Dave Katz. CFA North America Credit Research 16 February 2012 Domestic generation capacity rankings Natum ps 83% Natumlps 57% Calpine (CPN) Dynegy (DYN) Oil 30% Coal Rencwabk 3% Dual 14% Oil 13% Sauce: Company repeat aid. Morgan estmatee Note: As et 30-Sep-I t. Naturalgas 36% Nature

ditors were not receiving full payment, the impact on creditors of pending litigation with U.S. Bank and the reason for releasing the liabilities of Dynegy affiliates not in bankruptcy. 15 EFTA00606173 Dave Katz. CFA North America Credit Research 16 February 2012 J.P.Morgan • Edison Mission Ene

rs employ a mix of assets fired by costlier fuels and suffered a tremendous margin squeeze, with — in the most extreme example — coal-fired generator Dynegy declaring bankruptcy in 2012. We believe the downward trend in US natural gas prices has flattened for reasons noted below, and upward optionality re