ALLETE INC — Director's Dealing 2008

Nov 12, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2008-11-10

Reporting Person: MAYER GEORGE L (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-11-10	Stock Option (Right to Buy)	$27.40	M	1293	Disposed	2011-01-02	Common Stock (1293)	Direct
2008-11-10	Stock Option (Right to Buy)	$29.79	M	1293	Disposed	2012-01-02	Common Stock (1293)	Direct
2008-11-10	Stock Option (Right to Buy)	$26.91	M	1293	Disposed	2013-01-02	Common Stock (1293)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	20352.92	Direct

Footnotes

F1: Includes shares acquired in exempt transactions under the dividend reinvestment feature of ALLETE's stock purchase and dividend reinvestment plan and is based on plan information available as of November 1, 2008.

F2: This option was previously reported as covering 1,500 shares at an exercise price of $23.63 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.

F3: The option vested 50% on January 2, 2002, and 50% on January 2, 2003.

F4: This option was previously reported as covering 1,500 shares at an exercise price of $25.68 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.

F5: The option vested 50% on January 2, 2003, and 50% on January 2, 2004.

F6: This option was previously reported as covering 1,500 shares at an exercise price of $23.20 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.

F7: The option vested 50% on January 2, 2004, and 50% on January 2, 2005.