Spire : Investor Presentation September 2021

Stepping forward

Investor Presentation

September 2021

Spire is a compelling investment

90%+ regulated	Robust 5-year	5-7%long-term	Growing	Strong ESG
business mix	capex plan	EPS growth	dividend for	performance
			18 consecutive	including
	7-8% annual		years	environmental
	rate base			sustainability
	growth		Attractive yield
			of 3.8%1

1Based on $2.60 per share dividend and SR average stock price of $69.22 for the period Aug. 2 - Sept. 10, 2021.

2 S p i r e | I n v e s t o r p r e s e n t a t i o n - S e p t e m b e r 2 0 2 1

Stepping forward

• Executing to deliver great service and operating performance
• We posted solid Q3 FY21 earnings, comparable to last year
• Continuing robust capital investment focused on utility system upgrades
• Advancing our industry and supporting our environmental commitment
• Working to ensure STL Pipeline continues to provide energy to the homes and businesses we serve
• Completing Missouri rate review

3 Spiire | Investor presentatiion - SAeupgtuesmt b2e0r221 0 2 1

Spire STL Pipeline is critical energy infrastructure

• STL Pipeline has been in service since November 2019, after being approved by FERC following a thorough, rigorous regulatory review
• Essential to reliably serving 650,000+ homes and businesses in eastern MO
• Diversifies supply via access to Marcellus and Utica production basins
• Key resource during Winter Storm Uri
• • 133,000 customers would have been without service
  • Gas costs would have been at least $300M higher
• Without it, providing reliable and affordable energy this winter is jeopardized
• • Ability to secure new pipeline capacity is significantly constrained
  • Supply not able to be replaced based on current market and operating conditions
  • Leading to potential curtailments and service disruptions effecting up to 400,000 homes and businesses in an extreme weather event

4 S p i r e | I n v e s t o r p r e s e n t a t i o n - S e p t e m b e r 2 0 2 1

Ensuring STL Pipeline remains in operation

• DC Court of Appeals ruled June 22 in case brought by EDF that challenged STL
  Pipeline's operating certificate issued by the FERC
• • Ruling vacated certificate (issued a vacatur mandate) requiring shutdown of pipeline
  • Remanded certificate process back to FERC
• Spire filed application with FERC for Temporary Emergency Certificate July 26
• • Commission set 30-day comment period (to Sept. 7) with reply comments due Oct. 5
  • We have strong third-party support for STL Pipeline
• Spire requested rehearing and reconsideration of vacatur from DC Court Aug. 5
• • Sept. 7:DC Court denied request with mandate (pipeline shutdown) effective Sept. 14
  • Sept. 13:Spire filed a motion for stay of the vacatur
  • Sept. 14:FERC issued temporary certificate, allowing pipeline to operate for 90 days, while Commission evaluates our emergency certificate application

5 S p i r e | I n v e s t o r p r e s e n t a t i o n - S e p t e m b e r 2 0 2 1