Investor Presentaiton

ALLETE is committed to an attractive value proposition Annual total shareholder return* Consolidated average annual earnings growth Consolidated payout ratio Long-term dividend growth Financial Targets 9 - 10% 5 - 7% 60 - 65% align with earnings Sustainable energy solutions * Defined as earnings growth plus dividend yield Multi-faceted earnings growth potential Regulated, contracted or recurring energy revenues Solid balance sheet and credit ratings with growing cash flow from operations Attractive and growing dividend 13 ALLETE

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