ALE Allete Inc

You are invited to attend a special meeting of the shareholders (the “Special Meeting”) of ALLETE, Inc. (the “Company”) on August 21, 2024 at 10:30 a.m. Central Daylight Time to be held as a virtual-only webcast. You will not be able to attend the meeting in person. You are invited to attend and vote via the Internet at www.virtualshareholdermeeting.com/ALE2024SM.

At the Special Meeting, you will be asked to consider and vote upon a proposal to approve and adopt the Agreement and Plan of Merger (the “Merger Agreement”), dated as of May 5, 2024, by and among the Company, Alloy Parent LLC, a Delaware limited liability company (“Parent”), and Alloy Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the Merger and becoming a subsidiary of Parent. Upon the closing of the transactions contemplated by the Merger Agreement, Parent will be jointly owned by a wholly owned subsidiary of Canada Pension Plan Investment Board and affiliates of investment vehicles affiliated with one or more funds, accounts or other entities managed or advised by Global Infrastructure Management, LLC.

If the Merger is completed, the Company will become a subsidiary of Parent, and for each share of our common stock you own, you will be entitled to receive $67.00 in cash, without interest, as described in more detail in the accompanying proxy statement under the heading “The Merger Agreement—Effects of the Merger; Merger Consideration” beginning on page 68. The consideration payable to our shareholders represents a premium of approximately 19% relative to the unaffected closing price for shares of our common stock on December 4, 2023 (the last trading day prior to the initial publication of market rumors regarding a potential acquisition of the Company) and a premium of approximately 22% over the 30-day volume weighted average price prior to that date. The consideration reflects a premium of approximately 10% relative to the closing price for shares of our common stock on May 2, 2024 (at market close prior to the publication of the May 2, 2024, market rumors regarding a potential acquisition of the Company).

As a result of the Merger, our common stock will no longer be publicly traded and will be delisted from the New York Stock Exchange. In addition, our common stock will be deregistered under the Securities Exchange Act of 1934, as amended, and we will no longer file periodic reports with the United States Securities and Exchange Commission. If the Merger is completed, you will not own any shares of the surviving corporation.

We urge you to read the accompanying proxy statement, which includes information about the Merger and the Special Meeting. For a discussion of the U.S. federal income tax considerations generally applicable to the Merger, see the section entitled “The Proposed Merger—Certain U.S. Federal Income Tax Considerations of the Merger” beginning on page 55 of the accompanying proxy statement.

Whether or not you plan to virtually attend the Special Meeting, please take the time to vote by following the instructions on your proxy card. The board of directors of the Company unanimously recommends a vote FOR all of the proposals described in the proxy statement.

Your vote is very important regardless of the number of shares you own. We cannot complete the Merger unless holders of at least a majority of the outstanding shares of our common stock entitled to vote at the Special Meeting vote in favor of the proposal to approve the Merger Agreement and the transactions contemplated thereby, including the Merger. The failure to vote will have the same effect as a vote against the proposal to approve the Merger Agreement and the transactions contemplated thereby, including the Merger.

The accompanying proxy statement is dated July 10, 2024, and is first being mailed to our shareholders on or about July 10, 2024.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Merger described in the accompanying proxy statement or determined if the accompanying proxy statement is accurate or adequate. Any representation to the contrary is a criminal offense.

The Board unanimously recommends that you vote FOR the Merger Proposal, FOR the Merger-Related Compensation Proposal and FOR any Special Meeting Adjournment Proposal, if presented. Your attention is directed to the accompanying proxy statement for a discussion of the Merger and the Merger Agreement, as well as the matters that will be considered at the Special Meeting.

Your vote is very important. The conditions to the Merger include that our shareholders approve the Merger Proposal. Approval of the Merger Proposal requires approval by holders of at least a majority of all of the outstanding shares of Company Common Stock entitled to vote at the Special Meeting. Approval of the

nonbinding Merger-Related Compensation Proposal and any Special Meeting Adjournment Proposal, if presented, is not a condition to completion of the Merger. Approval of each of the nonbinding Merger-Related Compensation Proposal and any Special Meeting Adjournment Proposal, if presented, requires the affirmative vote of the holders of a majority of the shares of Company Common Stock entitled to vote at, and represented in person (via the Internet) or by proxy at, the Special Meeting.

If your shares of Company Common Stock are held in “street name” by a broker, bank or other nominee, follow the directions given by the broker, bank or other nominee regarding how to instruct it to vote your shares of Company Common Stock.

Please submit your proxy by accessing the Internet, by telephone or by completing, signing, dating and returning your signed proxy card(s) as soon as possible, so that your shares of Company Common Stock may be represented at the Special Meeting. You may revoke your proxy at any time before the vote at the Special Meeting by following the procedures outlined in the accompanying proxy statement. If you have any questions or need assistance in voting your shares of Company Common Stock, please contact our proxy solicitor, Georgeson LLC, by telephone toll-free at (866) 529-0639 or by email at allete@georgeson.com.

The following questions and answers are intended to briefly address some commonly asked questions regarding the Special Meeting and the Merger. These questions and answers may not address all the questions that may be important to you as a shareholder. You should read the more detailed information contained elsewhere in this proxy statement, the annexes to this proxy statement and the documents referred to or incorporated by reference in this proxy statement. You may obtain information incorporated by reference in this proxy statement without charge by following the instructions under the section entitled “Where You Can Find More Information” beginning on page 104.

The proxy statement is dated July 10, 2024, and, together with the enclosed form of proxy card, is first being mailed to our shareholders on or about July 10, 2024. Except as otherwise specifically noted in this proxy statement, “ALLETE,” “we,” “our,” “us,” the “Company” and similar words refer to ALLETE, Inc. In addition, the terms “shareholder,” “shareholders,” “you” and “yours” throughout this proxy statement refers to a holder of shares of our common stock, no par value.

This proxy statement, and the documents incorporated by reference in this proxy statement, include “forward-looking statements” within the meaning of the federal securities laws, including safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, including statements regarding the proposed Merger, shareholder and regulatory approvals, the expected timetable for completing the proposed transaction and any other statements regarding the Company’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. When used in this proxy statement, or any other documents, words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “target,” “could,” “goal,” “intend,” “objective,” “plan,” “project,” “seek,” “strategy,” “target,” “may,” “will” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the beliefs and assumptions of management at the time that these statements were prepared and are inherently uncertain. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. In addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statements include, among others, the following:

Any such forward-looking statement is qualified by reference to these risks and factors. The Company cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements. Forward-looking statements speak only as of the date of the particular statement, and the Company does not undertake to update any forward-looking statement contained herein.

The Company is an energy company headquartered in Duluth, Minnesota. The Company’s largest business unit, Minnesota Power, is an electric utility which serves 150,000 residents, 14 municipalities, and some of the nation’s largest industrial customers. In addition to Minnesota Power, the Company owns Superior Water, Light and Power, based in Superior, Wisconsin; ALLETE Clean Energy, based in Duluth, Minnesota; BNI Energy, based in Bismarck, North Dakota; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co.

The principal executive offices of the Company are ALLETE, Inc., 30 West Superior Street, Duluth, Minnesota 55802-2093, Attention: Legal Department.

The Company was incorporated in Minnesota in 1906.

Parent was formed solely for the purpose of entering into the Merger Agreement and completing the Merger and the other transactions contemplated by the Merger Agreement, including the financing related to the Merger. Parent will, upon the Closing, be jointly owned by the Sponsors.

The principal executive offices of Parent are c/o Global Infrastructure Management, LLC, 1345 Avenue of the Americas, 30^th Floor, New York, New York 10105, Attention: Legal Department.

Merger Sub was formed solely for the purpose of entering into the Merger Agreement and completing the Merger and the other transactions contemplated by the Merger Agreement. Merger Sub is a wholly owned subsidiary of Parent and has not engaged in any business except for activities incidental to its formation and as contemplated by the Merger Agreement. Subject to the terms of the Merger Agreement, upon the completion of the Merger, Merger Sub will cease to exist, and the Company will continue as the surviving corporation.

The principal executive offices of Merger Sub are c/o Global Infrastructure Management, LLC, 1345 Avenue of the Americas, 30^th Floor, New York, New York 10105, Attention: Legal Department.

CPP Investments is a professional investment management organization that manages the fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. On March 31, 2024, the Fund totaled C$632.3 billion.

The principal executive offices of CPP Investments are c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, Ontario, M5C 2W5, Canada, Attention: Legal Counsel.

GIP is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors. With decarbonization central to its investment thesis, GIP is well positioned to support the global energy transition. Headquartered in New York, GIP has offices in Brisbane, Dallas, Hong Kong, London, Melbourne, Mumbai, Singapore, Stamford and Sydney. GIP has approximately $115 billion in assets under management, as of March 31, 2024. The companies in GIP’s equity portfolios have combined annual revenues of approximately $71 billion and employ approximately 116,000 people, as of March 31, 2024.

Concurrently with the execution of the Merger Agreement, CPP Investments and GIP agreed to provide funding to Parent in connection with the Closing.

The principal executive offices of GIP are c/o Global Infrastructure Management, LLC, 1345 Avenue of the Americas, 30^th Floor, New York, New York 10105, Attention: Legal Department.

The information contained in this proxy statement is furnished in connection with the solicitation of the enclosed proxy by and on behalf of the Board. The proxy will be used at the Special Meeting. We are first mailing this proxy statement and accompanying proxy card to our shareholders on or about July 10, 2024.

The Special Meeting will take place on August 21, 2024 at 10:30 a.m. Central Daylight Time. The Special Meeting will be held as a virtual-only webcast at www.virtualshareholdermeeting.com/ALE2024SM.

As of the date of this proxy statement, the only known business to be presented at the Special Meeting is (1) the Merger Proposal, (2) the Merger-Related Compensation Proposal, (3) any Special Meeting Adjournment Proposal, if presented, and (4) to transact any other business as may properly come before the Special Meeting or any adjournments of the Special Meeting. We are not aware of any other business to be acted upon at the Special Meeting. If any other matters properly come before the Special Meeting, or any adjourned meeting, all shares represented by valid proxies will be voted in accordance with the judgment of the appointed proxies.

The holders of the outstanding shares of Company Common Stock as of the close of business on the Record Date are entitled to one vote for each share held of record on each matter presented to a vote at the Special Meeting to which this proxy statement relates. However, shares for which no proxy is returned (whether registered in the name of the actual holder or in the name of a broker, bank or other nominee) will not be voted. Only shareholders of record as of the close of business on the Record Date will be entitled to vote at the Special Meeting or at any adjournment of the Special Meeting. The Record Date for the Special Meeting is earlier than the date of the Special Meeting.

If you own shares of Company Common Stock as of the close of business on the Record Date but transfer your shares after the close of business on the Record Date but before the Special Meeting, you will retain your right to vote such shares at the Special Meeting, but you will no longer have the right to receive the Merger Consideration with respect to such shares. As of the close of business on the Record Date, there were 57,754,294 shares of Company Common Stock issued and outstanding and entitled to vote at the Special Meeting. The presence at the Special Meeting, via the Special Meeting website or by proxy, of the holders of a majority of the shares of Company Common Stock entitled to vote at the Special Meeting constitutes a quorum for the Special Meeting.

If you are a Company shareholder of record and you vote by mail, by telephone or by Internet or at the Special Meeting via the Special Meeting website, then your shares of Company Common Stock will be counted as part of the quorum. If you are a “street name” holder of shares of Company Common Stock and you provide your broker, bank or other nominee with voting instructions, then your shares will be counted in determining the presence of a quorum. If you are a “street name” holder of shares and you do not provide your broker, bank or other nominee with voting instructions, then your shares will not be counted as present in determining the presence of a quorum.

All shares of Company Common Stock held by shareholders of record that are present via the Special Meeting website or represented by proxy and entitled to vote at the Special Meeting, regardless of how such shares are voted or whether such shareholders abstain from voting, will be counted in determining the presence of a quorum. In the absence of a quorum, the Special Meeting may be adjourned.

If you are a Company shareholder of record, you have the right to revoke your proxy at any time prior to the time your shares of Company Common Stock are voted at the Special Meeting. If you are a shareholder of record of Company Common Stock as of the close of business on the Record Date, your proxy can be revoked in several ways:

However, if your shares of Company Common Stock are held in “street name,” you must check with your broker, bank or other nominee to determine how to revoke your proxy.

The affirmative vote of the holders of a majority of all of the outstanding shares of Company Common Stock entitled to vote at the Special Meeting is required to approve the Merger Proposal.

The affirmative vote of the holders of a majority of the shares of Company Common Stock entitled to vote at, and represented in person (by Internet) or by proxy at, the Special Meeting is required to approve the Merger-Related Compensation Proposal. Because the vote on the Merger-Related Compensation Proposal is advisory only, it will not be binding on us. Accordingly, if the Merger Proposal is approved and the Merger is completed, the compensation will be payable, subject only to the conditions applicable thereto, regardless of the outcome of the nonbinding, advisory vote of our shareholders on the Merger-Related Compensation Proposal.

The affirmative vote of the holders of a majority of the shares of Company Common Stock entitled to vote at, and represented in person (by Internet) or by proxy at, the Special Meeting is required to approve any Special Meeting Adjournment Proposal, if presented.

Under the listing requirements of the NYSE, brokers, banks or other nominees who hold shares in “street name” for a beneficial owner of those shares typically have the authority to vote in their discretion on “routine” proposals when they have not received instructions from beneficial owners. However, brokers, banks or other nominees are not allowed to exercise their voting discretion with respect to the approval of matters that the NYSE determines to be “non-routine.” Accordingly, a “broker non-vote” occurs when a broker, bank or other nominee returns a valid proxy voting upon a matter or matters for which the applicable rules provide discretionary authority but does not vote on a particular item because it does not have discretionary authority to vote on the matter and has not received specific voting instructions from the beneficial owner of such shares.

The Company does not expect any broker non-votes at the Special Meeting because, under NYSE rules, your broker, bank or other nominee does not have discretionary authority to vote your shares of Company Common Stock on any of the proposals described in this proxy statement. Therefore, if you do not instruct your broker, bank or other nominee on how to vote your shares:

Given the foregoing, please be sure to provide your broker, bank or other nominee with instructions on how to vote your shares of Company Common Stock as soon as possible. Please check the voting form used by your broker, bank or other nominee to see if it offers Internet or telephone submission of proxies.

For the Merger Proposal, an abstention or a failure to vote will have the same effect as a vote AGAINST such proposal.

For the Merger-Related Compensation Proposal, an abstention will have the same effect as a vote AGAINST such proposal and a failure to vote at the Special Meeting will have no effect on the vote on such proposal.

For any Special Meeting Adjournment Proposal, if presented, an abstention will have the same effect as a vote AGAINST such proposal and a failure to vote at the Special Meeting will have no effect on the vote on such proposal.

See the section entitled “Dissenters’ Rights” beginning on page 98 and the text of Sections 302A.471 and 302A.473 of the MBCA, which sections are reproduced in their entirety as Annex D to this proxy statement, for more information regarding dissenters’ rights.

Our directors and executive officers beneficially owned 145,999 shares of Company Common Stock as of the close of business on the Record Date for the Special Meeting. These shares represented in total less than 1% of Company Common Stock outstanding and entitled to vote as of the close of business on the Record Date. We currently expect that each of our directors and executive officers will vote their shares of Company Common Stock in favor of all the proposals to be voted on at the Special Meeting, although none of them has entered into any agreements obligating them to do so.

Shareholders of record may vote:

Telephone and Internet voting facilities for shareholders of record will be available 24 hours a day prior to 11:59 p.m. Eastern Daylight Time on August 20, 2024. To participate in the Special Meeting, you will need the 16-digit control number included on your proxy card or on the instructions that accompanied your proxy materials.

If your shares of Company Common Stock are held by a broker, bank or other nominee, please review the voting options provided by them on your voter instruction form and act accordingly.

Whether or not you plan to attend the Special Meeting, your vote is important, and you are urged to vote as soon as possible. You may revoke your proxy prior to or at the Special Meeting. If your shares of Company Common Stock are held by a broker, bank or other nominee, it is important that they receive your voting instructions.

We do not expect that any matter will be brought before the Special Meeting other than the Merger Proposal, the Merger-Related Compensation Proposal, and any Special Meeting Adjournment Proposal, if presented. If any

other matters properly come before the Special Meeting, or any adjourned meeting, all shares represented by valid proxies will be voted in accordance with the judgment of the appointed proxies.

The Board solicits your proxy for use at the Special Meeting. Shares of Company Common Stock held in your name and represented by your proxy will be voted as you instruct if your proxy is duly executed and returned prior to the Special Meeting. Shares represented by proxies that are returned signed but without instructions for voting will be voted as recommended by the Board. Shares represented by proxies that are returned unsigned or improperly marked will be treated as abstentions for voting purposes. You may vote during the Special Meeting by visiting www.virtualshareholdermeeting.com/ALE2024SM and entering the 16-digit control number included on your proxy card or on the instructions that accompanied your proxy materials. You may also revoke your proxy at any time before it is exercised by written notice to the Corporate Secretary of the Company received prior to the Special Meeting. See the section entitled “Information about the Special Meeting and Voting—Revoking Proxies” beginning on page 15 for additional detail.

If your shares are held in “street name” through a broker, bank or other nominee, you will receive instructions on how to vote from your broker, bank or other nominee. You must follow their instructions in order for your shares to be voted.

The cost of preparing, assembling, printing, and mailing this proxy statement, the accompanying proxy card and any other material which may be furnished to shareholders in connection with the solicitation of proxies for the Special Meeting will be borne by us. We have retained Georgeson LLC (“Georgeson”) to assist in soliciting proxies from shareholders, including brokers’ accounts, at an estimated fee of $35,000 plus reasonable out-of-pocket expenses. In addition, some of our officers and other employees, who will receive no compensation in addition to their regular salaries for such solicitation, may solicit proxies by telephone, email, or personal visits. The cost of such additional solicitation, if any, will be borne by us. We expect to reimburse banks, brokerages, and other custodians of Company Common Stock for their reasonable charges and expenses in forwarding proxy materials to beneficial owners.

Our shareholders are being asked to approve any Special Meeting Adjournment Proposal, if presented, which will give our Board authority to adjourn the Special Meeting, including to solicit additional proxies in favor of the Merger Proposal if there are insufficient votes at the time of the Special Meeting to approve the Merger Proposal or in the absence of a quorum. The affirmative vote of the holders of a majority of the shares of Company Common Stock entitled to vote at, and represented in person (via the Internet) or by proxy at, the Special Meeting is required to approve any Special Meeting Adjournment Proposal, if presented.

If we adjourn the Special Meeting to a date that is 120 days or less from August 21, 2024 and we do not set a new record date, we will announce prior to adjournment the date, time and location at which the Special Meeting will be reconvened. No other notice will be provided. If adjournment is for more than 120 days from August 21, 2024, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at the Special Meeting.

We are not aware of any other business to be acted upon at the Special Meeting. If any other matters properly come before the Special Meeting, or any adjourned meeting, all shares represented by valid proxies will be voted in accordance with the judgment of the appointed proxies.

The discussion of the Merger in this section and elsewhere in this proxy statement is qualified in its entirety by reference to the complete text of the Merger Agreement, a copy of which is attached as Annex A to this proxy statement and is incorporated into this proxy statement by reference. This summary does not purport to be complete and may not contain all of the information about the Merger that is important to you. You are encouraged to read the Merger Agreement carefully and in its entirety as it is the legal document that governs the Merger.

The Company and Parent agreed to the acquisition of the Company by Parent under the terms of the Merger Agreement. The Board is using this proxy statement to solicit proxies from the holders of Company Common Stock for use at the Special Meeting.

At the Special Meeting, holders of shares of Company Common Stock will be asked to vote on (1) the Merger Proposal, (2) the Merger-Related Compensation Proposal, (3) any Special Meeting Adjournment Proposal, if presented, and (4) any other business as may properly come before the Special Meeting or any adjournments of the Special Meeting. We are not aware of any other business to be acted upon at the Special Meeting. If any other matters properly come before the Special Meeting, or any adjourned meeting, all shares represented by valid proxies will be voted in accordance with the judgment of the appointed proxies.

If a quorum is present or represented at the Special Meeting, the affirmative vote of the holders of a majority of all of the outstanding shares of Company Common Stock entitled to vote at the Special Meeting is required to approve the Merger Proposal. Accordingly, for shareholders of record who are not present or represented at the Special Meeting and for beneficial owners who fail to instruct their broker, bank or other nominee to vote on any proposal, a failure to vote will have the same effect as a vote against the Merger Proposal.

The vote on the Merger Proposal is a vote separate and apart from the vote to approve either the Merger-Related Compensation Proposal or any Special Meeting Adjournment Proposal, if presented. Accordingly, a Company shareholder may vote to approve the Merger Proposal and vote not to approve the Merger-Related Compensation Proposal or any Special Meeting Adjournment Proposal, and vice versa.

The Merger will not be completed unless our shareholders approve the Merger Proposal. The Board unanimously recommends that shareholders vote FOR the Merger Proposal.

As a result of the Merger, Company Common Stock will no longer be publicly traded and will be delisted from the NYSE. In addition, Company Common Stock will be deregistered under the Exchange Act, and we will no longer file periodic reports with the SEC. If the Merger is completed, you will not own any shares of the surviving corporation.

On and subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each share of Company Common Stock issued and outstanding immediately prior to the Effective Time (other than shares of Company Common Stock held by any holder who properly exercises dissenters’ rights under Minnesota law in respect of such shares and, if applicable, one share of Company Common Stock held by GIP or its affiliate) shall be converted into the right to receive the Merger Consideration.

In addition, generally speaking, Company equity compensation awards will be treated as follows at the Effective Time:

Further, to the extent permitted, the ESPP will terminate as of immediately prior to the Closing Date and no further rights will be granted or exercised under the ESPP thereafter. For any offering period in effect under the ESPP immediately prior to the Closing, the Company will establish a new ESPP Exercise Date, with the automatic purchase of Company Common Stock with respect to accumulated employee contributions of each participant under the Company ESPP in respect of such offering period to occur on such date. The amount of the accumulated contributions of each participant under the ESPP as of immediately prior to the ESPP Exercise Date will, to the extent not used to purchase Company Common Stock in accordance with the terms and conditions of the ESPP, be refunded to such participant as promptly as practicable following the Effective Time, without interest.

As of the date of this proxy statement, the estimated maximum total amount of funds required to complete the Merger is approximately $4.43 billion. Parent and Merger Sub expect this amount to be funded through a combination of the following:

The consummation of the Merger under the Merger Agreement is not subject to any financing condition.

In connection with the entry into the Merger Agreement, MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation (the “Initial Agents”) provided a commitment to Parent under a debt commitment letter, dated May 5, 2024 (as amended, restated, supplemented or otherwise modified in accordance its terms and the terms of the Merger Agreement, the “Debt Commitment Letter”), pursuant to which the Initial Agents committed to provide debt financing (the “Debt Financing”) consisting of (1) a senior secured term loan facility in an aggregate principal amount of up to $600 million, which may be borrowed by Parent (the “Holdco Term Loan Facility”), (2) a senior secured revolving credit facility in an aggregate principal amount of up to $100 million, which may be borrowed by Parent (the “Holdco Revolving Credit Facility” and, together with the Holdco Term Loan Facility, the “Holdco Facilities”), (3) a senior unsecured 364-day backstop term loan facility in an aggregate principal amount of up to $150 million, which may be borrowed by the Company (the “Backstop Term Loan Facility”), (4) a senior unsecured backstop revolving credit facility in an aggregate principal amount of up to $355 million, which may be borrowed by the Company (the “Backstop Revolving Credit Facility”) and (5) a senior unsecured backstop letter of credit facility in an aggregate principal amount of up to $160 million, which may be borrowed by the Company (the “Backstop L/C Facility”).

On June 4, 2024, certain requisite consents with respect to our existing credit agreement, dated as of January 10, 2019, by and among us, JPMorgan Chase Bank, N.A., as the administrative agent, and the lenders party thereto (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms) were obtained. As a result, the Initial Agents’ obligations to provide the Backstop Revolving Credit Facility have been terminated.

On June 6, 2024, certain requisite consents with respect to our existing standby letter of credit agreement, originally dated as of June 15, 2020, by and between us and Wells Fargo Bank, National Association (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms) were obtained and on June 7, 2024, all of the requisite consents with respect to our existing letter of credit agreement, originally dated as of June 11, 2020, by and among us, the lenders listed thereto and CoBank, ACB as the administrative agent (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms) were obtained. As a result, the Initial Agents’ obligations to provide the Backstop L/C Facility have been terminated.

On July 9, 2024, in connection with the Company’s entry into the Note Purchase Agreement for the Replacement Notes (as defined below), Parent notified the Initial Agents that it elected to terminate the commitments with respect to the Backstop Term Loan Facility.

The Initial Agents’ obligation to provide the Debt Financing under the Holdco Facilities is subject to customary conditions, including, without limitation, the following (subject to certain exceptions and qualifications as set forth in the Debt Commitment Letter):

The interest rate applicable to the loans under the Holdco Facilities will range from a rate equal to, at Parent’s option, SOFR plus a margin of 1.125% to 2.500% per annum or a base rate plus a margin of 0.125% to 1.500% per annum, depending on the Company’s senior debt rating. A commitment fee equal to a percentage ranging from 0.125% to 0.375%, depending on the Company’s senior debt rating, will accrue on account of the aggregate principal amount of the loans under the Holdco Facilities.

In the event that the effectiveness of the Holdco Facilities and the initial borrowing in respect of the Holdco Facilities does not occur on or before the earliest of (1) the consummation of the Merger with or without the funding of the Holdco Facilities, (2) 11:59 p.m. Eastern Daylight Time, on the fifth business day following the End Date, including as it may be extended pursuant to the terms of the Merger Agreement and (3) the date on which the Merger Agreement is terminated (other than with respect to ongoing indemnities, confidentiality provisions and similar provisions) in accordance with its terms in the event the Merger is not consummated, then the commitments under the Debt Commitment Letter with respect to the Holdco Facilities will automatically terminate.

Although the Debt Financing described in this proxy statement is not subject to due diligence or a “market out” provision, which allows lenders not to fund their commitments if certain conditions in the financial markets prevail, there is still a risk that such Debt Financing may not be funded when required. As of the date of this proxy statement, no alternative financing arrangements or alternative financing plans have been made in the event the Debt Financing described in this proxy statement is not available as anticipated.

Subject to the terms and conditions of the Merger Agreement, each of Parent and Merger Sub shall use its reasonable best efforts to obtain the Debt Financing on the terms and conditions described in the Debt Commitment Letter, subject to any modifications permitted by the Merger Agreement.

Concurrently with the execution of the Merger Agreement on May 5, 2024, the Sponsors executed and delivered to Parent equity commitment agreements pursuant to which each such Sponsor committed, solely for the purpose of funding, and only to the extent necessary to fund its pro rata share, to make an equity contribution to Parent in an amount equal to its pro rata share of a maximum aggregate amount of approximately $3.58 billion at or prior to the date of the Merger. The proceeds of the equity commitments will be used by Parent, together with the Debt Financing and other sources of funds (if any), solely to fund the Merger Consideration and then-due fees and expenses and any other amounts payable by Parent or Merger Sub related to the consummation of the Merger and the Closing, in accordance with the provisions of the Merger Agreement and the equity commitment agreements, and subject to the terms and conditions thereof.

Each Sponsor’s obligation to fund the equity commitment is conditioned upon:

The maximum aggregate liability under the equity commitment agreement for each Sponsor will not exceed an amount equal to such Sponsor’s pro rata portion of approximately $3.58 billion with respect to the obligation to fund a portion of the Merger Consideration.

The Company is an express third-party beneficiary in certain instances of each equity commitment agreement and has the right to seek specific performance of each Sponsor’s obligations under each equity commitment agreement.

Concurrently with the execution of the Merger Agreement, the Sponsors executed and delivered limited guaranties in favor of the Company pursuant to which each such Sponsor agreed to guarantee the due and punctual payment, if and when due in accordance with the Merger Agreement, and subject to the limitations of liability set forth therein, of such Sponsor’s pro rata share of any termination fees payable by Parent (and certain other fees to be paid in connection therewith), in each of the foregoing cases, only if such amounts become payable pursuant to the Merger Agreement, subject to certain limitations, including, if elected by such Sponsor, any dollar-for-dollar reduction of the applicable termination fee by all or any portion of the liquidation preference of all the then-outstanding Preferred Shares held by such Sponsor or its affiliates in exchange for redemption of the applicable Preferred Shares associated with such offset, and any amounts payable by Parent in respect of certain indemnification obligations.

Each Sponsor’s obligations under its applicable limited guaranty will terminate and be of no further force and effect upon the earliest to occur of:

Under the terms of the Merger Agreement, the Company and Parent agreed that (1) any time during the period from July 1, 2025 to September 30, 2025, we may provide Parent with written notice of our intent to raise equity capital in an amount of no less than $50 million and up to $150 million and (2) at any time during the period from October 1, 2025 to December 31, 2025, we may provide Parent with written notice of our intent to raise equity capital in an amount of no less than $50 million and up to $300 million (less any amounts called by us in connection with the initial equity capital raise between July 1, 2025 and September 30, 2025) and, in each case, Parent shall have 10 business days to notify us of its election to participate in such equity capital raises by funding such amounts in exchange for Preferred Shares.

If Parent elects to participate in either of the equity capital raises, the Company and Parent will (1) execute definitive transaction documents in accordance with the terms set forth in Exhibit D of the Merger Agreement within five business days of Parent’s election in connection with the applicable equity raise and (2) use reasonable best efforts to consummate such transactions as soon as reasonably practicable, subject to any required regulatory approvals. In addition, to the extent permitted by applicable law (including the MBCA), the definitive transaction documents will include a waiver of such provisions of the Company’s organizational documents as may be inconsistent with the terms set forth in Exhibit D of the Merger Agreement and the Company and Parent agreed to cooperate and use reasonable best efforts to ensure that such provisions will not apply to the Preferred Shares.

If Parent declines to participate in the equity capital raises or fails to provide notice within the required 10 business day period with respect to the applicable equity capital raise, we will thereafter be permitted to issue Company Common Stock in the public markets for an amount equal to any unfunded amounts under any such equity capital raises.

In the event that Parent has been issued Preferred Shares in connection with any of the Company’s equity capital raises and the Merger Agreement is terminated in accordance with its terms, upon Parent’s request, the Company shall (1) file, within six months of receipt of such request, a registration statement registering the re-sale of such Preferred Shares by Parent and use reasonable best efforts to cause such registration statement to become effective, (2) provide customary assistance to Parent in conducting a to-be-agreed upon number of underwritten offerings of such Preferred Shares and (3) use reasonable best efforts to list such Preferred Shares for trading on the NYSE.

As part of its regular ongoing strategic review, the Board and Company management periodically, and at least annually, consider potential opportunities to evaluate the future of the Company and enhance stakeholder objectives, including alternatives to the Company’s standalone financing plan, taking into account economic, competitive, regulatory and other conditions, as well as historical and projected industry trends and developments. This ongoing review has, from time to time, included discussions regarding potential mergers, acquisitions, sales of assets or subsidiaries or the sale of the Company in a change of control transaction. In some instances, these discussions resulted in definitive agreements with respect to sales and acquisitions of portions of the business and were ultimately consummated. For example, in 2019 the Company sold its subsidiary U.S. Water Services Inc. to Kurita Water Industries Ltd. and in 2022 the Company acquired New Energy Equity.

The Company developed its “Sustainability-in-Action” strategy beginning in 2019, which was approved by the Board in October 2020. This transformative strategy is designed to enhance and grow the Company by providing sustainable energy solutions to meet changing societal expectations and evolving regulations. The “Sustainability-in-Action” strategy includes an approximately $20 billion capital plan over the next 20 years to reduce carbon, expand renewables, enhance resiliency and reliability of the transmission grid, and also to grow the Company’s non-regulated businesses. The Board engaged in numerous more focused discussions since that time to explore the various strategic pathways available to the Company to finance such plan for transformational growth and maximize stakeholder interests, including as related to the future capital needs of the Company.

In October 2022, the Board and members of Company management spent a portion of the Board’s regular meeting discussing macroeconomic and utility sector updates and the Company’s growth outlook, business plan assessment and preliminary valuation and potential pathways for the Company with representatives of J.P. Morgan, a long-standing financial advisor of the Company. As it did on at least an annual basis for the past 14 years or longer, the Board considered possible ways to maximize value to shareholders and other stakeholders of the Company, including the possibility of a change of control sale of the Company, such as a sale to a strategic acquirer or to a privately held company, either through a broad or targeted outreach process. While the Board and Company management had engaged in discussions regarding similar topics in prior meetings, the Board began to consider more seriously a change of control sale of the Company as a possible path for the Company, particularly in light of the Company’s significant future capital needs and potential financing challenges. The Board and Company management engaged in further discussion regarding the possible sale of the Company during the Board’s regular meeting in February 2023, and the Board further considered whether transitioning to a privately held company with strong financial partners could help to ensure the Company would have access to the significant capital needed for its planned investments now and over the long-term.

On March 21, 2023, the Board met at a special meeting at which certain members of Company management and Skadden, Arps, Slate, Meagher & Flom LLP (“Skadden”) (counsel to the Company) were present, and representatives of J.P. Morgan attended portions of the meeting. Representatives of Skadden discussed certain legal and regulatory matters relating to the proposed process and reminded the Board of its fiduciary duties in connection with the review of strategic alternatives, including a potential sale transaction. Representatives of J.P. Morgan covered strategic and valuation dynamics in the sector, revisited the Company’s growth outlook, provided a preliminary valuation analysis of the Company and provided perspectives and considerations in connection with the Company’s potential strategic pathways. Company management and the Board engaged in discussion with representatives of Skadden and J.P Morgan regarding the possibility of exploring strategic alternatives, including potential outreach to select parties with experience in the public utility sector. The Board determined to focus outreach on infrastructure and pension funds because the Board believed such parties would have the financial resources to invest in the substantial future capital growth needs of the Company and because of concerns that strategic buyers, which may not be willing to partner with the Company to support regulatory goals in Minnesota and Wisconsin in light of focus on separate interests, could be less attractive investors from a regulatory perspective. In contrast, most pension and infrastructure funds could provide increased access to capital to enhance infrastructure

investment as well as fast-track key growth strategies, express a commitment for a long-term hold and make commitments in regulatory processes, including those relating to employees and maintenance of existing headquarters. In light of concerns regarding the risk of leaks and potential distractions to Company management and the Board, and Company management’s view of the universe of potential acquirors, the Board authorized J.P. Morgan to move forward with exploring the possibility of engaging with certain infrastructure and pension funds that were likely to be able to meet such criteria and could be interested in acquiring the Company through an initial pre-screening process.

At the Board’s direction, representatives of J.P. Morgan conducted initial outreach to potential buyers through a pre-screening process to gauge interest in purchasing a small- to mid-cap primarily electric utility. From late March 2023 into early April 2023, representatives of J.P. Morgan held discussions with representatives of seven pension and infrastructure funds, including GIP. During these meetings, representatives of J.P. Morgan assessed the interest of each applicable party in an acquisition of various companies with similar characteristics to the Company (including the Company), as well as each party’s financial capability, regulatory experience and ability to consummate a transaction of the type contemplated. While two of the seven pension and infrastructure funds indicated that such a transaction would not be well-suited to them, five of the seven parties, including GIP and four other potential counterparties, which we refer to as Parties A, B, C and D, expressed an interest in potentially pursuing a transaction of that type.

On April 7, 2023, the Board held a special meeting at which certain members of Company management and representatives of Skadden were present, and representatives of J.P. Morgan attended portions of the meeting. Representatives of J.P. Morgan provided an update on their initial outreach to the seven pension and infrastructure funds the Company had identified as most interested and capable of pursuing a transaction, including their ability to pay a premium and to meet the Company’s capital needs on a go-forward basis. Based on the feedback received by representatives of J.P. Morgan from the counterparties in the initial meetings, the Board determined to continue to move forward with exploring potential engagement with the five pension and infrastructure funds with whom representatives of J.P. Morgan had met that had expressed an interest in potentially pursuing a transaction.

On April 26, 2023, the Board held a regular meeting at which certain members of Company management were present, and representatives of J.P. Morgan and Skadden attended portions of the meeting. During the meeting, the Board engaged in discussion with members of Company management regarding the implications of a possible transaction, including regulatory approvals and the importance of ensuring that a transaction would not negatively impact the Company’s customers, employees and the communities in which the Company operates nor pose an inordinate distraction of Company management due to the significant amount of attention and focus that would be required to complete such a transaction. Members of Company management and representatives of J.P. Morgan and Skadden provided an overview of the potential counterparties and the proposed timeline and next steps in the process, including the approach to confidentiality agreements and preparing key financial information for potential counterparty review, as well as conducting “fireside chats” with each of the potential counterparties involved in the process. The Board determined to continue to proceed with a possible sale process, including the steps outlined by members of Company management and the Company’s advisors.

At the direction of the Board, in early June 2023, Company management also began negotiating the terms of an engagement letter with J.P. Morgan in connection with J.P. Morgan’s services with respect to the potential transaction. The engagement letter was executed on July 5, 2023.

Beginning in the end of June 2023 and over the following weeks, at direction of the Board, representatives of J.P. Morgan spoke with representatives of each of the five parties that had previously expressed an interest in pursuing a transaction, in each case, to revisit each such party’s interest in and ability to engage in an acquisition of a company with a profile similar to the Company. On July 1, 2023, following CPP Investments’ indication that it may be open to pursing an investment in utilities and based on CPP Investments’ experience in the sector, representatives of J.P. Morgan met with CPP Investments to gauge CPP Investments’ interest in pursuing an acquisition of various companies with similar characteristics to the Company (including the Company). CPP Investments confirmed to representatives of J.P. Morgan that it would be interested in considering a transaction with the Company. In addition to CPP Investments, each of the five parties, including GIP, expressed a continued interest in the opportunity and requested that representatives of J.P. Morgan send a confidentiality agreement such that it could learn more about the possibility of a transaction. At the direction of the Company, J.P. Morgan sent draft confidentiality agreements that had been prepared by Skadden to each party for review, and, following negotiation of the draft confidentiality agreement between the Company and each such counterparty, each party returned an executed confidentiality

agreement to the Company, through representatives of J.P. Morgan, over the following weeks. Prior to execution of GIP’s confidentiality agreement, GIP requested permission to share materials with CalPERS (pursuant to a preexisting arrangement between GIP and CalPERS), and CalPERS also executed a confidentiality agreement in connection with its potential participation in the transaction as the sole limited partner of a fund managed by GIP that would invest alongside other funds managed by GIP. The terms of all seven confidentiality agreements were substantially similar. Each agreement included (1) customary confidentiality and non-disclosure obligations, (2) a non-solicitation covenant and (3) a standstill provision with customary fallaways and the ability to make confidential proposals to the Company without any “don’t ask, don’t waive” provisions. Once the negotiation of a confidentiality agreement was finalized with the applicable party, the party was informed by representatives of J.P. Morgan that the Company would be the counterparty.

On July 15, 2023, the Company opened the electronic data room containing certain limited financial information to each of the parties that had executed a confidentiality agreement. After the opening of the electronic data room, the potential counterparties engaged in preliminary due diligence on the Company, and certain of their representatives and advisors participated in financial diligence sessions with the Company, including a session with members of Company management and representatives of GIP on July 24, 2023.

During the end of July 2023 and early August 2023, Bethany Owen, Chair, President & Chief Executive Officer of the Company, Steven Morris, Senior Vice President and Chief Financial Officer of the Company, Jeff Scissons, Company Corporate Development and ALLETE Clean Energy Strategy Officer, held six “fireside chats” in New York, New York and Bloomington, Minnesota, each with one potential counterparty, including CPP Investments and GIP. Representatives of J.P. Morgan were present at each such meeting. During these discussions, Company management provided introductions to the Company and the Company’s strategy, outlook, business mix and rationale for considering a potential transaction, including the Company’s capital needs. In addition, through these discussions, Company management sought additional information regarding the potential counterparties and their background, typical investment approach and governance arrangements.

On July 27, 2023, the Board held a regular meeting at which certain members of Company management were present, and representatives of J.P. Morgan and Skadden attended portions of the meeting. Members of Company management and representatives of J.P. Morgan provided the Board with an update on macroeconomic conditions in the utility sector and the process and engagement with potential counterparties in connection with a potential sale, including an overview of the confidentiality agreements that had been executed and the “fireside chats” that had occurred to date. The Board engaged in discussion with Company management and representatives of J.P. Morgan and Skadden regarding, among other things, industry developments, the regulatory approval landscape and go-forward engagement with potential counterparties.

On August 7, 2023, the Company provided to the potential counterparties a Round 1 process letter outlining the instructions for submission of a nonbinding initial indication of interest due on September 7, 2023.

On August 9, 2023, the Board held a special meeting at which certain members of Company management were present, and representatives of J.P. Morgan and Skadden attended portions of the meeting. Members of Company management and representatives of J.P. Morgan provided the Board with an overview of the additional “fireside chats” that had occurred since the prior Board meeting and discussed the timeline and process for receipt of nonbinding bids from the potential counterparties.

Over the following weeks, the Company began the process of adding documents to the electronic data room for Round 2 of the process.

While Party A engaged in certain limited discussions with the Company, including submission of initial diligence requests and participation in a call with members of Company management and representatives of J.P. Morgan in early to mid-August, Party A communicated with representatives of J.P. Morgan prior to the Round 1 bid date that it had determined not to proceed with exploring a potential transaction with the Company based on its inability to reach a meaningful valuation premium to the Company’s public market valuation. Party B and Party C did not meaningfully engage with the Company beyond the “fireside chat” stage and communicated with representatives of J.P. Morgan around the time of the bid deadline that they had determined not to proceed with the opportunity, citing concerns around their inability to reach a material valuation premium, primarily due to the Company’s industrial customer base and the perceived risk associated therewith, coal mining operations and their

limited capital. On September 6, 2023, representatives of Party D informed representatives of J.P. Morgan that they would not be able to provide an offer at a price that would be competitive, as it could only reach a valuation premium of 10% to 15% to the Company’s public market valuation at such time.

On September 7, 2023, GIP submitted to the Company a nonbinding offer of $71.00 per share, noting its ability to secure capital to fund at least 50% and possibly up to 100% of the transaction, subject to discussion with potential equity partners in Round 2. Due to restrictions in the confidentiality agreement limiting the ability of GIP to discuss the proposed transaction with other potential equity investors without the Company’s consent, GIP noted its ability to secure 100% of the capital was uncertain and could take incremental time. On September 11, 2023, CPP Investments submitted to the Company a nonbinding offer of $69.26 per share. Both bids were based on only preliminary and limited due diligence and were subject to customary due diligence, such as commercial, financial, technical, legal, regulatory, environmental, insurance and tax matters.

On September 15, 2023, the Board held a special meeting at which certain members of Company management and representatives of J.P. Morgan and Skadden were present. Members of Company management and representatives of J.P. Morgan provided an update on the transaction process, including a description of the status of each of the potential counterparties participating in the process. In addition, members of Company management and representatives of J.P. Morgan provided summaries of the indicative written offers from CPP Investments and GIP, including the valuations, required regulatory approvals, outstanding diligence matters and GIP’s need to find a partner to be able to fund the transaction. Representatives of J.P. Morgan also provided a preliminary valuation of the Company. In addition, representatives of Skadden presented the Board with an overview of the key terms of the draft of the merger agreement proposed to be provided to potential counterparties, including the fiduciary out provisions to permit the Board to consider unsolicited proposals received following the execution of the merger agreement, the provisions related to the parties’ respective regulatory obligations and the allocation of regulatory risk, related remedies provisions, termination rights and closing conditions, as well as other key terms related to social and governance commitments, which were designed to enhance regulatory approval certainty. During this meeting, the Board engaged in discussion regarding the process conducted to date, the indicative offers received, key considerations, and the potential go-forward process and next steps, including presentations to be conducted by Company management to each potential counterparty, diligence and negotiation of a merger agreement. The Board determined to continue to engage with CPP Investments and GIP and to move forward with these potential counterparties in Round 2, as well as to permit GIP to engage in discussions with potential equity partners.

Following notification by representatives of J.P. Morgan that GIP would be invited into Round 2 of the process, GIP began outreach to potential equity partners to participate jointly with GIP in the proposed transaction. From the beginning of October 2023 until the beginning of November 2023, the Company and GIP executed confidentiality agreement joinders with three potential minority investors that were interested in exploring the transaction as an equity partner to GIP, including a potential minority investor we refer to as Minority Investor 1 and another potential minority investor we refer to as Minority Investor 2.

On September 27, 2023, at the direction of the Board, representatives of J.P. Morgan invited each of CPP Investments and GIP to Round 2 and opened the Round 2 electronic data room for the potential counterparties to begin the second phase of diligence. With the expansion of the materials in the electronic data room, CPP Investments and GIP each engaged in further due diligence on the Company, and their representatives and advisors participated in extensive diligence sessions with the Company on various topics, including modeling and forecasting, environmental, legal, technical, tax and cyber matters, as well as regulatory matters, including calls with representatives of each of CPP Investments (on November 20, 2023) and GIP (on November 1, 2023, and November 6, 2023) and their (and the Company’s) respective financial and legal advisors regarding the regulatory approvals contemplated in connection with the proposed transaction and related considerations. Representatives of Minority Investor 1 also joined certain diligence sessions. The Company provided substantial additional due diligence materials, including responses to a significant number of diligence questions about the Company and its businesses, in the electronic data room in response to requests from the potential counterparties.

On October 22, 2023, representatives of CPP Investments notified representatives of J.P. Morgan of the possibility that it would pursue a minority partner to invest alongside CPP Investments.

On October 23 and 24, 2023, members of Company management conducted management presentations in Bloomington, Minnesota, at which representatives of J.P. Morgan were present, to representatives of CPP Investments and GIP (along with Minority Investor 1 and Minority Investor 2), respectively. During each of the

management presentations, Company management shared an overview of the Company’s financial information, including Company forecasts prepared by Company management, business unit strategies, the Company’s 20-year capital forecast, regulatory matters, the energy transition and the Company’s “Sustainability-In-Action” strategy. Following the management presentation to CPP Investments on October 23, 2023, members of Company management met with representatives of GIP, Minority Investor 1 and Minority Investor 2 for dinner and discussion in advance of the following day’s management presentation to GIP and such potential partners.

On October 25, 2023, the Board held a regular meeting at which certain members of Company management were present, and representatives of J.P. Morgan and Skadden attended portions of the meeting. Members of Company management and representatives of J.P. Morgan provided an update on engagement with potential counterparties since the prior Board meeting, including regarding management presentations and diligence conducted to date. In addition, representatives of J.P. Morgan noted that GIP was working with potential partners in addition to CalPERS, including Minority Investor 1, and that CPP Investments also had proposed to introduce a minority partner and provided the Board with an overview of such potential partners. Representatives of Skadden provided the Board with an update regarding the timeline for the transaction and also provided an overview of considerations related to engaging a second financial advisor. The Board engaged in discussion with Company management and representatives of J.P. Morgan and Skadden regarding industry trends, potential counterparties and regulatory considerations. Prior to the Board meeting, representatives of J.P. Morgan had provided a customary written relationship conflicts disclosure letter to the Company via Skadden. Following the J.P. Morgan representatives’ departure from the meeting, representatives of Skadden discussed J.P. Morgan’s disclosure letter with the Board and recommended that the Board consider obtaining a second fairness opinion in light of the relationships with CPP Investments and GIP disclosed in J.P. Morgan’s conflicts disclosure. After discussing the conflicts disclosure letter, Skadden’s recommendation and the pros and cons of obtaining a second fairness opinion (including the cost thereof), the Board determined that it was in the best interests of the Company to engage a second financial advisor to deliver a second fairness opinion at the appropriate time in the process, should the Company continue to move forward with the potential counterparties. The Board requested that Company management and its legal advisors make recommendations with respect to potential suitable financial advisor candidates based on their assessment of their qualifications and expertise in such capacity.

On October 31, 2023, the Company provided to CPP Investments and GIP a Round 2 process letter outlining the instructions for submission of binding proposals no later than December 18, 2023, and requesting a complete markup of the merger agreement by November 29, 2023.

In early November 2023, Company management provided a summary of key terms of the initial draft of the merger agreement along with a full draft of the merger agreement to the Board for review prior to it being provided to potential counterparties.

On November 9, 2023, the Company provided the initial draft of the merger agreement to CPP Investments and GIP for their review and comment.

At the request of each of GIP and CPP Investments, on November 19, 2023 and November 21, 2023, Ms. Owen met with representatives of GIP and CPP Investments, respectively, for dinner and discussion in Minneapolis, Minnesota, and Bloomington, Minnesota, respectively. During the meetings, Ms. Owen and the representatives of GIP and CPP Investments discussed the Company’s strategy, the importance of culture and values, the Company’s focus on customers, communities, and opportunities for employees, and the future capital needs of the Company.

On November 22, 2023, with further confirmation in early December, representatives of CPP Investments informed representatives of J.P. Morgan that, while they remained interested in the proposed transaction, they would require an equity partner to be able to proceed with a final bid. Over the next several weeks, CPP Investments continued to perform diligence and to explore potential partnerships. During the end of November and early December, the Company and CPP Investments executed confidentiality agreement joinders with two parties that were interested in exploring the transaction as an equity partner to CPP Investments.

In mid-to-late November 2023, based on requests from CPP Investments and GIP in relation to having more time to facilitate equity consortium partnering discussions, at the direction of Company management, representatives of J.P. Morgan advised CPP Investments and GIP that the bid deadline would be extended to mid-January 2024, with the deadline for the Company to receive a markup of the draft merger agreement extended to December 9, 2023.

On November 23, 2023, the Board held a special meeting at which certain members of Company management and representatives of Skadden were present, and representatives of J.P. Morgan attended portions of the meeting. Ms. Owen provided an update on her meetings with representatives of GIP and CPP Investments on November 19, 2023, and November 21, 2023, respectively. Members of Company management and representatives of J.P. Morgan provided an update on the process, timeline, diligence and developments with respect to potential partners for CPP Investments and GIP, including that GIP was continuing to identify potential partners and that CPP Investments had begun outreach to certain potential partners. The Board engaged in discussion regarding counterparties and potential partnerships, including how such partnerships could evolve in the process, regulatory considerations and macro trends in the industry.

On December 5, 2023, an online financial news website published an article reporting that the Company was exploring a sale of the Company and had retained J.P. Morgan in connection therewith. The article stated that potential buyers included infrastructure funds and buyout firms but that no deal was certain. The Company did not comment on the article, which was consistent with its policy of not commenting on market rumors regarding mergers and acquisitions. Following publication of the article, the price of shares of Company Common Stock increased approximately 8% to close on December 5, 2023, at $60.76 per share.

Following the December 5, 2023, news article regarding the possible transaction, representatives of J.P. Morgan received inquiries from three parties who had not previously been engaged in the process, including one potential minority investor we refer to as Minority Investor 3 that expressed interest in partnering with another potential investor in the process. While the three parties initially expressed interest in a possible transaction, none of such parties executed a confidentiality agreement to proceed with the transaction. Following receipt of such inquiries, at the direction of the Board, representatives of J.P. Morgan introduced Minority Investor 3 to CPP Investments to engage in preliminary discussions regarding a possible partnership.

On December 8, 2023, Kirkland & Ellis LLP (“Kirkland”) (counsel to GIP and, following CPP Investment’s joinder to the investor consortium with GIP, counsel to GIP and CPP Investments), on behalf of GIP, submitted an initial markup of the merger agreement to Skadden. While the markup of the merger agreement addressed most matters contained in the agreement, it did not include comments on, and reserved with respect to, regulatory matters and the covenants applicable to the operation of the business between signing and closing.

Given the evolving state of the partnerships, at the direction of Company management, representatives of J.P. Morgan communicated to CPP Investments and GIP an updated binding bid date of January 26, 2024.

On December 12, 2023, the Board held a special meeting at which certain members of Company management were present, and representatives of J.P. Morgan and Skadden attended portions of the meeting. Members of Company management and representatives of J.P. Morgan and Skadden provided an update on the process, including the news article describing the process and that additional parties had contacted representatives of J.P. Morgan following its publication and that representatives of J.P. Morgan had introduced Minority Investor 3 with CPP Investments. Representatives of Skadden also provided an update on the merger agreement process, including that a markup of the merger agreement had been received from Kirkland on behalf of GIP on December 8, 2023, noting that GIP had not provided comments on some of the key provisions of the merger agreement, including on regulatory matters, and that a markup of the merger agreement had not yet been received from CPP Investments. The Board engaged in discussion with Company management and representatives of J.P. Morgan and Skadden regarding the timeline, diligence status, potential counterparty partnerships, experience of potential counterparties and minority investors in similar transactions and regulatory considerations. Following the Board meeting, the Company extended the deadline for the Company to receive markups of the merger agreement to January 5, 2024.

In mid-December 2023, CPP Investments requested consent to discuss with Party A the possibility of partnering with respect to the transaction. On December 18, 2023, CPP Investments began discussing with Party A the possibility of participating jointly in a investor consortium in connection with the transaction.

On December 21, 2023, the Board held a special meeting at which certain members of Company management and representatives of Skadden were present, and representatives of J.P. Morgan attended portions of the meeting. Members of Company management and representatives of J.P. Morgan provided an update on the transaction, including counterparty partnerships and project timeline, as well as Company outlook. The Board engaged in discussion regarding next steps in the process, including the possibility of introducing CPP Investments and GIP if

their respective partnerships did not materialize. In addition, members of Company management provided an overview of Company results and outlook, and the Board and Company management engaged in a discussion regarding long-term average growth rates, expense management and rate case impacts, including as related to perspectives on a possible transaction.

On December 22, 2023, the Company uploaded a draft of the Company disclosure schedules to the electronic data room for review by the potential counterparties.

By mid-December 2023, the parties being considered as potential partners for CPP Investments (including Party A and Minority Investor 3) either determined not to proceed with the process or had not demonstrated considerable interest and investment in the process. Meanwhile, two of the parties exploring a possible equity partnership with GIP had determined not to proceed with the transaction, with only Minority Investor 1 and CalPERS remaining as part of a possible investor consortium with GIP.

On December 29, 2023, the Board held a special meeting at which certain members of Company management and representatives of Skadden were present, and representatives of J.P. Morgan attended portions of the meeting. Members of Company management and representatives of J.P. Morgan provided an update on developments of the discussions of CPP Investments and GIP with their respective partners, including that GIP was no longer in discussions with two of its potential partners and that CPP Investments was still in very early discussions with Party A and conversations with Minority Investor 3 had not progressed. Discussion ensued regarding the project timeline and possibility and potential impacts of delay, counterparty partnerships, diligence status, regulatory considerations and share price and valuation. In light of the failure of certain partnership discussions to progress with respect to CPP Investments and GIP and the Board’s view of the viability of CPP Investments and GIP as potential counterparties, the Board instructed J.P. Morgan to introduce CPP Investments and GIP and authorize CPP Investments and GIP to engage in discussions with respect to jointly pursuing a transaction. Following the departure of the J.P. Morgan representatives from the meeting, the Board discussed with Company management and representatives of Skadden process and timing, including with respect to a second fairness opinion.

At the direction of the Board, on December 29, 2023, representatives of J.P. Morgan introduced representatives of CPP Investments and GIP and, in connection with the confidentiality agreements, provided permission for CPP Investments and GIP to discuss with each other the potential transaction and the possibility of pursuing the transaction as partners. In that conversation, the parties discussed the possibility of pushing back the deadline for the Company to receive a draft of the merger agreement submission in order to give the parties time to provide an integrated markup. On January 8, 2024, and following certain conversations between representatives of J.P. Morgan and the parties consistent with such request, at the direction of Company management, representatives of J.P. Morgan notified CPP Investments and GIP by email requesting a complete draft of the merger agreement no later than January 12, 2024.

On January 12, 2024, Kirkland, on behalf of CPP Investments, GIP and Minority Investor 1, submitted a further revised draft of the merger agreement to Skadden. The draft included comments with respect to, among other things, regulatory matters and the covenants applicable to the operation of the business between signing and closing. The primary issues in Kirkland’s revised draft of the merger agreement related to the covenants applicable to the operation of the business between signing and closing and regulatory matters, including modifications to the definition of Burdensome Condition and a proposal that the Parent regulatory termination fee be set at 3.5% of the transaction equity value.

Following a public announcement that BlackRock, Inc. (“BlackRock”) had entered into an agreement to acquire GIP, GIP’s Founder, Chairman and Chief Executive Officer called Ms. Owen to inform her about the BlackRock transaction. In that call, GIP’s Founder, Chairman and Chief Executive Officer indicated that GIP would continue to manage its investments and that GIP’s transaction with BlackRock did not change GIP’s interest in or the dynamics associated with the proposed transaction with the Company. The Company neither conferred with representatives of BlackRock to discuss the proposed acquisition by GIP (and its partners) of the Company nor did it enter into any agreement with BlackRock relating to or in connection with the proposed transaction.

On January 13, 2024, GIP informed representatives of J.P. Morgan by email that the ownership among CPP Investments, GIP and Minority Investor 1 would be approximately 40%, 40% and 20% or 37.5%, 37.5% and 25%, respectively.

On January 14, 2024, the Board held a special meeting at which certain members of Company management and representatives of J.P. Morgan and Skadden were present. Ms. Owen provided an overview of her conversation with

GIP’s Founder, Chairman and Chief Executive Officer and the announcement regarding BlackRock’s proposed acquisition of GIP, as well as an update regarding the advancement of discussions between CPP Investments and GIP. Representatives of Skadden provided an overview of key issues in the draft merger agreement submitted by CPP Investments, GIP and Minority Investor 1, with a particular focus on regulatory and governance provisions and potential risks related to those provisions. The Board engaged in discussion regarding the timeline and process, regulatory landscape and considerations related to the composition of the investor consortium, and the Board instructed Company management to explore reducing the risk profile of the investor consortium.

During this period, CPP Investments and GIP and their advisors continued to conduct diligence on the Company, including through a comprehensive diligence call on January 18, 2024, in which members of Company management participated with representatives of CPP Investments and GIP, along with Skadden, Kirkland, Latham & Watkins LLP (counsel to CPP Investments), Moelis & Company (financial advisor to CPP Investments), Environmental Resources Management (advisor to CPP Investments and GIP) and J.P. Morgan. Also on January 18, 2024, members of Company management met with representatives of CPP Investments and GIP to discuss the regulatory approvals anticipated to be required in connection with the transaction. Representatives of Skadden, Kirkland, Taft Stettinius & Hollister LLP (“Taft”) (regulatory counsel to the Company), Michael Best & Friedrich LLP (regulatory counsel to the Company), Moss & Barnett, P.A. (advisor to CPP Investments and GIP) and J.P. Morgan also participated in the discussion.

On January 19, 2024, members of Company management engaged in discussion with representatives of CPP Investments and GIP regarding an updated 2024 operating budget, and also the long-term capital plan, which had been updated by Company management.

That same day, Skadden sent to Kirkland a list of key issues raised in Kirkland’s revised draft of the merger agreement, which topics included, among other things, regulatory matters (including the Burdensome Condition definition, regulatory termination fee and the investor consortium’s obligations in connection with regulatory approvals) and the covenants applicable to the operation of the business between signing and closing.

Following the Board’s determination to pursue a second fairness opinion, in light of prior discussions with the Board and at the direction of Company management, Skadden contacted Houlihan Lokey regarding the possibility of providing a fairness opinion.

On January 21, 2024, Ms. Owen and Mr. Morris spoke with representatives from CPP Investments and GIP about regulatory considerations related to the potential transaction and considerations related to the composition of the investor consortium. On January 23, 2024, Kirkland communicated to Skadden that the investor consortium had been updated such that it would be owned 50% by each of CPP Investments and GIP.

On January 23, 2024, CPP Investments and GIP communicated to representatives of J.P. Morgan that they would submit a further revised draft of the merger agreement on January 26, 2024, but that their binding bid would follow on February 1, 2024 (rather than the January 26, 2024 bid date previously set), due to the timing of their respective investment committee meetings.

On January 24, 2024, the Board held a regular meeting at which certain members of Company management were present, and representatives of Skadden attended portions of the meeting. Members of Company management reviewed the Company’s 2023 results, provided an update on the proposed transaction process and presented scenario planning for the Company’s capital expenditures forecast and standalone financing plan considerations. Representatives of Skadden provided an update to the Board regarding the second fairness opinion process, including the determination to select Houlihan Lokey based on, among other things, Houlihan Lokey’s experience with serving as a financial advisor and providing fairness opinions, its experience in the industry, and reputation and familiarity with the Company. Prior to the Board meeting, Houlihan Lokey had provided conflicts disclosure to the Company via Skadden, and at the meeting, representatives of Skadden discussed with the Board Houlihan Lokey’s conflicts disclosure, which the Board considered immaterial. The Board determined to continue to proceed with engaging Houlihan Lokey for purposes of the second fairness opinion.

Following the determination of the Board to proceed with Houlihan Lokey to provide a second fairness opinion, in late January 2024, the Company negotiated the terms of an engagement letter with Houlihan Lokey in connection with Houlihan Lokey’s provision of a fairness opinion with respect to the transaction.

On January 25, 2024, a subscription-only energy industry market-focused online publication published an article stating that binding bids were due during the week of January 22, 2024 in connection with a sale of the Company. Following publication of the article, the price of shares of Company Common Stock increased approximately 3% to close on January 25, 2024, at $59.44 per share.

On January 26, 2024, Kirkland sent Skadden a revised draft of the merger agreement. The primary issues in Kirkland’s revised draft of the merger agreement related to regulatory matters and the covenants applicable to the operation of the business between signing and closing. Kirkland’s revised draft also modified CPP Investments and GIP’s proposal with respect to termination fees such that the Parent regulatory termination fee would be set at 4% of transaction equity value. In addition, Kirkland sent Skadden a revised draft of the Company disclosure schedules and initial drafts of the forms of the equity commitment letter and limited guarantee.

On January 29, 2024, the Board held a special meeting at which certain members of Company management and representatives of J.P. Morgan and Skadden were present. Members of Company management and representatives of J.P. Morgan and Skadden provided an update on the transaction, including with respect to the composition of the investor consortium. Representatives of Skadden provided an update regarding the January 26, 2024, markup of the merger agreement received from Kirkland and an overview of the key areas of improvement in the draft, particularly as it related to regulatory matters. The Board engaged in discussion with Company management and representatives of J.P. Morgan and Skadden regarding approaches to negotiations and significant changes and key areas for negotiation, including with respect to the regulatory termination fee and other regulatory provisions.

On February 1, 2024, representatives of CPP Investments and GIP verbally conveyed their joint offer of $62.50 per share to representatives of J.P. Morgan. Representatives of CPP Investments and GIP indicated that the price per share had decreased from the respective earlier indications of interest provided by CPP Investments and GIP in part due to valuation around ALLETE Clean Energy, the decreases to the Company’s 2024 forecast and the shift in the timing of the long-term capital plan, the potential market response to 2024 earnings, and CPP Investments and GIP’s heavily equitized capitalization plan. GIP’s Founder, Chairman and Chief Executive Officer subsequently left a voicemail for Ms. Owen, but they did not have an opportunity to connect prior to the Board meeting that afternoon.

Later that day, the Board held a special meeting at which certain members of Company management and representatives of J.P. Morgan and Skadden were present. Members of Company management and representatives of J.P. Morgan informed the Board of the verbal offer and additional context received from CPP Investments and GIP earlier that day and noted that a written offer had not yet been received but was expected to follow. The Board engaged in discussion regarding perspectives on the valuation and related context and opportunities for increasing CPP Investments and GIP’s offer. The Board determined that the verbal offer was not in the best interests of the Company and directed J.P. Morgan to communicate with CPP Investments and GIP that the offer was not acceptable to the Board.

On February 2, 2024, representatives of J.P. Morgan conveyed to representatives of CPP Investments and GIP that the Board had determined not to proceed with CPP Investments and GIP’s February 1, 2024 offer.

On February 2, 2024, GIP’s Founder, Chairman and Chief Executive Officer contacted Ms. Owen directly to discuss the offer from CPP Investments and GIP, the Board’s determination not to move forward with CPP Investments and GIP’s offer, the overall transaction process, including GIP’s excitement about the transaction and their gratitude for the team’s time, and certain factors impacting CPP Investments and GIP’s valuation. Ms. Owen also communicated that the Board would be open to considering offers in the future as part of its fiduciary duties.

Later that day, the Board held a special meeting at which certain members of Company management and representatives of J.P. Morgan and Skadden were present. Representatives of J.P. Morgan indicated that they had communicated to representatives of CPP Investments and GIP that the verbal offer was not accepted by the Board and that the Company had not yet received a written offer from CPP Investments and GIP. Ms. Owen also provided an update on her conversation with GIP’s Founder, Chairman and Chief Executive Officer. The Board engaged in discussion regarding the process with CPP Investments and GIP, valuation perspectives and next steps, and the possibility of pausing work by the Company’s advisors in connection with the transaction. Following the departure of representatives of J.P. Morgan from the meeting, representatives of Skadden indicated that Houlihan Lokey was in the process of its financial review in connection with the preparation of its fairness opinion.

On February 3, 2024, GIP’s Founder, Chairman and Chief Executive Officer contacted Ms. Owen directly to state that an updated written offer of $64.00 per share would be forthcoming.

On February 4, 2024, CPP Investments and GIP submitted an updated written offer, confirming a revised 100% cash purchase price for the Company at a price of $64.00 per share.

On February 5, 2024, during a conversation between representatives of J.P. Morgan and representatives of CPP Investments and GIP, the representatives of CPP Investments and GIP confirmed verbally that $64.00 per share was their “best and final” offer.

On February 6, 2024, GIP’s Founder, Chairman and Chief Executive Officer contacted representatives of J.P. Morgan to provide further clarification regarding the $64.00 per share offer.

On February 7, 2024, the Board held a special meeting at which certain members of Company management and representatives of J.P. Morgan and Skadden were present. Members of Company management and representatives of J.P. Morgan presented the $64.00 per share updated offer from CPP Investments and GIP. In addition, J.P. Morgan provided a preliminary valuation analysis of the Company. The Board engaged in discussion regarding the valuation and transaction premium analysis and baseline adjustments made by CPP Investments and GIP. The Board also discussed the prospects of various of the Company’s capital projects and the valuation of the Company’s business segments. The Board directed representatives of J.P. Morgan to indicate to CPP Investments and GIP that the written offer did not reflect sufficient valuation but did not make any final decisions as to how it would proceed with future engagement with CPP Investments and GIP. The Board indicated that it would be interested in further discussion with Company management regarding the Company’s standalone financing plan – specifically its plans to finance the Company’s significant growth – while temporarily pausing engagement with CPP Investments and GIP as it determined how to further proceed.

On February 12, 2024, the Board held a special meeting at which certain members of Company management and representatives of Skadden were present, and representatives of J.P. Morgan attended portions of the meeting. Members of Company management reviewed with the Board the value of CPP Investments and GIP’s written offer and two standalone financing plan alternatives, including forecasts, objectives, assumptions, capital expenditures and financing, earnings per share, share price, dividends, and pros and cons of each alternative. The standalone financing plan alternative scenarios included the possibility of divesting of certain Company non-regulated assets or businesses or issuing additional equity to fund growth, though each potential path had the possibility to present certain challenges: a financing plan would be subject to annual equity issuance limits, and divestitures would be heavily sensitive to sale price. The Board engaged in discussion regarding assumptions, potential discount rates, perspectives on regulated business growth, interest rate assumptions, current small cap company trading multiples, activist risk and current landscape, regulatory risk, pros and cons of the standalone financing plan alternatives, and risks of raising capital and options to mitigate such risks. The Board and members of Company management discussed how the exploration of a sale of the Company was designed to mitigate the risk of significant capital needs, so long as it would be with appropriate counterparties and at an appropriate valuation. The Board asked Company management for an additional presentation regarding the standalone financing plan, particularly with respect to the option that would not involve divestitures of certain Company non-regulated assets or businesses. Representatives of J.P. Morgan then provided a preliminary valuation analysis of the Company. The Board engaged in further discussion regarding areas of focus and valuation perspectives of CPP Investments and GIP and possible paths forward. The Board was supportive of members of Company management having a conversation with representatives of CPP Investments and GIP to seek to increase the offer price and indicating that the Board’s preferred valuation would be closer to the bids received in Round 1 of the process.

On February 14, 2024, Ms. Owen, Mr. Morris and Mr. Scissons spoke with representatives of CPP Investments and GIP, and Company management highlighted certain areas it believed were undervalued in CPP Investments and GIP’s offer, with a particular focus on New Energy Equity, BNI Energy and CPP Investments and GIP’s heavily equitized capitalization plan. Company management indicated that the Board’s preferred valuation would be closer to the bids received in Round 1 of the process. At the end of the conversation, representatives of CPP Investments and GIP indicated they would not increase the price from the written offer of $64.00 per share submitted on February 4, 2024.

On February 15, 2024, the Board held a special meeting at which certain members of Company management and representatives of Skadden were present. Members of Company management provided an update regarding the conversation with representatives of CPP Investments and GIP in which they indicated they would not increase the valuation from their written offer of $64.00 per share. The Board and members of Company management and

representatives of Skadden engaged in discussion regarding the standalone financing plan, potential positioning of CPP Investments and GIP and possible paths to gaining additional value for shareholders. The Board agreed to engage in more detailed review of the standalone financing plan before determining whether to seek any further engagement with CPP Investments and GIP at that time.

On February 16, 2024, the Board held a special meeting at which certain members of Company management were present. Members of Company management provided an overview of the standalone financing plan, with a particular focus on the option that would not involve divestitures of certain Company non-regulated assets or businesses and would instead require the Company to raise capital within financing limits. The overview included a summary of assumptions in the plan and drivers of the financial forecast: stock price, serial issuances and market uncertainty, credit rating assumptions, economic conditions and other external forces and execution risk. The plan contemplated billions of dollars of capital expenditures over the next five years. Company management noted that, although several hundred million dollars of annual equity financing was within reasonable limits for the size of the Company, it did introduce serial equity and debt issuance risk. The Board and Company management engaged in discussion throughout the presentation, including regarding potential flexibility in the capital expenditure plan to help mitigate financing risks. Following extensive discussion regarding the standalone financing plan, the Board decided not to proceed further with CPP Investments and GIP’s offer of $64.00 per share.

Initially, following the Board’s decision to decline to move forward with CPP Investments and GIP’s offer of $64.00 per share, no further engagement occurred between the Company and CPP Investments and GIP. On February 21, 2024, representatives of GIP contacted representatives of J.P. Morgan indicating that CPP Investments and GIP were continuing to conduct diligence on the Company, including with respect to capital expenditures and net income. On February 29, 2024, representatives of CPP Investments indicated to representatives of J.P. Morgan that they were conducting further diligence on the Company in an effort to be able to increase their offer. On March 7, 2024, a representative of GIP contacted Ms. Owen to convey an interest in reengaging with the Company for diligence purposes such that CPP Investments and GIP could further analyze its valuation of the Company, with a specific focus on New Energy Equity. Later that day, representatives of GIP and CPP Investments contacted Ms. Owen by email to provide an outline for in-depth discussion regarding New Energy Equity and associated diligence requests. Over the next several weeks, CPP Investments and GIP conducted significant incremental due diligence, supported by the Company’s management and New Energy Equity teams, including a diligence call on March 13, 2024, between members of Company management and representatives of the New Energy Equity team and representatives of CPP Investments and GIP. In a series of conversations with representatives of J.P. Morgan, CPP Investments and GIP communicated that they were working on an improved valuation predicated on additional value in the New Energy Equity business. During this phase, the Company prepared to move forward with its standalone financing plan. Following its incremental diligence, CPP Investments and GIP determined they had formed a sufficient basis to revisit the value of their proposal with their respective investment committees. The Company conducted an issuance of first mortgage bonds on March 12, 2024, which resulted in a less favorable outcome than the Company had anticipated.

On March 21, 2024, a subscription-only energy industry market-focused online publication published an article stating that a particular party was among the bidders looking at acquiring the Company as part of a consortium with several other financial investors. Following publication of the article, the price of shares of Company Common Stock increased approximately 1% to close on March 21, 2024, at $58.45 per share.

On March 29, 2024, Ms. Owen and Mr. Morris and representatives of CPP Investments and GIP engaged in discussion, and representatives of CPP Investments and GIP verbally conveyed a revised offer of $67.00 per share. Ms. Owen responded she would await a written offer and discuss the offer with the full Board.

On March 30, 2024, CPP Investments and GIP provided an updated written offer to the Company to acquire the Company for $67.00 per share in cash, a $3.00 per share (4.7%) increase over its previous offer of $64.00 per share and a $4.50 per share (7.2%) total increase over its verbal offer of $62.50 per share.

On April 4, 2024, the Board held a special meeting at which certain members of Company management and representatives of Skadden were present, and representatives of J.P. Morgan attended portions of the meeting. Members of Company management and representatives of J.P. Morgan informed the Board of the revised offer of $67.00 per share received from CPP Investments and GIP and provided an overview of the offer and the additional diligence conducted by CPP Investments and GIP, particularly with respect to New Energy Equity. Representatives of J.P. Morgan provided a preliminary valuation analysis of the Company, and the Board engaged in discussion with

Company management and representatives of J.P. Morgan regarding the offer, premium analysis and Company valuation. The Board also discussed potential difficulties the Company could face if it were to pursue the standalone financing plan, including potentially challenging financial markets for debt offerings, and the potential inability to pursue a change of control transaction for a significant period of time in light of serial equity and debt offerings to finance the standalone financing plan. Company management then discussed with the Board and representatives of Skadden the importance of ensuring that certain key terms in the merger agreement were acceptable, particularly with respect to employees and benefits, execution risk and matters impacting the regulatory process. Discussion also covered the need to ensure that the Company would be able to finance its capital plan during the pendency of any transaction, either through financing provided by the investor consortium or through the equity markets. Following this discussion, the Board determined to move forward with the offer of $67.00 per share and to seek improvement on certain key terms in Kirkland’s January 26, 2024 draft of the merger agreement, particularly with respect to employee matters, covenants applicable to the operation of the business between signing and closing, regulatory matters, including the regulatory reverse termination fee amount and triggers, and a meaningful commitment for the investor consortium to provide a pathway to financing during the period between signing and closing of a transaction.

Ms. Owen, Mr. Morris and Mr. Scissons discussed with representatives of CPP Investments and GIP that the Board had agreed to moved forward with the transaction, provided that the terms of the transaction will be acceptable to the Company and the Board, particularly with respect to the items identified by the Board in its April 4, 2024 meeting.

The Company subsequently submitted a written response letter to CPP Investments and GIP that the Board had agreed to move forward with the transaction, premised on CPP Investments and GIP’s reasonable response to the transaction documents, with a particular emphasis on the same terms that Ms. Owen, Mr. Morris and Mr. Scissons had conveyed orally to the representatives of CPP Investments and GIP.

On April 10, 2024, members of Company management met with representatives of CPP Investments and GIP, along with representatives of Skadden, Kirkland and J.P. Morgan, to discuss the Company’s growth plan and financing needs for 2024 and 2025. Discussion centered around potential financing options available to the Company and the possibility of the investor consortium providing financing to the Company during the period between signing and closing. Representatives of CPP Investments and GIP indicated that they would consider their proposed approach to the Company’s interim financing needs and would provide a proposal relating thereto to the Company.

On April 10, 2024, the engagement letter with Houlihan Lokey, which had been substantially negotiated in late January and early February 2024, was executed.

On April 12, 2024, Skadden sent revised drafts of the merger agreement, equity commitment letter and limited guaranty to Kirkland. Among other changes, Skadden’s revised draft of the merger agreement counter-proposed that the Parent regulatory termination fee be set at 4.5% of the transaction equity value.

On April 16, 2024, members of Company management met with representatives of CPP Investments and GIP, along with representatives of Skadden and Kirkland, to discuss the covenants applicable to the operation of the business between signing and closing, with an emphasis on employment and regulatory matters.

On April 17, 2024, Skadden sent a rider to Kirkland containing a revised draft of the covenants in the merger agreement applicable to the operation of the business between signing and closing.

On April 18, 2024, members of Company management and representatives of Skadden discussed with representatives of CPP Investments, GIP and Kirkland certain regulatory diligence matters. That same day, members of Company management provided an update to representatives of CPP Investments and GIP regarding the Company’s business and regulatory affairs.

Over the following weeks, Skadden and Kirkland exchanged revised drafts of the Company disclosure schedules, equity commitment letter, limited guaranty and debt commitment letter, as well as other ancillary transaction documents.

On April 22, 2024, Ms. Owen, Mr. Morris and Mr. Scissons met with representatives of CPP Investments and GIP to discuss the transaction structure and governance arrangements of the members of the investor consortium. During this meeting, representatives of CPP Investments and GIP communicated that the contemplated structure

would be as follows: 40% of the equity interests would be held by CPP Investments and 60% of the equity interests would be held by GIP, with 40% of such equity interests held by GIP V and 20% of such equity interests held by a fund managed on behalf of CalPERS. In addition, they indicated that the governance of Parent would effectively be shared equally by CPP Investments and GIP.

On April 23, 2024, the Board held a special meeting at which certain members of Company management and representatives of Skadden were present, and representatives of Houlihan Lokey attended portions of the meeting. Members of Company management provided an overview of the conversation with CPP Investments and GIP regarding the transaction structure and governance arrangements and previewed the upcoming meetings to be held with representatives of CPP Investments and GIP in person on April 29, 2024. Members of Company management and Skadden also provided an update on the transaction documents and anticipated regulatory approvals, including the need for CPP Investments and GIP to obtain non-U.S. competition approvals due to their investments in the EU, Turkey and China. Representatives of Houlihan Lokey joined the meeting to provide an overview of their process in connection with the fairness opinion and described their conflicts disclosure, following the customary written relationship conflicts disclosure letter that had been provided to the Company via Skadden. The Board engaged in discussion with Company management regarding process and timing, key items in the transaction documents, including engaging with CPP Investments and GIP regarding potential approaches to the Company’s financing needs prior to the closing of a transaction, as well as communicating the benefits of the proposed transaction to the Company’s stakeholders.

On April 26, 2024, members of Company management met with representatives of CPP Investments and GIP to discuss the regulatory approvals anticipated to be required in connection with the transaction and the proposed process for filing and obtaining such approvals. Representatives of Skadden, Kirkland, Taft, Dorsey & Whitney LLP (regulatory counsel to CPP Investments and GIP), Quarles & Brady LLP (regulatory counsel to CPP Investments and GIP) and J.P. Morgan also participated in the discussion.

On April 26, 2024, representatives of Skadden, Kirkland, CPP Investments and GIP met to discuss certain structuring matters.

On April 28, 2024, Kirkland sent Skadden a revised draft of the merger agreement. The key open items in Kirkland’s revised draft related to the covenants applicable to the operation of the business between signing and closing, the Board’s obligations in connection with the Company’s no-shop obligations and the termination triggers with respect to the termination fees payable by Parent. Kirkland’s revised draft also added a covenant requiring the Company to refinance the 2025 Notes.

On April 28, 2024, members of Company management met with representatives of CPP Investments and GIP during which representatives of CPP Investments and GIP provided an overview of a proposal to address the Company’s financing needs during the period between the signing and the closing, under which CPP Investments and GIP would provide financing in the form of a preferred equity investment. Members of Company management and representatives of CPP Investments, GIP, Skadden and J.P. Morgan participated in a discussion during which representatives of CPP Investments and GIP described the preferred equity investment proposal, which proposed an aggregate investment amount of up to $300 million in the aggregate in the second half of 2025 in exchange for preferred shares of the Company. Kirkland subsequently sent Skadden a draft term sheet for the preferred equity investment, which was subsequently negotiated alongside the merger agreement.

On April 29, 2024, members of Company management met with representatives of CPP Investments and GIP in Bloomington, Minnesota to discuss the potential transaction. These meetings were intended to cover CPP Investments and GIP’s post-closing vision for the Company and proposed governance approach. The conversations centered on potential approach to governance post-closing, employees and culture, short-and long-term goals for the Company, regulatory matters and financing. The discussions during the meetings on April 29, 2024 did not focus on the terms of the transaction documents.

On April 30, 2024, members of Company management met with representatives of CPP Investments and GIP in Bloomington, Minnesota to discuss the potential transaction, with a focus on open items in the negotiation of the merger agreement, including regulatory commitments and the covenants applicable to the operation of the business between signing and closing. Representatives of Skadden, Kirkland and J.P. Morgan joined virtually.

On May 1, 2024, Skadden sent a revised draft of the merger agreement to Kirkland. Skadden’s revised draft of the merger agreement included, among other things, modifications to provisions related to the covenants applicable

to the operation of the business between signing and closing, regulatory commitments and the termination fee triggers in respect of Parent’s termination fees. The draft also accepted the proposed Parent regulatory termination fee of 4.25% of transaction equity value, so long as it was triggered by a failure to obtain FERC approval in addition to state and HSR approvals.

After market close on May 2, 2024, a British daily financial publication published an online article reporting that the Company was nearing a deal with CPP Investments and GIP for the acquisition of the Company for $5 billion. The article stated that the Company had run an extensive process, with some buyers determining not to pursue the opportunity due to uncertainty around regulated returns and others due to the Company’s large industrial customer base. The Company did not comment on the article, which was consistent with its policy of not commenting on market rumors regarding mergers and acquisitions. Following publication of the article, the price of shares of Company Common Stock increased approximately 6% from the market close on May 2, 2024 to close on May 3, 2024, at $64.27 per share.

On May 2, 2024, following the publication of the online article, members of Company management and Skadden discussed the transaction process with representatives of CPP Investments and GIP and the desire to attempt to close out key points in the merger agreement and other transaction documents.

On May 3, 2024, certain members of Company management and representatives of CPP Investments and GIP, along with representatives from Skadden, Kirkland and J.P. Morgan, discussed key outstanding issues in the merger agreement, including certain covenants applicable to the operation of the business between signing and closing, the approach with respect to refinancing of the 2025 Notes and the preferred equity investment provisions.

From May 3, 2024 to May 5, 2024, management of the Company and its financial and legal advisors worked with CPP Investments and GIP and their legal advisors to resolve and finalize the remaining open issues in the merger agreement, the Company’s and Parent’s disclosure schedules and other transaction documents, including the equity commitment letter, limited guarantee, debt commitment letter and other ancillary documents, and to finalize a plan for communicating the benefits of the proposed transaction to the Company’s stakeholders.

On May 5, 2024, the Board held a meeting attended by members of Company management and Skadden, and representatives of J.P. Morgan, Houlihan Lokey and Taft attended portions of the meeting. Prior to the Board meeting, copies of the draft merger agreement and other key transaction documents, a summary of the final terms of the merger agreement and proposed board resolutions were made available to the directors. At the meeting, representatives of Skadden provided a refresher on the Board’s fiduciary duties. Members of Company management provided an overview of the standalone financing plan, indicating that it would be challenging to raise the amount of capital for the standalone financing plan to due to the Company’s trading price and challenges with serial equity issuances, as well as the variability of macroeconomic conditions and potentially challenging financial markets for debt offerings. Representatives of Skadden summarized the negotiations that had taken place with CPP Investments and GIP since the Board’s prior meetings and presented the final terms of the merger agreement and other transaction documents, noting the key changes made since prior discussions with the Board. Skadden also reviewed with the Board the terms and conditions of the equity commitment letters and the limited guaranties provided by affiliates of Parent, as well as Parent’s debt commitment letter and the related documentation Parent had negotiated with its lenders, under which the debt financing would be provided, subject to the satisfaction or waiver of certain conditions set forth therein.

Following the presentation and discussion regarding the merger agreement, representatives of J.P. Morgan reviewed the financial aspects of the transaction and provided the Board with an update of its financial analyses with respect to the Company. Representatives of J.P. Morgan rendered its oral opinion to the Board on May 5, 2024 (which was subsequently confirmed in writing by delivery of J.P. Morgan’s written opinion addressed to the Board dated May 5, 2024), that, as of such date, and on the basis of and subject to the factors and assumptions set forth in its opinion, the $67.00 in cash per share of outstanding Company Common Stock to be paid to the holders of Company Common Stock in the proposed Merger was fair, from a financial point of view, to such holders. Subsequently, representatives of Houlihan Lokey provided the Board with its financial analyses with respect to the Company. Subsequently, representatives of Houlihan Lokey rendered its oral opinion to the Board on May 5, 2024 (which was subsequently confirmed in writing by delivery of Houlihan Lokey’s written opinion dated May 5, 2024), that, as of such date, and based upon and subject to the factors and assumptions set forth in its opinion, and in reliance thereon, the $67.00 in cash per share of Company Common Stock to be received by holders of Company Common Stock in the Merger pursuant to the merger agreement was fair, from a financial point of view, to such holders.

Subsequently, certain members of Company management and representatives of Skadden and Taft provided an overview of regulatory matters and strategy and the proposed plan for communicating the benefits of the transaction to the Company’s stakeholders.

Throughout the presentations, the Board and certain members of management and representatives of Skadden engaged in discussion, and the Board considered a variety of factors, including the items discussed in the section entitled “The Proposed Merger—Recommendation of the Company’s Board of Directors and its Reasons for the Merger” beginning on page 37. Among such considerations, the Board determined that the transaction would provide the Company with access to the capital it needs to fund its “Sustainability-In-Action” strategy while maximizing the interests of its stakeholders. Upon request from the Board and in the presence of Company management, Ms. Owen indicated that it was the recommendation of Company management to proceed with executing the merger agreement.

Following such discussion, pursuant to Section 302A.673 of the MBCA the Board unanimously approved and adopted resolutions designating a committee of disinterested directors, composed of all directors of the Board other than Ms. Owen (the “Special Committee”), to consider the form of merger agreement and the transactions contemplated thereby and, if appropriate, to vote on the approval of the merger agreement and the transactions contemplated thereby. The Special Committee included all directors of the Board who are considered “Disinterested Directors” for the purposes of Article VII of the Company’s Amended and Restated Articles of Incorporation. Thereafter, the Special Committee unanimously approved and adopted resolutions approving and adopting the merger agreement and the transactions contemplated thereby and recommending to the full Board the authorization and approval of the merger agreement and the transactions contemplated thereby and the affirmative recommendation of the Board to the shareholders of the Company with respect thereto. Subsequently, the Board unanimously approved and adopted resolutions determining that the merger agreement and the transactions contemplated thereby are advisable and in the best interests of the Company, approving, adopting and authorizing the merger agreement and the transactions contemplated thereby, resolving that the merger agreement be submitted to a vote of the holders of the Company Common Stock at a special meeting of shareholders and recommending that such shareholders of the Company vote to approve and adopt the merger agreement and the transactions contemplated thereby.

Thereafter, during the evening of May 5, 2024, the Company, Parent and Merger Sub signed the Merger Agreement.

On May 6, 2024, the Company, CPP Investments and GIP issued a joint press release before the market opened announcing the entry into the Merger Agreement.

The Board has reviewed and considered the terms of the Merger and the Merger Agreement and has unanimously determined that the Merger is advisable and in the best interests of the Company and unanimously recommends that our shareholders vote FOR the Merger Proposal. The Board also unanimously recommends that our shareholders vote FOR the Merger-Related Compensation Proposal and FOR any Special Meeting Adjournment Proposal, if presented.

In evaluating the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement, the Board consulted with the Company’s management team, as well as the Company’s outside legal and financial advisors, and considered a number of factors. In reaching a determination to approve, adopt and authorize the Merger Agreement, the Plan of Merger and the transactions contemplated thereby, including the Merger, the Board considered a number of factors, both positive and negative, and potential benefits and detriments of the Merger to the Company. The following factors considered by the Board are not intended to be exhaustive, but the Company believes this summary includes all material factors considered by the Board:

Share Price. The Board considered our historical stock prices, including that the Merger Consideration represented a premium of approximately 19% relative to the unaffected closing price for shares of Company Common Stock on December 4, 2023 (the last trading day prior to the initial publication of market rumors regarding a potential acquisition of the Company) and a premium of approximately 22% over the 30-day volume weighted average price prior to that date. The Merger Consideration reflects a premium of approximately 10% relative to the closing price for shares of Company Common Stock on May 2, 2024 (at market close prior to the publication of the May 2, 2024, market rumors regarding a potential acquisition of the Company). The Board considered that the all-cash per share Merger Consideration will provide our shareholders with immediate value, in cash, for their shares

of Company Common Stock, while avoiding the long-term business risk of retaining their shares of Company Common Stock, and while also providing such shareholders with certainty of value for their shares of Company Common Stock if the Merger is completed.

Impact of the Merger on Customers. The Board evaluated the expected impact of the Merger on our customers, including Parent’s commitment that the Company will not attempt to recover in rates the acquisition premium of the transactions contemplated by the Merger Agreement from our utility customers. The Board also considered Parent’s commitment that the Company will not attempt to recover in rates the costs of executing the Merger nor will the Company attempt to recover in rates transition costs, except to the extent the transition costs produce savings. The Board also considered that the Merger is not expected to impact our day-to-day operations or our commitments to service and safety.

Impact of the Merger on Communities. The Board considered the fact that Parent has agreed to maintain the headquarters of the Company’s regulated businesses in Duluth, Minnesota and Superior, Wisconsin and to maintain the current senior management team. The Board also considered that Parent agreed to maintain historic levels of economic development and charitable contributions in the service territories of the Company and its subsidiaries for five years after the Closing.

Impact of the Merger on Employees. The Board evaluated the expected impact of the Merger on our employees and considered that under the terms of the Merger Agreement, Parent agreed to provide each Company nonunion employee who continues employment with us as of the Effective Time with certain protections (generally for the two-year period following the Merger), including (1) the same or better employment position in the same location as held by the Company employee immediately prior to the Effective Time, (2) a base salary or wage rate that is no less favorable than that provided to the Company employee immediately prior to the Merger, (3) aggregate annual and long-term incentive compensation target opportunities that are no less favorable than those provided to the Company employee immediately prior to the Merger, and (4) employee benefits that are no less favorable in the aggregate than those provided to the Company employee immediately prior to the Merger. Parent has also agreed to other customary employee protections, such as recognition of pre-Merger service with the Company for benefit plan purposes, waiver of pre-existing condition limitations under post-Merger health plans and credit for deductibles and co-payments under post-Closing plans for the year of the Merger. The Board also considered Parent’s commitment to cause the Company to honor the terms of existing collective bargaining agreements. See the section entitled “The Merger Agreement—Employee Matters” beginning on page 83 for more information.

Financial Considerations. The Board considered our standalone financing plan and our current and historical financial condition. The Board further considered certain long-term financial projections for the Company prepared by members of the Company’s management beginning in June 2023, which reflect an application of various assumptions of management, as further discussed in the section entitled “The Proposed Merger—Forward-Looking Financial Information” beginning on page 53. The Board considered the expected financial impact of the Merger on us. The Board also considered the risks of remaining as a standalone publicly traded company, including any risks of execution on the business plan and the Company’s need to raise capital to fund growth. The Board considered that a merger with Parent may provide the Company with increased access to capital to advance the Company’s growth strategy.

Recommendation of Management. The Board took into account the recommendation of our management in favor of the Merger. In taking that recommendation into account, the Board was aware that certain members of management had certain interests, including financial interests, in the Merger that may be different from, or in addition to, the interests of our shareholders generally. See the section entitled “Interests of the Company’s Directors and Executive Officers in the Merger” beginning on page 61 for more information.

Opinions of Financial Advisors. The Board considered J.P. Morgan’s oral opinion that was rendered to the Board on May 5, 2024 (which was subsequently confirmed in writing by delivery of J.P. Morgan’s written opinion addressed to the Board dated May 5, 2024), that, as of such date, and on the basis of and subject to the factors and assumptions set forth in its opinion, the Merger Consideration to be paid to the holders of Company Common Stock in the proposed Merger was fair, from a financial point of view, to such holders of Company Common Stock. The Board further considered the financial analysis reviewed by Houlihan Lokey with the Board as well as the oral opinion of Houlihan Lokey rendered to the Board on May 5, 2024 (which was subsequently confirmed in writing by delivery of Houlihan Lokey’s written opinion addressed to the Board dated May 5, 2024), to the effect that, as of such date, and based on and subject to the assumptions, limitations, qualifications and other matters set forth in its opinion, the

Merger Consideration to be received by the holders of Company Common Stock in the Merger pursuant to the Merger Agreement was fair, from a financial point of view, to such holders. See the section entitled “The Proposed Merger—Opinion of J.P. Morgan Securities LLC” beginning on page 41 and the opinion attached as Annex B to this proxy statement and the section entitled “The Proposed Merger—Opinion of Houlihan Lokey Capital, Inc.” beginning on page 46 and the opinion attached as Annex C to this proxy statement.

Consideration of Alternatives. The Board considered the trends and competitive developments in the industry and the range of strategic alternatives available to us, including the prospects for the Company continuing to operate as a standalone public entity, including the possibility of divesting of certain assets or issuing additional equity to fund growth. The Board decided to focus outreach on infrastructure and pension funds because the Board believed such parties would have the financial resources to invest in the substantial future capital growth needs of the Company and because of concerns that strategic buyers, which might not be willing to partner with the Company to support regulatory goals in Minnesota and Wisconsin in light of focus on separate interests, could be less attractive investors from a regulatory perspective. The Board conducted a thorough review of a potential sale of the Company. The Board believed that the consideration reflected in the Merger Agreement was the best transaction that could be obtained by Company shareholders from Parent at the time, and that there was no assurance that a more favorable opportunity to sell the Company would arise later or through any alternative transaction. The Board also considered the fact that the Company had not received any other competitive proposals, despite media speculation that the Company was exploring a potential sale.

Preferred Equity Investment. The Board considered that Parent agreed to a construct pursuant to which, at the Company’s request, Parent may elect to provide interim financing to the Company. In connection therewith, Parent agreed to cooperate in good faith and use commercially reasonable efforts to negotiate and finalize definitive documents in accordance with the terms set forth on Exhibit D to the Merger Agreement, a copy of which is attached as Annex A to this proxy statement. See the section entitled “The Proposed Merger—Preferred Equity Investment” beginning on page 22 for more information.

Sustainability and Environmental Impact. The Board considered that the Merger will help the Company to advance the Company’s “Sustainability-in-Action” strategy and enhance our commitment to provide affordable, reliable, and increasingly clean energy to our customers, including through the Company’s renewable platform businesses.

Experienced Partners. The Board considered the experience of CPP Investments and GIP and their respective successful track records of long-term partnerships with infrastructure businesses.

Timing. The Board considered the timing of the Merger and the risk that if we did not accept Parent’s offer, we may not have another opportunity to do so. The Board considered the risk that, if the Company raised capital to fund growth as a standalone public entity, a future sale process would be less competitive.

Terms of the Merger Agreement. The Board reviewed and considered the terms of the Merger Agreement, including the representations and warranties of each party, the conditions to Closing, our right to consider and engage in negotiations regarding potentially superior proposals, the Board’s right to withdraw or otherwise change its recommendation to our shareholders in favor of the proposals related to the Merger Agreement, the rights of each party to terminate the Merger Agreement and the obligations of each party to pay a termination fee under certain circumstances. See the section entitled “The Merger Agreement” beginning on page 68 for a detailed discussion of the terms and conditions of the Merger Agreement.

Likelihood of Completion of the Merger. The Board considered the likelihood that the Merger will be completed on a timely basis, including the likelihood that the Merger will receive all necessary regulatory approvals without unacceptable conditions and that all conditions to consummation of the Merger will be satisfied. To that end, the Board further considered the potential length of the regulatory approvals process and that the Merger Agreement provides that, subject to certain exceptions, it may not be terminated until August 5, 2025, which may be extended for up to two successive three-month periods under specified circumstances. The Board also considered the absence of a financing condition in the Merger Agreement and the fact that Parent has entered into the Debt Commitment Letter pursuant to which, subject to the terms and conditions set forth therein, the commitment parties committed to provide (1) a senior secured term loan facility in an aggregate amount of up to $600 million; (2) a senior secured revolving credit facility in an aggregate amount of up to $100 million; (3) a senior unsecured 364-day backstop term loan facility in an aggregate amount of up to $150 million; (4) a senior unsecured backstop revolving credit facility in an aggregate amount of up to $355 million; and (5) a senior unsecured backstop letter of credit facility in an

aggregate amount of up to $160 million, in each case, to fund a portion of the Merger Consideration. The Board also considered that the Sponsors committed to make an equity contribution to Parent of up to $3.58 billion pursuant to the equity commitment agreements. See the section entitled “The Proposed Merger—Financing” beginning on page 20 for more information.

Continued Payment of Dividend. The Board considered the Merger Agreement provision permitting us to continue to pay quarterly cash dividends consistent with our past practices in an amount not to exceed 5% per share more than the dividend payable during the prior 12-month period and to pay a “stub” dividend in respect of the quarter in which the Merger is completed.

Treatment of Company Equity Awards. The Board evaluated the fact that each outstanding RSU, PSA and DSU will be canceled and converted into cash awards at the Effective Time, either payable as soon as practicable after the Effective Time or subject to the same time-vesting or deferral elections as applied to the corresponding RSU, PSA or DSU, as applicable, as detailed in the section entitled “The Merger Agreement—Treatment of Company Equity Awards” beginning on page 69.

The Board also considered potential risks associated with the Merger, including the following:

The foregoing discussion of factors considered by the Board is not intended to be exhaustive but includes the material factors considered by the Board. In light of the variety of factors considered in connection with its evaluation of the Merger, the Board did not find it practicable to, and did not, quantify or otherwise assign relative weights to the specific factors considered in reaching its determinations and recommendations. Moreover, each member of the Board applied each member’s own personal business judgment to the process and may have given different weight to different factors. The Board did not undertake to make any specific determination as to whether any factor, or any particular aspect of any factor, supported or did not support its ultimate determination. The Board based its recommendation on the totality of the information presented.

In considering the recommendations of the Board with respect to the Merger, our shareholders should be aware that the directors and executive officers of the Company have certain interests, including financial interests, in the Merger that may be different from, or in addition to, the interests of our shareholders generally. The Board was aware of these interests and considered them, among other matters, in approving the Merger Agreement, and in making its recommendation that our shareholders approve the Merger Proposal. See the section entitled “Interests of the Company’s Directors and Executive Officers in the Merger” beginning on page 61 for more information.

The Board believes that, overall, the potential benefits of the Merger to our shareholders outweigh the risks and uncertainties of the Merger, and the Board unanimously recommends that shareholders vote FOR approval of the Merger Proposal.

Pursuant to an engagement letter, the Company retained J.P. Morgan as its financial advisor in connection with the proposed Merger.

At the meeting of the Board on May 5, 2024, J.P. Morgan rendered its oral opinion to the Board that, as of such date and based upon and subject to the factors and assumptions set forth in its opinion, the Merger Consideration to be paid to the holders of Company Common Stock in the proposed Merger was fair, from a financial point of view, to such holders. J.P. Morgan has confirmed its May 5, 2024 oral opinion by delivering its written opinion to the Board, dated May 5, 2024, that, as of such date, the Merger Consideration to be paid to the holders of Company Common Stock in the proposed Merger was fair, from a financial point of view, to such holders.

The full text of the written opinion of J.P. Morgan dated May 5, 2024, which sets forth, among other things, the assumptions made, matters considered and limits on the review undertaken, is attached as Annex B to this proxy statement and is incorporated herein by reference. The summary of the opinion of J.P. Morgan set forth in this proxy statement is qualified in its entirety by reference to the full text of such opinion. The Company’s shareholders are urged to read the opinion in its entirety. J.P. Morgan’s written opinion was addressed to the Board (in its capacity as such) in connection with and for the purposes of its evaluation of the proposed Merger, was directed only to the Merger Consideration to be paid in the proposed Merger and did not address any other aspect of the proposed Merger. J.P. Morgan expressed no opinion as to the fairness of any consideration paid in connection with the Merger to holders of any other class of securities, creditors or other constituencies of the Company or as to the underlying decision by the Company to engage in the proposed Merger. The issuance of J.P. Morgan’s opinion was approved by a fairness committee of J.P. Morgan. The opinion does not constitute a recommendation to any shareholders of the Company as to how such shareholder should vote with respect to the proposed Merger or any other matter.

In arriving at its opinion, J.P. Morgan, among other things:

In addition, J.P. Morgan held discussions with certain members of the management of the Company with respect to certain aspects of the proposed Merger, and the past and current business operations of the Company, the financial condition and future prospects and operations of the Company, and certain other matters J.P. Morgan believed necessary or appropriate to its inquiry.

In giving its opinion, J.P. Morgan relied upon and assumed the accuracy and completeness of all information that was publicly available or was furnished to or discussed with J.P. Morgan by the Company or otherwise reviewed by or for J.P. Morgan, and J.P. Morgan did not independently verify any such information or its accuracy or completeness and, pursuant to J.P. Morgan’s engagement letter with the Company, J.P. Morgan did not assume any obligation to undertake any such independent verification or assume any responsibility or liability therefor. J.P. Morgan did not conduct or was not provided with any valuation or appraisal of any assets or liabilities, nor did J.P. Morgan evaluate the solvency of the Company or Parent under any applicable laws relating to bankruptcy, insolvency or similar matters. In relying on the Forecasts provided to J.P. Morgan or derived therefrom, J.P. Morgan assumed that they were reasonably prepared based on assumptions reflecting the best currently available estimates and judgments by management of the Company as to the expected future results of operations and financial condition of the Company to which the Forecasts relate. J.P. Morgan expressed no view as to the Forecasts or the assumptions on which they were based. J.P. Morgan also assumed that the proposed Merger and the other transactions contemplated by the Merger Agreement would be consummated as described in the Merger Agreement, and that the definitive Merger Agreement would not differ in any material respect from the draft thereof furnished to J.P. Morgan. J.P. Morgan also assumed that the representations and warranties made by the Company, Parent and Merger Sub in the Merger Agreement and the related agreements were and will be true and correct in all respects material to its analysis. J.P. Morgan is not a legal, regulatory or tax expert and relied on the assessments made by advisors to the Company with respect to such issues. J.P. Morgan further assumed that all material governmental, regulatory or other consents and approvals necessary for the consummation of the proposed Merger will be obtained without any adverse effect on the Company or on the contemplated benefits of the proposed Merger.

The Forecasts furnished to J.P. Morgan were prepared by the Company’s management. The Company does not publicly disclose internal management projections of the type provided to J.P. Morgan in connection with J.P. Morgan’s analysis of the proposed Merger, and the Forecasts were not prepared with a view toward public disclosure. The Forecasts were based on numerous variables and assumptions that are inherently uncertain and may be beyond the control of the Company’s management, including, without limitation, factors related to general economic and competitive conditions and prevailing interest rates. Accordingly, actual results could vary significantly from those set forth in the Forecasts.

J.P. Morgan’s opinion was necessarily based on economic, market and other conditions as in effect on, and the information made available to J.P. Morgan as of, the date of such opinion. J.P. Morgan’s opinion noted that subsequent developments may affect J.P. Morgan’s opinion, and that J.P. Morgan does not have any obligation to update, revise or reaffirm such opinion. J.P. Morgan’s opinion is limited to the fairness, from a financial point of view, of the Merger Consideration to be paid to the holders of the Company Common Stock in the proposed Merger, and J.P. Morgan has expressed no opinion as to the fairness of any consideration paid in connection with the Merger to the holders of any other class of securities, creditors or other constituencies of the Company or as to the underlying decision by the Company to engage in the proposed Merger. Furthermore, J.P. Morgan expressed no opinion with

respect to the amount or nature of any compensation paid or to be paid to any officers, directors, or employees of any party to the proposed Merger, or any class of such persons relative to the Merger Consideration to be paid to the holders of the Company Common Stock in the proposed Merger or with respect to the fairness of any such compensation.

The terms of the Merger Agreement, including the Merger Consideration, were determined through arm’s length negotiations between the Company and Parent, and the decision to enter into the Merger Agreement was solely that of the Board. J.P. Morgan’s opinion and financial analyses were only one of many factors considered by the Board in its evaluation of the proposed Merger and should not be viewed as determinative of the views of the Board or management with respect to the proposed Merger or the Merger Consideration to be paid to the holders of Company Common Stock.

In accordance with customary investment banking practice, J.P. Morgan employed generally accepted valuation methodology in rendering its opinion to the Board on May 5, 2024, and in the presentation delivered to the Board on such date in connection with the rendering of such opinion. The following is a summary of the material financial analyses undertaken by J.P. Morgan in connection with rendering such opinion and contained in such presentation, and does not purport to be a complete description of the analyses or data presented by J.P. Morgan. Some of the summaries of the financial analyses include information presented in tabular format. The tables are not intended to stand alone, and in order to more fully understand the financial analyses used by J.P. Morgan, the tables must be read together with the full text of each summary. Considering the data set forth below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of J.P. Morgan’s analyses.

Public Trading Multiples. Using publicly available information, J.P. Morgan compared selected financial data of the Company with similar data for selected publicly traded companies engaged in businesses which J.P. Morgan judged to be analogous to those of the Company. The companies selected by J.P. Morgan were IDACORP, Inc., Portland General Electric Company, Black Hills Corporation, NorthWestern Energy Group, Inc., Avista Corporation, MDU Resources Group, Inc., Algonquin Power & Utilities Corp. and Otter Tail Corporation. This group includes regulated utilities and utilities that also have unregulated businesses. These companies were selected, among other reasons, because they are publicly traded companies with operations and businesses that, for purposes of J.P. Morgan’s analyses, may be considered sufficiently similar to those of the Company or aspects thereof based on business sector participation, operational characteristics and financial metrics. However, none of the selected companies reviewed are identical to the Company and certain of these companies have financial and operating characteristics that are materially different from those of the Company. The analyses necessarily involve complex considerations and judgments concerning differences in financial and operational characteristics of the companies involved and other factors that could affect the companies differently than they would affect the Company.

Using information obtained from the selected companies’ public filings and FactSet Research Systems as of May 2, 2024, J.P. Morgan calculated for each selected company the ratio of such company’s closing share price as of May 2, 2024, to the consensus equity research analyst estimates for such company’s projected earnings per share (which is referred to as “EPS”) for the calendar years 2024 and 2025 (which is referred to as “2024E EPS” and “2025E EPS,” respectively). J.P. Morgan calculated the median and the mean values for each multiple, specifically: 15.5x and 15.5x for 2024E EPS, respectively, and 14.1x and 14.4x for 2025E EPS, respectively.

Based on the results of this analysis and on other factors J.P. Morgan considered appropriate based on their experience and professional judgment, J.P. Morgan selected a multiple reference range of 14.0x to 17.5x for 2024E EPS and a multiple reference range of 13.5x to 16.5x for 2025E EPS. The multiple reference ranges were then applied to the Company’s projected EPS for the 12-month periods ending December 31, 2024 and December 31, 2025, respectively, as set forth in the Forecasts, to derive the following ranges of implied per share equity values for the Company Common Stock, rounded to the nearest $0.25:

The ranges of implied per share equity values were compared to the Merger Consideration of $67.00 per share.

For reference only, J.P. Morgan also compared the ranges of implied per share equity values to (1) the 30-day volume-weighted average price per share of Company Common Stock of $59.21, which J.P. Morgan calculated as of May 2, 2024 (the “Affected VWAP”), (2) the unaffected 30-day volume weighted average price per share of Common Stock of $54.88, which J.P. Morgan calculated as of December 4, 2024 (the “Unaffected VWAP”) and (3) the per share equity values that J.P. Morgan calculated by applying the median multiple values for 2024E EPS and 2025E EPS to the Company’s projected EPS for the 12-month periods ending December 31, 2024 and December 31, 2025, respectively, as set forth in the Forecasts, which were $57.50 and $56.50, respectively.

Using information obtained from the selected companies’ public filings and FactSet Research Systems as of May 2, 2024, J.P. Morgan calculated for each selected company the ratio of such company’s firm value (calculated as the market value of the company’s common stock on a fully diluted basis, plus any net debt and minority interest) (which is referred to as “FV”) as of May 2, 2024, to the consensus equity research analyst estimates for such company’s earnings before interest, taxes, depreciation and amortization, unburdened by stock-based compensation (which is referred to as “EBITDA”) for the calendar years 2024 and 2025 (which are referred to as “FV / 2024E EBITDA” and “FV / 2025E EBITDA,” respectively). J.P. Morgan calculated the median and the mean values for each multiple, specifically: 10.3x and 11.0x for FV / 2024E EBITDA, respectively, and 10.0x and 10.4x for FV / 2025E EBITDA, respectively.

Based on the results of this analysis and on other factors J.P. Morgan considered appropriate based on their experience and professional judgment, J.P. Morgan selected a multiple reference range of 10.0x to 14.0x for FV / 2024E EBITDA and a multiple reference range of 9.5x to 11.5x for FV / 2025E EBITDA. The multiple reference ranges were then applied to the projected EBITDA for the Company for the 12-month periods ending December 31, 2024, and December 31, 2025, respectively, as set forth in the Forecasts, to derive ranges of firm values for the Company, which were adjusted to take into account the Company’s net debt and minority interest balance of $1.728 million and $598 million, respectively, as of December 31, 2023, as provided by management of the Company to J.P. Morgan, to derive the following ranges of implied per share equity values for the Company Common Stock, rounded to the nearest $0.25:

The ranges of implied per share equity values were compared to the Merger Consideration of $67.00 per share.

For reference only, J.P. Morgan also compared the ranges of implied per share equity values to (1) the Affected VWAP of $59.21, (2) the Unaffected VWAP of $54.88 and (3) the per share equity values that J.P. Morgan calculated by applying the median multiple values for FV / 2024E EBITDA and FV / 2025E EBITDA to the Company’s projected EBITDA for the 12-month periods ending December 31, 2024, and December 31, 2025, respectively, as set forth in the Forecasts, which were $42.50 per share and $55.00 per share, respectively.

Selected Transaction Analysis. Using publicly available information, J.P. Morgan examined selected transactions involving businesses which J.P. Morgan judged to be sufficiently analogous to the Company’s business (or aspects thereof) based on J.P. Morgan’s experience and familiarity with the industries in which the Company operates. Specifically, J.P. Morgan reviewed the following transactions:

Using publicly available information, J.P. Morgan calculated, for each selected transaction, the multiple of the target company’s share price implied by the relevant transaction to the target company’s EPS for the 12 months immediately preceding the announcement of the transaction (“LTM P/E”).

Based on this analysis and on other factors, J.P. Morgan considered appropriate based on their experience and professional judgment, J.P. Morgan selected a multiple reference range for the Company’s share price to the Company’s EPS for the calendar year ending 2023 (which is referred to as “Price / 2023 EPS”) of 17.5x to 30.0x. This multiple was then applied to the Company’s EPS for the 12-month period ending December 31, 2023, as set forth in the Forecasts to derive the following range of implied per share equity values for the Company Common Stock, rounded to the nearest $0.25:

The ranges of implied per share equity values were compared to the Merger Consideration of $67.00 per share.

For reference only, J.P. Morgan also compared the ranges of implied per share equity values to (1) the Affected VWAP of $59.21, (2) the Unaffected VWAP of $54.88 and (3) the per share equity values that J.P. Morgan calculated by applying the median multiple value for Price / 2023A EPS to the Company’s EPS for the 12-month period ending December 31, 2023 as set forth in the Forecasts, which J.P. Morgan calculated as $80.50 per share.

Discounted Cash Flow Analysis. J.P. Morgan conducted a discounted cash flow analysis using the unlevered free cash flows that the Company is expected to generate during fiscal years 2024 through 2042 as set forth in the Forecasts. J.P. Morgan calculated a range of terminal values for the Company by applying a range of terminal growth rates ranging from 1.50% to 2.0% to the total revenue of the Company in its terminal year as set forth in the Forecasts. J.P. Morgan then discounted the unlevered free cash flows and the range of terminal values to present values as of December 31, 2023, using a range of discount rates from 6.00% to 6.50%, which range was chosen by J.P. Morgan based upon an analysis of the weighted average cost of capital of the Company.

The present value of the unlevered free cash flows and the range of terminal values were then adjusted for the Company’s net debt and minority interest balance of $1.728 million and $598 million, respectively, as of December 31, 2023, which estimates were provided by management of the Company. This analysis indicated a range of implied per share equity values for the Company Common Stock, rounded to the nearest $0.25, of between $53.75 and $84.50.

The ranges of implied per share equity values were compared to the Merger Consideration of $67.00 per share.

For reference only, J.P. Morgan also compared the ranges of implied per share equity values to the Affected VWAP of $59.21 and the Unaffected VWAP of $54.88.

J.P. Morgan also reviewed the Company’s 52-week historical trading and analyst price targets, in each case as of May 2, 2024, which ranged from $49.29 to $63.71 and $53.00 to $62.00, respectively. J.P. Morgan noted that historical stock trading and analyst price targets analyses are not valuation methodologies but were presented merely for informational purposes.

The foregoing summary of certain material financial analyses does not purport to be a complete description of the analyses or data presented by J.P. Morgan. The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. J.P. Morgan believes that the foregoing summary and its analyses must be considered as a whole and that selecting portions of the foregoing summary and these analyses, without considering all of its analyses as a whole, could create an incomplete view of the processes underlying the analyses and its opinion. As a result, the ranges of valuations resulting from any particular analysis or combination of analyses described above were merely utilized to create points of reference for analytical purposes and should not be taken to be the view of J.P. Morgan with respect to the actual value of the Company. The order of analyses described does not represent the relative importance or weight given to those analyses by J.P. Morgan. In arriving at its opinion, J.P. Morgan did not attribute any particular weight to any analyses or factors considered by it and did not form an opinion as to whether any individual analysis or factor (positive or negative), considered in isolation, supported or failed to support its opinion. Rather, J.P. Morgan considered the totality of the factors and analyses performed in determining its opinion.

Analyses based upon forecasts of future results are inherently uncertain, as they are subject to numerous factors or events beyond the control of the parties and their advisors. Accordingly, forecasts and analyses used or made by J.P. Morgan are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by those analyses. Moreover, J.P. Morgan’s analyses are not and do not purport to be appraisals or otherwise reflective of the prices at which businesses actually could be acquired or sold. None of the selected companies reviewed as described in the above summary is identical to the Company, and none of the selected transactions reviewed was identical to the proposed Merger. However, the companies selected were chosen because they are publicly traded companies with operations and businesses that, for purposes of J.P. Morgan’s analysis, may be considered similar to those of the Company. The transactions selected were similarly chosen because their participants, size and other factors, for purposes of J.P. Morgan’s analysis, may be considered similar to the proposed Merger. The analyses necessarily involve complex considerations and judgments concerning differences in financial and operational characteristics of the companies involved and other factors that could affect the companies compared to the Company and the transactions compared to the proposed Merger.

As a part of its investment banking business, J.P. Morgan and its affiliates are continually engaged in the valuation of businesses and their securities in connection with mergers and acquisitions, investments for passive and control purposes, negotiated underwritings, secondary distributions of listed and unlisted securities, private placements, and valuations for corporate and other purposes. J.P. Morgan was selected to advise the Company with respect to the proposed Merger on the basis of, among other things, such experience and its qualifications and reputation in connection with such matters and its familiarity with the Company and the industries in which it operates.

For services rendered in connection with the proposed Merger and the delivery of its opinion, the Company has agreed to pay J.P. Morgan a fee of approximately $41 million, of which $4 million became payable upon delivery of its opinion and the remainder of which is contingent and payable upon the Closing. In addition, the Company has agreed to reimburse J.P. Morgan for its expenses incurred in connection with its services, including the fees and disbursements of counsel, and will indemnify J.P. Morgan against certain liabilities arising out of J.P. Morgan’s engagement. During the two years preceding the date of J.P. Morgan’s opinion, J.P. Morgan and its affiliates have had and continue to have commercial or investment banking relationships with the Company for which J.P. Morgan and such affiliates have received or will receive customary compensation. Such services during such period have included acting as sole lead arranger and sole bookrunner on the Company’s credit facility in October 2023. During the two-year period preceding the date of J.P. Morgan’s opinion, neither J.P. Morgan nor its affiliates have had any material financial advisory or other material commercial or investment banking relationships with CPP Investments or CalPERS. During the two years preceding the date of J.P. Morgan’s opinion, J.P. Morgan and its affiliates have had commercial or investment banking relationships with portfolio companies of CPP Investments for which J.P. Morgan and such affiliates have received customary compensation. Such services during such period have included providing debt syndication, debt underwriting and financial advisory services. During the two years preceding the date of J.P. Morgan’s opinion, J.P. Morgan and its affiliates have had commercial or investment banking relationships with GIP and its portfolio companies for which J.P. Morgan and such affiliates have received customary compensation. Such services during such period have included acting as financial advisor in connection with GIP’s acquisition of a minority stake in NextDecade Rio Grande in June 2023 and providing debt syndication and debt underwriting services to portfolio companies of GIP. In addition, J.P. Morgan’s commercial banking affiliate is an agent bank and a lender under outstanding credit facilities of the Company, portfolio companies of CPP Investments and portfolio companies of GIP, for which it receives customary compensation or other financial benefits. During the two-year period preceding delivery of its opinion ending on May 5, 2024, the aggregate fees recognized by J.P. Morgan from the Company were approximately $6.5 million, from CPP Investments and its controlled portfolio companies were approximately $135 million, from GIP and its controlled portfolio companies were approximately $50 million, and from CalPERS were approximately $20 million. In addition, J.P. Morgan and its affiliates hold, on a proprietary basis, less than 1% of the outstanding Common Stock of the Company. In the ordinary course of their businesses, J.P. Morgan and its affiliates may actively trade the debt and equity securities or financial instruments (including derivatives, bank loans or other obligations) of the Company for their own accounts or for the accounts of customers and, accordingly, J.P. Morgan may at any time hold long or short positions in such securities or other financial instruments.

On May 5, 2024, Houlihan Lokey orally rendered its opinion to the Board (which was subsequently confirmed in writing by delivery of Houlihan Lokey’s written opinion addressed to the Board dated May 5, 2024), to the effect

that, as of such date, and based on and subject to the assumptions, limitations, qualifications and other matters set forth in its opinion, the Merger Consideration to be received by the holders of Company Common Stock in the Merger pursuant to the Merger Agreement was fair, from a financial point of view, to such holders.

Houlihan Lokey’s opinion was directed to the Board (in its capacity as such) and only addressed whether the Merger Consideration to be received by the holders of Company Common Stock in the Merger pursuant to the Merger Agreement was fair, from a financial point of view, to such holders and did not address any other aspect or implication of the Merger or any other agreement, arrangement or understanding. The summary of Houlihan Lokey’s opinion in this proxy statement is qualified in its entirety by reference to the full text of its written opinion, which is attached as Annex C to this proxy statement and describes the procedures followed, assumptions made, qualifications and limitations on the review undertaken and other matters considered by Houlihan Lokey in connection with the preparation of its opinion. However, neither Houlihan Lokey’s opinion nor the summary of its opinion and the related analyses set forth in this proxy statement are intended to be, and do not constitute, advice or a recommendation to the Board, any security holder or any other person as to how to act or vote with respect to any matter relating to the Merger or otherwise.

In connection with its opinion, Houlihan Lokey made such reviews, analyses and inquiries as Houlihan Lokey deemed necessary and appropriate under the circumstances. Among other things, Houlihan Lokey:

Houlihan Lokey relied upon and assumed, without independent verification, the accuracy and completeness of all data, material and other information furnished, or otherwise made available, to it, discussed with or reviewed by it, or publicly available, and did not assume any responsibility with respect to such data, material and other information. In addition, management of the Company advised Houlihan Lokey and, at the Board’s direction, Houlihan Lokey assumed that the Forecasts were reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management as to the future financial results and condition of the Company. At the Board’s direction, Houlihan Lokey assumed that the Forecasts provided a reasonable basis on which to evaluate the Company and the Merger, and Houlihan Lokey, at the Board’s direction, used and relied upon the Forecasts for purposes of its analyses and opinion. Houlihan Lokey expressed no view or opinion with respect to the Forecasts or the assumptions on which they were based. Houlihan Lokey relied upon and assumed, without independent verification, that there had been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to Houlihan Lokey that would have been material to its analyses or opinion, and that there was no information or any facts that would make any of the information reviewed by Houlihan Lokey incomplete or misleading.

Houlihan Lokey relied upon and assumed, without independent verification, that (1) the representations and warranties of all parties to the Merger Agreement and all other related documents and instruments referred to therein were true and correct, (2) each party to the Merger Agreement and such other related documents and instruments would fully and timely perform all of the covenants and agreements required to be performed by such party, (3) all conditions to the consummation of the Merger would be satisfied without waiver thereof, and (4) the Merger would be consummated in a timely manner in accordance with the terms described in the Merger Agreement and such other related documents and instruments, without any amendments or modifications thereto. Houlihan Lokey relied upon and assumed, without independent verification, that (A) the Merger would be consummated in a manner that complies in all respects with all applicable foreign, federal, state and local statutes, rules and regulations, and (B) all governmental, regulatory, and other consents and approvals necessary for the consummation of the Merger would be obtained, and that no delay, limitations, restrictions or conditions would be imposed or amendments, modifications or waivers made that would have an effect on the Company or the Merger that would be material to Houlihan Lokey’s analyses or opinion. In addition, Houlihan Lokey relied upon and assumed, without independent verification, that the final form of the Merger Agreement would not differ in any respect from the draft of the Merger Agreement identified above.

Furthermore, in connection with its opinion, Houlihan Lokey was not requested to, and did not, make any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (fixed, contingent, derivative, off-balance-sheet or otherwise) of the Company or any other party, nor was Houlihan Lokey provided with any such appraisal or evaluation. Houlihan Lokey did not estimate, and expressed no opinion regarding, the liquidation value of any entity or business. Houlihan Lokey did not undertake any independent analysis of any potential or actual litigation, regulatory action, possible unasserted claims or other contingent liabilities to which the Company was or may have been a party or was or may have been subject, or of any governmental investigation of any possible unasserted claims or other contingent liabilities to which the Company was or may have been a party or was or may have been subject.

Houlihan Lokey was not requested to, and did not, (1) initiate any discussions with, or solicit any indications of interest from, third parties with respect to the Merger, the securities, assets, businesses or operations of the Company or any other party, or any alternatives to the Merger, (2) negotiate the terms of the Merger, (3) advise the Board, the Company or any other party with respect to alternatives to the Merger, or (4) identify, introduce to the Company or any other party, or screen for creditworthiness, any prospective investors, lenders or other participants in the Merger. Houlihan Lokey’s opinion was necessarily based on financial, economic, market and other conditions as in effect on, and the information made available to Houlihan Lokey as of, the date of its opinion. Houlihan Lokey did not undertake, and was under no obligation, to update, revise, reaffirm or withdraw its opinion, or otherwise comment on or consider events occurring or coming to Houlihan Lokey’s attention after the date of its opinion. Houlihan Lokey did not express any view or opinion as to the price or range of prices at which shares of Company Common Stock could be purchased or sold, or otherwise be transferable, at any time.

Houlihan Lokey’s opinion was furnished for the use of the Board (in its capacity as such) in connection with its evaluation of the Merger and may not be used for any other purpose without Houlihan Lokey’s prior written consent. Houlihan Lokey’s opinion was not intended to be, and did not constitute, a recommendation to the Board, the Company, any security holder or any other party as to how to act or vote with respect to any matter relating to the Merger or otherwise.

Houlihan Lokey was not requested to opine as to, and its opinion did not express an opinion as to or otherwise address, among other things: (1) the underlying business decision of the Board, the Company, its security holders or any other party to proceed with or effect the Merger, (2) the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Merger or otherwise (other than the Merger Consideration to the extent expressly specified in its opinion), including, without limitation, (A) the issuance to Global Infrastructure Management, LLC, or one of its affiliates, of one share of Company Common Stock prior to the Merger, (B) the interim financing contemplated by Section 6.18 of the Merger Agreement, (C) the proposed refinancing of the Company’s 2025 Notes due September 10, 2025, (D) the equity commitment agreements that were to be entered into between Parent and the Sponsors and (E) the guaranties that were to be executed by each of the Sponsors in favor of the Company, (3) the fairness of any portion or aspect of the Merger to the holders of any class of securities, creditors or other constituencies of the Company, or to any other party, except if and only to the extent expressly set forth in the last sentence of its opinion, (4) the relative merits of the Merger as compared to any alternative business strategies or transactions that might have been available for the Company or any other party,

(5) the fairness of any portion or aspect of the Merger to any one class or group of the Company’s or any other party’s security holders or other constituents vis-à-vis any other class or group of the Company’s or such other party’s security holders or other constituents (including, without limitation, the allocation of any consideration amongst or within such classes or groups of security holders or other constituents), (6) whether or not the Company, Parent, their respective security holders or any other party is receiving or paying reasonably equivalent value in the Merger, (7) the solvency, creditworthiness or fair value of the Company, Parent or any other participant in the Merger, or any of their respective assets, under any applicable laws relating to bankruptcy, insolvency, fraudulent conveyance or similar matters, or (8) the fairness, financial or otherwise, of the amount, nature or any other aspect of any compensation to or consideration payable to or received by any officers, directors or employees of any party to the Merger, any class of such persons or any other party, relative to the Merger Consideration or otherwise. Houlihan Lokey did not express any opinion, counsel or interpretation regarding matters that require legal, regulatory, accounting, insurance, tax or other similar professional advice. Houlihan Lokey assumed that such opinions, counsel or interpretations had been or would be obtained from the appropriate professional sources. Furthermore, Houlihan Lokey relied, with the consent of the Board, on the assessments by the Board, the Company, Parent and their respective advisors, as to all legal, regulatory, accounting, insurance, tax and other similar matters with respect to the Company, the Merger or otherwise.

In performing its analyses, Houlihan Lokey considered general business, economic, industry and market conditions, financial and otherwise, and other matters as they existed on, and could be evaluated as of, the date of its opinion. No company, transaction or business used in Houlihan Lokey’s analyses for comparative purposes is identical to the Company or the Merger and an evaluation of the results of those analyses is not entirely mathematical. As a consequence, mathematical derivations (such as the high, low, mean and median) of financial data are not by themselves meaningful and in selecting the ranges of multiples to be applied were considered in conjunction with experience and the exercise of judgment. The estimates contained in the Forecasts and the implied reference range values indicated by Houlihan Lokey’s analyses are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than those suggested by the analyses. In addition, any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which businesses or securities actually may be sold, which may depend on a variety of factors, many of which are beyond the control of the Company. Much of the information used in, and accordingly the results of, Houlihan Lokey’s analyses are inherently subject to substantial uncertainty.

Houlihan Lokey’s opinion was only one of many factors considered by the Board in evaluating the proposed Merger. Neither Houlihan Lokey’s opinion nor its analyses were determinative of the Merger Consideration or of the views of the Board or management with respect to the Merger or the Merger Consideration. Under the terms of its engagement by the Company, neither Houlihan Lokey’s opinion nor any other advice or services rendered by it in connection with the proposed Merger or otherwise, should be construed as creating, and Houlihan Lokey should not be deemed to have, any fiduciary duty to, or agency relationships with, the Board, the Company, Parent, any security holder or creditor of the Company or Parent or any other person, regardless of any prior or ongoing advice or relationships. The type and amount of consideration payable in the Merger were determined through negotiation between the Company and Parent, and the decision to enter into the Merger Agreement was solely that of the Board.

In preparing its opinion to the Board, Houlihan Lokey performed a variety of analyses, including those described below. The summary of Houlihan Lokey’s analyses is not a complete description of the analyses underlying Houlihan Lokey’s opinion. The preparation of such an opinion is a complex process involving various quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytical methods employed and the adaptation and application of these methods to the unique facts and circumstances presented. As a consequence, neither Houlihan Lokey’s opinion nor its underlying analyses are readily susceptible to summary description. Houlihan Lokey arrived at its opinion based on the results of all analyses undertaken by it and assessed as a whole and did not draw, in isolation, conclusions from or with regard to any individual analysis, methodology or factor. While the results of each analysis were taken into account in reaching Houlihan Lokey’s overall conclusion with respect to fairness, Houlihan Lokey did not make separate or quantifiable judgments regarding individual analyses. Accordingly, Houlihan Lokey believes that its analyses and the following summary must be considered as a whole and that selecting portions of its analyses, methodologies and factors, without considering all analyses, methodologies and factors, could create a misleading or incomplete view of the processes underlying Houlihan Lokey’s analyses and opinion.

The following is a summary of the material financial analyses performed by Houlihan Lokey in connection with the preparation of its opinion and reviewed with the Board on May 5, 2024. The order of the analyses does not represent relative importance or weight given to those analyses by Houlihan Lokey. The analyses summarized below include information presented in tabular format. The tables alone do not constitute a complete description of the analyses. Considering the data in the tables below without considering the full narrative description of the analyses, as well as the methodologies underlying, and the assumptions, qualifications and limitations affecting, each analysis, could create a misleading or incomplete view of Houlihan Lokey’s analyses.

For purposes of its analyses, Houlihan Lokey reviewed a number of financial metrics, including the following:

Unless the context indicates otherwise, enterprise values and equity values used in the selected companies analysis described below were calculated using the closing price of the Company Common Stock and the common stock of the selected companies listed below as of May 3, 2024, and transaction values for the selected transactions analysis described below were calculated on an enterprise value basis based on the announced transaction equity price and other public information available at the time of the announcement. The estimates of the future financial performance of the Company relied upon for the financial analyses described below were based on the Forecasts. The estimates of the future financial performance of the selected companies listed below were based on certain publicly available research analyst estimates for those companies.

Selected Companies Analysis. Houlihan Lokey reviewed certain data for the selected companies, with publicly traded equity securities, that Houlihan Lokey deemed relevant.

The financial data reviewed included:

The selected companies and resulting low, high, median and mean financial data, included the following:

Taking into account the results of the selected companies analysis, Houlihan Lokey applied selected multiple ranges of 11.0x to 12.0x to the Company’s estimated EBITDA for the calendar year ending December 31, 2024, 9.5x to 10.5x to the Company’s estimated EBITDA for the calendar year ending December 31, 2025, 13.5x to 16.5x to the Company’s estimated net income attributable to the Company for the calendar year ending December 31, 2024, and 11.5x to 14.5x to the Company’s estimated net income attributable to the Company for the calendar year ending December 31, 2025. The selected companies analysis indicated implied per share value reference ranges of $49.98 to $57.99 per share of Company Common Stock based on the selected range of multiples of the Company’s estimated EBITDA for the calendar year ending December 31, 2024, $52.20 to $61.71 per share of Company Common Stock based on the selected range of multiples of the Company’s estimated EBITDA for the calendar year ending December 31, 2025, $50.12 to $61.26 per share of Company Common Stock based on the selected range of multiples of the Company’s estimated net income attributable to the Company for the calendar year ending December 31, 2024, and $52.06 to $65.64 per share of Company Common Stock based on the selected range of multiples of the Company’s estimated net income attributable to the Company for the calendar year ending December 31, 2025, in each case as compared to the Merger Consideration of $67.00 per share of Company Common Stock in the Merger pursuant to the Merger Agreement.

Selected Transactions Analysis. Houlihan Lokey considered certain financial terms of certain transactions involving target companies that Houlihan Lokey deemed relevant. The financial data reviewed included transaction value as a multiple of latest 12 months, or “LTM,” EBITDA, and the selected transactions and resulting low, high, median and mean financial data were:

Taking into account the results of the selected transactions analysis, Houlihan Lokey applied a selected multiple range of 12.0x to 13.0x to the Company’s LTM EBITDA. The selected transactions analysis indicated an implied per share value reference range of $59.29 to $67.40 per share of Company Common Stock, as compared to the Merger Consideration of $67.00 per share of Company Common Stock in the Merger pursuant to the Merger Agreement.

Discounted Cash Flow Analysis. Houlihan Lokey performed a discounted cash flow analysis of the Company by calculating the estimated net present value of the projected levered, after-tax free cash flows of the Company based on the Forecasts. Houlihan Lokey applied a range of terminal value multiples of 10.0x to 11.0x to the Company’s estimated EBITDA for the calendar year ending December 31, 2042 and discount rates ranging from 10.0% to 11.0%. The discounted cash flow analysis indicated an implied per share value reference range of $54.12 to $68.28 per share of Company Common Stock, as compared to the Merger Consideration of $67.00 per share of Company Common Stock in the Merger pursuant to the Merger Agreement.

Sum-of-the-Parts Analysis. Houlihan Lokey performed a sum-of-the-parts analysis of the Company by evaluating the Company’s utility operations segment, renewable platform segment, and BNI Energy & other segment as separate standalone entities, which were then summed together.

With respect to the Company’s utility operations segment, Houlihan Lokey took into account the results of the selected companies and selected transactions analyses described above, and applied selected multiple ranges of 14.5x to 17.5x to the estimated net income attributable to the Company resulting from the Company’s utility operations segment for the calendar year ending December 31, 2024, and 13.5x to 16.5x to the estimated net income attributable to the Company resulting from the Company’s utility operations segment for the calendar year ending December 31, 2025. With respect to the Company’s renewables platform segment, Houlihan Lokey performed a discounted cash flow analysis by calculating the estimated net present value of the projected levered, after-tax free cash flows attributable to the Company’s renewables platform segment based on the Forecasts. Houlihan Lokey applied a range of terminal value multiples of 8.0x to 10.0x to the estimated EBITDA for the calendar year ending December 31, 2042 attributable to the renewable platform segment and discount rates ranging from 11.0% to 13.0%. With respect to the Company’s BNI Energy & other segment, Houlihan Lokey took into account the book value of BNI Energy of $80 million and the book value of the Company’s legacy Florida real estate investment of $11 million, each as provided by Company management. The sum-of-the-parts analysis indicated an implied per share value reference range of $51.74 to $63.62 per share of Company Common Stock, as compared to the Merger Consideration of $67.00 per share of Company Common Stock in the Merger pursuant to the Merger Agreement.

Houlihan Lokey was engaged by the Company to provide an opinion to the Board as to the fairness, from a financial point of view, to the holders of Company Common Stock of the Merger Consideration to be received by such holders in the Merger pursuant to the Merger Agreement. The Company engaged Houlihan Lokey based on Houlihan Lokey’s experience and reputation. Houlihan Lokey is regularly engaged to render financial opinions in connection with mergers, acquisitions, divestitures, leveraged buyouts, and for other purposes. Pursuant to its engagement by the Company, Houlihan Lokey became entitled to an aggregate fee of $2,500,000 for its services, a portion of which became payable to Houlihan Lokey upon its retention by the Company and the remainder of which became payable upon the delivery of Houlihan Lokey’s opinion to the Board. No portion of Houlihan Lokey’s fee is contingent upon the successful completion of the Merger. The Company has also agreed to reimburse Houlihan Lokey for certain expenses and to indemnify Houlihan Lokey, its affiliates and certain related parties against certain liabilities and expenses, including certain liabilities under the federal securities laws, arising out of or related to Houlihan Lokey’s engagement.

In the ordinary course of business, certain of Houlihan Lokey’s employees and affiliates, as well as investment funds in which they may have financial interests or with which they may co-invest, may acquire, hold or sell long or short positions, or trade, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, the Company, Parent or any other party that may be involved in the Merger and their respective affiliates or security holders or any currency or commodity that may be involved in the Merger.

Houlihan Lokey and/or certain of its affiliates have in the past provided investment banking, financial advisory and/or other financial or consulting services to GIP, or one or more security holders or affiliates of, and/or portfolio companies of investment funds affiliated or associated with, GIP (collectively, with GIP, the “GIP Group”), for which Houlihan Lokey and its affiliates received compensation. Based on a review of its information management systems, Houlihan Lokey identified engagements with the GIP Group during the two years prior to the date of its

opinion for which Houlihan Lokey and/or its affiliates received aggregate compensation of approximately $13 million, including, among other things, having acted as financial advisor to Yunneng Wind Power Co., Ltd., a member of the GIP Group, in connection with a restructuring transaction, which was completed in October 2023. In addition, Houlihan Lokey and/or certain of its affiliates have in the past provided investment banking, financial advisory and/or other financial or consulting services to the Company, CPP Investments, or one or more security holders or affiliates of, and/or portfolio companies of investment funds affiliated or associated with CPP Investments (collectively, with CPP Investments the “CPP Investments Group”), and CalPERS. Houlihan Lokey and certain of its affiliates may provide investment banking, financial advisory and/or other financial or consulting services to the Company, members of the CPP Investments Group, members of the GIP Group, CalPERS, other participants in the Merger or certain of their respective affiliates or security holders in the future, for which Houlihan Lokey and its affiliates may receive compensation. In addition, Houlihan Lokey and certain of its affiliates and certain of Houlihan Lokey and their respective employees may have committed to invest in private equity or other investment funds managed or advised by CPP Investments Group, GIP Group, CalPERS, other participants in the Merger or certain of their respective affiliates or security holders, and in portfolio companies of such funds, and may have co-invested with the members of the CPP Investments Group, members of the GIP Group, CalPERS, other participants in the Merger or certain of their respective affiliates or security holders, and may do so in the future. Furthermore, in connection with bankruptcies, restructurings, distressed situations and similar matters, Houlihan Lokey and certain of its affiliates may have in the past acted, may currently be acting and may in the future act as financial advisor to debtors, creditors, equity holders, trustees, agents and other interested parties (including, without limitation, formal and informal committees or groups of creditors) that may have included or represented and may include or represent, directly or indirectly, or may be or have been adverse to, the Company, members of the CPP Investments Group, members of the GIP Group, CalPERS, other participants in the Merger or certain of their respective affiliates or security holders, for which advice and services Houlihan Lokey and its affiliates have received and may receive compensation.

Other than providing estimated ranges of expected earnings and earnings growth as disclosed in regular press releases and investor materials, the Company does not as a matter of course disclose public forward-looking financial information as to future revenues, earnings, or other results due to, among other reasons, the uncertainty, unpredictability and subjectivity of the underlying assumptions and estimates. The Company is especially reluctant to disclose forward-looking financial information for extended periods due to the increasing uncertainty, unpredictability and subjectivity of such assumptions and estimates when applied to time periods further in the future. As a result, the Company does not endorse unaudited forward-looking financial information as a reliable indication of future results. However, for internal purposes and in connection with the process leading to the execution of the Merger Agreement, management of the Company prepared certain forward-looking financial information for the years 2024 through 2042 to account for the long-term nature of the Company’s growth strategy and capital expenditure plan. Such forward-looking financial information is included in this proxy statement because we provided such information to our financial advisors, the Board and to Parent in connection with the Merger Agreement discussions. The following forward-looking financial information was not prepared with a view toward compliance with published guidelines of the SEC or with a view toward complying with the guidelines established by the American Institute of Certified Public Accountants with respect to forward-looking financial information, but, in the view of management of the Company, was prepared on a reasonable basis, reflected the best then-currently available estimates and judgments at the time of its preparation, and presented at the time of its preparation, to the best of management’s knowledge and belief, the expected course of action and the expected future financial performance of the Company. The inclusion of this forward-looking financial information should not be regarded as an indication that any of the Company, Parent, their respective affiliates, officers, directors, advisors or other representatives or any other recipient of such information considered, or now considers, it to be necessarily predictive of actual future performance or events, or that it should be construed as financial guidance, and such forward-looking financial information set forth below should not be relied on as such. Readers of this proxy statement are cautioned not to place undue reliance on the forward-looking financial information.

The forward-looking financial information included in this document has been prepared by, and is the responsibility of, the Company’s management. Our independent auditors, nor any other independent accountants, have not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to the accompanying forward-looking financial information and, accordingly, our independent auditors do not express an

opinion or any other form of assurance with respect thereto. The PricewaterhouseCoopers LLP report incorporated by reference into this document relates to the Company’s previously issued financial statements. It does not extend to the forward-looking financial information and should not be read to do so.

The following table sets forth a summary of the forward-looking information we provided to Parent and our financial advisors in connection with the process leading to the execution of the Merger Agreement.

The forward-looking financial information is based on various assumptions, including, but not limited to, the following principal assumptions:

The estimates and assumptions underlying the forward-looking financial information are inherently uncertain and, though considered reasonable by the management of the Company as of the date of the preparation of such forward-looking financial information, are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking financial information, including, among other things, the matters described in the section entitled “Cautionary Statement Regarding Forward-Looking Statements” beginning on page 12. The forward-looking financial information covers multiple years, and such information by its nature becomes less predictive with each successive year. Accordingly, there can be no assurance that the forward-looking results are indicative of the future performance of the Company, or that actual results will not differ materially from those presented in the forward-looking financial information. Inclusion of the forward-looking financial information in this proxy statement should not be regarded as a representation by any person that the results contained in the forward-looking financial information will be achieved.

The forward-looking financial information does not take into account any circumstances or events occurring after the date it was prepared, including the announcement of the Merger. We have not updated or otherwise revised, and do not intend to update or otherwise revise, the forward-looking financial information to reflect circumstances existing since the preparation of such information or to reflect the occurrence of unanticipated events, including in the event that any or all of the underlying assumptions are shown to be in error, unless required by applicable law. Further, the forward-looking information does not take into account the effect of any possible failure of the Merger to occur. Furthermore, we do not intend to update or revise the forward-looking financial information in this proxy statement to reflect changes in general economic or industry conditions.

The information concerning forward-looking financial information provided by us is not included in this proxy statement in order to induce any shareholder to vote in favor of the proposals at the Special Meeting or to acquire securities of the Company.

The following discussion summarizes certain U.S. federal income tax considerations generally applicable to U.S. Holders and Non-U.S. Holders (each as defined below) whose shares are exchanged for cash pursuant to the Merger. This discussion applies only to holders of shares of Company Common Stock who hold such shares as a capital asset within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the “Code”) (generally, an asset held for investment). This summary is based on the Code, the U.S. Treasury Department regulations promulgated under the Code (“Treasury Regulations”), and administrative rulings and court decisions in effect as of the date of this proxy statement, all of which are subject to change at any time, possibly with retroactive effect. Any such changes could affect the accuracy of the statements and conclusions set forth herein. For purposes of this discussion, the term “U.S. Holder” means a beneficial owner of Company Common Stock that is, for U.S. federal income tax purposes, (1) a citizen or an individual who is a resident of the United States, (2) a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any state thereof, or the District of Columbia, (3) an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source or (4) a trust if (A) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (B) the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person for U.S. federal income tax purposes. For purposes of this discussion, the term “Non-U.S. Holder” means a beneficial owner of shares of Company Common Stock that is neither a U.S. Holder nor a partnership (or any entity or arrangement treated as a partnership for U.S. federal income tax purposes).This discussion is not binding on the Internal Revenue Service (“IRS”) or a court, and there can be no assurance that the tax consequences described in this summary will not be challenged by the IRS or that they would be sustained by a court if so challenged. No ruling has been or will be sought from the IRS, and no opinion of counsel has been or will be rendered as to the U.S. federal income tax consequences of the Merger. This discussion is not a complete description of all the U.S. federal income tax considerations relating to the Merger and, in particular, may not address U.S. federal income tax considerations applicable to holders of Company Common Stock who are subject to special treatment under U.S. federal income tax law, including, for example, partnerships (or an entity or arrangement treated as a partnership for U.S. federal income tax purposes) and partners therein, S corporations, “controlled foreign corporations” or “passive foreign investment companies,” financial institutions, brokers or dealers in securities, insurance companies, tax-exempt entities (including private foundations), mutual funds, real estate investment trusts, personal holding companies, regulated investment companies, securities or

currency dealers, traders in securities who elect to use the mark-to-market method of accounting, tax-exempt investors, holders whose functional currency is not the U.S. dollar, tax-deferred or other retirement accounts, U.S. expatriates, former citizens or long-term residents of the United States, holders who acquired Company Common Stock pursuant to the exercise of an employee stock option or right or otherwise as compensation, holders who exercise appraisal rights in connection with the Merger, holders who hold Company Common Stock as part of a hedge, straddle, constructive sale, conversion transaction, or other integrated investment, holders subject to the alternative minimum tax, accrual method holders who prepare an “applicable financial statement” (as defined in Section 451 of the Code), and holders who hold or have held, directly or pursuant to attribution rules, more than 5% of the outstanding shares of Company Common Stock at any time during the five-year period ending on the date of the consummation of the Merger. In addition, no information is provided with respect to the tax considerations of the Merger under any U.S. federal law other than income tax laws (including, for example, the U.S. federal estate, gift, Medicare, and alternative minimum tax laws), or any state, local or non-U.S. tax laws that may be applicable to a holder. This summary does not address the tax considerations of any transaction other than the Merger.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Company Common Stock, the tax treatment of a partner in such a partnership generally will depend on the status of the partner and the activities of the partnership. Any entity or arrangement treated as a partnership for U.S. federal income tax purposes that holds Company Common Stock, and any partners in such partnership, should consult their tax advisor regarding the tax consequences of the Merger to them in their specific circumstances.

This summary contains a general discussion of U.S. federal income tax considerations relating to the Merger. No information is provided with respect to the tax consequences of the Merger under any U.S. federal law other than income tax laws (including, for example the U.S. federal estate, gift, Medicare and alternative minimum tax laws), or any applicable state, local or non-U.S. tax laws. Consequently, holders of Company Common Stock should consult their tax advisor as to the tax consequences of the Merger relevant to their particular circumstances, including the applicability and effect of any state, local, non-U.S. or other tax laws and of changes in those laws.

The receipt of cash by a U.S. Holder in exchange for shares of Company Common Stock pursuant to the Merger will generally be a taxable transaction for U.S. federal income tax purposes. In general, for U.S. federal income tax purposes, a U.S. Holder who receives cash in exchange for shares of Company Common Stock pursuant to the Merger will recognize gain or loss in an amount equal to the difference, if any, between (1) the amount of cash received in the Merger and (2) the U.S. Holder’s adjusted tax basis in its Company Common Stock exchanged therefor. Generally, such gain or loss will be capital gain or loss and will be long-term capital gain or loss if the shares of Company Common Stock exchanged were held for more than one year as of the date of exchange. Long-term capital gains of certain non-corporate U.S. Holders generally are subject to U.S. federal income tax at preferential rates. The deductibility of capital losses is subject to certain limitations. If a U.S. Holder acquired different blocks of Company Common Stock at different times or different prices, such U.S. Holder must determine its adjusted tax basis and holding period separately with respect to each block of Company Common Stock (i.e., shares of common stock acquired for the same cost in the same transaction) exchanged for cash pursuant to the Merger.

In general, any gain realized by a Non-U.S. Holder pursuant to the Merger generally will not be subject to U.S. federal income tax unless (1) the gain is effectively connected with the conduct of a trade or business of such Non-U.S. Holder in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment maintained by such Non-U.S. Holder in the United States), in which case such gain generally will be subject to U.S. federal income tax on a net basis at the rates generally applicable to U.S. persons, and, if the Non-U.S. Holder is a corporation, such gain may also be subject to the branch profits tax at a rate of 30% (or a lower rate under an applicable income tax treaty) or (2) such Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year in which the Merger is consummated, and certain other specified conditions are met, in which case such gain will be subject to U.S. federal income tax at a rate of 30% (or a lower rate under an applicable income tax treaty), net of applicable U.S.-source capital losses recognized by such Non-U.S. Holder.

Non-U.S. Holders should consult their tax advisor as to any applicable tax treaties that might provide for different rules.

The foregoing summary does not discuss all aspects of U.S. federal income taxation that may be relevant to particular U.S. Holders or Non-U.S. Holders. Such U.S. Holders and Non-U.S. Holders should consult their tax advisor as to the particular tax consequences to them of the receipt of cash in exchange for their shares of Company Common Stock pursuant to the Merger under any U.S. federal, state, local, non-U.S. or other tax laws or under any applicable income tax treaty.

To complete the Merger, the Company and Parent need to obtain approvals, orders, clearances or consents from, or make filings with, certain public utility, antitrust and other regulatory authorities. The Required Approvals are described below. It is a condition to Parent’s obligation to consummate the Merger that all Required Approvals be obtained on terms and conditions that do not result in a Burdensome Condition; provided that the terms, conditions, obligations, commitments and other measures set forth in the Merger Agreement shall not in and of themselves, individually or in the aggregate, constitute a Burdensome Condition; but, for the avoidance of doubt, each such term, condition, obligation, commitment and other measure set forth in the Merger Agreement shall be taken into account, together with any other terms, conditions, obligations, commitments, liabilities, undertakings, sanctions or other measures, in determining whether there has been or is a Burdensome Condition. For purposes of determining whether any term or condition has a Burdensome Condition on Parent and its affiliates, Parent and its affiliates are deemed to be a consolidated group of entities of the size and scale of the Company.

Subject to the terms and conditions of the Merger Agreement, each of the Company and Parent shall use its reasonable best efforts to take, or cause to be taken, all actions, and do, or cause to be done, and assist and cooperate with the other party in doing, all things necessary to cause the conditions to the Closing to be satisfied as promptly as reasonably practicable or to effect the Closing as promptly as reasonably practicable, including:

Under the terms of the Merger Agreement, Parent is prohibited from entering into, and must not knowingly cause its affiliates to enter into, (1) any transaction to acquire any asset, property, business or person (by way of merger, consolidation, share exchange, investment, other business combination, asset, stock or equity purchase, or otherwise) or (2) any new commercial activities or businesses unrelated to the transactions contemplated by the Merger Agreement in Minnesota or Wisconsin, in either case, that would reasonably be expected to materially increase the risk of (A) not obtaining any required approval, (B) not making any consent or filing required for the consummation of the Merger or (C) materially delaying the receipt of any approvals or the making of any consents or filings that are required for the consummation of the Merger. In addition, Parent is required to use its reasonable best efforts to avoid or eliminate each and every impediment that may be asserted by any governmental entity so as to enable the Merger to be consummated as soon as reasonably possible (provided that other than with respect to any restriction on information sharing, Parent will not be required to take any material action related to (i) any of its affiliates, (ii) any Sponsor or their respective direct or indirect portfolio companies owned, managed, advised or controlled by any of the Sponsors or any of their respective affiliates or (iii) any limited partner or other direct or indirect investors in any investment fund affiliated with, advised or managed by, any Sponsor or any of their respective affiliates). Furthermore, in no event will Parent, Merger Sub or any affiliate of Parent be required to pursue or defend any claim against CFIUS in connection with the transactions contemplated by the Merger Agreement, and neither the Company nor Parent nor any of our respective affiliates will be obligated to take any action that is not conditioned on the Closing.

While the Company and Parent each believe that they will receive the Required Approvals and other clearances for the Merger, there can be no assurance that all of these approvals will be obtained or, if obtained, that these

approvals will not contain terms or conditions that could reasonably be expected to result in a Burdensome Condition. Based on the current status of the required governmental approval process, the parties expect, assuming all other conditions to completion of the Merger are satisfied, to complete the Merger in mid-2025. However, the Closing may not occur until after mid-2025, if at all.

We intend to submit the Merger Proposal, along with other proposals, to our shareholders at the Special Meeting as noted above in “Information About the Special Meeting and Voting” beginning on page 14. It is expected that we will not have obtained all Required Approvals by the date of such Special Meeting, which could delay or prevent completion of the Merger for a significant period of time after our shareholders have approved the Merger Proposal. Any delay in the completion of the Merger could diminish the anticipated benefits of the Merger or result in additional transaction costs, loss of revenue or other effects associated with uncertainty surrounding the Merger. In addition, it is possible that, among other things, a governmental agency could condition its required approval of the Merger upon the Company and Parent (or one of its affiliates) entering into an agreement to divest a portion of their combined businesses or assets or could restrict the operations of the combined businesses in accordance with specified business conduct rules. See the section entitled “Cautionary Statement Regarding Forward-Looking Statements” beginning on page 12. A governmental agency also could impose significant additional costs on the business of the surviving corporation, including requiring the surviving corporation to share a disproportionate amount of the expected or achieved benefits of the Merger with utility customers in a future rate case. Acceptance of any such conditions could diminish the benefits of the Merger to the surviving corporation and result in additional costs, loss of revenue or other effects. Alternatively, rejection of such conditions could result in the Company and Parent litigating with a governmental entity, which could delay the Merger or result in the Merger not being consummated.

No additional shareholder approval is expected to be required for any decision by us after the Special Meeting is held relating to any terms and conditions necessary to resolve any regulatory objections to the Merger and, possibly, to proceed with consummation of the Merger.

As more fully described in “The Merger Agreement—Termination; Termination Fees; Expenses” beginning on page 88, the Merger Agreement may be terminated by us or Parent if the Merger is not consummated by 5:00 p.m. Eastern Daylight Time on August 5, 2025; provided, however, that if the conditions to Closing relating to the Required Approvals have not been satisfied, but all other conditions to Closing have been satisfied or waived (or are capable of being satisfied at Closing), such date shall automatically be extended for up to two successive three-month periods. A party may not terminate the Merger Agreement as set forth above if that party’s failure to fulfill its obligations under the Merger Agreement has caused or resulted in the failure to consummate the Merger.

The FTC and the DOJ frequently scrutinize the legality under the antitrust laws of transactions such as the Merger. The HSR Act, and the rules and regulations promulgated thereunder, provide that certain transactions, including the Merger, may not be consummated until required information and materials have been filed with the DOJ and the FTC and the applicable waiting period has expired or been terminated. The HSR Act requires the parties to observe a 30 calendar-day waiting period after the submission of their HSR filings before consummating the Merger, or, alternatively, after the parties have substantially complied with any Request for Additional Information and Documentary Material issued by the DOJ or the FTC to us or Parent or the appropriate entity as designated by the HSR Act, in either case unless the waiting period is terminated early by the DOJ and FTC. We and Parent expect to submit such filings with the FTC and DOJ later this year.

At any time before or after the Merger, the DOJ or the FTC could take such action under antitrust laws as it deems necessary or desirable in the public interest, including seeking to enjoin the Merger or seeking divestiture of substantial assets of the Company, Parent or its subsidiaries. Private parties and state attorneys general may also bring an action under antitrust laws under certain circumstances. There can be no assurance that a challenge to the Merger on antitrust grounds will not be made or, if such a challenge is made, of the result of such challenge.

Consummation of the transactions contemplated by the Merger Agreement, including the Merger, is subject to receive of certain non-U.S. consents, approvals or other clearances, consisting of the receipt of: (i) a decision by the EC pursuant to the EC Merger Regulation declaring the transactions contemplated by the Merger Agreement are compatible with the common market (or compatibility being deemed under Article 10(6) of the EC Merger

Regulation); (ii) approval by the Chinese SAMR pursuant to the Chinese Anti-Monopoly Law; and (iii) approval by the Turkish Competition Authority pursuant to Communiqué No. 2010/4 on Mergers and Acquisitions.

The Company and Superior Water, Light and Power Company, one of our subsidiaries, are public utilities subject to the jurisdiction of the FERC under Part II of the FPA. Section 203 of the FPA requires prior FERC authorization for any direct or indirect merger or consolidation of a public utility’s facilities with those of any other person. Consequently, the Merger requires prior authorization by the FERC pursuant to Section 203 of the FPA. The Company and Parent expect to jointly apply for FERC authorization in July 2024.

The FERC must authorize the Merger if it finds that the Merger is consistent with the public interest and will not result in the cross-subsidization of a non-utility associate company or the pledge or encumbrance of utility assets for the benefit of an associate company (unless it finds that such cross-subsidization or pledge or encumbrance will be consistent with the public interest). The FERC has further stated that, in analyzing a merger or transaction under Section 203 of the FPA, it will evaluate the impact of the proposed merger on:

The FERC will review these factors to determine whether the Merger is consistent with the public interest. If the FERC finds that the Merger would adversely affect competition in wholesale electric power markets, rates for electric transmission or the wholesale sale of electric energy, or regulation, or that the Merger would result in cross-subsidization or pledges or encumbrances that are not consistent with the public interest, it may, pursuant to the FPA, condition its approval in such a manner as necessary to mitigate such adverse effects, or it may decline to approve the Merger. The FERC is required to rule on a merger application not later than 180 days from the date on which the completed application is filed. The FERC may, however, for good cause, issue an order extending the time for consideration of the merger application by an additional 180 days. If the FERC does not issue an order within the statutory deadline, then the transaction is deemed to be approved. We expect that the FERC will approve the Merger within the initial 180-day review period. However, there is no guarantee that the FERC will approve the Merger, not extend the time period for its review, or not impose conditions on its approval.

Pursuant to FCC regulations implementing provisions of the Communications Act of 1934, as amended, an entity holding private radio licenses for internal communications purposes generally must obtain the prior approval of the FCC before the direct or indirect transfer of control or assignment of those licenses. We hold certain FCC licenses for private internal communications and, thus, must obtain prior FCC consent to assign or transfer control of those licenses. The parties anticipate that they will be able to obtain the required FCC approvals. An application to obtain such approval is expected to be filed later this year or in 2025.

Approval of the Merger by the MPUC is required for the consummation of the Merger. The Company will file a petition for regulatory approval with the MPUC, including relevant attachments and exhibits under Minnesota Rules and Statutes, pursuant primarily to Minn. Stat. § 216B.50. It is expected that the petition will be filed with the MPUC in July 2024. To approve the Merger, Minnesota law requires that the MPUC must find that the Merger is consistent with the public interest, taking into consideration the reasonable value of the property, plant, or securities to be acquired or disposed of, or merged and consolidated. In reaching its determination, the MPUC will weigh the potential benefits against the potential detriments or concerns of the Merger.

The petition filed with the MPUC will contain information addressing the standard for approval and filing requirements applicable to the Merger. It will also address potential procedural paths for MPUC consideration of the matter. However, there is no guarantee that the MPUC will approve the Merger or that the MPUC will not impose terms or conditions as part of its approval that constitute a Burdensome Condition.

The Company will make a filing with the PSCW that asks the PSCW to find that the Wisconsin Utility Holding Company Act (“WUHCA”) does not apply to the Merger because the Company is exempt from WUHCA pursuant

to Wis. Stat. section 196.795(8)(a), which provides that companies formed before 1985 and that were not formed by public utilities are exempt from WUHCA requirements. In the alternative, the Company in the same filing, will request that the PSCW make a finding that the Merger is subject to the WUHCA takeover provision of Wis. Stat. section 196.795(3), which requires PSCW approval for the acquisition of more than 10% of the outstanding voting securities of a Wisconsin utility holding company, with the unconditional power to vote those securities. Additionally, the Company may request that the PSCW find that the Merger will not result in the formation of a holding company, pursuant to Wis. Stat. section 196.795(2), or a reorganization of Superior Water, Light and Power, pursuant to Wis. Stat. section 196.79. The Company expects to make the filing with the PSCW in July 2024.

The application will contain exhibits and will address the relevant statutory standards and precedent. However, there is no guarantee that the PSCW will find the transaction wholly exempt from WUHCA, or in the alternative, will approve the transaction as a WUHCA takeover, or will not impose terms or conditions as part of its approval that constitute a Burdensome Condition.

See the section entitled “Dissenters’ Rights” beginning on page 98 and the text of Sections 302A.471 and 302A.473 of the MBCA, which sections are reproduced in their entirety as Annex D to this proxy statement, for more information regarding dissenters’ rights.

The Merger will be accounted for as a “purchase transaction” for financial accounting purposes.

If the Merger is completed, shares of Company Common Stock will be delisted from the NYSE and deregistered under the Exchange Act.

On July 1, 2024, a purported Company shareholder filed a complaint in the United States District Court for the Southern District of New York, captioned Shabestari v. ALLETE, Inc., et al Case No. 1:24-cv-04996 (the “Complaint”). The Complaint alleges that the defendants (the Company and the Board) violated Sections 14(a) and 20(a) of the Exchange Act based on various alleged omissions and/or material misrepresentations of material information contained in the preliminary copy of this proxy statement filed by the Company on June 20, 2024, and revised on June 21, 2024. The Complaint seeks, among other relief, (i) injunctive relief enjoining the Merger, (ii) rescission of the Merger or rescissory damages, in the event the Merger is consummated, (iii) directing the members of the Board to exercise their fiduciary duties to disseminate a proxy statement that does not contain any untrue statements of material fact and that states all material facts required in it or necessary to make the statements contained therein not misleading, and (iv) an award of plaintiff’s costs of the action, including attorneys’ and expert fees. The Company has also received certain demand letters (the “Demand Letters”) from purported shareholders making similar allegations and requesting similar additional disclosures.

The outcome of the matters described above (and the time and expenses incurred related thereto) cannot be predicted with certainty. However, the Company believes that the allegations in the Complaint and the Demand Letters lack merit. Additional complaints or demand letters may be filed against or received by the Company, the Board, Parent and/or Merger Sub in connection with the Transactions and this proxy statement. If additional similar complaints are filed or demand letters received, absent new or different allegations that are material, the Company, Parent or Merger Sub will not necessarily announce the filing of such additional complaints or the receipt of such additional demand letters.

As of the date of this proxy statement, none of the Company’s executive officers has entered into any new agreement, arrangement or understanding with Parent or any of its affiliates regarding the terms and conditions of compensation, incentive pay or employment with the Company after the Merger. Although no agreements have been entered into at this time with any of the Company’s executive officers, prior to or following the completion of the Merger, they may enter into new agreements or amendments to existing arrangements with Parent or one of its affiliates regarding their employment with the Company after the Merger.

On March 19, 2024, the Company announced the retirement of an executive officer, Margaret A. Thickens, Vice President, Chief Legal Officer and Corporate Secretary, effective May 31, 2024. Effective June 1, 2024, Julie Padilla began serving as the Company’s Vice President, Chief Legal Officer and Corporate Secretary.

As of the Effective Time, the then-current directors of the Company are expected to cease serving as directors except as otherwise determined by Parent.

In considering the recommendations of the Board with respect to the Merger, our shareholders should be aware that the directors and executive officers of the Company have certain interests, including financial interests, in the Merger that may be different from, or in addition to, the interests of our shareholders generally. The Board was aware of these interests and considered them, among other matters, in approving the Merger Agreement, and in making its recommendation that our shareholders approve the Merger Proposal. See “The Proposed Merger—Background of the Merger” beginning on page 23 and “The Proposed Merger—Recommendation of the Company’s Board and its Reasons for the Merger” beginning on page 37 for more information. These interests are described in more detail further below, and certain of them are quantified in the narrative and the table below in “—Potential Change in Control Payments to Named Executive Officers.”

As of July 1, 2024, the Company’s executive officers for purposes of the discussion below were as follows:

The potential payments and benefits to directors and executive officers in the narrative and tables below are, unless otherwise noted, based on the following assumptions:

Accordingly, the amounts set forth in the narrative and tables below are estimates based on multiple assumptions that may or may not actually occur, including the assumptions described above. Some of the assumptions are based on events which may not occur or other contingencies and, as a result, the actual amounts received by a director or executive officer may differ materially from the amounts shown below. Certain of the amounts shown have also been rounded to the nearest whole number.

As of the Effective Time, all equity compensation awards held by our directors and executive officers will be treated as follows and described in more detail under “The Merger Agreement—Treatment of Company Equity Compensation Awards” beginning on page 69.

Each RSU that is outstanding and unvested immediately prior to the Effective Time will be canceled as of the Effective Time and converted into a contingent right to receive a converted cash award with respect to an aggregate amount, without interest, equal in value to (x) the number of shares of Company Common Stock subject to such RSU immediately prior to the Effective Time after giving effect to the accumulation of dividend equivalents credited in respect of such RSU, multiplied by (y) the Merger Consideration, subject to deduction for any applicable withholding taxes. Each such converted cash award will continue to have, and payment will be subject to, the same terms and conditions, including vesting conditions, as applied to the corresponding RSU immediately prior to the Effective Time.

Each RSU that is outstanding and vested immediately prior to the Effective Time will be canceled as of the Effective Time and converted into a right to receive an aggregate amount, without interest, in cash equal in value to (x) the number of shares of Company Common Stock subject to such vested RSU immediately prior to the Effective Time after giving effect to the accumulation of dividend equivalents credited in respect of such RSU, multiplied by (y) the Merger Consideration, payable following the Closing Date at such time as may be required to comply with tax rules governing deferred compensation, subject to deduction for any applicable withholding taxes.

Each PSA that is outstanding and unvested immediately prior to the Effective Time will be canceled as of the Effective Time and converted into the right to receive, without interest, the Merger Consideration with respect to the number of shares of Company Common Stock underlying each PSA, based on attainment of the applicable performance metrics at the greater of (1) the number of PSAs determined in accordance with the performance criteria as otherwise provided in the applicable award agreement and as if the performance period ended as of the last business day immediately preceding the Closing Date or (2) the target award; in either case, pro-rated, after giving effect to the accumulation of dividend equivalents credited in respect of each such PSA. Payment with respect to the Applicable PSAs (i.e., for PSAs granted prior to the signing of the Merger Agreement, the pro-rated portion of each PSA, based on the number of whole calendar months within the vesting period that have elapsed as of the Effective Time in relation to the number of calendar months in the entire vesting period), will be made as soon as reasonably practicable following the Closing Date, subject to deduction for any applicable withholding taxes. At the Effective Time, any outstanding portion of each converted PSA that is not comprised of Applicable PSAs (which will include the entirety of any PSA granted after the signing of the Merger Agreement) will continue to have, and payment will be subject to, the same terms and conditions (including time-based vesting conditions, but excluding performance-based vesting conditions) as applied to the corresponding PSAs immediately prior to the Effective Time.

Each DSU that is outstanding immediately prior to the Effective Time will be canceled as of the Effective Time and converted into a right to receive a cash payment with respect to an aggregate amount, without interest, equal in value to (x) the number of shares of Company Common Stock subject to such DSU immediately prior to the Effective Time after giving effect to the accumulation of dividend equivalents credited in respect of such DSU, multiplied by (y) the Merger Consideration. Each such converted cash award will continue to have, and payment will be subject to, the same terms and

conditions, including elections with respect to time of payment, as applied to the corresponding DSU immediately prior to the Effective Time. No DSUs will become payable solely as a result of the Merger; however, certain non-employee directors may have elected to defer distribution of the DSUs until such time as the non-employee director has a “separation from service” pursuant to the non-employee director compensation deferral plan governing such deferred compensation. In such case, the non-employee director’s converted cash award will become payable at the Effective Time if the non-employee director ceases to serve as a director in connection with the Merger.

To the extent equity compensation awards are granted in respect of fiscal year 2025 prior to the Closing Date, no portion of any PSAs will be eligible to vest or become payable in connection with the Closing as Applicable PSAs, and converted cash awards in respect of such PSAs will be based on the target performance level. Any RSUs or PSAs granted in respect of fiscal year 2025 prior to the Closing Date may provide for “double trigger” vesting acceleration in the event of the termination without “cause” of the recipient’s employment in the 12-month period immediately following the Closing. Such awards are otherwise expected to have substantially the same terms and conditions as annual equity compensation awards granted by the Company during the 2024 calendar year.

To the extent permitted, the ESPP will terminate as of immediately prior to the Closing Date and no further rights will be granted or exercised under the ESPP thereafter. For any offering period in effect under the ESPP immediately prior to the Closing, the Company will establish a new ESPP Exercise Date, with the automatic purchase of Company Common Stock with respect to accumulated employee contributions of each participant under the Company ESPP in respect of such offering period to occur on such date. The amount of the accumulated contributions of each participant under the ESPP as of immediately prior to the ESPP Exercise Date will, to the extent not used to purchase Company Common Stock in accordance with the terms and conditions of the ESPP, be refunded to such participant as promptly as practicable following the Effective Time, without interest.

The following table sets forth, for the Company’s directors and executive officers as described above, the aggregate amounts payable in respect of RSUs, PSAs and DSUs, calculated based on the assumptions described under “Assumptions” above.