Investor Presentaiton

ALLETE ALLETE Clean Energy with investment in clean energy. PTC qualified turbines Ample capacity to deploy turbines for 500-600 MW of additional projects-build-own-transfer, build-operate, joint partnerships Safe harbor turbines provide differentiated ability to capture value with holdings of 100%, 80% and 60% PTC qualified turbines Demonstrated project and risk management capability to build safely and within budget and schedule MUNTGRACHT MORE spliethoff SMART. POWERFUL. AHEAD. Proxy for new 100% qualified PTC project earnings 100 MW project • Total project cost $150M • Would include tax equity partner's investment of two- thirds of project Generally, ALLETE Clean Energy's investment of one- third of the project would be all equity and generate ~$5M average annual earnings Proxy for 80% qualified PTC project earnings • Tax equity partner's investment 50-60% •Generate $4M average annual earnings 37 Initial Investment Date By: COD Deadline Wind PTC 2016 12/31/2021 100% 2017 12/31/2022 80% 2018 12/31/2022 60% 2020 12/31/2024 60% Recent Treasury guidance extends project construction safe harbor - 100% PTC out to the end of 2021, 80% PTC out to the end of 2022 ALLETE

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