Investor Presentaiton

Facilities have diverse power markets and balanced contract expiration Power Markets (MW) Contracted Life¹ ALLETE clean energy. SMART. POWERFUL. AHEAD. 38% 45% 43% 42% 7% 10% 15% Midwest Independent Transmission System Operator (MISO) Pennsylvania New Jersey Maryland (PJM) Western Electricity Coordinating Council (WECC) Southwest Power Pool (SPP) 0-5 Yrs 5-10 Yrs 10+ Yrs Weighted average life of contract 11.5 years² Includes Diamond Spring and Caddo which will be constructed in 2020 and 2021, respectively. 2Based on project book value / investment size 35 ALLETE

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