Investor Presentaiton

Clean energy trends are driving ALLETE's 5-7% growth objective ALLETE is well positioned for success and sustainability Strategic geographic positioning; renewables, transmission and distribution • Proven track record of large scale clean energy projects • Investment in PTC qualified turbines for new wind projects • Recent Treasury guidance extends project construction safe harbor- 100% PTC to the end of 2021 and 80% PTC to the end of 2022 • Substantial liquidity to deploy with minimal equity issuance needed Regulated growth 4-5% 8 Energy Infrastructure minimum growth of at least 15% ALLETE

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