Interim quarterly financial statement

Associated Electric Cooperative Inc. presents the attached interim financial statements,
which include balance sheets, statements of revenues and expenses and statements of cash flows, and the
management's discussion to identify significant aspects in the current quarter and year-to-date performance
of Associated. Interim quarterly financial statements are unaudited and should be read in conjunction with
the Notes to the Financial Statements included in the 2010 Annual Report.

To view the third quarter 2011 financial statement, click here.