corporation’s own tally for this item (“4. Shareholders authorized an increase in the authorized indebtedness of the Company from $8 billion to $20 billion”): 60,574,218 for, 674,470 against, per its Form 8-K filed April 2, 2026 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 99% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 113 asset managers below reported 35,543,732 for, 1 against, 117,205 abstained.

Showing the 25 largest of 113 asset managers. See all 113 in the interactive database.

Description as filed by funds: To vote on a proposal to approve any motion to adjourn the Black Hills special meeting, if necessary (the "Black Hills Meeting Adjournment Proposal").

Black Hills Corporation’s own tally for this item (“6. A proposal to approve any motion to adjourn the Black Hills special meeting, if necessary”): 61,243,243 for, 5,624,167 against — passed, per its Form 8-K filed April 2, 2026 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “This proposal was approved by the requisite vote of the Company's shareholders, but adjournment of the Special Meeting was unnecessary because there was a quorum present and there were sufficient votes received at the time of the Special Meeting for Proposal Nos.”
Support: 92% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 115 asset managers below reported 33,804,565 for, 1,950,845 against, 128,693 abstained.

Showing the 25 largest of 115 asset managers. See all 115 in the interactive database.

Description as filed by funds: Advisory resolution to approve executive compensation.

Black Hills Corporation’s own tally for this item (“3. On an advisory and non-binding basis, the compensation of the Company's named executive officers, as disclosed in the proxy statement”): 59,589,296 for, 1,096,350 against — passed, per its Form 8-K filed May 1, 2026 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “Shareholders approved, on an advisory and non-binding basis, the compensation of the Company's named executive officers, as disclosed in the proxy statement.”
Support: 98% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice).

Fund voting reports, all 116 managers: 35,499,199 for, 19,915 against, 12,216 abstained, 158 mixed. Showing the 25 largest; see all in the interactive database.

Institutional-manager reports, all 376 managers: 34,683,495 for, 374,715 against, 6,193 abstained, 6,781 not voted. Showing the 25 largest; see all in the interactive database.

Description as filed by funds: An advisory vote on the merger- related compensation arrangements of Black Hills' named executive officers.

Black Hills Corporation’s own tally for this item (“5. On a non-binding and advisory basis, the merger-related compensation arrangements of the Company's named executive officers, as disclosed in the joint proxy statement/prospectus”): 58,080,913 for, 3,114,157 against — passed, per its Form 8-K filed April 2, 2026 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “Shareholders approved, on a non-binding and advisory basis, the merger-related compensation arrangements of the Company's named executive officers, as disclosed in the joint proxy statement/prospectus.”
Support: 95% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice).

Fund voting reports, all 113 managers: 34,565,771 for, 972,030 against, 129,193 abstained, 158 mixed. Showing the 25 largest; see all in the interactive database.

Institutional-manager reports, all 369 managers: 32,465,855 for, 1,438,869 against, 259,455 abstained, 1,988 not voted. Showing the 25 largest; see all in the interactive database.

Description as filed by funds: RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP TO SERVE AS BLACK HILLS CORPORATION'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2026.

Black Hills Corporation’s own tally for this item (“2. A proposal to ratify the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the year 2026”): 66,181,234 for, 1,028,970 against — passed, per its Form 8-K filed May 1, 2026 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “Shareholders approved a proposal to ratify the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the year 2026.”
Support: 98% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 116 asset managers below reported 35,492,778 for, 11,787 against, 11,716 abstained.

Showing the 25 largest of 116 asset managers. See all 116 in the interactive database.