ALLETE INC — Director's Dealing 2004

Mar 11, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2004-03-10

Reporting Person: SHIPPAR DONALD J (President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-10	Common Stock	M	3570	$21.63	Acquired	12370.41	Direct
2004-03-10	Common Stock	M	1864	$21.94	Acquired	14234.41	Direct
2004-03-10	Common Stock	M	7840	$16.25	Acquired	22074.41	Direct
2004-03-10	Common Stock	F	9206	$34.08	Disposed	12868.41	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-10	Employee Stk. Opt. - Rt. to Buy	$21.63	M	3570	Disposed	2008-01-02	Common Stock (3570)	Direct
2004-03-10	Employee Stk. Opt. - Rt. to Buy	$21.94	M	1864	Disposed	2009-01-04	Common Stock (1864)	Direct
2004-03-10	Employee Stk. Opt. - Rt. to Buy	$16.63	M	7840	Disposed	2010-01-03	Common Stock (7840)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9748.15	Indirect

Footnotes

F1: 50% vested on January 2, 1999 and 50% vested on January 2, 2000.

F2: 50% of the original option grant vested on January 3, 2001 and the other 50% vested on January 3, 2002.