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ALLETE Senior VP and CFO Robert Adams announces retirement plans

DULUTH, Minn.—ALLETE (NYSE:ALE) today announced Senior Vice President and Chief Financial Officer Robert Adams will retire from the company later this year. As part of a planned transition, Adams will remain at the company until June 2022.
Robert Adams Allete

Adams has held a variety of roles in his more-than-35-year career with ALLETE, working directly with
both rate-regulated and non-rate-regulated/diversification activities, since joining the Duluth-based
company in 1987 as a financial analyst. He was named vice president of finance of Minnesota Power in
1997, chief risk officer and vice president of business development in 2008, and promoted to senior
vice president of energy-centric businesses in 2015, where he had responsibility for three of ALLETE’s
operating units: Superior Water, Light and Power; BNI Energy; and U.S. Water Services, Inc. In 2017, he
advanced to senior vice president and CFO of ALLETE. He was also heavily involved in several
successful company startups and was CEO of Reach-All Manufacturing for a period in the early 1990s.
“Bob led many of ALLETE’s successful diversification initiatives during his long career, and his strategic
financial leadership has been integral to ALLETE’s clean-energy transformation,” said ALLETE Chair,
President and CEO Bethany Owen. “Bob has recruited and developed strong, talented, and
experienced finance and accounting teams, who will continue to serve ALLETE with disciplined,
strategic, and values-based leadership well into the future. ALLETE is a stronger, more resilient
company because of Bob’s many contributions throughout his distinguished career, and we wish him
the very best in his upcoming retirement.”
Owen said Adams’ financial discipline serves the company well, evident in the 2015 acquisition
of U.S. Water Services, Inc., an integrated water-solutions company, and its sale in 2019 to strategically
redeploy capital into the growing renewable energy sector. That strategically reinvested capital helped
secure ALLETE’s rank as the second-largest investor in renewable energy among North American
investor-owned utilities, relative to company size, in a recent study.

“I’ve always said ALLETE’s people, through their engagement, collaborative nature and highly
innovative capabilities, are a unique and key ingredient to the ‘special sauce’ behind the company’s
achievements,” Adams said. “Today’s energy industry has such tremendous opportunity and growth
potential. With a great team in place executing its sustainability in action strategy, ALLETE is well positioned to thrive by taking full advantage of the opportunities in clean energy.”

Owen said Adams’ planned retirement is part of an orderly succession plan, and that ALLETE has
initiated steps to identify a new chief financial officer and expects to do so in February 2022.
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric
utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE
Clean Energy, based in Duluth; and BNI Energy in Bismarck, N.D.; and has an eight percent equity
interest in the American Transmission Co. More information about ALLETE is available at
www.allete.com.

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