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Finally, Clifford L. Greenwalt, Thomas A. Hays and John Peters MacCarthy will complete their director service at this year’s annual shareholder meeting. All three have served Ameren’s board since 1997 after having served previously on predecessor company boards – Tom Hays since 1989, and Cliff Greenwalt and John Peters MacCarthy since 1986. I want to thank each of them for their many years of consistently wise counsel and guidance.

Also deserving special mention is William Cornelius, a member of Union Electric’s board since 1968 and of Ameren’s board since 1997. At this year’s annual shareholder meeting, Bill will complete his year of service as an advisor to the board. I thank him for the leadership and insight he has given our company for more than four decades.





Please note that this year’s annual shareholder meeting will be held at the Saint Louis Art Museum in Forest Park at 9 a.m. on April 26, 2005. I invite you to attend and to share any questions you may have about your company.


Gary L. Rainwater
Chairman, Chief Executive Officer and President