ALLETE Declares Stub Period Dividend of $0.008 per Share

On Dec. 14, 2025, the board of directors of ALLETE declared a "stub period" dividend, subject to the consummation of the merger, in an amount equal to $0.008 per share of Company common stock multiplied by the number of days from and including August 16, 2025, the day after the record date for the most recent regular quarterly common stock dividend, to and including the closing date of the Company's previously announced acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners. As previously disclosed, the board of directors of the Company fixed October 16, 2025 as the record date for the "stub period" dividend, provided holders of Company common stock hold their shares to the closing the transaction. The stub period dividend is payable to all holders of Company common stock who also receive the merger consideration. The payment date of the stub period dividend is the fifth business day after the closing of the transaction.