enron announces plans merge dynegy today announced plans merge dynegy major player energy marketplace one largest counterparties dynegy great company businesses similar believe merging dynegy best option preserve core businesses worked hard build following major components transaction deal terms transaction constitute stock stock exchange based exchange ratio 0 2685 dynegy shares every enron share example 1 000 shares enron stock converted 268 shares dynegy upon closing plus cash fractional shares upon closing chevrontexaco owns approximately 26 percent dynegy outstanding common stock chevrontexaco invest 1 5 billion dynegy immediately additional 1 billion dynegy closing merger dynegy immediately invest 1 5 billion cash enron northern natural gas subsidiary exchange preferred stock northern natural gas total outstanding shares combined company expected approximately 700 million shares transaction subject shareholder regulatory approvals expected close late next year enron immediate access dynegy 1 5 billion cash investment enron northern natural gas subsidiary management newly formed company chuck watson chairman ceo newly formed company called dynegy inc steve bergstrom president coo continue serve chairman ceo enron transaction closes join dynegy office chairman greg whalley continue serve president coo enron transaction closes become executive vice president new company join dynegy office chairman mark frevert continue vice chairman enron management enron dynegy work together ensure smooth efficient integration make integration team yet determined merger long complex process expected close end third quarter 2002 merger create enormous growth engine providing great opportunities employees shareholders customers merger elimination positions almost inevitable one key tasks identify optimal structure new company hope able address need work force reductions attrition hiring reductions clearly rule involuntary separation dynegy motivated identify retain best talent organizations promise everything make transition smooth possible said video day like company history considered several options believe merger dynegy best option help rebuild investor market confidence strengthen balance sheet preserve core businesses know lot questions transaction next steps list frequently asked questions posted additional questions please submit questions enron com post updates soon answers questions receive calls media please refer media team 713 853 5670 ask consider enormously bright future newly formed company rather closing doors opening new ones deal enables customers shareholders companies participate tremendous benefit combined enterprise including market reach financial strength industry experience together new merchant powerhouse thank everything done enron investors security holders urged carefully read joint proxy statement prospectus regarding proposed transactions becomes available contain important information investors security holders may obtain free copy joint proxy statement prospectus available documents containing information dynegy enron without charge sec web site www sec gov copies joint proxy statement prospectus sec filings incorporated reference joint proxy statement prospectus may also obtained free directing request either investor relations dynegy inc 1000 louisiana suite 5800 houston tx 77002 phone 713 507 6400 fax 713 507 6808 investor relations enron corp 1400 smith street houston tx 77002 phone 713 853 3956 fax 713 646 3002 addition identity persons sec rules may considered participants solicitation dynegy enron shareholders connection proposed transactions description direct indirect interests security holdings otherwise available sec filing schedule 14 made dynegy enron