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 hitare Intended as "forward-looking statemei'G." All statements lncl.lded In this website, otherthan statemera of

### lis1orfcal fact 

### that addre&il**acU~tles,** ewra or developments 

### that management bellews or ar11clpates 

### wll ormay ocxuIn 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 otherfac:t:lrs that coud cause OU'actual resuHs and financial position to differ matedat.ffrom those con18mplated bythe statemera. You can Identifythese eta1Bments bythe fact that they do not relate strfctyto 

### list.orfcal orc\l'rent 

### fac:13 and use 

### 1o1o0rds 

### such as "anticipate,• "esllmata: "pA)ject. • 

### "tt recast, • "plan,• •may." 

### "wll." "shoc.td." "expect" and other 

### 1o1o0rd8 cfsimilar 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.IBCycf emission credits, and the impact ofongoing proceedings and potential reg!Jalions orchanges ID CUTert reguations, incl.ldill! those relating 

### to elimala change, airemissions, cooill! watsr intake 8lructl..re8, coal combustion b)'I)R)ducts and olhar laws and regiJations to wllchwe are, orcocJd become, subject; • beliefs,**a~ons** and projaclions regarding the demand for powar, generation wlumes and commodity pricing, incbling naiLral gas prices and the liming cfa recowry in naiLral gas prices, ifany, • 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 supplyand demand characteristics ofthe IM'Iolesale and retail po'Niilr generation**marke~** incl.lding the anticipation ofplart retiremern and tigherma.rk.et pricing overthe longerterm; • the effects of, orcha.nges 

### to, MISO po'N&r p!OCU"8mert process; • the effectiii'Bness ofOU'stratsgies ID capture opportl.rities presented bychanges in commodity prices and to manage Ol.l' 

### &JCPOSU'81D energy price wlatlllty, • efforts to secue retail 

### sales andlha ability

### to growthe retell business; • efforts to Identifyopportuitles 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 orfinancial 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 efllclerilyoperate oil'assets 

### so as 

### to capture rewnue gene**rat!~** cpportLritles and operating margins; • beliefs aboc.t 

### 1he costs and scope cfthe ongoing demolition and site remediation efforta atthe**So~** Bay and Vermilion faciities; • beliefs regardill! suet

### assf\J renegotiation cfthe 

### BEW Local1245 c:olectiw bargaining agreemert; • beliefs regardill! rediWGiopment efforta for the Morro Bayfaciity; • beliefs and**a~lions** regarding appA)WI bythe CPUC 

### of1he SCE 2016 transaction for 

### Moas Landing Urits6& 7; • abilityto mitigate**i~J1l'&cls** associated with elCpiring RMR andlor capacity 

### contracts; • beliefs aboc.tthe 

### outcome oflegal, administratiw,legislatiii'B and reg&Jatory mattars; •**a~cipated** benefits and expec::IBd synergies resUting from the AERAcqusition and beliefs atl80ciated with the irtagration ofoperations; • lack ofcomparable financial data due 

### to the application offresh-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 orall ofOl.l'forward-looking stataments maytmci.C to be 

### wrong. They can 

### be alfeciBd by inaCQI'&te 8$SI,IT1ptlons orby krlOIM'l or uicnown risks, uncertalr11es and otherfactors, many ofwtich are be)ond Ol.l' cortrol, Including ttr:lse set forth U'lderthe section entitled "Risk Factors• ofOl.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 underthe 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 ofthe date they are made, and 

### we disclaim any obligation to update anyforward-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