ALLETE (ALE) Proxy Filing summary

Executive summary

• ALLETE is undergoing an acquisition that will result in it no longer being a publicly-traded company, with shares ceasing to trade on the NYSE upon closing.

• Shareholders and employees will receive $67.00 in cash for each share held at closing, including shares in retirement and employee stock purchase plans.

• The transaction is expected to close in mid-2025, pending shareholder and regulatory approvals and other customary conditions.

• Employees are encouraged to remain focused on operations and will receive further information as the process continues.

Voting matters and shareholder proposals

• Completion of the acquisition is subject to approval by ALLETE's shareholders and regulatory bodies including MPUC, PSCW, and FERC.

• A proxy statement will be filed with the SEC, and shareholders are urged to review it for important information about the transaction.

Board of directors and corporate governance

• Directors, executive officers, and employees may be considered participants in the proxy solicitation for the proposed merger.

• Information about directors and executive officers is available in recent SEC filings, with updates to be provided as needed.