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ALLETE Board of Directors Raises Common Stock Dividend

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  Published in Business and Finance on Thursday, January 22nd 2009 at 5:49 GMT, Last Modified on 2009-01-22 05:49:34 by Market Wire
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DULUTH, Minn.--([ BUSINESS WIRE ])--ALLETE, Inc. (NYSE: ALE) today announced that its Board of Directors has increased the quarterly dividend on the company's common stock by 2.3 percent, to 44 cents per share.

"This increase reflects our commitment to providing value for shareholders and the confidence we have in our long-term earnings potential," said Don Shippar, ALLETE Chairman, President and CEO.

On an annual basis, the increased dividend is equivalent to $1.76 per share. The regular quarterly dividend is payable March 1 to common stock shareholders of record at the close of business Feb. 16, 2009.

ALLETE's corporate headquarters are located in Duluth, Minnesota. More information about the company is available on ALLETE's Web site at [ www.allete.com ].

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. 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.