Investor Presentaiton

Major progress evolving our generation mix, providing growth while ensuring reliability and affordability EnergyForward 0000 Wind - 875 MW • Bison 1-4, 500 MW • Nobles 2, 250 MW • Taconite Ridge, 25 MW • Oliver, 100 MW (PPA) Moved faster and further in renewables than other Midwestern utilities ~50% renewable by 2021 7 of 9 coal facilities retired / idled Hydro-370 MW • Minnesota Power, 120 MW • Manitoba Hydro, Solar 20 MW - • Camp Ripley, 10 MW •Other potential Coal - 800 MW • Boswell Units 3-4, 800 MW • Environmentally compliant 250 MW (PPA) Significantly ahead of Minnesota's 25% by 2025 requirement #1 renewable energy provider to customers in the state of Minnesota; #2 in Midwest Potential for higher and accelerated renewables, Governor of Minnesota favors proposals that could lead to 100% clean energy by 2050 Minnesota Power Integrated Resource Plan currently due February 1, 2021 Will address resource needs for next 15 years 10 ALLETE

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