ALLETE INC — Director's Dealing 2004

Feb 4, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2004-02-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-02	Common Stock	A	1257.643	—	Acquired	17366.3	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-02	Employee Stock Option - Right to Buy	$32.55	A	5231	Acquired	2014-02-02	Common Stock (5231)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15483.47	Indirect
Common Stock	9.06	Indirect

Footnotes

F1: Includes shares acquired in exempt transactions under the dividend reinvestment feature of ALLETE's employee stock purchase and dividend reinvestment plan based on plan information available as of January 31, 2004.

F2: Includes shares acquired in exempt transactions under ALLETE's retirement savings and stock ownership plan, and is based on plan information available as of January 31, 2004.

F3: 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 January 31, 2004.

F4: The option vests in three equal installments on the first, second and third anniversary of the grant date.