<TABLE>
<CAPTION>
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
12 Months
Ended
Year Ended December 31, September 30,
--------------------------------------------------------------------------------
1995 1996 1997 1998 1999 2000
Thousands of Dollars Except Ratios
<S> <C> <C> <C> <C> <C> <C>
Net Income $314,107 $304,876 $301,655 $320,070 $349,252 $356,288
Add- Extraordinary items net of tax - - 26,967 - - -
---------- --------- --------- --------- --------- ---------------
Net income from continuing operations 314,107 304,876 328,622 320,070 349,252 356,288
---------- --------- --------- --------- --------- ---------------
Taxes based on income 207,734 196,210 199,763 212,554 226,696 233,326
---------- --------- --------- --------- --------- ---------------
Net income before income taxes 521,841 501,086 528,385 532,624 575,948 589,614
---------- --------- --------- --------- --------- ---------------
Add- fixed charges:
Interest on long term debt 121,738 120,547 125,705 124,766 117,899 121,948
Other interest 7,501 7,828 9,299 1,660 (1,342) (962)
Rentals 3,330 3,458 3,727 3,416 3,899 4,009
Amortization of net debt premium, discount,
expenses and losses 5,502 4,269 3,672 3,522 3,421 3,312
---------- --------- --------- --------- --------- ---------------
Total fixed charges 138,071 136,102 142,403 133,364 123,877 128,307
---------- --------- --------- --------- --------- ---------------
Earnings available for fixed charges 659,912 637,188 670,788 665,988 699,825 717,921
========== ========= ========= ========= ========= ===============
Ratio of earnings to fixed charges 4.78 4.68 4.71 4.99 5.64 5.59
========== ========= ========= ========= ========= ===============
Earnings required for preferred dividends:
Preferred stock dividends 13,250 13,249 8,817 8,817 8,817 8,817
Adjustment to pre-tax basis 7,558 7,363 4,257 4,649 4,544 4,579
---------- --------- --------- --------- --------- ---------------
20,808 20,612 13,074 13,466 13,361 13,396
Fixed charges plus preferred stock dividend
requirements 158,879 156,714 155,477 146,830 137,238 141,703
========== ========= ========= ========= ========= ===============
Ratio of earnings to fixed charges plus
preferred stock dividend requirements 4.15 4.06 4.31 4.53 5.09 5.06
========== ========= ========= ========= ========= ===============
</TABLE>
