ALLETE INC — Director's Dealing 2004

Mar 15, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2004-03-08

Reporting Person: AMBERG DEBORAH A (VP, Gen. Counsel & Secretary)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2339.23	Direct
Common Stock	2709.84	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Emp. Stk. Opt. - Rt. to Buy	$14.31	2006-01-02	Common Stock (1526)		Direct
Emp. Stk. Opt. - Rt. to Buy	$13.69	2007-01-02	Common Stock (1640)		Direct
Emp. Stk. Opt. - Rt. to Buy	$21.63	2008-01-02	Common Stock (1152)		Direct
Emp. Stk. Opt - Rt. to Buy	$21.94	2009-01-04	Common Stock (2110)		Direct
Emp. Stk. Opt. - Rt. to Buy	$16.25	2010-01-03	Common Stock (2333)		Direct
Emp. Stk. Opt. - Rt. to Buy	$23.63	2011-01-02	Common Stock (1578)		Direct
Emp. Stk. Opt. - Rt. to Buy	$25.68	2012-01-02	Common Stock (1402)		Direct
Emp. Stk. Opt. - Rt. to Buy	$20.51	2013-02-03	Common Stock (1402)		Direct

Footnotes

F1: 50% was exercisable on January 2, 1997 and 50% on January 2, 1998.

F2: 50% was exercisable on January 2, 1998 and 50% on January 2, 1999.

F3: 50% was exercisable on January 4, 1999 and 50% on January 4, 2000.

F4: 50% was exercisable on January 3, 2000 and 50% on January 3, 2001.

F5: 50% was exercisable on January 2, 2001 and 50% on January 2, 2002.

F6: 50% was exercisable on January 2, 2002 and 50% on January 2, 2003.

F7: 50% was exercisable on January 2, 2003 and 50% on January 2, 2004.

F8: 50% was exercisable on February 3, 2004 and 50% will be exercisable on February 3, 2005.