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ALLETE + CPP INVESTMENTS & GIP




ADVANCING ALLETE’S ‘SUSTAINABILITY-IN-ACTION’ STRATEGY AS A PRIVATE COMPANY




CREATING A STRONGER COMPANY FOR EMPLOYEES, CUSTOMERS AND COMMUNITIES


COMMITMENT TO OUR EMPLOYEES

Agreement provides commitments with respect to workforce retention, as well as
maintaining compensation levels and benefits programs and honoring union
contracts. We will also work with our new partners to offer career growth
opportunities for our teams.


COMMITMENT TO OUR EMPLOYEES


ESTABLISHING A STRONGER COMPANY FOR CUSTOMERS

Partnership strengthens ALLETE’s ability to provide safe, reliable energy, with
no expected impact on retail or municipal rates for utility customers. Together,
we will build on our 100+ year history of providing reliable, affordable energy
to customers who are depending on us.


ESTABLISHING A STRONGER COMPANY FOR CUSTOMERS


MAINTAINING CURRENT HEADQUARTERS AND LEADERSHIP

ALLETE’s Minnesota Power and Superior Water, Light and Power (SWL&P) will
continue as independently operated, locally managed, regulated utilities.
Bethany Owen will continue as Chief Executive Officer and the current management
team will continue to lead ALLETE. ALLETE will continue to be headquartered in
Duluth, Minnesota.


MAINTAINING CURRENT HEADQUARTERS AND LEADERSHIP


MEETING THE ENERGY NEEDS OF THE FUTURE

CPP Investments and GIP share our commitments to a clean-energy future and
achieving carbon-free goals of the respective states in which ALLETE and its
companies operate. Through this partnership, we will have access to capital and
further expertise in the sector so we can focus on executing our ambitious
strategy including significant additions of renewable assets, carbon-reduction
investments, and inter-regional reliability enhancing transmission
infrastructure.


MEETING THE ENERGY NEEDS OF THE FUTURE


CONTRIBUTING TO COMMUNITIES

ALLETE and its family of businesses and the Minnesota Power Foundation will
continue to make economic and charitable contributions in service territories to
support vibrant and sustainable communities, close opportunity gaps, and help
people of all ages live with purpose and passion. ALLETE will continue to invest
corporate resources and employee volunteer hours to help build thriving
communities.


CONTRIBUTING TO COMMUNITIES


TERMS OF TRANSACTION DELIVER CASH PREMIUM TO SHAREHOLDERS


$67.00
per share in cash
$6.2B
total enterprise value, including the assumption of debt
19.1%
premium to ALLETE’s unaffected share price1
Unanimous Approval
by the ALLETE Board of Directors
Clear path to completion
by mid-2025

1 Compared to ALLETE’s closing share price on December 4, 2023, the date prior
to a media article reporting that the Company was exploring a sale

> “Through this transaction with CPP Investments and GIP, we will have access to
> the capital we need while keeping our customers, communities and co-workers at
> the forefront of all that we do, with continuity of our day-to-day operations,
> strategy and shared purpose and values. CPP Investments and GIP have a
> successful track record of long-term partnerships with infrastructure
> businesses, and they recognize the important role our ALLETE companies serve
> in our communities as well as our nation’s energy future."

Bethany Owen
Chair, President, and Chief Executive Officer, ALLETE


> “ALLETE’s management team has done an excellent job leading the company toward
> a truly sustainable clean-energy future. Together with GIP, we look forward to
> bringing our sector expertise and long-term capital to support ALLETE’s strong
> management team as they continue to deliver safe, reliable, affordable energy
> services to their customers. ALLETE is at the forefront of the clean energy
> transition and we are thrilled to support the delivery of the company’s
> ‘Sustainability-in-Action’ strategy, which we believe will generate
> substantial value both for ALLETE’s customers and CPP contributors and
> beneficiaries.”

James Bryce
MaNAGING DIRECTOR AND GLOBAL head of INFRASTRUCTURE, cpp investments


> “We are excited to work with Bethany Owen and the full ALLETE team as they
> continue to supply affordable and reliable energy services. GIP, alongside CPP
> Investments, look forward to partnering to provide ALLETE with additional
> capital so they can continue to decarbonize their business to benefit the
> customers and communities they serve. Bringing together ALLETE, with its
> demonstrated commitment to clean energy, with GIP, one of the world’s premier
> developers of renewable power, furthers our commitment to serve growing market
> needs for affordable, carbon-free and more secure sources of energy.”

Bayo Ogunlesi
CHAIRMAN AND CHIEF EXECUTIVE OFFICER, gip


ALLETE CONTACTS


INVESTOR CONTACT

Vince Meyer
Director - Investor Relations & Treasury
218-723-3952
vmeyer@allete.com




MEDIA CONTACT

Amy Rutledge
Director - Corporate Communications
218-723-7400
arutledge@allete.com


CPP INVESTMENTS CONTACT

Asher Levine
Managing Director, Corporate Communications
alevine@cppib.com





GLOBAL INFRASTRUCTURE PARTNERS (GIP) CONTACT

Mustafa Riffat
Managing Director & Global Head of Communications
mustafa.riffat@global-infra.com