#1Ameren Amer Ameren MISSOUR Ameren MISSOURI Ameren Transforming For Our Future First Quarter 2022 Earnings May 6, 2022 مالاد Ameren#2Cautionary Statements Forward-looking Statements Ameren 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 May 6, 2022, and multi-year growth expectations that were effective as of February 18, 2022. Earnings guidance for 2022 assumes normal temperatures after March 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. First Quarter 2022 Earnings | May 6, 2022 2#3Business Update Marty Lyons President and Chief Executive Officer, Ameren Corp. Ameren Missouri's 400 MW High Prairie Renewable Energy Center in service Dec. 2020 Ameren#4Earnings and Guidance Summary • Remain focused on safety and executing strategic plan • Key Q1 earnings variance drivers ↑ Earnings on increased infrastructure investments across all business segments ↑ Higher Ameren Missouri electric retail sales primarily driven by weather ↑ Absence of FERC order on historical recovery of materials and supplies inventories ↑ Higher allowed return on equity at Ameren Illinois Electric Distribution ✓ Higher Ameren Missouri and Ameren Illinois Natural Gas other operations and maintenance expenses driven, in part, by unfavorable market returns on COLI investments Affirm expected 2022 EPS range of $3.95 to $4.15 Diluted EPS Q1 2021 vs. Q1 2022 $0.91 $0.97 First Quarter 2022 Earnings | May 6, 2022 2021 2022 Ameren 4#5Our 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 " First Quarter 2022 Earnings | May 6, 2022 " " Ameren MISSOURI Amer Ameren 5#6Executing Our Strategy Ameren Investing in and operating our utilities in a manner consistent with existing regulatory frameworks • Significant infrastructure investments in each business segment are delivering value . Regulatory rate review filings Ameren Missouri new electric and natural gas service rates effective Feb. 28 - Ameren Illinois performance-based rate update request for $83 million increase filed Apr. 14 Continuous improvement and disciplined cost management to keep rates affordable First Quarter 2022 Earnings | May 6, 2022 Capital Expenditures YTD Mar. 31, 2022 ($ millions) $773 $172 $49 $138 $414 2022 ■Ameren Transmission Ameren Illinois Natural Gas ■Ameren Illinois Electric Distribution Ameren Missouri 6#7Illinois Energy Legislation Ameren Enhancing regulatory frameworks and advocating for responsible energy and economic policies Ameren Illinois Electric Distribution . ⚫ Illinois Energy Transition Legislation (SB 2408) enacted in 2021 - Allows for electric utility to opt-in to four-year plan (Multi-Year Rate Plan) for rates effective beginning in 2024 - Working with key stakeholders through various workshops to establish specific procedures, including performance metrics Expect performance metrics to be approved by the ICC by late September Allows for utility-owned solar with optional battery storage pilot projects in two communities, Peoria and East St. Louis, at a cost not to exceed $20 million each Subject to finalizing key aspects of this ratemaking framework, anticipate filing Multi-Year Rate Plan by Jan. 20, 2023 First Quarter 2022 Earnings | May 6, 2022 7#8Missouri Energy Legislation Ameren Enhancing regulatory frameworks and advocating for responsible energy and economic policies Ameren Missouri • On May 5, 2022, SB 745 passed General Assembly, will be sent to Governor for signature - Bill enhances current Smart Energy Plan legislation Modifies rate cap from current all-in 2.85% CAGR cap on customer rates to a 2.5% average annual cap on rate impacts of PISA deferrals Expands and extends economic development incentives • Provides for a property tax tracker • Extends the sunset date on current Smart Energy Plan legislation through Dec. 31, 2028 with extension through Dec. 31, 2033 if utility requests and MoPSC approves First Quarter 2022 Earnings | May 6, 2022 8#9Rush Island Energy Center Ameren Missouri • • . In Aug. 2021, U.S. Court of Appeals affirmed the U.S. District Court's Sep. 2019 order to install a flue gas desulfurization system at the Rush Island Energy Center Reversed the District Court's order to install a dry sorbent injection system at the Labadie Energy Center - In Nov. 2021 Court of Appeals issued order denying Ameren Missouri's rehearing request In Dec. 2021, Ameren Missouri announced its intention to retire the energy center in lieu of installing a scrubber; requested a modification from the District Court to facilitate the accelerated retirement and address any reliability issues In Jan. 2022, MISO issued preliminary assessment of reliability impacts due to the accelerated retirement - Identified transmission upgrades and additional voltage support needed on the transmission system to ensure reliability Preliminary assessment presented to District Court in Feb. 2022 On Feb. 28, 2022, filed MISO Attachment Y notice; expect MISO's draft report in May District Court is under no deadline to issue final order MoPSC Staff reviewing Ameren Missouri's plans to retire Rush Island; under no deadline to issue a final report Expect to file an update to the 2020 Integrated Resource Plan with MoPSC in June 2022 First Quarter 2022 Earnings | May 6, 2022 Ameren 9#10MISO Long-Range Transmission Planning Roadmap Ameren Creating and capitalizing on opportunities for investment for the benefit of our customers, shareholders and the environment Ameren Transmission • In Apr. 2021, MISO issued report outlining preliminary long- range transmission planning roadmap through 2039 Jamestown 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 transition Projected transmission needs reflected in Future 1 serve as starting point for potential needs in Futures 2 and 3 Under Future 1, MISO estimates ~$30 billion of transmission investment is needed; under Future 3 ~$100 billion is needed Agreement reached on cost allocation to sub-region benefiting from projects; pending FERC approval MISO Tranche 1 projects identified Projects totaling $10 billion Includes certain projects crossing Missouri and Illinois Expect MISO approval of Tranche 1 projects in late July 2022 First Quarter 2022 Earnings | May 6, 2022 Ellendale Iron Range Alexandria Benton Big Stone South Cassie's Crossing Jump River Eau Claire, Rocky Run Wilmarth Tremval North Rochester Columbia Nelson Road Oneida Duck Lake Webster Franklin Beverly Marshalltown Morgan Hiple Madisono Orient Sub 92 Burr Oak Skunk River Maple Leesburg Ottumwa Zachary Ipava Brokaw Meredosia Morrison Ridge Tazewell Gilman Reynolds Paxton Fairport Sidney Maywood Thomas Tranche 1 (345kV) Existing Transmission Projects as of 03/07/2022 Source: MISO 10#11• • Our Sustainability Value Proposition ENVIRONMENTAL STEWARDSHIP Accelerating transition to a cleaner and more diverse portfolio 1 Target carbon reductions from 2005 levels: 50% by 2030; 85% by 2040; net- zero by 20502 - - Target additional renewable resources: 2,400 MWs 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 Based on Ameren Missouri 2020 IRP. Expect to file an update to the IRP in June 2022. 2 Includes Scope 1 emissions as described in Ameren's 2021 Climate Report. • • • GOVERNANCE Diverse BOD focused on strong oversight 57% women or racially/ethnically diverse; among the most diverse in the industry; average tenure of ~6 years BOD and committee oversight aligned with ESG matters Mgmt-level Sustainability 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 First Quarter 2022 Earnings | May 6, 2022 • • SOCIAL IMPACT Ameren Delivered value to customers in 2021 while focused on safety Improved reliability: 12% better since 2013 Affordable rates: ~25% below 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 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 $45+ billion 2022-20311 • Expect future dividend growth to be in line with long-term EPS growth expectations 1 Issued and effective as of Feb. 18, 2022 Earnings Conference Call. 11#12Long-term Total Return Outlook • Remain on track to deliver strong long-term earnings growth Expect 6% to 8% EPS CAGR from 2022-20261 Ameren • Using 2022 EPS guidance range midpoint of $4.05 as the base - Expect -7% rate base CAGR from 2021-20261,2 • Infrastructure investment in rate base growth continues to reflect strategic allocation of capital 2021-2026E Regulated Infrastructure Rate Base 1,2 Five-Year Rate Base CAGR1 ($ billions) • Renewable generation and regionally beneficial transmission represent additional investment opportunities $29.6 -7% -7% CAGR $6.4 • Strong long-term infrastructure pipeline 9.9% $21.1 $45+ billion of infrastructure pipeline 2022-20311 $3.2 $4.0 • Continue to deliver strong dividend $5.1 $2.3 6.8% Dividend increased ~7% in Feb. 2022; increased 9th consecutive year $3.9 - Expect future dividend growth to be in line with long-term EPS growth expectations 5.5% $14.9 $10.9 Expect payout ratio to range between 55% and 70% of annual EPS 6.5% . Attractive total return potential Believe execution of our strategy will deliver superior long-term value to customers, shareholders, and the environment. 1 Issued and effective as of Feb. 18, 2022 Earnings Conference Call. 2 Reflects year-end rate base except for Ameren Transmission, which is average rate base. 2021 ■Ameren Transmission 2026E ■Ameren Illinois Electric Distribution '21-'26E ■Ameren Illinois Natural Gas Ameren Missouri First Quarter 2022 Earnings | May 6, 2022 12#13Financial Update Michael Moehn Executive Vice President and Chief Financial Officer, Ameren Corp. Ameren#142022 First Quarter Earnings Analysis - Key Drivers ↑ Ameren Missouri earnings Higher electric retail sales: ~+$0.03 Diluted EPS Ameren • Weather vs. 2021: ~+$0.02; vs. normal ~+$0.02 Q1 2021 vs. Q1 2022 • WN sales vs. 2021 (excl. MEEIA): Res.: ~(0.5)%, Com.: ~+1.5%, Ind.: +0.5%, Total: ~+0.5% Increased investments in infrastructure and wind generation eligible for PISA and RESRAM: +$0.03 $0.97 $0.91 - Higher other operations and maintenance expenses: $(0.05) $0.22 $0.19 • Cash surrender value of COLI: $(0.02) ↑ Ameren Transmission earnings - Absence of FERC order addressing the historical recovery of materials and supplies inventories: +$0.03 $0.30 $0.31 - Increased investments in infrastructure $0.18 $0.19 - ↑ Ameren Illinois Natural Gas earnings Increased investments in infrastructure and higher delivery service rates: +$0.03 Higher other operations and maintenance expenses: $(0.02) ↑ Ameren Illinois Electric Distribution earnings Increased investments in infrastructure; higher allowed ROE Parent Company and Other results Ameren Parent ■Ameren Illinois Electric Distribution Ameren Transmission Ameren Missouri Ameren Illinois Natural Gas $0.18 $0.19 $0.06 $0.06 2021 2022 First Quarter 2022 Earnings | May 6, 2022 14#152022 EPS Guidance and Select Balance of the Year Considerations Affirm 2022 diluted EPS guidance range of $3.95 to $4.15 Select considerations for Q2-Q4 2022 EPS compared to Q2-Q4 2021 EPS Ameren Missouri return to normal weather in 2022: Q2 ~$(0.01); Q3 ~$(0.02); Q4 ~+$0.02 Ameren Missouri higher energy efficiency performance incentives: Q3 ~+$0.01; Q4 ~+$0.03 - - Ameren Missouri expects to realize earnings related to new electric service rates that were effective Feb. 28 primarily in Q3 due to seasonal rates and higher demand during the summer: Q3 ~+0.09 Ameren Illinois Electric Distribution estimated 2022 allowed ROE of 8.5%, which reflects a projected average 30-year Treasury rate of ~2.7% Ameren 2022E Diluted EPS $4.15 $3.95 - Expect to issue 3.4 million common shares by year-end 2022 upon settlement of forward sale agreements First Quarter 2022 Earnings | May 6, 2022 2022E 15#16Select Regulatory Matters - Ameren Illinois Electric Distribution ⚫ In Apr. 2022, requested $83 million annual performance-based rate update from ICC; ~3.5% rate increase request¹ - - Expect ICC decision by Dec. 2022, with new rates effective in Jan. 2023 Major investments included in the request • Installation of outage avoidance/detection technology • · • Integration of storm-hardening equipment and resiliency 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 technology to continue customer-centric focus, including optimizing interactions with customers through new platforms 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 For a typical non-electric heat residential customer using 10,000 kWh per year, all else equal. Includes June 2021-May 2022 plan year power supply prices. First Quarter 2022 Earnings | May 6, 2022 Ameren ILLINOIS Ameren 16#17Financing Debt Financing . On Apr. 1, 2022, Ameren Missouri issued $525 million of 3.90% green first mortgage bonds due 2052 Proceeds to fund capital expenditures and refinance short-term debt; intend to allocate an amount equal to proceeds to sustainable projects meeting certain eligibility criteria Equity Financing On May 12, 2021, established a $750 million at-the-market (ATM) equity program to support expected equity needs through 2023 - Expected equity issuances in 2022 totaling $300 million¹ As of Apr. 1, entered into forward sale agreements expected to fulfill 2022 equity needs; expect to issue 3.4 million common shares by year-end 2022 upon settlement Pension and Postretirement Benefit Obligations • As of Dec 31, 2021, Ameren's pension and postretirement benefit obligations were 105% and 138% funded, respectively Ameren Credit Ratings and External Debt Balances² As of Mar. 31, 2022 Ameren $ in millions Moody's S&P Ameren Corporation (Issuer: Baa1/BBB+) Commercial paper $466 P-2 A-2 • Senior unsecured long-term debt Ameren Missouri (Issuer: Baa1/BBB+) Commercial paper $2,550 Baa1 BBB $528 P-2 A-2 • Senior secured long-term debt³ Ameren Illinois (Issuer: A3/BBB+) $5,421 A2 A Commercial paper $107 P-2 A-2 • Senior secured long-term debt ATXI (Issuer: A2/--) $4,438 A1 A Senior unsecured long-term debt $525 A2 2 Debt balances exclude unamortized debt expense, unamortized discount / premium, and financing obligations related to certain energy centers. A credit rating is not a recommendation to buy, sell, or hold any security and may be suspended, revised, or withdrawn at any time. 3 Does not include Ameren Missouri's green first mortgage bonds of $525 million issued on April 1, 2022. Issued and effective as of Feb. 18, 2022 Earnings Conference Call. First Quarter 2022 Earnings | May 6, 2022 17#18Sustainability Financing Framework and Green Bond Issuances Ameren • On June 2, 2021, Ameren published a Sustainability Financing Framework; one of the first utilities in the nation to do so - Framework supports Ameren's sustainability goals and target of net-zero carbon emissions by 20501, as well as social initiatives Allows Ameren and its subsidiaries to elect to finance projects with environmental or social benefits through green, social and sustainability bonds or green loans Financing proceeds will be allocated to eligible environmental and social projects Environmental, or green, projects include renewable energy, climate change adaptation, energy efficiency, clean transportation, green buildings and green innovation Social projects include socioeconomic advancement and empowerment, employment creation and access to essential services Green First Mortgage Bonds Ameren Missouri Issued on October 9, 2020 Issued on June 22, 2021 Issued on April 1, 2022 Ameren Illinois $ in millions Rate Due $550 2.625% 2051 $525 2.15% 2032 $525 3.90% 2052 Ameren Ameren Sustainability Financing Framework June 2021 Issued on June 29, 2021 $350 2.90% 2051 1 Includes Scope 1 emissions as described in Ameren's 2021 Climate Report, "Committed to Clean, Transformational Changes to Net-Zero". First Quarter 2022 Earnings | May 6, 2022 18#19Summary $ Expect to deliver strong earnings growth in 2022 with guidance in a range of $3.95 to $4.15 per diluted share Successfully executing our strategy; well-positioned for future growth Focused on delivering a cleaner and sustainable energy future in a responsible manner Strong long-term growth outlook • Expect 6% to 8% compound annual EPS growth 2022-20261,2 • Expect -7% compound annual rate base growth 2021 through 20261 Strong long-term infrastructure pipeline of $45+ billion 2022-20311 Attractive dividend Annualized equivalent dividend rate of $2.36 per share provides yield of 2.5%³ Dividend increased ~7% in Feb. 2022; increased 9th 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 1 Effective as of Feb. 18, 2022 Earnings Conference Call. 2 Using 2022 EPS guidance range midpoint of $4.05 as the base. 3 Based on May 4, 2022 closing share price. First Quarter 2022 Earnings | May 6, 2022 Ameren 19#20APPENDIX Ameren#21Four Constructive Regulatory Frameworks Ameren Transmission FERC-regulated: Formula ratemaking • Allowed ROE is 10.52%, includes MISO participation adder of 50 basis points; ~56% average equity ratio Rates reset each Jan. 1 based on forward-looking calculation with annual reconciliation Ameren Ameren Illinois • Natural Gas Ameren Illinois Electric Distribution Ameren Missouri 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 expires Dec. 31, 2023 Volume balancing adjustment (revenue decoupling) for residential and small non-residential customers ICC-regulated: Performance-based ratemaking • IETL allows for ability to opt-in to four-year rate plan in 2024; current framework continues through 20231 Allowed ROE is 580 basis points above annual average yield of 30-year U.S. Treasury; 50% equity ratio; ICC will determine allowed ROE for 2024 and beyond 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 2021 electric rate review; allowed ROE not specified; 51.97% common equity ratio² • • 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 2021 natural gas rate review; allowed ROE and common equity ratio not specified 1 See pages 7 and 31 for details of IETL enacted in Sep. 2021. 2 Applies to PISA and RESRAM. PISA return recognized in earnings at long-term debt rate of ~4%. First Quarter 2022 Earnings | May 6, 2022 21#22Our Focus on Delivering a Cleaner Energy Future Responsibly 1 While providing safe, reliable and affordable energy to customers • 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 20502 Well below federal and state limits for NOX, SO2, and Hg 0% cast and wrought iron pipeline on natural gas delivery system to reduce risk of methane leaks Resource management - Significant utilization of coal combustion residuals from landfill through recycling in cement and concrete production Targeting 95% reduction in water use by 2050 at thermal energy centers based on a 2005 baseline More sustainable office operations: fleet, workplace and waste 1 Based on Sep. 2020 IRP. Ameren Missouri expects to file an update to the IRP in June 2022. 2 Includes Scope 1 emissions as described in Ameren's 2021 Climate Report, "Committed to Clean, Transformational Changes to Net-Zero". Millions of Metric Tons CO₂ 40 Targeting Net-Zero Carbon Emissions by 20502 30 32% 50% 20 20 10 Ameren 85% Net-Zero 2040 2050 2005 2019-21* 2030 *Three-year average CO, emissions for 2019, 2020, and 2021 First Quarter 2022 Earnings | May 6, 2022 T " . 22 22#23Ameren Missouri Generation Transformation 1 Transition to a cleaner and more diverse portfolio in a responsible fashion Ameren 700 MW 2 2020 30 MW 2021 2022 2024 20 MW 900 MW/250 MW 2023 2025 2026 400 MW 300 MW/200 MW/ 300 MW 2027 2028 2029 2030 200 MW 200 MW 300 MW 2031 2032 2033 200 MW/300 MW/200 MW 300 MW/400 MW/200 MW 2034 2035 2036 2037 2038 2039 2040 2041 2042 800 MW 2043 2044 2045 2046 2047 2048 2049 2050 Meramec Energy Center RETIRED 827 MW Sioux Energy Center RETIRED 972 MW 50% CARBON EMISSIONS REDUCTION 3,4 Labadie Energy Center (2 units) RETIRED 1,186 MW Rush Island Energy Center RETIRED 1,178 MW Labadie Energy Center (2 units) RETIRED 1.186 MW Callaway Energy Center LICENSE EXPIRES-1.193 MW 85% CARBON EMISSIONS REDUCTION 3,4 Ameren Missouri filed its preferred Integrated Resource Plan with the MOPSC in Sep. 2020 Targets substantial reductions in carbon emissions 3,4 -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 NET-ZERO CARBON EMISSIONS 3,4 Adds 2,400 MWs of renewable generation by 2030, an investment opportunity of -$3.3 billion, and a total of 4,700 MWs by 2040, an investment opportunity of ~$7 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 1 Ameren Missouri expects to file an update to the 2020 Integrated Resource Plan in June 2022 to reflect, among other things, the accelerated retirement of the Rush Island Energy Center. 2 400 MW and 300 MW facilities in-service in Dec. 2020 and June 2021, respectively. 3 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. 4 Includes Scope 1 emissions as described in Ameren's 2021 Climate Report, "Committed to Clean, Transformational Changes to Net-Zero". First Quarter 2022 Earnings | May 6, 2022 23#24Building a Brighter and Cleaner Energy Future Innovative Programs to Meet Customer Needs and Rising Expectations Ameren Utility-owned solar generation facilities for MO non-residential customer parking lots, open land or rooftops Neighborhood Community Solar Program Solar Program Subscription program available to MO residential and small business customers for up to 50% of their energy usage IL energy legislation allows for utility-owned solar generation with optional battery pilot facilities in Peoria and East St. Louis Solar Program Renewable Choice Program Subscription program expected to be available to large MO C&I customers and municipalities for up to 100% of their energy usage Incentives to support electrification and development of electric vehicle charging stations Electric Energy Vehicle Efficiency Programs Programs along highways and in MO and IL communities First Quarter 2022 Earnings | May 6, 2022 Robust portfolio of energy efficiency programs available to MO and IL customers to achieve energy saving goals T 24#25• Investing in the Energy Grid Investing to modernize energy grid, making it cleaner, safer, more reliable, resilient and secure - Expect greater transmission investments to support additional renewable generation - Provide customers with new and improved tools to manage energy usage Transitioning to cleaner energy portfolio - target net-zero carbon emissions by 20501 Expect to add 2,400 MWs of renewable generation by 2030; total of 4,700 MWs by 20402 Expected retirement of coal-fired energy centers² - - • Meramec in 2022; Sioux in 2028; Labadie: 2 units in 2036, 2 units in 2042; Rush Island in 2039 As of Dec. 31, 2021, 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 Ameren 2021-2026E Regulated Infrastructure Rate Base 4,5 2% 1% 7% 5% 6% 6% 10% 12% 12% By 2026, rate base expected to be 84% electric and natural gas transmission and distribution, 5% renewable generation and 4% nuclear generation² 72% 63% Ameren's estimated coal-related revenues in 2021 were 15%³ and coal-fired generation rate base expected to be 6% by 2026 Coal-related capital expenditures 2022-2026 are expected to be ~$0.7 billion, or ~4% of Ameren's five-year plan 2026E Natural Gas-Fired Generation Renewable Generation ■Nuclear Generation ■Coal-Fired Generation Natural Gas Distribution 1 Includes Scope 1 emissions as described in Ameren's 2021 Climate Report, "Committed to Clean, Transformational Changes to Net-Zero". 2 Based on Sep. 2020 Integrated Resource Plan. Ameren Missouri expects to file an update to the Integrated Resource Plan in June 2022 to reflect, among other things, an accelerated retirement of the Rush Island Energy Center. 3 See page 33 for additional details and calculations. 4 Renewable generation and regionally beneficial transmission represent additional investment opportunities. 5 Effective as of Feb. 18, 2022 Earnings Conference Call. 2021 First Quarter 2022 Earnings | May 6, 2022 " ■Electric Transmission and Distribution " 25#26Robust Investment Opportunities Across All Businesses Over Next Decade¹ Modernizing the grid and investing in cleaner generation Investment Plan 2022-20261 ($ billions) $17.3 $3.5 $1.8 $3.1 $8.9 2022-2026 ■Ameren Transmission ■Ameren Illinois Natural Gas ■Ameren Illinois Electric Distribution Ameren Missouri 1 Effective as of Feb. 18, 2022 Earnings Conference Call. • • • $45B+ Strong Pipeline of Regulated Infrastructure Investments 2022-2031 Additional Investment Opportunities Ameren ⚫ Modernize electric and gas transmission and distribution grid • Operate generation facilities safely and reliably Comply with regulatory requirements Renewable investment opportunities at Ameren Missouri Regionally beneficial transmission projects to support clean energy transition Electrification of transportation investment opportunities • Assumes constructive energy policies and ratemaking First Quarter 2022 Earnings | May 6, 2022 26#27Focused on Delivering Affordable Service to Our Customers Residential rates since key legislative or regulatory enhancements Ameren Missouri Electric1 ~0.75% ¢/KWh CAGR 12.00 2017 to 2021 10.34 8.00 ¢/KWh Ameren Illinois Electric Distribution² Ameren Ameren Illinois Natural Gas Distribution 3 ~1.4% CAGR ~0.3% $/therm 12.00 CAGR 2012 to 2021 2011 to 2021 1.25 1.21 9.97 10.59 10.28 1.00 1.05 8.00 0.75 4.00 4.00 0.50 0.25 0.00 0.00 2017 2021 Under PISA Legislation 0.00 2012 2021 Under Performance-Based Ratemaking 2011 2021 Under Future Test Year Ratemaking 1 Average annual residential rates, excluding MEEIA rider, effective Apr. 1, 2017 and Dec. 31, 2021.2.85% 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. 2 Average all-in residential rates for 12 months ended May 31. 3 Average all-in residential rates for 12 months ended Dec. 31. First Quarter 2022 Earnings | May 6, 2022 27#280.60 Delivering Strong Value to our Customers Achieving top quartile performance in reliability, affordability and customer satisfaction Improved Reliability1 Outage Frequency (per customer per year) 1.00 +12% ¢/KWh Better 15 Affordable Rates² JD Power Score Ameren Increased Customer Satisfaction3 +23% 0.80 0.89 0.78 10 0.40 0.20 0.00 2013 2021 First Quarter 2022 Earnings | May 6, 2022 LO 5 9.70 10.06 12.89 13.62 600 650 700 628 651 663 690 Better 750 723 731 734 766 773 0 550 Ameren Ameren Midwest US Missouri Illinois Average Average 1 As measured by the System Average Interruption Frequency Index (SAIFI). Represents the average of Ameren Missouri and Ameren Illinois. 2 Edison Electric Institute, "Typical Bills and Average Rates Report" for the 12 months ended June 30, 2021. 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. 2013 2014 2015 2016 2017 2018 2019 2020 2021 28#29FERC Regulatory Matters Ameren Enhancing regulatory frameworks and advocating for responsible energy and economic policies Ameren Transmission . In Apr. 2021, FERC issued supplemental NOPR 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) - 50 bps change in ROE impacts EPS by ~$0.05 annually • - Ameren filed comments opposing proposed removal of RTO incentive adder - Unable to predict the outcome or timing of FERC decision In July 2021, FERC issued Advance NOPR on range of topics including future regional transmission planning and cost allocation processes - - Ameren filed comments supporting current planning and cost allocation processes In April 2022, FERC issued proposed rules: • • . Long-term transmission planning to meet needs driven by changes in resource mix and demand Seek agreement regarding cost allocation of projects Incumbent utilities permitted right of first refusal to build transmission facilities selected in a regional plan for purposes of cost allocation, conditioned on the incumbent utility transmission provider establishing unaffiliated joint ownership of projects Unable to predict the outcome or timing of FERC decision First Quarter 2022 Earnings | May 6, 2022 29 29#30MISO Long-Range Transmission Planning Roadmap Ameren Creating and capitalizing on opportunities for investment for the benefit of our customers, shareholders and the environment Ameren Transmission • • 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 transition 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 then-current utility IRPS and 85% of utility announcements, state mandates or goals Under Future 1, MISO estimates -$30 billion of transmission investment is needed; under Future 3 -$100 billion is needed Indicative maps represent potential transmission needs vs. final proposals Process to assess specific transmission projects has commenced Agreement reached on cost allocation to sub-region benefiting from projects; pending FERC approval Expect MISO approval of certain projects in Future 1 roadmap in late July 2022 First Quarter 2022 Earnings | May 6, 2022 Voltage Level (kV) 345 500 765 Future 1 Future 1, 2, 3 DC Line Source: MISO 30#31Illinois Energy Transition Legislation ROE Earned vs. Allowed Equity ratio Rate Base Current Performance- Based Rates 5.80%+ average of 30-year treasury rate each calendar year Allowed Up to 50%; higher ratio must be approved by ICC Year-end Traditional Framework (Future Test Year) ICC determined Potential for regulatory lag in non- test years Subject to ICC approval Average Multi-Year Plan (IETL) ICC determined Allowed, if within True-up Cap¹ Up to 50%; higher ratio must be approved by ICC Year-end True-ups Sales Decoupled Annual, not capped Yes Performance Metrics Yes, penalties up to 38 bps Plan Filed None None Annual, capped at 105% with significant exclusions¹ Yes (rider) Yes (rider) No Yes, +/-20 to 60 bps; symmetrical incentives and penalties Four years One year Ameren 1 True-up Cap excludes variations from forecasted costs associated with major storms, new business and facility relocations, changes in timing of expenditures or investments which move the expenditure or investment into or out of the applicable calendar year, changes in interest rates, taxes (including income taxes and taxes other than income taxes), pension/OPEB and amortization of certain regulatory assets. True-up Cap excludes costs recovered through riders such as purchased power, transmission and bad debts. First Quarter 2022 Earnings | May 6, 2022 31#32Solid ESG Ratings CDP Dec. 2021 A MSCI A- Water Climate B Range: A-F (A is best) FL First Quarter 2022 Earnings | May 6, 2022 Dec. 2021 A AAA SUSTAINALYTICS May 2021 29.1 Medium Risk 0 Ameren Range: AAA-CCC (AAA is best) CCC Range: 0-100 (Lower is better) 100 " 32#33Ameren's Estimated Coal-Related Revenues in 2021 Return on Investment Revenues Cost Recovery³ Revenues Ameren $2.1B1 x $2.1B1 x ($103M $423M + 52% X 48% x x 25%) / 9.53%² = 4.5% = (1-25%) $161M x 26%1 = $147M + $154M = $103M $45M + $34M $42M + $724M -$6,394M = 15% Return on Equity 52% of Ameren Missouri's rate base investment funded with equity at an allowed rate of return of 9.53%2 Interest Expense 48% of Ameren Missouri's rate base investment funded with debt at an average interest rate of 4.5% Tax Expense Federal (21%) and Missouri state (4%) income taxes charged on Ameren Missouri's ROE Property Taxes Ameren Missouri's total property tax on capital assets of $161M Fuel, other O&M and depreciation Ameren's 2021 Total Revenue Ameren Coal-Related Revenues Ameren Missouri coal-related fuel, other O&M and depreciation expenses of $423M, $147M and $154M, respectively 1-26%, or $2.1 billion, of Ameren Missouri's $8 billion rate base filed in its 2019 rate review was coal-related. 2 Mar. 2020 settlement of 2019 electric rate review included implicit ROE range of 9.4% to 9.8%, using 9.53% for AFUDC. 3 Expenses are 2019 amounts, as included in Ameren Missouri's 2019 rate review settled in Mar. 2020. First Quarter 2022 Earnings | May 6, 2022 33#34Investor Relations Calendar MAY 2022 JUNE 2022 Ameren SUN. MON. TUES. WED. THUR. FRI. SAT. SUN. MON. TUES. WED. THUR. FRI. SAT. 1 2 3 4 5 6 7 1 2 3 4 Q1 Quiet Q1 Period Earnings Cont'd Conf. Call 8 6 10 11 12 13 14 5 6 7 8 9 10 11 Virtual Annual Shareholder Meeting 15 16 17 18 19 20 20 21 12 13 14 15 16 17 18 AGA AGA Financial Financial 23 Forum Forum 22 23 24 25 26 BofA Virtual Trans. Conference 26 27 28 19 20 20 21 22 23 24 25 JP Morgan Conf. 29 30 31 26 27 28 29 30 May 1-5 May 6 Q1 2022 quiet period, cont'd May 12 May 17-18 Q1 2022 earnings conference call Virtual Annual Shareholder Meeting AGA Financial Forum in Miami June 22 July 13 Aug. 5 First Quarter 2022 Earnings | May 6, 2022 June 17 BofA Virtual Transmission Conference JP Morgan Conference in New York Q2 quiet period begins Tentative Q2 2022 earnings conference call 34#35Select Regulatory and Legislative Matters SION OF COMMISSIO STATE OF MISSOUR Missouri Public Service Commission • • • • Order approving electric rate review filling: Docket No. ER-2021-0240 Order approving 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 Securitization bill (HB 734) enacted July 2021: http://www.house.mo.gov/billcentral.aspx Smart Energy Plan bill (SB 745): https://www.senate.mo.gov/ Ameren UNOS COMMERE ICC 0 COMMISSION W • Order opening MoPSC Staff Rush Island review: Docket No. EO-2022-0215 Website: https://www.efis.psc.mo.gov/mpsc/DocketSheet.html Illinois Commerce Commission • IETL (SB 2408) enacted Aug. 2021: www.ilga.gov/legislation • IETL Implementation Workshops: https://www.icc.Illinois.gov/programs/climate-and-equitable-jobs-act-implementation • Pending performance metrics filing: Docket No. 22-0063 . Pending electric distribution performance-based rate update filing: Docket No. 22-0297 • Order approving natural gas rate review filing: Docket No. 20-0308 • • Order approving electric vehicle plan: Docket No. 20-0710 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 2022 Attachment O: http://www.oasis.oati.com/woa/docs/AMRN/AMRNdocs/2022_Transmission Rates_List.html Website: http://elibrary.ferc.gov/idmws/search/fercadvsearch.asp First Quarter 2022 Earnings | May 6, 2022 35#36Glossary 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 CO2 Carbon dioxide COLI Company owned life insurance CP Commercial paper DE&I - Diversity, Equity and Inclusion E-Estimated EPS ESG Earnings per share Environmental, social and governance FERC - Federal Energy Regulatory Commission FMB - First mortgage bonds GW Gigawatts HB House Bill ICC Illinois Commerce Commission IETL - Illinois Energy Transition Legislation 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 NOPR - Notice of Proposed Rulemaking OPEB - Other post-employment benefits PISA Plant-in-service accounting QIP Qualifying Infrastructure Plant RES Renewable Energy Standard Ameren RESRAM - Renewable Energy Standard Rate Adjustment Mechanism Return on equity ROE RTO Regional transmission organization SB Senate Bill SEC - Securities and Exchange Commission WN Weather-normalized First Quarter 2022 Earnings | May 6, 2022 36