Investor Presentaiton

Base CapX financing plan has limited new equity issuance needs Strong cash flow from Line of credit $400M operations Access to tax equity partners Limited equity needs $ millions $2,500 Financing sources 2020 - 2024 $2,000 $1,500 $240 $150 $1,050 $1,000 $500 $2,160 $720 $0 Cash from operations less Equity* Debt Tax Equity Base Capital Plan** dividends * Assumes DRIP new share issuances ~$20M annually **Supports capital expenditure table on previous page 16 Additional Financing Activities + Cash from new operations + Tax equity + Potential PIE (existing at-market program) ALLETE

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