ALLETE INC — Director's Dealing 2005

Jun 3, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2005-06-02

Reporting Person: Stellmaker Donald W (Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-06-02	Common Stock	M	741	$23.79	Acquired	829.36	Direct
2005-06-02	Common Stock	S	741	$48.22	Disposed	88.36	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-06-02	Employee Stock Option - Right to Buy	$23.79	M	741	Disposed	2013-02-03	Common Stock (741)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	693.46	Indirect

Footnotes

F1: Includes shares acquired in exempt transactions under the dividend reinvestment feature of ALLETE's employee stock purchase plan, and is based on plan information available as of June 1, 2005.

F2: This option was previously reported as covering 860 shares at an exercise price of $20.51 per share, but was adjusted to reflect the spin off of ALLETE's subsidiary, ADESA, Inc., and the reverse stock split on September 20, 2004.