Ameren : Evercore ISI Conference

Customers at the Center

Evercore ISI Virtual Utility Conference

Jan. 14-15, 2021

Cautionary Statements

Use of Non-GAAP Financial Measures

In this presentation, Ameren has presented core earnings per share, which is a non-GAAP financial measure and may not be comparable to that of other companies. A reconciliation of GAAP to non-GAAP information is included in this presentation. Generally, core earnings or losses include earnings or losses attributable to Ameren common shareholders and exclude income or loss from significant discrete items that management does not consider representative of ongoing earnings. Ameren uses core earnings internally for financial planning and for analysis of performance. Ameren also uses core earnings as the primary performance measurement when communicating with analysts and investors regarding its earnings results and outlook, as the company believes that core earnings allow the company to more accurately compare its ongoing performance across periods.

Forward-looking Statements

Statements in this presentation not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Ameren is providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. In addition to factors discussed in this presentation, Ameren's Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and its other reports filed with the SEC under the Securities Exchange Act of 1934 contain a list of factors and a discussion of risks that could cause actual results to differ materially from management expectations suggested in such "forward-looking" statements. All "forward-looking" statements included in this presentation are based upon information presently available, and Ameren, except to the extent required by the federal securities laws, undertakes no obligation to update or revise publicly any "forward-looking" statements to reflect new information or current events.

Earnings Guidance and Growth Expectations

In this presentation, Ameren has presented 2020 earnings guidance effective as of November 5, 2020, and multi-year growth expectations that effective as of May 12, 2020. Earnings guidance for 2020 and multi-year growth expectations assume normal temperatures for all periods after September 2020 and March 2020, respectively, and, along with estimates for long-term infrastructure investment opportunities, are subject to the effects of, among other things, the impact of COVID-19; changes in 30-year U.S. Treasury bond yields; regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic, capital and credit market conditions; severe storms; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this presentation and in Ameren's periodic reports filed with the SEC.

Evercore ISI Virtual Utility Conference | Jan. 14-15, 2021	2

Company Description

Fully rate-regulated electric and natural gas utility

Corporate Headquarters

Electric Service Territory

Electric & Natural Gas Territory

2.4M

electric customers

0.9M

gas

customers

~5,000

circuit miles FERC-regulated electric transmission

10,500MW

regulated electric

generation capability

S&P 500

Component of

Stock Index

Ameren Businesses

Ameren Missouri

• Electric transmission, distribution, and generation business and a natural gas distribution business in Missouri regulated by MoPSC
• Serves 1.2 million electric and 0.1 million gas customers
• 10,500 MW of total generation capability

Ameren Illinois Electric Distribution

• Electric distribution business in Illinois regulated by ICC
• Serves 1.2 million electric customers

Ameren Illinois Natural Gas

• Natural gas distribution business in Illinois regulated by ICC
• Serves 0.8 million gas customers

Ameren Transmission

• Electric transmission businesses of Ameren Illinois and ATXI regulated by FERC
• Ameren Illinois invests in local reliability projects
• ATXI invests in regional beneficial projects

Evercore ISI Virtual Utility Conference | Jan. 14-15, 2021

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Delivering Strong Value to Our Customers

Improved Reliability1

Outage

Duration (min)

300+43%

Better

250 276

Affordable Rates2

¢/KWh

15

10

12.84

13.08

Increased Customer

JD Power	Satisfaction3
Score
750	+17%
725	Better	731	734
700	723

200

150

100

50

157

10.02	10.22
5

0

625

675		690
650	651	663
628

600

20132019

Ameren Ameren Midwest US Missouri Illinois Average Average

2013 2014 2015 2016 2017 2018 2019

1 Average for Ameren Missouri and Ameren Illinois, as measured by the Customer Average Interruption Duration Index (CAIDI) including major event days. 2 Edison Electric Institute, "Typical Bills and Average Rates Report" for the 12 months ended June 30, 2020. 3 Average for Ameren Missouri and Ameren Illinois, as measured by the J.D. Power Residential Customer Satisfaction Index.

Evercore ISI Virtual Utility Conference | Jan. 14-15, 2021	4