Transforming For Our Future

Long-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

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