Investor Presentaiton

ALLETE anticipates long-term dividend growth In January of 2020, the ALLETE Board of Directors increased the annualized common stock dividend by ~5%, from $2.35 to $2.47 per share. ALLETE has paid common stock dividends consecutively since 1950. $2.47 $2.35 $2.24 Align with $2.14 $1.78 $1.84 $1.90 $1.96 $2.02 $2.08 earnings growth of 5-7% 74% 71% 71% 66% 67% 66% 66% 66% 65% 74%* 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* Payout Ratio Dividend Amount *based on midpoint of updated 2020 earnings guidance 28 Payout ratio 60-65% ALLETE

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