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Ameren's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Turning to page two of the presentation, I need to inform you that comments made during this conference call may contain statements that are commonly referred to as forward-looking statements. Such statements include those about future expectations, beliefs, plans, strategies, objectives, events, conditions and financial performance. We caution you that various factors could cause actual results to differ materially from those anticipated and described in the forward-looking statement. For additional information concerning these factors, please read the forward-looking statement section in the news release we issued today, and the forward-looking statements and risk factor sections in our filings with the SEC.

Tom will begin this call with an overview of second quarter 2012 earnings and 2012 guidance, followed by a discussion of recent regulatory and business developments. Marty will follow with more detailed discussions of second quarter 2012 financial results, and regulatory and other financial matters. We will then open the call for questions. Here’s Tom, who will start on page three of the presentation.

Thomas Voss

Thanks, Doug. Good morning and thank you for joining us. I’m pleased to report that today we released second quarter 2012 core earnings of $.73 per share, compared to $.59 per share of core earnings in the second quarter of 2011. This improvement reflected increased earnings from our regulated utility operations, partially offset by decreased earnings from our merchant generation operations.

Key drivers of the higher regulated utility earnings were a favorable federal energy regulatory commission order related to a disputed Ameren Missouri power purchase agreement that expired in 2009, the absence in 2012 of a 2011 Ameren Missouri charge to earnings related to the fuel adjustment clause and 2011 Missouri electric and 2012 Illinois gas rate adjustments.

Other factors having a favorable effect on second quarter 2012 regulated utility earnings compared to second quarter 2011 regulated utility earnings included reduced storm-related costs and increased electric sales to native load customers resulting from warmer temperatures.

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