ALLETE Declares Dividend on Common Stock

ALLETE Declares Dividend on Common Stock DULUTH, Minn.— ALLETE’s (NYSE: ALE) Board of Directors has declared a quarterly dividend on the company’s common stock. A dividend of 28.25 cents per share of common stock was declared by the board. On an annual basis the dividend is equivalent to $1.13 per share, unchanged from the previous quarter.

The regular quarterly dividend on common stock is payable June 1, 2003 to shareholders of record at the close of business May 15, 2003.

ALLETE's corporate headquarters are located in Duluth, Minnesota. ALLETE’s holdings include ADESA, the second largest wholesale automobile auction network in North America; AFC, the leading provider of independent auto dealer inventory financing; Minnesota Power, a low-cost electric utility that serves some of the largest industrial customers in the United States; and significant real estate holdings in Florida. For more information about ALLETE, visit the company’s Web site at www.allete.com.