ALLETE Board of Directors Raises Quarterly Common Stock Dividend

DULUTH, Minn.--(BUSINESS WIRE)-- ALLETE, Inc. (NYSE:ALE) today announced that its Board of Directors has increased the quarterly dividend on the company’s common stock to 65 cents per share, a 3% percent increase.

“ALLETE’s board is confident with this dividend increase given our growth outlook for ALLETE,” said ALLETE Chair, President and CEO Bethany Owen. “We are pleased to deliver another dividend increase to our shareholders, and this adds to our track record of over 72 consecutive years of dividends paid.”

On an annual basis the increased dividend is equivalent to $2.60 per share. The regular quarterly dividend is payable Mar. 1 to common shareholders of record at the close of business Feb. 15, 2022.

ALLETE Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy, based in Bismarck, N.D.; and has an 8 percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220203005268/en/

Investor Contact:

Vince Meyer

218-723-3952

vmeyer@allete.com

Source: ALLETE, Inc.

FAQ

What is the new dividend amount for ALLETE (ALE)?

The new dividend amount for ALLETE is 65 cents per share.

When is the dividend payment date for ALLETE (ALE)?

The dividend payment date is March 1, 2022.

What is the annualized dividend for ALLETE (ALE) after the increase?

The annualized dividend for ALLETE is now $2.60 per share.

How long has ALLETE (ALE) been paying dividends?

ALLETE has a track record of over 72 consecutive years of paying dividends.

What dates are important for the ALLETE (ALE) dividend payment?

The crucial dates are February 15, 2022, for record shareholders and March 1, 2022, for payment.