2014 Attachment O True-Up Stakeholder Meeting Ameren Transmission Company of Illinois July 31, 2015

2 AGENDA Main Purpose is to review ATXI 2014 Transmission Rate True-Up Calculations Timeline ATXI 2014 True Up An additional meeting will held in October to review the 2016 Projected Transmission Rate calculations.

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

4 ATXI Revenue Requirement Projected 2014 vs Actual 2014

5 ATXI 2014 ATTACHMENT O TRUE UP Ameren Transmission Company of Illinois Attachment O Revenue Requirement True-Up (WP 4) For the Year Ended 12/31/2014 Attachment O Net Actual Revenue Requirement (Attachment O, Pg 1, Line 7) $ 10,933,054 Net Projected Revenue Requirement (2014 Projected Attachment O, Pg 1, Line 7) $ 10,761,294 Under/(Over) Recovery of Net Revenue Requirement $ 171,760 Historic Year Actual Divisor for Pricing Zone (AIC Attachment O, Pg 1, Line 15) $ 7,205,351 Projected Year Divisor for Pricing Zone (AIC 2014 Projected Attachment O, Pg 1, Line 15) 7,045,000 Difference between Historic & Projected Yr Divisor 160,351 Prior Year Projected Annual Cost ($ per kw per yr) $ 1.53 Prior Year Under/(Over) Divisor True-up $ (244,936) Total Under/(Over) Recovery $ (73,176) Monthly Interest Rate (to be updated through July 31, 2015)0.2708% Interest For 24 Months $ (4,756) Total Under/(Over) Recovery Including Interest $ (77,932) (Amount to be included in Projected 2016 Attachment O)

6 ATXI 2014 RATE BASE Page.Line 2014 Projection2014 ActualChangePercent 2.6Total Gross Plant72,401,00072,397,529-3,4710% 2.12Total Accum Depreciation3,701,0003,737,48136,4811% 2.18TOTAL NET PLANT68,700,00068,660,048-39,9520% 2.18a100% CWIP RECOVERY166,179,000158,255,653-7,923,347-5% ADJUSTMENTS TO RATE BASE 2.20 Account No ,292,000-11,973,0243,318,976-22% 2.21 Account No ,009,000-2,605,466-1,596,466158% 2.22 Account No. 1902,877,0001,363,222-1,513,778-53% 2.25 Land Held for Future Use000N/A 2.26 CWC395,500846,504451,004114% 2.27 Materials & Supplies000N/A 2.28 Prepayments0289,825 N/A TOTAL ADJUSTMENTS-13,028,500-12,078,939949,561-7% 2.30TOTAL RATE BASE221,850,500214,836,762-7,013,738-3%

7 ATXI 2014 EXPENSES Page.Line 2014 Projection2014 ActualChangePercent O&M 3.1 Transmission184,000293,915109,91560% 3.1a Less LSE Expenses000N/A 3.2 Less Account N/A 3.3 A&G2,980,0006,478,1173,498,117117% 3.4 Less FERC Annual Fees000N/A 3.5 Less EPRI, ect.68,72051,164-17,556-26% 3.5a Plus Trans. Reg. Comm. Exp68,72051,164-17,556-26% 3.8TOTAL O&M3,164,0006,772,0313,608,031114% 3.12TOTAL DEPRECIATION1,064,0001,343,909279,90926% TAXES 3.13 Payroll000N/A 3.16 Property0136,093 N/A 3.18 Other82,00079,293-2,707-3% 3.27 Income Taxes10,819,90110,424, ,926-4% TOTAL TAXES10,901,90110,640, ,540-2% TOTAL EXPENSES15,129,90118,756,3013,626,40124%

8 ATXI 2014 CAPITAL STRUCTURE Capital Structure Projection Page.Line $%CostWeighted 4.27 Long Term Debt91,077,00043% Preferred Stock00% Common Stock121,344,00057% Total212,421,000100% Capital Structure Actual Page.Line $%CostWeighted 4.27 Long Term Debt69,846,15444% Preferred Stock00% Common Stock88,870,49156% Total158,716,645100% Change in Return %

9 ATXI 2014 TOTAL REVENUE REQUIREMENT Page.Line 2014 Projection2014 ActualChangePercent 2.30TOTAL RATE BASE221,850,500214,836,762-7,013,738-3% 4.30Rate of Return on ACS8.73%8.60%-0.12%-1% 3.28Return from ACS19,359,22918,486, ,930-5% 2.30a100% CWIP RECOVERY166,179,000158,255,653-7,923,347-5% 4.30eIncremental Rate of Return on HCS-0.10%0.00%0.10%-101% 3.28aIncremental Return from HCS-159, , % Total Return19,200,01418,487, ,788-4% Total Expenses15,129,90118,756,3013,626,40124% 3.29TOTAL GROSS REV. REQ.34,329,91437,243,5272,913,6138% 3.30Less ATT. GG Adjustment000N/A 3.30aLess ATT. MM Adjustment25,755,41928,053,2472,297,8299% 3.31GROSS REV. REQ. UNDER ATT. O8,574,4969,190,280615,7847%

10 ATXI 2014 TRUE UP & NET REVENUE REQUIREMENT * 2012 True-up included in 2014 Projection and Actual. Page.Line 2014 Projection2014 ActualChangePercent 1.1Gross Revenue Requirement8,574,4969,190,280615,7847% 1.6Total Revenue Credits502,000946,023444,02388% 1.6aHistoric Year Actual ATRR *9,892,717 (0)0% 1.6bProjected ATRR from Prior Year7,270,263 00% 1.6cPrior Year ATRR True-Up2,622,454 (0)0% 1.6dPrior Year Divisor True-Up30,874 00% 1.6eInterest on Prior Year True-Up35,470 (0)0% 1.7NET REVENUE REQUIREMENT10,761,29410,933,054171,7602%

11 ATXI 2014 ATTACHMENT MM ATXI Attachment MM Calculation - Page 1 LinePage, Line, Col.TransmissionAllocator No. 1Gross Transmission Plant - TotalAttach O, p 2, line a col 5 (Note A) 229,682,093 1aTransmission Accumulated DepreciationAttach O, p 2, line 8 col 5 3,659,671 2Net Transmission Plant - TotalLine 1 minus Line 1a (Note B) 226,022,422 O&M TRANSMISSION EXPENSE 3Total O&M Allocated to TransmissionAttach O, p 3, line 8 col 5 6,772,031 3aTransmission O&MAttach O, p 3, line 1 col 5 293,915 3bLess: LSE Expenses included in above, if anyAttach O, p 3, line 1a col 5, if any - 3cLess: Account 565 included in above, if anyAttach O, p 3, line 2 col 5, if any - 3dAdjusted Transmission O&MLine 3a minus Line 3b minus Line 3c 293,915 4Annual Allocation Factor for Transmission O&M(Line 3d divided by line 1a, col 3)8.03% OTHER O&M EXPENSE 4aOther O&M Allocated to TransmissionLine 3 minus Line 3d 6,478,116 4bAnnual Allocation Factor for Other O&MLine 4a divided by Line 1, col 32.82% GENERAL AND COMMON (G&C) DEPRECIATION EXPENSE 5Total G&C Depreciation ExpenseAttach O, p 3, lines 10 & 11, col 5 (Note H) 332,558 6Annual Allocation Factor for G&C Depreciation Expense(line 5 divided by line 1 col 3)0.14% TAXES OTHER THAN INCOME TAXES 7Total Other TaxesAttach O, p 3, line 20 col 5 215,386 8Annual Allocation Factor for Other Taxes(line 7 divided by line 1 col 3)0.09% 9Annual Allocation Factor for Other ExpenseSum of line 4b, 6, and 83.06% INCOME TAXES 10Total Income TaxesAttach O, p 3, line 27 col 5 10,424,975 11Annual Allocation Factor for Income Taxes(line 10 divided by line 2 col 3)4.61% RETURN 12Return on Rate Base (Note I)Attach O, p 3, line 28 col 5 18,486,299 13Annual Allocation Factor for Return on Rate Base(line 12 divided by line 2 col 3)8.18% 14Annual Allocation Factor for ReturnSum of line 11 and % HYPOTHETICAL CAPITAL STRUCTURE (HCS) RETURN 15Annual Allocation Factor HCS Return (Note J)Attach O, p 4, line 30e0.00%

12 ATXI 2014 ATTACHMENT MM ATXI Attachment MM Calculation - Page 2 (1)(2)(3)(4)(5)(6)(7)(8)(9) Line No. Project Name MTEP Project Number Project Gross Plant Project Accumulated Depreciation Transmission O&M Annual Allocation Factor Annual Allocation for Transmission O&M Expense Other Expense Annual Allocation Factor Annual Allocation for Other Expense Annual Expense Charge (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) 1aPana-Sugar Creek - CWIP2237 $ 36,573,425 $ -8.03% $ -3.06%$1,118, b Pana-Sugar Creek - Plant in Service - No HCS2237 $ % $ -3.06%$0.00 1c Pana-Sugar Creek - Land - No HCS2237 $ 1,991,065 $ -8.03% $ -3.06%$60, dSidney-Rising - CWIP2239 $ 13,598,616 $ -8.03% $ -3.06%$415, e Sidney-Rising - Plant in Service - No HCS2239 $ % $ -3.06%$0.00 1f Sidney-Rising - Land - No HCS2239 $ 1,277,725 $ -8.03% $ -3.06%$39, gAdair-Ottumwa - CWIP2248 $ 130,615 $ -8.03% $ -3.06%$3, h Adair-Ottumwa - Plant in Service - No HCS2248 $ % $ -3.06%$0.00 1i Adair-Ottumwa - Land - No HCS2248 $ 358,986 $ -8.03% $ -3.06%$10, jPalmyra-Pawnee - CWIP3017 $ 85,415,094 $ -8.03% $ -3.06%$2,612, k Palmyra-Pawnee - Plant in Service - No HCS3017 $ % $ -3.06%$0.00 1l Palmyra-Pawnee - Land - No HCS3017 $ 8,129,151 $ -8.03% $ -3.06%$248, mFargo-Galesburg-Oak Grove - CWIP3022 $ 1,868,202 $ -8.03% $ -3.06%$57, n Fargo-Galesburg-Oak Grove - Plant in Service - No HCS3022 $ % $ -3.06%$0.00 1o Fargo-Galesburg-Oak Grove - Land - No HCS3022 $ 3,392,205 $ -8.03% $ -3.06%$103, pPawnee-Pana - CWIP3169 $ 6,650,913 $ -8.03% $ -3.06%$203, q Pawnee-Pana - Plant in Service - No HCS3169 $ % $ -3.06%$0.00 1r Pawnee-Pana - Land - No HCS3169 $ 2,813,762 $ -8.03% $ -3.06%$86, sAdair-Palmyra - CWIP3170 $ 14,018,788 $ -8.03% $ -3.06%$428, t Adair-Palmyra - Plant in Service - No HCS3170 $ % $ -3.06%$0.00 1u Adair-Palmyra - Land - No HCS3170 $ 769,450 $ -8.03% $ -3.06%$23,537.75

13 ATXI 2014 ATTACHMENT MM ATXI Attachment MM Calculation - Page 2 (continued) (1)(2)(10)(11)(11a)(12)(13)(14)(15)(16) Line No. Project Name MTEP Project NumberProject Net Plant Annual Allocation Factor for Return Annual Allocation Factor for HCS Return Annual Return Charge Project Depreciation Expense Annual Revenue RequirementTrue-Up Adjustment MVP Annual Adjusted Revenue Requirement (Col 3 - Col 4)(Page 1 line 14) (Page 1 line 15) (Note J) (Col 10 * (Col a))(Note E) (Sum Col. 9, 12 & 13)(Note F) Sum Col. 14 & 15 (Note G) Multi-Value Projects (MVP) 1aPana-Sugar Creek - CWIP2237 $ 36,573, %0.00% $ 4,678,228 $ - $ 5,797,022 $ 161,958 $ 5,958,980 1b Pana-Sugar Creek - Plant in Service - No HCS2237 $ %0.00% $ - 1c Pana-Sugar Creek - Land - No HCS2237 $ 1,991, %0.00% $ 254,684 $ - $ 315,591 $ - $ 315,591 1dSidney-Rising - CWIP2239 $ 13,598, %0.00% $ 1,739,444 $ - $ 2,155,431 $ (200,123) $ 1,955,308 1e Sidney-Rising - Plant in Service - No HCS2239 $ %0.00% $ - 1f Sidney-Rising - Land - No HCS2239 $ 1,277, %0.00% $ 163,438 $ - $ 202,524 $ - $ 202,524 1gAdair-Ottumwa - CWIP2248 $ 130, %0.00% $ 16,707 $ - $ 20,703 $ - $ 20,703 1h Adair-Ottumwa - Plant in Service - No HCS2248 $ %0.00% $ - 1i Adair-Ottumwa - Land - No HCS2248 $ 358, %0.00% $ 45,919 $ - $ 56,901 $ - $ 56,901 1jPalmyra-Pawnee - CWIP3017 $ 85,415, %0.00% $ 10,925,727 $ - $ 13,538,606 $ (413,430) $ 13,125,176 1k Palmyra-Pawnee - Plant in Service - No HCS3017 $ %0.00% $ - 1l Palmyra-Pawnee - Land - No HCS3017 $ 8,129, %0.00% $ 1,039,827 $ - $ 1,288,500 $ - $ 1,288,500 1mFargo-Galesburg-Oak Grove - CWIP3022 $ 1,868, %0.00% $ 238,968 $ - $ 296,117 $ 23 $ 296,140 1n Fargo-Galesburg-Oak Grove - Plant in Service - No HCS3022 $ %0.00% $ - 1o Fargo-Galesburg-Oak Grove - Land - No HCS3022 $ 3,392, %0.00% $ 433,908 $ - $ 537,677 $ - $ 537,677 1pPawnee-Pana - CWIP3169 $ 6,650, %0.00% $ 850,740 $ - $ 1,054,194 $ 108,884 $ 1,163,078 1q Pawnee-Pana - Plant in Service - No HCS3169 $ %0.00% $ - 1r Pawnee-Pana - Land - No HCS3169 $ 2,813, %0.00% $ 359,918 $ - $ 445,992 $ - $ 445,992 1sAdair-Palmyra - CWIP3170 $ 14,018, %0.00% $ 1,793,189 $ - $ 2,222,029 $ 28,623 $ 2,250,652 1t Adair-Palmyra - Plant in Service - No HCS3170 $ %0.00% $ - 1u Adair-Palmyra - Land - No HCS3170 $ 769, %0.00% $ 98,423 $ - $ 121,961 $ - $ 121,961 2MVP Total Annual Revenue Requirements$28,053,247-$314,065$27,739,182 3Rev. Req. Adj For Attachment O$28,053,247

14 ATXI 2014 ATTACHMENT MM TRUE-UP (a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k) Actual ProjectedAttachment MMActualTrue-UpApplicableTrue-Up MTEPActualAnnualRevenuesAnnualAdjustmentInterestAdjustmentTotal LineProject Attachment MMRevenueAllocatedRevenuePrincipalRate onInterestTrue-Up No.NameNumberRevenuesRequirement 1 to Projects 1 Requirement 1 Under/(Over) Adjustment Projected[Col. (d), line 1Actual Attachment MMx (Col. (e), line 2x /Attachment MMCol. (h) x Col. (i) p 2 of 2, Col Col. (e), line 3)] 2 p 2 of 2, Col Col. (g) - Col. (f)Line 5x 24 months 2 Col. (h) + Col. (j) 1 Actual Attachment MM revenues for True-Up Year 1 $ 23,828,085 2aPana-Sugar Creek - CWIP2237 5,743,325 5,313,539 5,797, , % 3, ,463 2bPana-Sugar Creek - Land - No HCS , , , , % 1, ,286 2cSidney-Rising - CWIP2239 1,338,153 1,238,016 2,155, , % 7, ,967 2dSidney-Rising - Land - No HCS , , ,524 97, % ,685 2eAdair-Ottumwa - CWIP ,113 68,567 20,703 (47,864) 0.03% (394) (48,258) 2fAdair-Ottumwa - Land - No HCS ,406 67,913 56,901 (11,012) 0.03% (91) (11,103) 2gPalmyra-Pawnee - CWIP ,663,053 11,715,449 13,538,606 1,823, % 15,008 1,838,165 2hPalmyra-Pawnee - Land - No HCS3017 1,089,588 1,008,052 1,288, , % 2, ,757 2iFargo-Galesburg-Oak Grove - CWIP , , ,117 (257,815) 0.03% (2,122) (259,937) 2jFargo-Galesburg-Oak Grove - Land - No HCS , , , , % ,082 2kPawnee-Pana - CWIP3169 1,035, ,071 1,054,194 96, % ,914 2lPawnee-Pana - Land - No HCS , , ,992 78, % ,873 2mAdair-Palmyra - CWIP3170 1,872,691 1,732,553 2,222, , % 4, ,505 2nAdair-Palmyra - Land - No HCS , , ,961 21, % ,544 3Subtotal $ 25,755,420 $ 23,828,086 $ 28,053,247 4Under/(Over) Recovery $ 4,225,161 $ 34,781 $ 4,259,942 5 Applicable Interest rate per month (expressed to four decimal places)interest rate to be updated through July 31, % 1 Amount excludes True-Up Adjustment, as reported in True-Up Year projected Attachment MM, page 2, column Rounded to whole dollars.

15 ATXI 2014 MVP SPEND Ameren MVPs Ameren Name2014 CAPEXMTEP #sMTEP Description Illinois Rivers$226.6 million 2237Pana - Mt. Zion - Kansas - Sugar Creek 345 kV line 2239Sidney to Rising 345 kV line 3017Palmyra-Quincy-Meredosia - Ipava & Meredosia-Pawnee 345 kV Line 3169Pawnee to Pana kV Line 3170New Palmyra Substation (Maywood) Spoon River$3.6 million 3022Fargo-Galesburg-Oak Grove 345 kV Line Mark Twain$2.7 million 2248Adair - Ottumwa Adair-Palmyra 345 kV Line

QUESTIONS?

17 Appendix Supplemental Background Information (Not covered during presentation)

18 APPENDIX - MISO ATTACHMENTS O & MM Calculate rates for Schedules 9, 26 & 26-A Attachment GG - Schedule 26 Attachment MM - Schedule 26-A Attachment O - net revenue requirement billed under Schedule 9 Schedules 26 and 26-A are billed by MISO Schedule 9 is billed by Ameren

19 APPENDIX - MISO ATTACHMENT MM Cost recovery for Multi-Value Projects (MVPs) Criteria for being considered Developed through planning process and support energy policy Multiple types of economic value across multiple pricing zones with benefit to costs > 1 Address at least one: Projected NERC violation Economic-based issue Cost shared across MISO based on load AMIL Zone is approximately 9% Ameren MVPs will primarily be built by ATXI AIC will be responsible for modifications needed to its existing facilities

20 APPENDIX - MISO ATTACHMENT O & MM All transmission costs included in Attachment O calculation Schedule 9 based on net revenue requirement – reductions for: Costs recovered in Schedules 26 & 26-A Since ATXI has no Attachment GG projects, there is no deduction for 26 Revenue Credits Point-to-Point revenue in Schedules 7 & 8 Rental revenue Revenue from generator interconnections

21 APPENDIX - MISO TRANSMISSION EXPANSION PLAN (MTEP) Developed on an annual basis building upon previous analysis MISO, Transmission Owners & Stakeholders Includes subregional planning meetings MTEP goals Ensure the reliability of the transmission system Ensure compliance with NERC Standards Provide economic benefits, such as increased market efficiency Facilitate public policy objectives, such as meeting Renewable Portfolio Standards Address other issues or goals identified through the stakeholder process Multiple future scenarios analyzed End result – comprehensive, cohesive plan for MISO footprint MTEP approved by MISO Board of Directors

22 MISO MVPS Brief history of development Began investigating value added expansion in Regional Generation Outlet Study (RGOS) - formed basis of Candidate MVP portfolio Portfolio refined due to additional analysis MISO approved portfolio of 17 Projects Seven transmission line segments (MTEP proj numbers) in Ameren territory Ameren identifies these three projects as: Illinois Rivers (four line segments) Spoon River Mark Twain (two line segments) Broadly cost-shared, AMIL pricing zone allocated 9% of each MVP no matter where project is located or who builds it

23 APPENDIX - MAP OF AMEREN MVPS

24 APPENDIX - RATE INCENTIVES FERC approved the following rate incentives for Illinois Rivers in Docket No. EL10-80 –CWIP (no AFUDC) –Abandonment (requires additional filing prior to recovery) –Hypothetical capital structure during construction for ATXI FERC approved similar incentives for Spoon River and Mark Twain Projects in Docket No. ER

25 APPENDIX - MISO WEB LINKS Transmission Pricing - Attachments O, GG & MM Information s/Pages/TransmissionPricing.aspxhttps:// s/Pages/TransmissionPricing.aspx Ameren OASIS MTEP 14 Pages/MTEP14.aspxhttps:// Pages/MTEP14.aspx MTEP 15 Pages/MTEP15.aspxhttps:// Pages/MTEP15.aspx Schedule 26 & 26-A Indicative Charges Pages/MTEPStudies.aspxhttps:// Pages/MTEPStudies.aspx

26 APPENDIX - ATXI Additional questions on these topics can be sent to Ameren at: