1. 2016 Annual Attachment O Stakeholder Meeting Ameren Missouri
July 6, 2016

2. Agenda
Primary purpose is to review AMMO Pricing Zone Historical 2015 Transmission Rate Calculations which became effective June 1, 2016
Protocol Timeline
Comparison to Previous Revenue Requirement
2015 AMMO Pricing Zone NITS Charge
ROE Complaint

3. Protocol timeline Date Action (Historical) June 1
Posting of annual update
Information exchange period begins.
Review period begins.
September 1
Deadline for annual meeting
November 1
Deadline for joint meeting on regional cost-shared projects
December 1
Deadline for Interested Parties to submit information requests
January 10
Deadline for Transmission Owners to respond to information requests
January 31
Deadline for Interested Parties to submit Informal Challenges
February 28
Deadline for Transmission Owners to respond to Informal Challenges
Any rate changes agreed to by the Transmission Owner will be included in the Information Filing and will be reflected in the Annual Update for the following Rate Year.
March 15
Transmission Owners submit informational filing to the Commission.
March 31
Deadline for Interested Parties to file Formal Challenge at the Commission

4. June 2015 vs June 2016 Calculation
Ameren Missouri
Revenue Requirement
June 2015 vs June 2016 Calculation

5. Ameren Missouri June 2016 Calculation
Rate Base
Page.Line
Jun-15
Jun-16
Change
Percent
2.6
Total Gross Plant
973,505,027
1,002,549,260
29,044,233 3%
2.12
Total Accum Depreciation
297,149,632
317,488,807
20,339,175 7%
2.18
TOTAL NET PLANT
676,355,395
685,060,453
8,705,058 1%
ADJUSTMENTS TO RATE BASE
2.20
Account No. 282
(186,057,383)
(193,381,672)
(7,324,289) 4%
2.21
Account No. 283
(10,290,367)
(6,947,952)
3,342,415
-32%
2.22
Account No. 190
8,195,106
4,830,788
(3,364,318)
-41%
2.25
Land Held for Future Use
3,334,568 0%
2.26
CWC
3,795,767
4,099,708
303,941 8%
2.27
Materials & Supplies
4,625,788
7,423,375
2,797,587
60%
2.28
Prepayments
1,197,264
946,165
(251,099)
-21%
TOTAL ADJUSTMENTS
(175,199,257)
(179,695,021)
(4,495,764)
2.30
TOTAL RATE BASE
501,156,138
505,365,432
4,209,294

6. Ameren Missouri June 2016 Calculation
Expenses
Page.Line
Jun-15
Jun-16
Change
Percent
O&M
3.1
Transmission
57,433,561
67,034,333
9,600,772
17%
3.1a
Less LSE Expenses
6,344,330
6,469,633
125,303 2%
3.2
Less Account 565
28,061,521
36,318,361
8,256,840
29%
3.3
A&G
6,903,236
8,060,504
1,157,268
3.4
Less FERC Annual Fees -
N/A
3.5
Less EPRI, ect.
543,536
651,660
108,124
20%
3.5a
Plus Trans. Reg. Comm. Exp
170,481
41,882
(128,599)
-75%
3.7
Transmission Lease Payments
808,248
1,100,598
292,350
36%
3.8
TOTAL O&M
30,366,139
32,797,662
2,431,523 8%
3.12
TOTAL DEPRECIATION
20,805,412
24,671,586
3,866,174
19%
TAXES
3.13
Payroll
524,054
596,060
72,006
14%
3.16
Property
8,806,314
9,375,098
568,784 6%
3.18
Other
69,111
77,189
8,078
12%
3.27
Income Taxes
19,292,707
19,176,120
(116,587)
-1%
TOTAL TAXES
28,692,186
29,224,468
532,282
TOTAL EXPENSES
79,863,737
86,693,715
6,829,978 9%

7. Ameren Missouri June 2016 Calculation
Capital Structure
Capital Structure - June 2015
Page.Line $ %
Cost
Weighted
4.27
Long Term Debt
3,711,276,000
48%
0.0538
0.0257
4.28
Preferred Stock
80,759,500 1%
0.0424
0.0004
4.29
Common Stock
3,971,807,203
51%
0.1238
0.0633
4.3
Total
7,763,842,703
100%
0.0895
Capital Structure - June 2016
3,847,276,000
49%
0.0527
0.0256
4,001,834,831
50%
0.0625
7,929,870,331
0.0885
Change in Return %

8. Ameren Missouri June 2016 Calculation
Revenue Requirement
Page.Line
Jun-15
Jun-16
Change
Percent
2.30
TOTAL RATE BASE
501,156,138
505,365,432
4,209,294 1%
4.30
Rate of Return
0.0895
0.0885
(0.0010)
-1%
3.28
Return
44,852,283
44,719,548
(132,735) 0%
Total Expenses
79,863,737
86,693,715
6,829,978 9%
3.29
TOTAL GROSS REV. REQ.
124,716,019
131,413,263
6,697,244 5%
3.30
Less ATT. GG Adjustment
8,089,316
8,088,230
(1,086)
3.30a
Less ATT. MM Adjustment -
N/A
3.31
GROSS REV. REQ. UNDER ATT. O
116,626,703
123,325,033
6,698,330 6%

9. Ameren Missouri June 2016 Calculation
Net Revenue Requirement
Page.Line
Jun-15
Jun-16
Change
Percent
1.1
Gross Revenue Requirement
116,626,703
123,325,033
6,698,330 6%
1.6
Total Revenue Credits
7,031,833
6,830,307
-201,526
-3%
1.6c
Total Prior Period Adjustment (with interest)
-976,420
-1,571
974,850
-100%
1.7
NET REVENUE REQUIREMENT
108,618,450
116,493,155
7,874,706 7%
The Prior Period Adjustments relate to the FERC Audit Refund in Docket No. FA

10. Ameren Missouri June 2016 Calculation
AMMO Schedule 9 Rate Calculation
Page.Line
Jun-15
Jun-16
Change
Percent
1.7
Net Revenue Requirement
108,618,450
116,493,155
7,874,706 7%
1.15
Ameren Missouri Divisor
6,949,405
6,518,000
(431,405)
-6%
Annual Cost ($/kW/Yr)
15.630
17.873
2.243
14%
Network & P-to-P Rate ($/kW/Mo)
1.302
1.489
0.187
The divisor excludes the Southeast Missouri load included in the Entergy Arkansas, Inc. (EAI) pricing zone.

11. Ameren Missouri June 2016 Calculation
Attachment GG Calculation - Page 1
(1)
(2)
(3)
(4)
Attachment O
Line
Page, Line, Col.
Transmission
Allocator
No. 1
Gross Transmission Plant - Total
Attach O, p 2, line 2 col 5 (Note A)
979,529,280 2
Net Transmission Plant - Total
Attach O, p 2, line 14 and 23b col 5 (Note B)
670,399,913
O&M EXPENSE 3
Total O&M Allocated to Transmission
Attach O, p 3, line 8 col 5
32,797,662 4
Annual Allocation Factor for O&M
(line 3 divided by line 1 col 3)
3.35%
GENERAL AND COMMON (G&C) DEPRECIATION EXPENSE 5
Total G&C Depreciation Expense
Attach O, p 3, lines 10 & 11, col 5 (Note H)
1,117,252 6
Annual Allocation Factor for G&C Depreciation Expense
(line 5 divided by line 1 col 3)
0.11%
TAXES OTHER THAN INCOME TAXES 7
Total Other Taxes
Attach O, p 3, line 20 col 5
10,048,348 8
Annual Allocation Factor for Other Taxes
(line 7 divided by line 1 col 3)
1.03% 9
Annual Allocation Factor for Expense
Sum of line 4, 6, and 8
4.49%
INCOME TAXES 10
Total Income Taxes
Attach O, p 3, line 27 col 5
19,176,120 11
Annual Allocation Factor for Income Taxes
(line 10 divided by line 2 col 3)
2.86%
RETURN 12
Return on Rate Base
Attach O, p 3, line 28 col 5
44,719,548 13
Annual Allocation Factor for Return on Rate Base
(line 12 divided by line 2 col 3)
6.67% 14
Annual Allocation Factor for Return
Sum of line 11 and 13
9.53%

12. Ameren Missouri June 2016 Calculation
Attachment GG Calculation - Page 2
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
Line No.
Project Name
MTEP Project Number
Project Gross Plant
Annual Allocation Factor for Expense
Annual Expense Charge
Project Net Plant
Annual Allocation Factor for Return
Annual Return Charge
Project Depreciation Expense
Annual Revenue Requirement
True-Up Adjustment
Network Upgrade Charge
(Note C)
(Page 1 line 9)
(Col. 3 * Col. 4)
(Note D)
(Page 1 line 14)
(Col. 6 * Col. 7)
(Note E)
(Sum Col. 5, 8 & 9)
(Note F)
Sum Col. 10 & 11 (Note G) 1a
Big River-Rockwood 138 kV
152
$ ,611,046
4.49%
$700,655.43
$ ,695,121
9.53%
$1,400,589
$239,591
$2,340,835 $
2,340,835 1b
Reconductor Sioux-Huster-1 and kV
1240
$ ,620,832
$701,094.65
$ ,235,260
$1,356,760
$445,464
$2,503,318
2,503,318 1c
Gray Summit : 2nd 345/138 kV Transformer
2061
$ ,410,810
$1,005,842.62
$ ,355,716
$1,940,099
$298,135
$3,244,077
3,244,077 1d
Lutesville: Northwest Cape 345/161 kV substation and new lines
2306 $
$0.00 $ $0 2
Annual Totals
$8,088,230 3
Rev. Req. Adj For Attachment O

13. Significant transmission projects in 2015 and 2016
Completed in 2015
Project Name
Total Cost
Bland
$15.4 Million
To Be Completed in 2016
Project Name
Total Cost
Lutesville: Northwest Cape 345/161 kV substation and new lines
$60 Million
Viaduct-Cape Clark
$24 Million
Clark-Osage
$43 Million

14. Roe complaint Current ROE is 12.38% MISO ROE Complaints
1st Complaint (EL14-12)
Covers November 12, 2013 through Feb 11, 2015
Received initial decision from administrative law judge on December 22, 2015 with a recommended Base ROE at 10.32%
Expect final FERC order in October 2016
2nd Complaint (EL15-45)
Covers February 12, 2015 through May 11, 2016
Received initial decision on June 30, 2016 with a recommended Base ROE at 9.70%
Expect final FERC order in first half of 2017
3rd Complaint has not been filed

15. MISO ROE Complaints (con’t)
FERC approved a 50 basis point adder for participation in an RTO
Effective January 6, 2015, but will not be used until after final orders in the ROE complaints are issued
Refunds will be required, but format is not yet determined
Could be either rolled into the next revenue requirement and reduce future rates or could be actual refunds to all customers
Will impact Sch 7,8, 9, 26, 37, 38, 26A
May require MISO to calculate adjustments for all months beginning with November 13

16. Transmission Pricing - Attachments O, GG & MM Information
Miso web links
Transmission Pricing - Attachments O, GG & MM Information
Ameren OASIS
MTEP 15
MTEP 16
Schedule 26 & 26-A Indicative Charges

17. QUESTIONS?

18. Supplemental Background Information
Appendix
Supplemental Background Information

19. Ameren Missouri transmission
Ameren Missouri is a transmission-owning subsidiary of Ameren Corporation, as well as a MISO Transmission Owner (TO)
Ameren Illinois and Ameren Transmission Company of Illinois (ATXI) are two other Ameren subsidiaries that are MISO TOs.
ATXI was formed to build and own new regional transmission projects such as the MISO Multi-Value Projects
Ameren Missouri will continue to build and own traditional reliability projects needed to meet local needs and continue to maintain its existing transmission system
Ameren Missouri recently completed a new local reliability project in Southeast Missouri.
Ameren Missouri is the only MISO Transmission Owner in the AMMO pricing zone.

20. Calculate rates for Schedules 9, 26 & 26-A
MISO ATTACHMENTs O & GG
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

21. Cost Recovery for certain Network Upgrades Eligible projects
MISO ATTACHMENT gg
Cost Recovery for certain Network Upgrades
Eligible projects
Market Efficiency
Generator Interconnections
Cost shared based upon project type
MISO-wide based on load
Subregional based on LODF (Line Outage Distribution Factor)
Ameren Missouri has three Attachment GG projects completed and in rates.
Project placed in-service in May not included in rates until next June.
These projects were approved by MISO under prior Tariff provisions which allowed limited cost sharing for certain reliability projects
Attachment MM is very similar to Attachment GG
Applies to MISO Multi-Value Projects, but is not applicable to Ameren Missouri since it is not building or developing any MVPs.

22. All transmission costs included in Attachment O calculation
MISO ATTACHMENT O & GG
All transmission costs included in Attachment O calculation
Schedule 9 based on net revenue requirement – reductions for:
Any costs recovered in Schedules 26 & 26-A
Revenue Credits
Point-to-Point revenue in Schedules 7 & 8
Rental revenue
Revenue from generator interconnections

23. 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

24. Rate base items based on Dec 31 ending balances
AMMO rate Inputs
Rates calculated using prior year FERC Form 1 data (historical calculation)
Rate base items based on Dec 31 ending balances
Only wholesale customers pay the Schedule 9 Rate in AMMO
About 7% of load
Ameren Missouri retail customers
Do not pay AMMO Schedule 9 Rate
Ameren Missouri transmission facilities & costs included in bundled rates set by MoPSC
Other transmission related costs also included in retail rate case
Note that some Transmission Owners’ rate calculations are different
Rates are initially set based on projected data
Annual True-up calculation to reflect actual costs reported in Form 1