Transforming For Our Future

Ameren'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

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