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Investor Presentaiton

Relative to size, ALLETE is one of the largest investors in renewables Solar and Wind Capacity as a Percent of Market Cap (MW / US$ Market Cap)1 ALLETE 45% ALLETE continues to evolve as a market leader, increasing its ranking to 2nd since prior report 10% 27% 24% AGR ALE 15% 15% 13% AQN AES NEE POR ED LNT NJR OTTR EMA XEL OGE Key Trends in the U.S. Renewables Sector and Overview of ALE Portfolio ALA PNM EXC 30 Source: Company public filings, SNL, Press Releases, Bloomberg market data as of 03-Feb-20 Note: Includes both regulated and unregulated wind and solar net generation capacity. 1 Calculated as solar and wind net owned operating capacity / market cap. Excludes development pipelines. BKH MGEE SJI DUK DTE EVRG MDU NWE CMS WEC AEP PNW PCG EIX PEG SRE FTS 1 UGI AEE FE ALLETE

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