ALLETE INC — Director's Dealing 2014

Sep 3, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2014-09-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-09-02	Common Stock	M	3549	$41.35	Acquired	18083.74	Direct
2014-09-02	Common Stock	S	3549	$48.42	Disposed	14534.74	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-09-02	Employee Stock Option (Rt. to Buy)	$41.35	M	3549	Disposed	2015-02-01	Common Stock (3549)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12731.2	Indirect

Footnotes

F1: Includes shares acquired in exempt transactions under the dividend reinvestment feature of ALLETE's stock purchase and dividend reinvestment plan and the dividend equivalent feature of restricted stock granted under ALLETE's executive long-term compensation plan; all based on plan information available as of August 31, 2014.

F2: The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $48.32 to $48.54, inclusive. The reporting person undertakes to furnish to any ALLETE shareholder, or the staff of the Securities Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range provided above.

F3: 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 August 31, 2014.

F4: This option vested in three equal installments on February 1, 2006, February 1, 2007, and February 1, 2008.