Document:

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                                   DYNEGY INC.

                           DEFERRED COMPENSATION PLAN

                             As Amended and Restated
                            Effective January 1, 2002
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                               TABLE OF CONTENTS
ARTICLE                                                             PAGE
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<S>   <C>                                                           <C>

      I.    DEFINITIONS AND CONSTRUCTION.............................I-1

      II.   PARTICIPATION...........................................II-1

      III.  ACCOUNT CREDITS AND ALLOCATIONS OF INCOME OR LOSS......III-1

      IV.   DEEMED INVESTMENT OF FUNDS..............................IV-1

      V.    DETERMINATION OF VESTED INTEREST AND FORFEITURES.........V-1

      VI.   IN-SERVICE DISTRIBUTIONS................................VI-1

      VII.  TERMINATION BENEFITS...................................VII-1

      VIII. ADMINISTRATION OF THE PLAN............................VIII-1

      IX.   ADMINISTRATION OF FUNDS.................................IX-1

      X.    NATURE OF THE PLAN.......................................X-1

      XI.   MISCELLANEOUS...........................................XI-1

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                                     (i)
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                                   DYNEGY INC.

                           DEFERRED COMPENSATION PLAN

                              W I T N E S S E T H :

      WHEREAS, Dynegy Inc. has heretofore adopted The Amended and Restated
Natural Gas Clearinghouse Deferred Compensation Plan to aid certain of its
employees in making more adequate provision for their retirement; and

      WHEREAS, Dynegy Inc. desires to restate said plan and to amend said
plan in several respects, including, among other things, changing the name of
said plan to the Dynegy Inc. Deferred Compensation Plan, hereinafter referred
to as the "Plan;"

      NOW THEREFORE, the Plan is hereby restated in its entirety as follows with
no interruption in time, effective as of January 1, 2002, except as otherwise
indicated herein:

                                     (ii)
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                                       I.

                          DEFINITIONS AND CONSTRUCTION

      1.1   DEFINITIONS. Where the following words and phrases appear in the
Plan, they shall have the respective meanings set forth below, unless their
context clearly indicates to the contrary.

(1)   ACCOUNT(S): A Member's Employer Account and/or Deferral Account (including
      the Member's subaccounts within each Account) and the amounts credited
      thereto.

(2)   AFFILIATE: Any corporation, partnership, limited liability company or
      partnership, association, trust or other organization which, directly or
      indirectly, controls, is controlled by, or is under common control with,
      the Company. For purposes of the preceding sentence, "control" (including,
      with correlative meanings, the terms "controlled by" and "under common
      control with"), as used with respect to any entity or organization, shall
      mean the possession, directly or indirectly, of the power (i) to vote more
      than 50% of the securities having ordinary voting power for the election
      of directors of the controlled entity or organization or (ii) to direct or
      cause the direction of the management and policies of the controlled
      entity or organization, whether through the ownership of voting securities
      or by contract or otherwise.

(3)   ANNUAL BONUS: The annual incentive bonus, if any, paid in cash by the
      Employer to or for the benefit of a Member for services rendered or labor
      performed, including the portion thereof that a Member could have received
      in cash in lieu of (i) Compensation deferrals pursuant to Section 3.1 and
      (ii) elective contributions made on his behalf by the Employer pursuant to
      a qualified cash or deferred arrangement (as defined in section 401(k) of
      the Code) or pursuant to a plan maintained under section 125 of the Code.

(4)   BASE SALARY: The base rate of pay paid in cash by the Employer to or for
      the benefit of a Member for services rendered or labor performed while a
      Member, including base pay a Member could have received in cash in lieu of
      (i) Compensation deferrals pursuant to Section 3.1 and (ii) elective
      contributions made on his behalf by the Employer pursuant to a qualified
      cash or deferred arrangement (as defined in section 401(k) of the Code) or
      pursuant to a plan maintained under section 125 of the Code.

(5)   CHANGE IN CONTROL: The occurrence of any of the following events:

            (a)  any "person" or "group" (as defined in or contemplated by
      Section 13(d)(3) or 14(d)(2) of the Exchange Act) is or becomes the
      "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act),
      directly or indirectly, of more than 50% of the total voting stock of the
      Company;

            (b)  the Company is merged with or into or consolidated with another
      person and, immediately after giving effect to the merger or
      consolidation, (A) less than 50% of

                                      I-1
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      the total voting power of the outstanding voting stock of the surviving
      or resulting person is then "beneficially owned" (within the meaning of
      Rule 13d-3 under the Exchange Act) in the aggregate by (x) the
      stockholders of the Company immediately prior to such merger or
      consolidation, or (y) if a record date has been set to determine the
      stockholders of the Company entitled to vote with respect to such merger
      or consolidation, the stockholders of the Company as of such record date
      and (B) any "person" or "group" (as defined in or contemplated by Section
      13(d)(3) or 14(d)(2) of the Exchange Act) is or has become the direct or
      indirect "beneficial owner" (as defined in Rule 13d-3 under the Exchange
      Act) of more than 50% of the voting power of the voting stock of the
      surviving or resulting person;

            (c)  the Company, either individually or in conjunction with one or
      more of its subsidiaries, sells, assigns, conveys, transfers, leases or
      otherwise disposes of, or the subsidiaries sell, assign, convey, transfer,
      lease or otherwise dispose of, all or substantially all of the properties
      and assets of the Company and the subsidiaries, taken as a whole (either
      in one transaction or a series of related transactions), to any person
      (other than the Company or a wholly owned subsidiary);

            (d)  the liquidation or dissolution of the Company; or

            (e)  as a result of, or in connection with, a contested election of
      directors, the persons who were directors of the Company before such
      election shall cease to constitute a majority of the Board of Directors of
      the Company.

(6)   CODE: The Internal Revenue Code of 1986, as amended.

(7)   COMMITTEE: The Dynegy Inc. Benefit Plans Committee.

(8)   COMPANY: Dynegy Inc.

(9)   COMPENSATION: Base Salary and/or Annual Bonus.

(10)  COMPENSATION COMMITTEE: The Compensation Committee of the Board of
      Directors of the Company.

(11)  DEFERRAL ACCOUNT: An individual account for each Member to which is
      credited his Compensation deferrals pursuant to Section 3.1 and which is
      credited (or debited) for such account's allocation of net income (or net
      loss) as provided in Section 3.3.

(12)  DEFERRAL PLAN YEAR SUBACCOUNT(S): A separate subaccount within a Member's
      Deferral Account to which is credited his Compensation deferrals pursuant
      to Section 3.1 for the relative Plan Year, including the net income or net
      loss attributable to such Compensation deferrals for such Plan Year.

(13)  EFFECTIVE DATE: January 1, 2002, as to this restatement of the Plan,
      except as otherwise provided herein.

                                      I-2
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(14)  ELIGIBLE EMPLOYEE: Each individual who has been selected by the
      Committee for participation in the Plan.

(15)  ELIGIBILITY PERIOD: The 30-day period following an Eligible Employee's
      notification by the Committee of eligibility to participate in the Plan.

(16)  EMPLOYER: The Company and any other adopting entity that adopts the
      Plan pursuant to the provisions of Section 2.3.  As of the Effective
      Date, each of the following is an Employer:  the Company; Calcasieu
      Power, LLC; Dynegy Global Liquids (Cayman) Ltd.; Dynegy Global
      Communications, Inc.; Illinova Energy Partners, Inc.; Illinova
      Generating Company; Dynegy Midstream Services, Limited Partnership;
      Dynegy Marketing and Trade; Dynegy Northeast Generation, Inc.; Dynegy
      Power Marketing, Inc.; Dynegy Power Corp.; Illinois Power Company; and
      Dynegy Midwest Generation, Inc.

(17)  EMPLOYER ACCOUNT: An individual account for each Member to which is
      credited the Employer Deferrals made on his behalf pursuant to Section 3.2
      and which is credited (or debited) for such account's allocation of net
      income (or net loss) as provided in Section 3.3.

(18)  EMPLOYER DEFERRALS: Deferrals made by the Employer on a Member's
      behalf pursuant to Section 3.2.

(19)  EMPLOYER PLAN YEAR SUBACCOUNT(S): A separate subaccount within a Member's
      Employer Account to which is credited the Employer Deferrals made on his
      behalf pursuant to Section 3.2 for the relative Plan Year, including the
      net income or net loss attributable to such Employer Deferrals for such
      Plan Year.

(20)  EXCHANGE ACT: The Securities Exchange Act of 1934, as amended.

(21)  FUNDS: The investment funds designated from time to time for the deemed
      investment of Accounts pursuant to Article IV.

(22)  MEMBER: Each Eligible Employee who has become a Member pursuant to
      Article II.

(23)  PLAN: The Dynegy Inc. Deferred Compensation Plan, as amended from time
      to time.

(24)  PLAN YEAR: The twelve-consecutive month period commencing January 1 of
      each year.

(25)  SAVINGS PLAN: The Dynegy Inc. 401(k) Savings Plan, as amended from time
      to time.

(26)  SCHEDULED DISTRIBUTION: A distribution of a Member's Compensation deferral
      under the Plan for a Plan Year (as adjusted for net income (or net loss)
      allocated thereto), that is paid to such Member at the time and in the
      form elected by such Member under Section 3.1(d)(ii).

(27)  TERMINATION OF SERVICE: The termination of a Member's employment with
      the Employer and all Affiliates for any reason whatsoever.

                                      I-3
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(28)  TRUST: The trust established under the Trust Agreement.

(29)  TRUST AGREEMENT: The agreement entered into between the Company and
      the Trustee pursuant to Article X.

(30)  TRUST FUND: The funds and properties held pursuant to the provisions
      of the Trust Agreement, together with all income, profits and
      increments thereto.

(31)  TRUSTEE: The trustee or trustees qualified and acting under the Trust
      Agreement at any time.

(32)  UNFORESEEABLE FINANCIAL EMERGENCY: An unexpected need of a Member for cash
      that (i) arises from a sudden and unexpected illness or accident of the
      Member or of a dependent of a Member, loss of the Member's property due to
      casualty, or similar extraordinary and unforeseeable circumstances arising
      as a result of events beyond the control of such Member and (ii) would
      result in severe financial hardship to such Member if his Compensation
      deferral election was not canceled pursuant to Section 3.1(c) and/or if a
      benefit payment pursuant to Section 6.2 or 7.6(b)(ii) was not permitted.
      Cash needs arising from foreseeable events, such as the purchase of a
      house or education expenses for children, shall not be considered to be
      the result of an Unforeseeable Financial Emergency. Further, cash needs
      that may be relieved (a) through reimbursement or compensation by
      insurance or otherwise, (b) by liquidation of the Member's assets, to the
      extent the liquidation of such assets would not itself cause severe
      financial hardship, or (c) by cessation of deferrals under the Plan shall
      not be considered to be Unforeseeable Financial Emergencies.

(33)  VESTED INTEREST: The portion of a Member's Accounts which, pursuant to
      the Plan, is nonforfeitable.

(34)  VESTING SERVICE: With regard to a Member who is a participant in the
      Savings Plan (as determined in accordance with the provisions of the
      Savings Plan), the term "Vesting Service" shall mean such Member's Vesting
      Service as defined and determined under the Savings Plan. With regard to a
      Member who is not a participant in the Savings Plan, the term "Vesting
      Service" shall mean such Member's Vesting Service calculated as if he were
      a participant in the Savings Plan; provided, however, that in making such
      calculation, such Member shall be treated as receiving service credit for
      employment with a Controlled Entity (as such term is defined in the
      Savings Plan).

      1.2   NUMBER AND GENDER. Wherever appropriate herein, words used in the
singular shall be considered to include the plural and words used in the plural
shall be considered to include the singular. The masculine gender, where
appearing in the Plan, shall be deemed to include the feminine gender.

      1.3   HEADINGS. The headings of Articles and Sections herein are included
solely for convenience, and if there is any conflict between such headings and
the text of the Plan, the text shall control.

                                      I-4
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                                       II.

                                 PARTICIPATION

      2.1   PARTICIPATION.

            (a)  The Committee, in its sole discretion, shall select and notify
those management or highly compensated employees of the Employer who shall
become Eligible Employees. An Eligible Employee may become a Member, effective
as of the first day of the next Plan Year following such Eligible Employee's
notification of eligibility, by executing and filing with the Committee the
Compensation deferral election prescribed by the Committee prior to the start of
such Plan Year.

            (b)  Notwithstanding Paragraph (a), after the start of a Plan Year,
the Committee may, in its discretion, select and notify those Eligible Employees
who may become Members with respect to such Plan Year by executing and filing
with the Committee, prior to the close of such Eligible Employee's Eligibility
Period and in accordance with the procedures established by the Committee, the
Compensation deferral election prescribed by the Committee. An Eligible Employee
who has filed such election in accordance with this Paragraph shall become a
Member as of the first day of the payroll period that is administratively
practicable following such election.

            (c)  Subject to the provisions of Section 2.2, a Member shall remain
eligible to defer Compensation hereunder and receive an allocation of Employer
Deferrals for each Plan Year following his commencement of participation in the
Plan.

      2.2   CESSATION OF ACTIVE PARTICIPATION. Notwithstanding any provision
herein to the contrary, an individual who has become a Member of the Plan shall
cease to be entitled to defer Compensation hereunder or receive an allocation
of Employer Deferrals effective as of any date designated by the Committee. Any
such Committee action shall be communicated to the affected individual prior to
the effective date of such action. Such an individual may again become entitled
to defer Compensation hereunder and receive an allocation of Employer Deferrals
beginning as of any date selected by the Committee in its sole discretion.

      2.3   ADOPTING ENTITIES. It is contemplated that other entities may adopt
this Plan and thereby become an Employer. Any such entity, whether or not
presently existing, may become a party hereto by appropriate action of its
officers without the need for approval of its board of directors or of the
Committee or the Compensation Committee; provided, however, that such entity
must be an Affiliate. The provisions of the Plan shall apply separately and
equally to each Employer and its employees in the same manner as is expressly
provided for the Company and its employees, except that (a) the power to
appoint or otherwise affect the Committee and the Trustee and the power to
amend or terminate the Plan or amend the Trust Agreement shall be exercised by
the Compensation Committee alone and (b) the determination of whether a Change
in Control has occurred shall be made based solely on the Company. Transfer of
employment among Employers and Affiliates shall not be considered a Termination
of Service hereunder.

                                     II-1
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Any Employer may, by appropriate action of its officers without the need for
approval of its board of directors (or noncorporate counterpart) or the
Committee or the Compensation Committee, terminate its participation in the
Plan. Moreover, the Compensation Committee may, in its discretion, terminate an
Employer's Plan participation at any time.

                                     II-2
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                                      III.

              ACCOUNT CREDITS AND ALLOCATIONS OF INCOME OR LOSS

      3.1   MEMBER DEFERRALS.

            (a)  In accordance with the procedures established from time to time
by the Committee, a Member (or an Eligible Employee, if such Eligible Employee
has not yet become a Member pursuant to Section 2.1) may annually elect to defer
an integral percentage of from 1% to 85% of his Base Salary for a Plan Year and
from 1% to 85% of his Annual Bonus for a Plan Year. Compensation not so deferred
by such election shall be received by such Member in cash. A Member's election
to defer an amount of his Compensation pursuant to this Section shall be made by
executing a Compensation deferral election in accordance with Paragraph (b)
below pursuant to which the Member authorizes the Employer to reduce his
Compensation for a Plan Year in the elected amount and the Employer, in
consideration thereof, agrees to credit an equal amount to a separate Deferral
Plan Year Subaccount (established for such Plan Year) within the Member's
Deferral Account maintained under the Plan. Compensation deferrals (including
net income or net loss allocated with respect thereto) made by a Member for a
Plan Year shall be credited to his Deferral Plan Year Subaccount established
with respect to such Plan Year as of a date determined in accordance with the
procedures established from time to time by the Committee; provided, however,
that such deferrals shall be credited to the Deferral Plan Year Subaccount no
later than 30 days after the date upon which the Compensation deferred would
have been received by such Member in cash if he had not elected to defer such
amount pursuant to this Section 3.1.

            (b)  A Member's (or an Eligible Employee's, if such Eligible
Employee has not yet become a Member pursuant to Section 2.1) annual election
to defer an integral percentage of his Compensation earned with respect to a
Plan Year under Paragraph (a) of this Section must be made prior to the start
of such Plan Year and in accordance with the procedures established by the
Committee, and shall become effective as of the first day of such Plan Year.
Notwithstanding the foregoing, a deferral election made by an Eligible Employee
who becomes a Member pursuant to Section 2.1(b) shall become effective as of
the first day of the payroll period that is administratively practicable
following such election and shall be effective only with respect to
Compensation earned on or subsequent to the first day of such payroll period.
Subject to Paragraph (c) and Section 6.4, a deferral election under this
Section with respect to a Plan Year shall be irrevocable. A Member's deferral
election with respect to an Annual Bonus for a Plan Year shall apply to such
Annual Bonus even if it is paid after the close of such Plan Year.

            (c)  In the event that the Committee, upon written petition of a
Member, determines in its sole discretion that such Member has suffered an
Unforeseeable Financial Emergency or that such Member will, absent termination
of such Member's Compensation deferral election then in effect with respect to a
Plan Year, suffer an Unforeseeable Financial Emergency, then such Member's
Compensation deferral then in effect with respect to a Plan Year, if any, shall
be terminated as soon as administratively practicable after such determination.
A Member whose Compensation deferral election has been so terminated may again
elect to

                                     III-1
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defer a portion of his Compensation, effective as of the first day of any Plan
Year that is at least twelve months after the effective date of such
termination, by executing and delivering to the Employer, in accordance with
the procedures established by the Committee, a new Compensation deferral
election prior to the start of such Plan Year.

            (d)  In accordance with the procedures established by the Committee,
for each Plan Year that begins on or after the Effective Date, a Member may
elect for such Plan Year that:

                 (i)   100% of the Member's Compensation deferred under the Plan
      for such Plan Year (and the net income (or net loss) allocated with
      respect thereto) shall be deferred until paid pursuant to Article VII
      following such Member's Termination of Service; or

                 (ii)  100% of the Member's Compensation deferred under the Plan
      for such Plan Year (and the net income (or net loss) allocated with
      respect thereto) shall be paid as a Scheduled Distribution on the last day
      of a Plan Year specified by such Member in such election (which specified
      Plan Year must end no earlier than two years after the last day of the
      Plan Year to which the Compensation deferral relates) in one of the three
      forms of payment described in Section 7.3 (as elected by such Member
      pursuant to Paragraph (e) below).

Any election made pursuant to clause (ii) of this Paragraph shall be
irrevocable. With respect to any Plan Year for which an election to receive a
Scheduled Distribution is not made, a Member shall be deemed to have made an
election under clause (i) of this Paragraph for such Plan Year. The provisions
of Section 6.1 shall apply with respect to each election by a Member to receive
a Scheduled Distribution.

            (e)  With respect to each Plan Year for which a Member elects to
defer Compensation under this Plan and/or the Employer credits such Member's
Employer Account with an Employer Deferral in accordance with Section 3.2, such
Member shall make a time of payment election pursuant to Section 7.2 and a form
of benefit payment election pursuant to Section 7.3; provided, however, that if
a Member has elected to have his Compensation deferrals for a Plan Year paid as
a Scheduled Distribution, a separate time of payment election and form of
benefit payment election shall be made with respect to any Employer Deferrals
made on behalf of such Member for such Plan Year. Elections under this Paragraph
shall be made in accordance with the procedures set forth in Section 7.4.
Notwithstanding the foregoing, Section 6.1 shall govern a Member's time of
payment and form of benefit payment elections with respect to a Scheduled
Distribution.

      3.2   EMPLOYER DEFERRALS. As of any date selected by the Employer, the
Employer may credit a Member's Employer Plan Year Subaccount relating to a Plan
Year with such amount, if any, as the Employer shall determine in its sole
discretion. Such credits may be made on behalf of some Members but not others,
and such credits may vary in amount among individual Members.

                                     III-2
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      3.3   VALUATION OF ACCOUNTS. All amounts credited to a Member's Accounts
shall be deemed invested as soon as administratively feasible following the
date upon which such credit occurs, and the balance of each Account shall
reflect the result of daily pricing of the assets in which such Account is
deemed invested from time to time until the time of distribution.

                                     III-3
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                                       IV.

                           DEEMED INVESTMENT OF FUNDS

      Each Member shall designate, in accordance with the procedures established
from time to time by the Committee, the manner in which the amounts allocated to
his Accounts shall be deemed to be invested from among the Funds made available
from time to time for such purpose by the Committee. Such Member may designate
one of such Funds for the deemed investment of all the amounts allocated to his
Accounts or he may split the deemed investment of the amounts allocated to his
Accounts between such Funds in such increments as the Committee may prescribe.
If a Member fails to make a proper designation, then his Accounts shall be
deemed to be invested in the Fund or Funds designated by the Committee from time
to time in a uniform and nondiscriminatory manner.

      A Member may change his deemed investment designation for future deferrals
to be allocated to his Accounts. Any such change shall be made in accordance
with the procedures established by the Committee, and the frequency of such
changes may be limited by the Committee.

      A Member may elect to convert his deemed investment designation with
respect to the amounts already allocated to his Accounts. Any such conversion
shall be made in accordance with the procedures established by the Committee,
and the frequency of such conversions may be limited by the Committee.

                                     IV-1
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                                       V.

               DETERMINATION OF VESTED INTEREST AND FORFEITURES

      5.1   DEFERRAL ACCOUNT. A Member shall have a 100% Vested Interest in his
Deferral Account at all times.

      5.2   EMPLOYER ACCOUNT.

            (a)  Subject to Paragraphs (b) and (c) below, a Member shall have:
(i) a 25% Vested Interest in his Employer Account upon completion of one year of
Vesting Service; (ii) a 50% Vested Interest in his Employer Account upon
completion of two years of Vesting Service; (iii) a 75% Vested Interest in his
Employer Account upon completion of three years of Vesting Service; and (iv) a
100% Vested Interest in his Employer Account upon completion of four or more
years of Vesting Service.

            (b)  Notwithstanding Paragraph (a) and subject to Paragraph (c), for
purposes of determining a Member's Vested Interest in any amount credited to his
Employer Plan Year Subaccount for a Plan Year (and the net income (or net loss)
allocated thereto), the Committee may modify or alter in any manner the schedule
set forth in Paragraph (a) upon prior notice to such Member.

            (c)  A Member who is employed by the Employer immediately prior to a
Change in Control shall have a 100% Vested Interest in his Employer Account upon
the occurrence of such Change in Control.

      5.3   FORFEITURES. A Member who has a Vested Interest in his Employer
Account that is less than 100% as of the date of his Termination of Service
shall forfeit to the Employer the nonvested portion of such Account as of the
date of such termination.

                                      V-1
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                                       VI.

                            IN-SERVICE DISTRIBUTIONS

      6.1   DISTRIBUTION OF CERTAIN COMPENSATION DEFERRALS. With respect to
each election by a Member to receive a Scheduled Distribution, as soon as
administratively practicable after the last day of the Plan Year specified by
such Member in such election, such Member shall begin receiving a distribution
in the payment form elected by such Member pursuant to Section 3.1(e) and in an
amount equal to the value of such Member's Deferral Plan Year Subaccount for
the Plan Year for which such election to receive a Scheduled Distribution was
made (as adjusted for net income or net loss); provided, however, that if an
installment payment form was elected, monthly installment amounts shall be
recalculated annually in accordance with the method set forth in Section
7.3(b). If a Member's Deferral Plan Year Subaccount from which a Scheduled
Distribution is to be paid is deemed to be invested in more than one Fund, such
benefit shall be distributed pro rata from each Fund in which such subaccount
is deemed to be invested. If a Member elects a form of payment for his
Scheduled Distribution other than a single lump sum payment and such Member
dies before payment of his Scheduled Distribution under this Section is
complete, then the remaining balance of such benefit shall be paid to the
Member's designated beneficiary (determined under Section 7.5) in the payment
form elected by the Member.

      6.2   EMERGENCY BENEFIT. In the event that the Committee, upon written
petition of a Member, determines in its sole discretion that such Member has
suffered an Unforeseeable Financial Emergency, such Member shall be entitled to
a benefit in an amount not to exceed the lesser of (a) the amount determined by
the Committee as necessary to meet such Member's needs created by the
Unforeseeable Financial Emergency or (b) the then value of such Member's
Deferral Account. Such benefit shall be paid in a single lump sum payment as
soon as administratively practicable after the Committee has made its
determinations with respect to the availability and amount of such benefit.
Such benefit shall be considered to have been distributed, first, from the
Deferral Plan Year Subaccount with respect to which the earliest distribution
would be made pursuant to Sections 6.1 or 7.2, then, from the Deferral Plan
Year Subaccount with respect to which the next earliest distribution would be
made pursuant to Sections 6.1 or 7.2, and continuing in such manner until the
amount of such distribution has been satisfied. If a Member's Deferral Plan
Year Subaccount from which a withdrawal is to be made is deemed to be invested
in more than one Fund, such benefit shall be distributed pro rata from each
Fund in which such subaccount is deemed to be invested.

      6.3   ELECTIVE WITHDRAWAL. A Member may elect at any time, by following
the election procedure prescribed by the Committee, to withdraw as a benefit
all or a portion of his Deferral Account as of the last business day of any
calendar month or any other interim date determined by the Committee on a
nondiscriminatory basis, subject to a withdrawal penalty of 10% of the amount
of any such withdrawal. Upon any such withdrawal, the withdrawal penalty
referred to in the preceding sentence shall be forfeited to the Employer. A
Member may select the Deferral Plan Year Subaccount (or Subaccounts) from which
such withdrawal (including the withdrawal penalty) shall be paid. If a Member's
Deferral Plan Year Subaccount from which a withdrawal is to be made is deemed
to be invested in more than one Fund, such withdrawal shall

                                     VI-1
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be distributed pro rata from each Fund in which such subaccount is deemed to be
invested. Notwithstanding the preceding provisions of this Section 6.3, a
Member shall not be entitled to a withdrawal under this Section 6.3 if the
Committee determines, in its sole discretion, that the primary purpose of such
withdrawal is to cause the cessation of Compensation deferrals under the Plan.
The Committee shall consider such factors as it deems appropriate in order to
make a determination pursuant to the preceding sentence, including, without
limitation, the amount of the requested withdrawal, the balance in the Member's
Accounts, the Member's Compensation deferral election then in effect, and the
timing of such withdrawal request.

      6.4   SUSPENSION OF ACTIVE PARTICIPATION UPON DISTRIBUTION OF EMERGENCY
BENEFIT OR ELECTIVE WITHDRAWAL. Upon a distribution of an emergency benefit or
elective withdrawal to a Member pursuant to Sections 6.2 or 6.3, respectively,
such Member's participation in the Plan shall terminate and no further
Compensation deferrals shall be made under the Plan on behalf of such Member
until the first day of the Plan Year that begins more than 12 months after the
date of the distribution.

      6.5   RESTRICTION ON IN-SERVICE DISTRIBUTIONS. Except for Section 6.1,
this Article VI shall not be applicable to a Member following his Termination
of Service, and the amounts credited to such Member's Accounts (other than
amounts such Member has elected to be paid as a Scheduled Distribution) shall
be payable to such Member in accordance with the provisions of Article VII.

                                     VI-2
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                                      VII.

                              TERMINATION BENEFITS

      7.1   AMOUNT OF BENEFIT.

            (a)  Except for Sections 7.6, 7.7, and 7.8, and as otherwise
provided under any provision of this Plan, this Article VII shall not apply
with respect to a Member's Compensation deferred under the Plan for a Plan Year
(as adjusted for net income or net loss) elected to be paid as a Scheduled
Distribution.

            (b)  Subject to Section 7.2, upon a Member's Termination of Service,
the Member, or, in the event of the Member's death, the Member's designated
beneficiary (as determined under Section 7.5), shall become entitled to receive
a benefit equal in value to the Member's Vested Interest in the aggregate
balance of his Accounts and subaccounts. The value of a Member's Vested Interest
in each of his Acounts and subaccounts shall be determined as of the elected
date payments are to commence from such Account or subaccount pursuant to
Section 7.2 (provided, however, that if an installment payment form was elected
pursuant to Section 7.3, the amount of monthly installment payments shall be
recalculated annually in accordance with the method set forth in Section
7.3(b)).

      7.2   TIME OF PAYMENT. Payment of a Member's benefit under Section 7.1(b)
shall commence as soon as administratively practicable after the date of the
Member's Termination of Service or death. Notwithstanding the foregoing, with
respect to each Plan Year for which a Member elects to defer Compensation under
this Plan and/or the Employer credits such Member's Employer Account with an
Employer Deferral, such Member may elect, in accordance with Section 7.4, to
delay commencement of the portion of his Section 7.1(b) benefit attributable to
Compensation deferrals or Employer Deferrals for such Plan Year until the
passage of a specified number of years following his Termination of Service.

      7.3   ALTERNATIVE FORMS OF BENEFIT PAYMENTS. With respect to each Plan
Year for which a Member elects to defer Compensation under this Plan and/or the
Employer credits such Member's Employer Account with an Employer Deferral, such
Member shall, in accordance with Section 7.4, elect one of the following forms
of payment for the portion of his Section 7.1(b) benefit attributable to
Compensation deferrals and Employer Deferrals for such Plan Year:

            (a)  A single lump sum payment;

            (b)  Monthly installment payments for a period of 5, 10, 15, or 20
      years, as elected by such Member, payable to the Member, or, in the event
      of such Member's death prior to the end of such period, to his designated
      beneficiary (determined under Section 7.5). The amount of each monthly
      installment shall be computed by dividing a Member's annual installment
      amount during each year of the elected installment period into twelve
      equal monthly installments. Such Member's annual installment amount shall
      be

                                     VII-1
<Page>

      calculated by dividing his Vested Interest in the unpaid balance in his
      Deferral and Employer Plan Year Subaccounts relating to the Plan Year for
      which the election is made (determined initially as of the date payment of
      such Member's benefit is scheduled to commence pursuant to Section 7.2
      and, in subsequent years during the elected installment period, on the
      annual anniversary of such date) by the remaining number of years in the
      elected installment period; or

            (c)  A single lump sum payment of a specified percentage, as elected
      by such Member, of his benefit under Section 7.1(b). The balance of such
      Member's benefit under Section 7.1(b) shall be paid in monthly installment
      payments for a period of 5, 10, 15, or 20 years, as elected by such
      Member, calculated in accordance with the method set forth in Paragraph
      (b) above; provided, however, that in calculating such Member's monthly
      installment amounts, his Vested Interest in the unpaid balance in his
      Deferral and Employer Plan Year Subaccounts for which the election is made
      shall be adjusted for any lump sum amount already paid or to be paid to
      such Member.

In the event such Member fails to timely elect in accordance with Section 7.4
the form in which his benefit payment attributable to a particular Plan Year is
to be paid, such benefit payment shall be paid in the form of a single lump sum
payment. If a Member dies prior to the date the payment of the portion of his
Section 7.1(b) benefit derived from deferrals for a particular Plan Year begins,
and if the Member failed to timely elect the form of such payment, then such
payment shall be made to the Member's designated beneficiary (as determined
under Section 7.5) in the form of a single lump sum payment. If a Member dies
prior to the date the payment of the portion of his Section 7.1(b) benefit
derived from deferrals for a particular Plan Year begins or is completed, and if
the Member did timely elect the form of such payments, then such payments shall
be made to the Member's designated beneficiary in the form elected by the
Member. In the event of the death of a Member and the subsequent death of his
designated beneficiary prior to the commencement or completion of payment of
such Member's Section 7.1(b) benefit, then the remaining balance of such
Member's benefit under Section 7.1(b) shall be paid to the estate of his
designated beneficiary in the form of a single lump sum payment.

      7.4   ELECTION AS TO TIME OF PAYMENT AND FORM OF BENEFIT. A Member's
elections as to time of payment and form of benefit payment under Sections 7.2
and 7.3, respectively, with respect to each Plan Year for which such Member
elects to defer Compensation under this Plan and/or the Employer credits such
Member's Employer Account with an Employer Deferral, shall be made in writing
on the form prescribed by the Committee, in accordance with the procedures
established by the Committee, and shall be made prior to the first day of such
Member's participation in the Plan for the Plan Year to which such elections
relate. Notwithstanding the foregoing, subject to the consent of the Committee
in its sole discretion, a Member may, on the form prescribed by the Committee,
modify his original elections as to time of payment and form of benefit payment
with respect to deferrals for any Plan Year; provided, however, that such
modification shall not be effective if such Member incurs a Termination of
Service on or before the date that is thirteen months after such Member
delivers the form implementing such change to the Committee.

                                     VII-2
<Page>

      7.5   DESIGNATION OF BENEFICIARIES.

            (a)  Each Member shall have the right to designate the beneficiary
or beneficiaries to receive payment of his benefit in the event of his death.
Each such designation shall be made by executing the beneficiary designation
form prescribed by the Committee and filing same with the Committee. Any such
designation may be changed at any time by execution of a new designation in
accordance with this Section.

            (b)  If no such designation is on file with the Committee at the
time of the death of the Member or such designation is not effective for any
reason as determined by the Committee, then the designated beneficiary or
beneficiaries to receive such benefit shall be as follows:

                 (i)   If a Member leaves a surviving spouse, his benefit
      shall be paid to such surviving spouse;

                 (ii)  If a Member leaves no surviving spouse, his benefit shall
      be paid to such Member's executor or administrator, or to his heirs at law
      if there is no administration of such Member's estate.

      7.6   ACCELERATED PAY-OUT OF CERTAIN BENEFITS.

            (a)  If a Member's Vested Interest in the aggregate balance of his
Accounts is less than $25,000, then the Committee may, in its sole discretion,
elect to cause the entire remaining Vested Interest in the balance of such
Member's Accounts to be paid in a single lump sum payment.

            (b)  If a Member incurs a Termination of Service and such Member has
elected to have any portion of his Section 7.1(b) benefits and Scheduled
Distributions paid in a form and at a time other than a single lump sum payment
made as soon as administratively practicable after Termination of Service, then:

                 (i)   With respect to such benefit payments, such Member or, in
      the event of such Member's death, his designated beneficiary, may elect at
      any time, by following the election procedure prescribed by the Committee,
      to receive the Vested Interest in the remaining balance in his Accounts
      (reduced by the 10% penalty described in the following sentence) in a
      single lump sum payment as soon as administratively feasible after the
      date such Member or his designated beneficiary delivers to the Committee
      the form prescribed by the Committee requesting such distribution. Upon
      such a request, the Vested Interest in the aggregate balance in such
      Member's Accounts as of the date of the requested distribution shall be
      reduced by 10% and such amount shall be forfeited to the Employer; and

                 (ii)  In the event that the Committee, upon written petition of
      such Member or, in the event of such Member's death, his designated
      beneficiary, determines in its sole discretion that such Member, or his
      designated beneficiary, has suffered an

                                     VII-3
<Page>

      Unforeseeable Financial Emergency, such Member or his designated
      beneficiary shall be entitled to an emergency benefit in an amount and
      under conditions similar to those described in Section 6.2.

      7.7   PAYMENT OF BENEFITS. To the extent the Trust Fund has sufficient
assets, the Trustee shall pay benefits to Members or their beneficiaries,
except to the extent the Employer pays the benefits directly and provides
adequate evidence of such payment to the Trustee. To the extent the Trustee
does not or cannot pay benefits out of the Trust Fund, the benefits shall be
paid by the Employer. Any benefit payments made to a Member or for his benefit
pursuant to any provision of the Plan shall be debited to such Member's
Accounts. All benefit payments pursuant to any provision of the Plan shall be
made in cash to the fullest extent practicable.

      7.8   UNCLAIMED BENEFITS. In the case of a benefit payable on behalf of a
Member, if the Committee is unable to locate the Member or beneficiary to whom
such benefit is payable, upon the Committee's determination thereof, such
benefit shall be forfeited to the Employer. Notwithstanding the foregoing, if
subsequent to any such forfeiture the Member or beneficiary to whom such
benefit is payable makes a valid claim for such benefit, such forfeited benefit
(without any adjustment for earnings or loss after the time of such forfeiture)
shall be restored to the Plan by the Employer and paid in accordance with the
Plan.

                                     VII-4
<Page>

                                      VIII.

                           ADMINISTRATION OF THE PLAN

      8.1   THE COMMITTEE. The general administration of the Plan shall be
vested in the Committee.

      8.2   SELF-INTEREST OF MEMBERS. No member of the Committee shall have any
right to vote or decide upon any matter relating solely to himself under the
Plan or to vote in any case in which his individual right to claim any benefit
under the Plan is particularly involved. In any case in which a Committee
member is so disqualified to act and the remaining members cannot agree, the
Company shall appoint a temporary substitute member to exercise all the powers
of the disqualified member concerning the matter in which he is disqualified.

      8.3   COMMITTEE POWERS AND DUTIES. The Committee shall supervise the
administration and enforcement of the Plan according to the terms and
provisions hereof and shall have all powers necessary to accomplish these
purposes, including, but not by way of limitation, the right, power, and
authority:

            (a)  To make rules, regulations, and bylaws for the administration
      of the Plan that are not inconsistent with the terms and provisions
      hereof, and to enforce the terms of the Plan and the rules and regulations
      promulgated thereunder by the Committee;

            (b)  To construe in its discretion all terms, provisions,
      conditions, and limitations of the Plan;

            (c)  To correct any defect or to supply any omission or to reconcile
      any inconsistency that may appear in the Plan in such manner and to such
      extent as it shall deem in its discretion expedient to effectuate the
      purposes of the Plan;

            (d)  To employ and compensate such accountants, attorneys,
      investment advisors, and other agents, employees, and independent
      contractors as the Committee may deem necessary or advisable for the
      proper and efficient administration of the Plan;

            (e)  To determine in its discretion all questions relating to
      eligibility;

            (f)  To determine whether and when a Member has incurred a
      Termination of Service, and the reason for such termination;

            (g)  To make a determination in its discretion as to the right of
      any person to a benefit under the Plan and to prescribe procedures to be
      followed by distributees in obtaining benefits hereunder;

            (h)  To receive and review reports from the Trustee as to the
      financial condition of the Trust Fund, including its receipts and
      disbursements; and

                                     VIII-1
<Page>

            (i)  To establish or designate Funds as investment options as
      provided in Article IV.

      8.4   CLAIMS REVIEW. In any case in which a claim for Plan benefits of a
Member or beneficiary is denied or modified, the Committee shall furnish
written notice to the claimant within 90 days after receipt of such claim for
Plan benefits (or within 180 days if additional information requested by the
Committee necessitates an extension of the 90-day period), which notice shall:

            (a)  State the specific reason or reasons for the denial or
      modification;

            (b)  Provide specific reference to pertinent Plan provisions on
      which the denial or modification is based;

            (c)  Provide a description of any additional material or information
      necessary for the Member, his beneficiary, or representative to perfect
      the claim and an explanation of why such material or information is
      necessary; and

            (d)  Explain the Plan's claim review procedure as contained herein.

In the event a claim for Plan benefits is denied or modified, if the Member, his
beneficiary, or a representative of such Member or beneficiary desires to have
such denial or modification reviewed, he must, within 60 days following receipt
of the notice of such denial or modification, submit a written request for
review by the Committee of its initial decision. In connection with such
request, the Member, his beneficiary, or the representative of such Member or
beneficiary may review any pertinent documents upon which such denial or
modification was based and may submit issues and comments in writing. Within 60
days following such request for review the Committee shall, after providing a
full and fair review, render its final decision in writing to the Member, his
beneficiary or the representative of such Member or beneficiary stating specific
reasons for such decision and making specific references to pertinent Plan
provisions upon which the decision is based. If special circumstances require an
extension of such 60-day period, the Committee's decision shall be rendered as
soon as possible, but not later than 120 days after receipt of the request for
review. If an extension of time for review is required, written notice of the
extension shall be furnished to the Member, beneficiary, or the representative
of such Member or beneficiary prior to the commencement of the extension period.

      8.5   EMPLOYER TO SUPPLY INFORMATION. The Employer shall supply full and
timely information to the Committee, including, but not limited to, information
relating to each Member's Compensation, age, retirement, death, or other cause
of Termination of Service and such other pertinent facts as the Committee may
require. The Employer shall advise the Trustee of such of the foregoing facts
as are deemed necessary for the Trustee to carry out the Trustee's duties under
the Plan and the Trust Agreement. When making a determination in connection
with the Plan, the Committee shall be entitled to rely upon the aforesaid
information furnished by the Employer.

                                     VIII-2
<Page>

      8.6   INDEMNITY. To the extent permitted by applicable law, the Company
shall indemnify and save harmless each member of the Committee and the
Compensation Committee against any and all expenses, liabilities and claims
(including legal fees incurred to defend against such liabilities and claims)
arising out of their discharge in good faith of responsibilities under or
incident to the Plan. Expenses and liabilities arising out of willful
misconduct shall not be covered under this indemnity. This indemnity shall not
preclude such further indemnities as may be available under insurance purchased
by the Company or provided by the Company under any bylaw, agreement, vote of
stockholders or disinterested directors or otherwise, as such indemnities are
permitted under applicable law.

      8.7   CHANGE IN CONTROL. Notwithstanding any provision in the Plan to the
contrary, upon the occurrence of a Change in Control, the Committee's powers
and duties under the Plan shall cease to the extent, if any, such powers and
duties are vested in the Trustee under the terms of the Trust Agreement.

                                     VIII-3
<Page>

                                       IX.

                             ADMINISTRATION OF FUNDS

      9.1   PAYMENT OF EXPENSES. All expenses incident to the administration of
the Plan and Trust, including but not limited to, legal, accounting, Trustee
fees, and expenses of the Committee, may be paid by the Employer and, if not
paid by the Employer, shall be paid by the Trustee from the Trust Fund.

      9.2   TRUST FUND PROPERTY. All income, profits, recoveries,
contributions, forfeitures and any and all moneys, securities and properties of
any kind at any time received or held by the Trustee shall be held for
investment purposes as a commingled Trust Fund pursuant to the terms of the
Trust Agreement. The Committee shall maintain one or more Accounts in the name
of each Member, but the maintenance of an Account designated as the Account of
a Member shall not mean that such Member shall have a greater or lesser
interest than that due him by operation of the Plan and shall not be considered
as segregating any funds or property from any other funds or property contained
in the commingled fund. No Member shall have any title to any specific asset in
the Trust Fund.

      9.3   CONTRIBUTIONS TO THE TRUST FUND. As soon as administratively
practicable after each date upon which an amount is credited to a Member's
Account pursuant to Sections 3.1 and/or 3.2, the Employer shall contribute an
equivalent amount to the Trust Fund.

      9.4   INVESTMENT OF THE TRUST FUND. The Committee shall have the right,
power, authority, and duty to instruct the Trustee as to the management,
investment, and reinvestment of the Trust Fund.

                                     IX-1
<Page>

                                       X.

                               NATURE OF THE PLAN

      The Employer intends and desires by the adoption of the Plan to recognize
the value to the Employer of the past and present services of employees covered
by the Plan and to encourage and assure their continued service with the
Employer by making more adequate provision for their future retirement security.
The establishment of the Plan is made necessary by certain benefit limitations
which are imposed on the Savings Plan and other qualified retirement plans by
the Employee Retirement Income Security Act of 1974 and by the Code. The Plan is
intended to constitute an unfunded, unsecured plan of deferred compensation for
a select group of management or highly compensated employees of the Employer.
Plan benefits herein provided are a contractual obligation of the Employer which
shall be paid out of the Trust Fund or out of the Employer's general assets.
Subject to the terms hereof and of the Trust Agreement, the Employer shall
transfer money or other property to the Trustee to provide Plan benefits
hereunder, and the Trustee shall pay Plan benefits to Members and their
beneficiaries out of the Trust Fund.

      The Employer has established the Trust and entered into the Trust
Agreement. The Employer shall remain the owner of all assets in the Trust Fund
and the assets shall be subject to the claims of the Employer's creditors if the
Employer ever becomes insolvent. For purposes hereof, the Employer shall be
considered "insolvent" if (a) the Employer is unable to pay its debts as such
debts become due, (b) the Employer is subject to a pending proceeding as a
debtor under the United Sates Bankruptcy Code (or any successor federal statute)
or other proceedings intended to liquidate or rehabilitate the Employer's
estate, or (c) the Employer is subject to regulation by federal or state
regulators and such regulators have determined that the Employer is insolvent or
should be placed in insolvency or similar proceedings. The chief executive
officer of the Employer and its board of directors shall have the duty to inform
the Trustee in writing if the Employer becomes insolvent. Such notice given
under the preceding sentence by any party shall satisfy all of the parties' duty
to give notice. When so informed, the Trustee shall suspend payments to the
Members and hold the assets for the benefit of the Employer's general creditors.
If the Trustee receives a written allegation that the Employer is insolvent, the
Trustee shall suspend payments to the Members and hold the Trust Fund for the
benefit of the Employer's general creditors, and shall determine in the manner
specified in the Trust Agreement whether the Employer is insolvent. If the
Trustee determines that the Employer is not insolvent, the Trustee shall resume
payments to the Members. No Member or beneficiary shall have any preferred claim
to, or any beneficial ownership interest in, any assets of the Trust Fund, and,
upon commencement of participation in the Plan, each Member shall have agreed to
waive his priority credit position, if any, under applicable state law with
respect to the assets of the Trust Fund.

                                      X-1
<Page>

                                       XI.

                                  MISCELLANEOUS

      11.1  NOT CONTRACT OF EMPLOYMENT. The adoption and maintenance of the
Plan shall not be deemed to be a contract between the Employer and any person
or to be consideration for the employment of any person. Nothing herein
contained shall be deemed to (a) give any person the right to be retained in
the employ of the Employer, (b) restrict the right of the Employer to discharge
any person at any time, (c) give the Employer the right to require any person
to remain in the employ of the Employer, or (d) restrict any person's right to
terminate his employment at any time.

      11.2  ALIENATION OF INTEREST FORBIDDEN. The interest of a Member or his
beneficiary or beneficiaries hereunder may not be sold, transferred, assigned,
or encumbered in any manner, either voluntarily or involuntarily, and any
attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or
charge the same shall be null and void; neither shall the benefits hereunder be
liable for or subject to the debts, contracts, liabilities, engagements or
torts of any person to whom such benefits or funds are payable, nor shall they
be an asset in bankruptcy or subject to garnishment, attachment or other legal
or equitable proceedings.

      11.3  WITHHOLDING. All Compensation deferrals and Employer Deferrals and
payments provided for hereunder shall be subject to applicable withholding and
other deductions as shall be required of the Employer under any applicable
local, state or federal law.

      11.4  AMENDMENT AND TERMINATION. The Compensation Committee may from time
to time, in its discretion, amend, in whole or in part, any or all of the
provisions of the Plan; provided, however, that no amendment may be made that
would impair the rights of a Member with respect to amounts already allocated
to his Accounts. The Compensation Committee may terminate the Plan at any time.
In the event that the Plan is terminated, the Vested Interest in the balance in
a Member's Accounts shall be paid to such Member or his designated beneficiary
in the manner specified by the Committee, which may include the payment of a
single lump sum payment in full satisfaction of all of such Member's or
beneficiary's benefits hereunder. Notwithstanding the foregoing, upon the
occurrence of a Change in Control, the Plan may not be amended or terminated in
any manner that changes a Member's elections as to time of payment and form of
payment of benefits.

      11.5  SEVERABILITY. If any provision of this Plan shall be held illegal
or invalid for any reason, said illegality or invalidity shall not affect the
remaining provisions hereof; instead, each provision shall be fully severable
and the Plan shall be construed and enforced as if said illegal or invalid
provision had never been included herein.

      11.6  GUARANTY. Notwithstanding any provisions of the Plan to the
contrary, in the event any Affiliate that adopts the Plan pursuant to Section
2.3 hereof fails to make payment of the benefits due under the Plan on behalf
of its Members, whether directly or through the Trust, the Company shall be
liable for and shall make payment of such benefits due as a guarantor of

                                     XI-1
<Page>

such entity's obligations hereunder. The guaranty obligations provided herein
shall be satisfied directly and not through the Trust.

      11.7  GOVERNING LAWS. ALL PROVISIONS OF THE PLAN SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF TEXAS EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW.

                                     XI-2
<Page>

      EXECUTED this 28th day of November, 2001.

                              DYNEGY INC.

                              By:   /s/ Jane D. Jones
                                    --------------------------------------------
                                    Name:  Jane D. Jones
                                           -------------------------------------
                                    Title: Vice President - Rewards & Technology
                                           -------------------------------------

                                     (iii)<Page>

                                                                     Exhibit 4.7

                                  DYNEGY INC.
                  DEFERRED COMPENSATION PLAN TRUST AGREEMENT

<Page>

                               TABLE OF CONTENTS

<Table>
<S>              <C>                                                   <C>
ARTICLE I     :  GENERAL TRUST PROVISIONS                                  I-1

ARTICLE II    :  GENERAL DUTIES OF THE PARTIES                            II-1

ARTICLE III   :  INVESTMENT, ADMINISTRATION AND
                 DISBURSEMENT OF TRUST FUND                              III-1

ARTICLE IV    :  SETTLEMENT OF ACCOUNTS                                   IV-1

ARTICLE V     :  TAXES, EXPENSES AND COMPENSATION
                 OF TRUSTEE                                                V-1

ARTICLE VI    :  FOR PROTECTION OF TRUSTEE                                VI-1

ARTICLE VII   :  INDEMNITY                                               VII-1

ARTICLE VIII  :  RESIGNATION AND REMOVAL OF TRUSTEE                     VIII-1

ARTICLE IX    :  DURATION AND TERMINATION OF
                 TRUST AND AMENDMENT                                      IX-1

ARTICLE X     :  CLAIMS OF COMPANY'S CREDITORS                             X-1

ARTICLE XI    :  ADOPTING ENTITIES                                        XI-1

ARTICLE XII   :  MISCELLANEOUS                                           XII-1
</Table>

                                      (i)
<Page>

                                  DYNEGY INC.
                   DEFERRED COMPENSATION PLAN TRUST AGREEMENT

    THIS AGREEMENT AND DECLARATION OF TRUST, made this 28th day of December,
2001, by and between (i) DYNEGY INC. (hereinafter referred to as the
"Company") and (ii) VANGUARD FIDUCIARY TRUST COMPANY (hereinafter referred to
as the "Trustee").

    WHEREAS, the Company has established the DYNEGY INC. DEFERRED
COMPENSATION PLAN (hereinafter referred to as the "Plan") for the benefit of
certain individuals who are eligible for benefits under the terms of the Plan
(such individuals being referred to herein as the "Members"), which Plan
provides for the payment of certain deferred compensation benefits (the
"Benefits") to the Members and, in the event of the death of a Member, the
beneficiaries of the respective Members entitled to any payments under the
terms of the Plan ("Beneficiaries"); and

    WHEREAS, the Plan contemplates that the Company will pay the entire cost
of the Benefits from its general assets; and

    WHEREAS, the Company desires to adopt the DYNEGY INC. DEFERRED
COMPENSATION PLAN TRUST AGREEMENT (the "Trust Agreement") establishing a
trust (the "Trust") to aid the Company in meeting its obligations under the
Plan; and

    WHEREAS, the Trust is intended to be a "grantor trust" with the corpus
and income of the Trust treated as assets and income of the Company for
federal income tax purposes; and

    WHEREAS, the Company intends that the assets of the Trust shall at all
times be subject to the claims of general creditors of the Company as
provided in Article X; and

    WHEREAS, the Company intends that the existence of the Trust shall not
alter the characterization of the Plan as "unfunded" for purposes of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and
shall not be construed to provide income to any Member prior to actual
payment of Benefits under the Plan; and

    WHEREAS, other adopting entities have adopted the Plan and other adopting
entities may adopt the Plan in the future, and the Company desires to permit
such entities to adopt separate sub-trusts hereunder that are substantially
similar to the Trust; and

    WHEREAS, under the Trust, the Trustee covenants that it will hold all
property which it may receive hereunder, IN TRUST, for the uses and purposes
and upon the terms and conditions hereinafter stated;

    NOW, THEREFORE, the parties hereto establish the Trust, effective January
1, 2002, and agree, as follows:

                                     (ii)
<Page>

                                   ARTICLE I

                           GENERAL TRUST PROVISIONS

    1.1  ESTABLISHMENT OF TRUST.  The Company hereby adopts this Trust
Agreement.  The Trust shall consist of such sums of money and, with prior
written notice to the Trustee, insurance policies and other property
acceptable to the Trustee as from time to time shall be paid or delivered to
the Trustee by the Company.  All such money and other property, all
investments and reinvestments made therewith or proceeds thereof and all
earnings and profits thereon, less all payments and charges as authorized
herein, shall constitute the "Trust Fund."  The Trust Fund shall at all times
be subject to the claims of general creditors of the Company as provided in
Article X.  No Member or Beneficiary shall have any preferred claim to, or
any beneficial ownership interest in, any assets of the Trust Fund prior to
the time such assets are paid to such Member or Beneficiary as Benefits.

    1.2  SEPARATE SUB-TRUSTS.  Contrary provisions of the Trust
notwithstanding, except as provided in Article XI, the provisions of the
Trust shall apply separately and equally to the Company and to each adopting
entity that has entered into this Trust Agreement pursuant to Article XI.
The Company and each such adopting entity shall bear the cost of providing
Benefits for its own Members and their Beneficiaries, and the portion of the
Trust Fund attributable to the contributions of the Company and each such
adopting entity shall be available to provide benefits only to the Company's
or such adopting entity's (as applicable) Members and their Beneficiaries or
to satisfy claims of the Company's or such adopting entity's (as applicable)
Bankruptcy Creditors in the event the Company or such adopting entity (as
applicable) becomes Insolvent (as such terms are defined in Section 10.1).
Notwithstanding the foregoing or any provision in this Trust Agreement to the
contrary, to the extent required by Internal Revenue Service Notice 2000-56,
shares of common stock of the Company that are contributed by the Company to
the Trust for the benefit of employees of another adopting entity that is a
subsidiary of the Company shall be subject to the claims of the creditors of
both the Company and such subsidiary, and the remaining shares contributed by
the Company shall revert to the Company upon termination of the Trust.

    1.3  TRUST IRREVOCABLE.  The Trust shall be irrevocable and shall be held
for the exclusive purpose of providing benefits under the Plan to Members and
their Beneficiaries and defraying expenses of the Trust in accordance with
the provisions of this Trust Agreement.  Except as provided in Section 3.6(c)
and Articles IX and X hereof, no part of the income or corpus of the Trust
Fund shall be recoverable by or for the Company.

    1.4  NON-ALIENATION.  No right or interest to receive benefits from the
Trust may be assigned, sold, anticipated, alienated or otherwise transferred
by any Member or Beneficiary.

    1.5  ACCEPTANCE BY TRUSTEE.  The Trustee accepts the Trust established
under this Trust Agreement on the terms and subject to the provisions set
forth herein, and it agrees to discharge and perform fully and faithfully all
of the duties and obligations imposed upon it under this Trust Agreement.

                                      I-1
<Page>

                                  ARTICLE II

                         GENERAL DUTIES OF THE PARTIES

    2.1  GENERAL DUTIES OF THE COMPANY AND THE TRUSTEE.

        (a)  The Company has provided or will provide the Trustee with a copy
of the Plan and shall provide the Trustee with a copy of any amendment to the
Plan promptly upon its adoption.  The Plan, as of the date of execution of
this Trust Agreement, is hereby incorporated by reference into and shall form
a part of this Trust Agreement as fully as if set forth herein verbatim. Any
amendment to the Plan shall also be incorporated by reference into and form a
part of this Trust Agreement, effective as of the effective date of such
amendment.  As soon as administratively practicable after December31, 2001,
the Company shall (or shall cause the Recordkeeper, as such term is hereafter
defined, to) prepare and deliver to the Trustee a schedule (the "Benefit
Schedule," as amended from time to time as provided herein) setting forth as
of such date (1) the name and mailing address of each Member entitled to
receive Benefits, (2) the Beneficiaries, if any, designated by each Member,
(3) the aggregate balance(s) of and nonforfeitable interest ("Vested
Interest") in each Member's Account(s) (as such term is defined in the Plan)
and subaccounts thereof, and (4) each Member's time of payment and form of
benefit payment elections made pursuant to the Plan with respect to each Plan
Year for which the Member elects to defer Compensation under the Plan and/or
the Employer credits the Member's Employer Account with an Employer Deferral
(as such terms are defined under the Plan).  The Company shall be responsible
for notifying the Trustee of any changes in the information set forth on the
Benefit Schedule, including, but not limited to, the addition of new Members
and a change in the mailing address of a Member.  For purposes of this Trust
Agreement, the term "Recordkeeper" shall mean the recordkeeper engaged from
time to time by the Company with respect to the Plan to assist the Company in
connection with the administration of the Plan.

        (b)  Subject to the provisions of Section 2.1(c), beginning with
calendar year 2003, (1) prior to the occurrence of a Change in Control (as
such term is defined in Section12.4), the Company shall (or shall cause the
Recordkeeper to) prepare and deliver to the Trustee by March31 of each year a
completely updated Benefit Schedule as of the preceding December31, or (2)
from and after the occurrence of a Change in Control, the Trustee shall keep
the Benefit Schedule accurate and current, including but not limited to,
preparing by March 31 of each year a completely updated Benefit Schedule as
of the preceding December 31 with such assistance from the Company, the
Recordkeeper, and third parties as may be necessary in order to permit
distributions from the Trust Fund to be made in accordance with the
provisions of Section 3.6.  The Company shall keep accurate books and records
with respect to the eligibility of individuals to participate in the Plan and
the Benefits payable under the Plan, and the Company shall provide such
information to the Trustee and any third party referred to in the immediately
preceding sentence and shall also provide access to such books and records at
such time or times as the Trustee shall reasonably request.

        (c)  If, at any time, the Company fails or refuses to give the
Trustee an updated Benefit Schedule or, if applicable, data or access to such
books and records in accordance with Section 2.1(b), the Trustee shall
deliver a written request to the Company to provide such Benefit

                                     II-1
<Page>

Schedule or, if applicable, access to such books and records of the Company
and to provide such data as required in accordance with Section 2.1(b) for
the Trustee to keep the Benefit Schedule accurate and current.  If the
Company fails or refuses to comply with the Trustee's written request
pursuant to the preceding sentence prior to the expiration of thirty days
from the date of delivery thereof by the Trustee, the Trustee shall, after
ten days written notice to the Company, immediately pay to each Member an
amount equal to the aggregate balances in such Member's Accounts ("Account
Balances") as set forth on the most recent Benefit Schedule, reduced by any
taxes to be withheld pursuant to Section3.6.  Such payment shall be made in
accordance with the provisions of Section 3.6.  For this purpose, the Company
shall be deemed to have complied with the Trustee's written request if, in
the Trustee's judgment, it shall have substantially complied at the end of
the thirty-day period and is endeavoring in good faith to complete compliance
without delay.

        (d)  From and after the occurrence of a Change in Control, the
Company shall notify each Member and each Beneficiary (in the case of a then
deceased Member) in writing of any changes in the Benefit Schedule with
respect to such Member or Beneficiary, and, to the extent that such
notification is not provided by the Company, the Trustee shall provide such
notification, and the Trustee shall notify all Members and such Beneficiaries
of any failure of the Company to provide information required in this Section
2.1.

        (e)  It is intended that Benefits payable to Members shall be
determined under the provisions of the Plan and shall be calculated by the
Recordkeeper under the provisions of the Plan as of the date of payment.
Payment of Benefits shall be based upon the amounts set forth on the Benefit
Schedule only under the circumstances set forth in Section 2.1(c).  If the
actual Benefits payable to a Member under the provisions of the Plan exceed
the amount set forth on the Benefit Schedule which are paid pursuant to
Section 2.1(c), the Company shall be liable for payment of the remaining
portion of such Benefits.

        (f)  Trust provisions to the contrary notwithstanding, the Company
shall have the right at any time, and from time to time, in its sole
discretion and upon prior written notice to the Trustee, to substitute
marketable securities of equal fair market value for any asset held by the
Trust.  This right is exercisable by the Company in a nonfiduciary capacity
without the approval or consent of any person in a fiduciary capacity.

        (g)  As soon as administratively practicable after each date upon
which an amount is credited to a Member's Deferral Plan Year Subaccount or
Employer Plan Year Subaccount under the Plan pursuant to Article III of the
Plan, the Company shall contribute an equivalent amount to the Trust.

    2.2  ADDITIONAL GENERAL DUTIES OF TRUSTEE.  The Trustee shall manage,
invest and reinvest the Trust Fund as the Trustee may determine in the
exercise of its fiduciary duties hereunder, consistent with the provisions of
ArticleIII.  The Trustee shall collect the income on the Trust Fund for the
benefit of the Trust, and make distributions therefrom, all as hereinafter
provided.

                                     II-2
<Page>

                                 ARTICLE III

          INVESTMENT, ADMINISTRATION AND DISBURSEMENT OF TRUST FUND

    3.1  INVESTMENT OF TRUST FUND.  The following provisions shall apply with
respect to the investment of the Trust Funds:

        (a)  To the extent that the Trustee is directed by the Dynegy Inc.
    Benefit Plans Committee (the "Committee") prior to the occurrence of a
    Change in Control, the Trustee may invest in securities (including stock
    or rights to acquire stock) or obligations issued by the Company;

        (b)  At any time prior to the occurrence of a Change in Control, the
    Trust shall be invested by the Trustee among regulated investment companies
    which have been previously designated as investment fund alternatives by
    the Committee and a fund consisting of securities or obligations issued by
    the Company to the extent provided in paragraph (a) above (the "Investment
    Funds").  The Committee shall notify the Trustee in writing of the selection
    of the Investment Funds and any changes thereto.  The Trustee shall invest
    the Trust in accordance with the written directions of the Committee or, to
    the extent that such directions are not received for all or a portion of the
    Trust, in the Trustee's discretion among any of the Investment Funds.  The
    Committee may, in its discretion, direct the Trustee to follow the deemed
    investment directions of each Member or Beneficiary of a deceased Member,
    whether written or telephonic, with respect to a portion of the Trust Fund
    assets equal in value to the Account Balances maintained under the Plan on
    behalf of such individual, within parameters established by, and as agent
    for, the Committee.  The Trustee shall have no liability or responsibility
    for acting without question on the direction of the Committee, or for the
    exercise of investment discretion in the absence of direction from the
    Committee, unless such actions are contrary to the express provisions of
    this Trust Agreement.  The Company shall indemnify the Trustee for liability
    to any party resulting from the Trustee acting without question on the
    direction of the Committee, and for liability to any party resulting from
    the exercise of investment discretion in the absence of investment direction
    from the Committee as to all or a portion of the Trust, unless such actions
    are contrary to the express provisions of this Trust Agreement or are the
    result of the Trustee's negligence or willful misconduct.  All interest,
    dividends, and other income received with respect to, and any proceeds
    received from the sale or other disposition of securities or other property
    held in an Investment Fund shall be credited to and reinvested in such
    Investment Fund.  All expenses of the Trust Fund which are allocable to a
    particular Investment Fund shall be so allocated and charged.  The Committee
    may direct the Trustee to eliminate an Investment Fund or Funds, and the
    Trustee shall thereupon dispose of the assets of such Investment Fund and
    reinvest the proceeds thereof in accordance with the directions of the
    Committee; and

        (c)  From and after the occurrence of a Change in Control, the
    Trustee shall have, with respect to the Trust Fund, power in its discretion
    to invest and reinvest such assets in (i) common and preferred stocks,
    bonds, notes (whether secured or unsecured) and debentures (including
    convertible stocks and securities but not including any stock,

                                    III-1
<Page>

    debt instruments, or other securities of the Company (except as provided
    in clause (v) below), the Trustee or their affiliates) which are readily
    marketable and listed on a United States national securities exchange or
    the NASDAQ national market, (ii) interest-bearing deposit accounts or
    certificates of deposit maturing within one year after acquisition
    thereof, entered into or issued by a United States national or state bank
    or trust company having capital, surplus and undivided profits, at the
    holding company level, of at least $750 million, (iii) direct obligations
    of, and obligations fully guaranteed by, the United States of America or
    any agency of the United States of America which is backed by the full
    faith and credit of the United States of America (so long as such
    obligations shall mature within one year after acquisition thereof), (iv)
    any common, collective or commingled fund, including a fund maintained by
    the Trustee, established and maintained primarily for the purpose of
    investing and reinvesting in assets of the type described in (i), (ii) or
    (iii) above, and (v) the Investment Funds most recently designated by the
    Committee prior to the occurrence of the Change in Control (or any
    regulated investment company selected by the Trustee in its sole
    discretion to replace any such Investment Fund).  Further,
    notwithstanding the provisions of the preceding sentence, after the
    occurrence of a Change in Control, the Trustee shall have the power in
    its discretion to retain, maintain, continue, sell, or take any other
    actions relative to any assets then held in the Trust Fund (including,
    without limitation, to take actions in accordance with deemed investment
    directions obtained directly from a Member or Beneficiary of a deceased
    Member with respect to a portion of the Trust Fund assets equal in value
    to the Account Balances maintained under the Plan on behalf of such
    individual).

    3.2  VALUATION OF TRUST FUND.  As soon as practicable after the last day
of each calendar year and as of such other dates as may be specified by the
Company or the Committee, the Trustee shall report to the Company and the
Committee the assets held in the Trust Fund as of such day and shall
determine and include in such report the fair market value as of such day of
each such asset. In determining such fair market values, the Trustee shall
use such market quotations and other information as are available to it and
may in its discretion be appropriate.  The report of any such valuation shall
not constitute a representation by the Trustee that the amounts reported as
fair market values would actually be realized upon the liquidation of the
Trust Fund.  The Trustee shall not be accountable to the Company or to any
other person on the basis of any such valuation, but its accountability shall
be in accordance with the provisions of Article IV hereof.

    3.3  ADDITIONAL INVESTMENT POWERS OF TRUSTEE.  Subject to the provisions
of Sections 3.1, 3.6 and 9.2 hereof, the Trustee shall have, with respect to
the Trust Fund, the power in its discretion:

        (a)  To retain any property at any time received by it;

        (b)  To sell, exchange, convey, transfer or dispose of, and to grant
    options for the purchase or exchange with respect to, any property at any
    time held by it;

                                     III-2
<Page>

        (c)  To register and carry any securities or any other property in
    the name of the Trustee, or in the name of the nominee of the Trustee (or
    to hold any such property unregistered) without increasing or decreasing
    the fiduciary liability of the Trustee, and to exercise any option, right
    or privilege to convert any convertible securities, including shares or
    fractional shares of the Trustee so long as the conversion privilege is
    offered pro rata to all shareholders;

        (d)  To cause any securities to be held in book-entry or in bearer form;

        (e)  To hold property for investment that may be unproductive of income;
    and

        (f)  To hold uninvested at any time, without liability for interest
    thereon for a reasonable period of time (not to exceed one business day),
    any money received by the Trustee or raised by the Trustee from the sale of
    investments or otherwise until the same can be reinvested or disbursed.

    3.4  ADMINISTRATIVE POWERS OF TRUSTEE.  The Trustee shall have the power
in its discretion:

        (a)  To exercise all voting and other rights with respect to the
    shares of stock held in the Trust Fund and to grant proxies, discretionary
    or otherwise; provided, however, that, prior to the occurrence of a Change
    in Control, (1) the Committee shall direct the Trustee with respect to all
    such matters other than with respect to stock issued by the Company or its
    affiliates, and (2) the Trustee shall exercise all voting and other rights
    with respect to stock issued by the Company or its affiliates;

        (b)  To cause any shares of stock to be registered and held in the
    name of one or more of its nominees, or one or more nominees of any system
    for the central handling of securities, without increase or decrease of
    liability;

        (c)  To collect and receive any and all money and other property due
    to the Trust Fund and to give full discharge therefor;

        (d)  Subject to the provisions of Section 3.6 hereof, to settle,
    compromise or submit to arbitration any claims, debts or damages due or
    owing to or from the Trustee, to commence or defend suits or legal
    proceedings to protect any interest of the Trust, and to represent the Trust
    in all suits or legal proceedings in any court or before any other body or
    tribunal;

        (e)  To organize under the laws of any state a corporation or limited
    liability company for the purpose of acquiring and holding title to any
    property which it is authorized to acquire under this Trust Agreement and
    to exercise with respect thereto any or all of the powers set forth in this
    Trust Agreement;

        (f)  To determine how all receipts and disbursements shall be
    credited, charged or apportioned as between income and principal;

                                    III-3
<Page>

        (g)  To determine the amount and time of Benefit payments in
    accordance with Section 3.6;

        (h)  To employ and compensate such attorneys, counsel, brokers or
    other agents or employees and to delegate to them such of the duties,
    rights and powers of the Trustee as may be deemed advisable in handling and
    administering the Trust; and

        (i)  Generally to do all acts, whether or not expressly authorized,
    which the Trustee may deem necessary or desirable for the protection of the
    Trust Fund.

    3.5  DEALINGS WITH TRUSTEE.  Persons dealing with the Trustee shall be
under no obligation to see to the proper application of any money paid or
property delivered to the Trustee or to inquire into the Trustee's authority
as to any transaction.

    3.6  DISTRIBUTIONS FROM TRUST FUND.

        (a)  Except as set forth in Section 3.6(c), Section 9.2 and ArticleX
hereof, distributions from the Trust Fund shall be made by the Trustee to the
Members and Beneficiaries at the times and in the amounts determined in
accordance with the provisions of the Plan and, to the maximum extent
permitted by applicable law, the Trustee shall be fully protected in so
doing.  Any amounts so paid shall be reduced by the amount of any federal,
state, or local income or other taxes that may be required by law to be
withheld or paid by the Trustee or the Company.  To the extent required by
applicable law, the Trustee shall withhold, pay, and report such amounts to
the appropriate governmental authorities.  To the extent the withholding and
reporting obligations belong to the Company and not to the Trustee, the
Trustee shall pay to the Company the appropriate withholding amount.  The
Company, the Committee, the Members, and the Beneficiaries shall provide the
Trustee with all of the information necessary for the Trustee to determine
the amount of such taxes required to be withheld or paid by the Trustee or
the Company, and the Trustee shall be fully protected in relying upon such
information.  Notwithstanding any provision of this Trust Agreement to the
contrary, the Company shall be obligated to pay the Benefits to the extent
that the Trust Fund is not sufficient to pay any Benefit when due.  In the
event Benefits are due to more than one Member or Beneficiary on the same
date and the Trust Fund is not sufficient to pay all such Benefits, the Trust
Fund shall be applied pro rata among such Members and Beneficiaries on the
basis of the Benefits due to be paid such individuals on such date.  Nothing
in this Trust Agreement shall relieve the Company of its liabilities to pay
Benefits except to the extent such liabilities are met by application of
Trust Fund assets.

        (b)  Prior to the occurrence of a Change in Control, the Committee
shall (or shall cause the Recordkeeper to) direct the Trustee in writing as
to the time and amount of Benefits to be distributed to the Members and
Beneficiaries.  From and after the occurrence of a Change in Control, a
Member or Beneficiary who believes that he or she is entitled to Benefits
pursuant to the terms of the Plan may apply in writing directly to the
Trustee for payment of such Benefits.  Such application shall advise the
Trustee of the circumstances which entitle such Member or Beneficiary to
payment of such Benefits.  The Trustee shall promptly forward such

                                    III-4
<Page>

application to the Committee, and the Trustee shall pay such Benefits to the
Member or Beneficiary 30 days after the Trustee has forwarded such
application to the Committee, unless, prior to the expiration of such 30-day
period, the Committee notifies the Trustee in writing that (1) such Benefits
have already been paid in full or (2) such Member's or Beneficiary's
entitlement to such Benefits is disputed by the Committee.  If the Committee
provides the Trustee with the notice described in clause (1) or (2) of the
preceding sentence, then the Trustee shall reach its own independent
determination as to the Member's or Beneficiary's entitlement to Benefits.
If the Trustee so desires, it may, in its sole discretion, make such
additional inquiries and/or take such additional measures as it deems
necessary in order to enable it to determine whether Benefits are due and
payable, including, but not limited to, interviewing appropriate persons,
requesting affidavits, soliciting oral or written testimony under oath, or
holding a hearing or other proceeding.  As promptly as possible after the
occurrence of a Change in Control, the Trustee shall determine whether
Benefits are payable.

        (c)  At any time and from time to time, the Committee may direct the
Trustee in writing to distribute to the Company cash held by the Trustee as
part of the Trust Fund in an amount equal to the Benefits accrued under the
Plan that have been forfeited under the terms of the Plan. As soon as
practicable after receipt of such a direction and, if such direction is
received by the Trustee after the occurrence of a Change in Control, the
Trustee's independent determination that such benefits have, in fact, been
forfeited in accordance with the terms of the Plan, the Trustee shall
distribute such amount to the Company.

        (d)  The Trustee may engage its own outside counsel or other experts
to assist it in making any determination under Section 3.6(a), (b), (c), or
(f) hereof.  The cost of such outside counsel or other expert assistance, and
any other costs reasonably incurred by the Trustee in making any such
determination, shall be borne by the Company.  From and after a Change in
Control, if the Company fails to pay any such costs when due or requested by
the Trustee, the Trustee may use the assets of the Trust Fund to pay them as
provided in Section 5.2.

        (e)  The Trustee shall not itself commence any legal action, whether
in the nature of an interpleader action, request for declaratory judgment or
otherwise, requesting a court to make a determination under Section 3.6(a),
(b), (c), or (f) hereof in the Trustee's stead without first using its best
efforts to make such determination; provided that notice thereof is
contemporaneously given by the Trustee to the Company and the Committee.

        (f)  Notwithstanding any other provision of this Trust Agreement, if
any amounts held in the Trust are found in a "determination" (within the
meaning of Section 1313(a) of the Internal Revenue Code of 1986, as amended
(the "Code")) to have been includible in gross income of a Member or
Beneficiary prior to payment of such amounts from the Trust, the Trustee
shall, as soon as practicable after receiving notice thereof, pay such
amounts to such Member or Beneficiary, as applicable, (but not in excess of
such Member's or Beneficiary's Account Balances at the time of such payment).
 For purposes of this Section 3.6, the Trustee shall be entitled to rely on
an affidavit by a Member or Beneficiary, as applicable, and a copy of the
determination to the effect that a determination described in the preceding
sentence has occurred.

                                     III-5
<Page>

                                  ARTICLE IV

                            SETTLEMENT OF ACCOUNTS

    The Trustee shall keep full accounts of all of its receipts and
disbursements.  The Trustee's books and records with respect to the Trust
Fund shall be open to inspection by the Company, the Committee, or their
representatives at all times during business hours of the Trustee.  The
Trustee shall use its best efforts to prepare, sign and mail to the Company
and the Committee within sixty days (but in no event more than ninety days)
after December31 of each year (or such other date as may be agreed to by the
Company and the Trustee), or any termination of the duties of the Trustee, an
account of its acts and transactions as Trustee hereunder.  If, within one
year after the mailing of the account or any amended account, the Company and
the Committee have not filed with the Trustee notice of any objection to any
act or transaction of the Trustee, the account or amended account shall
become an account stated.  If any objection has been filed, and if the
objecting party is satisfied that it should be withdrawn or if the account is
adjusted to the objecting party's satisfaction, the objecting party shall in
writing signify to the Trustee its approval of the account and it shall
become an account stated.  When an account becomes an account stated, such
account shall be finally settled absent manifest error, and the Trustee shall
be completely discharged and released, as if such account had been settled
and allowed by a judgment or decree of a court of competent jurisdiction in
an action or proceeding in which the Trustee, the Company and the Committee
were parties.  The Trustee, the Company or the Committee shall have the right
to apply at any time to a court of competent jurisdiction for judicial
settlement of any account of the Trustee not previously settled as
hereinabove provided.  In any such action or proceeding it shall be necessary
to join as parties the Trustee, the Company, and the Committee and any
judgment or decree entered therein shall be conclusive upon all such parties.

                                      IV-1
<Page>

                                    ARTICLE V

                  TAXES, EXPENSES AND COMPENSATION OF TRUSTEE

    5.1  TAXES.  The Company agrees that all income, deductions, and credits
of the Trust Fund belong to it as owner for income tax purposes and will to
the extent necessary be included on the Company's income tax returns.  The
Company shall from time to time pay taxes (references in this Trust Agreement
to the payment of taxes shall include interest and applicable penalties) of
any and all kinds whatsoever which at any time are lawfully levied or
assessed upon or become payable in respect of the Trust Fund, the income or
any property forming a part thereof, or any security transaction pertaining
thereto.  To the extent that any taxes levied or assessed upon the Trust Fund
are not paid by the Company or contested by the Company pursuant to the last
sentence of this Section 5.1, the Trustee shall pay such taxes out of the
Trust Fund and the Company shall upon demand by the Trustee deposit into the
Trust Fund an amount equal to the amount paid from the Trust Fund to satisfy
such tax liability.  If requested by the Company, the Trustee shall, at
Company expense, contest the validity of such taxes in any manner deemed
appropriate by the Company or its counsel.  Alternatively, the Company may
itself contest the validity of any such taxes, but any such contest shall not
affect the Company's obligation to reimburse the Trust Fund for taxes paid
from the Trust Fund.

    5.2  EXPENSES AND COMPENSATION.  The Trustee shall be paid compensation
by the Company as the Company and the Trustee may from time to time agree.
The Trustee shall be reimbursed by the Company for its reasonable expenses of
management and administration of the Trust, including reasonable compensation
of counsel and any agent engaged by the Trustee to assist it in such
management and administration.  From and after a Change in Control, in the
event that the Company shall fail or refuse to pay such compensation or make
such reimbursements within sixty days of demand, the Trustee may satisfy such
obligations out of the assets of the Trust Fund; in that event, the Company
shall immediately upon demand by the Trustee deposit into the Trust Fund a
sum equal to the amount paid by the Trust Fund for such fees and expenses.

                                     V-1
<Page>

                                  ARTICLE VI

                          FOR PROTECTION OF TRUSTEE

    6.1  COMMUNICATIONS WITH THE COMPANY, THE COMMITTEE AND THE MEMBERS.

        (a)  The Company shall certify to the Trustee the name or names of
any person or persons authorized to act for the Company and for the
Committee.  Such certification shall be signed by an officer of the Company.
Until the Company notifies the Trustee, in a similarly signed notice, that
any such person is no longer authorized to act for the Company or for the
Committee, as applicable, the Trustee may continue to fully rely upon the
authority of such person.

        (b)  The Trustee may fully rely upon any certificate, notice or
direction of the Company or the Committee which the Trustee reasonably
believes to have been signed by a duly authorized officer or agent of the
Company or the Committee, as applicable.

        (c)  Communications to the Trustee shall be sent in writing to the
Trustee at 100 Vanguard Boulevard, V26, Malvern, Pennsylvania 19355,
Attention: ERISA Legal, or to such other address as the Trustee may specify.
No communication shall be binding upon the Trust Fund or the Trustee until it
is received by the Trustee and unless it is in writing and signed by an
authorized person.

        (d)  Communications to the Company shall be sent in writing to the
Company at 1000 Louisiana Street, Suite 5800, Houston, Texas 77002,
Attention:General Counsel, or to such other address as the Company may
specify in writing to the Trustee.  Communications to the Committee shall be
sent in writing to Dynegy Inc. Benefit Plans Committee, 1000 Louisiana
Street, Suite 5800, Houston, Texas 77002, Attention:Vice President - Human
Resources.  Communications to a Member or Beneficiary shall be sent in
writing to the address of such person as stated on the Benefit Schedule, or
to such other address as such person may specify in writing to the Trustee.
No communication shall be binding upon the Company, the Committee, or a
Member or Beneficiary until it is received by such person.

    6.2  ADVICE OF COUNSEL.  The Trustee may consult with any legal counsel
approved in advance by the Company (which approval shall not be unreasonably
withheld) with respect to the construction of this Trust Agreement, its
duties hereunder, or any act which it proposes to take or omit, and shall not
be liable for any action taken or omitted in good faith pursuant to such
advice. Expenses of such counsel shall be deemed to be expenses of management
and administration of the Trust within the meaning of Section 5.2 hereof.

    6.3  FIDUCIARY RESPONSIBILITY.

        (a)  The Trustee shall discharge its duties under this Trust
Agreement in effectuating the Plan in a manner consistent with the objectives
of this Trust Agreement and the Plan.  The Trustee shall not be liable for
any loss sustained by the Trust Fund by reason of the

                                      VI-1
<Page>

purchase, retention, sale or exchange of any investment in good faith and in
accordance with the provisions of this Trust Agreement.  The Trustee shall
have no responsibility or liability for any failure of the Company to make
contributions to the Trust Fund or for any insufficiency of assets in the
Trust Fund to pay Benefits when due.  The Trustee shall not be liable
hereunder for any act taken or omitted to be taken in good faith, except for
its own negligence or misconduct.

        (b)  No bond shall be required of the Trustee unless otherwise
required by law.

        (c)  The Trustee's duties and obligations shall be limited to those
expressly imposed upon it by this Trust Agreement.

        (d)  The Company at any time may employ as agent (to perform any act,
keep any records or accounts, or make any computations required of the
Company or the Committee by this Trust Agreement or the Plan) the individual,
corporation or association serving as Trustee hereunder. Nothing done by said
individual, corporation or association as such agent shall affect its
responsibilities or liability as Trustee hereunder.

                                      VI-2
<Page>

                                   ARTICLE VII

                                    INDEMNITY

    Unless resulting from the Trustee's negligence, willful misconduct, lack
of good faith, or breach of its duties or obligations under this Agreement or
applicable law, the Company shall indemnify and save harmless the Trustee
from, against, for and in respect of any and all damages, losses,
obligations, liabilities, liens, deficiencies, costs and expenses, including
without limitation, reasonable attorney's fees incident to any suit, action,
investigation, claim or proceedings suffered, sustained, incurred or required
to be paid by the Trustee in connection with the Plan or this Agreement.  The
Trustee shall indemnify and save harmless the Company, the Plan, and the
Committee from, against, for and in respect of any and all damages, losses,
obligations, liabilities, liens, deficiencies, costs and expenses, including
without limitation, reasonable attorneys' fees, incident to any suit, action,
investigation, claim or proceedings suffered, sustained, or incurred as a
result of the Trustee's negligence, willful misconduct, lack of good faith,
or breach of its duties or obligations under this Agreement or applicable law.

                                      VII-1
<Page>

                                   ARTICLE VIII

                       RESIGNATION AND REMOVAL OF TRUSTEE

    8.1  RESIGNATION OF TRUSTEE.  The Trustee may resign upon forty-five
days' prior written notice to the Compensation Committee of the Board of
Directors of the Company ("Compensation Committee") and the Committee, except
that any such resignation shall not be effective until the Compensation
Committee has appointed in writing a successor trustee, which must be a bank,
trust company, or an individual, and such successor has accepted the
appointment in writing; provided, however, that if such appointment is to
become effective at any time after the occurrence of a Change in Control,
then the consent of a majority of the Members to the appointment of such
successor trustee must be obtained. For all purposes of this Trust Agreement,
where the consent of a majority of the Members is required, the determination
of majority consent shall be based upon receiving the consent of any
combination of Members whose sum of vested Account Balances as of the time of
determination is greater than fifty percent of the sum of the vested Account
Balances for all Members at such time, rather than upon receiving the consent
of a majority of the number of Members.  For purposes of this determination,
Beneficiaries of deceased Members shall be considered Members.  The
Compensation Committee shall make a good faith effort, following receipt of
notice of resignation from the Trustee, to find and appoint a successor
Trustee who will adhere to the obligations imposed on such successor under
the terms of this Trust Agreement, and in particular, but without limitation,
the obligation to exercise judgment independent of the Company in the
circumstances described in Section 3.6 hereof.  The appointment of a
successor Trustee shall also be conditioned upon obtaining from such
successor a written statement that the successor has read the Trust Agreement
and understands its obligations thereunder.  If the consent of a majority of
the Members is required for the appointment of a successor trustee, then the
Trustee shall be responsible for securing such Member consents in a timely
fashion and, unless ordered by a court of competent jurisdiction, shall not
reveal to the Compensation Committee, the Company, the Committee or any other
person any information concerning such consents, except whether the required
majority has been achieved.  Any notice sent to Members by the Trustee
canvassing the Members as to their consent to a successor trustee shall
include the name and address of the proposed successor trustee.  Any consent
of a Member required under this Section 8.1 shall be deemed given if no
written objection is received by the Trustee from such Member within fourteen
days after request for such consent is sent postpaid by United States
registered or certified mail with return receipt requested to such Member.
Provisions of the Trust Agreement to the contrary notwithstanding, if the
Trustee gives written notice of resignation to the Compensation Committee and
the Committee and no successor trustee has been appointed within forty-five
days of receipt of such written notice, then the Trustee may apply to a court
of competent jurisdiction for judicial appointment of a successor trustee.

    8.2  REMOVAL OF TRUSTEE.  The Compensation Committee may remove the
Trustee upon forty-five days' (or such shorter period as may be agreed to by
the Trustee) prior written notice to the Trustee and the Committee, except
that any such removal shall not be effective until (a) the close of such
notice period, (b) the delivery by the Compensation Committee to the Trustee
of an instrument in writing appointing a successor trustee meeting the
requirements of

                                     VIII-1
<Page>

Section 8.1, and (c) an acceptance of such appointment in writing executed by
such successor.  Notwithstanding the provisions of the preceding sentence, if
such appointment of a successor trustee is to become effective at any time
after the occurrence of a Change in Control, then the removal of the Trustee
and the appointment of a successor trustee shall not be effective until the
Trustee has received the consent of a majority of the Members (as determined
in accordance with the provisions of Section 8.1 hereof) to such removal and
such appointment.  Upon the receipt by the Trustee of a written notice of
removal, the Trustee shall be responsible for securing the Member consents
(if such consents are required pursuant to the preceding provisions of this
Section 8.2) in a timely fashion and, unless ordered by a court of competent
jurisdiction, shall not reveal to the Compensation Committee, Company, the
Committee or any other person any information concerning such consents,
except whether the required majority has been achieved.  Any notice sent to
Members by the Trustee canvassing the Members as to their consent to the
removal of the Trustee and the appointment of a proposed successor trustee,
shall include the name and address of the proposed successor trustee. Any
consent of a Member required under this Section 8.2 shall be deemed given if
no written objection is received by the Trustee from such Member within
fourteen days after request for such consent is sent postpaid by United
States registered or certified mail with return receipt requested to such
Member.

    8.3  SUCCESSOR TRUSTEE.  All of the provisions set forth herein with
respect to the Trustee shall relate to each successor with the same force and
effect as if such successor had been originally named as the Trustee
hereunder.

    8.4  TRANSFER OF TRUST FUND TO SUCCESSOR.  Upon the resignation or
removal of the Trustee and appointment of a successor, the Trustee shall
transfer and deliver the Trust Fund to such successor.  Following the
effective date of the appointment of the successor, the Trustee's
responsibility hereunder shall be limited to managing the assets in its
possession and transferring such assets to the successor, and settling its
final account.  Neither the Trustee nor the successor shall be liable for the
acts of the other.

                                     VIII-2
<Page>

                                   ARTICLE IX

                DURATION AND TERMINATION OF TRUST AND AMENDMENT

    9.1  DURATION AND TERMINATION.  The Trust is hereby declared to be
irrevocable and shall continue until (a) all payments required by Section 3.6
have been made or (b) until the Trust Fund contains no assets and retains no
claims to recover assets from the Company or any other person or entity,
whichever shall first occur.  Notwithstanding the preceding provisions of
this Section 9.1, unless earlier terminated, the Trust shall terminate
twenty-one (21) years after the death of the last to die of all of the
Members and their issue living on the effective date of this Trust Agreement;
provided, however, that if at that time the Trust may be continued in force
without violating the rule against perpetuities or any other law of the State
of Texas, then the Trust shall remain in effect until otherwise terminated as
provided hereunder.

    9.2  DISTRIBUTION UPON TERMINATION.  If this Trust terminates under the
provisions of Section 9.1, the Trustee shall liquidate the Trust Fund and,
after its final account has been settled as provided in Article IV, shall
distribute to the Company the net balance of any assets of the Trust
remaining after all expenses have been paid and all Benefits, whether or not
due and payable under the terms of the Plan on the date of such termination,
have been paid to the Members and Beneficiaries.  Upon making such
distribution, the Trustee shall be relieved from all further liability. The
powers of the Trustee hereunder shall continue so long as any assets of the
Trust Fund remain in its hands.

    9.3  AMENDMENT.  The Compensation Committee may from time to time amend,
in whole or in part, any or all of the provisions of this Trust Agreement;
provided, however, that (a) no amendment will be made to this Trust Agreement
or the Plan which will cause this Trust Agreement, the Plan or the assets of
the Trust Fund to be governed by or subject to Part 2, 3, or 4 of Title I of
ERISA, (b) no such amendment shall adversely affect any Benefits to the date
of such amendment in respect of any Member or Beneficiary or the amount of
assets of the Trust Fund available to pay such Benefits, (c) no such
amendment shall purport to alter the irrevocable character of the Trust
established under this Trust Agreement, (d) no such amendment shall change
the duties or responsibilities of the Trustee unless the Trustee consents
thereto in writing, and (e) after the occurrence of a Change in Control, no
amendment will be made to this Trust Agreement without the consent of a
majority of the Members (as determined pursuant to the provisions of Section
8.1 hereof).  Upon receipt of a request from the Compensation Committee for
an amendment which requires the consent of a majority of the Members, the
Trustee shall be responsible for securing Member consents in a timely
fashion, and unless ordered by a court of competent jurisdiction, shall not
reveal to the Compensation Committee, the Committee, the Company, or any
other person any information concerning such consents, except whether the
required majority has been achieved.  Any consent of a Member required under
this Section 9.3 shall be deemed given if no written objection is received by
the Trustee from such Member within fourteen days after request for such
consent is sent postpaid by United States registered or certified mail with
return receipt requested to such Member.  This Trust Agreement may be
amended, to the extent permitted in this Section 9.3, by an instrument in
writing executed on

                                      IX-1
<Page>

behalf of the Company by its authorized representatives, consents to which
instrument have been obtained from the required majority of Members if such
consents are required.

                                      IX-2
<Page>

                                   ARTICLE X

                        CLAIMS OF COMPANY'S CREDITORS

    10.1  INSOLVENCY OF COMPANY.  As used in this Article X, the Company
shall be deemed to be "Insolvent" if (a) the Company is unable to pay its
debts as they come due, (b) the Company is subject to a pending proceeding as
a debtor under the United States Bankruptcy Code (or any successor federal
statute) or other proceedings intended to liquidate or rehabilitate the
Company's estate, or (c) the Company is subject to regulation by federal or
state regulators and such regulators have determined that the Company is
insolvent or should be placed in insolvency or similar proceedings.  In the
event that the Company shall be deemed Insolvent, the assets of the Trust
Fund shall be held for the benefit of the general creditors of the Company
(hereinafter referred to as "Bankruptcy Creditors").

    10.2  TRUSTEE'S RESPONSIBILITIES IF COMPANY MAY BE INSOLVENT.

        (a)  If at any time the Company or a person claiming to be a creditor
of the Company alleges in writing to the Trustee that the Company has become
Insolvent, the Trustee shall within thirty days independently determine
whether the Company is Insolvent and, pending such determination, the Trustee
shall discontinue any payment of Benefits under the Plan and this Trust
Agreement and shall hold the Trust Fund for the benefit of Bankruptcy
Creditors.  The Trustee shall resume payments of Benefits under the Plan and
this Trust Agreement in accordance with Section 3.6 hereof only after the
Trustee has determined that the Company is not Insolvent (or is no longer
Insolvent, if the Trustee initially determined the Company to be Insolvent)
or upon receipt of an order of a court of competent jurisdiction requiring
such payments.  The Company, by its chief executive officer and its board of
directors, shall further be obligated to give the Trustee prompt notice in
writing in the event that the Company becomes Insolvent, with the same
consequences as provided in the preceding two sentences.  In determining
whether the Company is Insolvent, the Trustee may rely conclusively upon, and
shall be protected in relying upon, court records showing that the Company is
Insolvent, or a current report or statement from a nationally recognized
credit reporting agency showing that the Company is Insolvent.  For purposes
of this Trust Agreement, knowledge and information concerning the Company
which is not in the possession of the Trustee shall not be imputed to the
Trustee.  The Trustee shall have no duty or obligation to ascertain whether
the Company is Insolvent unless and until it receives a written notice that
the Company is Insolvent as described in the first or third sentence of this
Paragraph.

        (b)  If the Trustee determines that the Company is Insolvent, the
Trustee shall hold the assets of the Trust Fund for the benefit of the
Bankruptcy Creditors, and shall disburse the assets of the Trust Fund to
satisfy such claims as a court of competent jurisdiction shall direct.

        (c)  If the Trustee discontinues payment of Benefits pursuant to
Section10.2(a) and subsequently resumes such payments, the first payment to a
Member or Beneficiary following such discontinuance shall include an
aggregate amount equal to the

                                      X-1
<Page>

difference between the payments that would have been made to such Member or
Beneficiary, as applicable, under this Trust Agreement but for this Section
10.2 and the aggregate payments actually made to such Member or Beneficiary,
as applicable, by the Company pursuant to the Plan during any such period of
discontinuance.  In the event that upon resumption of payments pursuant to
the preceding sentence, the assets of the Trust Fund are insufficient to pay
Benefits in full, Benefit payments to the affected Members and Beneficiaries
shall be prorated so as to equitably apportion the assets of the Trust Fund
among all affected Members and Beneficiaries in proportion to their Benefits.

    10.3  TRUST RECOVERY OF PAYMENTS TO CREDITORS.  In the event that at any
time an amount is paid from the Trust Fund to Bankruptcy Creditors of the
Company, the Trustee shall demand that the Company deposit into the Trust
Fund a sum equal to the amount paid by the Trust Fund to such Bankruptcy
Creditors and, if such payment is not made within ninety days of such demand,
the Trustee shall take such action as it deems prudent or advisable to
recover payment.

                                      X-2
<Page>

                                  ARTICLE XI

                              ADOPTING ENTITIES

    It is contemplated that other trades or businesses (whether or not
incorporated) which together with the Company would be deemed to be a "single
employer" within the meaning of subsections (b) or (c) of section 414 of the
Code that have adopted the Plan may adopt this Trust Agreement and thereby
become an adopting employer hereunder.  The Company or the Committee shall
provide notice to the Trustee of each such entity that becomes an adopting
employer hereunder, and, upon such notice, each such entity shall be deemed
to be a party to the Trust Agreement.  The provisions of the Trust Agreement
shall apply separately and equally to the Company and each other adopting
entity and their respective Members and their Beneficiaries in the same
manner as is expressly provided for the Company and its Members and their
Beneficiaries, except that (a) the power to appoint or otherwise affect the
Trustee and the power to amend the Trust Agreement shall be exercised by the
Compensation Committee alone and (b) the determination of whether a Change in
Control has occurred shall be based solely on the Company.

                                      XI-1
<Page>

                                  ARTICLE XII

                                 MISCELLANEOUS

    12.1  PENNSYLVANIA LAWS TO GOVERN.  This Trust Agreement and the Trust
hereby created shall be construed and regulated by the laws of the
Commonwealth of Pennsylvania.

    12.2  TITLES AND HEADINGS NOT TO CONTROL.  The titles to Articles and
headings of Sections in this Trust Agreement are placed herein for
convenience of reference only and, in the case of any conflict, the text of
this Trust Agreement, rather than such titles or headings, shall control.

    12.3  AFFILIATES.  As used in this Trust Agreement, the term "affiliate"
as applied to the Company or to the Trustee means any person or entity that
directly, or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, the Company or the Trustee,
as the case may be.  For purposes of this definition, the term "control" as
used with respect to any person or entity shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the
management and policies of such person or entity, whether through the
ownership of an equity interest in such entity, by contract or otherwise.

    12.4  CHANGE IN CONTROL.  For purposes of this Trust Agreement, the term
"Change in Control" shall have the same meaning as is assigned to such term
under the Plan, as in effect on January1, 2002.  The Company shall be
obligated to give the Trustee prompt notice in writing of the occurrence of a
Change in Control.  In the event the Trustee receives such a notice or if at
any time a Member or a Beneficiary of a deceased Member alleges in writing to
the Trustee that a Change in Control has occurred, the Trustee shall within
thirty days independently determine whether a Change in Control has occurred
and, pending such determination, the Trustee shall assume that a Change in
Control has occurred for all purposes of this Trust Agreement and the Plan.
The Trustee shall have no duty or obligation to ascertain whether a Change in
Control has occurred unless it receives a written notice as described in
either of the preceding two sentences.  In determining whether a Change in
Control has occurred, the Trustee may, in its sole discretion, make such
additional inquiries and/or take such additional measures as it deems
necessary, including, but not limited to, interviewing appropriate persons,
requesting affidavits, soliciting oral or written testimony under oath, or
engaging such independent third parties as the Trustee may deem necessary to
assist in making such determination.  Notwithstanding the foregoing, if at
any time the chief executive officer or the board of directors of the Company
notifies the Trustee in writing that the Trustee should interpret this Trust
Agreement and the Plan as if a Change in Control had occurred, then for all
purposes of this Trust Agreement and the Plan, the Trustee shall so interpret
this Trust Agreement and the Plan.  Once the notice described in the
preceding sentence is received by the Trustee, it may not be rescinded.

    12.5  SUCCESSORS AND ASSIGNS.  This Trust Agreement may not be assigned
by either party without the prior written consent of the other, and any
purported assignment without such

                                     XII-1
<Page>

prior written consent shall be null and void.  This Trust Agreement shall be
binding upon the successors and permitted assigns of each party hereto.

    12.6  CONTROLLING DOCUMENT.  Should an inconsistency or conflict exist
between the specific terms of this Trust Agreement and those of the Plan,
then the relevant terms of this Trust Agreement shall govern and control.

                                     XII-2
<Page>

    IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement
to be executed as of the day and year first above written.

                                 DYNEGY INC.

                                 By:  /s/ Jane D. Jones
                                      ---------------------------------------
                                      Jane D. Jones
                                      Vice President - Rewards and Technology

                                 VANGUARD FIDUCIARY TRUST COMPANY, Trustee

                                 By:  /s/ Joseph Dietrick
                                      ---------------------------------------
                                      Name:  Joseph Dietrick
                                           ----------------------------------
                                      Title: Assistant Secretary
                                            ---------------------------------

                                     (iii)

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