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About Vistra Energy 2019 ANNUAL REPORT Upton 2 Solar and Energy Storage Facility ABOUT VISTRA ENERGY Vistra Energy (NYSE:VST) is a premier, integrated, Fortune country and offers over 40 renewable energy plans. The 350 energy company based in Irving,Texas, providing company is also the largest competitive power generator essential resources for customers, commerce, and in the U.S. with a capacity of approximately 39,000 communities. Vistra combines an innovative, customer- megawatts powered by a diverse portfolio of natural gas, centric approach to retail with safe, reliable, diverse, nuclear, coal, solar, and battery energy storage facilities. In DQGHIƓFLHQWSRZHUJHQHUDWLRQ7KHFRPSDQ\EULQJVLWV addition, the company is a large purchaser of wind power. products and services to market in 20 states and the District The company is currently developing the largest battery of Columbia, including six of the seven competitive retail storage system of its kind in the world — a 300-MW/1,200- markets in the U.S. and markets in Canada and Japan, as MWh system in Moss Landing, California. Vistra is guided well. Serving nearly 5 million residential, commercial, and by four core principles: we do business the right way, we industrial retail customers with electricity and gas, Vistra is work as a team, we compete to win, and we care about our the largest competitive residential electricity provider in the people, our neighbors, and our stakeholders. VISTRA ENERGY | 2019 ANNUAL REPORT DEAR FELLOW VST STOCKHOLDERS We referred to 2019 as the “Year of Execution” for Vistra Energy Corp. — and that it was. We focused our efforts RQRSHUDWLQJVDIHO\DFKLHYLQJRXUƓQDQFLDOJXLGDQFH returning capital to stockholders, and capturing our Dynegy merger synergy targets. Not only did we accomplish those goals, but we also continued to demonstrate the stability and strength of our integrated business model, expanded our retail footprint to be the largest competitor in the high-margin U.S. residential electricity markets with the acquisitions of Crius Energy Trust (“Crius”) and Ambit Energy (“Ambit”), released a Our success in 2019 and positive 10-year outlook for our company indicating the long- outlook for the year ahead are a term resilience of our business, and formalized our commitment to take actions to address climate change by direct result of executing on our announcing greenhouse gas emissions reduction targets business objectives with a focus and by joining the Climate Leadership Council as a founding member. and dedication to excellence. Curt Morgan Our success in 2019 and positive outlook for the year 3UHVLGHQWDQG&KLHI([HFXWLYH2IƓFHU ahead are a direct result of executing on our business objectives with a focus and dedication to excellence. share repurchase program, collectively returning Importantly, the vastly different business model and asset approximately $900 million to stockholders. We also SURƓOHZHKDYHEHHQRSHUDWLQJXQGHUSLQWKHVXFFHVVZH invested approximately $880 million on the Crius had in 2019 and in each of the four years since Vistra has and Ambit acquisitions, which were executed at an been a public company — and will similarly position the average of 3.9 times enterprise value to EBITDA and company to continue our transformation in the age of were immediately accretive to Vistra’s EBITDA per share climate change, leading to what we believe will be long- DQGIUHHFDVKŴRZSHUVKDUH$QGODVWZHFRQWLQXHG term strength and sustainability. I am pleased to share WRRSWLPL]HRXUEDODQFHVKHHWWKURXJKUHƓQDQFLQJ with you some of the highlights from 2019 and a vision approximately $8.3 billion of debt, reducing our for a sustainable future. annualized, after-tax interest expense by approximately $95 million. In total, since becoming a public company Delivering on Financial Commitments and nearly four years ago, Vistra has returned approximately Returning Capital ELOOLRQWRRXUƓQDQFLDOVWDNHKROGHUVWKURXJKVKDUH Vistra continued to prove out the stability of the repurchases, debt retirement, and recurring and integrated model in 2019, delivering adjusted EBITDA special dividends. from our ongoing operations of $3.393 billion1, which marked the fourth year in a row — every year since Vistra As we look ahead to 2020, our capital allocation focus is has been a public company — that we have delivered squarely on progressing toward our long-term leverage ƓQDQFLDOUHVXOWVDERYHWKHPLGSRLQWRIRXUJXLGDQFH target of 2.5 times net debt to EBITDA. Whereas we 9LVWUDōVDGMXVWHGIUHHFDVKŴRZEHIRUHJURZWK dubbed 2019 the “Year of Execution,” 2020 is the “Year of from ongoing operations was $2.437 billion1, results Financial Strength and Capital Allocation Clarity.” that exceeded the high end of our guidance range and A strong balance sheet is the foundation of our business HTXDWHWRDQ(%,7'$WRIUHHFDVKŴRZFRQYHUVLRQUDWLR model — low leverage levels and the achievement of DQLQYHVWPHQWJUDGHFUHGLWSURƓOHVKRXOGDOORZ9LVWUD of nearly 72%. Vistra’s ability to generate this robust free FDVKŴRZRQDQDQQXDOEDVLVDIIRUGVXVWKHRSSRUWXQLW\ to weather commodity cycles while positioning our to both invest selectively in attractive opportunities and management team to make sound investment decisions UHWXUQDVLJQLƓFDQWDPRXQWRIFDSLWDOWRRXUVWDNHKROGHUV at the right times in the business cycles. Low leverage levels also support our ability to convert approximately 65 In fact, in 2019, we instituted a dividend program at ŊRIRXU(%,7'$WRIUHHFDVKŴRZRQDQDQQXDOEDVLV $0.50 per share on an annualized basis and spent giving Vistra the ability to implement a diverse capital more than $650 million under our existing $1.75 billion allocation plan. 1 Vistra has already announced an 8% increase to our dividend program for 2020, an increase that was at the high end of our expected 6–8% annual growth rate and which is supported by our stable and growing EBITDA SURƓOHDQGKLJKIUHHFDVKŴRZFRQYHUVLRQUDWLR:HSODQ to further evaluate the appropriate size of our future dividends as part of our long-term capital allocation plan, which we expect to roll out in the second part of this year. We anticipate our long-term capital allocation plan will call for continued prudent and disciplined growth investments using on average about a quarter of RXUDQQXDOIUHHFDVKŴRZZLWKWKHUHPDLQLQJVLJQLƓFDQW IUHHFDVKŴRZUHWXUQHGWRVWRFNKROGHUVWKURXJKDPL[RI dividends and share repurchases. Capturing Merger Synergies and Driving Operational Performance Improvement Vistra’s relentless focus on cost management and synergy capture is just another way we are creating value for our stockholders. Vistra closed the merger with Dynegy in April 2018, and in 2019, as we approached the full integration of the businesses, we realized approximately $270 million of the $290 million of full run-rate EBITDA synergies. The $290 million synergy target represents a nearly 30% increase from the $225 million of annual (%,7'$V\QHUJLHVZHƓUVWDQQRXQFHGLQ2FWREHU Vistra has also been able to capture merger value through our Operations Performance Improvement (“OPI”) program. The OPI program, which is designed to HQDEOHRXUJHQHUDWLRQŴHHWWRRSHUDWHDVHIƓFLHQWO\DQG cost-effectively as possible, has transformed the culture of our generation, mining, and procurement operations. Importantly, our OPI efforts have put our generation ŴHHWLQDVWURQJSRVLWLRQWRUHPDLQYLDEOHDVWKHVXSSO\ landscape evolves in the markets where we operate. Vistra initially announced an expectation to achieve $125 million of annual OPI EBITDA enhancements, and we have since more than tripled that target to $425 million per year. In 2019, we realized $220 million from OPI; we expect to be at the full run-rate by year-end 2021. ,QDGGLWLRQDIWHUWD[IUHHFDVKŴRZV\QHUJLHVIURP the merger continue to materialize, with Vistra now forecasting to achieve an annual run-rate of $320 million — an increase of nearly 400% above our initial projections — with $210 million realized in 2019. Finally, Vistra continues to believe we will be able to use the Top: Vistra employees volunteering through the company’s approximately $4 billion of Dynegy net operating loss employee-led volunteer program Energy in Action carry forwards we inherited in the Dynegy merger, Middle: TXU Energy Bike MS team participates in Bike MS resulting in approximately $900 million in present value Round-Up Ride 2019 tax savings. The Dynegy merger continued to prove its Bottom: Kendall Power Plant celebrates acceptance into value in 2019, and with integration now largely complete, OSHA VPP Star Program we are moving forward as one company, set for success. 2 VISTRA ENERGY | 2019 ANNUAL REPORT Operating Integrated Retail and Generation will be a long-term critical resource for the electric grid, Businesses which is becoming increasingly dependent on intermittent renewable resources. Another cornerstone of Vistra’s success is our integrated business model. Pairing our retail and wholesale Our assets performed exceptionally well in 2019. EXVLQHVVHVFUHDWHVKLJKHUDQGPRUHVWDEOHFDVKŴRZV :HƓQLVKHGWKH\HDUZLWKFRPPHUFLDODYDLODELOLW\RI which we believe leads to consistent results and a more approximately 95% compared to a target of 94%. This attractive investment. This is true, in part, because of the metric is critical to our operational success, as it measures stability of our retail business and the in-the-money nature RXUŴHHWōVDELOLW\WRFDSWXUHJURVVPDUJLQIURPWKHPDUNHW of our generation assets. when the assets are in the money. As we move into 2020, we will continue to focus on achieving superior Retail commercial availability and maintaining the reliability of On the retail side, Vistra acquired two retailers
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