2018 Guide to Effective Proxies

2.2 Board/CEO letter | 29 6 TH EDITION | GUIDE TO EFFECTIVE PROXIES 2.2 Board/CEO letter With “accountability” as the watchword, letters from the CEO, Board Chair or Independent Lead Director are used to invite shareholders to attend the annual meeting or to vote by proxy. To emphasize the responsibility of board members as the shareholders’ elected representatives, certain companies are featuring a letter that comes from the board, and some highlight messages from both the CEO and the board. While traditionally a perfunctory invitation to the meeting, these letters have increasingly become substantive and contextual, often updating investors on the company’s current strategies, and highlighting particular business accomplishments, recent challenges that a company is facing and/or key governance and voting issues. ALASKA AIR GROUP AMEREN CORPORATION Dear Fellow Shareholders: You are cordially invited to attend Ameren Corporation’s 2018 Annual Meeting of Shareholders, which will be held at the Peoria Civic Center, 201 SW Jefferson Ave., Peoria, Illinois 61602, on Thursday, May 3, 2018, at 10:00 a.m. CDT. You can also listen to a live webcast of the meeting at www.amereninvestors.com. At the meeting, I look forward to sharing with you information about our company’s strong, purpose- driven performance during 2017. Highlights include: • A total investment of $2.1 billion in energy infrastructure to better serve customers; • A total shareholder return of 16 percent, including a 4 percent increase in the quarterly dividend during the fourth quarter of 2017. For the three and five years ending December 31, 2017, Ameren shares also provided a total shareholder return of 42 percent and 133 percent, respectively. These results exceeded the total shareholder returns of the S&P 500 Utility and Philadelphia Utility indices for each of these periods; • Achieving constructive outcomes in several regulatory proceedings, as well as meaningful improvements in worker safety and engagement, customer satisfaction, electric and gas system reliability and energy center performance; • Recognition by DiversityInc as the top utility in the nation for diversity and inclusion for the third consecutive year; • The initiation of our innovative Ameren Accelerator program, a unique public-private partnership to identify and accelerate advanced energy technologies from start-up companies and entrepreneurs around the world; and • Ameren Missouri’s 2017 integrated resource plan filing with the Missouri Public Service Commission, which sets forth a preferred plan that includes the addition of at least 700 megawatts of wind generation by 2020, representing a potential investment of approximately $1 billion, and 100 megawatts of solar generation by 2027. The preferred plan is consistent with Ameren Missouri’s objective of transitioning its generation fleet to a cleaner, more diverse energy portfolio in a responsible fashion. Further, Ameren Missouri announced it is targeting substantial carbon emission reductions of 35 percent by 2030, 50 percent by 2040 and 80 percent by 2050 from the 2005 level. In keeping with our commitment to environmental stewardship, during the first quarter of 2019, we will publish a report dedicated to climate risk. The report will include analysis of the potential impacts of future policy and technology changes on our generation portfolio and will leverage the results of our participation in the Electric Power Research Institute’s study regarding utility industry scenario analyses with respect to climate change. While I have highlighted our strong performance in 2017, it is important to note that our strategy is designed to deliver superior value not just for one year or five years into the future, but for decades to come. Executing our strategy will enable Ameren to address the rapid changes taking place in our industry, meet our customers’ rising energy needs and expectations, and deliver superior value to you, our shareholders. Details for meeting attendance are included in this proxy statement. Also enclosed are details for how and when to vote and other important information. Your vote is very important, so please cast it promptly, even if you plan to attend the annual meeting. Thank you for your strong support and confidence in our company. Sincerely, Warner L. Baxter Chairman, President and Chief Executive Officer March 19, 2018 March 23, 2018 To our Stockholders: On behalf of the Board of Directors, we invite you to attend Alaska Air Group’s 2018 Annual Meeting of Stockholders, which will be held on Thursday, May 3, 2018, beginning at 1:30 p.m.. Pacific Daylight Time. This year’s annual meeting will once again be a completely virtual meeting, which will be conducted via live webcast. You can attend via the Internet at www.proxyvote.com, where you will be able to vote and submit questions electronically prior to and during the meeting. You will also be able to dial-in via telephone to ask questions during the meeting. Specific instructions for accessing the meeting are provided in the notice, proxy card or voting instruction form you received. In addition to the EDGAR version of the 2018 Proxy Statement, we have produced an interactive proxy statement that is organized to make our governance provisions, executive compensation disclosures, proposals, and other key information easy to find and evaluate. The interactive proxy statement can be accessed at www.alaskaair.com under About Alaska/Investor Relations. This past year, we furthered our commitment to carrying out our duties as directors by adopting certain guiding principles that reflect our expectations for our own performance, including a focus on diversity and excellent governance. We believe these principles, which are culturally aligned with the values embodied by the employees and management of Alaska Air Group and its subsidiaries, not only contribute to our success as a Board, but also help us to ensure the continued success of the company, its employees, guests, communities and investors, such as yourself. These principles and values provide a foundation that enables us to reach our goal of being a great company and drives our purpose of Creating an Airline People Love. We hope you will join us on May 3 as we discuss Alaska Air Group’s 2017 financial and operational performance and vote on issues of importance to our company and to you. Whether or not you choose to participate on meeting day, your vote is important, and we encourage you to cast your ballot in one of the ways outlined in this Proxy Statement. Sincerely, Patricia M. Bedient Bradley D. Tilden Lead Independent Director Chairman and Chief Executive Officer