1. September 10, 2014 Associated Electric Cooperative 1 Joe Wilkinson Director, Member Services & Corporate Communications

2. September 10, 2014 Associated Electric Cooperative 2 233,900 MWh 2014 Loads 1.8% Above Budget

3. September 10, 2014 Associated Electric Cooperative 3 New Madrid and Thomas Hill YTD Availability 88%

4. September 10, 2014 Associated Electric Cooperative 4 2014 Henry Hub Gas Prices 4.60 4.39 4.32 4.10 4.11 4.14 4.38 5.86 4.77 4.61 4.56 4.55 4.02 4.17 4.19 3.92

5. September 10, 2014 Associated Electric Cooperative 5 Sales Margins – Budget vs. Actual $1.8 $39.1 August Margins $2.7 million below budget YTD Margins Through August $6.6 million above budget

6. September 10, 2014 Associated Electric Cooperative 6

7. September 10, 2014 Associated Electric Cooperative 7 New Madrid Coal Stockpile

8. September 10, 2014 Associated Electric Cooperative 8 Thomas Hill Coal Stockpile

9. September 10, 2014 Associated Electric Cooperative 9 Cycle Times – Thomas Hill 2013-2014

10. September 10, 2014 Associated Electric Cooperative 10 YTD Avg New Madrid 10.55 Days Thomas Hill 6.91 Days 2014 Year-To-Date Cycle Times

11. September 10, 2014 Associated Electric Cooperative 11 Key Upcoming Dates September 23-24 – Board’s first review of Cost of Service, Long Range Financial Forecast November 4-5 – Board’s review of final Cost of Service, Long Range Financial Forecast

12. September 10, 2014 Associated Electric Cooperative 12 Questions?