ALLETE, Inc.
ALLETE has entered an agreement to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners and start the process to become a private company. Learn more at www.ALLETEforward.com.
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Jan 22, 2009

ALLETE Board of Directors raises common stock dividend

ALLETE Board of Directors raises common stock dividend

DULUTH, Minn. - ALLETE, Inc. (NYSE: ALE) today announced that its Board of Directors has increased the quarterly dividend on the company's common stock by 2.3 percent, to 44 cents per share.

"This increase reflects our commitment to providing value for shareholders and the confidence we have in our long-term earnings potential," said Don Shippar, ALLETE Chairman, President and CEO.

On an annual basis, the increased dividend is equivalent to $1.76 per share. The regular quarterly dividend is payable March 1 to common stock shareholders of record at the close of business Feb. 16, 2009.

ALLETE's corporate headquarters are located in Duluth, Minnesota. More information about the company is available on ALLETE's Web site at www.allete.com.

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.

Investor Contact:
Tim Thorp
218-723-3953
tthorp@allete.com