| Union      Electric CompanyComputation      of Ratios of Earnings to Fixed Charges and CombinedFixed      Charges and Preferred Stock Dividend Requirements(Thousands      of Dollars, Except Ratios) |                            |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
|                                                                                                                                                                                                  |                            |   |   |   |   |
|                                                                                                                                                                                                  |                            |   |   |   |   |
|                                                                                                                                                                                                  | 9      Months Ended   |   |   | Year Ended |   |
|                                                                                                                                                                                                  | September      30,              |   |   | December      31, |   |
|                                                                                                                                                                                                  | 2008                            |   |   | 2007 |   |
| Net      income from continuing operations                                                                                                                                                            | $                               | 287,066 |   |   | $ | 341,966 |   |
| Less-      Income from equity investee                                                                                                                                                                |                            | 10,948 |   |   |   | 54,545 |   |
| Add-      Taxes based on income                                                                                                                                                                       |                            | 160,341 |   |   |   | 139,782 |   |
|                                                                                                                                                                                                  |                            |   |   |   |   |   |   |
| Net      income before income taxes and income from equityinvestee                                                                                                                                    |                            | 436,459 |   |   |   | 427,203 |   |
|                                                                                                                                                                                                  |                            |   |   |   |   |   |   |
| Add-      fixed charges:                                                                                                                                                                              |                            |   |   |   |   |   |   |
| Interest on long term      debt  (1)                                                                                                                                                        |                            | 149,919 |   |   |   | 203,456 |   |
| Estimated      interest cost within rental expense                                                                                                                                                    |                            | 2,507 |   |   |   | 2,540 |   |
| Amortization      of net debt premium, discount,and      expenses                                                                                                                                     |                            | 4,587 |   |   |   | 5,634 |   |
| Total      fixed charges                                                                                                                                                                              |                            | 157,013 |   |   |   | 211,630 |   |
|                                                                                                                                                                                                  |                            |   |   |   |   |   |   |
| Earnings      available for fixed charges                                                                                                                                                             |                            | 593,472 |   |   |   | 638,833 |   |
|                                                                                                                                                                                                  |                            |   |   |   |   |   |   |
| Ratio      of earnings to fixed charges                                                                                                                                                               |                            | 3.77 |   |   |   | 3.01 |   |
|                                                                                                                                                                                                  |                            |   |   |   |   |   |   |
| Earnings      required for combined fixedcharges      and preferred stock dividends:                                                                                                                  |                            |   |   |   |
| Preferred      stock dividends                                                                                                                                                                        |                            | 4,456 |   |   |   | 5,941 |   |
| Adjustment      to pre-tax basis                                                                                                                                                                      |                            | 2,489 |   |   |   | 2,429 |   |
|                                                                                                                                                                                                  |                            | 6,945 |   |   |   | 8,370 |   |
|                                                                                                                                                                                                  |                            |   |   |   |   |   |   |
| Combined      fixed charges and preferred stockdividend      requirements                                                                                                                             | $                               | 163,958 |   |   | $ | 220,000 |   |
|                                                                                                                                                                                                  |                            |   |   |   |   |   |   |
| Ratio      of earnings to combined fixed chargesand      preferred stock dividend requirements                                                                                                        |                            | 3.61 |   |   |   | 2.90 |   |