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Dynegy Elects New Board Member

August 29, 2002

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HOUSTON (AP) _ Dynegy Inc. has added a former Arthur Andersen LLP accountant who is now a private equity investment portfolio manager to its board.

The Houston-based energy marketer announced Thursday that its board of directors has elected Linda Walker Bynoe, a principal in Telemat Ltd., a privately held project management and management consulting firm, to what is now a 13-member board.

Bynoe held various positions in the fixed income division of Morgan Stanley from 1978 to 1989, and was an accountant for Andersen before that. Dynegy was among hundreds of public companies that fired Andersen before the Chicago-based firm was convicted in June of obstruction of justice for shredding and doctoring documents related to Enron Corp. audits.

She replaced Jerry Johnson, a former executive vice president of Safeguard Scientifics and a communications industry expert. Johnson joined the board two years ago when Dynegy launched its global communications unit, but his resignation coincides with the company’s plan to focus on its core energy businesses.

Dynegy is among several energy merchants under investigation by the Securities and Exchange Commission for accounting and trading practices.

The company earlier this month sold its 16,600-mile pipeline company, Northern Natural Gas, for $928 million as part of a plan to raise $2 billion to shore up finances and improve its image on Wall Street. The buyer, MidAmerican Energy Holdings Co., also assumed $950 million in debt.

Dynegy shares fell 8 cents to close Thursday at $2.07 on the New York Stock Exchange.

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