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Ameren Corporation Announces Remarketing of Notes Underlying Equity Security Units
Ameren Corporation (NYSE: AEE) announced today that it has remarketed at a price of 100.9628% an aggregate principal amount of $345 million of its Notes due May 15, 2007 (the "Notes"), which formed part of its outstanding 9.75% Adjustable Conversion-Rate Equity Security Units. As a result of the remarketing, the annual interest rate on the Notes, payable on and after Feb. 15, 2005, through the maturity of the Notes, beginning May 15, 2005, will be reset to 4.263% and the Notes will no longer form a part of the equity security units. The remarketing was conducted pursuant to the terms of the equity security units and is scheduled to close on Feb. 15, 2005. Goldman, Sachs & Co. and J.P. Morgan Securities Inc. are the remarketing agents for the transaction.

The remarketing is being conducted on behalf of holders of the equity security units and therefore Ameren will not receive any proceeds of the remarketing. In connection with the remarketing, Ameren has agreed to purchase $95 million of the Notes. Ameren will retire all of the Notes that it purchases.

The regular quarterly payment on Ameren's equity security units will occur on Feb. 15, 2005, for holders of record on Feb. 14, 2005. In addition, as a result of the remarketing, holders of record of the equity security units as of the same date will be entitled to receive the aggregate excess proceeds of $984.13 from the remarketing on a pro rata basis. Since there are 13.8 million equity security units outstanding, each equity security unit will be entitled to excess proceeds of approximately $0.000071314 per equity security unit.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. The remarketing will only be made pursuant to a pricing supplement and accompanying prospectus supplement and prospectus which, when finalized, may be obtained from the remarketing agents at the following addresses: Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004 or (212) 902-0122, attn: Debt Capital Markets Desk, and J.P. Morgan Securities Inc., 270 Park Avenue, New York, NY 10017 or (212) 834-4533, attn: High Grade Syndicate Desk.

With assets of more than $17 billion, Ameren serves approximately 2.3 million electric customers and more than 900,000 natural gas customers in a 64,000 square mile area of Missouri and Illinois. Ameren owns a diverse mix of electric generating plants strategically located in its Midwest market with a generating capacity of more than 14,800 megawatts.