ATXI 2017 Transmission Rate Projection Review

2017 Attachment O Projection Stakeholder Meeting Ameren Transmission Company of Illinois October 3, 2016

AGENDA Purpose is to review 2017 Projected Transmission Rate Calculations Protocol Timeline ATXI 2017 Projection Attachment O Attachment MM 2017 AMIL Pricing Zone NITS Charge 2015 MVP Spend ROE Complaint Cases Impact of ROE Order issued September 28, 2016 2

PROTOCOL TIMELINE Schedule Date (Forward-Looking Protocols) June 1 Posting of annual true-up for prior year September 1 September 1 October 15 November 1 March 15 Deadline for annual true-up meeting Posting of net projected revenue requirement for following year Deadline for annual projected rate meeting Deadline for joint meeting on regional cost-shared projects Transmission Owners submit informational filing to the Commission 3

ATXI Revenue Requirement Projected 2016 vs Projected 2017 4

ATXI 2017 PROJECTED RATE BASE Page.Line Jan-16 Jan-17 Change Percent 2.6 Total Gross Plant 244,237,971 793,570,602 549,332,631 225% 2.12 Total Accum Depreciation 9,096,778 19,665,259 10,568,481 116% 2.18 TOTAL NET PLANT 235,141,193 773,905,343 538,764,151 229% 2.18a 100% CWIP RECOVERY 684,234,021 506,272,970 -177,961,052 -26% ADJUSTMENTS TO RATE BASE 2.20 Account No. 282 -39,044,786 -215,955,048 -176,910,261 453% 2.21 Account No. 283 -3,708,928 -4,285,216 -576,288 16% 2.22 Account No. 190 28,380,390 73,283,424 44,903,035 158% 2.25 Land Held for Future Use 0 0 0 N/A 2.26 CWC 1,575,005 1,757,484 182,480 12% 2.27 Materials & Supplies 0 0 0 N/A 2.28 Prepayments 392,795 383,153 -9,642 -2% TOTAL ADJUSTMENTS -12,405,525 -144,816,203 -132,410,678 1067% 2.30 TOTAL RATE BASE 906,969,689 1,135,362,110 228,392,421 25% 5

ATXI 2017 PROJECTED EXPENSES Page.Line Jan-16 Jan-17 Change Percent O&M Transmission Less LSE Expenses Less Account 565 A&G Less FERC Annual Fees Less EPRI, ect. Plus Trans. Reg. Comm. Exp TOTAL O&M 3.1 3.1a 3.2 3.3 3.4 3.5 3.5a 3.8 1,200,387 2,886,648 1,686,262 140% N/A N/A -2% N/A 262% 262% 12% 0 0 0 0 0 0 11,399,650 11,173,226 -226,425 0 0 0 51,164 51,164 185,211 185,211 14,059,874 134,047 134,047 1,459,837 12,600,037 3.12 TOTAL DEPRECIATION 5,736,352 17,848,671 12,112,319 211% TAXES Payroll Property Other Income Taxes TOTAL TAXES 3.13 3.16 3.18 3.27 0 0 0 N/A 132% 29% 24% 26% 763,426 500,000 42,008,093 43,271,519 1,770,467 645,000 52,289,795 54,705,262 1,007,041 145,000 10,281,701 11,433,742 TOTAL EXPENSES 61,607,909 86,613,807 25,005,898 41% 6

ATXI 2017 PROJECTED CAPITAL STRUCTURE Capital Structure - 2016 Projection Page.Line 4.27 4.28 4.29 4.30 $ % Cost 3.9095% 1.7152% 0.0000% 0.0000% 12.3800% 6.9487% Weighted Long Term Debt Preferred Stock Common Stock 303,846,154 44% 0% 56% 100% 0 388,732,961 692,579,115 Total 8.6638% Capital Structure - 2017 Projection Page.Line 4.27 4.28 4.29 4.30 $ % Cost 4.3495% 1.9014% 0.0000% 0.0000% 12.3800% 6.9681% Weighted Long Term Debt Preferred Stock Common Stock 461,538,462 44% 0% 56% 100% 0 594,255,651 1,055,794,113 Total 8.8695% Change in Actual Return 0.2056% Hypothetical Capital Structure - 2017 Projection Actual Capital Structure Return Hypothetical Capital Structure Return Difference applied to Attachment MM 8.8695% 8.8466% -0.0229% 7

ATXI 2017 PROJECTED TOTAL REVENUE REQUIREMENT Page.Line Jan-16 Jan-17 Change Percent 2.30 TOTAL RATE BASE 906,969,689 1,135,362,110 228,392,421 25% 4.30 Rate of Return on ACS 8.66% 8.87% 0.21% 2% 3.28 Return from ACS 78,578,452 100,700,542 22,122,090 28% 2.30a 100% CWIP RECOVERY 684,234,021 506,272,970 -177,961,052 -26% 4.30e Incremental Rate of Return on HCS -0.01% -0.02% -0.01% 111% 3.28a Incremental Return from HCS -74,367 -115,945 -41,579 56% Total Return 78,504,085 100,584,596 22,080,511 28% Total Expenses 61,607,909 86,613,807 25,005,898 41% 3.29 TOTAL GROSS REV. REQ. 140,111,994 187,198,403 47,086,410 34% 3.30 Less ATT. GG Adjustment 0 0 0 N/A 3.30a Less ATT. MM Adjustment 130,383,256 177,032,278 46,649,022 36% 3.31 GROSS REV. REQ. UNDER ATT. O 9,728,737 10,166,125 437,388 4% 8

ATXI 2017 PROJECTED NET REVENUE REQUIREMENT & TRUE UP Page.Line Jan-16 Jan-17 Change Percent 1.1 Gross Revenue Requirement 9,728,737 10,166,125 437,388 4% 1.6 Total Revenue Credits 990,564 866,750 -123,815 -12% 1.6a Historic Year Actual ATRR 10,933,054 10,026,799 (906,255) -8% 1.6b Projected ATRR from Prior Year 10,761,294 9,851,594 (909,700) -8% 1.6c Prior Year ATRR True-Up 171,760 175,205 3,445 2% 1.6d Prior Year Divisor True-Up (244,936) 240,111 485,047 -198% 1.6e Interest on Prior Year True-Up (4,756) 3,538 8,294 -174% 1.7 NET REVENUE REQUIREMENT 8,660,241 9,718,229 1,057,988 12% 9

ATXI 2015 ATTACHMENT O TRUE UP Ameren Transmission Company of Illinois Attachment O Revenue Requirement True-Up Year Ended December 31, 2015 Attachment O Net Actual Revenue Requirement (Attachment O, Pg 1, Line 7) Net Projected Revenue Requirement (2015 Projected Attachment O, Pg 1, Line 7) Under/(Over) Recovery of Net Revenue Requirement $ 10,026,799 $ 9,851,594 $ 175,205 Historic Year Actual Divisor for Pricing Zone (AIC Attachment O, Pg 1, Line 15) Projected Year Divisor for Pricing Zone (AIC 2015 Projected Attachment O, Pg 1, Line 15) Difference between Historic & Projected Yr Divisor Prior Year Projected Annual Cost ($ per kw per yr) Prior Year Under/(Over) Divisor True-up $ 6,922,407 7,095,335 172,928 $ 1.3885 $ 240,111 Total Under/(Over) Recovery $ 415,316 Monthly Interest Rate (updated through July, 2016) Interest For 24 Months 0.0355% $ 3,538 Total Under/(Over) Recovery Including Interest $ 418,854 10

ATXI 2017 PROJECTED ATTACHMENT MM ATXI Attachment MM Calculation - Page 1 (2) Attachment O Page, Line, Col. (1) (3) (4) Line No. Transmission Allocator 1 1a 2 Gross Transmission Plant - Total Transmission Accumulated Depreciation Net Transmission Plant - Total Attach O, p 2, line 2 + 18a col 5 (Note A) Attach O, p 2, line 8 col 5 Line 1 minus Line 1a (Note B) 1,288,513,534 16,939,778 1,271,573,756 O&M TRANSMISSION EXPENSE Total O&M Allocated to Transmission Transmission O&M Less: LSE Expenses included in above, if any Less: Account 565 included in above, if any Adjusted Transmission O&M 3 3a 3b 3c 3d Attach O, p 3, line 8 col 5 Attach O, p 3, line 1 col 5 Attach O, p 3, line 1a col 5, if any Attach O, p 3, line 2 col 5, if any Line 3a minus Line 3b minus Line 3c 14,059,874 2,886,648 - - 2,886,648 4 Annual Allocation Factor for Transmission O&M (Line 3d divided by line 1a, col 3) 17.04% 17.04% OTHER O&M EXPENSE Other O&M Allocated to Transmission Annual Allocation Factor for Other O&M 4a 4b Line 3 minus Line 3d Line 4a divided by Line 1, col 3 11,173,226 0.87% 0.87% GENERAL AND COMMON (G&C) DEPRECIATION EXPENSE Total G&C Depreciation Expense 5 Attach O, p 3, lines 10 & 11, col 5 (Note H) 1,412,898 6 Annual Allocation Factor for G&C Depreciation Expense (line 5 divided by line 1 col 3) 0.11% 0.11% TAXES OTHER THAN INCOME TAXES Total Other Taxes Annual Allocation Factor for Other Taxes 7 8 Attach O, p 3, line 20 col 5 (line 7 divided by line 1 col 3) 2,415,467 0.19% 0.19% 9 Annual Allocation Factor for Other Expense Sum of line 4b, 6, and 8 1.16% INCOME TAXES Total Income Taxes Annual Allocation Factor for Income Taxes 10 11 Attach O, p 3, line 27 col 5 (line 10 divided by line 2 col 3) 52,289,795 4.11% 4.11% RETURN Return on Rate Base (Note I) Annual Allocation Factor for Return on Rate Base 12 13 Attach O, p 3, line 28 col 5 (line 12 divided by line 2 col 3) 100,700,542 7.92% 7.92% 14 Annual Allocation Factor for Return Sum of line 11 and 13 12.03% HYPOTHETICAL CAPITAL STRUCTURE (HCS) RETURN Annual Allocation Factor HCS Return (Note J) 15 Attach O, p 4, line 30e -0.02% -0.02% 11

ATXI 2017 PROJECTED ATTACHMENT MM ATXI Attachment MM Calculation - Page 2 (1) (2) (3) (4) (5) (6) (7) (8) (9) Annual Allocation for Transmission O&M Expense Other Expense Annual Allocation Factor Project Accumulated Depreciation Transmission O&M Annual Allocation Factor Annual Allocation for Other Expense Annual Expense Charge Line No. Project Name MTEP Project Number Project Gross Plant (Note C) Page 1 line 4 (Col 4 * Col 5) Page 1 line 9 (Col 3 * Col 7) (Col 6 + Col 8) Multi-Value Projects (MVP) 1a Pana-Sugar Creek - CWIP 2237 $ 117,693,793 $ - 17.04% $ - 1.16% $ 1,370,257 $ 1,370,257 1b Pana-Sugar Creek - Plant in Service - No HCS 2237 $ 130,125,045 $ 2,281,517 17.04% $ 388,785 1.16% $ 1,514,988 $ 1,903,773 1c Pana-Sugar Creek - Land - No HCS 2237 $ 4,491,478 $ - 17.04% $ - 1.16% $ 52,292 $ 52,292 1d Sidney-Rising - CWIP 2239 $ - $ - 17.04% $ - 1.16% $ - $ - 1e Sidney-Rising - Plant in Service - No HCS 2239 $ 78,726,051 $ 1,331,641 17.04% $ 226,920 1.16% $ 916,572 $ 1,143,493 1f Sidney-Rising - Land - No HCS 2239 $ 1,285,913 $ - 17.04% $ - 1.16% $ 14,971 $ 14,971 1g Adair-Ottumwa - CWIP 2248 $ 17,427,611 $ - 17.04% $ - 1.16% $ 202,902 $ 202,902 1h Adair-Ottumwa - Plant in Service - No HCS 2248 $ - $ - 17.04% $ - 1.16% $ - $ - 1i Adair-Ottumwa - Land - No HCS 2248 $ 656,150 $ - 17.04% $ - 1.16% $ 7,639 $ 7,639 1j Palmyra-Pawnee - CWIP 3017 $ 257,801,406 $ - 17.04% $ - 1.16% $ 3,001,467 $ 3,001,467 1k Palmyra-Pawnee - Plant in Service - No HCS 3017 $ 373,127,656 $ 4,338,216 17.04% $ 739,260 1.16% $ 4,344,159 $ 5,083,420 1l Palmyra-Pawnee - Land - No HCS 3017 $ 8,832,434 $ - 17.04% $ - 1.16% $ 102,832 $ 102,832 1m Fargo-Galesburg-Oak Grove - CWIP 3022 $ 42,876,903 $ - 17.04% $ - 1.16% $ 499,197 $ 499,197 1n Fargo-Galesburg-Oak Grove - Plant in Service - No HCS 3022 $ 42,372,371 $ 645,564 17.04% $ 110,008 1.16% $ 493,323 $ 603,331 1o Fargo-Galesburg-Oak Grove - Land - No HCS 3022 $ 3,390,446 $ - 17.04% $ - 1.16% $ 39,473 $ 39,473 1p Pawnee-Pana - CWIP 3169 $ 48,530,160 $ - 17.04% $ - 1.16% $ 565,015 $ 565,015 1q Pawnee-Pana - Plant in Service - No HCS 3169 $ 40,278,715 $ 447,736 17.04% $ 76,297 1.16% $ 468,947 $ 545,244 1r Pawnee-Pana - Land - No HCS 3169 $ 3,302,135 $ - 17.04% $ - 1.16% $ 38,445 $ 38,445 1s Adair-Palmyra - CWIP 3170 $ 21,943,097 $ - 17.04% $ - 1.16% $ 255,474 $ 255,474 1t Adair-Palmyra - Plant in Service - No HCS 3170 $ 34,035,211 $ 374,884 17.04% $ 63,883 1.16% $ 396,257 $ 460,140 1u Adair-Palmyra - Land - No HCS 3170 $ 769,449 $ - 17.04% $ - 1.16% $ 8,958 $ 8,958 12

ATXI 2017 PROJECTED ATTACHMENT MM ATXI Attachment MM Calculation - Page 2 (Continued) (1) (2) (10) (11) (11a) (12) (13) (14) (15) (16) Annual Allocation Factor for Return (Page 1 line 14) Annual Allocation Factor for HCS Return (Page 1 line 15) (Note J) (Col 10 * (Col 11 + 11a)) MTEP Project Number Project Depreciation Expense MVP Annual Adjusted Revenue Requirement Sum Col. 14 & 15 (Note G) Line No. Project Name Project Net Plant Annual Return Charge Annual Revenue Requirement True-Up Adjustment (Col 3 - Col 4) (Note E) (Sum Col. 9, 12 & 13) (Note F) Multi-Value Projects (MVP) 1a Pana-Sugar Creek - CWIP 2237 $ 117,693,793 12.03% -0.02% $ 14,133,462 $ - $ 15,503,718 $ (1,127,150) $ 14,376,568 1b Pana-Sugar Creek - Plant in Service - No HCS 2237 $ 127,843,528 12.03% 0.00% $ 15,381,589 $ 2,717,279 $ 20,002,641 $ 485,756 $ 20,488,397 1c Pana-Sugar Creek - Land - No HCS 2237 $ 4,491,478 12.03% 0.00% $ 540,395 $ - $ 592,688 $ 234,770 $ 827,458 1d Sidney-Rising - CWIP 2239 $ - 12.03% -0.02% $ - $ - $ - $ 99,590 $ 99,590 1e Sidney-Rising - Plant in Service - No HCS 2239 $ 77,394,410 12.03% 0.00% $ 9,311,766 $ 1,658,224 $ 12,113,482 $ 337,959 $ 12,451,441 1f Sidney-Rising - Land - No HCS 2239 $ 1,285,913 12.03% 0.00% $ 154,716 $ - $ 169,687 $ 13,971 $ 183,658 1g Adair-Ottumwa - CWIP 2248 $ 17,427,611 12.03% -0.02% $ 2,092,825 $ - $ 2,295,727 $ (50,082) $ 2,245,645 1h Adair-Ottumwa - Plant in Service - No HCS 2248 $ - 12.03% 0.00% $ - $ - $ - $ - $ - 1i Adair-Ottumwa - Land - No HCS 2248 $ 656,150 12.03% 0.00% $ 78,945 $ - $ 86,584 $ 6,251 $ 92,835 1j Palmyra-Pawnee - CWIP 3017 $ 257,801,406 12.03% -0.02% $ 30,958,526 $ - $ 33,959,993 $ 4,222,083 $ 38,182,076 1k Palmyra-Pawnee - Plant in Service - No HCS 3017 $ 368,789,440 12.03% 0.00% $ 44,371,174 $ 8,096,202 $ 57,550,795 $ - $ 57,550,795 1l Palmyra-Pawnee - Land - No HCS 3017 $ 8,832,434 12.03% 0.00% $ 1,062,681 $ - $ 1,165,513 $ 80,374 $ 1,245,887 1m Fargo-Galesburg-Oak Grove - CWIP 3022 $ 42,876,903 12.03% -0.02% $ 5,148,947 $ - $ 5,648,143 $ (395,784) $ 5,252,359 1n Fargo-Galesburg-Oak Grove - Plant in Service - No HCS 3022 $ 41,726,807 12.03% 0.00% $ 5,020,392 $ 801,557 $ 6,425,280 $ - $ 6,425,280 1o Fargo-Galesburg-Oak Grove - Land - No HCS 3022 $ 3,390,446 12.03% 0.00% $ 407,924 $ - $ 447,397 $ 33,800 $ 481,197 1p Pawnee-Pana - CWIP 3169 $ 48,530,160 12.03% -0.02% $ 5,827,828 $ - $ 6,392,843 $ 841,172 $ 7,234,015 1q Pawnee-Pana - Plant in Service - No HCS 3169 $ 39,830,979 12.03% 0.00% $ 4,792,294 $ 758,771 $ 6,096,309 $ - $ 6,096,309 1r Pawnee-Pana - Land - No HCS 3169 $ 3,302,135 12.03% 0.00% $ 397,299 $ - $ 435,744 $ 117,023 $ 552,767 1s Adair-Palmyra - CWIP 3170 $ 21,943,097 12.03% -0.02% $ 2,635,075 $ - $ 2,890,548 $ (83,702) $ 2,806,846 1t Adair-Palmyra - Plant in Service - No HCS 3170 $ 33,660,327 12.03% 0.00% $ 4,049,867 $ 643,644 $ 5,153,650 $ - $ 5,153,650 1u Adair-Palmyra - Land - No HCS 3170 $ 769,449 12.03% 0.00% $ 92,577 $ - $ 101,535 $ 7,659 $ 109,194 2 MVP Total Annual Revenue Requirements $177,032,278 $4,823,690 $181,855,968 3 Rev. Req. Adj For Attachment O $177,032,278 13

ATXI 2015 ATTACHMENT MM TRUE UP ATXI 2015 Attachment MM True Up (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) Actual Projected Annual Revenue Requirement 1 Projected Attachment MM p 2 of 2, Col. 142 Attachment MM Revenues Allocated to Projects 1 [Col. (d), line 1 x (Col. (e), line 2x / Col. (e), line 3)]2 Actual Annual Revenue Requirement 1 Actual Attachment MM p 2 of 2, Col. 142 True-Up Adjustment Principal Under/(Over) Applicable Interest Rate on Under/(Over) True-Up Adjustment Interest Under/(Over) MTEP Project Number Actual Total True-Up Adjustment Line No. Project Name Attachment MM Revenues Col. (h) x Col. (i) x 24 months 2 Col. (g) - Col. (f) Line 5 Col. (h) + Col. (j) 1 Actual Attachment MM revenues for True-Up Year 1 $ 66,274,859 2a 2b 2c 2d 2e 2f 2g 2h 2i 2j 2k 2l 2m Fargo-Galesburg-Oak Grove - CWIP Pana-Sugar Creek - CWIP Pana-Sugar Creek - Plant in Service - No HCS Pana-Sugar Creek - Land - No HCS Sidney-Rising - CWIP Sidney-Rising - Plant in Service - No HCS Sidney-Rising - Land - No HCS Adair-Ottumwa - CWIP Adair-Ottumwa - Plant in Service - No HCS Adair-Ottumwa - Land - No HCS Palmyra-Pawnee - CWIP Palmyra-Pawnee - Plant in Service - No HCS Palmyra-Pawnee - Land - No HCS 2237 2237 2237 2239 2239 2239 2248 2248 2248 3017 3017 3017 3022 15,120,908 778,416 405,274 7,297,352 14,038,210 722,679 376,255 6,774,842 12,920,582 1,204,331 609,042 6,873,591 335,104 184,427 150,882 (1,117,628) 481,652 232,787 98,749 335,104 13,853 (49,659) 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% (9,522) 4,104 1,983 841 2,855 118 (423) (1,127,150) 485,756 234,770 99,590 337,959 13,971 (50,082) - - 183,729 216,008 170,574 200,541 - - - - - 53 - 94,653 87,876 94,074 6,198 6,251 35,301,697 32,773,999 36,960,414 4,186,415 35,668 4,222,083 - - - - - - 1,176,298 2,061,101 1,092,072 1,913,521 1,171,767 1,521,081 79,695 (392,440) 679 80,374 (395,784) (3,344) 2n 2o 2p 2q 2r 2s 2t 2u Fargo-Galesburg-Oak Grove - Plant in Service - No HCS Fargo-Galesburg-Oak Grove - Land - No HCS Pawnee-Pana - CWIP Pawnee-Pana - Plant in Service - No HCS Pawnee-Pana - Land - No HCS Adair-Palmyra - CWIP Adair-Palmyra - Plant in Service - No HCS Adair-Palmyra - Land - No HCS 3022 3022 3169 3169 3169 3170 3170 3170 - - - - 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% 0.0355% - - 488,283 4,009,140 453,321 3,722,075 486,835 4,556,141 33,514 834,066 286 33,800 841,172 7,106 - - - - - - 404,762 3,738,008 375,780 3,470,356 491,814 3,387,361 116,034 (82,995) 989 (707) 117,023 (83,702) - - - - - 65 - 110,686 102,761 110,355 7,594 7,659 3 Subtotal $ 71,386,315 $ 66,274,862 $ 71,057,801 4 Under/(Over) Recovery $ 4,782,939 $ 40,751 $ 4,823,690 5 Applicable Interest rate per month (expressed to four decimal places) interest rate updated through July, 2016 0.0355% 1 Amount excludes True-Up Adjustment, as reported in True-Up Year projected Attachment MM, page 2, column 15. Rounded to whole dollars. 2 14

AMIL PRICING ZONE SCHEDULE 9 CHARGE Page.Line Jan-16 Jan-17 Change Percent 1.7 AIC Adjusted Revenue Requirement 207,875,940 239,886,596 32,010,656 15% 1.7 ATXI Adjusted Revenue Requirement 8,660,241 9,718,229 1,057,988 12% PPI Adjusted Revenue Requirement 7,374,750 7,322,136 -52,614 -1% Total Revenue Requirement 223,910,931 256,926,961 $33,016,030 15% 1.15 Ameren Illinois Divisor 7,118,197 7,315,667 197,470 3% Annual Cost ($/kW/Yr) 31.46 35.12 3.66 12% Network & P-to-P Rate ($/kW/Mo) 2.62 2.93 0.31 12% 15

ATXI 2017 PROJECTED MVP SPEND Ameren MVPs Ameren Name 2017 CAPEX MTEP #s MTEP Description 2237 2239 3017 3169 3170 Pana - Mt. Zion - Kansas - Sugar Creek 345 kV line Sidney to Rising 345 kV line Palmyra-Quincy-Meredosia - Ipava & Meredosia-Pawnee 345 kV Line Pawnee to Pana - 345 kV Line New Palmyra Substation (Maywood) Illinois Rivers $200.2 million 3022 Fargo-Galesburg-Oak Grove 345 kV Line Spoon River $57.5 million 2248 3170 Adair - Ottumwa 345 Adair-Palmyra 345 kV Line Mark Twain $67.2 million 16

ROE COMPLAINTS MISO ROE Complaints 1st Complaint (EL14-12) Covers November 12, 2013 through Feb 11, 2015 FERC order received September 28; set the Base ROE at 10.32% Applicable going forward until 2nd complaint order 2nd Complaint (EL15-45) Covers February 12, 2015 through May 11, 2016 Initial decision issued June 30th with a recommended Base ROE at 9.70% RTO Adder (ER15-358) FERC approved a 50 basis point adder for participation in an RTO Effective January 6, 2015, applicable to complaint case refunds after that date and going forward (i.e., total ROE is now 10.82%) Refunds will be required, but format is not yet determined Will impact Schedules 7,8, 9, 26, 37, 38, 26A Refund process and timing to be determined 17

2017 IMPACT OF NEW ROE EFFECTIVE SEPTEMBER 28, 2016 2017 Projected Capital Structure Capital Structure - 2017 Projection - Posted on 8/31/16 Page.Line $ % Cost Weighted 4.27 Long Term Debt 461,538,462 44% 4.3495% 1.9014% 4.28 Preferred Stock 0 0% 0.0000% 0.0000% 4.29 Common Stock 594,255,651 56% 12.3800% 6.9681% 4.30 Total 1,055,794,113 100% 8.8695% Capital Structure - 2017 Projection - New ROE Effective 9/28/16 Page.Line $ % Cost Weighted 4.27 Long Term Debt 461,538,462 44% 4.3495% 1.9014% 4.28 Preferred Stock 0 0% 0.0000% 0.0000% 4.29 Common Stock 594,255,651 56% 10.8200% 6.0901% 4.30 Total 1,055,794,113 100% 7.9914% Change in Actual Return -0.8780% Hypothetical Capital Structure - 2017 Projection - New Roe Effective 9/28/16 Actual Capital Structure Return 7.9914% Hypothetical Capital Structure Return 7.9730% Difference applied to Attachment MM -0.0185% 18

2017 IMPACT OF NEW ROE EFFECTIVE SEPTEMBER 28, 2016 2017 Projected Total Revenue Requirement Page.Line Posted 8/31/16 New ROE Change Percent 2.30 TOTAL RATE BASE 1,135,362,110 1,135,362,110 0 0% 4.30 Rate of Return on ACS 8.87% 7.99% -0.88% -10% 3.28 Return from ACS 100,700,542 90,731,508 -9,969,034 -10% 2.30a 100% CWIP RECOVERY 506,272,970 506,272,970 0 0% 4.30e Incremental Rate of Return on HCS -0.02% -0.02% 0.00% -19% 3.28a Incremental Return from HCS -115,945 -93,422 22,523 -19% Total Return 100,584,596 90,638,086 -9,946,511 -10% 3.27 Income Taxes 52,289,795 45,700,774 -6,589,021 -13% Total Expenses Other Than Income Taxes 34,324,012 34,324,012 0 0% 3.29 TOTAL GROSS REV. REQ. 187,198,403 170,662,872 -16,535,532 -9% 3.30 Less ATT. GG Adjustment 0 0 0 N/A 3.30a Less ATT. MM Adjustment 177,032,278 161,191,159 -15,841,120 -9% 3.31 GROSS REV. REQ. UNDER ATT. O 10,166,125 9,471,713 -694,412 -7% 19

2017 IMPACT OF NEW ROE EFFECTIVE SEPTEMBER 28, 2016 2017 AMIL Pricing Zone Schedule 9 Charge Page.Line posted 8/31/16 New ROE Change Percent 1.7 AIC Adjusted Revenue Requirement $239,886,596 $224,123,999 -15,762,597 -7% 1.7 ATXI Adjusted Revenue Requirement $9,718,229 $9,023,817 -694,412 -7% PPI Adjusted Revenue Requirement 7,322,136 $7,271,187 -50,949 -1% Total Revenue Requirement $256,926,961 $240,419,004 -$16,507,958 -6% 1.15 Ameren Illinois Divisor 7,315,667 7,315,667 0 0% Annual Cost ($/kW/Yr) $35.12 $32.86 -2.26 -6% Network & P-to-P Rate ($/kW/Mo) $2.93 $2.74 -0.19 -6% 20

2016 IMPACT OF NEW ROE EFFECTIVE SEPTEMBER 28, 2016 2016 AMIL Pricing Zone Schedule 9 Charge (Ameren Calculation, MISO has not posted the rate change yet) 09/27/2016 09/28/2016 Page.Line (12.38% ROE) (10.82% ROE) Change Percent 1.7 AIC Adjusted Revenue Requirement $207,875,940 $194,266,554 -13,609,385 -7% 1.7 ATXI Adjusted Revenue Requirement $8,660,241 $7,966,789 -693,452 -8% PPI Adjusted Revenue Requirement 7,374,750 $7,280,349 -94,401 -1% Total Revenue Requirement $223,910,930 $209,513,692 -$14,397,238 -6% 1.15 Ameren Illinois Divisor 7,118,197 7,118,197 0 0% Annual Cost ($/kW/Yr) $31.46 $29.43 -2.02 -6% Network & P-to-P Rate ($/kW/Mo) $2.62 $2.45 -0.17 -6% 21

APPENDIX - MISO WEB LINKS Transmission Pricing - Attachments O, GG & MM Information https://www.misoenergy.org/MarketsOperations/TransmissionSettlement s/Pages/TransmissionPricing.aspx Ameren OASIS http://www.oasis.oati.com/AMRN/index.html MTEP 16 https://www.misoenergy.org/Planning/TransmissionExpansionPlanning/ Pages/MTEP16.aspx Schedule 26 & 26-A Indicative Charges https://www.misoenergy.org/Planning/TransmissionExpansionPlanning/ Pages/MTEPStudies.aspx Additional questions on these topics can be sent to Ameren at: MISOFormulaRates@ameren.com 22

QUESTIONS?