Ameren : Transforming For Our FutureEarly Sep. Investor Meetings

Transforming For Our Future

Early Sep. Investor Meetings

Cautionary Statements

Use of Non-GAAP Financial Measures

In this presentation, Ameren has presented weather-normalized and core earnings per share, which are non-GAAP financial measures and may not be comparable to those 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. Weather-normalized earnings exclude estimated effects of weather compared to normal, as calculated internally using data from the National Oceanic and Atmospheric Administration for the applicable period.

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, projections, targets, estimates, 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, 2021 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 2022 earnings guidance effective as of August 5, 2022, and multi-year growth expectations that were effective as of February 18, 2022. Earnings guidance for 2022 assumes normal temperatures after June 2022 and multi-year growth expectations assume normal temperatures. Earnings guidance for 2022 and multi-year growth expectations, 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.

Early Sep. Investor Meetings	2

Company Description
Fully rate-regulated electric and natural gas utility	2.4M
	electric
	customers
	0.9M
	gas
	customers
	~5,000
	circuit miles
	FERC-regulated
	electric
	transmission
	10,800MW
	regulated electric
	generation
	capability
	S&P 500
	Component of
	Stock Index

Early Sep. Investor Meetings

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
• 10,800 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 regionally beneficial projects

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Our Value Proposition for Customers, Shareholders and the Environment

Strong long-term		Attractive dividend		Attractive total
	and long-term dividend growth
growth outlook		outlook		return potential

• Expect 6% to 8% EPS CAGR 2022-20261,2
• Expect ~7% rate base CAGR 2021-20262
• Constructive frameworks for investment in all jurisdictions
• Strong long-term infrastructure investment pipeline of $48+ billion 2022- 20313
• Net-zerocarbon emissions goal by 20454 and transformative expansion of renewable generation and transmission

• Annualized equivalent dividend rate of $2.36 per share provides attractive yield
• • Dividend increased ~7% in Feb. 2022; increased for the ninth consecutive year
• Expect future dividend growth to be in line with long-term EPS growth expectations
• Expect payout ratio to range between 55% and 70% of annual EPS
• • 2022 EPS guidance range midpoint of $4.053 implies 58% payout using annualized dividend rate of $2.36 per share

• Track record of delivering strong results
• Attractive combined earnings and dividend growth outlook compared to regulated utility peers
• We believe execution of our strategy will continue to deliver superior long- term value for customers, shareholders and the environment

1. Using 2022 EPS guidance range midpoint of $4.05 as the base. 2 Effective as of Feb. 18, 2022 Earnings Conference Call. 3 Effective as of Aug. 5, 2022 Earnings Conference Call.

1. Ameren's goals include both Scope 1 and 2 emissions including other greenhouse gas emissions of methane, nitrous oxide and sulfur hexafluoride.

Early Sep. Investor Meetings

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Our Sustainability Value Proposition

ENVIRONMENTAL STEWARDSHIP

• Accelerating transition to a cleaner and more diverse portfolio
• • Target carbon reductions from 2005 levels: 60% by 2030; 85% by 2040; net zero by 20451
  • Target additional renewable resources: 2,800 MW by 2030 and total of 4,700 MWs by 2040
  • Advance coal-fired energy center retirements; extend life of carbon-free nuclear energy center
  • Preferred plan consistent with objective of the Paris Agreement to limit global temperature rise to 1.5 degrees Celsius
• Significant transmission investment supporting cleaner energy
• No cast or wrought iron pipes in natural gas system

1 Ameren's goals include both Scope 1 and 2 emissions including other greenhouse gas emissions of methane, nitrous oxide and sulfur hexafluoride.

SOCIAL IMPACT

• Delivered value to customers in 2021 while focused on safety
• • Improved reliability: 12% better since 2013
  • Affordable rates: Missouri rates well below the Midwest average
  • Customer satisfaction 23% better since 2013; Ameren Illinois ranked #1 in residential customer satisfaction among peers in the Midwest for 2021
• Socially responsible and economically impactful
• • ~$140M to support eligible customers and charities from 2019-2021
• Supporting core value of DE&I
• • Ranked #1 by DiversityInc on Top Utilities list in 2022; in top 5 on utilities list since 2009; a top company for ESG
  • ~$900M in diverse supplier spend in 2021; 11% increase from 2020
  • $10M committed to non-profits focused on DE&I 2021-2025

GOVERNANCE

• Diverse BOD focused on strong oversight
• • 57% women or racially/ethnically diverse; among the most diverse in the industry; average tenure of ~7 years
• BOD and committee oversight aligned with ESG matters
• Mgmt-levelSustainability Executive Steering Committee
• Named Chief Sustainability and Diversity Officer and Chief Renewable Development Officer
• Executive compensation supports sustainable, LT performance
• • 10% long-term incentive for clean energy transition
  • 5% short-term incentive for supplier and workforce diversity
• Among top ranked companies in CPA-Zicklin Index for Corp. Political Disclosure and Accountability

Early Sep. Investor Meetings

SUSTAINABLE GROWTH

• Expect 6% to 8% EPS CAGR 2022-20261
• Expect ~7% rate base CAGR 2021-20261
• Constructive frameworks for investment in all jurisdictions
• Strong long-term infrastructure investment pipeline of $48+ billion 2022-20312
• Expect future dividend growth to be in line with long-term EPS growth expectations

1 Effective as of Feb. 18, 2022 Earnings Conference Call. 2 Effective as of Aug. 5 Earnings Conference call.

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