ALLETE INC — Director's Dealing 2011

Nov 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2011-11-08

Reporting Person: AMBERG DEBORAH A (SrVP, Gen. Counsel & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-08	Common Stock	M	1209	$29.79	Acquired	8718.02	Direct
2011-11-08	Common Stock	M	1209	$23.79	Acquired	9927.02	Direct
2011-11-08	Common Stock	S	2418	$38.85	Disposed	7509.02	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-08	Employee Stock Option (right to buy)	$29.79	M	1209	Disposed	2012-01-02	Common Stock (1209)	Direct
2011-11-08	Employee Stock Option (right to buy)	$23.79	M	1209	Disposed	2013-02-03	Common Stock (1209)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9451.63	Indirect

Footnotes

F1: Includes shares acquired in exempt transactions under ALLETE's stock purchase and dividend reinvestment plan, based on plan information available as of October 31, 2011.

F2: Includes shares acquired in exempt transactions under ALLETE's retirement savings and stock ownership plan (RSOP) and is based on RSOP plan information available as of October 31, 2011.

F3: The option vested in three equal installments on January 2, 2003, January 2, 2004 and January 2, 2005, respectively.

F4: The option vested in three equal installments on February 3, 2004, Febraury 3, 2005 and February 3, 2006, respectively.