ALLETE INC — Director's Dealing 2003

Sep 19, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2003-09-18

Reporting Person: SCHOBER MARK A (VP & Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-18	Common Stock	M	3442	$14.31	Acquired	21065.82	Direct
2003-09-18	Common Stock	M	3898	$13.69	Acquired	24963.82	Direct
2003-09-18	Common Stock	M	7122	$16.25	Acquired	32085.82	Direct
2003-09-18	Common Stock	S	14462	$27.77	Disposed	18002.24	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-18	Employee Stock Option - Right to Buy	$14.31	M	3442	Disposed	2006-01-02	Common Stock (3442)	Direct
2003-09-18	Employee Stock Option - Right to Buy	$13.69	M	3898	Disposed	2007-01-02	Common Stock (3898)	Direct
2003-09-18	Employee Stock Option - Right to Buy	$16.25	M	7122	Disposed	2010-01-03	Common Stock (7122)	Direct

Footnotes

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

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

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

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