Investor Presentaiton

$2.47 $3.00 $2.50 Dividend growth through business cycles m minnesota power 60 60 50 40 40 30 Million Long Tons 20 20 10 10 Taconite Tons --Dividend $2.35 $2.24 $2.14 $2.08 $2.02 $1.96 $1.90 $1.84 $1. $1.76 $1.76 $1.72 $1.45 $1.26 $2.00 Dividend a $1.50 $1.00 $0.50 $0.00 1996 1997 1998 1999 2000 2001 002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Based on original guidance ALLETE 2017 2018 2019 2020 est. 0 1979 1980 1981 1982 1983 Actual taconite tons are from the MN Department of Revenue reports on taxable production. 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 31

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