Department Determines Acquisition of ALLETE is "Consistent with the Public Interest" and Recommends MPUC Approval

ALLETE, Inc. (NYSE:ALE) (the "Company") announced that the Company and its transaction partners Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) have reached an agreement with the Minnesota Department of Commerce that will deliver immediate cost savings and substantial benefits to Minnesota Power customers and communities following the approval and completion of the proposed transaction. With this settlement agreement, the Minnesota Department of Commerce, which is charged with advocating for the public interest in utility matters, supports the acquisition of ALLETE as being consistent with the public interest and recommends approval by the Minnesota Public Utilities Commission.