Ameren : Sustainability Presentation

Leading the Way to a

Sustainable Energy Future

Sustainability Investor Presentation

May 2024

Cautionary Statements

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, 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 press release issued May 2, 2024, with respect to its first quarter 2024 earnings, Ameren's Annual Report on Form 10-K for the year ended December 31, 2023, and its other reports filed with the SEC under the Securities Exchange Act of 1934, as amended, 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 2024 earnings guidance, multi-year earnings per share growth expectations, and multi-year rate base growth expectations effective as of February 23, 2024. Earnings guidance for 2024 assumes normal temperatures after March 2024 and multi-year growth expectations assume normal temperatures. Earnings guidance for 2024 and multi-year growth expectations, along with estimates for long-term infrastructure investment opportunities, are subject to the effects of, among other things, regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic, capital and credit market conditions; customer usage; severe storms; market returns on COLI investments; 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.

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Company Description

Fully rate-regulated electric and natural gas utility	2.4M

electric

customers

0.9M

gas

customers

~8,000

circuit miles

FERC-regulated

electric

transmission

~10,000MW

regulated electric

generation capability

S&P 500

Component of

Stock Index

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
• ~10,000 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

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How We Integrate Sustainability

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How We Think About Sustainability

ENVIRONMENTAL

STEWARDSHIP

Operating to reduce emissions and waste and preserving natural resources while providing safe, reliable, and affordable electric and natural gas services

GOVERNANCE

Executing policies and principles that integrate sustainability matters into our risk management and strategic planning frameworks, as well as providing strong oversight

Vision:

Leading the Way to

1. Sustainable Energy Future

Mission:

To Power the

Quality of Life

SOCIAL IMPACT

Placing people at the center of everything we do by supporting customers, empowering coworkers and enabling more sustainable communities

SUSTAINABLE GROWTH

Delivering superior and sustainable long-term value to our customers, the communities we serve, our shareholders and the environment

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Our Strong and Diverse Leadership Team

Ameren's Board of Directors1

Cynthia J. Brinkley

Catherine S. Brune

Ward H. Dickson

Noelle K.

Eder

Ellen M.

Fitzsimmons

Rafael Flores

Kimberly J. Harris

Richard J. Harshman

Craig S.

Ivey

James C.

Johnson

Steven H.

Lipstein

Martin J. Lyons, Jr.

Leo S.

Mackay, Jr.

Ameren's Executive Leadership Team

Martin J. Lyons, Jr.

Chairman, President

& CEO

Leonard P. Singh

President Ameren

Illinois

Mark C. Birk

President Ameren

Missouri

Shawn E. Schukar

President Ameren

Transmission

Company

Michael L. Moehn

Senior EVP & Chief

Financial Officer

Gwendolyn G. Mizell

SVP, Chief

Sustainability, Diversity

& Philanthropy Officer

Fadi M. Diya

SVP, Chief Nuclear

Officer

Mark C. Lindgren

EVP, Corporate

Communications &

Chief HR Officer

Chonda J. Nwamu

EVP, General Counsel

& Secretary

1 Reflects director nominees as identified in Ameren's definitive proxy statement filed with the SEC on March 26, 2024; each nominee is currently a member of the board of directors.

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Our Strong Organizational Focus on Sustainability

Ajay Arora	Mark Fronmuller	Gwen Mizell	Chonda Nwamu	John Rhea	Eric Seidler	Kristol Simms
SVP, Chief	SVP, Corporate	SVP, Chief	EVP, General	VP, Chief Ethics	SVP, Supply	VP, Clean Energy
Renewable	Development,	Sustainability,	Counsel and	and Compliance	Chain, Corporate	Transition,
Development	Environmental	Diversity and	Secretary	Officer	Safety, Security	Economic,
Officer	Strategy and	Philanthropy			and Operations	Community and
	Innovation	Officer			Oversight	Business
						Development

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How We View Sustainability Pillars and Risks

PILLARS		ENVIRONMENTAL		SOCIAL IMPACT			GOVERNANCE		SUSTAINABLE
					GROWTH
						•	Board Composition and
			•	Community Impact			Committee Oversight	•	Infrastructure Investment
				•	Incentive Compensation
KEY	•	Climate Change	•	Diversity, Equity &		•	Disciplined Cost
	•	Data Privacy/Cyber
•	Emissions Reductions		Inclusion			Management
AREAS				Security
•	Environmental	•	Energy Costs for			•	Constructive Energy and
	•	Enterprise Risk
OF		Compliance		Customers			Economic Policies
			•	Ethics and Compliance
	•	Health and Safety		•	Economic Development
	•	Natural Resource
FOCUS		•	Management
	Management	•	Human Capital		•	Efficient Electrification
				Accountability
			•	Sustainable Supply Chain			•	Innovation
				•	Regulatory and Legislative
							Engagement
RISKS: FINANCIAL • LEGISLATIVE • REGULATORY •		SECURITY • REPUTATIONAL

Ameren's Enterprise Risk Management program is a comprehensive framework that is designed to identify, evaluate and manage risk across the environmental, social, governance and sustainable growth pillars

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Our Sustainability Value Proposition

ENVIRONMENTAL STEWARDSHIP

SOCIAL IMPACT

• Responsibly transitioning to a cleaner and more diverse portfolio
• • Target carbon reductions from 2005 levels: 60% by 2030; 85% by 2040; net zero by 20451
  • Target additional renewable resources: 2,800 MW by 2030 and total of 4,700 MWs by 2036
  • Systematic 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 Ameren's goals include both Scope 1 and 2 emissions including other greenhouse gas emissions of methane, nitrous oxide and sulfur hexafluoride.

GOVERNANCE

• Delivered value to customers in 2023 while focused on safety

‒ Ameren-supplied residential customer rates, on average, below Midwest average ‒ Ameren achieved top quartile reliability performance1

‒ Ameren achieved its lowest Recordable Incident Rate

• Socially responsible and economically impactful

‒ Small and diverse business spend in MO and IL ~26% of 2023 sourceable spend ‒ ~$215M to support eligible customers and charities in 2023

• Supporting core values of diversity, equity and inclusion

‒ Inducted into Fair360 Hall of Fame in 2023; became 1 of 12 companies and only utility in Hall of Fame; previously in top 5 on utilities list since 2009

‒ $10M committed to non-profits focused on DE&I 2021-2025

1 As measured by Ameren Missouri and Ameren Illinois outage frequency indexes (SAIFI).

SUSTAINABLE GROWTH

• Diverse BOD focused on strong oversight
• • 69% women or racially/ethnically diverse; average tenure of ~8.5 years1
• BOD and committee oversight aligned with sustainability matters
• Strong organizational focus: Chief Sustainability, Diversity, and Philanthropy Officer, Chief Ethics and Compliance 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

1 Based on director nominees identified in Ameren's definitive proxy statement filed with the

SEC on Mar. 26, 2024.

• Expect 6% to 8% EPS CAGR 2024-20281,2
• Expect 8.2% rate base CAGR 2023-20281
• Four regulatory jurisdictions for investment
• Strong long-term infrastructure investment pipeline of $55+ billion 2024-20331
• Expect future dividend growth to be in line with long-term EPS growth expectations

1 Effective as of Feb. 23, 2024 Earnings Conference Call. 2 Using 2024 EPS guidance range midpoint of $4.62 as the base.

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Solid Sustainability Ratings

AAA	0
Sept. 2023	July 2023
A	27.2
	Medium Risk

Range:			Range:
AAA-CCC		0-100
(AAA is best)			(Lower is better)
	CCC	100
			Ameren Corp. 98.6
			Trendsetter
			Oct 2023

A

Feb. 2024

Climate B

Water B

Range: A-F (A is best)

F

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