Ameren : Presentation

Leading the Way to a Sustainable

Energy Future

Investor Meetings

Late June 2021

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, such as the third quarter 2018 non-cash charge for the revaluation of deferred taxes resulting from a December 2017 change in federal law that decreased the federal corporate income tax rate. 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, strategies, targets, estimates, 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, 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 2021 earnings guidance effective as of May 11, 2021, and multi-year growth expectations that were effective as of February 19, 2021. Earnings guidance for 2021 and multi-year growth expectations assume normal temperatures for all periods after March 2021 and December 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.

Investor Meetings | Late June 2021	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
	10,700MW
	regulated electric
	generation
	capability

S&P 500

Component of

Stock Index

Investor Meetings | Late June 2021

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
• 10,700 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

3

Delivering Strong Value to our Customers

Outage Improved Reliability1

Frequency

(per customer	+13%
per year)

1.00Better

0.80 0.89

0.77

0.60

0.40

0.20

0.00

20132020

Affordable Rates2

¢/KWh

15

10.02	10.22	12.84	13.08
10
5

0

Ameren Ameren Midwest US Illinois Missouri Average Average

Increased Customer

Satisfaction3

JD Power

Score+22%

Better

750						766
				723	731
700				734
600	628	651	663	690
650

550

2013 2014 2015 2016 2017 2018 2019 2020

1 As measured by the System Average Interruption Frequency Index (SAIFI). Represents the average of Ameren Illinois and Ameren Missouri. 2 Edison Electric Institute, "Typical Bills and Average Rates Report" for the 12 months ended Jun. 30, 2020. 3 As measured by the J.D. Power Residential Electric Customer Satisfaction Index. Scores represent the average of the Ameren Missouri and Ameren Illinois scores at year-end within the Midwest Large Segment.

Investor Meetings | Late June 2021	4

Strong Track Record of EPS and Dividend Growth

Weather-Normalized Core	Dividends Paid per Share3	Weather-Normalized
Earnings per Diluted Share1	Dividend Payout Ratio

$3.75

$3.50

$3.25 $3.00

$2.75 $2.50 $2.25 $2.00 $1.75

$1.50

$2.08	+70% or	$2.88	$3.05	$3.32	$3.54	$3.75		$2.20
$2.37	$2.59	$2.58
~8% CAGR
	2013 to 2020							$2.00
										$1.80
										$1.60
										$1.40
									2	$1.20
2013	2014	2015	2016	2017	2018	2019	2020 2021E

+25%

	2013 to 2020					$2.20	80%
$1.60	$1.61	$1.66	$1.72	$1.78	$1.85	$1.92	$2.00
	75%

70%

65%

60%

55%

2013 2014 2015 2016 2017 2018 2019 2020 2021E4 50%

Target dividend payout ratio of 55%-70%

Payout ratio

2,4

2013 2014 2015 2016 2017 2018 2019 2020 2021

1 See pages 35 and 36 for GAAP to core and weather-normalized reconciliations. 2 Represents midpoint of 2021 EPS guidance range of $3.65 to $3.85 effective as of May 11, 2021 Earnings Conference Call. 3 Unrounded dividends 2015-2018 are $1.655, $1.715, $1.7775 and $1.8475. 4 Annualized dividend equivalent rate. Future dividend decisions will be driven by earnings growth, cash flow, investment requirements and other business conditions.

Investor Meetings | Late June 2021	5