Customers at the Center 2019 Results and Guidance Feb. 26, 2020 - PowerPoint PPT Presentation

Customers at the Center 2019 Results and Guidance Feb. 26, 2020

Cautionary Statements Use of Non-GAAP Financial Measures In this presentation, Ameren has presented weather-normalized and core earnings per share, which are non-GAAP financial measures and may not be comparable to those of other companies. A reconciliation of GAAP to non-GAAP information is included in this presentation. Generally, core earnings or losses include earnings or losses attributable to Ameren common shareholders and exclude income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as the third quarter 2018 non-cash charge for the revaluation of deferred taxes resulting from a December 2017 change in federal law that decreased the federal corporate income tax rate. Ameren uses core earnings internally for financial planning and for analysis of performance. Ameren also uses core earnings as the primary performance measurement when communicating with analysts and investors regarding its earnings results and outlook, as the company believes that core earnings allow the company to more accurately compare its ongoing performance across periods. Weather-normalized earnings exclude estimated effects of weather compared to normal, as calculated internally using data from the National Oceanic and Atmospheric Administration for the applicable period. Ameren calculates free cash flow by subtracting its cash flows from investing activities (which include capital expenditures) and dividends on common and preferred stock from its cash flows from operating activities. Ameren uses free cash flow internally and when communicating with analysts and investors to measure its ability to generate cash. 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, 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 February 26, 2020, with respect to its 2019 earnings, Ameren’s Annual Report on Form 10-K for the year ended December 31, 2018, 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 earnings guidance and multi-year growth expectations. Earnings guidance for 2020 and multi-year growth expectations assume normal temperatures and, along with estimates for long-term infrastructure investment opportunities, are subject to the effects of, among other things, 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. 2019 Results and Guidance | Feb. 26, 2020 2

Business Update Warner Baxter Chairman, President and Chief Executive Officer, Ameren Corp.

Successfully Executed Our Strategic Plan in 2019 Delivered strong weather-normalized core earnings 1 growth in 2019 • – $2.4 billion in capital invested for benefit of customers and communities we serve Weather-Normalized Core Diluted EPS 1 • Strong operational performance delivering safe, reliable and affordable Core Diluted EPS 1 energy – Executed on robust pipeline of energy infrastructure projects – Completed installation of smart electric and gas meters for all Ameren Illinois customers $3.37 $3.35 ~9% $3.32 – Completed ATXI’s $267 million Mark Twain multi-value project $3.05 – Completed the first year of Ameren Missouri’s Smart Energy Plan – Successful Callaway refueling and maintenance outage; “Exemplary” rating • Achieved constructive outcomes in regulatory proceedings – Ameren Missouri natural gas rate review request approved for $1 million revenue decrease; 52% equity ratio and 9.4%-9.95% ROE range – ICC approved annual electric formula rate update for $7 million revenue decrease • Advanced transition of generation to a cleaner, more diverse portfolio – 700 MW of wind generation received all regulatory approvals; construction underway 2018 2019 2018 2019 – Developed and invested in innovative programs such as Charge Ahead and Community Solar to meet customers’ rising expectations – Continued execution of robust energy efficiency programs for customers 1 See pages 33 and 34 for GAAP to core and weather-normalized reconciliations. 2019 Results and Guidance | Feb. 26, 2020 4

Delivering Strong Value to our Customers Increased Customer Improved Reliability 1 Affordable Rates 2 Satisfaction 3 JD Power Outage Score Duration (min) ¢/KWh +43% +17% 750 300 15 Better Better 13.89 734 725 731 276 250 12.85 723 700 10 10.08 10.01 200 690 675 150 663 157 650 5 651 100 625 628 0 600 50 Ameren Ameren Midwest US 2013 2014 2015 2016 2017 2018 2019 2013 2019 Illinois Missouri Average Average 1 As measured by the Customer Average Interruption Duration Index (CAIDI) including major event days. 2 Edison Electric Institute, “Typical Bills and Average Rates Report” for the 12 months ended June 30, 2019. 3 As measured by the J.D. Power Residential Customer Satisfaction Index. 5

Strong Track Record of EPS and Dividend Growth Weather-Normalized Core Weather-Normalized Dividends Paid per Share 3 Earnings per Diluted Share 1 Dividend Payout Ratio +20% +60% or $2.00 $3.50 80% $3.50 $1.98 2013 to 2019 ~8% CAGR $1.92 $3.32 75% 2013 to 2019 $3.10 $1.85 $3.05 70% $1.75 $1.78 $2.88 $2.70 $1.72 65% $1.66 $2.59 $2.58 Target dividend $1.61 $1.60 payout ratio of $2.30 $2.37 60% 55%-70% $1.50 $2.08 55% $1.90 50% 2,4 2013 2014 2015 2016 2017 2018 2019 2020 $1.50 $1.25 2 4 Payout ratio 2013 2014 2015 2016 2017 2018 2019 2020E 2013 2014 2015 2016 2017 2018 2019 2020E 1 See pages 33 and 34 for GAAP to core and weather-normalized reconciliations. 2 Represents midpoint of 2020 EPS guidance range of $3.40 to $3.60. 3 Unrounded dividends 2015-2018 are $1.655, $1.715, $1.7775 and $1.8475. 4 Annualized dividend equivalent rate. Future dividend decisions will be driven by earnings growth, in addition to cash flows and other business conditions, and are at the discretion of Ameren's Board of Directors. 6

Expect to Deliver Strong Long-Term EPS Growth • Expect 2020 EPS in a range of $3.40 to $3.60 Long-Term EPS Growth and • Remain on track to deliver strong long-term earnings 2020E EPS Guidance growth 2024 – Affirm expected 6% to 8% EPS CAGR from 2018-2023 1,2 – Expect 6% to 8% EPS CAGR from 2020-2024 6-8% $3.60 CAGR • Using 2020 EPS guidance range midpoint of $3.50 as the base $3.32 – Driven by continued execution of our strategy, including investing in $3.05 $3.40 infrastructure for the benefit of customers – Outlook accommodates several factors, including range of Treasury rates, sales growth, spending levels and regulatory developments – Earnings growth in any individual year will be impacted by the timing of capital expenditures, regulatory rate reviews and weather, among other factors 2 2 2018 2019 2020E 1 Using $3.05 as the base, which is 2018 weather-normalized core diluted EPS. 2 Represents weather-normalized core diluted EPS. See pages 33 and 34 for GAAP to core and weather-normalized reconciliations. 2019 Results and Guidance | Feb. 26, 2020 7