Transforming For Our Future

Four 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

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