ALLETE INC — Director's Dealing 2003

Sep 22, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2003-09-19

Reporting Person: HALVERSON PHILIP R (VP, Secy & General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-19	Common Stock	M	7306	$14.31	Acquired	23410.46	Direct
2003-09-19	Common Stock	M	7810	$13.69	Acquired	31220.46	Direct
2003-09-19	Common Stock	M	9567	$16.25	Acquired	40787.46	Direct
2003-09-19	Common Stock	S	24683	$27.76	Disposed	16107.77	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-19	Employee Stock Option - Right to Buy	$14.31	M	7306	Disposed	2006-01-02	Common Stock (7306)	Direct
2003-09-19	Employee Stock Option -- Right to Buy	$13.69	M	7810	Disposed	2007-01-02	Common Stock (7810)	Direct
2003-09-19	Employee Stock Option -- Right to Buy	$16.25	M	9567	Disposed	2010-01-03	Common Stock (9567)	Direct

Footnotes

F1: Includes shares acquired in exempt transactions under the dividend reinvestment feature of ALLETE's stock purchase and dividend reinvestment plan based on plan information available as of September 1, 2003.

F2: 50% exercisable January 2, 1997 and 50% exercisable January 2, 1998.

F3: 50% exercisable January 2, 1998 and 50% exercisable January 2, 1999.

F4: 50% exercisable January 3, 2001 and 50% exercisable January 3, 2002.