FIRST INTERSTATE BANCSYSTEM INC — Director's Dealing 2010

May 26, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FIRST INTERSTATE BANCSYSTEM INC (FIBK)
CIK: 0000860413
Period of Report: 2010-05-25

Reporting Person: SCOTT JAMES R (Director, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-25	Stock Options	$10.50	M	3336	Disposed	2010-06-01	Class B Common Stock (3336)	Direct
2010-05-25	Class B Common Stock	$0.00	M	3336	Acquired	2029-12-31	Class A Common Stock (3336)	Direct
2010-05-25	Class B Common Stock	$0.00	G	3336	Disposed	2029-12-31	Class A Common Stock (3336)	Direct
2010-05-25	Class B Common Stock	$0.00	G	3336	Acquired	2029-12-31	Class A Common Stock (3336)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	17764	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class B Common Stock	$0.00	2029-12-31	Class A Common Stock (45584)	45584	Indirect
Class B Common Stock	$0.00	2029-12-31	Class A Common Stock (2211036)	2211036	Indirect

Footnotes

F1: On March 5, 2010, the Company recapitalized its existing common stock, including, among other things, a redesignation of existing common stock as Class B common stock, a four-for-one stock split of Class B common stock,and the creation of a new class of common stock designated as Class A common stock, which is listed on the NASDAQ stock market under the symbol "FIBK". The Class B common stock is convertible at any time into Class A common stock on a share for share basis at the descretion of the holder. The conversion feature of the Class B common stock does not expire. All stock and stock option awards made prior to the recapitalization are exercisable for shares of Class B common stock.

F2: Disclaims beneficial ownership except to the extent of Mr. Scott's pecuniary interest in the partnership.