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Investor Presentaiton

SW&P is our regulated electric, natural gas and water distribution company in Wisconsin Overview Wisconsin Public Service Commission regulated • Constructive regulatory environment Significant rate base investment growth . • 12/31/2019 YE rate base $84M ~$14M in 2020, ~$50M estimated spend 2020 through 2024 2020 rate filing impacted by COVID-19 • 2021 filing more likely, filing required by December 2022 Current rates based on 55% equity and 10.4% allowed ROE Natural gas footprint expansion potential Community solar investment proposed Superior Water, Light & Power will offer a new renewable energy option for customers through a community solar garden that is expected to be generating power by 2021 SUPERIOR WATER, LIGHT & POWER CUSTOMERS 15,000 electric, 13,000 natural gas, 10,000 water 22 ALLETE
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