ALLETE INC — Director's Dealing 2014

Dec 4, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2014-12-03

Reporting Person: McMillan David J (SVP External Affairs)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-03	Common Stock	M	4109	$41.35	Acquired	18424.45	Direct
2014-12-03	Common Stock	S	2200	$52.12	Disposed	16224.45	Direct
2014-12-03	Common Stock	S	781	$52.11	Disposed	15443.45	Direct
2014-12-03	Common Stock	S	1100	$52.09	Disposed	14343.45	Direct
2014-12-03	Common Stock	S	28	$52.08	Disposed	14315.45	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-03	Employee Stock Option (Rt. to Buy)	$41.35	M	4109	Disposed	2015-02-01	Common Stock (4109)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10424.01	Indirect

Footnotes

F1: Includes shares acquired in exempt transactions under ALLETE's employee stock purchase plan, the dividend reinvestment features of ALLETE's stock purchase and dividend reinvestment plan, and the dividend equivalent feature of restricted stock grants under ALLETE's executive long-term incentive compensation plan, all based on respective plan information available as of November 30, 2014.

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 November 30, 2014.

F3: Option vested in three equal installments; one-third vested on February 1, 2006, one-third vested on February 1, 2007, and one-third vested on February 1, 2008.