In Energy Delivery, another key to our success is customer satisfaction. Decades of focusing on improving our Energy Delivery business has placed Ameren’s customer satisfaction ratings in the top quartile of our industry, but Scott Cisel, who leads Energy Delivery in Illinois, and Richard Mark, who has

the same role in Missouri, are not satisfied with that level of performance. They are committed to improving our delivery service and moving our satisfaction ratings to the very top of our industry. Fortunately, they are blessed with capable, hard-working employees who are equally committed to providing the best electric and gas service in America. REGULATORY CHALLENGES - AND OPPORTUNITIES

Looking forward, we still face significant challenges in regulatory and legislative arenas. As a company with revenues primarily from regulated sources, we must play a key role in shaping legislative and regulatory policy. Our general counsel, Steve Sullivan, leads Ameren’s experienced and resourceful regulatory and legislative team in addressing these issues.

For instance, Illinois began moving to open competition in 1998, and year-end 2006 will mark the final shift to fully competitive power markets. At that time, the rate freeze that has been in place in Illinois since 1998 will expire. With 60 percent of our customer base now in Illinois, our Ameren team worked closely with the Illinois Commerce Commission staff in 2004 to plan for this transition. They will continue to do so in 2005.

We expect our Illinois electric distribution businesses to procure all their power after 2006 through an auction monitored by Illinois regulators. We also expect that our non rate-regulated power generation businesses will be able to sell approximately 14 million megawatthours of power, currently committed to these distribution businesses, in the open market. Market prices for similar contracts today are above the levels we receive under our current commitments.