----

----

|  Entity                             | CommissionFile Number | State ofIncorporation | I.R.S. EmployerIdentification No. |
|------------------------------------------|-----------------------|-----------------------|-----------------------------------|
| Dynegy Inc.                              | 001-33443             | Delaware              | 20-5653152                        |
| Dynegy Holdings Inc.                     | 000-29311             | Delaware              | 94-3248415                        |
|                                     |                  |                  |                              |
|                                     |                  |                  |                              |
| 1000 Louisiana, Suite 5800               |                  |                  |                              |
| Houston, Texas                           |                  |                  | 77002                             |
| (Address of principal executive offices) |                  |                  | (Zip Code)                        |

| Dynegy Inc.          | Yes T No  ̈ |
|----------------------|-----------------|
| Dynegy Holdings Inc. | Yes T No  ̈ |

| Dynegy Inc.          | Yes  ̈ No  ̈ |
|----------------------|----------------------|
| Dynegy Holdings Inc. | Yes  ̈ No  ̈ |

----

----

----

|                 |   | Large accelerated filer |   | Accelerated filer |   | Non-accelerated filer                         |   | Smaller reporting company |
|----------------------|--------|-------------------------|--------|-------------------|--------|-----------------------------------------------|--------|---------------------------|
|                 |   |                    |   |              |   | (Do not check if a smaller reporting company) |   |                      |
|                 |   |                    |   |              |   |                                          |   |                      |
| Dynegy Inc.          |   | T                       |   |  ̈            |   |  ̈                                        |   |  ̈                    |
| Dynegy Holdings Inc. |   |  ̈                  |   |  ̈            |   | T                                             |   |  ̈                    |

| Dynegy Inc.          | Yes  ̈ No T |
|----------------------|-----------------|
| Dynegy Holdings Inc. | Yes  ̈ No T |

----

DYNE

|                                                                                |                                                      |                                                                                                                                   | Page   |
|-------------------------------------------------------------------------------------|-----------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|--------|
| PART I. FINANCIAL INFORMATION                                                       |                                                      |
|                                                                                |                                                      |                                                                                                                                   |   |
| Item 1.                                                                             |                                                      | FINANCIAL STATEMENTS—DYNEGY INC. AND DYNEGY HOLDINGS INC.:                                                                       |   |
|                                                                                |                                                      |                                                                                                                                   |   |
| Condensed Consolidated Balance Sheets—Dynegy Inc.:                            |                                                      |
|                                                                                | June 30, 2009 and December 31, 2008                       | 4                                                                                                                                      |
| Condensed Consolidated Statements of Operations—Dynegy Inc.:                  |                                                      |
|                                                                                | For the three and six months ended June 30, 2009 and 2008 | 5                                                                                                                                      |
| Condensed Consolidated Statements of Cash Flows—Dynegy Inc.:                  |                                                      |
|                                                                                | For the six months ended June 30, 2009 and 2008           | 6                                                                                                                                      |
| Condensed Consolidated Statements of Comprehensive Loss—Dynegy Inc.:          |                                                      |
|                                                                                | For the three and six months ended June 30, 2009 and 2008 | 7                                                                                                                                      |
| Condensed Consolidated Balance Sheets—Dynegy Holdings Inc.:                   |                                                      |
|                                                                                | June 30, 2009 and December 31, 2008                       | 8                                                                                                                                      |
| Condensed Consolidated Statements of Operations—Dynegy Holdings Inc.:         |                                                      |
|                                                                                | For the three and six months ended June 30, 2009 and 2008 | 9                                                                                                                                      |
| Condensed Consolidated Statements of Cash Flows—Dynegy Holdings Inc.:         |                                                      |
|                                                                                | For the six months ended June 30, 2009 and 2008           | 10                                                                                                                                     |
| Condensed Consolidated Statements of Comprehensive Loss—Dynegy Holdings Inc.: |                                                      |
|                                                                                | For the three and six months ended June 30, 2009 and 2008 | 11                                                                                                                                     |
| Notes to Condensed Consolidated Financial Statements                                | 12                                                        |
|                                                                                |                                                      |                                                                                                                                   |   |
| Item 2.                                                                             |                                                      | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—DYNEGY INC. AND DYNEGY HOLDINGS INC. | 48     |
| Item 3.                                                                             |                                                      | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK—DYNEGY INC. AND DYNEGY HOLDINGS INC.                                  | 80     |
| Item 4.                                                                             |                                                      | CONTROLS AND PROCEDURES—DYNEGY INC. AND DYNEGY HOLDINGS INC.                                                                     | 81     |
|                                                                                |                                                      |                                                                                                                                   |   |
| PART II. OTHER INFORMATION                                                          |                                                      |
|                                                                                |                                                      |                                                                                                                                   |   |
| Item 1.                                                                             |                                                      | LEGAL PROCEEDINGS—DYNEGY INC. AND DYNEGY HOLDINGS INC.                                                                           | 82     |
| Item 1A.                                                                            |                                                      | RISK FACTORS—DYNEGY INC. AND DYNEGY HOLDINGS INC.                                                                                | 82     |
| Item 2.                                                                             |                                                      | UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS—DYNEGY INC.                                                                 | 82     |
| Item 4.                                                                             |                                                      | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS—DYNEGY INC.                                                                  | 82     |
| Item 6.                                                                             |                                                      | EXHIBITS—DYNEGY INC. AND DYNEGY HOLDINGS INC.                                                                                    | 84     |

----

Table of Contents

| ACES    | The American Clean Energy and Security Act of 2009                       |
|---------|--------------------------------------------------------------------------|
| APB     | Accounting Principles Board                                              |
| BTA     | Best technology available                                                |
| Cal ISO | The California Independent System Operator                               |
| CARB    | California Air Resources Board                                           |
| CCA     | Coal combustion ash                                                      |
| CDWR    | California Department of Water Resources                                 |
| CEC     | California Energy Commission                                             |
| CFTC    | Commodity Futures Trading Commission                                     |
| CO2     | Carbon Dioxide                                                           |
| CRM     | Our former customer risk management business segment                     |
| CUSA    | Chevron U.S.A. Inc., a wholly owned subsidiary of Chevron Corporation    |
| DHI     | Dynegy Holdings Inc., Dynegy’s primary financing subsidiary        |
| DMG     | Dynegy Midwest Generation, Inc.                                          |
| DMSLP   | Dynegy Midstream Services L.P.                                           |
| EITF    | Emerging Issues Task Force                                               |
| EPA     | Environmental Protection Agency                                          |
| FASB    | Financial Accounting Standards Board                                     |
| FERC    | Federal Energy Regulatory Commission                                     |
| FIN     | FASB Interpretation                                                      |
| FSP     | FASB Staff Position                                                      |
| GAAP    | Generally Accepted Accounting Principles of the United States of America |
| GEN     | Our power generation business                                            |
| GEN-MW  | Our power generation business - Midwest segment                          |
| GEN-NE  | Our power generation business - Northeast segment                        |
| GEN-WE  | Our power generation business - West segment                             |
| GHG     | Greenhouse Gas                                                           |
| ICC     | Illinois Commerce Commission                                             |
| IMA     | In-market asset availability                                             |
| ISO     | Independent System Operator                                              |
| LNG     | Liquefied natural gas                                                    |
| MISO    | Midwest Independent Transmission Operator, Inc.                          |
| MMBtu   | One million British thermal units                                        |
| MW      | Megawatts                                                                |
| MWh     | Megawatt hour                                                            |
| NPDES   | National Pollutant Discharge Elimination System                          |
| NRG     | NRG Energy, Inc.                                                         |
| NYSDEC  | New York State Department of Environmental Conservation                  |
| PJM     | PJM Interconnection, LLC                                                 |
| PPEA    | Plum Point Energy Associates, LLC                                        |
| PUHCA   | Public Utility Holding Company Act of 1935, as amended                   |
| RGGI    | Regional Greenhouse Gas Initiative                                       |
| RMR     | Reliability Must Run                                                     |
| RSG     | Revenue Sufficiency Guarantee                                            |
| SCEA    | Sandy Creek Energy Associates, LP                                        |
| SCH     | Sandy Creek Holdings LLC                                                 |
| SEC     | U.S. Securities and Exchange Commission                                  |
| SFAS    | Statement of Financial Accounting Standards                              |
| SPDES   | State Pollutant Discharge Elimination System                             |
| VaR     | Value at Risk                                                            |
| VIE     | Variable Interest Entity                                                 |

----

Table of Contents

DY

|                                                                                                                                                                                                                          |   | June 30,2009 |    |   | December 31,2008 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|-----------------------|--------|
| ASSETS                                                                                                                                                                                                                        |   |              |    |   |                  |   |
| Current Assets                                                                                                                                                                                                                |   |              |    |   |                  |   |
| Cash and cash equivalents                                                                                                                                                                                                     |   | $                 | 594     |   |                  | $      | 693 |   |
| Restricted cash and investments                                                                                                                                                                                               |   |              | 121     |   |                  |   | 87 |   |
| Short-term investments                                                                                                                                                                                                        |   |              | 2       |   |                  |   | 25 |   |
| Accounts receivable, net of allowance for doubtful accounts of $22 and $22, respectively                                                                                                                                      |   |              | 252     |   |                  |   | 340 |   |
| Accounts receivable, affiliates                                                                                                                                                                                               |   |              | 1       |   |                  |   | 1 |   |
| Inventory                                                                                                                                                                                                                     |   |              | 179     |   |                  |   | 184 |   |
| Assets from risk-management activities                                                                                                                                                                                        |   |              | 1,414   |   |                  |   | 1,263 |   |
| Deferred income taxes                                                                                                                                                                                                         |   |              | 4       |   |                  |   | 6 |   |
| Prepayments and other current assets                                                                                                                                                                                          |   |              | 296     |   |                  |   | 204 |   |
| Total Current Assets                                                                                                                                                                                                          |   |              | 2,863   |   |                  |   | 2,803 |   |
| Property, Plant and Equipment                                                                                                                                                                                                 |   |              | 10,892  |   |                  |   | 10,869 |   |
| Accumulated depreciation                                                                                                                                                                                                      |   |              | (2,347  | )      |                  |   | (1,935 | ) |
| Property, Plant and Equipment, Net                                                                                                                                                                                            |   |              | 8,545   |   |                  |   | 8,934 |   |
| Other Assets                                                                                                                                                                                                                  |   |              |    |   |                  |   |   |   |
| Unconsolidated investments                                                                                                                                                                                                    |   |              | — |   |                  |   | 15 |   |
| Restricted cash and investments                                                                                                                                                                                               |   |              | 1,157   |   |                  |   | 1,158 |   |
| Assets from risk-management activities                                                                                                                                                                                        |   |              | 207     |   |                  |   | 114 |   |
| Goodwill                                                                                                                                                                                                                      |   |              | — |   |                  |   | 433 |   |
| Intangible assets                                                                                                                                                                                                             |   |              | 418     |   |                  |   | 437 |   |
| Accounts receivable, affiliates                                                                                                                                                                                               |   |              | 7       |   |                  |   | 4 |   |
| Other long-term assets                                                                                                                                                                                                        |   |              | 343     |   |                  |   | 315 |   |
| Total Assets                                                                                                                                                                                                                  |   | $                 | 13,540  |   |                  | $      | 14,213 |   |
|                                                                                                                                                                                                                          |   |              |    |   |                  |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                                                                    |   |              |    |   |                  |   |   |   |
| Current Liabilities                                                                                                                                                                                                           |   |              |    |   |                  |   |   |   |
| Accounts payable                                                                                                                                                                                                              |   | $                 | 191     |   |                  | $      | 303 |   |
| Accrued interest                                                                                                                                                                                                              |   |              | 71      |   |                  |   | 56 |   |
| Accrued liabilities and other current liabilities                                                                                                                                                                             |   |              | 177     |   |                  |   | 160 |   |
| Liabilities from risk-management activities                                                                                                                                                                                   |   |              | 1,164   |   |                  |   | 1,119 |   |
| Notes payable and current portion of long-term debt                                                                                                                                                                           |   |              | 93      |   |                  |   | 64 |   |
| Deferred income taxes                                                                                                                                                                                                         |   |              | 8       |   |                  |   | — |   |
| Total Current Liabilities                                                                                                                                                                                                     |   |              | 1,704   |   |                  |   | 1,702 |   |
| Long-term debt                                                                                                                                                                                                                |   |              | 5,895   |   |                  |   | 5,872 |   |
| Long-term debt, affiliates                                                                                                                                                                                                    |   |              | 200     |   |                  |   | 200 |   |
| Long-Term Debt                                                                                                                                                                                                                |   |              | 6,095   |   |                  |   | 6,072 |   |
| Other Liabilities                                                                                                                                                                                                             |   |              |    |   |                  |   |   |   |
| Liabilities from risk-management activities                                                                                                                                                                                   |   |              | 291     |   |                  |   | 288 |   |
| Deferred income taxes                                                                                                                                                                                                         |   |              | 1,052   |   |                  |   | 1,166 |   |
| Other long-term liabilities                                                                                                                                                                                                   |   |              | 474     |   |                  |   | 500 |   |
| Total Liabilities                                                                                                                                                                                                             |   |              | 9,616   |   |                  |   | 9,728 |   |
| Commitments and Contingencies (Note 13)                                                                                                                                                                                       |   |              |    |   |                  |   |   |   |
| Stockholders’ Equity                                                                                                                                                                                                    |   |              |    |   |                  |   |   |   |
| Class A Common Stock, $0.01 par value, 2,100,000,000 shares authorized at June 30, 2009 and December 31, 2008; 507,423,614 and 505,821,277 shares issued and outstanding at June 30, 2009 and December 31, 2008, respectively |   |              | 5       |   |                  |   | 5 |   |
| Class B Common Stock, $0.01 par value, 850,000,000 shares authorized at June 30, 2009 and December 31, 2008; 340,000,000 shares issued and outstanding at June 30, 2009 and December 31, 2008                                 |   |              | 3       |   |                  |   | 3 |   |
| Additional paid-in capital                                                                                                                                                                                                    |   |              | 6,490   |   |                  |   | 6,485 |   |
| Subscriptions receivable                                                                                                                                                                                                      |   |              | (2      | )      |                  |   | (2 | ) |
| Accumulated other comprehensive loss, net of tax                                                                                                                                                                              |   |              | (183    | )      |                  |   | (215 | ) |
| Accumulated deficit                                                                                                                                                                                                           |   |              | (2,370  | )      |                  |   | (1,690 | ) |
| Treasury stock, at cost, 2,777,299 and 2,568,286 shares at June 30, 2009 and December 31, 2008, respectively                                                                                                                  |   |              | (71     | )      |                  |   | (71 | ) |
| Total Dynegy Inc. Stockholders’ Equity                                                                                                                                                                                  |   |              | 3,872   |   |                  |   | 4,515 |   |
| Noncontrolling interests                                                                                                                                                                                                      |   |              | 52      |   |                  |   | (30 | ) |
| Total Stockholders’ Equity                                                                                                                                                                                              |   |              | 3,924   |   |                  |   | 4,485 |   |
| Total Liabilities and Stockholders’ Equity                                                                                                                                                                              |   | $                 | 13,540  |   |                  | $      | 14,213 |   |

----

Table of Contents

DYN

|                                                                                                                |   | Three Months EndedJune 30, |    |   | Six Months EndedJune 30, |   |
|---------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|---------|--------|-------------------------------|--------|
|                                                                                                                |   | 2009                            |    |   | 2008                          |   |   | 2009 |   |   | 2008 |   |
| Revenues                                                                                                            |   | $                               | 493     |   |                          | $      | 322 |   |   | $ | 1,397 |   |   | $ | 865 |   |
| Cost of sales                                                                                                       |   |                            | (285    | )      |                          |   | (456 | ) |   |   | (666 | ) |   |   | (907 | ) |
| Operating and maintenance expense, exclusive of depreciation shown separately below                                 |   |                            | (144    | )      |                          |   | (125 | ) |   |   | (266 | ) |   |   | (236 | ) |
| Depreciation and amortization expense                                                                               |   |                            | (94     | )      |                          |   | (92 | ) |   |   | (186 | ) |   |   | (184 | ) |
| Gain on sale of assets                                                                                              |   |                            | — |   |                          |   | 26 |   |   |   | — |   |   |   | 26 |   |
| Goodwill impairments                                                                                                |   |                            | — |   |                          |   | — |   |   |   | (433 | ) |   |   | — |   |
| Impairment and other charges, exclusive of goodwill impairments shown separately above                              |   |                            | (405    | )      |                          |   | — |   |   |   | (410 | ) |   |   | — |   |
| General and administrative expenses                                                                                 |   |                            | (45     | )      |                          |   | (39 | ) |   |   | (83 | ) |   |   | (78 | ) |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                                                                                                      |   |                            | (480    | )      |                          |   | (364 | ) |   |   | (647 | ) |   |   | (514 | ) |
| Earnings (losses) from unconsolidated investments                                                                   |   |                            | 13      |   |                          |   | (3 | ) |   |   | 21 |   |   |   | (12 | ) |
| Interest expense                                                                                                    |   |                            | (98     | )      |                          |   | (108 | ) |   |   | (196 | ) |   |   | (217 | ) |
| Other income and expense, net                                                                                       |   |                            | 4       |   |                          |   | 15 |   |   |   | 8 |   |   |   | 35 |   |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes                                                                 |   |                            | (561    | )      |                          |   | (460 | ) |   |   | (814 | ) |   |   | (708 | ) |
| Income tax benefit (Note 15)                                                                                        |   |                            | 209     |   |                          |   | 186 |   |   |   | 124 |   |   |   | 282 |   |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                                                                                     |   |                            | (352    | )      |                          |   | (274 | ) |   |   | (690 | ) |   |   | (426 | ) |
| Income from discontinued operations, net of tax (expense) benefit of $(4), zero, $(4) and $1, respectively (Note 2) |   |                            | 6       |   |                          |   | — |   |   |   | 7 |   |   |   | — |   |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                            |   |                            | (346    | )      |                          |   | (274 | ) |   |   | (683 | ) |   |   | (426 | ) |
| Less: Net loss attributable to the noncontrolling interests                                                         |   |                            | (1      | )      |                          |   | (2 | ) |   |   | (3 | ) |   |   | (2 | ) |
| Net loss attributable to Dynegy Inc.                                                                                |   | $                               | (345    | )      |                          | $      | (272 | ) |   | $ | (680 | ) |   | $ | (424 | ) |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Loss Per Share (Note 12):                                                                                           |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Basic loss per share:                                                                                               |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations attributable to Dynegy Inc.                                                         |   | $                               | (0.42   | )      |                          | $      | (0.32 | ) |   | $ | (0.82 | ) |   | $ | (0.51 | ) |
| Income from discontinued operations attributable to Dynegy Inc.                                                     |   |                            | 0.01    |   |                          |   | — |   |   |   | 0.01 |   |   |   | — |   |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Basic loss per share attributable to Dynegy Inc.                                                                    |   | $                               | (0.41   | )      |                          | $      | (0.32 | ) |   | $ | (0.81 | ) |   | $ | (0.51 | ) |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Diluted loss per share:                                                                                             |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations attributable to Dynegy Inc.                                                         |   | $                               | (0.42   | )      |                          | $      | (0.32 | ) |   | $ | (0.82 | ) |   | $ | (0.51 | ) |
| Income from discontinued operations attributable to Dynegy Inc.                                                     |   |                            | 0.01    |   |                          |   | — |   |   |   | 0.01 |   |   |   | — |   |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Diluted loss per share attributable to Dynegy Inc.                                                                  |   | $                               | (0.41   | )      |                          | $      | (0.32 | ) |   | $ | (0.81 | ) |   | $ | (0.51 | ) |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Basic shares outstanding                                                                                            |   |                            | 842     |   |                          |   | 840 |   |   |   | 842 |   |   |   | 839 |   |
| Diluted shares outstanding                                                                                          |   |                            | 844     |   |                          |   | 842 |   |   |   | 843 |   |   |   | 841 |   |

----

Table of Contents

DYNE

|                                                                                   |   | Six Months EndedJune 30, |    |
|----------------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                                   |   | 2009                     |    |   | 2008 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                  |   |                     |    |   |   |   |
| Net loss                                                                               |   | $                        | (683    | ) |   | $ | (426 | ) |
| Adjustments to reconcile net loss to net cash flows from operating activities:         |   |                     |    |   |   |   |   |   |
| Depreciation and amortization                                                          |   |                     | 189     |   |   |   | 188 |   |
| Goodwill impairments                                                                   |   |                     | 433     |   |   |   | — |   |
| Impairment and other charges, exclusive of goodwill impairments shown separately above |   |                     | 410     |   |   |   | — |   |
| (Earnings) losses from unconsolidated investments, net of cash distributions           |   |                     | (21     | ) |   |   | 12 |   |
| Risk-management activities                                                             |   |                     | (65     | ) |   |   | 760 |   |
| Gain on sale of assets                                                                 |   |                     | (10     | ) |   |   | (26 | ) |
| Deferred income taxes                                                                  |   |                     | (129    | ) |   |   | (281 | ) |
| Other                                                                                  |   |                     | 43      |   |   |   | 2 |   |
| Changes in working capital:                                                            |   |                     |    |   |   |   |   |   |
| Accounts receivable                                                                    |   |                     | 35      |   |   |   | (77 | ) |
| Inventory                                                                              |   |                     | (9      | ) |   |   | 23 |   |
| Prepayments and other assets                                                           |   |                     | (88     | ) |   |   | (178 | ) |
| Accounts payable and accrued liabilities                                               |   |                     | (13     | ) |   |   | 61 |   |
| Changes in non-current assets                                                          |   |                     | (38     | ) |   |   | (35 | ) |
| Changes in non-current liabilities                                                     |   |                     | 6       |   |   |   | 9 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Net cash provided by operating activities                                              |   |                     | 60      |   |   |   | 32 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                  |   |                     |    |   |   |   |   |   |
| Capital expenditures                                                                   |   |                     | (303    | ) |   |   | (299 | ) |
| Unconsolidated investments                                                             |   |                     | 1       |   |   |   | (1 | ) |
| Proceeds from asset sales, net                                                         |   |                     | 105     |   |   |   | 84 |   |
| Decrease in short-term investments                                                     |   |                     | 14      |   |   |   | — |   |
| Decrease (increase) in restricted cash and restricted investments                      |   |                     | (33     | ) |   |   | 28 |   |
| Other investing                                                                        |   |                     | 3       |   |   |   | 11 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Net cash used in investing activities                                                  |   |                     | (213    | ) |   |   | (177 | ) |
|                                                                                   |   |                     |    |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                  |   |                     |    |   |   |   |   |   |
| Proceeds from long-term borrowings, net                                                |   |                     | 54      |   |   |   | 111 |   |
| Repayments of long-term borrowings, net                                                |   |                     | — |   |   |   | (21 | ) |
| Proceeds from issuance of capital stock                                                |   |                     | — |   |   |   | 2 |   |
| Other financing, net                                                                   |   |                     | — |   |   |   | (4 | ) |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Net cash provided by financing activities                                              |   |                     | 54      |   |   |   | 88 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                              |   |                     | (99     | ) |   |   | (57 | ) |
| Cash and cash equivalents, beginning of period                                         |   |                     | 693     |   |   |   | 328 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Cash and cash equivalents, end of period                                               |   | $                        | 594     |   |   | $ | 271 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Other non-cash investing activity:                                                     |   |                     |    |   |   |   |   |   |
| Non-cash capital expenditures                                                          |   | $                        | 42      |   |   | $ | 34 |   |

----

Table of Contents

DYNEG

|                                                                                                            |   | Three Months EndedJune 30, |    |
|-----------------------------------------------------------------------------------------------------------------|--------|----------------------------|---------|
|                                                                                                            |   | 2009                       |    |   | 2008 |   |
|                                                                                                            |   |                       |    |   |   |   |
| Net loss                                                                                                        |   | $                          | (346    | ) |   | $ | (274 | ) |
| Cash flow hedging activities, net:                                                                              |   |                       |    |   |   |   |   |   |
| Unrealized mark-to-market gains arising during period, net                                                      |   |                       | 81      |   |   |   | 20 |   |
| Reclassification of mark-to-market losses to earnings, net                                                      |   |                       | — |   |   |   | (1 | ) |
| Deferred losses on cash flow hedges, net                                                                        |   |                       | (3      | ) |   |   | (2 | ) |
|                                                                                                            |   |                       |    |   |   |   |   |   |
| Changes in cash flow hedging activities, net (net of tax expense of $7 and $5, respectively)                    |   |                       | 78      |   |   |   | 17 |   |
| Amortization of unrecognized prior service cost and actuarial loss (net of tax benefit of $2 and zero)          |   |                       | 3       |   |   |   | 1 |   |
| Net unrealized loss on securities, net (net of tax benefit of zero and $5, respectively)                        |   |                       | — |   |   |   | (8 | ) |
| Unconsolidated investments other comprehensive income (loss), net (net of tax (expense) benefit of $(2) and $4) |   |                       | 5       |   |   |   | (7 | ) |
|                                                                                                            |   |                       |    |   |   |   |   |   |
| Other comprehensive income, net of tax                                                                          |   |                       | 86      |   |   |   | 3 |   |
|                                                                                                            |   |                       |    |   |   |   |   |   |
| Comprehensive loss                                                                                              |   |                       | (260    | ) |   |   | (271 | ) |
| Less: Comprehensive income attributable to the noncontrolling interests                                         |   |                       | 56      |   |   |   | 7 |   |
|                                                                                                            |   |                       |    |   |   |   |   |   |
| Comprehensive loss attributable to Dynegy Inc.                                                                  |   | $                          | (316    | ) |   | $ | (278 | ) |

|                                                                                                                 |   | Six Months EndedJune 30, |    |
|----------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                                                                 |   | 2009                     |    |   | 2008 |   |
|                                                                                                                 |   |                     |    |   |   |   |
| Net loss                                                                                                             |   | $                        | (683    | ) |   | $ | (426 | ) |
| Cash flow hedging activities, net:                                                                                   |   |                     |    |   |   |   |   |   |
| Unrealized mark-to-market gains (losses) arising during period, net                                                  |   |                     | 115     |   |   |   | (6 | ) |
| Reclassification of mark-to-market gains to earnings, net                                                            |   |                     | — |   |   |   | 7 |   |
| Deferred losses on cash flow hedges, net                                                                             |   |                     | (6      | ) |   |   | (2 | ) |
|                                                                                                                 |   |                     |    |   |   |   |   |   |
| Changes in cash flow hedging activities, net (net of tax expense of $(16) and zero, respectively)                    |   |                     | 109     |   |   |   | (1 | ) |
| Amortization of unrecognized prior service cost and actuarial loss (net of tax expense of $1 and zero)               |   |                     | 2       |   |   |   | 1 |   |
| Net unrealized loss on securities, net (net of tax benefit of zero and $8, respectively)                             |   |                     | — |   |   |   | (12 | ) |
| Unconsolidated investments other comprehensive income (loss), net (net of tax (expense) benefit of $(4) and $4) |   |                     | 6       |   |   |   | (7 | ) |
|                                                                                                                 |   |                     |    |   |   |   |   |   |
| Other comprehensive income (loss), net of tax                                                                        |   |                     | 117     |   |   |   | (19 | ) |
|                                                                                                                 |   |                     |    |   |   |   |   |   |
| Comprehensive loss                                                                                                   |   |                     | (566    | ) |   |   | (445 | ) |
| Less: Comprehensive income (loss) attributable to the noncontrolling interests                                       |   |                     | 82      |   |   |   | (4 | ) |
|                                                                                                                 |   |                     |    |   |   |   |   |   |
| Comprehensive loss attributable to Dynegy Inc.                                                                       |   | $                        | (648    | ) |   | $ | (441 | ) |

----

Table of Contents

DYNE

|                                                                                        |   | June 30,2009 |    |   | December 31,2008 |   |
|---------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|-----------------------|--------|
| ASSETS                                                                                      |   |              |    |   |                  |   |
| Current Assets                                                                              |   |              |    |   |                  |   |
| Cash and cash equivalents                                                                   |   | $                 | 411     |   |                  | $      | 670 |   |
| Restricted cash and investments                                                             |   |              | 121     |   |                  |   | 87 |   |
| Short-term investments                                                                      |   |              | 2       |   |                  |   | 24 |   |
| Accounts receivable, net of allowance for doubtful accounts of $20 and $20, respectively    |   |              | 254     |   |                  |   | 343 |   |
| Accounts receivable, affiliates                                                             |   |              | 1       |   |                  |   | 1 |   |
| Inventory                                                                                   |   |              | 179     |   |                  |   | 184 |   |
| Assets from risk-management activities                                                      |   |              | 1,414   |   |                  |   | 1,263 |   |
| Deferred income taxes                                                                       |   |              | 4       |   |                  |   | 4 |   |
| Prepayments and other current assets                                                        |   |              | 296     |   |                  |   | 204 |   |
| Total Current Assets                                                                        |   |              | 2,682   |   |                  |   | 2,780 |   |
| Property, Plant and Equipment                                                               |   |              | 10,892  |   |                  |   | 10,869 |   |
| Accumulated depreciation                                                                    |   |              | (2,347  | )      |                  |   | (1,935 | ) |
| Property, Plant and Equipment, Net                                                          |   |              | 8,545   |   |                  |   | 8,934 |   |
| Other Assets                                                                                |   |              |    |   |                  |   |   |   |
| Restricted cash and investments                                                             |   |              | 1,157   |   |                  |   | 1,158 |   |
| Assets from risk-management activities                                                      |   |              | 207     |   |                  |   | 114 |   |
| Goodwill                                                                                    |   |              | — |   |                  |   | 433 |   |
| Intangible assets                                                                           |   |              | 418     |   |                  |   | 437 |   |
| Accounts receivable, affiliates                                                             |   |              | 7       |   |                  |   | 4 |   |
| Other long-term assets                                                                      |   |              | 342     |   |                  |   | 314 |   |
| Total Assets                                                                                |   | $                 | 13,358  |   |                  | $      | 14,174 |   |
|                                                                                        |   |              |    |   |                  |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                  |   |              |    |   |                  |   |   |   |
| Current Liabilities                                                                         |   |              |    |   |                  |   |   |   |
| Accounts payable                                                                            |   | $                 | 191     |   |                  | $      | 284 |   |
| Accrued interest                                                                            |   |              | 71      |   |                  |   | 56 |   |
| Accrued liabilities and other current liabilities                                           |   |              | 174     |   |                  |   | 157 |   |
| Liabilities from risk-management activities                                                 |   |              | 1,164   |   |                  |   | 1,119 |   |
| Notes payable and current portion of long-term debt                                         |   |              | 93      |   |                  |   | 64 |   |
| Deferred income taxes                                                                       |   |              | 10      |   |                  |   | 1 |   |
| Total Current Liabilities                                                                   |   |              | 1,703   |   |                  |   | 1,681 |   |
| Long-term debt                                                                              |   |              | 5,895   |   |                  |   | 5,872 |   |
| Long-term debt, affiliates                                                                  |   |              | 200     |   |                  |   | 200 |   |
| Long-Term Debt                                                                              |   |              | 6,095   |   |                  |   | 6,072 |   |
| Other Liabilities                                                                           |   |              |    |   |                  |   |   |   |
| Liabilities from risk-management activities                                                 |   |              | 291     |   |                  |   | 288 |   |
| Deferred income taxes                                                                       |   |              | 906     |   |                  |   | 1,052 |   |
| Other long-term liabilities                                                                 |   |              | 475     |   |                  |   | 498 |   |
| Total Liabilities                                                                           |   |              | 9,470   |   |                  |   | 9,591 |   |
| Commitments and Contingencies (Note 13)                                                     |   |              |    |   |                  |   |   |   |
| Stockholders’ Equity                                                                  |   |              |    |   |                  |   |   |   |
| Capital Stock, $1 par value, 1,000 shares authorized at June 30, 2009 and December 31, 2008 |   |              | — |   |                  |   | — |   |
| Additional paid-in capital                                                                  |   |              | 5,545   |   |                  |   | 5,684 |   |
| Affiliate receivable                                                                        |   |              | (827    | )      |                  |   | (827 | ) |
| Accumulated other comprehensive loss, net of tax                                            |   |              | (183    | )      |                  |   | (215 | ) |
| Accumulated deficit                                                                         |   |              | (699    | )      |                  |   | (29 | ) |
| Total Dynegy Holdings Inc. Stockholder’s Equity                                       |   |              | 3,836   |   |                  |   | 4,613 |   |
| Noncontrolling interests                                                                    |   |              | 52      |   |                  |   | (30 | ) |
| Total Stockholders’ Equity                                                            |   |              | 3,888   |   |                  |   | 4,583 |   |
| Total Liabilities and Stockholders’ Equity                                            |   | $                 | 13,358  |   |                  | $      | 14,174 |   |

----

Table of Contents

DYNEG

|                                                                                                                |   | Three Months EndedJune 30, |    |   | Six Months EndedJune 30, |   |
|---------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|---------|--------|-------------------------------|--------|
|                                                                                                                |   | 2009                            |    |   | 2008                          |   |   | 2009 |   |   | 2008 |   |
| Revenues                                                                                                            |   | $                               | 493     |   |                          | $      | 322 |   |   | $ | 1,397 |   |   | $ | 865 |   |
| Cost of sales                                                                                                       |   |                            | (285    | )      |                          |   | (456 | ) |   |   | (666 | ) |   |   | (907 | ) |
| Operating and maintenance expense, exclusive of depreciation shown separately below                                 |   |                            | (144    | )      |                          |   | (125 | ) |   |   | (268 | ) |   |   | (236 | ) |
| Depreciation and amortization expense                                                                               |   |                            | (94     | )      |                          |   | (92 | ) |   |   | (186 | ) |   |   | (184 | ) |
| Gain on sale of assets                                                                                              |   |                            | — |   |                          |   | 26 |   |   |   | — |   |   |   | 26 |   |
| Goodwill impairments                                                                                                |   |                            | — |   |                          |   | — |   |   |   | (433 | ) |   |   | — |   |
| Impairment and other charges, exclusive of goodwill impairments shown separately above                              |   |                            | (405    | )      |                          |   | — |   |   |   | (410 | ) |   |   | — |   |
| General and administrative expenses                                                                                 |   |                            | (45     | )      |                          |   | (39 | ) |   |   | (83 | ) |   |   | (78 | ) |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                                                                                                      |   |                            | (480    | )      |                          |   | (364 | ) |   |   | (649 | ) |   |   | (514 | ) |
| Earnings (losses) from unconsolidated investments                                                                   |   |                            | 13      |   |                          |   | 3 |   |   |   | 20 |   |   |   | (2 | ) |
| Interest expense                                                                                                    |   |                            | (98     | )      |                          |   | (108 | ) |   |   | (196 | ) |   |   | (217 | ) |
| Other income and expense, net                                                                                       |   |                            | 3       |   |                          |   | 14 |   |   |   | 7 |   |   |   | 34 |   |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes                                                                 |   |                            | (562    | )      |                          |   | (455 | ) |   |   | (818 | ) |   |   | (699 | ) |
| Income tax benefit (Note 15)                                                                                        |   |                            | 220     |   |                          |   | 184 |   |   |   | 138 |   |   |   | 275 |   |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                                                                                     |   |                            | (342    | )      |                          |   | (271 | ) |   |   | (680 | ) |   |   | (424 | ) |
| Income from discontinued operations, net of tax (expense) benefit of ($4), zero, ($4) and $1, respectively (Note 2) |   |                            | 6       |   |                          |   | — |   |   |   | 7 |   |   |   | — |   |
|                                                                                                                |   |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                            |   |                            | (336    | )      |                          |   | (271 | ) |   |   | (673 | ) |   |   | (424 | ) |
| Less: Net loss attributable to the noncontrolling interests                                                         |   |                            | (1      | )      |                          |   | (2 | ) |   |   | (3 | ) |   |   | (2 | ) |
| Net loss attributable to Dynegy Holdings Inc.                                                                       |   | $                               | (335    | )      |                          | $      | (269 | ) |   | $ | (670 | ) |   | $ | (422 | ) |

----

Table of Contents

DYNE

|                                                                                   |   | Six Months EndedJune 30, |    |
|----------------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                                   |   | 2009                     |    |   | 2008 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                  |   |                     |    |   |   |   |
| Net loss                                                                               |   | $                        | (673    | ) |   | $ | (424 | ) |
| Adjustments to reconcile net loss to net cash flows from operating activities:         |   |                     |    |   |   |   |   |   |
| Depreciation and amortization                                                          |   |                     | 189     |   |   |   | 188 |   |
| Goodwill impairments                                                                   |   |                     | 433     |   |   |   | — |   |
| Impairment and other charges, exclusive of goodwill impairments shown separately above |   |                     | 410     |   |   |   | — |   |
| (Earnings) losses from unconsolidated investments, net of cash distributions           |   |                     | (20     | ) |   |   | 2 |   |
| Risk-management activities                                                             |   |                     | (65     | ) |   |   | 760 |   |
| Gain on sale of assets, net                                                            |   |                     | (10     | ) |   |   | (26 | ) |
| Deferred income taxes                                                                  |   |                     | (139    | ) |   |   | (273 | ) |
| Other                                                                                  |   |                     | 43      |   |   |   | — |   |
| Changes in working capital:                                                            |   |                     |    |   |   |   |   |   |
| Accounts receivable                                                                    |   |                     | 35      |   |   |   | (78 | ) |
| Inventory                                                                              |   |                     | (9      | ) |   |   | 23 |   |
| Prepayments and other assets                                                           |   |                     | (88     | ) |   |   | (178 | ) |
| Accounts payable and accrued liabilities                                               |   |                     | 5       |   |   |   | 61 |   |
| Changes in non-current assets                                                          |   |                     | (38     | ) |   |   | (35 | ) |
| Changes in non-current liabilities                                                     |   |                     | 7       |   |   |   | 9 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Net cash provided by operating activities                                              |   |                     | 80      |   |   |   | 29 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                  |   |                     |    |   |   |   |   |   |
| Capital expenditures                                                                   |   |                     | (303    | ) |   |   | (299 | ) |
| Unconsolidated investments                                                             |   |                     | — |   |   |   | 10 |   |
| Proceeds from asset sales, net                                                         |   |                     | 105     |   |   |   | 84 |   |
| Decrease in short-term investments                                                     |   |                     | 13      |   |   |   | — |   |
| Decrease (increase) in restricted cash and restricted investments                      |   |                     | (33     | ) |   |   | 28 |   |
| Affiliate transactions                                                                 |   |                     | (3      | ) |   |   | 1 |   |
| Other investing                                                                        |   |                     | 3       |   |   |   | 7 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Net cash used in investing activities                                                  |   |                     | (218    | ) |   |   | (169 | ) |
|                                                                                   |   |                     |    |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                  |   |                     |    |   |   |   |   |   |
| Proceeds from long-term borrowings, net                                                |   |                     | 54      |   |   |   | 111 |   |
| Repayments to long-term borrowings                                                     |   |                     | — |   |   |   | (21 | ) |
| Dividend to affiliate                                                                  |   |                     | (175    | ) |   |   | — |   |
| Other financing, net                                                                   |   |                     | — |   |   |   | (4 | ) |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                    |   |                     | (121    | ) |   |   | 86 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                              |   |                     | (259    | ) |   |   | (54 | ) |
| Cash and cash equivalents, beginning of period                                         |   |                     | 670     |   |   |   | 292 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Cash and cash equivalents, end of period                                               |   | $                        | 411     |   |   | $ | 238 |   |
|                                                                                   |   |                     |    |   |   |   |   |   |
| Other non-cash investing activity:                                                     |   |                     |    |   |   |   |   |   |
| Non-cash capital expenditures                                                          |   | $                        | 42      |   |   | $ | 34 |   |

----

Table of Contents

DYNE

|                                                                                                            |   | Three Months EndedJune 30, |    |
|-----------------------------------------------------------------------------------------------------------------|--------|----------------------------|---------|
|                                                                                                            |   | 2009                       |    |   | 2008 |   |
|                                                                                                            |   |                       |    |   |   |   |
| Net loss                                                                                                        |   | $                          | (336    | ) |   | $ | (271 | ) |
| Cash flow hedging activities, net:                                                                              |   |                       |    |   |   |   |   |   |
| Unrealized mark-to-market gains arising during period, net                                                      |   |                       | 81      |   |   |   | 20 |   |
| Reclassification of mark-to-market losses to earnings, net                                                      |   |                       | — |   |   |   | (1 | ) |
| Deferred losses on cash flow hedges, net                                                                        |   |                       | (3      | ) |   |   | (2 | ) |
|                                                                                                            |   |                       |    |   |   |   |   |   |
| Changes in cash flow hedging activities, net (net of tax expense of $7 and $5, respectively)                    |   |                       | 78      |   |   |   | 17 |   |
| Amortization of unrecognized prior service cost and actuarial loss (net of tax benefit of $2 and zero)          |   |                       | 3       |   |   |   | 1 |   |
| Net unrealized loss on securities, net (net of tax benefit of zero and $5, respectively)                        |   |                       | — |   |   |   | (8 | ) |
| Unconsolidated investments other comprehensive income (loss), net (net of tax (expense) benefit of $(2) and $4) |   |                       | 5       |   |   |   | (7 | ) |
|                                                                                                            |   |                       |    |   |   |   |   |   |
| Other comprehensive income, net of tax                                                                          |   |                       | 86      |   |   |   | 3 |   |
|                                                                                                            |   |                       |    |   |   |   |   |   |
| Comprehensive loss                                                                                              |   |                       | (250    | ) |   |   | (268 | ) |
| Less: Comprehensive income attributable to the noncontrolling interests                                         |   |                       | 56      |   |   |   | 7 |   |
| Comprehensive loss attributable to Dynegy Holdings Inc.                                                         |   | $                          | (306    | ) |   | $ | (275 | ) |

|                                                                                                              |   | Six Months EndedJune 30, |    |
|-------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                                                              |   | 2009                     |    |   | 2008 |   |
|                                                                                                              |   |                     |    |   |   |   |
| Net loss                                                                                                          |   | $                        | (673    | ) |   | $ | (424 | ) |
| Cash flow hedging activities, net:                                                                                |   |                     |    |   |   |   |   |   |
| Unrealized mark-to-market gains (losses) arising during period, net                                               |   |                     | 115     |   |   |   | (6 | ) |
| Reclassification of mark-to-market gains to earnings, net                                                         |   |                     | — |   |   |   | 7 |   |
| Deferred losses on cash flow hedges, net                                                                          |   |                     | (6      | ) |   |   | (2 | ) |
|                                                                                                              |   |                     |    |   |   |   |   |   |
| Changes in cash flow hedging activities, net (net of tax (expense) benefit of $(16) and zero, respectively)       |   |                     | 109     |   |   |   | (1 | ) |
| Amortization of unrecognized prior service cost and actuarial loss (net of tax expense of $1 and  zero) |   |                     | 2       |   |   |   | 1 |   |
| Net unrealized loss on securities, net (net of tax benefit of zero and $8, respectively)                          |   |                     | — |   |   |   | (12 | ) |
| Unconsolidated investments other comprehensive income (loss), net (net of tax (expense) benefit of $(4) and $4)   |   |                     | 6       |   |   |   | (7 | ) |
|                                                                                                              |   |                     |    |   |   |   |   |   |
| Other comprehensive income (loss), net of tax                                                                     |   |                     | 117     |   |   |   | (19 | ) |
|                                                                                                              |   |                     |    |   |   |   |   |   |
| Comprehensive loss                                                                                                |   |                     | (556    | ) |   |   | (443 | ) |
| Less: Comprehensive income (loss) attributable to the noncontrolling interests                                    |   |                     | 82      |   |   |   | (4 | ) |
| Comprehensive loss attributable to Dynegy Holdings Inc.                                                           |   | $                        | (638    | ) |   | $ | (439 | ) |

----

Table of Contents

DYNE

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                         |   | Heard County  |    |   | Calcasieu |   |    | Total  |   |
|----------------------------------------------|--------|---------------|---------|--------|-----------|--------|---------|--------|--------|
|                                         |   | (in millions) |    |
| Three Months Ended June 30, 2009             |   |          |    |   |      |   |    |   |   |
| Gain on sale before taxes                    |   | $             | 10      |   |      | $      | — |   |   | $ | 10 |   |
| Gain on sale after taxes                     |   |          | 6       |   |      |   | — |   |   |   | 6 |   |
|                                         |   |          |    |   |      |   |    |   |   |   |   |   |
| Three Months Ended June 30, 2008             |   |          |    |   |      |   |    |   |   |   |   |   |
| Revenues                                     |   | $             | 1       |   |      | $      | — |   |   | $ | 1 |   |
|                                         |   |          |    |   |      |   |    |   |   |   |   |   |
| Six Months Ended June 30, 2009               |   |          |    |   |      |   |    |   |   |   |   |   |
| Revenues                                     |   | $             | 2       |   |      | $      | — |   |   | $ | 2 |   |
| Income from operations before taxes          |   |          | 1       |   |      |   | — |   |   |   | 1 |   |
| Income from operations after taxes           |   |          | 1       |   |      |   | — |   |   |   | 1 |   |
| Gain on sale before taxes                    |   |          | 10      |   |      |   | — |   |   |   | 10 |   |
| Gain on sale after taxes                     |   |          | 6       |   |      |   | — |   |   |   | 6 |   |
|  Six Months Ended June 30, 2008Revenues |   | $             | 3       |   |      | $      | — |   |   | $ | 3 |   |
| Loss on sale before taxes                    |   |          | — |   |      |   | (1      | )      |   |   | (1 | ) |
| Loss on sale after taxes                     |   |          | — |   |      |   | — |   |   |   | — |   |

|                                                                                           |   | Dynegy Inc.                |   |   | Dynegy Holdings Inc.       |   |
|------------------------------------------------------------------------------------------------|--------|----------------------------|--------|--------|----------------------------|--------|
|                                                                                           |   | Three Months EndedJune 30, |   |   | Three Months EndedJune 30, |   |
|                                                                                           |   | 2009                       |   |   | 2008                       |   |   | 2009 |   |   | 2008 |   |
|                                                                                           |   | (in millions)              |   |
| Loss from continuing operations                                                                |   | $                          | (351   | )      |                       | $      | (272 | ) |   | $ | (341 | ) |   | $ | (269 | ) |
| Income from discontinued operations, net of tax expense of $4, zero, $4 and zero, respectively |   |                       | 6      |   |                       |   | — |   |   |   | 6 |   |   |   | — |   |
|                                                                                           |   |                       |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                       |   | $                          | (345   | )      |                       | $      | (272 | ) |   | $ | (335 | ) |   | $ | (269 | ) |

----

Table of Contents

|                                                                                                     |   | Dynegy Inc.              |   |   | Dynegy Holdings Inc.     |   |
|----------------------------------------------------------------------------------------------------------|--------|--------------------------|--------|--------|--------------------------|--------|
|                                                                                                     |   | Six Months EndedJune 30, |   |   | Six Months EndedJune 30, |   |
|                                                                                                     |   | 2009                     |   |   | 2008                     |   |   | 2009 |   |   | 2008 |   |
|                                                                                                     |   | (in millions)            |   |
| Loss from continuing operations                                                                          |   | $                        | (687   | )      |                     | $      | (424 | ) |   | $ | (677 | ) |   | $ | (422 | ) |
| Income from discontinued operations, net of tax benefit (expense) of ($4), $1, ($4) and $1, respectively |   |                     | 7      |   |                     |   | — |   |   |   | 7 |   |   |   | — |   |
|                                                                                                     |   |                     |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                 |   | $                        | (680   | )      |                     | $      | (424 | ) |   | $ | (670 | ) |   | $ | (422 | ) |

|                                                               |   | Controlling Interest |   |   | Noncontrolling Interests |   |    | Total  |   |
|--------------------------------------------------------------------|--------|----------------------|--------|--------|--------------------------|--------|---------|--------|--------|
|                                                               |   | (in millions)        |   |
| December 31, 2008                                                  |   | $                    | 4,515  |   |                     | $      | (30     | )      |   | $ | 4,485 |   |
| Net loss                                                           |   |                 | (680   | )      |                     |   | (3      | )      |   |   | (683 | ) |
| Other comprehensive income (loss), net of tax:                     |   |                 |   |   |                     |   |    |   |   |   |   |   |
| Unrealized mark-to-market gains arising during period              |   |                 | 25     |   |                     |   | 90      |   |   |   | 115 |   |
| Reclassification of mark-to-market gains (losses) to earnings      |   |                 | (2     | )      |                     |   | 2       |   |   |   | — |   |
| Deferred gains (losses) on cash flow hedges                        |   |                 | 1      |   |                     |   | (7      | )      |   |   | (6 | ) |
| Amortization of unrecognized prior service cost and actuarial loss |   |                 | 2      |   |                     |   | — |   |   |   | 2 |   |
| Unconsolidated investments other comprehensive income              |   |                 | 6      |   |                     |   | — |   |   |   | 6 |   |
| Total other comprehensive income, net of tax                       |   |                 | 32     |   |                     |   | 85      |   |   |   | 117 |   |
| Other equity activity:                                             |   |                 |   |   |                     |   |    |   |   |   |   |   |
| Options exercised                                                  |   |                 | (1     | )      |                     |   | — |   |   |   | (1 | ) |
| Options and restricted stock granted                               |   |                 | 5      |   |                     |   | — |   |   |   | 5 |   |
| 401(k) plan and profit sharing stock                               |   |                 | 3      |   |                     |   | — |   |   |   | 3 |   |
| Board of directors stock compensation                              |   |                 | (2     | )      |                     |   | — |   |   |   | (2 | ) |
|                                                               |   |                 |   |   |                     |   |    |   |   |   |   |   |
| June 30, 2009                                                      |   | $                    | 3,872  |   |                     | $      | 52      |   |   | $ | 3,924 |   |

----

Table of Contents

|                                                               |   | Controlling Interest |   |   | Noncontrolling Interests |   |    | Total  |   |
|--------------------------------------------------------------------|--------|----------------------|--------|--------|--------------------------|--------|---------|--------|--------|
|                                                               |   | (in millions)        |   |
| December 31, 2007                                                  |   | $                    | 4,506  |   |                     | $      | 23      |   |   | $ | 4,529 |   |
| Net loss                                                           |   |                 | (424   | )      |                     |   | (2      | )      |   |   | (426 | ) |
| Other comprehensive income (loss), net of tax:                     |   |                 |   |   |                     |   |    |   |   |   |   |   |
| Unrealized mark-to-market losses arising during period             |   |                 | (6     | )      |                     |   | — |   |   |   | (6 | ) |
| Reclassification of mark-to-market gains (losses) to earnings      |   |                 | 8      |   |                     |   | (1      | )      |   |   | 7 |   |
| Deferred losses on cash flow hedges                                |   |                 | (1     | )      |                     |   | (1      | )      |   |   | (2 | ) |
| Amortization of unrecognized prior service cost and actuarial loss |   |                 | 1      |   |                     |   | — |   |   |   | 1 |   |
| Unconsolidated investments other comprehensive loss                |   |                 | (7     | )      |                     |   | — |   |   |   | (7 | ) |
| Net unrealized loss on securities                                  |   |                 | (12    | )      |                     |   | — |   |   |   | (12 | ) |
| Total other comprehensive loss, net of tax                         |   |                 | (17    | )      |                     |   | (2      | )      |   |   | (19 | ) |
| Other equity activity:                                             |   |                 |   |   |                     |   |    |   |   |   |   |   |
| Subscriptions receivable                                           |   |                 | 2      |   |                     |   | — |   |   |   | 2 |   |
| Options exercised                                                  |   |                 | 1      |   |                     |   | — |   |   |   | 1 |   |
| 401(k) plan and profit sharing stock                               |   |                 | 3      |   |                     |   | — |   |   |   | 3 |   |
| Options and restricted stock granted                               |   |                 | 9      |   |                     |   | — |   |   |   | 9 |   |
|                                                               |   |                 |   |   |                     |   |    |   |   |   |   |   |
| June 30, 2008                                                      |   | $                    | 4,080  |   |                     | $      | 19      |   |   | $ | 4,099 |   |

|                                                               |   | Controlling Interest |   |   | Noncontrolling Interests |   |    | Total  |   |
|--------------------------------------------------------------------|--------|----------------------|--------|--------|--------------------------|--------|---------|--------|--------|
|                                                               |   | (in millions)        |   |
| December 31, 2008                                                  |   | $                    | 4,613  |   |                     | $      | (30     | )      |   | $ | 4,583 |   |
| Net loss                                                           |   |                 | (670   | )      |                     |   | (3      | )      |   |   | (673 | ) |
| Other comprehensive income (loss), net of tax:                     |   |                 |   |   |                     |   |    |   |   |   |   |   |
| Unrealized mark-to-market gains arising during period              |   |                 | 25     |   |                     |   | 90      |   |   |   | 115 |   |
| Reclassification of mark-to-market gains (losses) to earnings      |   |                 | (2     | )      |                     |   | 2       |   |   |   | — |   |
| Deferred gains (losses) on cash flow hedges                        |   |                 | 1      |   |                     |   | (7      | )      |   |   | (6 | ) |
| Amortization of unrecognized prior service cost and actuarial loss |   |                 | 2      |   |                     |   | — |   |   |   | 2 |   |
| Unconsolidated investments other comprehensive income              |   |                 | 6      |   |                     |   | — |   |   |   | 6 |   |
| Total other comprehensive income, net of tax                       |   |                 | 32     |   |                     |   | 85      |   |   |   | 117 |   |
| Other equity activity:                                             |   |                 |   |   |                     |   |    |   |   |   |   |   |
| Dividend to Dynegy                                                 |   |                 | (175   | )      |                     |   | — |   |   |   | (175 | ) |
| Contribution from Dynegy                                           |   |                 | 36     |   |                     |   | — |   |   |   | 36 |   |
|                                                               |   |                 |   |   |                     |   |    |   |   |   |   |   |
| June 30, 2009                                                      |   | $                    | 3,836  |   |                     | $      | 52      |   |   | $ | 3,888 |   |

----

Table of Contents

|                                                               |   | Controlling Interest |   |   | Noncontrolling Interests |   |    | Total  |   |
|--------------------------------------------------------------------|--------|----------------------|--------|--------|--------------------------|--------|---------|--------|--------|
|                                                               |   | (in millions)        |   |
| December 31, 2007                                                  |   | $                    | 4,597  |   |                     | $      | 23      |   |   | $ | 4,620 |   |
| Net loss                                                           |   |                 | (422   | )      |                     |   | (2      | )      |   |   | (424 | ) |
| Other comprehensive income (loss), net of tax:                     |   |                 |   |   |                     |   |    |   |   |   |   |   |
| Unrealized mark-to-market losses arising during period             |   |                 | (6     | )      |                     |   | — |   |   |   | (6 | ) |
| Reclassification of mark-to-market gains (losses) to earnings      |   |                 | 8      |   |                     |   | (1      | )      |   |   | 7 |   |
| Deferred losses on cash flow hedges                                |   |                 | (1     | )      |                     |   | (1      | )      |   |   | (2 | ) |
| Amortization of unrecognized prior service cost and actuarial loss |   |                 | 1      |   |                     |   | — |   |   |   | 1 |   |
| Unconsolidated investments other comprehensive loss                |   |                 | (7     | )      |                     |   | — |   |   |   | (7 | ) |
| Net unrealized loss on securities                                  |   |                 | (12    | )      |                     |   | — |   |   |   | (12 | ) |
| Total other comprehensive loss, net of tax                         |   |                 | (17    | )      |                     |   | (2      | )      |   |   | (19 | ) |
| Other equity activity:                                             |   |                 |   |   |                     |   |    |   |   |   |   |   |
| Affiliate activity                                                 |   |                 | 10     |   |                     |   | — |   |   |   | 10 |   |
|                                                               |   |                 |   |   |                     |   |    |   |   |   |   |   |
| June 30, 2008                                                      |   | $                    | 4,168  |   |                     | $      | 19      |   |   | $ | 4,187 |   |

----

Table of Contents

| Contract Type                   |   | Hedge Designation |   | Quantity      |   | Unit of Measure |    | Net Fair Value |   |
|---------------------------------|--------|-------------------|--------|---------------|--------|-----------------|---------|----------------|--------|
|                            |   |              |   | (in millions) |   |            |    | (in millions)  |   |
| Commodity derivative contracts: |   |              |   |          |   |            |    |           |   |
| Electric energy (1)             |   | Not designated    |   |          | (75    | )               | MW      |           | $      | 281 |   |
| Natural gas (1)                 |   | Not designated    |   |          | 264    |            | MMBtu   |           | $      | (9 | ) |
| Other (2)                       |   | Not designated    |   |          | 2      |            | Misc.   |           | $      | — |   |
|                            |   |              |   |          |   |            |    |           |   |   |   |
| Interest rate contracts:        |   |              |   |          |   |            |    |           |   |   |   |
| Interest rate swaps             |   | Cash flow hedge   |   |          | (511   | )               | Dollars |           | $      | (106 | ) |
| Interest rate swaps             |   | Fair value hedge  |   |          | (25    | )               | Dollars |           | $      | 2 |   |
| Interest rate swaps             |   | Not designated    |   |          | 231    |            | Dollars |           | $      | (18 | ) |
| Interest rate swaps             |   | Not designated    |   |          | (206   | )               | Dollars |           | $      | 16 |   |

|   | (1) | Mainly comprised of swaps, options and physical forwards. |
|--------|-----|-----------------------------------------------------------|

|   | (2) | Comprised of emissions, coal, crude oil, and fuel oil options, swaps and physical forwards. |
|--------|-----|---------------------------------------------------------------------------------------------|

| Contract Type                                                |   | Balance Sheet Location                      |   | June 30,2009  |   |   | December 31, 2008 |   |
|--------------------------------------------------------------|--------|---------------------------------------------|--------|---------------|--------|--------|-------------------|--------|
|                                                         |   |                                        |   | (in millions) |   |
| Derivatives designated as hedging instruments:               |   |                                        |   |          |   |   |
| Derivative Assets:                                           |   |                                        |   |          |   |   |              |   |
| Interest rate contracts                                      |   | Assets from risk management activities      |   | $             | 2      |   |              | $      | 3 |   |
| Derivative Liabilities:                                      |   |                                        |   |          |   |   |              |   |   |   |
| Interest rate contracts                                      |   | Liabilities from risk management activities |   |          | (106   | )      |              |   | (238 | ) |
|                                                         |   |                                        |   |          |   |   |              |   |   |   |
| Total derivatives designated as hedging instruments, net     |   |                                        | (104   | )             |   |   | (235              | )      |
|                                                         |   |                                        |   |          |   |   |              |   |   |   |
| Derivatives not designated as hedging instruments:           |   |                                        |   |          |   |   |              |   |
| Derivative Assets:                                           |   |                                        |   |          |   |   |              |   |   |   |
| Commodity contracts                                          |   | Assets from risk management activities      |   |          | 1,603  |   |              |   | 1,355 |   |
| Interest rate contracts                                      |   | Assets from risk management activities      |   |          | 16     |   |              |   | 19 |   |
| Derivative Liabilities:                                      |   |                                        |   |          |   |   |              |   |   |   |
| Commodity contracts                                          |   | Liabilities from risk management activities |   |          | (1,331 | )      |              |   | (1,147 | ) |
| Interest rate contracts                                      |   | Liabilities from risk management activities |   |          | (18    | )      |              |   | (22 | ) |
|                                                         |   |                                        |   |          |   |   |              |   |   |   |
| Total derivatives not designated as hedging instruments, net |   |                                        | 270    |          |   |   | 205               |   |
|                                                         |   |                                        |   |          |   |   |              |   |   |   |
| Total derivatives, net                                       |   | $                                           | 166    |          |   | $      | (30               | )      |

----

Table of Contents

----

Table of Contents

| Derivatives in SFAS No. 133Cash Flow Hedging |   | Amount of Gain Recognized in OCI on Derivatives (Effective Portion) For the Three Months EndedJune 30, |   | Location of Gain Reclassified from Accumulated OCI into Income |   | Amount of Gain Reclassified from Accumulated OCI into Income (Effective Portion) For the Three Months Ended June 30, |                     |
|----------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|--------------------------|
| Relationships                                |   | 2009                                                                                                        |   |                                                           | 2008   |                                                                                                                      | (Effective Portion) |   | 2009 |   |   | 2008 |   |
|                                         |   | (in millions)                                                                                               |   |                                                           |   | (in millions)                                                                                                             |                     |
| Interest rate contracts                      |   | $                                                                                                           | 81     |                                                           |   | $                                                                                                                         | 20                       |   | Interest expense |   | $ | — |   |   | $ | 2 |   |
|                                         |   |                                                                                                        |   |                                                           |   |                                                                                                                      |                     |   |   |   |   |   |   |   |   |   |   |
| Total                                        |   | $                                                                                                           | 81     |                                                           |   | $                                                                                                                         | 20                       |   |   |   | $ | — |   |   | $ | 2 |   |

| Derivatives in SFAS No. 133Cash Flow Hedging |   | Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) For the Six Months EndedJune 30, |    | Location of Gain (Loss) Reclassified from Accumulated OCI into Income |   | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) For the Six Months EndedJune 30, |                     |
|----------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|---------|-----------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|--------------------------|
| Relationships                                |   | 2009                                                                                                             |    |                                                                  | 2008   |                                                                                                                          | (Effective Portion) |   | 2009 |   |   | 2008 |   |
|                                         |   | (in millions)                                                                                                    |    |                                                                  |   | (in millions)                                                                                                                 |                     |
| Interest rate contracts                      |   | $                                                                                                                | 115     |                                                                  |   | $                                                                                                                             | (6                       | ) | Interest expense |   | $ | — |   |   | $ | 2 |   |
| Commodity contracts(1)                       |   |                                                                                                             | — |                                                                  |   |                                                                                                                          | —                  |   | Revenues |   |   | — |   |   |   | (10 | )  |
| Total                                        |   | $                                                                                                                | 115     |                                                                  |   | $                                                                                                                             | (6                       | ) |   |   | $ | — |   |   | $ | (8 | ) |

|   | (1) | Beginning April 2, 2007, we chose to cease designating derivatives related to our power generation business as hedges. These amounts represent reclassifications into earnings of amounts that were previously frozen in Accumulated other comprehensive loss upon de-designation in April 2007. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| Derivatives Not Designated as Hedging |   | Location of Gain (Loss) Recognized in Income on |   | Amount of All Gain (Loss) Recognized in Income on Derivatives for theThree Months Ended June 30, |    |
|---------------------------------------|--------|-------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|---------|
| Instruments under SFAS No. 133        |   | Derivatives                                     |   | 2009                                                                                                  |    |   | 2008 |   |
|                                  |   |                                            |   | (in millions)                                                                                         |    |
| Commodity contracts                   |   | Revenues                                        |   | $                                                                                                     | 32      |   |   | $ | (501 | ) |
| Interest rate contracts               |   | Interest expense                                |   |                                                                                                  | — |   |   |   | 1 |   |

| Derivatives Not Designated as Hedging |   | Location of Gain (Loss) Recognized in Income on |   | Amount of All Gain (Loss) Recognized in Income on Derivatives for theSix Months Ended June 30, |    |
|---------------------------------------|--------|-------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|---------|
| Instruments under SFAS No. 133        |   | Derivatives                                     |   | 2009                                                                                                |    |   | 2008 |   |
|                                  |   |                                            |   | (in millions)                                                                                       |    |
| Commodity contracts                   |   | Revenues                                        |   | $                                                                                                   | 299     |   |   | $ | (781 | ) |
| Interest rate contracts               |   | Interest expense                                |   |                                                                                                | — |   |   |   | — |   |

----

Table of Contents

|                                                  |   | Fair Value as of June 30, 2009 |    |
|-------------------------------------------------------|--------|-------------------------------------|---------|
|                                                  |   | Level 1                             |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                                                  |   | (in millions)                       |    |
| Assets:                                               |   |                                |    |   |   |   |   |   |   |   |   |   |
| Assets from commodity risk management activities      |   | $                                   | — |   |   | $ | 1,525 |   |   | $ | 78 |   |   | $ | 1,603 |   |
| Assets from interest rate swaps                       |   |                                | — |   |   |   | 18 |   |   |   | — |   |   |   | 18 |   |
| Other  (1)                                  |   |                                | — |   |   |   | 11 |   |   |   | — |   |   |   | 11 |   |
|                                                  |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                 |   | $                                   | — |   |   | $ | 1,554 |   |   | $ | 78 |   |   | $ | 1,632 |   |
|                                                  |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                          |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities from commodity risk management activities |   | $                                   | — |   |   | $ | 1,296 |   |   | $ | 35 |   |   | $ | 1,331 |   |
| Liabilities from interest rate swaps                  |   |                                | — |   |   |   | 124 |   |   |   | — |   |   |   | 124 |   |
|                                                  |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                 |   | $                                   | — |   |   | $ | 1,420 |   |   | $ | 35 |   |   | $ | 1,455 |   |

|   | (1) | Other represents short-term investments and long-term investments. |
|--------|-----|--------------------------------------------------------------------|

|                                                                    |   | Three Months EndedJune 30, 2009 |    |
|-------------------------------------------------------------------------|--------|--------------------------------------|---------|
|                                                                    |   | (in millions)                        |    |
| Balance at March 31, 2009                                               |   | $                                    | 33      |   |
| Realized and unrealized gains, net                                      |   |                                 | 28      |   |
| Purchases, issuances and settlements                                    |   |                                 | (18     | ) |
| Transfer to Level 3                                                     |   |                                 | — |   |
|                                                                    |   |                                 |    |   |
| Balance at June 30, 2009                                                |   | $                                    | 43      |   |
|                                                                    |   |                                 |    |   |
| Unrealized gains relating to instruments still held as of June 30, 2009 |   | $                                    | 24      |   |

|                                                                    |   | Six Months EndedJune 30, 2009 |    |
|-------------------------------------------------------------------------|--------|------------------------------------|---------|
|                                                                    |   | (in millions)                      |    |
| Balance at December 31, 2008                                            |   | $                                  | 60      |   |
| Realized and unrealized gains, net                                      |   |                               | 23      |   |
| Purchases, issuances and settlements                                    |   |                               | (40     | ) |
| Transfer to Level 3                                                     |   |                               | — |   |
|                                                                    |   |                               |    |   |
| Balance at June 30, 2009                                                |   | $                                  | 43      |   |
|                                                                    |   |                               |    |   |
| Unrealized gains relating to instruments still held as of June 30, 2009 |   | $                                  | 18      |   |

----

Table of Contents

|                 |   | Fair Value Measurements as of June 30, 2009 |    |   |    |   |
|----------------------|--------|---------------------------------------------|---------|--------|---------|--------|
|                 |   | Level 1                                     |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |   | Total Losses |   |
|                 |   | (in millions)                               |    |
| Assets:              |   |                                        |    |   |    |   |   |   |   |   |   |   |   |   |   |
| Goodwill             |   | $                                           | — |   |    | $      | — |   |   | $ | — |   |   | $ | — |   |   | $ | (433 | ) |
| Assets held and used |   |                                        | — |   |    |   | — |   |   |   | 228 |   |   |   | 228 |   |   |   | (410 | ) |
|                 |   |                                        |    |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                |   | $                                           | — |   |    | $      | — |   |   | $ | 228 |   |   | $ | 228 |   |   | $ | (843 | ) |

----

Table of Contents

|                                                                         |   | June 30, 2009 |   |   | December 31, 2008 |   |
|------------------------------------------------------------------------------|--------|--------------------|--------|--------|------------------------|--------|
|                                                                         |   | Carrying Amount    |   |   | FairValue              |   |   | Carrying Amount |   |   | FairValue |   |
|                                                                         |   | (in millions)      |   |
| Interest rate derivatives designated as cash flow accounting hedges (1)      |   | $                  | (106   | )      |                   | $      | (106 | ) |   | $ | (238 | ) |   | $ | (238 | ) |
| Interest rate derivatives designated as fair value accounting hedges (1)     |   |               | 2      |   |                   |   | 2 |   |   |   | 3 |   |   |   | 3 |   |
| Interest rate derivatives not designated as accounting hedges (1)            |   |               | (2     | )      |                   |   | (2 | ) |   |   | (2 | ) |   |   | (2 | ) |
| Commodity-based derivative contracts not designated as accounting hedges (1) |   |               | 272    |   |                   |   | 272 |   |   |   | 207 |   |   |   | 207 |   |
| Other (2)                                                                    |   |               | 11     |   |                   |   | 11 |   |   |   | 25 |   |   |   | 25 |   |
|                                                                         |   |               |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                                        |   | $                  | 177    |   |                   | $      | 177 |   |   | $ | (5 | ) |   | $ | (5 | ) |

|   | (1) | Included in both current and non-current assets and liabilities on the consolidated balance sheets. |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (2) | Other represents short-term and long-term investments. |
|--------|-----|--------------------------------------------------------|

----

Table of Contents

|                                                                  |   | June 30,2009 |   |   | December 31,2008 |   |
|-----------------------------------------------------------------------|--------|-------------------|--------|--------|-----------------------|--------|
|                                                                  |   | (in millions)     |   |
| Cash flow hedging activities, net                                     |   | $                 | (101   | )      |                  | $      | (125 | ) |
| Unrecognized prior service cost and actuarial loss                    |   |              | (64    | )      |                  |   | (66 | ) |
| Accumulated other comprehensive loss—unconsolidated investments |   |              | (18    | )      |                  |   | (24 | ) |
|                                                                  |   |              |   |   |                  |   |   |   |
| Accumulated other comprehensive loss, net of tax                      |   | $                 | (183   | )      |                  | $      | (215 | ) |

----

Table of Contents

|                               |   | June 30,2009 |    |   | December 31,2008 |   |
|------------------------------------|--------|-------------------|---------|--------|-----------------------|--------|
|                               |   | (in millions)     |    |
| As of:                             |   |              |    |   |                  |   |
| Current assets                     |   | $                 | 2       |   |                  | $      | 1 |   |
| Property, plant and equipment, net |   |              | 556     |   |                  |   | 507 |   |
| Intangible asset                   |   |              | 193     |   |                  |   | 193 |   |
| Other non-current asset            |   |              | 24      |   |                  |   | 29 |   |
| Total assets                       |   |              | 775     |   |                  |   | 730 |   |
| Current liabilities                |   |              | 25      |   |                  |   | 19 |   |
| Long-term debt                     |   |              | 671     |   |                  |   | 615 |   |
| Non-current liabilities            |   |              | 109     |   |                  |   | 244 |   |
| Noncontrolling interest            |   |              | 52      |   |                  |   | (30 | ) |
| For the period ending:             |   |              |    |   |                  |   |   |   |
| Operating loss                     |   |              | — |   |                  |   | (1 | ) |
| Net loss                           |   |              | (2      | )      |                  |   | (3 | ) |

----

Table of Contents

|   | · | The first quarter 2009 was characterized by a steep decline in forward commodity prices.  Forward market prices for natural gas decreased by 27 percent and 17 percent, respectively, for the calendar years 2009 and 2010, significantly impacting the current market and corresponding forward market prices for power; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | During the first quarter 2009, acquisition activity related to power generation facilities was very low, indicating a lack of demand for such transactions; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Dynegy’s market capitalization continued to decline through the first quarter 2009, with Dynegy’s stock price falling from an average of $2.51 per share in the fourth quarter 2008 to an average of $1.73 per share in the first quarter 2009 and a closing price of $1.41 at March 31, 2009; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | General economic indicators, such as economic growth forecasts and unemployment forecasts, deteriorated further during the first quarter 2009. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

|                                 |   | GEN-MW        |    |   | GEN-WE |   |    | GEN-NE |   |   | Total   |   |
|--------------------------------------|--------|---------------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
|                                 |   | (in millions) |    |
| Goodwill at December 31, 2008        |   | $             | 76      |   |   | $      | 260     |   |   | $      | 97      |   |   | $ | 433 |   |
| Impairment of Goodwill               |   |          | (76     | )      |   |   | (260    | )      |   |   | (97     | )      |   |   | (433 | ) |
|                                 |   |          |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Goodwill at  June 30, 2009 |   | $             | — |   |   | $      | — |   |   | $      | — |   |   | $ | — |   |

|                                                                                    |   | June 30, 2009  |   |   | December 31, 2008 |   |
|-----------------------------------------------------------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                                                                    |   | CarryingAmount |   |   | FairValue         |   |   | CarryingAmount |   |   | FairValue |   |
|                                                                                    |   | (in millions)  |   |
| Term Loan B, due 2013                                                                   |   | $              | 69     |   |              | $      | 61 |   |   | $ | 69 |   |   | $ | 52 |   |
| Term Facility, floating rate due 2013                                                   |   |           | 850    |   |              |   | 761 |   |   |   | 850 |   |   |   | 639 |   |
| Senior Notes and Debentures:                                                            |   |           |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| 6.875 percent due 2011                                                                  |   |           | 502    |   |              |   | 481 |   |   |   | 502 |   |   |   | 427 |   |
| 8.75 percent due 2012                                                                   |   |           | 501    |   |              |   | 481 |   |   |   | 501 |   |   |   | 426 |   |
| 7.5 percent due 2015                                                                    |   |           | 550    |   |              |   | 461 |   |   |   | 550 |   |   |   | 388 |   |
| 8.375 percent due 2016                                                                  |   |           | 1,047  |   |              |   | 889 |   |   |   | 1,047 |   |   |   | 742 |   |
| 7.125 percent due 2018                                                                  |   |           | 173    |   |              |   | 118 |   |   |   | 173 |   |   |   | 110 |   |
| 7.75 percent due 2019                                                                   |   |           | 1,100  |   |              |   | 853 |   |   |   | 1,100 |   |   |   | 762 |   |
| 7.625 percent due 2026                                                                  |   |           | 171    |   |              |   | 105 |   |   |   | 172 |   |   |   | 93 |   |
| Subordinated Debentures payable to affiliates, 8.316 percent, due 2027                  |   |           | 200    |   |              |   | 95 |   |   |   | 200 |   |   |   | 83 |   |
| Sithe Senior Notes, 9.0 percent due 2013                                                |   |           | 344    |   |              |   | 335 |   |   |   | 344 |   |   |   | 328 |   |
| Plum Point Credit Agreement Facility, floating rate due 2010 (1)                        |   |           | 571    |   |              |   | 332 |   |   |   | 515 |   |   |   | 365 |   |
| Plum Point Tax Exempt Bonds, floating rate due 2036                                     |   |           | 100    |   |              |   | 100 |   |   |   | 100 |   |   |   | 100 |   |
|                                                                                    |   |           | 6,178  |   |              |   |   |   |   |   | 6,123 |   |   |   |   |   |
| Unamortized premium on debt, net                                                        |   |           | 10     |   |              |   |   |   |   |   | 13 |   |   |   |   |   |
|                                                                                    |   |           | 6,188  |   |              |   |   |   |   |   | 6,136 |   |   |   |   |   |
| Less: Amounts due within one year, including non-cash amortization of basis adjustments |   |           | 93     |   |              |   |   |   |   |   | 64 |   |   |   |   |   |
| Total Long-Term Debt                                                                    |   | $              | 6,095  |   |              |   |   |   |   | $ | 6,072 |   |   |   |   |   |

|   | (1) | Upon completion of the construction of the Plum Point Project, the Construction Loan will terminate and the debt thereunder will be replaced by the Bank Loan.  The Bank Loan matures on the thirtieth anniversary of the later of the date on which substantial completion of the facility has occurred or the first date of commercial operation under any of the power purchase agreements then in effect.  Theexpected commercial operations date is August 2010.  Please read Note 15—Debt—Plum Point Credit Agreement Facility in our Form 10-K for further discussion. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

|                                                                                            |   | Three Months EndedJune 30,         |   |   | Six Months EndedJune 30, |   |
|-------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|--------|-------------------------------|--------|
|                                                                                            |   | 2009                                    |   |   | 2008                          |   |   | 2009 |   |   | 2008 |   |
|                                                                                            |   | (in millions, except per share amounts) |   |
| Loss from continuing operations                                                                 |   | $                                       | (352   | )      |                          | $      | (274 | ) |   | $ | (690 | ) |   | $ | (426 | ) |
| Less:  Net loss attributable to the noncontrolling interest                           |   |                                    | (1     | )      |                          |   | (2 | ) |   |   | (3 | ) |   |   | (2 | ) |
| Loss from continuing operations attributable to Dynegy Inc for basic and diluted loss per share |   | $                                       | (351   | )      |                          | $      | (272 | ) |   | $ | (687 | ) |   | $ | (424 | ) |
|                                                                                            |   |                                    |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Basic weighted-average shares                                                                   |   |                                    | 842    |   |                          |   | 840 |   |   |   | 842 |   |   |   | 839 |   |
| Effect of dilutive securities:                                                                  |   |                                    |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Stock options and restricted stock                                                              |   |                                    | 2      |   |                          |   | 2 |   |   |   | 1 |   |   |   | 2 |   |
| Diluted weighted-average shares                                                                 |   |                                    | 844    |   |                          |   | 842 |   |   |   | 843 |   |   |   | 841 |   |
|                                                                                            |   |                                    |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Loss per share from continuing operations attributable to Dynegy Inc.:                          |   |                                    |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                            |   |                                    |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                           |   | $                                       | (0.42  | )      |                          | $      | (0.32 | ) |   | $ | (0.82 | ) |   | $ | (0.51 | ) |
| Diluted (1)                                                                                     |   | $                                       | (0.42  | )      |                          | $      | (0.32 | ) |   | $ | (0.82 | ) |   | $ | (0.51 | ) |

|   | (1) | Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per-share amounts.  Accordingly, Dynegy has utilized the basic shares outstanding amount to calculate both basic and diluted loss per share for the three and six months ended June 30, 2009 and 2008. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | · | Danskammer SPDES Permit — In January 2005, the New York State Department of Environmental Conservation (“NYSDEC”) issued a Draft SPDES Permit renewal for the Danskammer facility.  Three environmental groups sought to impose a permit requirement that the Danskammer facility install a closed cycle cooling system.  Following a formal evidentiary hearing, the revised Danskammer SPDESPermit was issued on June 1, 2006 without requiring installation of a closed cycle cooling system.  The permit was upheld on appeal by the Appellate Division and petitions for leave to appeal to the New York Court of Appeals were denied. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Roseton SPDES Permit — In April 2005, the NYSDEC issued a Draft SPDES Permit renewal for the Roseton facility.  The Draft Roseton SPDES Permit would require the facility to actively manage its water intake to substantially reduce mortality of aquatic organisms.  In July 2005, a public hearing was held to receive comments on the Draft Roseton SPDES Permit.  Three environmental organizationsfiled petitions for party status in the permit renewal proceeding.  The petitioners are seeking to impose a permit requirement that the Roseton facility install a closed cycle cooling system.  In September 2006, the administrative law judge issued a ruling admitting the petitioners to party status and setting forth the issues to be adjudicated in the permit renewal hearing.  Various holdings in the ruling have been appealed to the Commissioner of NYSDEC by the petitioners, NYSDECstaff and us.  The adjudicatory hearing on the Draft Roseton SPDES Permit will be scheduled after the Commissioner decides the appeal.  We believe that the petitioners’ claims lack merit and we plan to oppose those claims vigorously. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Moss Landing NPDES Permit — The California Regional Water Quality Control Board (“Water Board”) issued an NPDES permit for the Moss Landing Facility in 2000 in connection with modernization of the facility.  A local environmental group sought review of the permit contending that the once through seawater-cooling system at Moss Landing should be replaced with a closed cycle cooling systemto meet the BTA requirements.  Following an initial remand from the courts, the Water Board affirmed its BTA finding.  The Water Board’s decision was affirmed by the Superior Court in 2004 and by the Court of Appeals in 2007.  The petitioners filed a petition for review by the Supreme Court of California, which was granted in March 2008.  Further action was deferred pending final disposition of the U.S. Supreme Court challenge regarding the Cooling Water Intake StructuresPhase II regulations (“Phase II Rules”), as further described below.  We believe that petitioner’s claims lack merit and we plan to oppose those claims vigorously. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | · | In February 2007, the Tennessee state court dismissed a putative class action on defendants’ motion.  Plaintiffs appealed and in October 2008, the appellate court reversed the dismissal and remanded the case for further proceedings.  In December 2008, the defendants appealed the decision to the Tennessee Supreme Court.  The matter is fully briefed and we await further action fromthe court. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In February 2008, the United States District Court in Las Vegas, Nevada granted defendants’ motion for summary judgment in a putative class action in Colorado, which was transferred to Nevada through the multi-district litigation management process, thereby dismissing the case and all of plaintiffs’ claims against certain defendants (including Dynegy).  Plaintiffs moved for reconsideration andthe court ordered additional briefing on plaintiffs’ declaratory judgment claims against certain defendants (including Dynegy).  In January 2009, the court dismissed plaintiffs’ remaining declaratory judgment claims.  The decision is subject to appeal. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | · | In June 2009, we and the plaintiff in an action pending in Nevada federal court entered into a confidential settlement agreement to resolve the litigation.  The settlement is without admission of wrongdoing and we continue to deny plaintiff’s allegations. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The remaining five cases, three of which seek class certification, are also pending in Nevada federal court.  All of the cases were transferred through the multi-district litigation management process from other states, including Kansas, Wisconsin, Missouri and Illinois.  The cases allege that individually and in conjunction with other energy companies, we engaged in an illegal scheme to inflatenatural gas prices by providing false information to natural gas index publications.  The complaints rely heavily on prior FERC and CFTC investigations into and reports concerning index manipulation in the energy industry.  The lawsuits seek actual and punitive damages, restitution and/or expenses, and are currently in the discovery phase.  In December 2008, plaintiffs in the class actions filed motions for class certification.  The motion is expected to be fully briefedin the third quarter of 2009. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

|                                          |   | Pension Benefits            |   |   | Other Benefits |   |
|-----------------------------------------------|--------|-----------------------------|--------|--------|----------------|--------|
|                                          |   | Three Months Ended June 30, |   |
|                                          |   | 2009                        |   |   | 2008           |   |   | 2009 |   |   | 2008 |   |
|                                          |   | (in millions)               |   |
| Service cost benefits earned during period    |   | $                           | 3      |   |           | $      | 2 |   |   | $ | — |   |   | $ | — |   |
| Interest cost on projected benefit obligation |   |                        | 3      |   |           |   | 3 |   |   |   | 1 |   |   |   | 1 |   |
| Expected return on plan assets                |   |                        | (4     | )      |           |   | (4 | ) |   |   | — |   |   |   | — |   |
| Recognized net actuarial loss                 |   |                        | 1      |   |           |   | 1 |   |   |   | — |   |   |   | — |   |
|                                          |   |                        |   |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Net periodic benefit cost                     |   | $                           | 3      |   |           | $      | 2 |   |   | $ | 1 |   |   | $ | 1 |   |

|                                          |   | Pension Benefits          |   |   | Other Benefits |   |
|-----------------------------------------------|--------|---------------------------|--------|--------|----------------|--------|
|                                          |   | Six Months Ended June 30, |   |
|                                          |   | 2009                      |   |   | 2008           |   |   | 2009 |   |   | 2008 |   |
|                                          |   | (in millions)             |   |
| Service cost benefits earned during period    |   | $                         | 6      |   |           | $      | 5 |   |   | $ | 1 |   |   | $ | 1 |   |
| Interest cost on projected benefit obligation |   |                      | 6      |   |           |   | 6 |   |   |   | 2 |   |   |   | 2 |   |
| Expected return on plan assets                |   |                      | (7     | )      |           |   | (7 | ) |   |   | — |   |   |   | — |   |
| Recognized net actuarial loss                 |   |                      | 2      |   |           |   | 1 |   |   |   | — |   |   |   | — |   |
|                                          |   |                      |   |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Net periodic benefit cost                     |   | $                         | 7      |   |           | $      | 5 |   |   | $ | 3 |   |   | $ | 3 |   |

|               |   | Three Months EndedJune 30,  |   |   | Six Months EndedJune 30, |   |
|--------------------|--------|-----------------------------|--------|--------|--------------------------|--------|
|               |   | 2009                        |   |   | 2008                     |   |   | 2009 |   |   | 2008 |   |
|               |   | (in millions, except rates) |   |
| Income tax benefit |   | $                           | 209    |   |                     | $      | 186 |   |   | $ | 124 |   |   | $ | 282 |   |
|               |   |                        |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Effective tax rate |   |                        | 37     | %      |                     |   | 41 | % |   |   | 15 | % |   |   | 40 | % |

----

Table of Contents

|               |   | Three Months EndedJune 30,  |   |   | Six Months EndedJune 30, |   |
|--------------------|--------|-----------------------------|--------|--------|--------------------------|--------|
|               |   | 2009                        |   |   | 2008                     |   |   | 2009 |   |   | 2008 |   |
|               |   | (in millions, except rates) |   |
| Income tax benefit |   | $                           | 220    |   |                     | $      | 184 |   |   | $ | 138 |   |   | $ | 275 |   |
|               |   |                        |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Effective tax rate |   |                        | 39     | %      |                     |   | 41 | % |   |   | 17 | % |   |   | 39 | % |

----

Table of Contents

|                                                        |   | Power Generation |    |   |   |   |    |   |   |
|-------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                        |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
| Unaffiliated revenues:                                      |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 172     |   |   | $      | 141     |   |   | $ | 181 |   |   | $ | (1 | ) |   | $ | 493 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenues                                              |   | $                | 172     |   |   | $      | 141     |   |   | $ | 181 |   |   | $ | (1 | ) |   | $ | 493 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                               |   | $                | (57     | )      |   | $      | (18     | )      |   | $ | (16 | ) |   | $ | (3 | ) |   | $ | (94 | ) |
| Impairment and other charges                                |   |             | (18     | )      |   |   | — |   |   |   | (387 | ) |   |   | — |   |   |   | (405 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss)                                     |   | $                | (85     | )      |   | $      | 37      |   |   | $ | (382 | ) |   | $ | (50 | ) |   | $ | (480 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from unconsolidated investments                    |   |             | — |   |   |   | 13      |   |   |   | — |   |   |   | — |   |   |   | 13 |   |
| Other items, net                                            |   |             | — |   |   |   | 2       |   |   |   | — |   |   |   | 2 |   |   |   | 4 |   |
| Interest expense                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (98 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (561 | ) |
| Income tax benefit                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 209 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (352 | ) |
| Income from discontinued operations, net of taxes           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 6 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                    |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (346 | ) |
| Less: Net loss attributable to the noncontrolling interests |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (1 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Inc.                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (345 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Identifiable assets:                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 7,075   |   |   | $      | 2,946   |   |   | $ | 1,986 |   |   | $ | 1,514 |   |   | $ | 13,521 |   |
| Other                                                       |   |             | — |   |   |   | — |   |   |   | — |   |   |   | 19 |   |   |   | 19 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                       |   | $                | 7,075   |   |   | $      | 2,946   |   |   | $ | 1,986 |   |   | $ | 1,533 |   |   | $ | 13,540 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                        |   | $                | (146    | )      |   | $      | (7      | )      |   | $ | (11 | ) |   | $ | (1 | ) |   | $ | (165 | ) |

----

Table of Contents

|                                                              |   | Power Generation |    |   |   |   |    |   |   |
|-------------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                              |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
| Unaffiliated revenues:                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Domestic                                                          |   | $                | 66      |   |   | $      | 177     |   |   | $ | 56 |   |   | $ | 1 |   |   | $ | 300 |   |
| Other                                                             |   |             | — |   |   |   | — |   |   |   | 22 |   |   |   | — |   |   |   | 22 |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenues                                                    |   | $                | 66      |   |   | $      | 177     |   |   | $ | 78 |   |   | $ | 1 |   |   | $ | 322 |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                     |   | $                | (52     | )      |   | $      | (24     | )      |   | $ | (14 | ) |   | $ | (2 | ) |   | $ | (92 | ) |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                                                    |   | $                | (170    | )      |   | $      | (32     | )      |   | $ | (142 | ) |   | $ | (20 | ) |   | $ | (364 | ) |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (losses) from unconsolidated investments                 |   |             | — |   |   |   | 3       |   |   |   | — |   |   |   | (6 | ) |   |   | (3 | ) |
| Other items, net                                                  |   |             | — |   |   |   | 4       |   |   |   | — |   |   |   | 11 |   |   |   | 15 |   |
| Interest expense                                                  |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (108 | ) |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes               |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (460 | ) |
| Income tax benefit                                                |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 186 |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                                   |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (274 | ) |
| Loss from discontinued operations, net of taxes                   |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | — |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (274 | ) |
| Less: Net loss attributable to the noncontrolling interests       |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (2 | ) |
| Net loss attributable to Dynegy Inc.                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (272 | ) |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Identifiable assets:                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Domestic                                                          |   | $                | 9,235   |   |   | $      | 3,664   |   |   | $ | 2,494 |   |   | $ | 1,106 |   |   | $ | 16,499 |   |
| Other                                                             |   |             | — |   |   |   | — |   |   |   | 17 |   |   |   | 12 |   |   |   | 29 |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                             |   | $                | 9,235   |   |   | $      | 3,664   |   |   | $ | 2,511 |   |   | $ | 1,118 |   |   | $ | 16,528 |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unconsolidated investments                                        |   | $                | — |   |   | $      | — |   |   | $ | — |   |   | $ | 62 |   |   | $ | 62 |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures and investments in unconsolidated affiliates |   | $                | (134    | )      |   | $      | (18     | )      |   | $ | (12 | ) |   | $ | (9 | ) |   | $ | (173 | ) |

----

Table of Contents

|                                                        |   | Power Generation |    |   |   |   |    |   |   |
|-------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                        |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
| Unaffiliated revenues:                                      |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 697     |   |   | $      | 223     |   |   | $ | 478 |   |   | $ | (1 | ) |   | $ | 1,397 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenues                                              |   | $                | 697     |   |   | $      | 223     |   |   | $ | 478 |   |   | $ | (1 | ) |   | $ | 1,397 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                               |   | $                | (109    | )      |   | $      | (40     | )      |   | $ | (31 | ) |   | $ | (6 | ) |   | $ | (186 | ) |
| Goodwill impairments                                        |   |             | (76     | )      |   |   | (260    | )      |   |   | (97 | ) |   |   | — |   |   |   | (433 | ) |
| Impairment and other charges                                |   |             | (23     | )      |   |   | — |   |   |   | (387 | ) |   |   | — |   |   |   | (410 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss)                                     |   | $                | 115     |   |   | $      | (250    | )      |   | $ | (425 | ) |   | $ | (87 | ) |   | $ | (647 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from unconsolidated investments                    |   |             | — |   |   |   | 20      |   |   |   | — |   |   |   | 1 |   |   |   | 21 |   |
| Other items, net                                            |   |             | 2       |   |   |   | 2       |   |   |   | — |   |   |   | 4 |   |   |   | 8 |   |
| Interest expense                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (196 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (814 | ) |
| Income tax benefit                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 124 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (690 | ) |
| Income from discontinued operations, net of taxes           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 7 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                    |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (683 | ) |
| Less: Net loss attributable to the noncontrolling interests |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (3 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Inc.                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (680 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Identifiable assets:                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 7,075   |   |   | $      | 2,946   |   |   | $ | 1,986 |   |   | $ | 1,514 |   |   | $ | 13,521 |   |
| Other                                                       |   |             | — |   |   |   | — |   |   |   | — |   |   |   | 19 |   |   |   | 19 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                       |   | $                | 7,075   |   |   | $      | 2,946   |   |   | $ | 1,986 |   |   | $ | 1,533 |   |   | $ | 13,540 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                        |   | $                | (274    | )      |   | $      | (8      | )      |   | $ | (18 | ) |   | $ | (3 | ) |   | $ | (303 | ) |

----

Table of Contents

|                                                              |   | Power Generation |    |   |   |   |    |   |   |
|-------------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                              |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
| Unaffiliated revenues:                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Domestic                                                          |   | $                | 230     |   |   | $      | 306     |   |   | $ | 235 |   |   | $ | — |   |   | $ | 771 |   |
| Other                                                             |   |             | — |   |   |   | — |   |   |   | 94 |   |   |   | — |   |   |   | 94 |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenues                                                    |   | $                | 230     |   |   | $      | 306     |   |   | $ | 329 |   |   | $ | — |   |   | $ | 865 |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                     |   | $                | (105    | )      |   | $      | (47     | )      |   | $ | (27 | ) |   | $ | (5 | ) |   | $ | (184 | ) |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                                                    |   | $                | (229    | )      |   | $      | (78     | )      |   | $ | (163 | ) |   | $ | (44 | ) |   | $ | (514 | ) |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Losses from unconsolidated investments                            |   |             | — |   |   |   | (2      | )      |   |   | — |   |   |   | (10 | ) |   |   | (12 | ) |
| Other items, net                                                  |   |             | — |   |   |   | 4       |   |   |   | 6 |   |   |   | 25 |   |   |   | 35 |   |
| Interest expense                                                  |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (217 | ) |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes               |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (708 | ) |
| Income tax benefit                                                |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 282 |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                                   |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (426 | ) |
| Income from discontinued operations, net of taxes                 |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | — |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (426 | ) |
| Less: Net loss attributable to the noncontrolling interests       |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (2 | ) |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Inc.                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (424 | ) |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Identifiable assets:                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Domestic                                                          |   | $                | 9,235   |   |   | $      | 3,664   |   |   | $ | 2,494 |   |   | $ | 1,106 |   |   | $ | 16,499 |   |
| Other                                                             |   |             | — |   |   |   | — |   |   |   | 17 |   |   |   | 12 |   |   |   | 29 |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                             |   | $                | 9,235   |   |   | $      | 3,664   |   |   | $ | 2,511 |   |   | $ | 1,118 |   |   | $ | 16,528 |   |
|                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unconsolidated investments                                        |   | $                | — |   |   | $      | — |   |   | $ | — |   |   | $ | 62 |   |   | $ | 62 |   |
| Capital expenditures and investments in unconsolidated affiliates |   | $                | (249    | )      |   | $      | (21     | )      |   | $ | (22 | ) |   | $ | (18 | ) |   | $ | (310 | ) |

----

Table of Contents

|                                                        |   | Power Generation |    |   |   |   |    |   |   |
|-------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                        |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
| Unaffiliated revenues:                                      |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 172     |   |   | $      | 141     |   |   | $ | 181 |   |   | $ | (1 | ) |   | $ | 493 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenues                                              |   | $                | 172     |   |   | $      | 141     |   |   | $ | 181 |   |   | $ | (1 | ) |   | $ | 493 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                               |   | $                | (57     | )      |   | $      | (18     | )      |   | $ | (16 | ) |   | $ | (3 | ) |   | $ | (94 | ) |
| Impairment and other charges                                |   |             | (18     | )      |   |   | — |   |   |   | (387 | ) |   |   | — |   |   |   | (405 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss)                                     |   | $                | (85     | )      |   | $      | 37      |   |   | $ | (382 | ) |   | $ | (50 | ) |   | $ | (480 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from unconsolidated investments                    |   |             | — |   |   |   | 13      |   |   |   | — |   |   |   | — |   |   |   | 13 |   |
| Other items, net                                            |   |             | — |   |   |   | 2       |   |   |   | — |   |   |   | 1 |   |   |   | 3 |   |
| Interest expense                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (98 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (562 | ) |
| Income tax benefit                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 220 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (342 | ) |
| Income from discontinued operations, net of taxes           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 6 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                    |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (336 | ) |
| Less: Net loss attributable to the noncontrolling interests |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (1 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Holdings Inc.               |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (335 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Identifiable assets:                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 7,075   |   |   | $      | 2,946   |   |   | $ | 1,986 |   |   | $ | 1,332 |   |   | $ | 13,339 |   |
| Other                                                       |   |             | — |   |   |   | — |   |   |   | — |   |   |   | 19 |   |   |   | 19 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                       |   | $                | 7,075   |   |   | $      | 2,946   |   |   | $ | 1,986 |   |   | $ | 1,351 |   |   | $ | 13,358 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                        |   | $                | (146    | )      |   | $      | (7      | )      |   | $ | (11 | ) |   | $ | (1 | ) |   | $ | (165 | ) |

----

Table of Contents

|                                                        |   | Power Generation |    |   |   |   |    |   |   |
|-------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                        |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
| Unaffiliated revenues:                                      |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 66      |   |   | $      | 177     |   |   | $ | 56 |   |   | $ | 1 |   |   | $ | 300 |   |
| Other                                                       |   |             | — |   |   |   | — |   |   |   | 22 |   |   |   | — |   |   |   | 22 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenues                                              |   | $                | 66      |   |   | $      | 177     |   |   | $ | 78 |   |   | $ | 1 |   |   | $ | 322 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                               |   | $                | (52     | )      |   | $      | (24     | )      |   | $ | (14 | ) |   | $ | (2 | ) |   | $ | (92 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                                              |   | $                | (170    | )      |   | $      | (32     | )      |   | $ | (142 | ) |   | $ | (20 | ) |   | $ | (364 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from unconsolidated investments                    |   |             | — |   |   |   | 3       |   |   |   | — |   |   |   | — |   |   |   | 3 |   |
| Other items, net                                            |   |             | — |   |   |   | 4       |   |   |   | — |   |   |   | 10 |   |   |   | 14 |   |
| Interest expense                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (108 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (455 | ) |
| Income tax benefit                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 184 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (271 | ) |
| Loss from discontinued operations, net of taxes             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | — |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                    |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (271 | ) |
| Less: Net loss attributable to the noncontrolling interests |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (2 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Holdings Inc.               |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (269 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Identifiable assets:                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 9,235   |   |   | $      | 3,664   |   |   | $ | 2,494 |   |   | $ | 1,014 |   |   | $ | 16,407 |   |
| Other                                                       |   |             | — |   |   |   | — |   |   |   | 17 |   |   |   | 12 |   |   |   | 29 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                       |   | $                | 9,235   |   |   | $      | 3,664   |   |   | $ | 2,511 |   |   | $ | 1,026 |   |   | $ | 16,436 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                        |   | $                | (134    | )      |   | $      | (18     | )      |   | $ | (12 | ) |   | $ | (4 | ) |   | $ | (168 | ) |

----

Table of Contents

|                                                        |   | Power Generation |    |   |   |   |    |   |   |
|-------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                        |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
| Unaffiliated revenues:                                      |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 697     |   |   | $      | 223     |   |   | $ | 478 |   |   | $ | (1 | ) |   | $ | 1,397 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenues                                              |   | $                | 697     |   |   | $      | 223     |   |   | $ | 478 |   |   | $ | (1 | ) |   | $ | 1,397 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                               |   | $                | (109    | )      |   | $      | (40     | )      |   | $ | (31 | ) |   | $ | (6 | ) |   | $ | (186 | ) |
| Goodwill impairments                                        |   |             | (76     | )      |   |   | (260    | )      |   |   | (97 | ) |   |   | — |   |   |   | (433 | ) |
| Impairment and other charges                                |   |             | (23     | )      |   |   | — |   |   |   | (387 | ) |   |   | — |   |   |   | (410 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss)                                     |   | $                | 115     |   |   | $      | (250    | )      |   | $ | (425 | ) |   | $ | (89 | ) |   | $ | (649 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from unconsolidated investments                    |   |             | — |   |   |   | 20      |   |   |   | — |   |   |   | — |   |   |   | 20 |   |
| Other items, net                                            |   |             | 2       |   |   |   | 2       |   |   |   | — |   |   |   | 3 |   |   |   | 7 |   |
| Interest expense                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (196 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (818 | ) |
| Income tax benefit                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 138 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (680 | ) |
| Income from discontinued operations, net of taxes           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 7 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                    |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (673 | ) |
| Less: Net loss attributable to the noncontrolling interests |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (3 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Holdings Inc.               |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (670 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Identifiable assets:                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 7,075   |   |   | $      | 2,946   |   |   | $ | 1,986 |   |   | $ | 1,332 |   |   | $ | 13,339 |   |
| Other                                                       |   |             | — |   |   |   | — |   |   |   | — |   |   |   | 19 |   |   |   | 19 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                       |   | $                | 7,075   |   |   | $      | 2,946   |   |   | $ | 1,986 |   |   | $ | 1,351 |   |   | $ | 13,358 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                        |   | $                | (274    | )      |   | $      | (8      | )      |   | $ | (18 | ) |   | $ | (3 | ) |   | $ | (303 | ) |

----

Table of Contents

|                                                        |   | Power Generation |    |   |   |   |    |   |   |
|-------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                        |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
| Unaffiliated revenues:                                      |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 230     |   |   | $      | 306     |   |   | $ | 235 |   |   | $ | — |   |   | $ | 771 |   |
| Other                                                       |   |             | — |   |   |   | — |   |   |   | 94 |   |   |   | — |   |   |   | 94 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenues                                              |   | $                | 230     |   |   | $      | 306     |   |   | $ | 329 |   |   | $ | — |   |   | $ | 865 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                               |   | $                | (105    | )      |   | $      | (47     | )      |   | $ | (27 | ) |   | $ | (5 | ) |   | $ | (184 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                                              |   | $                | (229    | )      |   | $      | (78     | )      |   | $ | (163 | ) |   | $ | (44 | ) |   | $ | (514 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Losses from unconsolidated investments                      |   |             | — |   |   |   | (2      | )      |   |   | — |   |   |   | — |   |   |   | (2 | ) |
| Other items, net                                            |   |             | — |   |   |   | 4       |   |   |   | 6 |   |   |   | 24 |   |   |   | 34 |   |
| Interest expense                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (217 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (699 | ) |
| Income tax benefit                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 275 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (424 | ) |
| Income from discontinued operations, net of taxes           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | — |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                    |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (424 | ) |
| Less: Net loss attributable to the noncontrolling interests |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (2 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Holdings Inc.               |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (422 | ) |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Identifiable assets:                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Domestic                                                    |   | $                | 9,235   |   |   | $      | 3,664   |   |   | $ | 2,494 |   |   | $ | 1,014 |   |   | $ | 16,407 |   |
| Other                                                       |   |             | — |   |   |   | — |   |   |   | 17 |   |   |   | 12 |   |   |   | 29 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                       |   | $                | 9,235   |   |   | $      | 3,664   |   |   | $ | 2,511 |   |   | $ | 1,026 |   |   | $ | 16,436 |   |
|                                                        |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                        |   | $                | (249    | )      |   | $      | (21     | )      |   | $ | (22 | ) |   | $ | (7 | ) |   | $ | (299 | ) |

----

Table of Contents

Item 2

----

Table of Contents

----

Table of Contents

|                                                        |   | August 3,2009 |    |   | June 30,2009 |   | December 31,2008 |   |
|-------------------------------------------------------------|--------|--------------------|---------|--------|-------------------|--------|-----------------------|--------|
|                                                        |   | (in millions)      |    |
| Revolver capacity (1)(2)                                    |   | $                  | 903     |   |              | $      | 875                   |   |   | $ | 1,080 |   |
| Borrowings against revolver capacity                        |   |               | — |   |              |   | —               |   |   |   | — |   |
| Term letter of credit capacity, net of required reserves    |   |               | 825     |   |              |   | 825                   |   |   |   | 825 |   |
| Plum Point and Sandy Creek letter of credit capacity        |   |               | 377     |   |              |   | 377                   |   |   |   | 377 |   |
| Available contingent letter of credit facility capacity (3) |   |               | — |   |              |   | —               |   |   |   | — |   |
| Outstanding letters of credit                               |   |               | (947    | )      |              |   | (1,024                | )      |   |   | (1,135 | ) |
|                                                        |   |               |    |   |              |   |                  |   |   |   |   |   |
| Unused capacity                                             |   |               | 1,158   |   |              |   | 1,053                 |   |   |   | 1,147 |   |
|                                                        |   |               |    |   |              |   |                  |   |   |   |   |   |
| Cash—DHI                                              |   |               | 532     |   |              |   | 411                   |   |   |   | 670 |   |
|                                                        |   |               |    |   |              |   |                  |   |   |   |   |   |
| Total available liquidity—DHI                         |   |               | 1,690   |   |              |   | 1,464                 |   |   |   | 1,817 |   |
| Cash—Dynegy                                           |   |               | 183     |   |              |   | 183                   |   |   |   | 23 |   |
|                                                        |   |               |    |   |              |   |                  |   |   |   |   |   |
| Total available liquidity—Dynegy                      |   | $                  | 1,873   |   |              | $      | 1,647                 |   |   | $ | 1,840 |   |

|   | (1) | We currently have a syndicate of lenders participating in the revolving portion of our Credit Facility with commitments ranging from $10 million to $105 million.  We have not experienced, nor do we currently anticipate, any difficulties in obtaining funding from any of the lenders at this time.  However, we continue to monitor the environment, and any lack of or delay in funding by a significantmember or multiple members of our banking group would negatively affect our liquidity position. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | As of June 30, 2009, DHI’s available liquidity under the Credit Facility was reduced temporarily as a result of borrowing limitations under the covenant regarding the ratio of secured debt to EBITDA.  Although our available liquidity is reduced, we have adequate liquidity to meet expected needs for the remainder of this quarter.  As of September 30, 2009, the reduction is expected to belifted in connection with Amendment No. 4 to DHI’s Credit Facility.  Please read Note10—Credit Facility Amendment for further discussion. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Under the terms of the Contingent LC Facility, up to $300 million of capacity can become available, contingent on 2009 forward natural gas prices rising above $13/MMBtu.  Over the course of 2009, the ratio of availability per dollar increase in natural gas prices will be reduced, on a pro rata monthly basis, to zero by year-end. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|              |   | August 3,2009 |   |   | June 30,2009 |   |   | December 31,2008 |   |
|-------------------|--------|--------------------|--------|--------|-------------------|--------|--------|-----------------------|--------|
|              |   | (in millions)      |   |
| By Business:      |   |               |   |   |              |   |   |                  |   |
| Generation        |   | $                  | 1,042  |   |              | $      | 1,119  |                  |   | $ | 1,064 |   |
| Other             |   |               | 189    |   |              |   | 189    |                  |   |   | 189 |   |
|              |   |               |   |   |              |   |   |                  |   |   |   |   |
| Total             |   | $                  | 1,231  |   |              | $      | 1,308  |                  |   | $ | 1,253 |   |
| By Type:          |   |               |   |   |              |   |   |                  |   |   |   |   |
| Cash (1)          |   | $                  | 284    |   |              | $      | 284    |                  |   | $ | 118 |   |
| Letters of Credit |   |               | 947    |   |              |   | 1,024  |                  |   |   | 1,135 |   |
|              |   |               |   |   |              |   |   |                  |   |   |   |   |
| Total             |   | $                  | 1,231  |   |              | $      | 1,308  |                  |   | $ | 1,253 |   |

|   | (1) | Cash collateral postings exclude the effect of cash inflows and outflows arising from the daily settlements of our exchange-traded or brokered commodity futures positions held with our futures clearing manager. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   |   | For the Six Months EndedJune 30, |   |
|--------|--------|---------------------------------------|--------|
|   |   | 2009                                  |   |   | 2008 |   |
|   |   | (in millions)                         |   |
|   |   |                                  |   |   |   |   |
| GEN-MW |   | $                                     | 274    |   |   | $ | 249 |   |
| GEN-WE |   |                                  | 8      |   |   |   | 21 |   |
| GEN-NE |   |                                  | 18     |   |   |   | 22 |   |
| Other  |   |                                  | 3      |   |   |   | 7 |   |
|   |   |                                  |   |   |   |   |   |   |
| Total  |   | $                                     | 303    |   |   | $ | 299 |   |

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                                                                                         |   | Power Generation |    |   |   |   |    |   |   |
|--------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                         |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Revenues                                                                                                     |   | $                | 172     |   |   | $      | 141     |   |   | $ | 181 |   |   | $ | (1 | ) |   | $ | 493 |   |
| Cost of sales                                                                                                |   |             | (120    | )      |   |   | (55     | )      |   |   | (110 | ) |   |   | — |   |   |   | (285 | ) |
| Operating and maintenance expense, exclusive of depreciation and amortization expense shown separately below |   |             | (62     | )      |   |   | (31     | )      |   |   | (50 | ) |   |   | (1 | ) |   |   | (144 | ) |
| Depreciation and amortization expense                                                                        |   |             | (57     | )      |   |   | (18     | )      |   |   | (16 | ) |   |   | (3 | ) |   |   | (94 | ) |
| Impairment and other charges                                                                                 |   |             | (18     | )      |   |   | — |   |   |   | (387 | ) |   |   | — |   |   |   | (405 | ) |
| General and administrative expense                                                                           |   |             | — |   |   |   | — |   |   |   | — |   |   |   | (45 | ) |   |   | (45 | ) |
| Operating income (loss)                                                                                      |   | $                | (85     | )      |   | $      | 37      |   |   | $ | (382 | ) |   | $ | (50 | ) |   | $ | (480 | ) |
| Earnings from unconsolidated investments                                                                     |   |             | — |   |   |   | 13      |   |   |   | — |   |   |   | — |   |   |   | 13 |   |
| Other items, net                                                                                             |   |             | — |   |   |   | 2       |   |   |   | — |   |   |   | 2 |   |   |   | 4 |   |
| Interest expense                                                                                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (98 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes                                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (561 | ) |
| Income tax benefit                                                                                           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 209 |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (352 | ) |
| Income from discontinued operations, net of taxes                                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 6 |   |
| Net loss                                                                                                     |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (346 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less: Net loss attributable to the noncontrolling interests                                                  |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (1 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Inc.                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (345 | ) |

----

Table of Contents

|                                                                                                         |   | Power Generation |    |   |   |   |    |   |   |
|--------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                         |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Revenues                                                                                                     |   | $                | 66      |   |   | $      | 177     |   |   | $ | 78 |   |   | $ | 1 |   |   | $ | 322 |   |
| Cost of sales                                                                                                |   |             | (137    | )      |   |   | (163    | )      |   |   | (155 | ) |   |   | (1 | ) |   |   | (456 | ) |
| Operating and maintenance expense, exclusive of depreciation and amortization expense shown separately below |   |             | (47     | )      |   |   | (33     | )      |   |   | (51 | ) |   |   | 6 |   |   |   | (125 | ) |
| Depreciation and amortization expense                                                                        |   |             | (52     | )      |   |   | (24     | )      |   |   | (14 | ) |   |   | (2 | ) |   |   | (92 | ) |
| Gain on sale of assets, net                                                                                  |   |             | — |   |   |   | 11      |   |   |   | — |   |   |   | 15 |   |   |   | 26 |   |
| General and administrative expense                                                                           |   |             | — |   |   |   | — |   |   |   | — |   |   |   | (39 | ) |   |   | (39 | ) |
| Operating loss                                                                                               |   | $                | (170    | )      |   | $      | (32     | )      |   | $ | (142 | ) |   | $ | (20 | ) |   | $ | (364 | ) |
| Earnings (losses) from unconsolidated investments                                                            |   |             | — |   |   |   | 3       |   |   |   | — |   |   |   | (6 | ) |   |   | (3 | ) |
| Other items, net                                                                                             |   |             | — |   |   |   | 4       |   |   |   | — |   |   |   | 11 |   |   |   | 15 |   |
| Interest expense                                                                                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (108 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes                                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (460 | ) |
| Income tax benefit                                                                                           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 186 |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                     |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (274 | ) |
| Less: Net loss attributable to the noncontrolling interests                                                  |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (2 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Inc.                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (272 | ) |

----

Table of Contents

|                                                                                                         |   | Power Generation |    |   |   |   |    |   |   |
|--------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                         |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Revenues                                                                                                     |   | $                | 172     |   |   | $      | 141     |   |   | $ | 181 |   |   | $ | (1 | ) |   | $ | 493 |   |
| Cost of sales                                                                                                |   |             | (120    | )      |   |   | (55     | )      |   |   | (110 | ) |   |   | — |   |   |   | (285 | ) |
| Operating and maintenance expense, exclusive of depreciation and amortization expense shown separately below |   |             | (62     | )      |   |   | (31     | )      |   |   | (50 | ) |   |   | (1 | ) |   |   | (144 | ) |
| Depreciation and amortization expense                                                                        |   |             | (57     | )      |   |   | (18     | )      |   |   | (16 | ) |   |   | (3 | ) |   |   | (94 | ) |
| Impairment and other charges                                                                                 |   |             | (18     | )      |   |   | — |   |   |   | (387 | ) |   |   | — |   |   |   | (405 | ) |
| General and administrative expense                                                                           |   |             | — |   |   |   | — |   |   |   | — |   |   |   | (45 | ) |   |   | (45 | ) |
| Operating income (loss)                                                                                      |   | $                | (85     | )      |   | $      | 37      |   |   | $ | (382 | ) |   | $ | (50 | ) |   | $ | (480 | ) |
| Earnings from unconsolidated investments                                                                     |   |             | — |   |   |   | 13      |   |   |   | — |   |   |   | — |   |   |   | 13 |   |
| Other items, net                                                                                             |   |             | — |   |   |   | 2       |   |   |   | — |   |   |   | 1 |   |   |   | 3 |   |
| Interest expense                                                                                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (98 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes                                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (562 | ) |
| Income tax benefit                                                                                           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 220 |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (342 | ) |
| Income from discontinued operations, net of taxes                                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 6 |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                     |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (336 | ) |
| Less: Net loss attributable to the noncontrolling interests                                                  |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (1 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Holdings Inc.                                                                |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (335 | ) |

----

Table of Contents

|                                                                                                         |   | Power Generation |    |   |   |   |    |   |   |
|--------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                         |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Revenues                                                                                                     |   | $                | 66      |   |   | $      | 177     |   |   | $ | 78 |   |   | $ | 1 |   |   | $ | 322 |   |
| Cost of sales                                                                                                |   |             | (137    | )      |   |   | (163    | )      |   |   | (155 | ) |   |   | (1 | ) |   |   | (456 | ) |
| Operating and maintenance expense, exclusive of depreciation and amortization expense shown separately below |   |             | (47     | )      |   |   | (33     | )      |   |   | (51 | ) |   |   | 6 |   |   |   | (125 | ) |
| Depreciation and amortization expense                                                                        |   |             | (52     | )      |   |   | (24     | )      |   |   | (14 | ) |   |   | (2 | ) |   |   | (92 | ) |
| Gain on sale of assets, net                                                                                  |   |             | — |   |   |   | 11      |   |   |   | — |   |   |   | 15 |   |   |   | 26 |   |
| General and administrative expense                                                                           |   |             | — |   |   |   | — |   |   |   | — |   |   |   | (39 | ) |   |   | (39 | ) |
| Operating loss                                                                                               |   | $                | (170    | )      |   | $      | (32     | )      |   | $ | (142 | ) |   | $ | (20 | ) |   | $ | (364 | ) |
| Earnings from unconsolidated investments                                                                     |   |             | — |   |   |   | 3       |   |   |   | — |   |   |   | — |   |   |   | 3 |   |
| Other items, net                                                                                             |   |             | — |   |   |   | 4       |   |   |   | — |   |   |   | 10 |   |   |   | 14 |   |
| Interest expense                                                                                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (108 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes                                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (455 | ) |
| Income tax benefit                                                                                           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 184 |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                     |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (271 | ) |
| Less: Net loss attributable to the noncontrolling interests                                                  |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (2 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Holdings Inc.                                                                |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (269 | ) |

----

Table of Contents

|                                                      |   | Three Months EndedJune 30, |   |
|-----------------------------------------------------------|--------|----------------------------|--------|
|                                                      |   | 2009                       |   |   | 2008 |   |
| GEN-MW                                                    |   |                       |   |   |   |   |
| Million Megawatt Hours Generated                          |   |                       | 5.9    |   |   |   | 5.5 |   |
| In Market Availability for Coal Fired Facilities (1)      |   |                       | 92     | % |   |   | 91 | % |
| Average Capacity Factor for Combined Cycle Facilities (2) |   |                       | 28     | % |   |   | 11 | % |
| Average Quoted On-Peak Market Power Prices ($/MWh) (3):   |   |                       |   |   |   |   |   |   |
| Cinergy (Cin Hub)                                         |   | $                          | 34     |   |   | $ | 77 |   |
| Commonwealth Edison (NI Hub)                              |   | $                          | 32     |   |   | $ | 75 |   |
| PJM West                                                  |   | $                          | 40     |   |   | $ | 99 |   |
| Average Market Spark Spreads ($/MWh) (4):                 |   |                       |   |   |   |   |   |   |
| PJM West                                                  |   | $                          | 12     |   |   | $ | 14 |   |
|                                                      |   |                       |   |   |   |   |   |   |
| GEN-WE                                                    |   |                       |   |   |   |   |   |   |
| Million Megawatt Hours Generated (5)                      |   |                       | 1.3    |   |   |   | 2.3 |   |
| Average Capacity Factor for Combined Cycle Facilities (2) |   |                       | 21     | % |   |   | 38 | % |
| Average Quoted On-Peak Market Power Prices ($/MWh) (3):   |   |                       |   |   |   |   |   |   |
| North Path 15 (NP 15)                                     |   | $                          | 31     |   |   | $ | 97 |   |
| Palo Verde                                                |   | $                          | 30     |   |   | $ | 92 |   |
| Average Market Spark Spreads ($/MWh) (4):                 |   |                       |   |   |   |   |   |   |
| North Path 15 (NP 15)                                     |   | $                          | 5      |   |   | $ | 18 |   |
| Palo Verde                                                |   | $                          | 7      |   |   | $ | 15 |   |
|                                                      |   |                       |   |   |   |   |   |   |
| GEN-NE                                                    |   |                       |   |   |   |   |   |   |
| Million Megawatt Hours Generated                          |   |                       | 2.1    |   |   |   | 1.6 |   |
| In Market Availability for Coal Fired Facilities (1)      |   |                       | 92     | % |   |   | 88 | % |
| Average Capacity Factor for Combined Cycle Facilities (2) |   |                       | 39     | % |   |   | 22 | % |
| Average Quoted On-Peak Market Power Prices ($/MWh) (3):   |   |                       |   |   |   |   |   |   |
| New York—Zone G                                     |   | $                          | 44     |   |   | $ | 123 |   |
| New York—Zone A                                     |   | $                          | 31     |   |   | $ | 75 |   |
| Mass Hub                                                  |   | $                          | 39     |   |   | $ | 114 |   |
| Average Market Spark Spreads ($/MWh) (4):                 |   |                       |   |   |   |   |   |   |
| New York—Zone A                                     |   | $                          | 2      |   |   | $ | (9 | ) |
| Mass Hub                                                  |   | $                          | 11     |   |   | $ | 29 |   |
| Fuel Oil                                                  |   | $                          | (53    | ) |   | $ | (41 | ) |
|                                                      |   |                       |   |   |   |   |   |   |
| Average natural gas price—Henry Hub ($/MMBtu) (6)   |   | $                          | 3.69   |   |   | $ | 11.32 |   |

|   | (1) | Reflects the percentage of generation available during periods when market prices are such that these units could be profitably dispatched. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Reflects actual production as a percentage of available capacity. |
|--------|-----|-------------------------------------------------------------------|

|   | (3) | Reflects the average of day-ahead quoted prices for the periods presented and does not necessarily reflect prices realized by us. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Reflects the simple average of the spark spread available to a 7.0 MMBtu/MWh heat rate generator selling power at day-ahead prices and buying delivered natural gas or fuel oil at a daily cash market price and does not reflect spark spreads available to us. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | Includes our ownership percentage in the MWh generated by our GEN-WE investment in the Black Mountain power generation facility for the three months ended June 30, 2009 and 2008, respectively. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Reflects the average of daily quoted prices for the periods presented and does not reflect costs incurred by us. |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                 |   | Three Months Ended June 30, 2009 |    |
|--------------------------------------|--------|----------------------------------|---------|
|                                 |   | Power Generation                 |    |   |   |   |   |   |   |
|                                 |   | GEN-MW                           |    |   | GEN-WE |   |   | GEN-NE |   |   | Other |   |   | Total |   |
|                                 |   | (in millions)                    |    |
| Impairments                          |   | $                                | (18     | ) |   | $ | — |   |   | $ | (387 | ) |   | $ | — |   |   | $ | (405 | ) |
| Sandy Creek mark-to-market gains (1) |   |                             | — |   |   |   | 15 |   |   |   | — |   |   |   | — |   |   |   | 15 |   |
| Discontinued operations (2)          |   |                             | — |   |   |   | 10 |   |   |   | — |   |   |   | — |   |   |   | 10 |   |
|                                 |   |                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                |   | $                                | (18     | ) |   | $ | 25 |   |   | $ | (387 | ) |   | $ | — |   |   | $ | (380 | ) |

|   | (1) | These mark-to-market gains represent our 50 percent share. |
|--------|-----|------------------------------------------------------------|

|   | (2) | Discontinued operations represents a gain of $10 million on the sale of the Heard County power generation facility. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|                                            |   | Three Months Ended June 30, 2008 |    |
|-------------------------------------------------|--------|----------------------------------|---------|
|                                            |   | Power Generation                 |    |   |   |   |   |   |   |
|                                            |   | GEN-MW                           |    |   | GEN-WE |   |   | GEN-NE |   |   | Other |   |   | Total |   |
|                                            |   | (in millions)                    |    |
| Gain on sale of NYMEX shares                    |   | $                                | — |   |   | $ | — |   |   | $ | — |   |   | $ | 15 |   |   | $ | 15 |   |
| Gain on sale of Oyster Creek ownership interest |   |                             | — |   |   |   | 11 |   |   |   | — |   |   |   | — |   |   |   | 11 |   |
| Gain on sale of Sandy Creek ownership interest  |   |                             | — |   |   |   | 13 |   |   |   | — |   |   |   | — |   |   |   | 13 |   |
|                                            |   |                             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                           |   | $                                | — |   |   | $ | 24 |   |   | $ | — |   |   | $ | 15 |   |   | $ | 39 |   |

----

Table of Contents

|   | · | Reduced mark-to-market losses – GEN-MW’s results for the three months ended June 30, 2009 included mark-to-market losses of $129 million related to forward sales, compared to $286 million of mark-to-market losses for the three months ended June 30, 2008.  Of the $129 million in 2009 mark-to-market losses, $68 million related to positions that settled or will settle in 2009, and the remaining $61million related to positions that will settle in 2010 and beyond; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Additional capacity sales of approximately $6 million, as a result of improved capacity prices for 2009 compared with 2008; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased volumes —Generated volumes increased by 9 percent, from 5.5 million MWh for the three months ended June 30, 2008, to 5.9 million MWh for the three months ended June 30, 2009.  The increase in volumes was primarily driven by lower natural gas prices and higher market heat rates at our Kendall and Ontelaunee facilities, partly offset by outages at our coal-fired facilities; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Results were favorably impacted in 2008 by $7 million of sales of emission credits. |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | Decreased market prices – The average actual on-peak prices in the Cin Hub pricing region decreased from $77 per MWh for the three months ended June 30, 2008 to $34 per MWh for the three months ended June 30, 2009.  Although the impact of lower market prices was partly offset by hedging, results were affected by lower realized prices; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased operating expense – operating expenses increased from $47 million for the three months ended June 30, 2008 to $62 million for the three months ended June 30, 2009, primarily as a result of a planned outage at our Havana facility. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Mark-to-market gains – GEN-WE’s results for the three months ended June 30, 2009 included mark-to-market gains of $18 million, compared to $55 million of mark-to-market losses for the three months ended June 30, 2008.  Of the $18 million in 2009 mark-to-market gains, $9 million related to positions that settled or will settle in 2009, and the remaining $9 million related to positions that willsettle in 2010 and beyond; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased tolling revenues of $5 million. |
|--------|--------|-------------------------------------------|

----

Table of Contents

|   | · | Mark-to-market gains – GEN-NE’s results for the three months ended June 30, 2009 included mark-to-market gains of $8 million related to forward sales, compared to losses of $140 million for the three months ended June 30, 2008.  Of the $8 million in 2009 mark-to-market gains, $15 million related to positions that settled or will settle in 2009, partly offset by $7 million of losses related to positionsthat will settle in 2010 and beyond; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased volumes – Although on-peak market prices in New York Zone G, New York Zone A and Mass Hub decreased by 64 percent, 58 percent and 65 percent, respectively, spark spreads improved as a result of lower fuel prices resulting in higher volumes at our combined cycle facilities. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

|                                                                                                         |   | Power Generation |    |   |   |   |    |   |   |
|--------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                         |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Revenues                                                                                                     |   | $                | 697     |   |   | $      | 223     |   |   | $ | 478 |   |   | $ | (1 | ) |   | $ | 1,397 |   |
| Cost of sales                                                                                                |   |             | (261    | )      |   |   | (109    | )      |   |   | (296 | ) |   |   | — |   |   |   | (666 | ) |
| Operating and maintenance expense, exclusive of depreciation and amortization expense shown separately below |   |             | (113    | )      |   |   | (64     | )      |   |   | (92 | ) |   |   | 3 |   |   |   | (266 | ) |
| Depreciation and amortization expense                                                                        |   |             | (109    | )      |   |   | (40     | )      |   |   | (31 | ) |   |   | (6 | ) |   |   | (186 | ) |
| Goodwill impairments                                                                                         |   |             | (76     | )      |   |   | (260    | )      |   |   | (97 | ) |   |   | — |   |   |   | (433 | ) |
| Impairment and other charges, exclusive of goodwill impairments shown separately above                       |   |             | (23     | )      |   |   | — |   |   |   | (387 | ) |   |   | — |   |   |   | (410 | ) |
| General and administrative expense                                                                           |   |             | — |   |   |   | — |   |   |   | — |   |   |   | (83 | ) |   |   | (83 | ) |
| Operating income (loss)                                                                                      |   | $                | 115     |   |   | $      | (250    | )      |   | $ | (425 | ) |   | $ | (87 | ) |   | $ | (647 | ) |
| Earnings from unconsolidated investments                                                                     |   |             | — |   |   |   | 20      |   |   |   | — |   |   |   | 1 |   |   |   | 21 |   |
| Other items, net                                                                                             |   |             | 2       |   |   |   | 2       |   |   |   | — |   |   |   | 4 |   |   |   | 8 |   |
| Interest expense                                                                                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (196 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes                                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (814 | ) |
| Income tax benefit                                                                                           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 124 |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (690 | ) |
| Income from discontinued operations, net of taxes                                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 7 |   |
| Net loss                                                                                                     |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (683 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less: Net loss attributable to the noncontrolling interests                                                  |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (3 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Inc.                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (680 | ) |

----

Table of Contents

|                                                                                                         |   | Power Generation |    |   |   |   |    |   |   |
|--------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                         |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Revenues                                                                                                     |   | $                | 230     |   |   | $      | 306     |   |   | $ | 329 |   |   | $ | — |   |   | $ | 865 |   |
| Cost of sales                                                                                                |   |             | (261    | )      |   |   | (286    | )      |   |   | (368 | ) |   |   | 8 |   |   |   | (907 | ) |
| Operating and maintenance expense, exclusive of depreciation and amortization expense shown separately below |   |             | (93     | )      |   |   | (62     | )      |   |   | (97 | ) |   |   | 16 |   |   |   | (236 | ) |
| Depreciation and amortization expense                                                                        |   |             | (105    | )      |   |   | (47     | )      |   |   | (27 | ) |   |   | (5 | ) |   |   | (184 | ) |
| Gain on sale of assets, net                                                                                  |   |             | — |   |   |   | 11      |   |   |   | — |   |   |   | 15 |   |   |   | 26 |   |
| General and administrative expense                                                                           |   |             | — |   |   |   | — |   |   |   | — |   |   |   | (78 | ) |   |   | (78 | ) |
| Operating loss                                                                                               |   | $                | (229    | )      |   | $      | (78     | )      |   | $ | (163 | ) |   | $ | (44 | ) |   | $ | (514 | ) |
| Losses from unconsolidated investments                                                                       |   |             | — |   |   |   | (2      | )      |   |   | — |   |   |   | (10 | ) |   |   | (12 | ) |
| Other items, net                                                                                             |   |             | — |   |   |   | 4       |   |   |   | 6 |   |   |   | 25 |   |   |   | 35 |   |
| Interest expense                                                                                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (217 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes                                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (708 | ) |
| Income tax benefit                                                                                           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 282 |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                     |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (426 | ) |
| Less: Net loss attributable to the noncontrolling interests                                                  |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (2 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Inc.                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (424 | ) |

----

Table of Contents

|                                                                                                         |   | Power Generation |    |   |   |   |    |   |   |
|--------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                         |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Revenues                                                                                                     |   | $                | 697     |   |   | $      | 223     |   |   | $ | 478 |   |   | $ | (1 | ) |   | $ | 1,397 |   |
| Cost of sales                                                                                                |   |             | (261    | )      |   |   | (109    | )      |   |   | (296 | ) |   |   | — |   |   |   | (666 | ) |
| Operating and maintenance expense, exclusive of depreciation and amortization expense shown separately below |   |             | (113    | )      |   |   | (64     | )      |   |   | (92 | ) |   |   | 1 |   |   |   | (268 | ) |
| Depreciation and amortization expense                                                                        |   |             | (109    | )      |   |   | (40     | )      |   |   | (31 | ) |   |   | (6 | ) |   |   | (186 | ) |
| Goodwill impairments                                                                                         |   |             | (76     | )      |   |   | (260    | )      |   |   | (97 | ) |   |   | — |   |   |   | (433 | ) |
| Impairment and other charges, exclusive of goodwill impairments shown separately above                       |   |             | (23     | )      |   |   | — |   |   |   | (387 | ) |   |   | — |   |   |   | (410 | ) |
| General and administrative expense                                                                           |   |             | — |   |   |   | — |   |   |   | — |   |   |   | (83 | ) |   |   | (83 | ) |
| Operating income (loss)                                                                                      |   | $                | 115     |   |   | $      | (250    | )      |   | $ | (425 | ) |   | $ | (89 | ) |   | $ | (649 | ) |
| Earnings from unconsolidated investments                                                                     |   |             | — |   |   |   | 20      |   |   |   | — |   |   |   | — |   |   |   | 20 |   |
| Other items, net                                                                                             |   |             | 2       |   |   |   | 2       |   |   |   | — |   |   |   | 3 |   |   |   | 7 |   |
| Interest expense                                                                                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (196 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes                                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (818 | ) |
| Income tax benefit                                                                                           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 138 |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                                                                              |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (680 | ) |
| Income from discontinued operations, net of taxes                                                            |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 7 |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                     |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (673 | ) |
| Less: Net loss attributable to the noncontrolling interests                                                  |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (3 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Holdings Inc.                                                                |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (670 | ) |

----

Table of Contents

|                                                                                                         |   | Power Generation |    |   |   |   |    |   |   |
|--------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                         |   | GEN-MW           |    |   | GEN-WE |   |    | GEN-NE |   |   | Other |   |   | Total |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |
| Revenues                                                                                                     |   | $                | 230     |   |   | $      | 306     |   |   | $ | 329 |   |   | $ | — |   |   | $ | 865 |   |
| Cost of sales                                                                                                |   |             | (261    | )      |   |   | (286    | )      |   |   | (368 | ) |   |   | 8 |   |   |   | (907 | ) |
| Operating and maintenance expense, exclusive of depreciation and amortization expense shown separately below |   |             | (93     | )      |   |   | (62     | )      |   |   | (97 | ) |   |   | 16 |   |   |   | (236 | ) |
| Depreciation and amortization expense                                                                        |   |             | (105    | )      |   |   | (47     | )      |   |   | (27 | ) |   |   | (5 | ) |   |   | (184 | ) |
| Gain on sale of assets                                                                                       |   |             | — |   |   |   | 11      |   |   |   | — |   |   |   | 15 |   |   |   | 26 |   |
| General and administrative expense                                                                           |   |             | — |   |   |   | — |   |   |   | — |   |   |   | (78 | ) |   |   | (78 | ) |
| Operating loss                                                                                               |   | $                | (229    | )      |   | $      | (78     | )      |   | $ | (163 | ) |   | $ | (44 | ) |   | $ | (514 | ) |
| Losses from unconsolidated investments                                                                       |   |             | — |   |   |   | (2      | )      |   |   | — |   |   |   | — |   |   |   | (2 | ) |
| Other items, net                                                                                             |   |             | — |   |   |   | 4       |   |   |   | 6 |   |   |   | 24 |   |   |   | 34 |   |
| Interest expense                                                                                             |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (217 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations before income taxes                                                          |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (699 | ) |
| Income tax benefit                                                                                           |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 275 |   |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                     |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (424 | ) |
| Less: Net loss attributable to the noncontrolling interests                                                  |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | (2 | ) |
|                                                                                                         |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to Dynegy Holdings Inc.                                                                |   |             |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   | $ | (422 | ) |

----

Table of Contents

|                                                      |   | Six Months EndedJune 30, |   |
|-----------------------------------------------------------|--------|--------------------------|--------|
|                                                      |   | 2009                     |   |   | 2008 |   |
| GEN-MW                                                    |   |                     |   |   |   |   |
| Million Megawatt Hours Generated                          |   |                     | 12.5   |   |   |   | 11.4 |   |
| In Market Availability for Coal Fired Facilities (1)      |   |                     | 88     | % |   |   | 86 | % |
| Average Capacity Factor for Combined Cycle Facilities (2) |   |                     | 29     | % |   |   | 11 | % |
| Average Quoted On-Peak Market Power Prices ($/MWh) (3):   |   |                     |   |   |   |   |   |   |
| Cinergy (Cin Hub)                                         |   | $                        | 37     |   |   | $ | 72 |   |
| Commonwealth Edison (NI Hub)                              |   | $                        | 36     |   |   | $ | 71 |   |
| PJM West                                                  |   | $                        | 48     |   |   | $ | 89 |   |
| Average Market Spark Spreads ($/MWh) (4):                 |   |                     |   |   |   |   |   |   |
| PJM West                                                  |   | $                        | 12     |   |   | $ | 11 |   |
|                                                      |   |                     |   |   |   |   |   |   |
| GEN-WE                                                    |   |                     |   |   |   |   |   |   |
| Million Megawatt Hours Generated (5) (6)                  |   |                     | 2.8    |   |   |   | 4.7 |   |
| Average Capacity Factor for Combined Cycle Facilities (2) |   |                     | 23     | % |   |   | 38 | % |
| Average Quoted On-Peak Market Power Prices ($/MWh) (3):   |   |                     |   |   |   |   |   |   |
| North Path 15 (NP 15)                                     |   | $                        | 36     |   |   | $ | 89 |   |
| Palo Verde                                                |   | $                        | 32     |   |   | $ | 81 |   |
| Average Market Spark Spreads ($/MWh) (4):                 |   |                     |   |   |   |   |   |   |
| North Path 15 (NP 15)                                     |   | $                        | 5      |   |   | $ | 18 |   |
| Palo Verde                                                |   | $                        | 6      |   |   | $ | 12 |   |
|                                                      |   |                     |   |   |   |   |   |   |
| GEN-NE                                                    |   |                     |   |   |   |   |   |   |
| Million Megawatt Hours Generated                          |   |                     | 5.3    |   |   |   | 3.6 |   |
| In Market Availability for Coal Fired Facilities (1)      |   |                     | 95     | % |   |   | 91 | % |
| Average Capacity Factor for Combined Cycle Facilities (2) |   |                     | 44     | % |   |   | 23 | % |
| Average Quoted On-Peak Market Power Prices ($/MWh) (3):   |   |                     |   |   |   |   |   |   |
| New York—Zone G                                     |   | $                        | 53     |   |   | $ | 110 |   |
| New York—Zone A                                     |   | $                        | 39     |   |   | $ | 71 |   |
| Mass Hub                                                  |   | $                        | 49     |   |   | $ | 102 |   |
| Average Market Spark Spreads ($/MWh) (4):                 |   |                     |   |   |   |   |   |   |
| New York—Zone A                                     |   | $                        | 6      |   |   | $ | (3 | ) |
| Mass Hub                                                  |   | $                        | 11     |   |   | $ | 24 |   |
| Fuel Oil                                                  |   | $                        | (31    | ) |   | $ | (38 | ) |
|                                                      |   |                     |   |   |   |   |   |   |
| Average natural gas price—Henry Hub ($/MMBtu) (7)   |   | $                        | 4.13   |   |   | $ | 9.95 |   |

|   | (1) | Reflects the percentage of generation available during periods when market prices are such that these units could be profitably dispatched. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Reflects actual production as a percentage of available capacity. |
|--------|-----|-------------------------------------------------------------------|

|   | (3) | Reflects the average of day-ahead quoted prices for the periods presented and does not necessarily reflect prices realized by us. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Reflects the simple average of the spark spread available to a 7.0 MMBtu/MWh heat rate generator selling power at day-ahead prices and buying delivered natural gas or fuel oil at a daily cash market price and does not reflect spark spreads available to us. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | Includes our ownership percentage in the MWh generated by our GEN-WE investment in the Black Mountain power generation facility for the six months ended June 30, 2009 and 2008, respectively. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Excludes less than 0.1 million MWh generated by our Calcasieu power generation facility for the six months ended June 30, 2008; we sold the facility on March 31, 2008. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Reflects the average of daily quoted prices for the periods presented and does not reflect costs incurred by us. |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                 |   | Six Months Ended June 30, 2009 |    |
|--------------------------------------|--------|--------------------------------|---------|
|                                 |   | Power Generation               |    |   |   |   |   |   |   |
|                                 |   | GEN-MW                         |    |   | GEN-WE |   |   | GEN-NE |   |   | Other |   |   | Total |   |
|                                 |   | (in millions)                  |    |
| Impairments                          |   | $                              | (99     | ) |   | $ | (260 | ) |   | $ | (484 | ) |   | $ | — |   |   | $ | (843 | ) |
| Sandy Creek mark-to-market gains (1) |   |                           | — |   |   |   | 25 |   |   |   | — |   |   |   | — |   |   |   | 25 |   |
| Discontinued operations (2)          |   |                           | — |   |   |   | 11 |   |   |   | — |   |   |   | — |   |   |   | 11 |   |
| Taxes                                |   |                           | — |   |   |   | — |   |   |   | — |   |   |   | (15 | ) |   |   | (15 | ) |
|                                 |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total—DHI                      |   |                           | (99     | ) |   |   | (224 | ) |   |   | (484 | ) |   |   | (15 | ) |   |   | (822 | ) |
| Taxes                                |   |                           | — |   |   |   | — |   |   |   | — |   |   |   | (6 | ) |   |   | (6 | ) |
|                                 |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total—Dynegy                   |   | $                              | (99     | ) |   | $ | (224 | ) |   | $ | (484 | ) |   | $ | (21 | ) |   | $ | (828 | ) |

|   | (1) | These mark-to-market gains represent our 50 percent share. |
|--------|-----|------------------------------------------------------------|

|   | (2) | Discontinued operations includes a gain of $10 million on the sale of the Heard County power generation facility. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|                                                 |   | Six Months Ended June 30, 2008 |    |
|------------------------------------------------------|--------|--------------------------------|---------|
|                                                 |   | Power Generation               |    |   |   |   |   |   |   |
|                                                 |   | GEN-MW                         |    |   | GEN-WE |   |   | GEN-NE |   |   | Other |   |   | Total |   |
|                                                 |   | (in millions)                  |    |
| Release of state sales and franchise tax liabilities |   | $                              | — |   |   | $ | — |   |   | $ | — |   |   | $ | 16 |   |   | $ | 16 |   |
| Gain on sale of NYMEX shares                         |   |                           | — |   |   |   | — |   |   |   | — |   |   |   | 15 |   |   |   | 15 |   |
| Gain on sale of Oyster Creek ownership interest      |   |                           | — |   |   |   | 11 |   |   |   | — |   |   |   | — |   |   |   | 11 |   |
| Gain on sale of Sandy Creek ownership interest       |   |                           | — |   |   |   | 13 |   |   |   | — |   |   |   | — |   |   |   | 13 |   |
|                                                 |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                |   | $                              | — |   |   | $ | 24 |   |   | $ | — |   |   | $ | 31 |   |   | $ | 55 |   |

----

Table of Contents

|   | · | Mark-to-market gains – GEN-MW’s results for the six months ended June 30, 2009 included mark-to-market gains of $40 million related to forward sales, compared to $479 million of mark-to-market losses for the six months ended June 30, 2008.  Of the $40 million in 2009 mark-to-market gains, $39 million related to positions that settled or will settle in 2009, and the remaining $1 million relatedto positions that will settle in 2010 and beyond; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Additional capacity sales of approximately $14 million, as a result of improved capacity prices for 2009 compared with 2008; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased volumes – Generated volumes increased by 10 percent, from 11.4 million MWh for the six months ended June 30, 2008, to 12.5 million MWh for the six months ended June 30, 2009.  The increase in volumes was primarily driven by lower natural gas prices and higher market heat rates at our Kendall and Ontelaunee facilities partially offset by outages at our coal fired facilities. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Decreased market prices – The average actual on-peak prices in the Cin Hub pricing region decreased from $72 per MWh for the six months ended June 30, 2008 to $37 per MWh for the six months ended June 30, 2009.  Although the impact of lower market prices was partly offset by hedging, results were affected by lower realized prices; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased operating expense – operating expense increased from $93 million for the six months ended June 30, 2008 to $113 million for the six months ended June 30, 2009, primarily as a result of planned outages at our coal-fired generating facilities; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Results from sales of emissions credits were $5 million for the six months ended June 30, 2009, compared with $11 million in the same period 2008. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | · | Reduced mark-to-market losses – GEN-WE’s results for the six months ended June 30, 2009 included mark to-market losses of $11 million, compared to $102 million of mark-to-market losses for the six months ended June 30, 2008.  Of the $11 million in 2009 mark-to-market losses, $9 million related to positions that settled or will settle in 2009, and the remaining $2 million related to positions thatwill settle in 2010 and beyond; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased tolling revenues of $9 million. |
|--------|--------|-------------------------------------------|

|   | · | Mark-to-market gains – GEN-NE’s results for the six months ended June 30, 2009 included mark-to-market gains of $37 million related to forward sales, compared to losses of $184 million for the six months ended June 30, 2008.  Of the $37 million in 2009 mark-to-market gains, $38 million related to positions that settled or will settle in 2009, partly offset by $1 million of losses related to positionsthat will settle in 2010 and beyond; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased volumes – Although on-peak market prices in New York Zone G, New York Zone A and Mass Hub decreased by 52 percent, 46 percent and 52 percent, respectively, spark spreads improved as a result of lower fuel prices resulting in higher volumes at each of our non-coal fired facilities; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Results were favorably impacted in 2009 by $11 million sale of emission credits.  Similar sales of $2 million occurred in 2008. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                                                             |   | As of and for theSix Months EndedJune 30, 2009 |    |
|----------------------------------------------------------------------------------|--------|-----------------------------------------------------|---------|
|                                                                             |   | (in millions)                                       |    |
| Balance Sheet Risk-Management Accounts                                           |   |                                                |    |
| Fair value of portfolio at January 1, 2009                                       |   | $                                                   | (30     | ) |
| Risk-management gains recognized through the income statement in the period, net |   |                                                | 262     |   |
| Cash received related to risk-management contracts settled in the period, net    |   |                                                | (188    | ) |
| Changes in fair value as a result of a change in valuation technique (1)         |   |                                                | — |   |
| Non-cash adjustments and other (2)                                               |   |                                                | 122     |   |
|                                                                             |   |                                                |    |   |
| Fair value of portfolio at June 30, 2009                                         |   | $                                                   | 166     |   |

| (1) | Our modeling methodology has been consistently applied. |
|-----|---------------------------------------------------------|

| (2) | This amount consists of changes in value associated with fair value and cash flow hedges on debt. |
|-----|---------------------------------------------------------------------------------------------------|

|                   |   | Total         |   |   | 2009   |   |   | 2010   |   |   | 2011   |   |   | 2012   |   |   | 2013   |   |   | Thereafter |   |
|------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------------|--------|
|                   |   | (in millions) |   |
| Market quotations (1)  |   | $             | 123    |   |   | $      | 182    |   |   | $      | 14     |   |   | $      | (17    | )      |   | $      | (9     | )          |   | $ | (6 | ) |   | $ | (41 | ) |
| Prices based on models |   |          | 43     |   |   |   | 35     |   |   |   | 22     |   |   |   | (18    | )      |   |   | 1      |       |   |   | 1 |   |   |   | 2 |   |
|                   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |
| Total (2)              |   | $             | 166    |   |   | $      | 217    |   |   | $      | 36     |   |   | $      | (35    | )      |   | $      | (8     | )          |   | $ | (5 | ) |   | $ | (39 | ) |

|   | (1) | Prices obtained from actively traded, liquid markets for commodities. |
|--------|-----|-----------------------------------------------------------------------|

|   | (2) | The market quotations and prices based on models categorization differs from the SFAS No. 157 categories of Level 1, Level 2 and Level 3 due to the application of the different methodologies.  Please see Note 5—Fair Value Measurements for further discussion. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | beliefs and expectations regarding the transaction with LS Power and its associated benefits and future asset impairments and charges related to such transaction; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | · | beliefs regarding savings expectations and cost reductions in capital expenditures, operations and maintenance and corporate general and administrative expenditures; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | beliefs about commodity pricing and generation volumes; |
|--------|--------|---------------------------------------------------------|

|   | · | beliefs and assumptions relating to liquidity, available borrowing capacity and capital resources generally; |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | expectations regarding environmental matters, including costs of compliance, availability and adequacy of emission credits, and the impact of ongoing proceedings and potential legislation and regulations, including those relating to climate change and GHGs; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | sufficiency of, access to and costs associated with coal, fuel oil and natural gas inventories and transportation; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

|   | · | beliefs and assumptions about market competition, generation capacity and regional supply and demand characteristics of the wholesale power generation market; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | strategies to capture opportunities presented by changes in commodity prices and to manage our exposure to energy price volatility; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | · | beliefs and assumptions about weather and general economic conditions; |
|--------|--------|------------------------------------------------------------------------|

|   | · | beliefs regarding the current economic downturn, its trajectory and its impacts; |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | beliefs and expectations associated with minimum generation events in the Midwest; |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | projected operating or financial results, including anticipated cash flows from operations, revenues and profitability; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

|   | · | beliefs and assumptions regarding our liquidity needs and the credit markets and our access thereto; |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | beliefs and expectations regarding financing, development and timing of the Sandy Creek and Plum Point projects; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | expectations regarding our revolver capacity, collateral demands, capital expenditures, interest expense and other payments; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------|

|   | · | our focus on safety and our ability to efficiently operate our assets so as to maximize our revenue generating opportunities and operating margins; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | beliefs about the outcome of legal, regulatory, administrative and legislative matters; |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | expectations and estimates regarding capital and maintenance expenditures, including the Midwest Consent Decree and its associated costs; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | efforts to position our power generation business for future growth and pursuing and executing acquisition, disposition or combination opportunities. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

Item 3

|                                                                      |   | June 30,2009 |   |   | December 31,2008 |   |
|---------------------------------------------------------------------------|--------|-------------------|--------|--------|-----------------------|--------|
|                                                                      |   | (in millions)     |   |
| One day VaR—95 percent confidence level                             |   | $                 | 27     |   |                  | $      | 21 |   |
| One day VaR—99 percent confidence level                             |   | $                 | 38     |   |                  | $      | 29 |   |
| Average VaR for the year-to-date period—95 percent confidence level |   | $                 | 31     |   |                  | $      | 42 |   |

|                                 |   | Investment Grade Quality |   |   | Non-Investment Grade Quality |   |    | Total  |   |
|--------------------------------------|--------|--------------------------|--------|--------|------------------------------|--------|---------|--------|--------|
|                                 |   | (in millions)            |   |
| Type of Business:                    |   |                     |   |   |                         |   |    |   |   |
| Financial institutions               |   | $                        | 138    |   |                         | $      | — |   |   | $ | 138 |   |
| Utility and power generators         |   |                     | 19     |   |                         |   | 7       |   |   |   | 26 |   |
| Commercial, industrial and end users |   |                     | 2      |   |                         |   | 4       |   |   |   | 6 |   |
| Other                                |   |                     | 2      |   |                         |   | 5       |   |   |   | 7 |   |
|                                 |   |                     |   |   |                         |   |    |   |   |   |   |   |
| Total                                |   | $                        | 161    |   |                         | $      | 16      |   |   | $ | 177 |   |

----

Table of Contents

|                                                                 |   | June 30,2009 |   |   | December 31,2008 |   |
|----------------------------------------------------------------------|--------|-------------------|--------|--------|-----------------------|--------|
| Cash flow hedge interest rate swaps (in millions of U.S. dollars)    |   | $                 | 511    |   |                  | $      | 471 |   |
| Fixed interest rate paid on swaps (percent)                          |   |              | 5.32   |   |                  |   | 5.32 |   |
| Fair value hedge interest rate swaps (in millions of U.S. dollars)   |   | $                 | 25     |   |                  | $      | 25 |   |
| Fixed interest rate received on swaps (percent)                      |   |              | 5.70   |   |                  |   | 5.70 |   |
| Interest rate risk-management contract (in millions of U.S. dollars) |   | $                 | 231    |   |                  | $      | 231 |   |
| Fixed interest rate paid on swaps (percent)                          |   |              | 5.35   |   |                  |   | 5.35 |   |
| Interest rate risk-management contract (in millions of U.S. dollars) |   | $                 | 206    |   |                  | $      | 206 |   |
| Fixed interest rate received on swaps (percent)                      |   |              | 5.28   |   |                  |   | 5.28 |   |

Item 4

----

Table of Contents

Item 1

Item 1A

Item 2

| Period     |   | (a)Total Number of Shares Purchased |    |   | (b)AveragePrice Paidper Share |   |    | (c)Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   |   | (d)Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs |   |
|------------|--------|-------------------------------------|---------|--------|-------------------------------|--------|---------|-------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------|--------|
| April 1-30 |   |                                | 98,089  |   |                          | $      | 1.59    |                                                                                |   |   | —                                                                           |   |   |   | N/A |   |
| May 1-31   |   |                                | — |   |                          | $      | — |                                                                                |   |   | —                                                                           |   |   |   | N/A |   |
| June 1-30  |   |                                | — |   |                          | $      | — |                                                                                |   |   | —                                                                           |   |   |   | N/A |   |
|       |   |                                |    |   |                          |   |    |                                                                                |   |   |                                                                              |   |   |   |   |   |
| Total      |   |                                | 98,089  |   |                          | $      | 1.59    |                                                                                |   |   | —                                                                           |   |   |   | N/A |   |

Item 4

|   | 1. | To elect eight Class A common stock directors and three Class B common stock directors to serve until the 2010 annual meeting of stockholders; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | To act upon a proposal to ratify the appointment of Ernst & Young LLP as Dynegy’s independent registered public accountants for the fiscal year ending December 31, 2009; and |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | To act upon a stockholder proposal regarding greenhouse gas emissions. |
|--------|----|------------------------------------------------------------------------|

----

Table of Contents

|   |   |                 |   | FOR    |        |   | WITHHELD |   |
|--------|--------|----------------------|--------|--------|-------------|--------|----------|--------|
| 1.     |   | David W. Biegler     |   |   | 386,949,283 |   |     |   | 36,279,440 |   |
| 2.     |   | Thomas D. Clark, Jr. |   |   | 404.128,553 |   |     |   | 19,100,170 |   |
| 3.     |   | Victor J. Grijalva   |   |   | 388,438,779 |   |     |   | 34,789,944 |   |
| 4.     |   | Patricia A. Hammick  |   |   | 404,639,347 |   |     |   | 18,589,377 |   |
| 5.     |   | George L. Mazanec    |   |   | 386,929,357 |   |     |   | 36,299,366 |   |
| 6.     |   | Howard B. Sheppard   |   |   | 386,886,955 |   |     |   | 36,341,769 |   |
| 7.     |   | William L. Trubeck   |   |   | 387,556,553 |   |     |   | 35,672,170 |   |
| 8.     |   | Bruce A. Williamson  |   |   | 402,029,590 |   |     |   | 21,199,134 |   |

|   |   |                 |   | FOR    |        |   | WITHHELD |   |
|--------|--------|----------------------|--------|--------|-------------|--------|----------|--------|
| 1.     |   | James T. Bartlett    |   |   | 340,000,000 |   |     |   | — |   |
| 2.     |   | Frank E. Hardenbergh |   |   | 340,000,000 |   |     |   | — |   |
| 3.     |   | Mikhail Segal        |   |   | 340,000,000 |   |     |   | — |   |

|   | FOR         |   | AGAINST   |   | ABSTAIN   |   |
|--------|-------------|--------|-----------|--------|-----------|--------|
|   | 758,895,465 |   | 3,279,386 |   | 1,004,985 |   |

|   | FOR         |   | AGAINST     |   | ABSTAIN    |   |
|--------|-------------|--------|-------------|--------|------------|--------|
|   | 106,237,047 |   | 510,689,821 |   | 40,197,053 |   |

----

Table of Contents

Item 6

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1           |   | —Plan of Merger, Contribution and Sale Agreement, dated September 14, 2006 by and among Dynegy Inc., LSP Gen Investors, LP, LS Power Partners, LP, LS Power Equity Partners PIE I, L.P., LS Power Equity Partners, L.P., LS Power Associates, L.P., Falcon Merger Sub Co. and Dynegy Acquisition, Inc. (incorporated by reference to Exhibit 2.1to the Current Report on Form 8-K of Dynegy Inc. filed on September 19, 2006, File No. 1-15659). |
| 2.2           |   | —Limited Liability Company Membership Interests and Stock Purchase Agreement, dated as of September 14, 2006, among LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P., LS Power Partners, L.P. and Kendall Power LLC (incorporated by reference to Exhibit 2.2 to the Current Report on Form 8-Kof Dynegy Inc. filed on September 19, 2006, File No. 1-15659).                                     |
| 2.3           |   | —Dissolution Agreement by and between Dynegy Inc. and LS Power Associates, L.P., effective January 1, 2009.                                                                                                                                                                                                                                                                                                                                      |
| 3.1           |   | —Amended and Restated Certificate of Incorporation of Dynegy Inc. (formerly named Dynegy Acquisitions, Inc.) (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-8 of Dynegy Inc. filed on April 2, 2007, File No. 333-141810).                                                                                                                                                                                    |
| 3.2           |   | —Amended and Restated Bylaws of Dynegy Inc. (formerly named Dynegy Acquisitions, Inc.) (incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-8 of Dynegy Inc. filed on April 2, 2007, File No. 333-141810).                                                                                                                                                                                                          |
| 3.3           |   | —Restated Certificate of Incorporation of Dynegy Holdings Inc. (incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K for the Fiscal Year Ended December 31, 1999 of Dynegy Holdings Inc., File No. 000-29311).                                                                                                                                                                                                             |
| 3.4           |   | —Amended and Restated Bylaws of Dynegy Holdings Inc. (incorporated by reference to Exhibit 3.2 to the Annual Report on Form 10-K for the Fiscal Year Ended December 31, 1999 of Dynegy Holdings Inc., File No. 000-29311).                                                                                                                                                                                                                       |
| 4.1           |   | —Subordinated Debenture Indenture between NGC Corporation and The First National Bank of Chicago, as Debenture Trustee, dated as of May 28, 1997 (incorporated by reference to Exhibit 4.5 to the Quarterly Report on Form 10-Q for the Quarterly Period Ended June 30, 1997 of NGC Corporation, File No. 1-11156).                                                                                                                              |
| 4.2           |   | —Amended and Restated Declaration of Trust among NGC Corporation, Wilmington Trust Company, as Property Trustee and Delaware Trustee, and the Administrative Trustees named therein, dated as of May 28, 1997 (incorporated by reference to Exhibit 4.6 to the Quarterly Report on Form 10-Q for the Quarterly Period Ended June 30, 1997 of NGCCorporation, File No. 1-11156).                                                                  |
| 4.3           |   | —Series A Capital Securities Guarantee Agreement executed by NGC Corporation and The First National Bank of Chicago, as Guarantee Trustee, dated as of May 28, 1997 (incorporated by reference to Exhibit 4.9 to the Quarterly Report on Form 10-Q for the Quarterly Period Ended June 30, 1997 of NGC Corporation, File No. 1-11156).                                                                                                           |
| 4.4           |   | —Common Securities Guarantee Agreement of NGC Corporation, dated as of May 28, 1997 (incorporated by reference to Exhibit 4.10 to the Quarterly Report on Form 10-Q for the Quarterly Period Ended June 30, 1997 of NGC Corporation, File No. 1-11156).                                                                                                                                                                                          |

----

Table of Contents

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.5           |   | —Registration Rights Agreement, dated as of May 28, 1997, among NGC Corporation, NGC Corporation Capital Trust I, Lehman Brothers, Salomon Brothers Inc. and Smith Barney Inc. (incorporated by reference to Exhibit 4.11 to the Quarterly Report on Form 10-Q for the Quarterly Period Ended June 30, 1997 of NGC Corporation, File No. 1-11156).                                                                                                                                                                                                                                                                                                                                                                             |
| 4.6           |   | —Indenture, dated as of September 26, 1996, restated as of March 23, 1998, and amended and restated as of March 14, 2001, between Dynegy Holdings Inc. and Bank One Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.17 to the Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2000 ofDynegy Holdings Inc., File No. 000-29311).                                                                                                                                                                                                                                                                                                                                      |
| 4.7           |   | —First Supplemental Indenture, dated July 25, 2003 to that certain Indenture, dated as of September 26, 1996, between Dynegy Holdings Inc. and Wilmington Trust Company, as trustee (incorporated by reference to Exhibit 99.2 to the Current Report on Form 8-K of Dynegy Inc. filed on July 28, 2003, File No. 1-15659).                                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.8           |   | —Second Supplemental Indenture, dated as of April 12, 2006, to that certain Indenture, originally dated as of September 26, 1996, as amended and restated as of March 23, 1998 and again as of March 14, 2001, by and between Dynegy Holdings Inc. and Wilmington Trust Company (as successor to JPMorgan Chase Bank, N.A.), as trustee, as supplementedby that certain First Supplemental Indenture, dated as of July 25, 2003 (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Dynegy Inc. filed on April 12, 2006, File No. 1-15659).                                                                                                                                                         |
| 4.9           |   | —Third Supplemental Indenture, dated as of May 24, 2007, to that certain Indenture, originally dated as of September 26, 1996, as amended and restated as of March 23, 1998 and again as of March 14, 2001, by and between Dynegy Holdings Inc. and Wilmington Trust Company (as successor to JPMorgan Chase Bank, N.A.), as trustee, as supplementedby that certain First Supplemental Indenture, dated as of July 25, 2003, and that certain Second Supplemental Indenture, dated as of April 12, 2006 (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on May 25, 2007, File No. 000-29311).                                                                       |
| 4.10          |   | —Fourth Supplemental Indenture, dated as of May 24, 2007, to that certain Indenture, originally dated as of September 26, 1996, as amended and restated as of March 23, 1998 and again as of March 14, 2001, by and between Dynegy Holdings Inc. and Wilmington Trust Company (as successor to JPMorgan Chase Bank, N.A.), as trustee, as supplementedby that certain First Supplemental Indenture, dated as of July 25, 2003, that certain Second Supplemental Indenture, dated as of April 12, 2006, and that certain Third Supplemental Indenture, dated as of May 24, 2007 (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on May 25, 2007, File No. 000-29311). |
| 4.11          |   | —Registration Rights Agreement, effective as of July 21, 2006, by and among Dynegy Holdings Inc. RCP Debt, LLC and RCMF Debt, LLC (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Dynegy Inc. filed on July 24, 2006, File No. 1-15659).                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 4.12          |   | —Registration Rights Agreement, dated as of May 24, 2007, by and among Dynegy Holdings Inc. and the several initial purchasers party thereto (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on May 25, 2007, File No. 000-29311).                                                                                                                                                                                                                                                                                                                                                                                                                                   |

----

Table of Contents

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.13          |   | —Trust Indenture, dated as of January 1, 1993, among Sithe/Independence Funding Corporation, Sithe/Independence Power Partners, L.P. and IBJ Schroder Bank & Trust Company, as Trustee (incorporated by reference to Exhibit 4.22 to the Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2004 of Dynegy Inc, File No. 1-15659).                                                                 |
| 4.14          |   | —First Supplemental Indenture, dated as of January 1, 1993, to the Trust Indenture dated as of January 1, 1993, among Sithe/Independence Funding Corporation, Sithe/Independence Power Partners, L.P. and IBJ Schroder Bank & Trust Company, as Trustee (incorporated by reference to Exhibit 4.23 to the Annual Report on Form 10-K for theFiscal Year Ended December 31, 2004 of Dynegy Inc, File No. 1-15659). |
| 4.15          |   | —Second Supplemental Indenture, dated as of October 23, 2001, to the Trust Indenture dated as of January 1, 1993, among Sithe/Independence Funding Corporation, Sithe/Independence Power Partners, L.P. and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.24 to the Annual Report on Form 10-K for the Fiscal Year EndedDecember 31, 2004 of Dynegy Inc, File No. 1-15659).                |
| 4.16          |   | —Global Note representing the 9.00 percent Secured Bonds due 2013 of Sithe/Independence Power Partners, L.P. (incorporated by reference to Exhibit 4.5 to the Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2005 of Dynegy Inc., File No. 1-15659).                                                                                                                                          |
| 4.17          |   | —Shareholder Agreement, dated as of September 14, 2006, among Dynegy Acquisition, Inc. and LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P. and LSP Gen Investors, L.P. (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Dynegy Inc. filedon September 19, 2006, File No. 1-15659).                             |
| 4.18          |   | —Registration Rights Agreement, dated as of September 14, 2006, among Dynegy Acquisition, Inc., LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P. and LSP Gen Investors, L.P. (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Dynegy Inc.filed on September 19, 2006, File No. 1-15659).                        |
| 4.19          |   | —Lock-Up Agreement, dated as of September 14, 2006, by and among LSP Gen Investors, LP, LS Power Partners, LP, LS Power Associates, L.P., LS Power Equity Partners PIE I, LP, LS Power Equity Partners, L.P. and Chevron U.S.A. Inc. (incorporated by reference to Exhibit 4.5 to the Current Report on Form 8-K of Dynegy Inc. filed on September19, 2006, File No. 1-15659).                                        |
| 4.20          |   | —Trust Indenture, dated as of April 1, 2006, by and between the City of Osceola, Arkansas and Regions Bank, as trustee (incorporated by reference to Exhibit 10.13 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on April 6, 2007, File No. 000-29311).                                                                                                                                             |
| 4.21          |   | —First Supplemental Trust Indenture dated as of April 24, 2007, by and between the City of Osceola, Arkansas and Regions Bank, as trustee (incorporated by reference to Exhibit 10.28 to the Annual Report on Form 10-K of Dynegy Holdings Inc. filed on February 28, 2008, File No. 000-29311).                                                                                                                      |
| 4.22          |   | —Purchase Agreement, dated August 1, 2003, among Dynegy Inc., Dynegy Holdings Inc. and the initial purchasers named therein (incorporated by reference to Exhibit 10.9 to the Quarterly Report on Form 10-Q for the Quarterly Period Ended June 30, 2003 of Dynegy Inc., File No. 1-15659).                                                                                                                           |
| 4.23          |   | —Purchase Agreement, dated August 1, 2003, among Dynegy Holdings Inc., the guarantors named therein and the initial purchasers named therein (incorporated by reference to Exhibit 10.10 to the Quarterly Report on Form 10-Q for the Quarterly Period Ended June 30, 2003 of Dynegy Inc., File No. 1-15659).                                                                                                         |

----

Table of Contents

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.24          |   | —Purchase Agreement, dated September 30, 2003, among Dynegy Holdings Inc., the guarantors named therein and the initial purchasers named therein (incorporated by reference to Exhibit 99.2 to the Current Report on Form 8-K of Dynegy Inc. filed on October 15, 2003, File No. 1-15659).                                                                                                                                                                                                                            |
| 4.25          |   | —Purchase Agreement, dated as of March 29, 2006, for the sale of $750,000,000 aggregate principal amount of the 8.375 percent Senior Unsecured Notes due 2016 of Dynegy Holdings Inc. among Dynegy Holdings Inc. and the several initial purchasers named therein (incorporated by reference to Exhibit 10.11 to the Quarterly Report on Form 10-Qfor the Quarter Ended March 31, 2006 of Dynegy Inc., File No. 1-15659).                                                                                             |
| 4.26          |   | —Purchase Agreement, dated as of May 17, 2007, by and between Dynegy Holdings Inc. and J.P. Morgan Securities Inc. (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q for Quarterly Period Ended June 30, 2007 of Dynegy Holdings Inc., File No. 000-29311).                                                                                                                                                                                                                             |
| 4.27          |   | —Exchange Agreement, dated as of July 21, 2006, by and among Dynegy Holdings Inc., RCP Debt, LLC and RCMF Debt, LLC (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Dynegy Inc. filed on July 24, 2006, File No. 1-15659).                                                                                                                                                                                                                                                            |
| 10.1          |   | —Corporate Opportunity Agreement, dated as of September 14, 2006, between Dynegy Acquisition, Inc. and LS Power Development, LLC (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Dynegy Inc. filed on September 19, 2006, File No. 1-15659).                                                                                                                                                                                                                                          |
| **10.2        |   | —Fifth Amended and Restated Credit Agreement, dated as of April 2, 2007, by and among Dynegy Holdings Inc., as borrower, Dynegy Inc. (formerly named Dynegy Acquisition, Inc.) and Dynegy Inc., as parent guarantors, the other guarantors party thereto, the lenders party thereto and various other parties thereto.                                                                                                                                                                                                |
| 10.3          |   | —Amendment No. 1, dated as of May 24, 2007, to the Fifth Amended and Restated Credit Agreement, dated as of April 2, 2007, by and among Dynegy Holdings Inc., as borrower, Dynegy Inc. and Dynegy Illinois Inc., as parent guarantors, the other guarantors party thereto, the lenders party thereto and various other parties thereto (incorporatedby reference to Exhibit 10.1 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on May 25, 2007, File No. 000-29311).                                |
| 10.4          |   | —Amendment No. 2, dated as of September 30, 2008, to the Fifth Amended and Restated Credit Agreement, dated as of April 2, 2007, by and among Dynegy Holdings Inc., as borrower, Dynegy Inc. and Dynegy Illinois Inc., as parent guarantors, the other guarantors party thereto, the lenders party thereto and various other parties thereto (incorporatedby reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of Dynegy Holdings Inc. filed on November 6, 2008, File No. 000-29311).                   |
| 10.5          |   | —Amendment No. 3, dated as of February 13, 2009, to the Fifth Amended and Restated Credit Agreement, dated as of April 2, 2007, by and among Dynegy Holdings Inc., as borrower, Dynegy Inc. and Dynegy Illinois Inc., as parent guarantors, the other guarantors party thereto, the lenders party thereto and various other parties thereto (incorporatedby reference to Exhibit 10.2 to the Annual Report on Form 10-K for the Fiscal Year ended December 31, 2009, filed on February 26, 2009, File No. 001-33443). |
| 10.6          |   | —Amendment No. 4, dated as of August 5, 2009, to the Fifth Amended and Restated Credit Agreement, dated as of April 2, 2007, by and among Dynegy Holdings Inc., as borrower, Dynegy Inc., as parent guarantor, the other guarantors party thereto, the lenders party thereto and various other parties thereto (incorporated by reference to Exhibit10.1 to the Current Report on Form 8-K of Dynegy Inc. filed on August 10, 2009, File No. 000-29311).                                                              |

----

Table of Contents

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.7          |   | —Second Amended and Restated Security Agreement, dated April 2, 2007, by and among Dynegy Holdings Inc., as Borrower, the initial grantors party thereto, Wilmington Trust Company, as corporate trustee, and John M. Beeson, Jr., as individual trustee (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of DynegyHoldings Inc. filed on April 6, 2007, File No. 000-29311). |
| **10.8        |   | —Facility and Security Agreement, dated June 17, 2008, by and among Dynegy Holdings Inc., Morgan Stanley Capital Group Inc., as lender and as issuing bank and as collateral agent.                                                                                                                                                                                                                       |
| **10.9        |   | —Credit Agreement, dated as of March 29, 2007, by and among Plum Point Energy Associates, LLC, as borrower, and the lenders and other parties thereto.                                                                                                                                                                                                                                                    |
| 10.10         |   | —First Amendment to Credit Agreement by and among Plum Point Energy Associates, LLC, as borrower, and the lenders and other parties thereto, effective December 13, 2007 (incorporated by reference to Exhibit 10.2 to the Annual Report on Form 10-K for the year ended December 31, 2009, filed on February 26, 2009, File No. 001-33443).                                                              |
| **10.11       |   | —Collateral Agency and Intercreditor Agreement, dated as of March 29, 2007, by and among Plum Point Energy Associates, LLC, as borrower, PPEA Holding Company, LLC, as Pledgor, The Bank of New York, as collateral agent, The Royal Bank of Scotland, as Administrative Agent, AMBAC Assurance Corporation, as Loan Insurer, and the other partiesthereto.                                               |
| 10.12         |   | —Loan Agreement, dated as of April 1, 2006, by and between the City of Osceola, Arkansas and Plum Point Energy Associates, LLC (incorporated by reference to Exhibit 10.12 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on April 6, 2007, File No. 000-29311).                                                                                                                         |
| 10.13         |   | —Dynegy Inc. Executive Severance Pay Plan, as amended and restated effective as of January 1, 2008 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Dynegy Inc. filed on January 4, 2008, File No. 001-33443).  ††                                                                                                                                   |
| 10.14         |   | —Dynegy Inc. Executive Change in Control Severance Pay Plan effective April 3, 2008 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Dynegy Inc. filed on April 8, 1008, File No. 001-33443).  ††                                                                                                                                                    |
| 10.15         |   | —Dynegy Inc. Excise Tax Reimbursement Policy, effective January 1, 2008 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Dynegy Inc. filed on January 4, 2008, File No. 001-33443). ††                                                                                                                                                                         |
| 10.16         |   | —Dynegy Inc. Restoration 401(k) Savings Plan, effective June 1, 2008 (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q of Dynegy Inc. filed on August 7, 2008, File No. 001-33443).                                                                                                                                                                                         |
| 10.17         |   | —First Amendment to the Dynegy Inc. Restoration 401(k) Savings Plan, effective June 1, 2008 (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of Dynegy Inc. filed on August 7, 2008, File No. 001-33443).  ††                                                                                                                                        |
| 10.18         |   | —Dynegy Inc. Restoration Pension Plan, effective June 1, 2008  (incorporated by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q of Dynegy Inc. filed on August 7, 2008, File No. 001-33443).  ††                                                                                                                                                           |
| 10.19         |   | —First Amendment to the Dynegy Inc. Restoration Pension Plan, effective June 1, 2008  (incorporated by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q of Dynegy Inc. filed on August 7, 2008, File No. 001-33443).  ††                                                                                                                                    |
| 10.20         |   | —Form of Non-Qualified Stock Option Award Agreement between Dynegy Inc., all of its affiliates and Bruce A. Williamson (incorporated by reference to Exhibit 10.8 to the Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2009 of Dynegy Inc. filed on May 7, 2009, File No. 001-33443).  ††                                                                  |

----

Table of Contents

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                                                                   |
|---------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.21         |   | —Form of Non-Qualified Stock Option Award Agreement (incorporated by reference to Exhibit 10.7 to the Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2009 of Dynegy Inc. filed on May 7, 2009, File No. 001-33443).  ††                                                   |
| 10.22         |   | —Form of Phantom Stock Unit Award Agreement between Dynegy Inc., all of its affiliates and Bruce A. Williamson (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K of Dynegy Inc. filed on March 10, 2009, File No. 001-33443).  ††                                      |
| 10.23         |   | —Form of Phantom Stock Unit Award Agreement (Managing Directors and Above) (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of Dynegy Inc. filed on March 10, 2009, File No. 001-33443).  ††                                                                          |
| 10.24         |   | —Form of Performance Award Agreement between Dynegy Inc., all of its affiliates and Bruce A. Williamson (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Dynegy Inc. filed on March 10, 2009, File No. 001-33443).  ††                                             |
| 10.25         |   | —Form of Performance Award Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Dynegy Inc. filed on March 10, 2009, File No. 001-33443).  ††                                                                                                                |
| 10.26         |   | —Dynegy Inc. 2009 Phantom Stock Plan (incorporated by reference to Exhibit 10.3 to the Current Report onForm8-K of Dynegy Inc. filed on March 10, 2009, File No. 001-33443)                                                                                                                                             |
| 10.27         |   | —Dynegy Inc. Deferred Compensation Plan, amended and restated, effective January 1, 2002(incorporated by reference to Exhibit 4.6 to the Registration Statement on Form S-8 of Dynegy Inc., Registration No. 333-76080).  ††                                                                      |
| 10.28         |   | —Amendment to the Dynegy Inc. Deferred Compensation Plan, dated as of April 2, 2007 (incorporated by reference to Exhibit 10.38 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on April 6, 2007, File No. 000-29311).  ††                                                        |
| 10.29         |   | —Dynegy Inc. Deferred Compensation Plan for Certain Directors, as amended and restated, effective January 1, 2008 (incorporated by reference to Exhibit 10.55 to the Annual Report on Form 10-K for the Fiscal Year ended December 31, 2009, filed on February 26, 2009, File No. 001-33443).  †† |
| 10.30         |   | —Trust under Dynegy Inc. Deferred Compensation Plan for Certain Directors, effective January 1, 2009 (incorporated by reference to Exhibit 10.56 to the Annual Report on Form 10-K for the Fiscal Year ended December 31, 2009, filed on February 26, 2009, File No. 001-33443).  ††              |
| 10.31         |   | —Dynegy Inc. Incentive Compensation Plan, as amended and restated effective January 1, 2006 (incorporated by reference to Exhibit 10.36 to the Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2005 of Dynegy Inc. File No. 1-15659).  ††                                       |
| 10.32         |   | —First Amendment to the Dynegy Inc. Incentive Compensation Plan, dated as of April 2, 2007 (incorporated by reference to Exhibit 10.32 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on April 6, 2007, File No. 000-29311).  ††                                                 |
| 10.33         |   | —Dynegy Inc. 1999 Long Term Incentive Plan (incorporated by reference to Exhibit 10.6 to the Annual Report on Form 10-K for the Fiscal Year Ended December 31, 1999 of Dynegy Inc., File No. 1-11156).  ††                                                                                        |
| 10.34         |   | —First Amendment to the Dynegy Inc. 1999 Long Term Incentive Plan, dated as of April 2, 2007 (incorporated by reference to Exhibit 10.33 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on April 6, 2007, File No. 000-29311).  ††                                               |
| 10.35         |   | —Dynegy Inc. 2000 Long Term Incentive Plan (incorporated by reference to Exhibit 10.7 to the Annual Report on Form 10-K for the Fiscal Year Ended December 31, 1999 of Dynegy Inc., File No. 1-11156).  ††                                                                                        |

----

Table of Contents

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                                                  |
|---------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.36         |   | —Amendment to the Dynegy Inc. 2000 Long Term Incentive Plan effective January 1, 2006 (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K of Dynegy Inc. filed on March 17, 2006, File No. 1-15659).  ††                                                |
| 10.37         |   | —Second Amendment to the Dynegy Inc. 2000 Long Term Incentive Plan, dated as of April 2, 2007 (incorporated by reference to Exhibit 10.34 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on April 6, 2007, File No. 000-29311).  ††                             |
| 10.38         |   | —Dynegy Inc. 2002 Long Term Incentive Plan (incorporated by reference to Appendix A to the Definitive Proxy Statement on Schedule 14A of Dynegy Inc., File No. 1-15659, filed with the SEC on April 9, 2002).  ††                                                                |
| 10.39         |   | —Amendment to the Dynegy Inc. 2002 Long Term Incentive Plan, effective January 1, 2006 (incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-K of Dynegy Inc. filed on March 17, 2006, File No. 1-15659).  ††                                               |
| 10.40         |   | —Second Amendment to the Dynegy Inc. 2002 Long Term Incentive Plan, dated as of April 2, 2007 (incorporated by reference to Exhibit 10.36 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on April 6, 2007, File No. 000-29311).  ††                             |
| 10.41         |   | —Dynegy Inc. 2001 Non-Executive Stock Incentive Plan (incorporated by reference to Exhibit 4.5 to the Registration Statement on Form S-8 of Dynegy Inc., Registration No. 333-76080).                                                                                                                  |
| 10.42         |   | —First Amendment to the Dynegy Inc. 2001 Non-Executive Stock Incentive Plan, dated as of April 2, 2007 (incorporated by reference to Exhibit 10.35 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on April 6, 2007, File No. 000-29311).                                              |
| 10.43         |   | —Dynegy Inc. Deferred Compensation Plan Trust Agreement (incorporated by reference to Exhibit 4.7 to the Registration Statement on Form S-8 of Dynegy Inc., Registration No. 333-76080). ††                                                                                                |
| 10.44         |   | —Amendment to Dynegy Inc. Deferred Compensation Plan Trust Agreement (Vanguard), dated as of April 2, 2007 (incorporated by reference to Exhibit 10.54 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on April 6, 2007, File No. 000-29311). ††                           |
| 10.45         |   | —Purchase Agreement, dated as of May 17, 2007, by and between Dynegy Holdings Inc. and J.P. Morgan Securities Inc. (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q for Quarterly Period Ended June 30, 2007 of Dynegy Holdings Inc., File No. 000-29311).              |
| 10.46         |   | —Equity Commitment Agreement among Sandy Creek Energy Associates, L.P., Dynegy Sandy Creek Holdings, LLC and Credit Suisse dated August 29, 2007 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on September 5, 2007, File No. 000-29311). |
| 10.47         |   | —Equity Commitment Agreement among Sandy Creek Energy Associates, L.P., Sandy Creek Holdings, LLC and Credit Suisse dated August 29, 2007 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Dynegy Holdings Inc. filed on September 5, 2007, File No. 000-29311).        |
| 10.48         |   | —Baldwin Consent Decree, approved May 27, 2005 (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K of Dynegy Inc. filed on May 31, 2005, File No. 1-15659).                                                                                                                   |
| 14.1          |   | —Dynegy Inc. Code of Ethics for Senior Financial Professionals (incorporated by reference to Exhibit 14.1 to the Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2003 of Dynegy Inc., File No. 1- 15659).                                                                            |
| **31.1        |   | Chief Executive Officer Certification Pursuant to Rule 13a-14(a) and 15d-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                        |
| **31.1(a)     |   | Chief Executive Officer Certification Pursuant to Rule 13a-14(a) and 15d-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                        |

----

Table of Contents

| ExhibitNumber  |   | Description                                                                                                                                                 |
|----------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **31.2         |   | Chief Financial Officer Certification Pursuant to Rule 13a-14(a) and 15d-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.       |
| **31.2(a)      |   | Chief Financial Officer Certification Pursuant to Rule 13a-14(a) and 15d-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.       |
| †32.1    |   | Chief Executive Officer Certification Pursuant to 18 United States Code Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| †32.1(a) |   | Chief Executive Officer Certification Pursuant to 18 United States Code Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| †32.2    |   | Chief Financial Officer Certification Pursuant to 18 United States Code Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| †32.2(a) |   | Chief Financial Officer Certification Pursuant to 18 United States Code Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

|   | ** | Filed herewith. |
|--------|----|-----------------|

|   | † | Pursuant to Securities and Exchange Commission Release No. 33-8238, this certification will be treated as “accompanying” this report and not “filed” as part of such report for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liability of Section 18 of the Exchange Act, and this certification will not be deemed to be incorporatedby reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                  |   | DYNEGY INC.                                                                                                                   |
|-----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|
|                  |   |                                                                                                                          |
| Date: August 10, 2009 | By:    | /s/    HOLLI C. NICHOLS                                                                                   |
|                  |   | Holli C. NicholsExecutive Vice President and Chief Financial Officer(Duly Authorized Officer and Principal Financial Officer) |

|                  |   | DYNEGY HOLDINGS INC.                                                                                                          |
|-----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|
|                  |   |                                                                                                                          |
| Date: August 10, 2009 | By:    | /s/    HOLLI C. NICHOLS                                                                                   |
|                  |   | Holli C. NicholsExecutive Vice President and Chief Financial Officer(Duly Authorized Officer and Principal Financial Officer) |

----