Vistra Energy : Presentation (opens in new window)

N o v e m b e r 5 , 2 0 1 9

Third Quarter 2019

R E S U L T S

SAFE HARBOR STATEMENTS

Cautionary Note Regarding Forward-Looking Statements

The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Energy Corp. ("Vistra Energy") operates and beliefs of and assumptions made by Vistra Energy's management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra Energy. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to, "intends," "plans," "will likely," "unlikely," "believe," "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "forecast," "goal," "objective," "guidance" and "outlook"),are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra Energy believes that in making any such forward-looking statement, Vistra Energy's expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including but not limited, to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra Energy to execute upon its contemplated strategic and performance initiatives and to successfully integrate acquired businesses; (iii) actions by credit ratings agencies; and (iv) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by Vistra Energy from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra Energy's annual report on Form 10-K for the year ended December 31, 2018 and any subsequently filed quarterly reports on Form 10-Q.

Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra Energy will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra Energy assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

Disclaimer Regarding Industry and Market Data

Certain industry and market data used in this presentation is based on independent industry publications, government publications, reports by market research firms or other published independent sources. We did not commission any of these publications, reports or other sources. Some data is also based on good faith estimates, which are derived from our review of internal surveys, as well as the independent sources listed above. Industry publications, reports and other sources generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. While we believe that each of these publications, reports and other sources is reliable, we have not independently investigated or verified the information contained or referred to therein and make no representation as to the accuracy or completeness of such information. Forecasts are particularly likely to be inaccurate, especially over long periods of time, and we often do not know what assumptions were used in preparing such forecasts. Statements regarding industry and market data used in this presentation involve risks and uncertainties and are subject to change based on various factors, including those discussed above under the heading "Cautionary Note Regarding Forward-Looking Statements".

Vistra Energy Investor Presentation /Q3 2019	2

SAFE HARBOR STATEMENTS (CONT'D)

Information About Non-GAAP Financial Measures and Items Affecting Comparability

"Adjusted EBITDA" (EBITDA as adjusted for unrealized gains or losses from hedging activities, tax receivable agreement obligations, reorganization items, and certain other items described from time to time in Vistra Energy's earnings releases), "Adjusted Free Cash Flow before Growth" (cash from operating activities excluding changes in margin deposits and working capital and adjusted for capital expenditures (including capital expenditures for growth investments), other net investment activities, preferred stock dividends, and other items described from time to time in Vistra Energy's earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted EBITDA less adjusted EBITDA from Asset Closure segment) and "Ongoing Operations Adjusted Free Cash Flow before Growth" (adjusted free cash flow less cash flow from operating activities from Asset Closure segment before growth), are "non-GAAP financial measures." A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in Vistra Energy's consolidated statements of operations, comprehensive income, changes in stockholders' equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. Vistra Energy's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.

Vistra Energy uses adjusted EBITDA as a measure of performance and believes that analysis of its business by external users is enhanced by visibility to both net income prepared in accordance with GAAP and adjusted EBITDA. Vistra Energy uses adjusted free cash flow before growth as a measure of liquidity and believes that analysis of its ability to service its cash obligations is supported by disclosure of both cash provided by (used in) operating activities prepared in accordance with GAAP as well as adjusted free cash flow. Vistra Energy uses Ongoing Operations Adjusted EBITDA as a measure of performance and Ongoing Operations Adjusted Free Cash Flow before Growth as a measure of liquidity and Vistra Energy's management and board of directors have found it informative to view the Asset Closure segment as separate and distinct from Vistra Energy's ongoing operations. The schedules attached to this earnings release reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.

Vistra Energy Investor Presentation /Q3 2019	3

AGENDA

1. Welcome and Safe Harbor

Molly Sorg,VP Investor Relations

1. Q3 2019 Highlights and10-Year Fundamental Outlook

Curt Morgan,President and Chief Executive Officer

1. Financial Highlights

David Campbell, Executive Vice President and Chief Financial Officer

Vistra Energy Investor Presentation /Q3 2019	4

Q3 2019 Highlights

Curt Morgan

Chief Executive Officer

Q3 2019 FINANCIAL HIGHLIGHTS

Q3 2019 Financial Results

Ongoing Operations ($ millions)

Q3 2019 Adjusted EBITDA1	$1,064
YTD 2019 Adjusted EBITDA1	$2,586

• Third quarter andyear-to-date results are in-line with management expectations

Narrowing and Raising 2019 Guidance

Ongoing Operations ($ millions)

	PRIOR 2019	CURRENT 2019	Illustrative 20192
Adjusted EBITDA1	$3,220 - $3,420	$3,320 - $3,420	$3,360 - $3,460
Adjusted FCFbG1	$2,100 - $2,300	$2,200 - $2,300	$2,240 - $2,340
FCF Conversion	~66%	~67%

• 2019 guidance includes expected ($40) millionin-year impact from execution of NPV-positive,long-dated contracts with retail customers

Closed Acquisition of Ambit Energy

• Acquisition closed November 1; Ambit expected to contribute approximately$15-20 million to Adjusted EBITDA in 2019 (included in 2019 guidance range)

1. Adjusted EBITDA and Adjusted FCFbG arenon-GAAP financial measures. See the "Non-GAAP Reconciliation" tables for further details.
2. Illustrative guidance adds back the negative $40 million impact from retail term contract backwardation expected in 2019 results. Provided for illustrative purposes only and should not be read or viewed as Vistra's actual 2019 guidance, which is also set forth above.

Vistra Energy Investor Presentation /Q3 2019	6

INITIATING 2020 GUIDANCE

Initiating 2020 Guidance

Ongoing Operations ($ millions)

	2020	Illustrative 20202
Adjusted EBITDA1	$3,285 - $3,585	$3,355 - $3,655
Adjusted FCFbG1	$2,160 - $2,460	$2,230 - $2,530
FCF Conversion	~67%

• 2020 guidance includes expected ($70) millionin-year impact from execution of NPV-positive,long-dated contracts with retail customers

2021 Outlook

• Vistra's fundamental point of view suggests 2021E Ongoing Operations Adj. EBITDA could trackin-linewith or potentially higher than 2020E results

Dynegy Merger Projections

• 2020 guidance midpoint is$625 millionabove the 2020 projected EBITDA in connection with the Dynegy merger
• 2021E Adjusted EBITDA, if relatively flat to the 2020 guidance midpoint, would benearly $700 millionabove the 2021 projected EBITDA in connection with the Dynegy merger

Pre-Merger EBITDA

Projections3

($ millions)

2020 2021

$2,810 $2,746

1. Adjusted EBITDA and Adjusted FCFbG arenon-GAAP financial measures. See the "Non-GAAP Reconciliation" tables for further details.
2. Illustrative guidance adds back the negative $70 million impact from retail term contract backwardation expected in 2020 results. Provided for illustrative purposes only and should not be read or viewed as Vistra's actual 2020 guidance, which is also set forth above.
3. See Joint Proxy Statement and Prospectus on FormS-4 filed with the SEC on 1/25/2018.

Vistra Energy Investor Presentation /Q3 2019	7

ERCOT SUMMER AND FORWARD CURVES

ERCOT 2020 and 2021 forward curves rose following August and September volatility, with the

greatest increase observed in 2020 forwards heading into the start of the delivery year

Price Volatility

• Sharp uplift in pricing observed as delivery year approaches, particularly in 2019 and 2020, reflecting updated scarcity pricing outlook and tight market conditions
• Reduced market liquidity in forward periods tends to artificially depress pricing; backwardated forward curves also disincentivize new merchant build, particularly thermal
• Volatility and price spikes driven by unpredictability of intermittent resources; expected to continue and increase

ERCOT North 7x24 Prices ($/MWh)

40

36

32

28

24

12	11	10	9	8	7	6	5	4	3	2	1
Months Before Delivery Year				2020			2019			2018

Summer Performance

12

15-minute intervals cleared at $9,000/MWh

$1,743/MWh

5x16 settle price on August 15, 2019

$131/MWh

Average 7x24 settle price in August,

compared to ~$30/MWh in July

74,666 MW

Peak demand set on August 12, 2019

Vistra Energy Investor Presentation /Q3 2019	8

INCREASING OPI VALUE LEVER TARGETS

OPI value lever target increased to $425M/year, reflecting an additional $50M/year of opportunity

identified in ongoing fleet operations plus an expected EBITDA annual uplift of a

net $100M from required MISO plant retirements; Vistra's merger value lever target is

increased to $715M/year

2021E OPI ADJ. EBITDA VALUE LEVERS ($M)

-25	$275	50	425
125	375
275

Previously Announced	EBITDA Accretion from	OPI Reduction	OPI Target Adjusted for OPI Target Increase	OPI Run Rate 2021
OPI Target	MISO Plant Retirements	Attributed to Retired	Retired MISO Plants
		MISO Plants

• OPI value lever target for ongoing fleet operations increased by$50M/year
• Four MISO plants retired as required underMulti-Pollutant Standard rule changes expected to improve 2021E adjusted EBITDA by ~$100M/yearas compared to a base case of running the assets
• • $125M of annual EBITDA uplift partially offset by $25M/year of forgone OPI opportunity

Vistra Energy Investor Presentation /Q3 2019	9

10-Year

Fundamental Outlook

Curt Morgan

Chief Executive Officer

VISTRA 10-YEAR FUNDAMENTAL OUTLOOK

We believe Vistra's integrated business is well -positioned for success over the next

decade and beyond

• Vistra has announced a goal to reduce CO2equivalent emissions by more than 50% by 2030 as compared to a 2010 baseline
• • Vistra has already retired, or announced plans to retire, 14 coal plants and 3 gas plants, reducing annual CO2equivalent emissions by ~42% compared to a 2010 baseline
  • Vistra can achieve its 2030 goal via the incremental retirement of assets representing ~2.5% of 2020E Adjusted EBITDA
  • Based on a fundamental analysis, Vistra projects plants representing~5-8% of 2020E adjusted EBITDA could be at risk of retirement in the next decade
  • In total, replacing this EBITDA at risk would require in the range of$1.0-1.5B of investment at Vistra's targeted return levels over the next 10 years. In fact, Vistra has already more than replaced the equivalent loss of EBITDA with retail and battery investments and other EBITDA improvement initiatives such as OPI
• Estimates derived from fundamental analysis highlights the advantaged position of Vistra'slow-cost,highly-flexible generation fleet
• • Given the increased volatility in markets with higher renewables penetration, flexible natural gas assets are projected to run more and remain valuable over the next 10 years
  • In ERCOT, Vistra's fundamental analysis suggests mean annual wholesale prices will remain in themid-$30s/MWh, with volatility and scarcity pricing events a prominent ongoing feature
  • Vistra's fundamental analysis of PJM forecasts that margins will remain in the range of historical levels
• Retail is expected to be a stable and growing contributor to Vistra's performance

Vistra Energy Investor Presentation /Q3 2019	11

ERCOT 10-YEAR PERSPECTIVE

ERCOT Demand Growth

2019-30E, GW

92.9

88

74.7

20192030

Additional Capacity

• Since 2008, ERCOT has added ~36.5 GW of capacity - 15.9 GW of thermal generation and 20.6 GW of renewables
• Vistra modeled scenarios addingup to 50 GW nameplate of new renewables(22 GW solar, 22 GW wind, 6 GW storage) by 2030 - without assuming sustained transmission capacity constraints
• • Supported by PPAs and economics
  • Assumes 17 GW of load growth and merchant build financing

Retirements

• Generation supply stack includes ~15 GW of generation potentially at risk of retirement. Vistra modeled retirements based on economic factors or plant obsolescence resulting in 3.5 GW of retirements; further potential retirements mitigate potential downside
  price scenarios
  ERCOT Supply Stack

• Based on fundamental analysis, ERCOT prices are projected to remain in themid $30s/MWh, notwithstanding a very significant buildout of new renewable resources
• • Assumes on average more than ~1.5 GW of load growth per year
• Scarcity and price spikes will likely be a consistent feature of the market
• Vistra'shighly efficient,low-costgeneration fleet remainswell-positioned, with flexible gas-fueled CCGT, steam units and peakers increasing in value in a more volatile market

Vistra Energy Investor Presentation /Q3 2019	12

EXAMPLE OF ERCOT SCARCITY PRICING

AUGUST 15, 2019

Intermittency of generation resources is a key driver of scarcity pricing events in ERCOT

ERCOT MARKET DYNAMICS

AUGUST 15, 2019

	All-time Peak	Peak Price
	Demand	$9,000/MWh
	74,666 MW	12
	80
	75	10
	70
GW	65	8	Wind
Demand		GWGen
55	6
	60
		4
	50
	45	2
	40	0
	Hour 1	24

Wind Demand Price1

August 15, 2019 Highlights

ERCOT demand levels were in the seasonally normal rangeacross peak hours; however, low wind

generation levels created tight market conditions

Price volatility remained high

• Wind generation online at less than 15% of nameplate capacity a
  major driver of prices reaching $9,000/MWh

1ERCOT North Hub real-time settled prices

Vistra Energy Investor Presentation /Q3 2019	13

ERCOT 2019 BACKCAST

Given the high penetration of renewables, scarcity events are likely to continue in ERCOT

Number of Days with 100°F + in Dallas,

97°F + in Houston 2010-19

North Hub High Price Hours (Price>$1000)

Observed Historical vs.

Fundamental Model Recast with 2020 Stack1

63
21	20				26						18 18
10								14
						5		5
			4				4
	0	0	0	0	0	0
2011	2012	2013	2014	2015	2016	2017	2018	2019

• 2019 was not an outlier of extreme temperature days
• Average temperatures do not cause scarcity/ORDC events, rather it is the combination of high load and low renewables
• Based on modeling of the past 20 years in ERCOT, the 2019 summer was an average to below average year for scarcity conditions; recasting prior years based on the 2020 supply stack1highlights likelihood of scarcity events going forward

12020 supply stack is representative of Vistra's fundamental point of view.

Vistra Energy Investor Presentation /Q3 2019	14

PJM 10-YEAR PERSPECTIVE

On Peak Spark Spread	Capacity Prices
$/MWh	$/MW-Day
25	250
20	200
15	150
	100
10	50
5	0
0

2016		2017	2018		2019
		ComEd			Western/RTO		EMAAC			ComEd		RTO		EMAAC

• Vistra's fundamental analysis results inexpectations of flat to gradually rising overall energy and capacity pricing in PJM, driven by tightening reserve margins, the possibility of slightly rising natural gas prices, and the ongoing retirement of older, less-efficient coal, gas and oil generation units (replaced by renewable resources as state RPS goals are achieved and by new gas generation)
• • Vistra modeled a wide range of scenarios, including 35 GW of coal and high heat rate gas retirements, 20 GW of new CCGTs, and 30 GW of new renewables (solar, wind, and storage)
  • Regional price differences are expected to continue
• Resultsyear-to-year are expected to vary, similar to recent years, but margins are expected to remain consistent with historical levels, especially for CCGTs with strong contribution from energy and capacity
• Vistra benefits from its large fleet of efficient CCGT units

Note: Spark spreads calculated using an assumed heat rate of 7.2 MWh/mmbtu with $2.50 variable O&M (VOM) costs. Spreads based on Day-Ahead and Gas Daily settles of: ComEd/Chicago Citygate; Western Hub/Dominion South; and AD Hub/Columbia Gas Appalachia.

Vistra Energy Investor Presentation /Q3 2019	15

GROWTH OPPORTUNITIES VS. EBITDA AT RISK

Investing an average of $500M/year over the next 10 years would result in a

growing EBITDA profilethat more than offsets the impact of potential future retirements while leaving significant excess cash to return to shareholders

Modeled Adjusted EBITDA1	3,980	4,040
2021-30
3,910
3,850

3,780

3,720

3,650

3,590

3,530

Growth Wedge

3,435 3,435			EBITDA lost to achieve GHG Target 3,350
3,400	3,380		Replacement Wedge
	3,350 3,320
			3,290 3,2603,240
				3,210

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

1. Assumes a 2021 Adj. EBITDA that is flat to 2020 guidance midpoint. Assumes $500M/year of growth investments, resulting in~$90-100M of incremental EBITDA/year. Generally assumes ratable retirements representing ~6.5% of Vistra's 2020E Adj. EBITDA (midpoint of EBITDA at-risk analysis) beginning in 2023. Fundamental analysis supports base business resiliency. 2021-30 modeled Adjusted EBITDA does not constitute guidance. Reflects one possible future scenario; a wide range of potential outcomes is possible.
2. Reflects potential EBITDA generated by $500M of equity in investments funded at overall company leverage ratios and achieving returns that are~500-600 basis points higher than Vistra's estimated cost of equity.

Illustrative Cash Generation

• ~$2B/year, or ~$20B over 10 years

Illustrative Growth Investments

• ~$500M/year, or ~$5B over 10 years
• • <$0.5B to replace lost EBITDA to achieve GHG reductions
  • Incremental~$0.5-1.0B to replace at-risk
    EBITDA
  • Incremental~$3.5-4.0B to fund growth
• At Vistra's targeted returns, would result in
  EBITDA growth of ~$90-100M/year2
• • Scale and capabilities allow for capture of attractive returns
• Investments likely in retail, renewables, battery storage, and other volatility assets

Illustrative Excess Adjusted FCF After Growth

• ~$1.5B/year, or ~$15B over 10 years
• Supports:
• • Consistently growing dividend
  • Strong balance sheet and investment grade credit metrics
  • Returning excess cash to shareholders

Vistra Energy Investor Presentation /Q3 2019	16

Financial Highlights

David Campbell

Chief Financial Officer

Q3 2019 FINANCIAL RESULTS

Vistra executed well in the third quarter, delivering strong year -to-date results that are

in-line with management expectations

ONGOING OPERATIONS

ADJUSTED EBITDA1

($ millions)

2,586

463

1,153			1,064
	141											2,123
							1,151
		1,012
							-87
Q3 2018		Q3 2019	YTD 2019
						Generation2		Retail

HIGHLIGHTS

Q3 Ongoing Operations Adj. EBITDA1: $1,064 million

• $89M lower than 3Q18 results due to lower prices and volumes in PJM, NY/NE, and MISO; lower results in Retail offset by results in ERCOT generation
• Retail:$228M lower than 3Q18 due to higher retail cost of goods sold in the summer
• Generation2:$139M higher than 3Q18; $226M increase in ERCOT due to higher realized prices; $76M decrease in PJM, NY/NE, and MISO due to lower prices and volumes

YTD 2019 Ongoing Operations Adj. EBITDA1:

$2,586 million

• YTD results arein-line with management expectations

1. Excludes Asset Closure segment Adjusted EBITDA results of $(12) million in 3Q18, $(4) million in 3Q19, and $(32) million in YTD 2019. Adjusted EBITDA is anon-GAAP financial measure. See the "Non-GAAP Reconciliation" tables for further details.
2. Generation includes Corporate.

Vistra Energy Investor Presentation /Q3 2019	18

NARROWING AND UPDATING 2019 GUIDANCE

Vistra's integrated business once again demonstrated its stability, delivering solid results in the

third quarter of 2019 and positioning the company for a strong year

2019E Guidance	Prior	Current	2019E Illustrative2
(November 2018)	(November 2019)
($ millions)
Generation1	$2,480	- $2,610	$2,520 - $2,580	$2,520	- $2,580
Retail	$740	- $810	$800 - $840	840	- 880
Ongoing Operations	$3,220	- $3,420	$3,320 - $3,420	$3,360	- $3,460
Adjusted EBITDA
Asset Closure Segment3	($65)	- ($55)	($105) - ($85)	($105) - ($85)
Ongoing Operations	$2,100	- $2,300	$2,200 - $2,300	$2,240 - $2,340
Adjusted FCFbG
Asset Closure Segment3	($155)	- ($135)	($170) - ($150)	($170)	- ($150)
Ongoing Operations	~66%	~67%
Conversion of EBITDA to FCFbG

1. Includes Corporate. November 2018 guidance reflects forward price curves as of September 28, 2018 for all markets. November 2019 guidance reflects forward price curves as of October 10, 2019 for all markets.
2. Illustrative guidance adds back the negative $40 million impact from retail term contract backwardation expected in 2019 results. Provided for illustrative purposes only and should not be read or viewed as Vistra's actual 2019 guidance, which is also set forth above.
3. November 2019 guidance for the Asset Closure Segment includes the expected full year results from the four MISO plants retiring in the fourth quarter of 2019.

Vistra Energy Investor Presentation /Q3 2019	19

INITIATING 2020 GUIDANCE

2020 is poised to be another strong year, with ongoing operations adjusted EBITDA

forecast to be approximately $3.5 billion when excluding the in -year estimated

impacts of NPV-positive,long-dated contracts with retail customers

2020E Guidance	Initiating	2020E Illustrative2
2020E Guidance
($ millions)
Generation1	$2,435 - $2,635	$2,435 - $2,635
Retail	$850 - $950	$920 - $1,020
Ongoing Operations	$3,285 - $3,585	$3,355 - $3,655
Adjusted EBITDA
Asset Closure Segment	($95) - ($75)	($95) - ($75)
Ongoing Operations	$2,160 - $2,460	$2,230 - $2,530
Adjusted FCFbG
Asset Closure Segment	($190) - ($170)	($190) - ($170)
Ongoing Operations	~67%
Conversion of EBITDA to FCFbG

1. Includes Corporate. Guidance reflects forward price curves as of October 10, 2019 for all markets.
2. Illustrative guidance adds back the negative $70 million impact from retail term contract backwardation expected in 2020 results. Provided for illustrative purposes only and should not be read or viewed as Vistra's actual 2020 guidance, which is also set forth above.

Vistra Energy Investor Presentation /Q3 2019	20

CAPITAL ALLOCATION

Vistra is committed to executing on previously-announced capital allocation plan

Share Repurchase Program	Dividend Program	Leverage Target
$335M		Focused on reducing debt to
Paid quarterly dividend of	achieve long-term leverage
target of
of authorized $1.75B
$0.125/sh
remains available for repurchases	2.5x
as of October 31, 2019	on September 30, 2019;
• $1,415 millionof program executed	Management expects	Net debt/EBITDA
through October 31, 2019	~6-8%annual growth rate on
• Repurchased approximately 60 million	Lower debt reduces risk,
$0.50/sh annualized dividend
shares		supports opportunistic
• ~487 millionshares outstanding as of		growth, and enhances long-
October 31, 2019		term equity value

Vistra Energy Investor Presentation /Q3 2019	21

Q&A

Appendix

CORPORATE DEBT PROFILE

($ millions)	9/30/19	2019E	2020E
Term Loan B	$3,798	$3,798	$3,798
Senior Secured Notes	2,000	2,000	2,000
Senior Notes1	4,734	4,347	3,600
Other2	957	1,020	420
Total Long Term Debt3	$11,489	$11,165	9,818
Less: cash and cash equivalents4	(707)	(400)	(400)
Total Net Debt	$10,782	$10,765	9,418
Pro Forma Illustrative Ongoing Operations Adjusted EBITDA5		$3,560	$3,600
Gross Debt / EBITDA (x)		3.1x	2.7x
Net Debt / EBITDA (x)		3.0x	2.6x

1. 2019E reflects voluntary repayment of ~$387 million of senior notes on 11/1/19; 2020E assumes additional voluntary repayments of the remaining ~$747 million of legacy Dynegy senior notes in 2020.
2. Includes Equipment and Forward Capacity Agreements, Accounts Receivable Securitization, and assumed debt related to the Crius closing; assumes repayment of $600 million of debt in 2020.
3. Excludes $70mm of Preferred Stock (paid off 10/3/19) and Vistra's building financing lease.
4. Reflects minimum cash balance of $400 million at 12/31/19 and 12/31/20.
5. 2019E reflects midpoint of Illustrative Adjusted EBITDA Guidance (Ongoing Operations), plus pro forma adjustments to reflect expectedfull-yearrun-rate EBITDA contribution (after synergies) from Crius and Ambit; 2020E reflects midpoint of Illustrative Adjusted EBITDA Guidance (Ongoing Operations), plus pro forma adjustments to reflect expected full-year run- rate EBITDA contribution (after synergies) from Crius, Ambit and Moss Landing.

Vistra Energy Investor Presentation /Q3 2019	24

SELECT DEBT BALANCES

FUNDED DEBT TRANCHES

As of September 30, 20191($ millions)

Issuer	Series		Principal Outstanding
Secured Debt
Vistra Operations	Senior Secured Term Loan B-1 due August 2023		$1,897
Vistra Operations	Senior Secured Term Loan B-3 due December 2025		1,901
Vistra Operations	3.550%	Senior Secured Notes due July 2024		1,200
Vistra Operations	4.300%	Senior Secured Notes due July 2029		800
			Total Secured	$5,798
Unsecured Notes
Vistra Operations	5.500%	Senior Unsecured Notes due September 2026		$1,000
Vistra Operations	5.625%	Senior Unsecured Notes due February 2027		1,300
Vistra Operations	5.000%	Senior Unsecured Notes due July 2027		1,300
Vistra Energy	5.875%	Senior Unsecured Notes due June 2023		500
Vistra Energy	7.625%	Senior Unsecured Notes due November 20242		387
Vistra Energy	8.000%	Senior Unsecured Notes due January 2025		81
Vistra Energy	8.125%	Senior Unsecured Notes due January 2026		166
			Total Unsecured	$4,734

1. Excludes building financing, forward capacity agreement, equipment financing agreements, mandatorily redeemable subsidiary preferred stock (paid off 10/3/19), A/R securitization, and assumed Crius debt.
2. On November 1, 2019, Vistra Energy redeemed all outstanding $7.625% Senior Notes due 2024.

Vistra Energy Investor Presentation /Q3 2019	25

CAPITAL EXPENDITURES

CAPITAL EXPENDITURES12019E - 2020E ($ millions)

	2019E	2020E
Nuclear & Fossil Maintenance2	$362	$533
Nuclear Fuel	81	85
Non-Recurring3	81	3
Growth	27	42
Total Capital Expenditures	$551	$663
Non-Recurring3	(81)	(3)
Growth	(27)	(42)
Adjusted Capital Expenditures	$443	$618

1. Excludes LTSA prepayments and Moss Landing development. Capital expenditure projection is on a cash basis.
2. Includes Environmental and IT, Corporate, and Other.
3. Non-recurringcapital expenditures include Comanche Peak generator & rotor capital and certain non-recurring IT, Corporate, and Other capital expenditures.

Vistra Energy Investor Presentation /Q3 2019	26

THIRD QUARTER RETAIL METRICS

Q3 2019 RETAIL HIGHLIGHTS

• Closed the Ambit acquisition on 11/1, further diversifying Retail marketing channels while adding ~$125M annual adjusted EBITDA (on a fullrun-rate synergy basis)
• Mild July was offset by warm September (DFW warmest on record)
• Grew ERCOT customer count1organically as the integrated model supported disciplined margin strategy in a highly active customer market
• Top rated large REP on ERCOT PUC Complaint Scorecard

RETAIL VOLUME
All markets (electric volumes in TWh)	28.2
			24.4
21.3				3.4
2.2	2.6
3.3	3.1	3.1
10.9	11.8	11.8
7.1	7.4	7.4
		Q3 2018		Q3 2019	Q3 2019 pro forma
		Residential		Business		Muni-Aggregation		Crius		Ambit

RESIDENTIAL CUSTOMER COUNTS2

All markets (in thousands)	~2,800
	Includes
2,029	~775	~775k
residential

1,540	customers
gained from
	the Ambit
	acquisition
	2,029

ENERGY DEGREE DAYS

ERCOT North Central Zone

900

700

500

300

100

Sept energy degree days in the DFW area were 35% higher than normal

Q3 2018

Q3 2019 Q3 2019 pro forma

1. Core retail brands prior to Crius and Ambit acquisitions.
2. Direct-to-consumerResidential counts excluding municipal-aggregation and international customers.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

10-yr Range ('09-'18)		10-yr Avg.				2019

Vistra Energy Investor Presentation /Q3 2019	27

ASSET CLOSURE SEGMENT

Asset Closure cash flows forecast to decline meaningfully post -2022; forecast does not include optimization of cash expenditures and potential value from sales of property

Asset Closure Segment Adj. FCF Projections1

($ millions)

2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

(190) - (170) (170) - (150) (210) - (190) (160) - (140) (110) - (90) (110) - (90) (100) - (80) (80) - (60) (100) - (80) (70) - (50)

Sites in Asset Closure Segment

•	Big Brown2	•	Forest Grove	•	Morro Bay	•	South Bay
•	Collin	•	Killen	•	Mountain Creek	•	Stallings
•	Coffeen	•	Havana	•	NEPCO	•	Stuart
•	Duck Creek	•	Hennepin	•	Oglesby	•	Wood River
•	Eagle Mountain	•	Lake Creek	•	River Crest	•	Valley
•	Edwards3	•	Monticello2	•	Sandow2	•	Vermilion

1. Includes projected spend associated with five plants in MISO announced for retirement.
2. Includes associated mines.
3. Included after 2022.

Vistra Energy Investor Presentation /Q3 2019	28

THIRD QUARTER GENERATION METRICS

TOTAL GENERATION
TWhs	Q3 2018	Q3 2019	YTD 20181	YTD 2019
ERCOT	26.2	26.2	63.7	65.2
PJM	15.4	14.4	26.7	39.5
NY/NE	6.0	5.0	9.8	13.6
MISO	8.3	7.0	14.6	19.3
CAISO	1.6	1.3	1.9	3.5
Ong. Ops	57.5	53.9	116.7	141.1
Asset Closure	-	-	1.5	-

COMMERCIAL AVAILABILITY

%		Q3 2018	Q3 2019		YTD 20181	YTD 2019
ERCOT Gas		98%	94%		98%	94%
ERCOT Coal		99%	99%		97%	97%
PJM Gas		99%	100%		98%	98%
PJM Coal		83%	78%		81%	82%
NY/NE Gas		99%	99%		99%	99%
MISO Coal		90%	90%		90%	90%
CAISO Gas		100%	99%		100%	99%
Total		97%	95%		96%	95%

CAPACITY FACTOR (CCGT)
%	Q3 2018	Q3 2019	YTD 20181	YTD 2019
ERCOT	68%	70%	60%	56%
PJM	68%	76%	67%	70%
NY/NE	55%	47%	48%	44%
MISO	-	-	-	-
CAISO	71%	59%	45%	53%
CAPACITY FACTOR (COAL)
%	Q3 2018	Q3 2019	YTD 20181	YTD 2019
ERCOT	89%	79%	76%	70%
PJM	70%	51%	60%	51%
NY/NE	-	-	-	-
MISO	58%	61%	59%	56%
CAISO	-	-	-	-

CAPACITY FACTOR (NUCLEAR)

%		Q3 2018	Q3 2019		YTD 20181	YTD 2019
ERCOT		102%	104%		105%	93%

1Statistics forYTD 2018 include a full period contribution for legacy Vistra assets and Dynegy plant results from April 9 to June 30, 2018.

Vistra Energy Investor Presentation /Q3 2019	29

HEDGE PROFILE & PORTFOLIO SENSITIVITIES

Effective: 9/30/2019

		Balance of 2019				2020
	ERCOT	PJM	NENY	MISO/	TOTAL	ERCOT	PJM	NENY	MISO/	TOTAL
	CAISO	CAISO
Coal/Nuclear/Renewable Gen Position
Expected Generation (TWh)	13	3	-	6	23	50	19	-	17	86
% Hedged	100%	100%	-	95%	99%	100%	92%	-	98%	98%
Net Position	0	0	-	0	0	0	1	-	0	2
Sensitivity: + $2.50/mwh ($M)	$1	$1	-	$2	$4	$3	$5	-	$2	$10
- $2.50/mwh ($M)	$0	$0	-	$0	$0	$0	($2)	-	$0	($2)
Gas Gen Position1
Expected Generation (TWh)	11	10	5	2	27	38	36	16	5	95
% Hedged	94%	95%	100%	98%	95%	59%	65%	78%	83%	66%
Net Position	1	1	0	0	1	16	13	3	1	33
Sensitivity: + $1.00/mwh ($M)	$1	$1	$0	$0	$2	$17	$13	$4	$1	$36
- $1.00/mwh ($M)	$0	$0	$0	$0	$0	($14)	($12)	($3)	($1)	($30)
Natural Gas Position
Net Position (Bcf)	2	(2)	(1)	0	(1)	(13)	(7)	(3)	(3)	(26)
Sensitivity: + $0.25/mmbtu ($M)	$1	($1)	$0	$0	$0	($3)	($2)	($1)	($1)	($6)
- $0.25/mmbtu ($M)	($1)	$1	$0	$0	$0	$3	$2	$1	$1	$6
	ERCOT	PJM	NENY	MISO/	TOTAL	ERCOT	PJM	NENY	MISO/	TOTAL
	CAISO	CAISO
Hedge Value vs Market2($M)	$11	($4)	($8)	$13	$11	($550)	$26	($18)	$17	($524)
Premium/Discount vs Hub Price3($M)	$72	$28	($15)	($16)	$68	$988	$122	($6)	$1	$1,105
Total Difference vs Market ($M)	$83	$24	($23)	($3)	$80	$437	$148	($23)	$18	$580
Around-the-Clock (ATC) Hub Price4($/MWh)	$22.54	$26.91	$35.66	$29.75	$26.10	$33.04	$27.61	$36.96	$30.11	$31.39
Premium/Discount vs Hub Price ($/MWh)	$3.41	$1.79	($4.82)	($0.39)	$1.59	$4.95	$2.72	($1.46)	$0.82	$3.21
Total Realized Price ($/MWh)	$25.95	$28.70	$30.84	$29.37	$27.68	$37.99	$30.32	$35.50	$30.92	$34.60

1. 7.2 MWh/mmbtu Heat Rate.
2. Hedge value as of 9/30/2019 and represents generation only (excludes retail).
3. The forecasted premium over the Hub Price includes shape impact for estimated dispatch generation as compared to running ATC, plant basis vs hubs, and estimated value from incremental hedging activities.
4. ERCOT: 90% North Hub, 10% West Hub; PJM: 60% AD Hub, 25% Ni Hub, 15% Western Hub; NENY: 75% Mass Hub, 25% NY Zone A; MISO/CAISO: 75% Indiana Hub, 25%NP-15.

Vistra Energy Investor Presentation /Q3 2019	30

MARKET PRICING

Effective: 9/30/2019

		Oct-Dec'19	2020				Oct-Dec'19	2020
	Power (ATC, $/MWh)				Spark Spreads ($/mwhr)
	ERCOT North Hub	$22.74	$33.22		Approx. Contribution
	ERCOT West Hub	$20.81	$31.41		ERCOT
	PJM AD Hub	$28.10	$28.53		ERCOT North Hub-Houston Ship Channel	90%	$3.55	$13.91
	PJM Ni Hub	$23.29	$24.27		ERCOT West Hub-Permian Basin	10%	$7.44	$20.59
	PJM Western Hub	$28.20	$29.46		Weighted Average		$3.94	$14.58
	MISO Indiana Hub	$27.49	$28.58
	ISONE Mass Hub	$39.78	$39.96		PJM
	New York Zone A	$23.30	$27.95		PJM AD Hub-Dominion South	50%	$13.14	$11.81
	CAISO NP15	$36.53	$34.69		PJM Ni Hub-Chicago Citygate	25%	$4.38	$4.90
					PJM Western Hub-Tetco M3	25%	$8.64	$6.50
	Gas ($/MMBtu)				Weighted Average		$9.83	$8.76
	NYMEX	$2.42	$2.42
	Houston Ship Channel	$2.32	$2.33		NENY
	Permian Basin	$1.51	$1.15		ISONE Mass Hub-Algonquin Citygate	75%	$7.88	$7.72
	Dominion South	$1.73	$1.98		New York Zone A-Dominion South	25%	$8.33	$11.23
	Chicago Citygate	$2.28	$2.34		Weighted Average		$8.00	$8.60
	Tetco M3	$2.37	$2.84
	Algonquin Citygate	$4.08	$4.13		CAISO
	PG&E Citygate	$3.04	$2.78		CAISO NP15-PG&E Citygate		$12.13	$12.15

1Spark Spread calculated using an assumed heat rate of 7.2 MWh/mmbtu with $2.50 variable O&M (VOM) costs (market power price - (7.2 x gas price + VOM)).

Vistra Energy Investor Presentation /Q3 2019	31

MARKET PRICING - ERCOT

MONTHLY NORTH HUB ATC POWER PRICES

August 19

	140			$131.48
	120				August 20
($/MWh)	100				$98.83
80
60		$34.67
	40	$26.58
	20
	-
		2017A	2018A	2019E	2020F
		Settled	6/28/2019 Forward		9/30/2019 Forward

MONTHLY GAS PRICES (HSC)

	5
	4
($/mmBtu)	3		August 19	August 20
	$2.10	$2.32
	2
	1
	2017A	2018A	2019E	2020F
	Settled	6/28/2019 Forward	9/30/2019 Forward

Vistra Energy Investor Presentation /Q3 2019

IMPLIED NORTH HUB ATC MARKET HEAT RATES

	75			August 19
	65			62.74
(mmBtu/MWh)	55				August 20
			42.65
45
35
25
	15	9.28	11.53
	5
		2017A	2018A	2019E	2020F
		Settled	6/28/2019 Forward		9/30/2019 Forward

YEARLY AVERAGE PRICES

	NHUB	NHUB	Gas - HSC	PRB 8800
	ATC	ATC HR
2017A	$23.3	7.8	$2.97	$11.7
2018A	$30.0	9.3	$3.21	$12.5
2019E	$35.9	14.5	$2.48	$12.3
2020F	$33.2	14.2	$2.34	$12.3

32

MARKET PRICING - OTHER MARKETS

MONTHLY AD HUB ATC POWER PRICES

	60
	50
($/MWh)	40
30
20
	10
	-
	2017A	2018A	2019E	2020F
	Settled	6/28/2019 Forward		9/30/2019 Forward

MONTHLY MASS HUB ATC POWER PRICES

	120
	100
($/MWh)	80
60
40
	20
	-
	2017A	2018A	2019E	2020F
	Settled	6/28/2019 Forward		9/30/2019 Forward

MONTHLY INDIANA HUB ATC POWER PRICES

	60
	50
($/MWh)	40
30
20
	10
	-
	2017A	2018A	2019E	2020F
	Settled	6/28/2019 Forward		9/30/2019 Forward

MONTHLY PJM WH ATC POWER PRICES

	80
	70
	60
($/MWh)	50
40
30
	20
	10
	-
	2017A	2018A	2019E	2020F
	Settled	6/28/2019 Forward		9/30/2019 Forward

Vistra Energy Investor Presentation /Q3 2019	33

CAPACITY POSITION - MISO

MISO Capacity Position (excludes PJM exports)

Price in $/kw-mo	Total	Capacity Revenue
PY 18/19
MWs	2,571
Average Price	$3.24	$100 MM
PY 19/20
MWs	2,127
Average Price	$3.69	$94 MM
PY 20/21
MWs	1,809
Average Price	$3.79	$82 MM
PY 21/22
MWs	685
Average Price	$4.13	$34 MM

MISO Exports to PJM Capacity Position

PJM Region	Planning Year	Average Price	MW Position	Average Price	MW Position
($/MW-day)	($/MW-day)
		Legacy/Base Product	Capacity Performance Product
	2018 - 2019	$149.98	227	$151.69	835
RTO	2019 - 2020	$80.00	260	$132.55	254
2020 - 2021	-	-	$93.60	444
	2021 - 2022	-	-	$252.45	415

Note: Capacity positions represent volumes cleared and purchased in primary annual auctions, incremental auctions, and transitional auctions. Also includes bilateral transactions.

Vistra Energy Investor Presentation /Q3 2019	34

CAPACITY POSITIONS - PJM (excludes MISO Imports)

PJM Region	Planning Year	Average Price	MW Position	Average Price	MW Position
($/MW-day)	($/MW-day)
		Legacy/Base Product	Capacity Performance Product
	2018 - 2019	$199.39	948	$165.13	4,599
RTO	2019 - 2020	$179.49	520	$126.87	4,797
2020 - 20211	N/A	N/A	$93.37	4,989
	2021 - 2022	N/A	N/A	$140.00	5,090
	2018 - 2019	$217.31	291	$215.87	2,248
ComEd	2019 - 2020	$207.93	275	$207.15	2,219
2020 - 2021	N/A	N/A	$190.80	2,509
	2021 - 2022	N/A	N/A	$199.67	2,514
	2018 - 2019	$149.98	0	$166.83	508
MAAC	2019 - 2020	$80.00	0	$127.21	515
2020 - 2021	N/A	N/A	$116.74	547
	2021 - 2022	N/A	N/A	$150.95	548
	2018 - 2019	$210.63	148	$232.83	507
EMAAC	2019 - 2020	$99.77	-2	$122.85	653
2020 - 2021	N/A	N/A	$192.92	664
	2021 - 2022	N/A	N/A	$172.21	652
	2018 - 2019	$149.98	0	$164.77	195
ATSI	2019 - 2020	$80.00	0	$89.14	264
2020 - 2021	N/A	N/A	$76.53	73
	2021 - 2022	N/A	N/A	$171.33	360
	2018 - 2019	$104.70	32	$164.77	0
PPL	2019 - 2020	$149.38	24	$100.00	0
2020 - 2021	N/A	N/A	$86.04	0
	2021 - 2022	N/A	N/A	$140.00	0

1Includes DEOK zone which broke out from RTO at $130.00 $/MW-day; Note: PJM capacity position represent volumes cleared and purchased in primary annual auctions, incremental auctions, and transitional auctions. Also includes bilateral transactions.

Vistra Energy Investor Presentation /Q3 2019	35

CAPACITY POSITIONS - ISO-NE / NYISO / CAISO

ISO/Region	Contract Type	Average Price	MW Position	Tenor
ISO-NE1	ISO-NE Capacity	$9.70/kw-Mo	3,395	June 2018 to May 2019
		$6.91/kw-Mo	3,307	June 2019 to May 2020
		$5.35/kw-Mo	3,262	June 2020 to May 2021
		$4.58/kw-Mo	3,109	June 2021 to May 2022
		$3.92/kw-Mo	3,232	June 2022 to May 2023
NYISO2,3	NYISO Capacity	$1.31/kw-Mo	1,138	Winter 2018/2019
		$2.07/kw-Mo	950	Summer 2019
		$1.36/kw-Mo	594	Winter 2019/2020
		$1.72/kw-Mo	573	Summer 2020
		$1.17/kw-Mo	206	Winter 2020/2021
		$2.99/kw-Mo	32	Summer 2021
		$3.08/kw-Mo	7	Winter 2021/2022
CAISO	RA Capacity		923	Cal 2019
			985	Cal 2020

1. ISO-NErepresents capacity auction results, supplemental auctions, and bilateral capacity sales.
2. NYISO represents capacity auction results and bilateral capacity sales.
3. Winter period covers November through April and Summer period covers May through October.

Vistra Energy Investor Presentation /Q3 2019	36

ASSET FLEET DETAILS

Asset	Location	ISO	Technology	Primary Fuel	Net Capacity	Ownership Interest
Moss Landing 1 & 2	Moss Landing, CA	CAISO	CCGT	Gas	1,020	100%
Oakland	Oakland, CA	CAISO	CT	Oil	165	100
TOTAL CAISO					1,185
Forney	Forney, TX	ERCOT	CCGT	Gas	1,912	100%
Lamar	Paris, TX	ERCOT	CCGT	Gas	1,076	100
Odessa	Odessa, TX	ERCOT	CCGT	Gas	1,054	100
Ennis	Ennis, TX	ERCOT	CCGT	Gas	366	100
Hays	San Marcos, TX	ERCOT	CCGT	Gas	1,047	100
Midlothian	Midlothian, TX	ERCOT	CCGT	Gas	1,596	100
Wise	Poolville, TX	ERCOT	CCGT	Gas	787	100
Martin Lake	Tatum, TX	ERCOT	ST	Coal	2,250	100
Oak Grove	Franklin, TX	ERCOT	ST	Coal	1,600	100
Coleto Creek	Goliad, TX	ERCOT	ST	Coal	650	100
Decordova	Granbury, TX	ERCOT	CT	Gas	260	100
Graham	Graham, TX	ERCOT	ST	Gas	630	100
Lake Hubbard	Dallas, TX	ERCOT	ST	Gas	921	100
Morgan Creek	Colorado City, TX	ERCOT	CT	Gas	390	100
Permian Basin	Monahans, TX	ERCOT	CT	Gas	325	100
Stryker Creek	Rusk, TX	ERCOT	ST	Gas	685	100
Trinidad	Trinidad, TX	ERCOT	ST	Gas	244	100
Wharton	Boling, TX	ERCOT	CT	Gas	83	100
Comanche Peak	Glen Rose, TX	ERCOT	Nuclear	Nuclear	2,300	100
Upton 2	Upton County, TX	ERCOT	Solar/Battery	Solar/Battery	180	100
TOTAL ERCOT					18,356
Baldwin	Baldwin, IL	MISO	ST	Coal	1,185	100%
Duck Creek	Canton, IL	MISO / PJM	ST	Coal	425	100
Edwards	Bartonville, IL	MISO / PJM	ST	Coal	585	100
Newton	Newton, IL	MISO / PJM	ST	Coal	615	100
Joppa/EEI	Joppa, IL	MISO	ST	Coal	802	80
Joppa CT 1-3	Joppa, IL	MISO	CT	Gas	165	100
Joppa CT 4-5	Joppa, IL	MISO	CT	Gas	56	80
TOTAL MISO					3,833

Vistra Energy Investor Presentation /Q3 2019	37

ASSET FLEET DETAILS (CONT'D)

Asset	Location	ISO	Technology	Primary Fuel	Net Capacity	Ownership Interest
Independence	Oswego, NY	NYISO	CCGT	Gas	1,212	100%
TOTAL NYISO					1,212
Bellingham	Bellingham, MA	ISO-NE	CCGT	Gas	566	100%
Bellingham NEA	Bellingham, MA	ISO-NE	CCGT	Gas	157	50
Blackstone	Blackstone, MA	ISO-NE	CCGT	Gas	544	100
Casco Bay	Veazie, ME	ISO-NE	CCGT	Gas	543	100
Lake Road	Dayville, CT	ISO-NE	CCGT	Gas	827	100
MASSPOWER	Indian Orchard, MA	ISO-NE	CCGT	Gas	281	100
Milford	Milford,CT	ISO-NE	CCGT	Gas	600	100
TOTAL ISO-NE					3,518
Fayette	Masontown, PA	PJM	CCGT	Gas	726	100%
Hanging Rock	Ironton, OH	PJM	CCGT	Gas	1,430	100
Hopewell	Hopewell, VA	PJM	CCGT	Gas	370	100
Kendall	Minooka, IL	PJM	CCGT	Gas	1,288	100
Liberty	Eddystone, PA	PJM	CCGT	Gas	607	100
Ontelaunee	Reading, PA	PJM	CCGT	Gas	600	100
Sayreville	Sayreville, NJ	PJM	CCGT	Gas	170	50
Washington	Beverly, OH	PJM	CCGT	Gas	711	100
Kincaid	Kincaid, IL	PJM	ST	Coal	1,108	100
Miami Fort 7 & 8	North Bend, OH	PJM	ST	Coal	1,020	100
Zimmer	Moscow, OH	PJM	ST	Coal	1,300	100
Calumet	Chicago, IL	PJM	CT	Gas	380	100
Dicks Creek	Monroe, OH	PJM	CT	Gas	155	100
Miami Fort (CT)	North Bend, OH	PJM	CT	Oil	77	100
Pleasants	Saint Marys, WV	PJM	CT	Gas	388	100
Richland	Defiance, OH	PJM	CT	Gas	423	100
Stryker	Stryker, OH	PJM	CT	Oil	16	100
TOTAL PJM					10,769
TOTAL CAPACITY					38,873

Vistra Energy Investor Presentation /Q3 2019	38

NON-GAAP RECONCILIATIONS - Q3 2019 ADJUSTED EBITDA

VISTRA ENERGY CORP. - NON-GAAP RECONCILIATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2019

(Unaudited) (Millions of Dollars)

						Eliminations/	Ongoing		Vistra Energy
	Retail	ERCOT	PJM	NY/NE	MISO	Corp and	Operations	Asset Closure
	Consolidated
						Other	Consolidated
Net Income (loss)	573	(10)	(62)	21	(88)	(312)	122	(8)	114
Income tax expense	-	-	-	-	-	45	45	-	45
Interest expense and related	8	(2)	2	1	2	213	224	-	224
charges (a)
Depreciation and	86	146	135	51	5	21	444	-	444
amortization (b)
EBITDA before adjustments	667	134	75	73	(81)	(33)	835	(8)	827
Unrealized net (gain) loss
resulting from hedging	(769)	682	139	5	43	(21)	79	-	79
transactions
Generation plant retirement	-	-	-	-	47	-	47	2	49
expenses
Fresh start/purchase	(12)	-	3	-	2	(1)	(8)	-	(8)
accounting impacts
Impacts of Tax Receivable	-	-	-	-	-	62	62	-	62
Agreement
Non-cash compensation	-	-	-	-	-	12	12	-	12
expenses
Transition and merger	24	5	1	1	1	5	37	1	38
expenses
Other, net	3	2	4	2	(1)	(10)	-	1	1
Adjusted EBITDA	(87)	823	222	81	11	14	1,064	(4)	1,060

1. Includes $76 million of unrealizedmark-to-market net losses on interest rate swaps.
2. Includes nuclear fuel amortization of $20 million in the ERCOT segment.

Vistra Energy Investor Presentation /Q3 2019	39

NON-GAAP RECONCILIATIONS - YTD 2019 ADJUSTED EBITDA

VISTRA ENERGY CORP. - NON-GAAP RECONCILIATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2019

(Unaudited) (Millions of Dollars)

						Eliminations/	Ongoing		Vistra Energy
	Retail	ERCOT	PJM	NY/NE	MISO	Corp and	Operations	Asset Closure
	Consolidated
						Other	Consolidated
Net Income (loss)	3	1,346	283	122	(42)	(983)	729	(37)	692
Income tax expense	-	-	-	-	-	270	270	-	270
Interest expense and related	16	(7)	8	2	5	696	720	-	720
charges (a)
Depreciation and	204	438	399	155	11	59	1,266	-	1,266
amortization (b)
EBITDA before adjustments	223	1,777	690	279	(26)	42	2,985	(37)	2,948
Unrealized net (gain) loss
resulting from hedging	192	(616)	(115)	(33)	(8)	(45)	(625)	-	(625)
transactions
Generation plant retirement	-	-	-	-	47	-	47	2	49
expenses
Fresh start/purchase	17	-	(2)	3	11	(3)	26	-	26
accounting impacts
Impacts of Tax Receivable	-	-	-	-	-	26	26	-	26
Agreement
Non-cash compensation	-	-	-	-	-	36	36	-	36
expenses
Transition and merger	24	11	4	2	25	16	82	-	82
expenses
Other, net	7	11	13	7	10	(39)	9	3	12
Adjusted EBITDA	463	1,183	590	258	59	33	2,586	(32)	2,554

1. Includes $275 million of unrealizedmark-to-market net losses on interest rate swaps.
2. Includes nuclear fuel amortization of $53 million in the ERCOT segment.

Vistra Energy Investor Presentation /Q3 2019	40

NON-GAAP RECONCILIATIONS - Q3 2018 ADJUSTED EBITDA

VISTRA ENERGY CORP. - NON-GAAP RECONCILIATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2018

(Unaudited) (Millions of Dollars)

						Eliminations/	Ongoing		Vistra Energy
	Retail	ERCOT	PJM	NY/NE	MISO	Corp and	Operations	Asset Closure
						Other	Consolidated		Consolidated
Net Income (loss)	(86)	643	62	47	(3)	(328)	335	(4)	331
Income tax benefit	-	-	-	-	-	194	194	-	194
Interest expense and related	3	(2)	3	1	1	148	154	-	154
charges (a)
Depreciation and	80	142	141	55	3	25	446	-	446
amortization (b)
EBITDA before adjustments	(3)	783	206	103	1	39	1,129	(4)	1,125
Unrealized net (gain) loss
resulting from hedging	154	(195)	21	-	32	(4)	8	-	8
transactions
Fresh start/purchase	(15)	-	(1)	5	3	-	(8)	-	(8)
accounting impacts
Impacts of Tax Receivable	-	-	-	-	-	(17)	(17)	-	(17)
Agreement
Non-cash compensation	-	-	-	-	-	14	14	-	14
expenses
Transition and merger	-	3	5	1	1	9	19	-	19
expenses
Other, net	5	6	9	2	2	(16)	8	(8)	-
Adjusted EBITDA	141	597	240	111	39	25	1,153	(12)	1,141

1. Includes $38 million of unrealizedmark-to-market net gains on interest rate swaps.
2. Includes nuclear fuel amortization of $20 million in the ERCOT segment.

Vistra Energy Investor Presentation /Q3 2019	41

NON-GAAP RECONCILIATIONS - YTD 2018 ADJUSTED EBITDA

VISTRA ENERGY CORP. - NON-GAAP RECONCILIATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2018

(Unaudited) (Millions of Dollars)

						Eliminations/	Ongoing		Vistra Energy
	Retail	ERCOT	PJM	NY/NE	MISO	Corp and	Operations	Asset Closure
						Other	Consolidated		Consolidated
Net Income (loss)	397	236	86	41	29	(635)	154	(24)	130
Income tax benefit	-	-	-	-	-	31	31	-	31
Interest expense and related	3	13	5	1	1	268	291	-	291
charges (a)
Depreciation and	237	355	266	104	6	59	1027	-	1027
amortization (b)
EBITDA before adjustments	637	604	357	146	36	(277)	1,503	(24)	1,479
Unrealized net (gain) loss
resulting from hedging	(38)	207	20	22	-	(4)	207	-	207
transactions
Fresh start/purchase	12	(4)	(2)	9	11	-	26	-	26
accounting impacts
Impacts of Tax Receivable	-	-	-	-	-	65	65	-	65
Agreement
Non-cash compensation	-	-	-	-	-	62	62	-	62
expenses
Transition and merger	-	7	7	1	5	183	203	2	205
expenses
Other, net	(16)	(5)	12	7	5	-	3	(7)	(4)
Adjusted EBITDA	595	809	394	185	57	29	2,069	(29)	2,040

1. Includes $123 million of unrealizedmark-to-market net gains on interest rate swaps.
2. Includes nuclear fuel amortization of $60 million in the ERCOT segment.

Vistra Energy Investor Presentation /Q3 2019	42

NON-GAAP RECONCILIATIONS - 2019 GUIDANCE

VISTRA ENERGY CORP. - NON-GAAP RECONCILIATIONS 2019 GUIDANCE

(Unaudited) (Millions of Dollars)

	Ongoing Operations	Asset Closure	Vistra Energy Consolidated
	Low	High	Low	High		Low	High
Net Income (loss)	865	940		(109)	(89)	756	851
Income tax expense	248	273		-	-	248	273
Interest expense and related charges (a)	868	868		-	-	868	868
Depreciation and amortization (b)	1,660	1,660		-	-	1,660	1,660
EBITDA before adjustments	3,641	3,741		(109)	(89)	3,532	3,652
Unrealized net (gain) loss resulting from hedging transactions	(592)	(592)		-	-	(592)	(592)
Generation plant retirement impacts	46	46		3	3	49	49
Fresh start/purchase accounting impacts	35	35		-	-	35	35
Impacts of Tax Receivable Agreement	41	41		-	-	41	41
Non-cash compensation expenses	48	48		-	-	48	48
Transition and merger expenses	90	90		-	-	90	90
Other, net	11	11		1	1	12	12
Adjusted EBITDA	3,320	3,420		(105)	(85)	3,215	3,335
Interest paid, net	(517)	(517)		-	-	(517)	(517)
Tax (paid) / received (c)	(18)	(18)		-	-	(18)	(18)
Tax receivable agreement payments	(2)	(2)		-	-	(2)	(2)
Working capital and margin deposits	33	33		(4)	(4)	29	29
Reclamation and remediation	(59)	(59)		(82)	(82)	(141)	(141)
Other changes in operating assets and liabilities	(143)	(143)		13	13	(130)	(130)
Cash provided by operating activities	2,614	2714		(178)	(158)	2,436	2,556
Capital expenditures including nuclear fuel purchases and	(603)	(603)		-	-	(603)	(603)
LTSA prepayments
Solar and Moss Landing development and other growth	(96)	(96)		-	-	(96)	(96)
expenditures
Acquisitions	(849)	(849)		-	-	(849)	(849)
(Purchase) sale of environmental credits and allowances	(73)	(73)		-	-	(73)	(73)
Other net investing activities	(19)	(19)		4	4	(15)	(15)
Free cash flow	974	1,074		(174)	(154)	800	920
Working capital and margin deposits	(33)	(33)		4	4	(29)	(29)
Solar and Moss Landing development and other growth	96	96		-	-	96	96
expenditures
Acquisitions	849	849		-	-	849	849
Purchase (sale) of environmental credits and allowances	73	73		-	-	73	73
Generation plant retirement expenses	22	22		-	-	22	22
Transition and merger expenses	181	181		-	-	181	181
Transition capital expenditures	38	38		-	-	38	38
Adjusted free cash flow before growth	2,200	2,300		(170)	(150)	2,030	2,150
(a) Includes unrealized loss on interest rate swaps of $317 million. (b) Includes nuclear fuel amortization of $77 million.	(c) Includes state tax payments.
Vistra Energy Investor Presentation /Q3 2019								43

NON-GAAP RECONCILIATIONS - 2020 GUIDANCE

VISTRA ENERGY CORP. - NON-GAAP RECONCILIATIONS 2020 GUIDANCE

(Unaudited) (Millions of Dollars)

	Ongoing Operations	Asset Closure	Vistra Energy Consolidated
	Low	High	Low	High	Low	High
Net Income (loss)	849	1,081	(95)	(75)	754	1,006
Income tax expense	252	320	-	-	252	320
Interest expense and related charges (a)	463	463	-	-	463	463
Depreciation and amortization (b)	1,600	1,600	-	-	1,600	1,600
EBITDA before adjustments	3,164	3,464	(95)	(75)	3,069	3,389
Unrealized net (gain) loss resulting from hedging transactions	(29)	(29)	-	-	(29)	(29)
Impacts of Tax Receivable Agreement	69	69	-	-	69	69
Non-cash compensation expenses	44	44	-	-	44	44
Transition and merger expenses	35	35	-	-	35	35
Other, net	2	2	-	-	2	2
Adjusted EBITDA	3,285	3,585	(95)	(75)	3,190	3,510
Interest paid, net	(543)	(543)	-	-	(543)	(543)
Tax (paid) / received (c)	153	153	-	-	153	153
Tax receivable agreement payments	(3)	(3)	-	-	(3)	(3)
Working capital and margin deposits	2	2	-	-	2	2
Reclamation and remediation	(60)	(60)	(126)	(126)	(186)	(186)
Other changes in operating assets and liabilities	(80)	(80)	31	31	(49)	(49)
Cash provided by operating activities	2,754	3,054	(190)	(170)	2,564	2,884
Capital expenditures including nuclear fuel purchases and	(613)	(613)	-	-	(613)	(613)
LTSA prepayments
Solar and Moss Landing development and other growth	(315)	(315)	-	-	(315)	(315)
expenditures
(Purchase) sale of environmental credits and allowances	(39)	(39)	-	-	(39)	(39)
Other net investing activities	(20)	(20)	-	-	(20)	(20)
Free cash flow	1,767	2,067	(190)	(170)	1,577	1,897
Working capital and margin deposits	(2)	(2)	-	-	(2)	(2)
Moss Landing development and other growth expenditures	315	315	-	-	315	315
Purchase (sale) of environmental credits and allowances	39	39	-	-	39	39
Transition and merger expenses	38	38	-	-	38	38
Transition capital expenditures	3	3	-	-	3	3
Adjusted free cash flow before growth	2,160	2,460	(190)	(170)	1,970	2,290

1. Includes unrealized loss on interest rate swaps of $21 million.
2. Includes nuclear fuel amortization of $77 million.
3. Includes state tax payments.

Vistra Energy Investor Presentation /Q3 2019	44

END SLIDE