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Associated Electric Cooperative, Inc.

Consolidated Statements of Patronage Capital and Other Equities
Years Ended December 31, 2022 and 2021
(In Thousands of Dollars)

Accumulated
Other
Patronage Other Comprehensive
Memberships Capital Equities Loss Total

Balance, January 1, 2021 $ 12 $ 688,052 $ 55,543 $ (19,122) $ 724,485
2021 net margin - 51,950 - - 51,950
Other comprehensive income - - - 2,922 2,922
Patronage capital retirements - (24,490) - - (24,490)
Balance, December 31, 2021 12 715,512 55,543 (16,200) 754,867
2022 net margin - 24,947 - - 24,947
Other comprehensive income - - - 12,299 12,299
Patronage capital retirements - (25,097) - - (25,097)

Balance, December 31, 2022 $ 12 $ 715,362 $ 55,543 $ (3,901) $ 767,016

See Notes to Consolidated Financial Statements 6