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Corporation
allete.com

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Portfolio Exits

1

Partners & Customers

8

About ALLETE

ALLETE is an energy company that owns several electric utilities throughout the U.S.

ALLETE Headquarter Location

30 West Superior St.

Duluth, Minnesota, 55802,

United States

218-279-5000

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Latest ALLETE News

ALLETE, Inc. Reports First Quarter Earnings of $1.24 Per Share

May 5, 2022

05/05/2022 | 06:31am EDT Message : Reaffirms 2022 earnings guidance range of $3.60 - $3.90 per share ALLETE, Inc. (NYSE: ALE) today reported first quarter 2022 earnings of $1.24 per share on net income of $66.3 million. Last year’s results were 99 cents per share on net income of $51.8 million. Net income in 2022 includes transaction costs of $1.4 million after-tax, or 3 cents per share, related to the acquisition of New Energy. Net income in 2021 included an approximately $5 million, or 10 cents per share, negative impact related to ALLETE Clean Energy’s Diamond Spring wind energy facility due to an extreme winter storm event in the southern United States in February 2021. “Our financial results for the quarter were solid, reflecting much-needed rate recovery and strong operational performance from ALLETE’s companies,” said ALLETE Chair, President and Chief Executive Officer Bethany Owen. “In addition, we are very pleased to have New Energy now part of the ALLETE family of businesses, as we believe New Energy gives ALLETE a strategic presence in the distributed solar space, along with earnings growth and strong cash flow contributions in support of our dividend, as well as a talented and experienced team.” ALLETE’s Regulated Operations segment, which includes Minnesota Power, Superior Water, Light and Power and the Company’s investment in the American Transmission Company, recorded first quarter 2022 net income of $51.5 million, compared to $45.0 million in 2021. Earnings reflect higher income at Minnesota Power primarily due to the implementation of interim rates on January 1, 2022, and higher kWh sales to residential and commercial customers. These increases were partially offset by higher costs under a 250 MW power purchase agreement, higher operating and maintenance expense, and lower kWh sales to industrial customers. ALLETE Clean Energy recorded first quarter 2022 net income of $16.5 million compared to $7.4 million in 2021. Net income in 2022 reflects higher wind resources compared to 2021. Net income in 2021 included an approximately $5 million after-tax negative impact at ALLETE Clean Energy’s Diamond Spring wind energy facility related to an extreme winter storm event in the southern United States in February 2021. Corporate and Other businesses, which include BNI Energy, ALLETE Properties and our investment in the Nobles 2 wind energy facility, recorded a net loss of $1.7 million compared to a net loss of $600 thousand in 2021. Results in 2022 reflect $1.4 million after-tax of transaction costs related to the New Energy acquisition, and higher expenses compared to 2021, partially offset by higher earnings from our investment in Nobles 2 in 2022, reflecting higher wind resources. “Our consolidated financial results for the quarter are in line with our internal expectations,” said ALLETE Senior Vice President and Chief Financial Officer Steve Morris. “We are affirming our 2022 earnings guidance of $3.60 - $3.90 per share, and anticipate immaterial net impacts on 2022 earnings from the New Energy acquisition and recent equity offering. For the partial year ended 2022, New Energy’s financial results will be impacted by transaction costs and purchase price accounting; excluding these items the transaction will be accretive this year, and we anticipate meaningful accretion in 2023 for the first full year of ownership.” Live Webcast on May 5, 2022; 2022 first quarter slides posted on company website ALLETE’s earnings conference call will be at 10:00 a.m. (EST), May 5, 2022, at which time management will discuss the first quarter of 2022 financial results. Interested parties may listen live by calling (877) 303-5852, pass code 7961608, ten minutes prior to the start time, or may listen to the live audio-only webcast accompanied by supporting slides, which will be available on ALLETE’s Investor Relations website http://investor.allete.com/events-presentations . A replay of the call will be available through May 12, 2022 by calling (855) 859-2056, pass code 7961608. The webcast will be accessible for one year at www.allete.com . ALLETE is an energy company headquartered in Duluth, Minn. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, N.D., New Energy Equity in Annapolis, MD, and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com . ALE-CORP The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission. ALLETE's press releases and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements. Non-GAAP financial measures utilized by the Company include presentations of earnings (loss) per share. ALLETE's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of changes in the fundamental earnings power of the Company's operations. Management believes that the presentation of the non-GAAP financial measures is appropriate and enables investors and analysts to more accurately compare the company's ongoing financial performance over the periods presented.

ALLETE Portfolio Exits

1 Portfolio Exit

ALLETE has 1 portfolio exit. Their latest portfolio exit was U.S. Water Services on February 08, 2019.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

2/8/2019

Acquired - II

$99M

2

Date

2/8/2019

Exit

Acquired - II

Companies

Valuation

$99M

Acquirer

Sources

2

ALLETE Acquisitions

2 Acquisitions

ALLETE acquired 2 companies. Their latest acquisition was New Energy Equity on March 02, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

3/2/2022

Debt

$99M

$50.68M

Acquired

5

1/27/2015

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$99M

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10

Date

3/2/2022

1/27/2015

Investment Stage

Debt

Companies

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Valuation

$99M

$99M

Total Funding

$50.68M

Note

Acquired

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Sources

5

10

ALLETE Partners & Customers

8 Partners and customers

ALLETE has 8 strategic partners and customers. ALLETE recently partnered with Smithfield Foods on June 6, 2019.

Date

Type

Business Partner

Country

News Snippet

Sources

6/14/2019

Client

United States

ALLETE : Clean Energy's Diamond Spring Wind Project Will Provide Renewable Energy to Large Corporate Customers Including Smithfield Foods and Walmart

`` This partnership to source renewable energy is part of our multifaceted and comprehensive approach to reduce our carbon footprint , '' said Kraig Westerbeek , senior director of Smithfield and hog production environmental affairs at Smithfield Foods , Inc. .

7

4/15/2019

Partner

Brazil

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10

12/4/2018

Partner

United States

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10

4/7/2017

Vendor

United States

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10

3/16/2017

Client

United States

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10

Date

6/14/2019

4/15/2019

12/4/2018

4/7/2017

3/16/2017

Type

Client

Partner

Partner

Vendor

Client

Business Partner

Country

United States

Brazil

United States

United States

United States

News Snippet

ALLETE : Clean Energy's Diamond Spring Wind Project Will Provide Renewable Energy to Large Corporate Customers Including Smithfield Foods and Walmart

`` This partnership to source renewable energy is part of our multifaceted and comprehensive approach to reduce our carbon footprint , '' said Kraig Westerbeek , senior director of Smithfield and hog production environmental affairs at Smithfield Foods , Inc. .

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Sources

7

10

10

10

10

ALLETE Team

1 Team Member

ALLETE has 1 team member, including former Senior Vice President, Deb Amberg.

Name

Work History

Title

Status

Deb Amberg

Senior Vice President

Former

Name

Deb Amberg

Work History

Title

Senior Vice President

Status

Former

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