About This Report

Reporting Parameters

Our report follows the spirit of Global Reporting Initiative’s G4 Guidelines and addresses many elements contained in the Electric Utilities Sector Supplement. Our general reporting period is inclusive up to Dec. 31, 2016. Where appropriate, we included historical and/or forward-looking information to provide context and perspective. An internal steering committee oversaw report preparation with guidance from our Corporate Sustainability Council, Executive Leadership Team and internal subject-matter experts. We also engaged outside experts where appropriate.

Use of Non-GAAP Financial Measures

In this presentation, Ameren has presented core earnings, which is a non-GAAP measure and may not be comparable to that of other companies. A reconciliation of GAAP to non-GAAP earnings is included either on the slide where the non-GAAP measure appears or on another slide referenced in this presentation. Generally, core earnings or losses include earnings or losses attributable to Ameren common shareholders and exclude income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as the second quarter 2015 provision for discontinuing pursuit of a construction and operating license for a second nuclear unit at the Callaway Energy Center. 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 our earnings results and outlook, as the company believes that core earnings allow the company to more accurately compare its ongoing performance across periods. In providing core earnings guidance, there could be differences between core earnings and earnings prepared in accordance with GAAP as a result of our treatment of certain items, such as those described above. Ameren is unable to estimate the impact, if any, on GAAP earnings of any such future items.

Forward-looking Statements

Statements in this report 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, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors under Part I, Item 1A, in Ameren’s Annual Report on Form 10-K for the year ended Dec. 31, 2016, and elsewhere in this report and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

• regulatory, judicial, or legislative actions, including any federal income tax reform and changes in regulatory policies and ratemaking determinations, such as those that may result from the complaint case filed in February 2015 with the FERC seeking a reduction in the allowed base return on common equity under the MISO tariff, and future regulatory, judicial, or legislative actions that change regulatory recovery mechanisms;
• the effect of Ameren Illinois participating in a performance-based formula ratemaking process under the Illinois Energy Infrastructure Modernization Act (“IEIMA”), including the direct relationship between Ameren Illinois’ return on common equity and 30-year United States Treasury bond yields, and the related financial commitments required by the IEIMA;
• our ability to align overall spending, both operating and capital, with frameworks established by our regulators in our attempt to earn our allowed return on equity;
• the effects of changes in federal, state, or local laws and other governmental actions, including monetary, fiscal, and energy policies;
• the effects of changes in federal, state, or local tax laws, regulations, interpretations, or rates and any challenges to the tax positions taken by the Ameren companies;
• the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency and private generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive;
• the effectiveness of Ameren Missouri’s customer energy efficiency programs and the related revenues and performance incentives earned under its Missouri Energy Efficiency Investment Act (“MEEIA”) plans;
• the effect of the Illinois Future Energy Jobs Act (“FEJA”) on Ameren Illinois, including on the allowed return earned on its customer energy efficiency investments and its ability to achieve the electric energy efficiency saving goals established by the FEJA;
• the timing of increasing capital expenditure and operating expense requirements and our ability to recover these costs in a timely manner;
• the cost and availability of fuel, such as ultra-low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power and natural gas for distribution; and the level and volatility of future market prices for such commodities, including our ability to recover the costs for such commodities and our customers’ tolerance for the related rate increases;
• disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including ultra-low-sulfur coal used for Ameren Missouri’s compliance with environmental regulations;
• the effectiveness of our risk management strategies and our use of financial and derivative instruments;
• the ability to obtain sufficient insurance, including insurance for Ameren Missouri’s Callaway energy center, or in the absence of insurance the ability to recover uninsured losses from our customers;
• business and economic conditions, including their impact on interest rates, collection of our receivable balances, and demand for our products;
• disruptions of the capital markets, deterioration in credit metrics of the Ameren companies, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity;
• the impact of the adoption of new accounting guidance and the application of appropriate technical accounting rules and guidance;
• actions of credit rating agencies and the effects of such actions;
• the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages;
• the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets;
• the effects of breakdowns or failures of equipment in the operation of natural gas distribution and transmission systems and storage facilities, such as leaks, explosions and mechanical problems, and compliance with natural gas safety regulations;
• the effects of our increasing investment in electric transmission projects, our ability to obtain all of the necessary approvals to complete the projects, and the uncertainty as to whether we will achieve our expected returns in a timely manner;
• operation of Ameren Missouri’s Callaway energy center, including planned and unplanned outages, and decommissioning costs;
• the effects of strategic initiatives, including mergers, acquisitions, and divestitures;
• the impact of current environmental regulations and new, more stringent, or changing requirements, including those related to CO2, other emissions and discharges, cooling water intake structures, coal combustion residuals, and energy efficiency, that are enacted over time and that could limit or terminate the operation of certain of Ameren Missouri’s energy centers, increase our costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers’ demand for electricity or natural gas, or otherwise have a negative financial effect;
• the impact of complying with renewable energy portfolio requirements in Missouri;
• labor disputes, work force reductions, future wage and employee benefits costs, including changes in discount rates, mortality tables, and returns on benefit plan assets;
• the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments;
• the cost and availability of transmission capacity for the energy generated by Ameren Missouri’s energy centers or required to satisfy Ameren Missouri’s energy sales;
• legal and administrative proceedings;
• the impact of cyber attacks, which could result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer data and account information; and
• acts of sabotage, war, terrorism, or other intentionally disruptive acts.

New factors emerge from time to time. Management cannot predict all such factors, nor can it assess the impact of each such factor on the business or the extent to which any such factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.