ALLETE INC — Director's Dealing 2004

Dec 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2004-11-30

Reporting Person: JOHNSON PETER J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-30	Common Stock	M	1250	$16.60	Acquired	14903.84	Direct
2004-11-30	Common Stock	M	1250	$15.88	Acquired	16153.84	Direct
2004-11-30	Common Stock	M	1250	$25.08	Acquired	17403.84	Direct
2004-11-30	Common Stock	M	1293	$25.45	Acquired	18696.84	Direct
2004-11-30	Common Stock	M	1293	$18.85	Acquired	19989.84	Direct
2004-11-30	Common Stock	M	1293	$27.40	Acquired	21282.84	Direct
2004-11-30	Common Stock	M	1293	$29.79	Acquired	22575.84	Direct
2004-11-30	Common Stock	M	646	$26.91	Acquired	23221.84	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-30	Stock Option (Right to Buy)	$16.60	M	1250	Acquired	2006-01-02	Common Stock (1250)	Direct
2004-11-30	Stock Option (Right to Buy)	$15.88	M	1250	Acquired	2007-01-02	Common Stock (1250)	Direct
2004-11-30	Stock Option (Right to Buy)	$25.08	M	1250	Acquired	2008-01-02	Common Stock (1250)	Direct
2004-11-30	Stock Option (Right to Buy)	$25.45	M	1293	Acquired	2009-01-04	Common Stock (1293)	Direct
2004-11-30	Stock Option (Right to Buy)	$18.85	M	1293	Acquired	2010-01-03	Common Stock (1293)	Direct
2004-11-30	Stock Option (Right to Buy)	$27.40	M	1293	Acquired	2011-01-02	Common Stock (1293)	Direct
2004-11-30	Stock Option (Right to Buy)	$29.79	M	1293	Acquired	2012-01-02	Common Stock (1293)	Direct
2004-11-30	Stock Option (Right to Buy)	$26.91	M	646	Acquired	2013-01-02	Common Stock (646)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	109.64	Indirect

Footnotes

F1: Total shown reflects the one-for-three reverse stock split effective at 12:00 noon EDT on September 20, 2004 and includes shares acquired in exempt transactions under the dividend reinvestment feature of ALLETE's stock purchase and dividend reinvestment plan and based on plan information as of November 1, 2004.

F2: This option was previously reported as covering 1,450 shares at an exercise price of $14.31 per share, but was adjusted to reflect the reverse stock split and the spin off of ALLETE's subsidiary, ADESA, Inc., on September 20, 2004.

F3: 50% vested January 2, 1997 and 50% vested January 2, 1998.

F4: This option was previously reported as covering 1,450 shares at an exercise price of $13.69 per share, but was adjusted to reflect the reverse stock split and the spin off of ALLETE's subsidiary, ADESA, Inc., on September 20, 2004.

F5: 50% vested January 2, 1998 and 50% vested January 2, 1999.

F6: This option was previously reported as covering 1,450 shares at an exercise price of $21.63 per share, but was adjusted to reflect the reverse stock split and the spin off of ALLETE's subsidiary, ADESA, Inc., on September 20, 2004.

F7: 50% vested January 2, 1999 and 50% vested January 2, 2000.

F8: This option was previously reported as covering 1,500 shares at an exercise price of $21.94 per share, but was adjusted to reflect the reverse stock split and the spin off of ALLETE's subsidiary, ADESA, Inc., on September 20, 2004.

F9: 50% vested January 4, 2000 and 50% vested January 4, 2001.

F10: This option was previously reported as covering 1,500 shares at an exercise price of $16.25 per share, but was adjusted to reflect the reverse stock split and the spin off of ALLETE's subsidiary, ADESA, Inc., on September 20, 2004.

F11: 50% vested January 3, 2001 and 50% vested January 3, 2002.

F12: This option was previously reported as covering 1,500 shares at an exercise price of $23.63 per share, but was adjusted to reflect the reverse stock split and the spin off of ALLETE's subsidiary, ADESA, Inc., on September 20, 2004.

F13: 50% vested January 2, 2002 and 50% vested January 2, 2003.

F14: This option was previously reported as covering 1,500 shares at an exercise price of $25.68 per share, but was adjusted to reflect the reverse stock split and the spin off of ALLETE's subsidiary, ADESA, Inc., on September 20, 2004.

F15: 50% vested January 2, 2003 and 50% vested January 2, 2004.

F16: This option was previously reported as covering 1,500 shares at an exercise price of $23.20 per share, but was adjusted to reflect the reverse stock split and the spin off of ALLETE's subsidiary, ADESA, Inc., on September 20, 2004.