8f211.121114 

m 

DYNEGY 

Forward-Looking Statements 

Home • Legal • Forward-Looking Stataments 

This web site co rains statements reflecting &SSI,Illptlons, alCpectatlons, profectlons, lntan11ons or beliefs aboi.C fi.CLre 

everts hit are Intended as "forward-looking statemei'G." All statements lncl.lded In this website, other than 

statemera of lis1orfcal fact that addre&il acU~tles, ewra or developments that management bellews or 

ar11clpates wll or may ocxu In the Ml.lre are forward-locking statemem. These statements represert Oil' 

reasonable Judgment on the Ml.re based on var1o1.11 factors and using runerous assunptlons and are sli>ject to 

kncvm and ll'lkno'wn dsks, U'lCGI'Ialn11es and other fac:t:lrs that coud cause OU' actual resuHs and financial position to 

differ matedat.ffrom those con18mplated by the statemera. You can Identify these eta1Bments by the fact that they do 

not relate strfctyto list.orfcal or c\l'rent fac:13 and use 1o1o0rds such as "anticipate,• "esllmata: "pA)ject. • "tt recast, • 

"plan, • •may." "wll." "shoc.td." "expect" and other 1o1o0rd8 cf similar mearing. k'l parllcUar, these Include, bloC are not 

limited to, statements relating ID the following: 

• alCpectations regarding erMA)nmemal mattars, including costs of co~a.nce. availability and adeqi.IBCy cf 

emission credits, and the impact of ongoing proceedings and potential reg!Jalions or changes ID CUTert 

reguations, incl.ldill! those relating to eli mala change, air emissions, cooill! watsr intake 8lructl..re8, coal 

combustion b)'I)R)ducts and olhar laws and regiJations to wllch we are, or cocJd become, subject; 

• beliefs, a~ons and projaclions regarding the demand for powar, generation wlumes and commodity 

pricing, incbling naiLral gas prices and the liming cf a recowry in naiLral gas prices, if any, 

• s(jficiency of, acoass to and costs associated with coal, fuel oil and naiLral gas iFN~BniDries and transportation 

ttEreof; 

• beliefs and aSSUJ1)tions about market competition, generation capacity and regional supply and demand 

characteristics of the IM'Iolesale and retail po'Niilr generation marke~ incl.lding the anticipation of plart 

retiremern and tigherma.rk.et pricing over the longer term; 

• the effects of, or cha.nges to, MISO po'N&r p!OCU"8mert process; 

• the effectiii'Bness of OU' stratsgies ID capture opportl.rities presented by changes in commodity prices and to 

manage Ol.l' &JCPOSU'81D energy price wlatlllty, 

• efforts to secue retail sales andlha ability to grow the retell business; 

• efforts to Identify opportuitles ID reduce coi'Q&Stlon and lmpA)YG busbar pollll'8l' prices; 

• beliefs and asstlq)tlon& about weather and general economic conditions; 

• pA)jected operating or financial resuHs,lncludlng ar11clpated cash flows from operaUons,I'8Y8l'M.IeS and 

pA)fltabllty; 

• expectations regard!~ our compliance with the Credit Agreement,lncl.ldl~ colatsral demands,lrterest 

expense, any applcable financial raUoa and ether pa)merts; 

• oil' focus on safety and our ability ID efllclerily operate oil' assets so as to capture rewnue gene rat!~ 

cpportLritles and operating margins; 

• beliefs aboc.t 1he costs and scope cf the ongoing demolition and site remediation efforta at the So~ Bay and 

Vermilion faciities; 

• beliefs regardill! suet assf\J renegotiation cf the BEW Local1245 c:olectiw bargaining agreemert; 

• beliefs regardill! rediWGiopment efforta for the Morro Bayfaciity; 

• beliefs and a~lions regarding appA)WI by the CPUC of1he SCE 2016 transaction for Moas Landing 

Urits6& 7; 

• abilityto mitigate i~J1l'&cls associated with elCpiring RMR andlor capacity contracts; 

• beliefs aboc.t the outcome of legal, administratiw,legislatiii'B and reg&Jatory mattars; 

• a~cipated benefits and expec::IBd synergies resUting from the AERAcqusition and beliefs atl80ciated with 

the irtagration of operations; 

• lack of comparable financial data due to the application of fresh-start aCCOU'Iting; 

• ttE timing and anticipated benefits ID be achieved ttrough ol.l' con.,ai'I)'-Wide sailings imp!O'IIemert programs, 

including 01.1' PRIDE iritialiw; and 

• &JCP&ctations regaming perfonnance standards and capital and maintenance elCpenditures. 

Artf or all of Ol.l'forward-looking stataments maytm ci.C to be wrong. They can be alfeciBd by inaCQI'&te 

8$SI,IT1ptlons or by krlOIM'l or uicnown risks, uncertalr11es and otherfactors, many ofwtich are be)ond Ol.l' cortrol, 

Including ttr:lse set forth U'lder the section entitled "Risk Factors• of Ol.l' most recent Annual Report en Form 1 0-K 

and sli>sequen reports on Form 10-0. Please read oil' alYUII, pedodlc and curent reports under the Secu1tles 
~14 D)fleQy- F<lr't'Bd-locMng Statements 

Exchange Act of 1934, as amended, for additional information about the risks, uncertainties and other factors 

affecting these forward-looking statements and our business generally. Our actual future results may vary materially 

from those expressed or implied in any forward-looking statements. All of our forward-looking statements, whether 

written or oral, are expressly qualified in their entirety by these cautionary statements and any other cautionary 

statement that may accompany such forward-looking statements. In addition, forward-looking statements speak only 

as of the date they are made, and we disclaim any obligation to update any forward-looking statements to reflect 

events or circumstances after the date of the document containing such forward-looking statements, except as 

otherwise required by applicable law. 

htlp:llw.YN.cy,egy.com'leg aiJfcrv.wd-looki ng -stala 1illlts 212