ALLETE INC — Director's Dealing 2012

Feb 27, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2012-02-23

Reporting Person: SHIPPAR DONALD J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-23	Common Stock	M	5000	$39.10	Acquired	11340	Direct
2012-02-23	Common Stock	S	2500	$41.50	Disposed	8840	Direct
2012-02-23	Common Stock	S	2500	$41.69	Disposed	6340	Direct
2012-02-24	Common Stock	M	5000	$39.10	Acquired	11340	Direct
2012-02-24	Common Stock	S	2400	$41.80	Disposed	8940	Direct
2012-02-24	Common Stock	S	100	$41.83	Disposed	8840	Direct
2012-02-24	Common Stock	S	2500	$41.95	Disposed	6340	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-23	Employee Stock Option (Right to Buy)	$39.10	M	5000	Disposed	2013-05-01	Common Stock (5000)	Direct
2012-02-24	Employee Stock Option (Right to Buy)	$39.10	M	5000	Disposed	2013-05-01	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	23554	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $41.66 to $41.73, inclusive. The reporting person undertakes to provide to ALLETE, Inc., any security holder of ALLETE, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

F2: The option grant provided for vesting in three equal installments on February 1, 2009, February 1, 2010, and February 1, 2011, respectively. By the grant's terms, any remaining unvested options became exercisable upon the reporting person's May 1, 2010 retirement.