ALLETE : EEI Financial Conference – November 2022

2022

EEI FINANCIAL CONFERENCE

Hollywood, FL

November 13-15

Forward looking statement

Any statements contained in this presentation and statements that ALLETE, Inc. representatives may make orally in connection with this presentation that are not historical facts are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE, Inc. with the Securities and Exchange Commission.

ALLETE's presentation and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements.

Non-GAAP financial measures utilized by the Company may include a presentation of earnings (loss) per share and earnings. ALLETE's management believes that non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of changes in the fundamental earnings power of the Company's operations. Management believes that the presentation of the non-GAAP financial measures is appropriate and enables investors and analysts to more accurately compare the company's ongoing financial performance over the periods presented. Non-GAAP measures to the most directly comparable GAAP measure, if presented, is included in the appendix.

This presentation was prepared as of November 9, 2022, and ALLETE, Inc. assumes no obligation to update the information or the forward- looking statements contained herein. The 2022 outlook contained herein was provided, and is as of November 9, 2022.

For more information, contact:

Vince Meyer

Director, Investor Relations

and Treasury

1. [e-mail]

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ALLETE Highlights

• Minnesota Power's Integrated Resource Plan to be deliberated on this month could result in additional renewables and storage over the next 15 years
• Significant increase in Base CapX over the next five years (with more to come)
• Recently passed Inflation Reduction Act will benefit all the ALLETE businesses
• Our geographic advantage will provide material long-term growth and diversification
• Very constructive ALJ recommendations for Minnesota Power rate case
• ALLETE Clean Energy well-positioned to benefit from the accelerating transition to clean energy
• New Energy Equity's momentum continues to expand pipeline and into new markets

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Now ranking #1 in renewable investment, ALLETE has evolved to be a market leader.

Solar and Wind Capacity as a Percent of Market Cap (MW / US$ Market Cap)¹

50%

46%

Relative to size, ALLETE is the largest investor in renewables in the country.

Source: Company public filings, SNL, Press Releases, Bloomberg market data as of 16-Feb-22

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. Key Trends in the U.S. Renewables Sector and Overview of ALE Portfolio

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ALLETE's strategy for success is Sustainability in Action

EXPAND RENEWABLES

• Currently ranked #1 among investor-owned utilities for investment in renewable energy based on market capitalization
• Minnesota Power #1 in Minnesota, and #2 in Midwest as a renewable energy provider
• New Energy Equity a leading developer of distributed solar

REDUCE CARBON

• Minnesota Power
• • Retired/idled seven of nine coal facilities
  • 50% renewable energy supply at end of 2020, goal of 70% by 2030
  • Coal-freeby 2035 and 100% carbon-free vision by 2050
• ALLETE Clean Energy
• • 1,500 MW completed and under construction helping utilities, municipalities and C&I customers achieve sustainability goals nationwide

ENHANCE GRID RESILIENCY

• Investing in infrastructure for managing the delivery of increasing amounts of renewable energy, and enhancing the resiliency and reliability of the grid.

DRIVE INNOVATION

• Reducing water use, investing in more weather resistant infrastructure, identifying alternative low- or zero-carbon fuels and carbon capture and sequestration technology.

Workplace

• 2021 Women on Board Winner for Board Gender Diversity
• Minnesota Power & ALLETE Clean Energy named Yellow Ribbon Companies
• Commitment to advancing DE&I
• Proactive and deliberate COVID-19 response

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Community

• Partnering with diverse suppliers
• Corporate funding and employee volunteerism to those in need - and addressing the opportunity gap
• Full commitment to regional economies and host communities

Customers

• Well-positionedto serve the C&I customer segment
• Strong focus on customer ESG & competitiveness needs

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