ALLETE INC — Director's Dealing 2005

Feb 14, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2005-02-11

Reporting Person: SHIPPAR DONALD J (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-11	Common Stock	M	2521	$25.45	Acquired	8148.7	Direct
2005-02-11	Common Stock	M	3608	$23.79	Acquired	11756.7	Direct
2005-02-11	Common Stock	F	4478	$40.91	Disposed	7278.7	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-11	Employee Stock Option - Right to Buy	$25.45	M	2521	Disposed	2009-01-04	Common Stock (2521)	Direct
2005-02-11	Employee Stock Option - Right to Buy	$23.79	M	3608	Disposed	2013-02-03	Common Stock (3608)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6256.55	Indirect

Footnotes

F1: This option was previously reported as covering 6,660 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.

F2: This option vested in two equal installments, 50% on January 4, 2000 and 50% on January 4, 2001.

F3: This option was previously reported as covering 8,371 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.

F4: This option vested in two equal installments, 50% on February 3, 2004 and 50% on February 3, 2005.