| Union      Electric CompanyComputation      of Ratios of Earnings to Fixed Charges and CombinedFixed      Charges and Preferred Stock Dividend Requirements(Thousands      of Dollars, Except Ratios) |                      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|
|                                                                                                                                                                                                  |                      |   |   |   |   |
|                                                                                                                                                                                                  |                      |   |   |   |   |
|                                                                                                                                                                                                  | 6      Months Ended  |   |   | Year      Ended  |   |
|                                                                                                                                                                                                  | June      30,             |   |   | December,      31 |   |
|                                                                                                                                                                                                  | 2008                      |   |   | 2007 |   |
| Net      income from continuing operations                                                                                                                                                            | $                         | 188,423 |   |   | $ | 341,966 |   |
| Less-      Income from equity investee                                                                                                                                                                |                      | 10,948 |   |   |   | 54,545 |   |
| Add-      Taxes based on income                                                                                                                                                                       |                      | 99,092 |   |   |   | 139,782 |   |
| Net      income before income taxes and income from equityinvestee                                                                                                                                    |                      | 276,567 |   |   |   | 427,203 |   |
|                                                                                                                                                                                                  |                      |   |   |   |   |   |   |
| Add-      fixed charges:                                                                                                                                                                              |                      |   |   |   |   |   |   |
| Interest on long term debt      (1)                                                                                                                                                                   |                      | 96,307 |   |   |   | 203,456 |   |
| Estimated      interest cost within rental expense                                                                                                                                                    |                      | 1,643 |   |   |   | 2,540 |   |
| Amortization      of net debt premium, discount,     and      expenses                                                                                                       |                      | 2,955 |   |   |   | 5,634 |   |
| Total      fixed charges                                                                                                                                                                              |                      | 100,905 |   |   |   | 211,630 |   |
|                                                                                                                                                                                                  |                      |   |   |   |   |   |   |
| Earnings      available for fixed charges                                                                                                                                                             |                      | 377,472 |   |   |   | 638,833 |   |
|                                                                                                                                                                                                  |                      |   |   |   |   |   |   |
| Ratio      of earnings to fixed charges                                                                                                                                                               |                      | 3.74 |   |   |   | 3.01 |   |
|                                                                                                                                                                                                  |                      |   |   |   |   |   |   |
| Earnings      required for combined fixedcharges      and preferred stock dividends:                                                                                                                  |                      |   |   |   |
| Preferred      stock dividends                                                                                                                                                                        |                      | 2,971 |   |   |   | 5,941 |   |
| Adjustment      to pre-tax basis                                                                                                                                                                      |                      | 1,562 |   |   |   | 2,429 |   |
|                                                                                                                                                                                                  |                      | 4,533 |   |   |   | 8,370 |   |
|                                                                                                                                                                                                  |                      |   |   |   |   |   |   |
| Combined      fixed charges and preferred stockdividend      requirements                                                                                                                             | $                         | 105,438 |   |   | $ | 220,000 |   |
|                                                                                                                                                                                                  |                      |   |   |   |   |   |   |
| Ratio      of earnings to combined fixed chargesand      preferred stock dividend requirements                                                                                                        |                      | 3.58 |   |   |   | 2.90 |   |
|                                                                                                                                                                                                  |                      |   |   |   |   |   |   |
| (1)  Includes      FIN 48 interest expense                                                                                                                                             |                      |   |   |   |   |   |   |