Leading the Way to a Sustainable Energy Future

Leading the Way to a Sustainable

Energy Future

Investor Meetings

Late June 2021

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

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

2.4M

electric

customers

0.9M

gas

customers

10,700MW

regulated electric

generation

capability

~5,000

circuit miles

FERC-regulated

electric

transmission

S&P 500

Component of

Stock Index

Fully rate-regulated electric and natural gas utility

Company Description

Investor Meetings | Late June 2021

0.89

0.77

0.00

0.20

0.40

0.60

0.80

1.00

2013 2020

10.02

10.22

12.84

13.08

Ameren

Illinois

Ameren

Missouri

Midwest

Average

Delivering Strong Value to our Customers

Increased Customer

Satisfaction

Improved Reliability

Affordable Rates

As measured by the System Average Interruption Frequency Index (SAIFI). Represents the average of Ameren Illinois and Ameren Missouri.

Edison Electric Institute, “Typical Bills and Average Rates Report” for the 12 months ended

Jun. 30, 2020.

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.

628

651

663

690

723

731

734

766

550

600

650

700

750

2013 2014 2015 2016 2017 2018 2019 2020

¢/KWh

Outage

Frequency

(per customer

per year)

+22%

Better

+13%

Better

JD Power

Score

Investor Meetings | Late June 2021

$1.60

$1.61

$1.66

$1.72

$1.78

$1.85

$1.92

$2.00

$2.20

$1.20

$1.40

$1.60

$1.80

$2.00

$2.20

2013 2014 2015 2016 2017 2018 2019 2020 2021E

Strong Track Record of EPS and Dividend Growth

$2.08

$2.37

$2.59

$2.58

$2.88

$3.05

$3.32

$3.54

$3.75

$1.50

$1.75

$2.00

$2.25

$2.50

$2.75

$3.00

$3.25

$3.50

$3.75

2013 2014 2015 2016 2017 2018 2019 2020 2021E

+70% or

~8% CAGR

2013 to 2020

+25%

2013 to 2020

Weather-Normalized

Dividend Payout Ratio

Dividends Paid per Share

Weather-Normalized Core

Earnings per Diluted Share

See pages 35 and 36 for GAAP to core and weather-normalized reconciliations.

Represents midpoint of 2021 EPS guidance range of $3.65 to $3.85 effective as of May 11, 2021 Earnings Conference Call.

Unrounded dividends

2015-2018 are $1.655, $1.715, $1.7775 and $1.8475.

Annualized dividend equivalent rate. Future dividend decisions will be driven by earnings growth, cash flow, investment requirements and other business conditions.

50%

55%

60%

65%

70%

75%

80%

2013 2014 2015 2016 2017 2018 2019 2020 2021

Payout ratio

Target dividend

payout ratio of

55%-70%

2,4

Investor Meetings | Late June 2021

• Expect 6% to 8% EPS CAGR 2021-2025

1,2

• Expect ~8% rate base CAGR 2021-2025

• Constructive frameworks for investment

in all jurisdictions

• Strong long-term infrastructure

investment pipeline of $40+ billion 2021-

2030

• Net-zero carbon emissions goal by 2050

and transformative expansion of

renewable generation

• Annualized equivalent dividend rate of

$2.20 per share provides attractive yield

of ~2.6%

– Dividend increased ~7% in Feb. 2021;

increased for the eighth 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

– 2021 EPS guidance range midpoint of

$3.75

implies 59% payout using

annualized dividend rate of $2.20 per share

• Track record of delivering strong

results

• Attractive combined earnings growth

outlook and yield 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

Our Value Proposition for Customers, Shareholders and the Environment

Effective as of Feb. 19, 2021 Earnings Conference Call.

Using 2021 EPS guidance range midpoint of $3.75 as the base.

Based on June 21, 2021 closing share price.

Effective as of

May 11, 2021 Earnings Conference Call

Attractive total

return potential

Strong long-term

growth outlook

Attractive dividend

and strong long-term dividend

growth outlook

Investor Meetings | Late June 2021

• Accelerating transition to a cleaner and

more diverse portfolio

– Target carbon reductions from 2005 levels:

50% by 2030; 85% by 2040; net-zero by 2050

– Target additional renewable resources: 3,100

MWs by 2030 and total of 5,400 MWs by

2040 of which:

• 400 MWs completed in 2020

• 300 MWs expected in 2021

– 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

• Emissions well below federal and state

limits

• Significant transmission investment to

support transition to clean energy

• No cast or wrought iron pipes in natural

gas system

• Delivering value to our customers in 2020

while focused on safety-first work culture

– Improved reliability: 13% better since 2013

– Affordable rates: ~20% below Midwest average

– Increased customer satisfaction: 22% better

since 2013

• Socially responsible and economically

impactful in communities

– Nearly $130M to support income-eligible

customers and local charities from 2018-2020

– Over $23M for COVID-19 relief and energy

assistance in 2020

– DE&I leadership summit for community leaders

and co-workers

• Supporting core value of DE&I

– Ranked #1 by DiversityInc on Top Utilities list in

2021; in top 5 on utilities list since 2009; a top

company for ESG for 2

consecutive year

– ~$810M in diverse supplier spend in 2020

– $10M committed to non-profits focused on

DE&I over next 5 years

• Diverse BOD focused on strong oversight

– 62% women or racially/ethnically diverse

– Average tenure of ~7 years

• BOD oversight aligned with ESG matters

– Enhanced role of Nuclear, Operations and

Environmental Sustainability Committee

• Management-level Corporate Social

Responsibility Executive Steering

Committee

• Executive compensation supports

sustainable, long-term performance

– 10% long-term incentive for clean energy

transition

– 5% short-term incentive for supplier and

workforce diversity

• Top ranked utility in CPA-Zicklin Index for

Corporate Political Disclosure and

Accountability

ENVIRONMENTAL SOCIAL IMPACT GOVERNANCE

Our Sustainability Value Proposition

For further ESG information, see Leading the Way to a Sustainable Energy Future ESG Presentation available at Amereninvestors.com.

Investor Meetings | Late June 2021

Our Strategic Plan

• Investing in and operating our utilities in a

manner consistent with existing regulatory

frameworks

• Enhancing regulatory frameworks and

advocating for responsible energy and

economic policies

• Creating and capitalizing on opportunities

for investment for the benefit of our

customers, shareholders and environment

Investor Meetings | Late June 2021

Four Constructive Regulatory Frameworks

FERC-regulated: Formula ratemaking

• Allowed ROE is 10.52%, includes MISO participation adder of 50 basis points; ~54% average equity ratio

• Rates reset each Jan. 1 based on forward-looking calculation with annual reconciliation

ICC-regulated: Future test year ratemaking

• Allowed ROE is 9.67%; 52% equity ratio

• Infrastructure (QIP) rider for qualifying capital investments made between rate reviews; QIP rider sunsets Dec. 31, 2023

• Volume balancing adjustment (revenue decoupling) for residential and small non-residential customers

ICC-regulated: Performance-based ratemaking extends through 2022

• Support legislation to extend and modify performance-based ratemaking

• Allowed ROE is 580 basis points above annual average yield of 30-year U.S. Treasury; 50% equity ratio

• Provides recovery of prudently incurred actual costs; based on year-end rate base

• Revenue decoupling; constructive energy efficiency framework

MoPSC-regulated: Historical test year ratemaking with constructive trackers and riders

• Settled 2020 electric rate review; implicit ROE range 9.4% to 9.8%, using 9.53% for AFUDC

• Infrastructure tracker for qualifying plant placed in-service between rate reviews (PISA) effective through Dec. 2023;

Ameren Missouri must request and receive MoPSC approval for extension through Dec. 2028

• Fuel adjustment clause rider; pension/OPEB cost tracker

• Constructive energy efficiency framework under MEEIA

• Settled 2019 natural gas rate review; allowed ROE range 9.4% to 9.95%, using 9.725% for ISRS; 52% equity ratio

Ameren

Transmission

Ameren Missouri

Ameren Illinois

Natural Gas

Ameren Illinois

Electric

Distribution

Investor Meetings | Late June 2021

• Expect 2021 EPS in a range of $3.65 to $3.85

• Remain on track to deliver strong long-term earnings growth

– Expect 6% to 8% EPS CAGR from 2021-2025

• Using 2021 EPS guidance range midpoint of $3.75

as the base

– Driven by continued execution of our strategy, including investing in

infrastructure for the benefit of customers

– Outlook accommodates several factors, including range of Treasury

rates, sales growth, spending levels, regulatory and legislative

developments

• Expect future dividend growth to be in line with long-term

EPS growth expectations

– Future dividend decisions will be driven by earnings growth, cash

flow, investment requirements and other business conditions

$3.32

$3.54

$3.65

$3.85

2019 2020 2021E

6-8%

CAGR

Expect to Deliver Strong Long-Term EPS and Dividend Growth

Long-Term EPS Growth

and

2021E EPS Guidance

2025

Effective as of May 11, 2021 Earnings Conference Call.

Effective as of Feb. 19, 2021 Earnings Conference Call.

Represents weather-normalized diluted EPS. See pages 35 and 36 for GAAP to core and weather-normalized reconciliations.

Investor Meetings | Late June 2021

$17.1 Billion of Regulated Infrastructure Investment

2021-2025

$1.7B

10%

$3.7B

21%

$8.5B

50%

$0.5B

$2.7B

16%

Ameren Illinois

Natural Gas

Ameren

Missouri

Ameren

Missouri

Renewables

Ameren Illinois

Electric Distribution

2020 to 2025E Regulated

Infrastructure Rate Base

Strong Rate Base Growth in All Regulatory Jurisdictions

Ameren

Transmission

$9.7

$14.1

$3.6

$4.7

$2.1

$3.1

$3.6

$6.1

2020 2025E

Ameren Transmission Ameren Illinois Natural Gas

Ameren Illinois Electric Distribution Ameren Missouri

$28.0

$19.0

7.8%

5.5%

8.1%

11.1%

'20-'25E

Five-Year Rate

Base CAGR

~8%

CAGR

~8%

($ billions)

Effective as of Feb. 19, 2021 Earnings Conference Call.

Reflects year-end rate base except for Ameren Transmission, which is average rate base.

Robust five-year infrastructure investment plan in all segments

Investor Meetings | Late June 2021

Expected 2021-2025 Funding Plan

• Cash from Operations

– Return of capital through depreciation in rates

– Return on equity-financed portion of rate base

– ~$1.6 to $1.7 billion of income tax deferrals and tax asset utilization

• Income tax deferrals driven primarily by capital expenditures

• Includes utilization of ~$90 million of tax credit carryforwards at year-end 2020

• Includes utilization of ~$60 million of production tax credits in 2024-2025

• Debt financing

– Issue long-term debt to refinance maturing obligations and to fund a portion of

cash requirements

• Equity financing

– Issuance of new common equity under Ameren’s DRPlus and employee benefit

plans (~$100 million/year)

– Settled remaining shares under forward equity sale agreement to fund a portion

of Ameren Missouri’s wind generation investment (~$115 million in Feb. 2021)

– Additional equity issuances (~$150 million in 2021; ~$300 million/year from 2022-

2025)

• Consolidated equity capitalization target ~45%

Charging stations at St. Louis Union Station placed in-service in

2020 as part of Ameren Missouri’s Charge Ahead Program

Effective as of Feb. 19, 2021 Earnings Conference Call.

Investor Meetings | Late June 2021

Illinois Legislative Initiatives

Enhancing regulatory frameworks and advocating for responsible energy and economic policies

Ameren Illinois Electric and Natural Gas Distribution

• Downstate Clean Energy Affordability Act

(HB 1734 / SB 311) introduced in Feb. 2021

– Allows utility-owned solar and battery storage facilities to improve reliability

– Allows utility investment in electric vehicle charging infrastructure and other EV incentives

– Expands renewable portfolio standard to 32.5% by 2030

– DE&I goals requiring diverse supplier spend reporting for electric renewable energy providers

– Allows for performance-based ratemaking in electric and natural gas distribution businesses through

Dec. 31, 2032

– Sets allowed ROE methodology to utilize a national average of ROEs

• Constructive regulatory framework has supported significant investments to modernize

energy grid for the benefit of customers and communities we serve

– Improved electric reliability and provided customers greater control over energy usage

– Improved gas reliability and safety with reduced methane leaks

– Kept all-in rates affordable

– To date, have created over 1,400 new jobs in Illinois

– Continued investments in critical infrastructure needed to meet future energy grid needs

• Policymakers continue to consider energy-related legislation

Applicable for Illinois combination utilities serving at least 1 million electric customers and at least 500,000 gas customers.

Investor Meetings | Late June 2021

• In Apr. 2021, FERC issued supplemental Notice of Proposed Rulemaking

that would remove incentive adder for utilities that have been members of

an RTO for three years or more

– Current allowed base ROE of 10.02% (10.52% including 50 bps RTO participation adder)

– Comments due by June 25, 2021; reply comments due by July 26, 2021

– Unable to predict the outcome or timing of FERC decision

– 50 bps change in ROE impacts EPS by ~$0.04 annually

• Ameren strongly opposes proposed removal of RTO incentive adder

– Adder compensates companies for risks associated with RTO membership

– Removal of adder inconsistent with FERC policy and the intent of existing law encouraging

RTO participation

Ameren Transmission Regulatory Matters

Enhancing regulatory frameworks and advocating for responsible energy and economic policies

Investor Meetings | Late June 2021

MISO Long-Range Transmission Planning Roadmap

Creating and capitalizing on opportunities for investment for the benefit of our customers, shareholders and the environment

Source: MISO

• In Apr. 2021, MISO issued report outlining

preliminary long-range transmission planning

roadmap through 2039

– Generation resources in MISO states are rapidly

evolving

– Significant additions of renewable generation are

expected

– Significant transmission investments needed to meet

additional reliability needs and enable clean energy

transitions

• Projected transmission needs reflected in Future

1 roadmap serve as starting point for potential

needs in Futures 2 and 3

– Future 1 in line with 100% of current utility IRPs and

85% of utility announcements, state mandates or goals

– Indicative maps represent potential transmission

needs, not final proposals

– Process to assess specific transmission projects has

commenced

Investor Meetings | Late June 2021

Missouri Renewable Energy Investments

• Acquired 700 MWs of wind generation, ~$1.1 billion investment, to comply with Missouri’s RES

– 400 MW facility acquired in Dec. 2020

– 300 MW facility acquired in Jan. 2021; ~60% of MWs in-service; expect remaining MWs to be in-service by Sep. 30, 2021

– Financed with issuance of $550 million of 2.625% green first mortgage bonds due 2051 and issuance of ~7.5 million shares for a

total of $540 million

– PISA will apply to project costs prior to applying RESRAM

Creating and capitalizing on opportunities for investment for the benefit of our customers, shareholders and the environment

300 MW Atchison Renewable Energy

Center located in northwest Missouri

400 MW High Prairie Renewable Energy

Center located in northeast Missouri

Missouri

Investor Meetings | Late June 2021

Callaway Energy Center

• During facility’s return to power in late Dec. 2020, a

non-nuclear operating issue occurred related to its

generator

• Team is executing plan to safely and sustainably

return energy center to service

– Work continues on generator stator and rotor

– Continue to expect ~$65 million capital project

– Insurance claims for capital project and replacement

power have been accepted

– Expect energy center to return to service in July

• Ameren does not expect this outage to have a

significant impact on financial results

Investor Meetings | Late June 2021

Investing in the Energy Grid

• Investing to modernize energy grid, making it safer, more reliable, resilient and

secure

– Enable two-way energy flows to accommodate more renewable generation, distributed

energy resources and innovative products and services

– Provide customers with greater tools to manage energy usage

– Support electrification of transportation and industrial processes

• Transitioning to a cleaner energy portfolio with target of net-zero carbon emissions

by 2050

– Expect to add 3,100 MWs of renewable generation by 2030; total of 5,400 MWs by 2040

• Includes expected total of 700 MWs of wind generation placed in-service in 2020 and 2021

– Expect greater transmission investments to support additional renewable generation

– Retiring coal-fired energy centers

• Meramec in 2022; Sioux in 2028; Labadie: 2 units in 2036, 2 units in 2042; Rush Island in 2039

– As of Dec. 31, 2020, coal-fired energy center rate base was ~$2.1 billion

• $0.9, $0.7, $0.4 and $0.1 billion for Labadie, Sioux, Rush Island and Meramec energy centers,

respectively

• By 2025, rate base expected to be 82% electric and natural gas transmission and

distribution, 6% renewable generation and 4% nuclear generation

• Ameren’s estimated coal-related revenues in 2020 were 16%

and coal-fired

generation rate base expected to be 7% by 2025

62%

69%

13%

11%

2020 2025E

Natural Gas-Fired Generation

Renewable Generation

Nuclear Generation

Coal-Fired Generation

Natural Gas Distribution

Electric Transmission and Distribution

2020-2025E Regulated

Infrastructure Rate Base

1,2

Effective as of Feb. 19, 2021 Earnings Conference Call.

Does not include 1,200 MWs of incremental renewable investment opportunities

included in Ameren Missouri’s 2020 IRP or additional regionally beneficial transmission projects.

See page 34 for additional details and calculations.

Investor Meetings | Late June 2021

Robust Investment Opportunities Across All Businesses Over Next Decade

Modernizing the grid and investing in cleaner generation for the long-term benefit of customers, shareholders and the environment

• Modernize electric and gas transmission and

distribution grid

• Operate generation facilities safely and reliably

• Comply with regulatory requirements

• Includes ~$3 billion of new renewable investment

opportunities at Ameren Missouri included in 2020 IRP

• Excludes any new regionally beneficial transmission

projects to support clean energy transition

• Excludes electric vehicle investment opportunities

• Assumes constructive energy policies and ratemaking

Additional Investment

Opportunities

$8.5

$2.7

$1.7

$3.7

$0.5

2021-2025

Ameren Missouri Renewables

Ameren Transmission

Ameren Illinois Natural Gas

Ameren Illinois Electric Distribution

Ameren Missouri

$17.1

$23+

Investment Plan

2021-2025

Additional Investment

Opportunities

2021-2030

($ billions)

$40B+

Strong Pipeline of Regulated

Infrastructure Investments

2021-2030

Additional Investment

Opportunities

Effective as of Feb. 19, 2021 Earnings Conference Call.

Ameren Missouri’s 400 MW High

Prairie Renewable Energy Center

placed in-service Dec. 2020

Financial and Regulatory

Update

Investor Meetings | Late June 2021

Diluted EPS

Q1 2020 vs. Q1 2021

↑ Ameren Missouri earnings

— New electric service rates effective Apr.1, 2020: ~+$0.10

— Lower other operations and maintenance expenses: +$0.07

• Cash surrender value of COLI: +$0.03

— Higher electric retail sales: ~+$0.04

• Weather vs. 2020: ~+$0.04; vs. normal ~+$0.01

• WN sales vs. 2020 (excl. MEEIA): Res.: ~+2.5%, Com.: ~(3)%, Ind. ~(1)%, Total: ~+0%

— Timing of income tax expense; not expected to materially impact full-year: +$0.02

— Absence of charitable donation pursuant to 2020 electric rate review: +$0.02

— Amortization of fall 2020 Callaway refueling outage: $(0.02)

↑ Ameren Illinois Natural Gas earnings

— Change in rate design; not expected to impact full year results: +$0.04

— Higher delivery service rates and incorporating higher investments in infrastructure

and lower allowed ROE: +$0.03

↑ Ameren Illinois Electric Distribution earnings

— Increased investments in infrastructure; higher allowed ROE

↔ Ameren Transmission earnings

— Increased investments in infrastructure

— FERC order addressing the historical recovery of materials and supplies

inventories: $(0.03)

↓ Parent Company and Other results

— Increased interest expense primarily from higher long-term debt balances: $(0.02)

— Timing of income tax expense; not expected to materially impact full-year: +$0.02

$0.07

$0.06

$(0.04)

$0.18

$0.15

$0.18 $0.22

$0.30

$0.19

2020 2021

Ameren Parent Ameren Missouri

Ameren Illinois Electric Distribution Ameren Illinois Natural Gas

Ameren Transmission

$0.91

2021 First Quarter Earnings Analysis – Key Drivers

$0.59

EPS drivers are calculated using 2020 weighted-average basic common shares outstanding. The impact of higher weighted-average basic common shares outstanding in 2021 is $(0.03).

Investor Meetings | Late June 2021

• Affirmed 2021 diluted EPS guidance range of $3.65 to $3.85

• Select considerations for Q2-Q4 2021 EPS compared to Q2-Q4

2020 EPS

– Ameren Missouri seasonal rate design effective in 2021 as a result of March

2020 electric rate order: Q2 ~$(0.20); Q3 ~+$0.20

– Ameren Missouri return to normal weather in 2021: Q3 ~+$0.01

– Absence of the impact of FERC order addressing MISO allowed base ROE:

Q2 $(0.04)

– Ameren Illinois Natural Gas delivery service rates and rate design: Q3 $(0.03);

Q4 +$0.03

3.65

2021E

Diluted EPS

2021 EPS Guidance and Select Balance of the Year Considerations

$3.85

Effective as of May 11, 2021 Earnings Conference Call.

Investor Meetings | Late June 2021

Select Regulatory Items – Ameren Missouri

Electric Rate Review Update

• $299 million annual revenue increase request filed Mar. 31 with MoPSC

– ROE: 9.9% and equity ratio: 51.9%

– Rate base: $10.0 billion (Sep. 30, 2021 estimate)

– Test year ended Dec. 31, 2020, with certain pro-forma adjustments through Sep. 30, 2021

– Continuation of existing FAC and other regulatory mechanisms; request a tracker to recover

certain costs associated with the Meramec Energy Center, which is expected to be retired in

2022, over a five-year period from the date new rates become effective

– Annual revenue increase drivers

• Increased infrastructure investments made under Ameren Missouri’s Smart Energy Plan

• Impact of the transition to a cleaner generation portfolio

• Decreased weather-normalized customer sales volumes

• Higher pension, OPEB and tax amortization expenses, partially offset by lower operations and

maintenance expenses

• Expect MoPSC decision by early Feb. 2022; new rates effective by Feb. 28

Includes advancing the retirement dates of the Sioux and Rush Island energy centers consistent with the 2020 Ameren Missouri Integrated Resource Plan, 700 MWs

of wind generation investment for High Prairie and Atchison renewable energy centers and reductions resulting from requested Meramec Energy Center tracker.

Procedural Schedule:

Sep. 3, 2021

Revenue requirement

testimony of MoPSC Staff and

intervenors due

Oct. 15, 2021

Rebuttal Testimony due

Nov. 5, 2021

Surrebuttal Testimony due

Nov. 24, 2021

Final reconciliation due

Nov. 29, 2021

Evidentiary hearings begin

Feb. 28, 2022

New rates effective by this

date

Investor Meetings | Late June 2021

Select Regulatory Items – Ameren Missouri, Cont’d

Natural Gas Rate Review

• $9 million annual revenue increase request filed Mar. 31 with MoPSC

– ROE: 9.8% and equity ratio: 51.9%; Rate base: $310 million (Sep. 30, 2021 estimate)

– Test year ended Dec. 31, 2020, with certain pro-forma adjustments through Sep. 30, 2021

– Continuation of previously authorized PGA and other regulatory mechanisms

• Expect MoPSC decision by early Feb. 2022; new rates effective by Feb. 28

COVID-19 Cost Recovery

• In Mar. 2021, MoPSC approved request to track and defer certain costs incurred

related to COVID-19, net of realized cost savings

– $9 million of net costs incurred through Mar. 31, 2021; $5 million recognized in Q1,

remaining portion relating to late fees to be recognized when realized in rates

– Recovery of costs to be determined in pending electric and natural gas rate reviews

Securitization

• In May 2021, Missouri General Assembly passed House Bill 734; bill awaits

signature of Governor Parsons

Investor Meetings | Late June 2021

Select Regulatory Matters – Ameren Illinois

Electric Distribution

• In Apr. 2021, requested $64 million base rate increase from ICC in

annual performance-based rate update

– Expect ICC decision by Dec. 2021, with new rates effective in Jan. 2022

– Major investments included in the request

• Installation of outage avoidance/detection technology

• Integration of storm-hardening equipment and other updates to the electric grid

(stronger wires and poles and new substations)

• Adoption of clean energy technologies, including transitioning portions of the

Ameren Illinois fleet to electric vehicles to reduce the company's carbon footprint

• Implementing new efficiency measures, including mobile-enhanced

communications and assessment capabilities for electric field workers

– Each year’s electric distribution earnings are a function of the rate formula and are

not directly determined by that year’s rate update filing or the current rates charged

to customers

Investor Meetings | Late June 2021

Summary

Expect to deliver strong earnings growth in 2021 with guidance in a range of

$3.65 to $3.85 per diluted share

Successfully executing our strategy; well-positioned for future growth

Strong long-term growth outlook

• Expect 6% to 8% compound annual EPS growth 2021-2025

2,3

• Expect ~8% compound annual rate base growth 2020 through 2025

• Strong long-term infrastructure pipeline of $40+ billion 2021-2030

Attractive dividend

• Annualized equivalent dividend rate of $2.20 per share provides yield of 2.6%

• Dividend increased ~7% in Feb. 2021; increased 8

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

Attractive total shareholder return potential

Effective as of May 11, 2021 Earnings Conference Call.

Effective as of Feb. 19, 2021 Earnings Conference Call.

Using 2021 EPS guidance range midpoint of $3.75 as the base.

Based on June 21, 2021 closing share price.

APPENDIX

Investor Meetings | Late June 2021

10.34

9.45

0.00

4.00

8.00

12.00

2017 2020

~8.5%

Focused on Delivering Affordable Service to Our Customers

Ameren Missouri

Electric

1,2

10.59

10.28

0.00

4.00

8.00

12.00

2012 2021

~3%

Ameren Illinois

Electric Distribution

1.05

1.03

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2011 2020

Ameren Illinois

Natural Gas Distribution

¢/KWh¢/KWh $/therm

Under PISA Legislation

Under Performance-Based Ratemaking

Under Future Test Year Ratemaking

~2%

Average annual residential rates, excluding MEEIA rider, effective Apr. 1, 2017 and Dec. 31, 2020.

2.85% CAGR rate cap utilizes a total rate for all classes as of Apr. 1, 2017, excluding the MEEIA rider, less ~3%, representing half

the income tax rate reduction in 2018.

Averageall-in residential rates for 12 months ended May 31 for Electric Distribution and Dec. 31for Natural Gas Distribution adjusted to reflect most recent rate outcomes effective Jan. 2021.

Residential rates since key legislative or regulatory enhancements

Investor Meetings | Late June 2021

1,694

1,661

1,392

1,003

2015 2020

Non-Fuel O&M Fuel & PP

2,664

($ millions)

• Continued focus on disciplined cost management from 2015 to 2020

– Total operating expenses decreased 14%

– Other non-fuel O&M expenses decreased 2%

– Fuel and purchased power expenses decreased 28%

• Maintaining focus on continuous improvement and disciplined cost

management through numerous customer affordability initiatives

– Automation of field operations processes

– Installation of advanced metering infrastructure in Missouri to reduce

truck rolls

– Remote workforce practices, reducing facility and maintenance as well

as travel expenses

– Shared services transformation and centralization to automate and

streamline processes in finance, supply chain and workforce

– Customer service optimization and organizational streamlining

– Responsibly managing retirement of coal-fired energy centers

Focused on Disciplined Cost Management to Keep Customer

Rates Affordable

Ameren

Operating Expenses

3,086

14%

Investor Meetings | Late June 2021

Our Focus on Delivering a Cleaner Energy Future Responsibly

• Climate risk management and mitigation

– Targeting significant reductions in greenhouse gases

– Implementing robust customer energy efficiency programs

– Investing to modernize the energy grid and harden system

– Investing in transmission to support clean energy transition

– Investing in renewable generation and advancing clean

electrification, including electric vehicles

– Investing in research and development for clean energy technology

• Emissions reductions

– Targeting net-zero carbon emissions by 2050

– Well below federal and state limits for NO

, SO

, and Hg

– Replaced 100% of cast and wrought iron pipeline on natural gas

delivery system to reduce methane leaks

• Resource management

– Significant utilization of coal combustion residuals from landfill

through recycling in cement and concrete production

– Significant water savings from closure of ash basins by 2023

– More sustainable office operations: fleet, workplace and waste

While providing safe, reliable and affordable energy to customers

Investor Meetings | Late June 2021

Transition to a cleaner and more diverse portfolio in a responsible fashion

Ameren Missouri Generation Transformation

• Ameren Missouri filed its preferred Integrated Resource Plan with the MoPSC in Sep. 2020

– Targets substantial reductions in carbon emissions

– 50% by 2030, 85% by 2040 and net-zero by 2050

– Advances retirement of coal-fired energy centers

 Sioux Energy Center from 2033 to 2028 and Rush Island Energy Center from 2045 to 2039

 All coal-fired energy centers retired by 2042

– Adds 3,100 MWs of renewable generation by 2030, an investment opportunity of ~$4.5 billion, and a total of 5,400 MWs by

2040, an investment opportunity of ~$8 billion

 Includes 700 MWs of wind generation investment of ~$1.1 billion

– Expect to seek an extension of operating license of our carbon-free Callaway Nuclear Energy Center beyond 2044

– Continues robust, cost-effective customer energy efficiency and demand response programs

– Allows flexibility needed to take advantage of changes in technology, such as battery storage

– Expect to create thousands of new construction jobs, benefitting local economy, including diverse suppliers

400 MWs complete in Dec. 2020; 300 MWs expected to be fully in-service in 2021.

Reductions as of end of period indicated and based off 2005 levels. Wind and solar additions, energy center

retirements by end of indicated year. Assumes unspecified carbon-free generation in 2043.

50% CARBON EMISSIONS

REDUCTION

85% CARBON EMISSIONS

REDUCTION

NET-ZERO CARBON

EMISSIONS

Investor Meetings | Late June 2021

Building a Brighter and Cleaner Energy Future

Innovative Programs to Meet Customer Needs and Rising Expectations

Energy

Efficiency

Programs

Charge

Ahead

Program

Neighborhood

Solar Program

Renewable

Choice

Program

Community

Solar Program

Solar +

Storage

Utility-owned solar

generation facilities for MO

non-residential customer

parking lots, open land or

rooftops

Solar generation

facilities connected to

battery storage

Incentives for development

of electric vehicle charging

stations along highways

and in MO communities

Subscription program

available to MO residential

and small business

customers for up to 50% of

their energy usage

Subscription program

expected to be available to

large MO C&I customers and

municipalities for up to 100%

of their energy usage

Robust portfolio of energy

efficiency programs

available to MO and IL

customers to achieve

energy saving goals

In addition to AmerenMissouri programs, Ameren Illinois regulatory proposal filed with the ICC in Aug. 2020 to support increased adoption of electric vehicles. Ameren Illinois continues to engage

with key stakeholders to support legislation that supports investments in utility-owned solar and battery storage facilities, as well as electric vehicle charging stations.

Investor Meetings | Late June 2021

Ameren Missouri Smart Energy Plan filed with MoPSC on Feb. 18

Investing in and operating our utilities in a manner consistent with existing regulatory frameworks

• $1.7 billion invested in 2020

to improve reliability and provide clean

energy to the customers and communities we serve

– Smart switches to reroute power until a line is fixed, improving reliability

– Hardened circuits to better withstand severe weather events

– New or upgraded substations, for reliable and resilient grid

– 133,000 smart meters, enabling better customer visibility into energy usage

– 400 MW High Prairie wind generation facility to support net-zero carbon emission goal

• $8.4 billion investment plan

in 2021-2025 with focus on modernizing

energy infrastructure

– Significant investment in grid modernization

– Install over 1 million smart meters

– Add 300 MW Atchison wind generation facility

– Will drive improved reliability, enable cleaner generation, create significant jobs and

stimulate economic growth while keeping customer costs affordable

Excludes $0.1 billion and $0.6 billion of natural gas and other investment in Ameren Missouri’s 2020 and five-year capital expenditures, respectively. The five-year capital expenditure plan is on page 11.

The first Ameren Missouri smart meter

installed in 2020

Investor Meetings | Late June 2021

Ameren’s Estimated Coal-Related Revenues in 2020

Interest

Expense

48% of Ameren

Missouri’s rate

base investment

funded with debt

at an average

interest rate of

4.5%

Return on

Equity

52% of Ameren

Missouri’s rate

base investment

funded with

equity at an

allowed rate of

return of 9.53%

$2.1B

48% x

4.5% =

$45M

$2.1B

52% x

9.53%

$103M

Tax Expense

Federal (21%)

and Missouri

state (4%)

income taxes

charged on

Ameren

Missouri’s ROE

($103M

x 25%) /

(1 - 25%)

$34M

Property

Taxes

Ameren

Missouri’s

total property

tax on capital

assets of

$161M

Fuel, other O&M

and depreciation

Ameren Missouri

coal-related fuel,

other O&M and

depreciation

expenses of

$423M, $147M

and $154M,

respectively

$161M x

26%

$42M

$423M +

$147M +

$154M =

$724M

$5,794M

Ameren’s

2020 Total

Revenue

16%

Ameren

Coal-Related

Revenues

~26%, or $2.1 billion, of Ameren Missouri’s $8 billion rate base filed in its 2019 rate review was coal-related.

Settled 2020 electric rate review included implicit ROE range of 9.4% to 9.8%,

using 9.53% for AFUDC.

Expenses at 2019 amounts, as the true-up date in Ameren Missouri's most recently completed rate review was Dec. 31, 2019.

Return on

Investment

Revenues

Cost Recovery

Revenues

Investor Meetings | Late June 2021

GAAP to Core Earnings Per Share Reconciliations

Year Ended Dec. 31,

2013 2014 2015 2016 2017 2018 2019 2020

GAAP Earnings / Diluted EPS $1.18 $2.40 $2.59 $2.68 $2.14 $3.32 $3.35 $3.50

Exclude results from discontinued operations 0.87 — (0.01) — — — — —

Less: Income tax benefit / expense 0.05 — (0.20) — — — — —

Exclude provision for discontinuing pursuit of a license for a

second nuclear unit at the Callaway Energy Center

— — 0.29 — — — — —

Less: Income tax benefit — — (0.11) — — — — —

Charge for revaluation of deferred taxes resulting from increased

Illinois state income tax rate

— — — — 0.09 — — —

Less: Federal income tax benefit — — — — (0.03) — — —

Charge for revaluation of deferred taxes resulting from decreased

federal income tax rate

— — — — 0.66 0.05 — —

Less: State income tax benefit — — — — (0.03) — — —

Core Earnings / Diluted EPS $2.10 $2.40 $2.56 $2.68 $2.83 $3.37 $3.35 $3.50

Investor Meetings | Late June 2021

Weather-Normalized Earnings per Share Reconciliations

Year Ended Dec. 31,

2013 2014 2015 2016 2017 2018 2019 2020

Core

Diluted EPS $2.10 $2.40 $2.56 $2.68 $2.83 $3.37 $3.35 $3.50

Ameren Missouri weather impact included in Electric

Margins

0.03 0.05 (0.04) 0.16 (0.07) 0.43 0.04 (0.05)

Less: Income tax expense (0.01) (0.02) 0.01 (0.06) 0.02 (0.11) (0.01) 0.01

Weather impact, net of tax expense 0.02 0.03 (0.03) 0.10 (0.05) 0.32 0.03 (0.04)

Core Diluted EPS Normalized for Weather $2.08 $2.37 $2.59 $2.58 $2.88 $3.05 $3.32 $3.54

See page 35 for GAAP to core earnings reconciliation.

Investor Meetings | Late June 2021

Investor Relations Calendar

June 9 Morgan Stanley Sustainable Futures Virtual Conference

June 18 Virtual Investor Meeting hosted by BAML

June 22 JP Morgan Energy Virtual Conference

June 23 Canadian Virtual Investor Meeting hosted by BMO

JUNE 2021

SUN. MON. TUES. WED. THUR. FRI. SAT.

1 2 3 4 5

6 7 8 9 10 11 12

Virtual

Conf.

13 14 15 16 17 18 19

BAML

Virtual

Investor

Meeting

20 21 22 23 24 25 26

Morgan

Virtual

Conf.

Canadian

Virtual

Investor

Meeting

27 28 29 30

AUG. 2021

SUN. MON. TUES. WED. THUR. FRI. SAT.

1 2 3 4 5 6 7

Q2 Quiet

Period

Cont’d

Earnings

Conf. Call

8 9 10 11 12 13 14

15 16 17 18 19 20 21

UBS

Kohler

Mini-

Conf.

22 23 24 25 26 27 28

29 30 31

July 13 Q2 2021 quiet period begins

Aug. 6 Tentative Q2 2021 earnings conference call

Aug. 19 UBS Kohler Utility Mini-Conference

Investor Meetings | Late June 2021

Select Regulatory Matters

Missouri Public Service Commission

• Pending electric rate review filling: Docket No. ER-2021-0240

• Pending natural gas rate review filing: Docket No. GR-2021-0241

• Smart Energy Plan filing: Docket No. EO-2019-0044

• 2020 Integrated Resource Plan: Docket No. ER-2021-0021; https://www.ameren.com/netzero

• Order approving request regarding Callaway Energy Center outage expenses: Docket No. EU-2020-0114

• Order approving COVID-19-related expenses: Docket No. EU-2021-0027 and GU-2021-0112

• Website: https://www.efis.psc.mo.gov/mpsc/DocketSheet.html

Illinois Commerce Commission

• Pending electric distribution performance-based rate update filing: Docket No. 20-0365

• Order approving natural gas rate review filing: Docket No. 20-0308

• House Bill 5673 and Senate Bill 3977: http://www.ilga.gov/legislation/billstatus.asp

• Website: http://www.icc.illinois.gov

Federal Energy Regulatory Commission

• Order in complaint proceedings regarding MISO base ROE: Docket No. EL14-12 (first complaint) and Docket No.

EL15-45 (second complaint)

• FERC Notice of Proposed Rulemaking regarding policies for incentives: Docket No. RM20-10-000

• Illinois & ATXI Projected 2021 Attachment O:

http://www.oasis.oati.com/woa/docs/AMRN/AMRNdocs/2021_Transmission_Rates_List.html

• Website: http://elibrary.ferc.gov/idmws/search/fercadvsearch.asp

Investor Meetings | Late June 2021

Glossary of Terms and Abbreviations

AFUDC – Allowance for funds used during construction

ATXI – Ameren Transmission Company of Illinois

B – Billion

bps – Basis points

C&I – Commercial and Industrial

CAGR – Compound annual growth rate

– Carbon dioxide

DE&I – Diversity, Equity and Inclusion

DRPlus – Dividend reinvestment and direct stock

purchase plan

E – Estimated

EPS – Earnings per share

ESG – Environmental, social and governance

FERC – Federal Energy Regulatory Commission

ICC – Illinois Commerce Commission

IRP – Integrated resource plan

ISRS – Infrastructure System Replacement Surcharge

M – Million

MEEIA – Missouri Energy Efficiency Investment Act

MISO – Midcontinent Independent System Operator, Inc.

MoPSC – Missouri Public Service Commission

MW – Megawatt

OPEB – Other post-employment benefits

PISA – Plant-in-service accounting

QIP – Qualifying Infrastructure Plant

RES – Renewable Energy Standard

RESRAM – Renewable Energy Standard Rate Adjustment

Mechanism

ROE – Return on equity

SEC – Securities and Exchange Commission