#1VISTRA Investor Presentation June 2023#2Safe Harbor Statements VISTRA 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 Corp. ("Vistra") operates and beliefs of and assumptions made by Vistra'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. 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," "confident", "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "goal," "objective," "guidance" and "outlook"), are forward- looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra'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 to execute upon its contemplated strategic, capital allocation, performance, and cost-saving initiatives, including the Energy Harbor transaction, and to successfully integrate acquired businesses; (iii) actions by credit ratings agencies; (iv) the severity, magnitude and duration of extreme weather events, contingencies and uncertainties relating thereto, most of which are difficult to predict and many of which are beyond our control, and the resulting effects on our results of operations, financial condition and cash flows; and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra's annual report on Form 10-K for the year ended December 31, 2022 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 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 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". 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 impacts, reorganization items, and certain other items described from time to time in Vistra's earnings releases), "Adjusted Free Cash Flow before Growth" (or "Adjusted FCFbG") (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, and other items described from time to time in Vistra's earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted EBITDA less adjusted EBITDA from Asset Closure segment), "Net Income from Ongoing Operations" (net income less net income from Asset Closure segment), and "Ongoing Operations Adjusted Free Cash Flow before Growth" or "Ongoing Operations Adjusted FCFbG" (adjusted free cash flow before growth 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'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's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. Vistra 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 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 before Growth. Vistra 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's management and Board have found it informative to view the Asset Closure segment as separate and distinct from Vistra's ongoing operations. Vistra uses Net Income from Ongoing Operations as a non-GAAP measure that is most comparable to the GAAP measure Net Income in order to illustrate the company's Net Income excluding the effects of the Asset Closure segment, as well as a measure to compare to Ongoing Operations Adjusted EBITDA. 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 Investor Presentation/June 2023 2#3Contents I. Who is Vistra, and Why Invest? II. Financial Outlook III. Sustainability and the Energy Transition IV. Appendix Vistra Investor Presentation/June 2023 VISTRA 3#4VISTRA Who is Vistra and why invest? Vistra is a true energy transition play with significant free cash flow yields translating to shareholder returns Vistra Investor Presentation/June 2023#5Vistra's Long-term Strategy provides Value to all Stakeholders VISTRA Unlocking Vistra's earnings power to deliver increased shareholder returns and continued growth, by meeting the needs of our customers and communities Driving long-term, sustainable value through our integrated business that provides the stability to perform in dynamic macroenvironments and a reliable and affordable product to the citizens we serve Focusing on shareholder returns through an expected $6.25 billion of share repurchases and a targeted $300 million per year dividend through 20261 Actively managing our liquidity needs to support our hedging activities that help stabilize healthy yearly earnings in various pricing environments while ensuring balance sheet strength Achieving aggressive sustainability goals with our zero-carbon Vistra Zero pipeline (~3.4GW online today and another ~4GW planned, utilizing third-party capital to efficiently finance growth) and acquisition of ~4GW of additional nuclear with the Energy Harbor acquisition² 1. $4.25 billion of share repurchases authorized by Board and expected to be complete by year-end 2024; expect to allocate $1 billion in each of 2025 and 2026 subject to further board approvals and assuming stock prices continue to support share repurchases as an effective means of providing shareholder returns; quarterly dividends are subject to board approval each quarter 2. Energy Harbor acquisition announced March 6, 2023 and expected to close by year-end 2023 Vistra Investor Presentation/June 2023 5#6Vistra: America's Leading Integrated Energy Company Power Plants* Natural Gas Coal Other *Note: Does not Include plants previously announced to be retired. Vistra Zero Nuclear Solar Batteries Solar (under development) Batteries (under development) Vistra Investor Presentation/June 2023 Operations Retail Operations Plant Operations Regional Office Retail and Plant Operations Company Headquarters VISTRA VISTRA#7Purpose: Lighting Up Lives, Powering A Better Way Forward VISTRA ~4 million retail customers across the United States ~37,000 MW generation capacity: enough to power 20 million homes Retail Offices Cincinnati, OH Collinsville, IL Columbus, OH Houston, TX Irving, TX King of Prussia, PA Oak Brook, IL Total Employees TXU AMBITENERGY energy VISTRA ZERO -5,000 Luminant HOMEFIELD ENERGY DYNEGY energy harbor 1. Announced March 6th 2023, and contingent upon receiving regulatory approvals and official closing of the Energy Harbor transaction; Vistra statistics on this page do not include Energy Harbor Vistra Investor Presentation/June 2023 FORTUNE 500 2022 VISTRA 7#8Transformative Energy Harbor Acquisition - Highlights VISTRA Vision Tradition Leading Zero Carbon Generation and Retail Integrated Platform: "Vistra Vision" . • VISTRA Announced March 6, 2023, the transaction will combine Energy Harbor's nuclear and retail businesses with Vistra's nuclear and retail businesses and Vistra Zero renewables and storage projects under a newly-formed subsidiary holding company, referred to generally as "Vistra Vision" Includes 6.4 GW of nuclear generation, ~5 million retail customers, and ~2.4 GW of online and near-term pipeline of renewable and storage assets Provides diversification and scale across multiple carbon-free technologies (dispatchable and renewables/storage) and the retail business Strong Value Proposition for Vistra Shareholders • Returns anticipated to exceed our investment thresholds; nuclear PTC provides significant downside protection, while maintaining opportunity to capture upside value in volatile markets ~$125 million of run-rate synergies expected by year-end 2025; demonstrated ability to deliver / exceed synergy targets Large scale integrated operations: zero-carbon Vistra Vision coupled with our highly efficient conventional fleet ("Vistra Tradition") Capital Allocation Plan Maintained, Including Return of Cash to Vistra Shareholders • • Creative transaction structure supports continued targeted return of at least $1.3 billion annually to shareholders VST Board approved an additional $1 billion of share repurchases, bringing the total authorization to $4.25 billion; plan to execute the remaining $1.8 billion by year-end 2024 Expect to execute at least $1 billion of share repurchases in each of 2025 and 2026; common stock dividends targeted at $300 million per year¹ 1. Subject to board approvals. Vistra Investor Presentation/June 2023 8#9Simplified Pro Forma Structure and Key Transaction Terms VISTRA Nuveen Avenue Capital 15% 85% "Vistra Vision" ~$3,430M Net Debt Nuclear, renewables, storage and retail businesses VISTRA Shareholders Vistra Corp. Vistra Operations Vistra Investor Presentation/June 2023 100% "Vistra Tradition" Vistra's Conventional Generation Assets Transaction Structure Energy Harbor will merge into a subsidiary of Vistra Vision Vistra will own a controlling 85% ownership interest in Vistra Vision; Nuveen and Avenue Capital will own the remaining 15% Structure provides investment opportunities and potential flexibility as energy markets evolve Consideration 15% minority stake in Vistra Vision; no conversion or put rights $3.0 billion in cash Vistra Vision assumes ~$430 million of net debt from Energy Harbor Minority Rights / Approvals Vistra will operate Vistra Vision within its current integrated model, ensuring commercial capabilities and scale benefits Minority owners of Vistra Vision will have certain consent rights on material corporate actions and standard transfer rights Key regulatory approvals required from NRC, FERC, and the DOJ under the Hart-Scott-Rodino Act Both companies' boards of directors have approved; a majority of the Energy Harbor stockholders have signed support agreements committing to approve the transaction 9#10Pro Forma EBITDA (as of 3/6/23) Vistra Adj. EBITDA VISTRA $3.5B -$3.7B energy harbor + synergies $4.2B $4.5B² 2024/2025 midpoint Adj. EBITDA Opportunities Addition of Energy Harbor meaningfully increases earnings potential Revenues de-risked by nuclear PTC Results in two sizeable businesses operating on an integrated platform 2024/2025 midpoint Adj. EBITDA opportunities ($Billions) VISTRA "Tradition" VISTRA "Vision" $1.9 - $2.1 $2.3-$2.42 1. "Adj. EBITDA" is a reference to Ongoing Operations Adj. EBITDA; Adj. EBITDA is a non-GAAP financial measure. 2. Includes 15% minority interest; contribution from Energy Harbor reflective of ~$150 million average annual impact of out-of-the money generation hedges in 2024 and 2025. Vistra Investor Presentation/June 2023 VISTRA VISTRA "Vision" On an Unhedged Generation Basis $2.45 - $2.55 ✓ Excludes impact of out-of-the-money generation hedges at Energy Harbor 10 10#11Transformative Energy Harbor Acquisition - Update VISTRA APPROVALS AND CLOSING FINANCING NRC, FERC and HSR (DOJ) approval requests have been filed Anticipate closing fourth quarter 2023 Commitments for bridge acquisition financing are in place; permanent financing expected to be executed and bridge commitments terminated prior to closing energy harbor Average EH Contribution to 2024-2025 midpoint opportunities with synergies, on an unhedged generation basis ~$900 million Adj. EBITDA¹ 65-70% Adj. FCFbG Conversion (pre-tax)2 Based on recent curves, we see upside to this Adj. EBITDA range in 2026 and beyond³ 1 "Adj. EBITDA" is a reference to Ongoing Operations Adjusted EBITDA; "Adj. FCFbG" is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth. Adj. EBITDA and Adj. FCFDG are non-GAAP financial measures. See the "Non-GAAP Reconciliation" tables at the end of this presentation for further details. 2 3 Adj. EBITDA to Adj. FCFBG conversion (with synergies and on an unhedged generation basis) is in the ~55-60% range after-tax. Based on price curves as of May 4, 2023. Vistra Investor Presentation/June 2023 11#12VISTRA Financial Outlook Vistra is providing significant shareholder return opportunities, while providing growth financed with cost-effective third-party capital Vistra Investor Presentation/June 2023 12#13Financial Highlights 2022 Financial Results Ongoing Operations ($ millions) Capital Allocation Plan Update • Executed $2.70 billion through May 4, 2023 VISTRA Adjusted $3,115 EBITDA¹ Adjusted FCFbG¹ $2,399 2023 Initiated Guidance Share Repurchase Program • Common Dividend • • • Ongoing Operations ($ millions) Adjusted $3,400 $4,000 EBITDA¹ Balance Sheet Strength • Adjusted FCFbG1 $1,750 - $2,350 Energy Transition4 1 • Remaining ~$1.55 billion of authorization expected to be spent by year-end 2024 Aggregate share repurchases through 2026 targeted at an upsized $6.25 billion² Share count of ~373 million as of May 4, 2023, ~23% reduction since program was announced Targeting $300 million in dividends annually Quarterly common dividend of $0.204 per share to be paid on June 30, 2023 (~15% increase over Q2 2022 dividend) Expect dividend growth each quarter by way of a consistent reduction in share count Continued focus on long-term net leverage target of less than 3x3 Decreased short-term debt by ~$500 million in the first quarter 2023 Use of equity as partial consideration for Energy Harbor acquisition demonstrates commitment to a strong balance sheet Bridge financing for the Energy Harbor acquisition is in place; permanent financing expected prior to closing Over 90% of net proceeds from $1 billion green preferred stock allocated to eligible projects as of Mar. 31, 2023; remaining amount expected to be allocated by Q2 2023 Non-recourse financing at Vistra Zero expected in second half of 2023 Ongoing Operations Adj. EBITDA and Ongoing Operations Adj. FCFBG are non-GAAP financial measures. See "Non-GAAP Reconciliation" tables at the end of this presentation for further details. Vistra Investor Presentation/June 2023 13#14Market Curves and Hedge Position Update VISTRA Vistra's comprehensive hedging program results in a more stable earnings profile and provides opportunities to lock-in significant gross margin in the outer years ERCOT 7x24 ($/MWh) $60 $50 $40 PJM 7x24 ($/MWh) $70 $60 $50 $40 $30 $20 $20 2023 2024 2025 2026 2027 2028 2023 2024 -4/29/2022 -5/4/2023 $30 2025 2026 2027 2028 -4/29/2022 -5/4/2023 Vistra Standalone³ As of May 9, 2023: Significantly hedged in 2023 and 2024; supports guidance and insulates near-term price volatility; as of March 31, 2023, Vistra was ~86% hedged for 2023 - 2025¹ ✓ 2023 99% hedged 2024 96% hedged $40 $30 $20 $10 ERCOT 7x16 Spark Spread 4 $40 $30 $20 $10 PJM 7x16 Spark Spread4 5- $- 2023 2024 2025 2026 2027 2028 2023 2024 2025 2026 2027 2028 -4/29/2022 5/4/2023 -4/29/2022 5/4/2023 Currently expect upside to the previously announced $3.5 billion - $3.7 billion Adj. EBITDA² mid-point opportunities for 2024 and 2025,3 primarily due to ✓ opportunistic hedging since the announcement in May 2022 ✓ elevated power prices and spark spread levels Significant opportunity in 2026, but with a wider range given we are materially more open in 2026 than 2023-2025 Average hedging percentage is across years 2023-2025, across all markets. See appendix for similar charts on NY/NE and CAISO markets. 1. 2. 3. 4. Adj. EBITDA is a reference to Ongoing Operations Adjusted EBITDA, which is a non-GAAP financial measure. See the "Non-GAAP Reconciliation" tables at the end of this presentation for further details. Range of Ongoing Operations Adjusted EBITDA midpoint opportunities as previously announced on the first quarter 2022 earnings call; graphs represent curves through May 4, 2023; range of Adj. EBITDA opportunities does not include the incremental Adj. EBITDA contribution expected from the Energy Harbor acquisition. Spark spreads calculated using an assumed heat rate of 7.2 mmbtu/MWh with $2.50 variable O&M (VOM) costs (market power price -(7.2 x gas price + VOM)). Market power price weighted as ERCOT: 90% North Hub, 10% West Hub; PJM: 50% AD Hub, 25% Ni Hub 25% Western Hub. Gas price weighted as ERCOT: 90% Houston Ship Channel, 10% Permian Basin; PJM: 25% Tetco ELA, 25% Dominion South, 25% Chicago Citygate, 25% Tetco M3. Vistra Investor Presentation/June 2023 14#15VISTRA Sustainability and Energy Transition Vistra's strategy allows us to deliver strong shareholder returns from the cash flow of our integrated business while achieving aggressive sustainability benchmarks and growing our Vistra Zero portfolio with more cost-effective capital. Our focus on our key stakeholders also includes addressing the reliability and the affordability of electricity in the markets we serve. Vistra Investor Presentation/June 2023#16VISTRA Supporting our Sustainability and Energy Transition Goals: Vistra Zero - our renewables and energy storage portfolio Vistra Investor Presentation/June 2023 16#17Strategic Green Energy Growth - Vistra Zero Portfolio VISTRA Strategic growth of our clean energy portfolio, Vistra Zero, with a focus on diversified generation sources, markets and revenue sources. DeCordova Energy Storage Facility 260 MW/260 MWh Battery + CT Hybrid Moss Landing Energy Storage Facility 400 MW/1,600 MWh Expansion: 750 MW/3,000 MWh June 2023 Vistra Investor Presentation/June 2023 SOLAR ENERGY STORAGE SOLAR + ENERGY STORAGE NUCLEAR 17#18Vistra Zero Portfolio VISTRAZERO VISTRA ~3,400 MW of zero-carbon generation currently online, including 2,400 MW of nuclear generation at Comanche Peak facility; named projects listed below reflect near-term development opportunities Asset Location ISO Capacity (MW) Status In-Service Year² NUCLEAR Comanche Peak Glen Rose, TX ERCOT 2,400 MW Nuclear (Online) 2,400 Online 1990 1,242 MW Solar SOLAR (338 MW Online) Upton 2 Upton County, TX ERCOT 180 Online 2018 Brightside Live Oak County, TX ERCOT 50 Online 2022 Emerald Grove Crane County, TX ERCOT 108 Online 2022 Angus Bosque County, TX ERCOT 110 Under Development 2025+ Forest Grove Henderson County, TX ERCOT 200 Under Development 2025+ Oak Hill Rusk County, TX ERCOT 200 Under Development 2025+ Baldwin Baldwin, IL MISO 68 Under Development 2024 Coffeen Coffeen, IL MISO 44 Under Development 2024 Duck Creek Canton, IL MISO 20 Hennepin Hennepin, IL MISO 50 Newton Andrews Kincaid ENERGY STORAGE Newton, IL MISO 52 Andrews County, TX ERCOT 100 Under Development Under Development Under Development Under Development 2024 2024-2025 2025 2024 Kincaid, IL PJM 60 Under Development 2025 1,186 MW Energy Storage (670 MW Online) Upton 2 Upton County, TX ERCOT 10 Online 2018 Moss Landing Phase I Moss Landing, CA CAISO 300 Online 2021 Moss Landing Phase II Moss Landing, CA CAISO 100 Online 2021 DeCordova Hood County, TX ERCOT 260 Online 2022 Moss Landing Phase III Moss Landing, CA CAISO 350 Under Construction 2023 Oakland Oakland, CA CAISO 43.25 Under Development 2024 Baldwin Coffeen Baldwin, IL MISO Coffeen, IL MISO Duck Creek Hennepin Newton Canton, IL MISO Hennepin, IL MISO Newton, IL MISO Edwards Havana Kincaid Joppa 1 2 Bartonville, IL MISO Havana, IL MISO Kincaid, IL PJM Joppa, IL MISO 222225525 Under Development 2024 Under Development 2024 Under Development Under Development Under Development 2024 2024-2025 2024 37 Under Development 2025 37 Under Development 2025 Under Development 2025 37 Under Development 2025 Approximate net generation capacity, actual net generation capacity may vary based on a number of factors, including ambient temperature. 2024+ subject to change. Vistra Investor Presentation/June 2023 18#19Moss Landing Energy Storage Facility Z VISTRAZERO VISTRA Phase III of the Moss Landing Energy Storage Facility, expected to be online mid-2023, will bring the site's total energy storage capacity to 750MW / 3,000MWh Phase I 300 MW/1200 MWh Phase II 100 MW/400 MWh Phase III 350 MW/1400 MWh Vistra Investor Presentation/June 2023 FT FT 19#20VISTRA Supporting our Sustainability and Energy Transition Goals: Additional zero-carbon nuclear generation to be acquired in the Energy Harbor transaction Vistra Investor Presentation/June 2023 20#21Energy Harbor Transaction to Increase Zero-Carbon Generation Baseload Capacity Operating & Under Development by Technology (GW) VISTRA 6%1% 6% Gas Renewables Coal Nuclear 24% 38.4 GW Oil 63% VISTRA energy harbor VISTRA Vision Consolidated 4.0 GW 100% 27% 8.9 GW 6% 1% 15% 42.4 GW 57% 21% 73% Operating & Under Development by Geography (GW) 3% 5% 4% 9% 5% 3% 7% 6% 9% 8% 46% ERCOT CAISO NYISO ISO-NE PJM 38.4 GW 51% 4.0 GW 8.9 GW 42.4 GW MISO 41% 25% 32% 100% Note: Vistra capacity is inclusive of Asset Closure segment assets. Totals may not sum due to rounding. Vistra Investor Presentation/June 2023 46% 21#22Scaled Pro Forma Clean Generation Footprint Projected Merchant Nuclear Net Generation for 2023 (TWh)1 Vistra previously ranked #4 with 20 TWh prior to the transaction 169 CEG VISTRA 53 202 30 19 18 16 9 33 VISTRA PEG TLN NEE D NRG energy harbor Projected U.S. Clean Net Generation for 2023 (TWh)1 174 1233 Vistra previously ranked #14 with 21 TWh prior to the transaction 884 81 55 54 49 48 41 31 212 30 29 29 255 20 20° 19 18 15 14 14 33 CEG NEE DUK TVA D VISTRA energy harbor ВНЕ SO ETR XEL PEG PCG AEP ENEL RWE TLN AGR BEP AEE EDP Source: Company Filings, DOE, Investor Presentations, NEI, S&P Capital IQ. Note: Excludes select U.S. and state government-related entities. Represents only net generation from owned capacity per S&P Capital IQ. Does not include assets with planned COD in 2023. 1. Net owned generation.; "Clean Net Generation" includes nuclear and other forms of carbon-free generation, excluding generation from battery storage. 2. Peak from 2023-2025. 3. NEE includes assets owned by NEP. 4. Includes net generation of renewable assets that are currently available for sale. 5. Excludes net generation from assets sold to Invenergy, Blackstone Infrastructure and CDPQ joint venture. Includes net generation from capacity acquired from ConEd. Vistra Net Generation Energy Harbor Net Generation Includes 2023 expected Renewables volume, and average expected annual generation for Comanche 6. Vistra Investor Presentation/June 2023 22 22#23Pro Forma Vistra Vision Fleet Asset Details VISTRA Asset NUCLEAR Comanche Peak Beaver Valley I & II Perry Davis-Besse Nuclear Total SOLAR Upton 2 Brightside Location Oak Harbor, Ohio ISO Capacity (MW) Status Glen Rose, TX Shippingport, PA Perry, Ohio ERCOT 2,400 Online PJM 1,872 Online In-Service Year² 1990 1976/1987 PJM 1,268 Online 1986 PJM 908 Online 1978 6,448 Upton County, TX ERCOT 180 Online 2018 Live Oak County, TX ERCOT 50 Online 2022 Emerald Grove Crane County, TX ERCOT 108 Online 2022 Angus Forest Grove Bosque County, TX ERCOT 110 Development 2025+ Henderson County, TX ERCOT 200 Development 2025+ Oak Hill Baldwin Rusk County, TX ERCOT 200 Development 2025+ Baldwin, IL MISO 68 Development 2024 Coffeen Duck Creek Hennepin Newton Andrews Coffeen, IL Canton, IL MISO 44 Development 2024 MISO 20 Hennepin, IL MISO 50 New ton, IL MISO 52 Andrews County, TX ERCOT 100 Kincaid Kincaid, IL PJM 60 Development Development Development Development Development 2024 2024-2025 2024 2024 2024-2025 Solar Total 1,242 ENERGY STORAGE Upton 2 Upton County, TX ERCOT 10 Online 2018 Moss Landing Phase I Moss Landing, CA CAISO 300 Online 2021 Moss Landing Phase II Moss Landing, CA CAISO 100 Online 2021 De Cordova Hood County, TX ERCOT 260 Online 2022 Moss Landing Phase III Moss Landing, CA CAISO 350 Construction 2023 Oakland Oakland, CA CAISO 43.25 Development 2024 Baldwin Baldwin, IL MISO Coffeen Coffeen, IL MISO Duck Creek Canton, IL MISO Hennepin Hennepin, IL MISO Newton New ton, IL MISO Edwards Bartonville, IL MISO 222222 Development 2024 Development 2024 Development Development Development 2024 2024-2025 2024 37 Development 2025 Havana Havana, IL MISO 37 Kincaid Kincaid, IL PJM 2 Development Development 2025 2024-2025 Joppa Joppa, IL MISO 37 Development 2025 Energy Storage Total 1,186 Vistra Vision Total 8,876 1. Approximate net generation capacity, actual net generation capacity may vary based on several factors, including ambient temperature. 2.2024+ subject to change. Vistra Investor Presentation/June 2023 23#24VISTRA Supporting our Sustainability and Energy Transition Goals: Aggressive ESG Targets 24 Vistra Investor Presentation/June 2023#25Sustainability: Environmental Stewardship Vistra's green-focused targets emphasize its sustainability transition that balances reliability and affordability of power EMISSIONS REDUCTIONS 60% by 2030 As compared to 2010 baseline Net-Zero 2050 Scope 1 and Scope 2 GHG Emissions 173 (in MMtCO2e) 50% reduction already achieved³ 69 Targets Net-Zero 2010 2030 2050 PORTFOLIO TRANSFORMATION ~3,400 MW² of zero-carbon generation currently online ~15,150 MW fossil generation retired since 2010, ~10,400 MW retired since 2018 and on track for ~20,000 MW total retired by 2027 (from 2010 baseline) Disciplined Zero-Carbon generation/storage growth over time VISTRA VISTRAZERO EXCELLENCE IN SURFACE COAL MINING RECLAMATION AWARDS OFFICE OF SURFACE MINING RECLAMATION AND ENFORCEMENT AWARDS TxN Surface Coal Mining 2021 Excellence in 20 Texan by Nature 20 (TxN 20) Honoree 20 22 Reclamation Award REPORTING 2022 Sustainability Report (GRI & SASB) 2021 CDP questionnaire 2020 Climate Report (TCFD) Green Finance Framework 1. Vistra's goal to achieve a 60% reduction in noted emissions by 2030, as compared to the 2010 baseline, and net-zero carbon emissions by 2050, assumes necessary advancements in technology and supportive market constructs and public policy. 2. Includes Comanche Peak nuclear facility; does not include Energy Harbor nuclear generation. 3. As of YE 2022, and the full year reduction impact of recently retired coal units. Vistra Investor Presentation/June 2023 25 25#26VISTRA Sustainability: Social Responsibility & Governance Vistra's Purpose: Lighting up people's lives, powering a better way forward PEOPLE AND COMMUNITIES Diversity, Equity, and Inclusion Vistra part of Disability:IN to further advance inclusion and equality Dedicated employee-led Diversity, Equity, and Inclusion Advisory Council and 13 Employee Resource Groups available with focus on Vistra culture and the community Employee Health & Safety BEST DEFENSE 0.85 Total Recordable Incident Rate achieved in 2022 14 Facilities recognized with OSHA VPP Star Rating Community Support Provided $6 million of charitable giving in 2021, including $2 million of a five- year $10 million commitment to support the advancement of business and education in diverse communities GOVERNANCE Oversight of Vistra's ESG initiatives is governed by the full Vistra board, with oversight of subject matter-specific components delegated to relevant board committees Board Composition 36% Female 18% Minority 91% Independent AWARDS For America's Most JUST Companies in 2023, Vistra AFRICA'S MOST the ranked #1 for Shareholders & Governance in the JUST #1 FOR SHAREHOLDERS & Utilities industry ANIES JCNBC 2023 Recognized by American Association of People with Disabilities (AAPD) and Disability:IN as a Best Place to Work for Disability Inclusion in the 2022 Disability Equality Index CECP MEMBERSHIPS AND ADVOCACY BSR CEO ACTION FOR Vistra Investor Presentation/June 2023 CLIMATE LEADERSHIP COUNCIL ///AFCD ΖΕΤΑΙ ZERO EMISSION TRANSPORTATION ASSOCIATION Americans for Carbon Dividends DIVERSITY & INCLUSION RACE TO ZERO BUSINESS AMBITION FOR 1.5°C O 26#27VISTRA Supporting our Sustainability and Energy Transition Goals: Without losing site of the importance of the reliability and affordability of electricity Vistra Investor Presentation/June 2023 27#28Not all MW are Created Equal To power 500,000 homes reliably, the grid needs... Wind Solar + Battery requires ~10x more capital investment, 9x more installed capacity, and ~1,300x more land than a modern gas plant to achieve a similar level of reliability before considering transmission costs 1,000 MW of modern efficient gas plant 110 acres or 9,000MW of renewable energy (Wind + Solar + Battery) Battery Wind 147,540 acres (~1,300x) 1. 4.5 GW wind, 2.5 GW solar, and 2 GW batteries (1-hour duration) based on the ERCOT grid 2. 1GW of CCGT @ Capital cost of $968/kW ($1.0B); 9GW of Wind + Solar + Battery ($10.3B): 4.5GW wind @ $1,307/kW, 2.5GW solar @ $1,120/kW, 2GW 1-hr batteries @ $807/kW Source: National Renewable Energy Lab (NREL) Annual Technology Baseline (ATB) to calculate cost of both technology scenarios Vistra Investor Presentation/June 2023 Solar VISTRA 28#29Grid Needs Firm Resources To Be Reliable VISTRA Gas plants ramp up to support the grid load when wind generation drops ERCOT generation during Winter Storm Elliott MWh per hour 70,000 ERCOT generation during Winter Storm Mara MWh per hour 70,000 60,000 50,000 40,000 30,000 20,000 10,000 60,000 50,000 40,000 30,000 20,000 10,000 0 0 12/19 2022 12/21 12/23 12/25 12/27 2022 1/29 2023 1/31 2/2 2/4 2/6 2023 Hydro Coal (<40 yrs) Natural Gas (<40 yrs) Other Wind Thermal (>40 yrs) Nuclear Solar 29 Vistra Investor Presentation / June 2023#30Clean Technologies Have Incentives But Are Still Under Development VISTRA SMR Nuclear Technology Design flexibility and H₂ Hydrogen modularity enables scalability, many pilots planned Could be a form of energy storage and enable deep, economy wide decarbonization Long Duration Energy Storage Can help shape the renewable output, while providing grid services While many technologies hold promise - reliability and affordability will remain important criteria in addition to sustainability Vistra Investor Presentation/June 2023#31Challenges Facing The Transition Aging Dispatchable IRA will Assets Growing Incentivize More Intermittent Population and Electrification Sources in Near- term Need to recognize: Value of reliability Investment signals (market prices, PTC/ITC) . Speed of transition Vistra Investor Presentation/June 2023 VISTRA Reliability Standards to Handle Extreme Weather#32VISTRA Appendix Vistra Investor Presentation/June 2023#33Corporate Debt Profile - as of Q1 2023 VISTRA A strong balance sheet is core to Vistra's strategy. Accordingly, Vistra remains committed to a long-term net leverage target (excluding any non-recourse debt at Vistra Zero) of less than 3x Q1 2023 1. ($ millions) Funded Revolving Credit Facility and Commodity Linked RCF Term Loan B Senior Secured Notes Senior Unsecured Notes Accounts Receivable Financings Equipment Financing Agreements Total Debt Less: cash and cash equivalents Total Net Debt (before Margin Deposits) Less: Net Margin Deposits Total Net Debt (after Margin Deposits) Illustrative Leverage Metrics Adjusted EBITDA (Ongoing Operations) 1 Gross Debt/ EBITDA (x) Net Debt/EBITDA (x) before Margin Deposits Net Debt/EBITDA (x) after Margin Deposits For illustrative purposes only, reflects midpoint of 2023 Adjusted EBITDA (Ongoing Operations) Guidance announced by Vistra on November 4, 2022. Vistra Investor Presentation/June 2023 $0 2,507 4,600 4,850 600 79 $12,636 (518) $12,118 (1,871) $10,247 $3,700 3.4x 3.3x 2.8x 33#34Select Debt Balances - as of Q1 2023 Funded Debt Tranches As of March 31, 20231 ($millions) Issuer Series Secured Debt Vistra Operations Vistra Operations Vistra Operations Vistra Operations Vistra Operations Vistra Operations Senior Secured Term Loan B-3 due December 2025 4.875% Senior Secured Notes due May 2024 3.550% Senior Secured Notes due July 2024 5.125% Senior Secured Notes due May 2025 3.700% Senior Secured Notes due January 2027 4.300% Senior Secured Notes due July 2029 Unsecured Notes Vistra Operations Vistra Operations Vistra Operations Vistra Operations 5.500% Senior Unsecured Notes due September 2026 5.625% Senior Unsecured Notes due February 2027 5.000% Senior Unsecured Notes due July 2027 4.375% Senior Unsecured Notes due May 2029 1 Excludes Equipment Finance Agreements, Accounts Receivable Financings and funded commodity linked revolver and funded revolver. Vistra Investor Presentation/June 2023 Principal Outstanding $2,507 400 1,500 1,100 800 800 Total Secured $7,107 $1,000 1,300 1,300 1,250 Total Unsecured $4,850 VISTRA 34#35Q1 2023 Retail Metrics Highlights . Continued strong performance in Texas: . ✓ Well positioned as a result of our core capabilities and diverse brand and channel strategies ✓ Strong residential and mass business customer counts performance ✓ Large business markets sales performance well ahead of expectations ✓ TXU Energy earned a 5-star rating on the PUCT Scorecard throughout Q1 Mild weather across all regions, including the second mildest Q1 on record in PJM Midwest and Northeast market dynamics are improving as default service prices are increasing while commodity costs are declining, inverting the dynamic seen in late 2021 and 2022 Residential Customer Counts¹ Retail Volume All markets (electric volumes in TWh) 23.3 3.0 12.5 7.8 Business Q1 2022 Residential Energy Degree Days All markets (in thousands) 2,711 Q1 2022 ERCOT North Central Zone Growth in ERCOT 2,411 offset by a 900 decline in the Midwest and Northeast driven 700 by value- accretive exits 500 from NY and CT 300 Q1 2023 Direct-to-consumer Electric/Gas Residential counts excluding municipal-aggregation and international customers. Vistra Investor Presentation/June 2023 100 20.8 1.5 13.3 6.1 Q1 2023 Muni-Aggregation VISTRA Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec. 10-yr Range ('13-'22) 10-yr Avg. 2023 35#36Q1 2023 Generation Metrics TOTAL GENERATION1 CAPACITY FACTOR (CCGT) 1 TWhs Q1 2022 Q1 2023 % Q1 2022 Q1 2023 TEXAS 17.7 16.6 TEXAS 34% 35% EAST 14.3 14.6 EAST 62% 62% WEST 1.2 1.5 WEST 54% 70% SUNSET 5.9 3.5 Ong. Ops 39.1 36.2 Asset Closure 3.9 CAPACITY FACTOR (COAL) 1 % COMMERCIAL AVAILABILITY1 Q1 2022 Q1 2023 % Q1 2022 Q1 2023 TEXAS SUNSET 77% 60% 60% 36% TEXAS Gas 94.3% 98.9% TEXAS Coal 94.1% 95.1% EAST 99.0% 98.5% WEST 98.9% 98.3% SUNSET 89.2% 84.5% Total 96.3% 96.9% CAPACITY FACTOR (NUCLEAR)² % Q1 2022² Q1 2023 TEXAS 101% 101% 1. 2. Total generation, commercial availability and capacity factor statistics remove Edwards from Q1 2022 Sunset segment as it is now reported as part of the Asset Closure segment. Q1 2022 capacity factor restated to use 2,400 MW capacity, versus 2022 reported capacity of Comanche Peak of 2,300 MW. Vistra Investor Presentation/June 2023 VISTRA 36#37Capital Expenditures Projected Capital Expenditures¹ ($ millions) 2023E Nuclear & Fossil Maintenance 2,3 $744 Nuclear Fuel 139 Non-Recurring 12 Solar & Energy Storage Development 977 Other Growth 5 151 Total Capital Expenditures $2,024 Non-Recurring (12) Solar & Energy Storage Development (977) Other Growth5 (151) Adjusted Capital Expenditures $884 1 Capital summary for 2023E prepared as of November 4, 2022. Capital expenditure projection is on a cash basis, with the exception of the expenditures noted in footnote 2 below. 2 Reflects expenditures under the long-term maintenance contracts in place for our gas fleet in the year installed (excludes prepayment changes under these long-term contracts of $42 million in 2022A and $62 million in 2023E). 3 Includes Environmental and IT, Corporate, and Other. 4 Non-recurring capital expenditures include non-recurring IT, Corporate, plant winterization investment, and other capital expenditures. 5 Includes growth capital expenditures for existing assets. Vistra Investor Presentation/June 2023 VISTRA 37#38Hedge Profile & Portfolio Sensitivities Effective: 3/31/2023 Balance of 2023 2024 TEXAS WEST EAST SUNSET TOTAL TEXAS WEST EAST SUNSET TOTAL Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 35 % Hedged 98% Net Position 1 Sensitivity to Power Price: + $2.50/mwh ($M) $2 - $2.50/mwh ($M) ($2) 18 53 48 94% 97% 97% 1 2 1 $4 $6 $4 ($2) ($4) ($3) 24 72 61% 85% 9 11 $24 $28 ($21) ($24) Gas Gen Position Expected Generation (TWh) 38 4 40 82 44 60 52 102 % Hedged 97% 100% 95% 96% 91% 81% 84% 87% Net Position 1 (0) 2 3 4 1 9 14 Sensitivity to Spark Spread: + $1.00/mwh ($M) $2 ($0) $3 $4 $4 $1 $9 $15 -$1.00/mwh ($M) ($1) $0 ($1) ($2) ($4) ($1) ($8) ($12) Natural Gas Position Net Position (Bcf) (9) Sensitivity to Natural Gas Price: + $0.25/mmbtu ($M) ($4) - $0.25/mmbtu ($M) $0 455 (8) (13) (25) (49) 4 (40) (52) (137) $1 ($2) ($3) ($8) ($15) $1 ($10) ($13) ($37) ($1) $2 $3 $4 $9 ($1) $10 $13 $31 TEXAS WEST EAST SUNSET TOTAL TEXAS WEST EAST SUNSET TOTAL Hedge Value vs Market² ($M) ($580) ($50) ($20) $125 ($525) ($574) ($122) ($229) $1 ($924) Premium/Discount vs Hub Price³ ($M) $641 $104 $206 $66 $1,017 $828 $143 $224 $60 $1,254 Total Difference vs Market ($M) $62 $54 $187 $191 $493 $253 $21 ($5) $61 $330 Around-the-Clock (ATC) Hub Price ($/MWh) $40.10 $85.73 $39.09 $38.24 $40.79 $42.87 Premium/Discount vs Hub Price ($/MWh) Total Realized Price ($/MWh) $0.84 $40.94 $13.33 $99.06 $4.28 $43.36 $10.64 $3.64 $2.75 $89.59 $3.60 $50.75 ($0.60) $45.47 $2.52 $46.98 $1.90 $48.88 $44.44 $45.62 $93.19 $50.16 $48.00 $48.87 Vistra Investor Presentation / June 2023 1 2 This sensitivity assumes a 7.2 MMBtu/MWh Heat Rate, therefore the change in spark spread is equal to the change in power price minus 7.2 times the change in delivered gas price. Hedge value as of 3/31/2023 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 projected future incremental power sales based on Vistra's fundamental point of view. 4 TEXAS: 90% North Hub, 10% West Hub; EAST: 30% Mass Hub, 30% AD Hub, 15% Ni Hub, 15% Western Hub, 10% NY Zone A; SUNSET: 45% Indiana Hub, 30% AD Hub, 15% Ni Hub, North Hub 10%. VISTRA 38#39Market Pricing Effective: 3/31/2023 Apr-Dec'23 2024 Apr-Dec'23 2024 Power (ATC, $/MWh) Spark Spreads ($/mwhr) ERCOT North Hub $40.40 $43.15 Approx. Contribution ERCOT West Hub $37.34 $40.33 ERCOT PJM AD Hub $37.26 $44.82 PJM Ni Hub $32.15 $40.51 ERCOT North Hub-Houston Ship Channel 90% $19.54 ERCOT West Hub-Permian Basin $15.74 10% $25.79 $17.17 PJM Western Hub $37.39 $46.84 Weighted Average $20.17 $15.89 MISO Indiana Hub $40.44 $48.08 ISONE Mass Hub $49.16 $68.47 PJM New York Zone A $27.28 $36.62 CAISO NP15 $85.73 $89.59 PJM AD Hub-Dominion South PJM AD Hub-Tetco ELA 25% $19.70 $22.02 25% $16.45 $17.77 Gas ($/MMBtu) NYMEX $2.75 $3.63 PJM Ni Hub-Chicago Citygate PJM Western Hub-Tetco M3 Weighted Average 25% $10.18 $10.90 25% $16.25 $14.07 $15.64 $16.19 Houston Ship Channel $2.55 $3.46 Permian Basin $1.26 $2.87 NENY Dominion South $2.09 $2.82 Tetco ELA $2.54 $3.41 ISONE Mass Hub-Algonquin Citygate New York Zone A-Dominion South 75% $16.24 $15.45 25% $9.72 $13.82 Chicago Citygate $2.70 $3.76 Weighted Average $14.61 $15.04 Tetco M3 $2.59 $4.20 Algonquin Citygate $4.22 $7.02 CAISO PG&E Citygate $7.14 $6.33 CAISO NP15-PG&E Citygate $31.80 $41.50 Vistra Investor Presentation/June 2023 39 39 VISTRA#40NE/NY and CAISO Market Curves NENY 7x24 ($/MWh) - as reported Q1 2023 CAISO 7x24 ($/MWh) $90 $90 $80 $80 $70 $70 $60 $50 $60 $40 $50 $30 $20 $40 2023 2024 2025 2026 2027 2028 2023 2024 2025 2026 2027 2028 -4/29/2022 5/3/2023 4/29/2022 -5/3/2023 $40 $30 $20 $10 NENY 7x16 Spark Spread $- 2023 2024 2025 2026 2027 2028 -4/29/2022 5/4/2023 Curves as of May 4, 2023. Vistra Investor Presentation/June 2023 $40 $30 $20 $10 VA CAISO 7x16 Spark Spread 2023 2024 2025 2026 2027 2028 -4/29/2022 5/4/2023 VISTRA Spark spreads calculated using an assumed heat rate of 7.2 mmbtu/MWh with $2.50 variable O&M (VOM) costs (market power price -(7.2 x gas price + VOM)). Market power price weighted as NENY: 75% Mass Hub, 25% NY Zone A. Gas price weighted as NENY: 75% Algonquin Citygate, 25% Dominion South. 40#41Capacity Positions Effective: 3/31/2023 VISTRA Segment Market PJM¹ Tenor MW Position Average Price Segment $/mw-day Market CAISO Tenor MW Position Average Price RTO 2022/2023 3,332 $47.29 2023 1,481 2023/2024 3,234 $35.47 WEST 2024 1,770 2024/2025 3,156 $31.91 2025 1,260 2025/2026 400 $70.40 2026 750 ComEd 2022/2023 1,197 $71.34 2023/2024 1,186 $34.60 PJM DEOK $/mw-day 2022/2023 882 $70.97 2024/2025 1,206 $28.92 2023/2024 924 $34.13 DEOK 2022/2023 87 $78.96 2024/2025 923 $96.24 2023/2024 11 $34.13 ComEd 2022/2023 773 $61.49 2024/2025 72 $96.24 2023/2024 574 $40.75 SUNSET MAAC 2022/2023 548 $122.86 2024/2025 415 $28.92 2023/2024 545 $49.49 MISO4 $/kw-mo 2024/2025 541 $49.49 2022/2023 1,673 $2.57 EMAAC 2022/2023 830 $97.94 2023/2024 1,660 $4.34 EAST 2023/2024 828 $49.49 2024/2025 496 $4.82 2024/2025 833 $54.95 2025/2026 216 $5.69 ATSI 2022/2023 268 $19.33 2023/2024 112 $34.13 2024/2025 160 $28.92 ISO-NE² $/kw-mo 2022/2023 3,286 $3.77 2023/2024 3,111 $2.12 2024/2025 3,045 $3.18 2025/2026 3,110 $2.72 NYISO³ $/kw-mo Winter 22/23 1,192 $1.29 Summer 2023 936 $2.86 Winter 23/24 674 $1.66 Summer 2024 Winter 24/25 299 100 $2.00 $2.00 1 PJM capacity position represent volumes cleared and purchased in primary annual auctions, incremental auctions, and transitional auctions. Also includes bilateral transactions. 2 ISO-NE represents capacity auction results, supplemental auctions, and bilateral capacity sales. 3 NYISO represents capacity auction results and bilateral capacity sales; Winter period covers November through April and Summer period covers May through October. 4 Positions represent volumes cleared and purchased in primary annual auctions, incremental auctions, and transitional auctions. Vistra Investor Presentation/June 2023 41#42Asset Fleet Details (not including Energy Harbor fleet) 1 Asset Location ISO Technology Primary Fuel Ennis Ennis, TX ERCOT CCGT Gas Net Capacity (MW)' 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,047 Lamar Paris, TX ERCOT CCGT Gas 1,076 Midlothian Midlothian, TX ERCOT CCGT Gas 1,596 Odessa Odessa, TX ERCOT CCGT Gas 1,054 Wise Poolville, TX ERCOT CCGT Gas 787 DeCordova Granbury, TX ERCOT CT Gas 260 Morgan Creek Colorado City, TX ERCOT Gas 390 Permian Basin Monahans, TX ERCOT CT Gas 325 Graham Lake Hubbard Graham, TX ERCOT ST Gas 630 Dallas, TX ERCOT ST Gas 921 Stryker Creek Rusk, TX ERCOT ST Gas 685 Trinidad Trinidad, TX ERCOT ST Gas 244 Martin Lake Tatum, TX ERCOT ST Coal 2,250 Oak Grove Franklin, TX ERCOT ST Coal 1,600 VISTRA ZORO Comanche Peak Glen Rose, TX ERCOT Nuclear Nuclear 2,400 VISTRA Brightside Live Oak County, TX ERCOT Solar Solar 50 VISTRA ZARO Emerald Grove Crane County, TX ERCOT VISTRA Upton 2 Upton County, TX VISTRA DeCordova Granbury, TX ERCOT ERCOT Solar Solar/Battery Battery Solar 108 Solar/Battery 190 Battery 260 TOTAL TEXAS 18,151 Baldwin Baldwin, IL MISO ST Newton Newton, IL MISO ST Kincaid Kincaid, IL PJM Miami Fort 7 & 8 Coleto Creek North Bend, OH Goliad, TX PJM ERCOT ST Ե Ե Ե Ե Ե Coal 1,185 Coal 615 ST Coal 1,108 ST Coal 1,020 Coal 650 TOTAL SUNSET 4,578 Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperature. Vistra Investor Presentation/June 2023 VISTRA 42#43Asset Fleet Details (cont'd) (not including Energy Harbor fleet) Asset Location ISO Technology Primary Fuel Net Capacity (MW)' Independence Oswego, NY NYISO CCGT Gas 1,212 Bellingham Bellingham, MA ISO-NE CCGT Gas 566 Blackstone Blackstone, MA ISO-NE CCGT Gas 544 Casco Bay Veazie, ME ISO-NE CCGT Gas 543 Lake Road Dayville, CT ISO-NE CCGT Gas 827 MASSPOWER Indian Orchard, MA ISO-NE CCGT Gas 281 Milford Milford, CT ISO-NE CCGT Gas 600 Fayette Masontown, PA PJM CCGT Gas 726 Hanging Rock Ironton, OH PJM CCGT Gas 1,430 Hopewell Hopewell, VA PJM CCGT Gas 370 Kendall Minooka, IL PJM CCGT Gas 1,288 Liberty Eddystone, PA PJM CCGT Gas 607 Ontelaunee Sayreville Washington Calumet Reading, PA PJM CCGT Gas 600 Sayreville, NJ PJM CCGT Gas 349 Beverly, OH PJM CCGT Gas 711 Chicago, IL PJM Gas 380 Dicks Creek Monroe, OH PJM Gas 155 Pleasants Saint Marys, WV PJM Gas 388 Richland Defiance, OH PJM Gas 423 Miami Fort (CT) North Bend, OH PJM Oil 77 Stryker Stryker, OH PJM Oil 16 TOTAL EAST 12,093 Moss Landing 1 & 2 Moss Landing, CA CAISO CCGT Gas 1,020 VISTRA ZERO Moss Landing Oakland Moss Landing, CA Oakland, CA CAISO Battery Battery 400 CAISO CT Oil TOTAL WEST 110 1,530 TOTAL CAPACITY 1 Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperature. Vistra Investor Presentation/June 2023 36,352 VISTRA 43#44VISTRA Additional Energy Harbor Information 44 Vistra Investor Presentation/June 2023#45Energy Harbor Overview VISTRA Energy Harbor is an integrated, nuclear generation-focused power company that owns/ operates three nuclear plants in PJM as well as a retail power platform in PJM/ MISO WI MI 2 3 PA la NJ lb OH IN IL WV MD VA KY 908 939 Capacity (MW) 4,048 MW 933 1,268 Beaver Valley 1 Beaver Valley 2 Perry Davis-Besse 1.8 8.8 14.7 36.7 TWh 11.4 2022E Retail Sales (TWh) LCI Muni. Agg. Default Supply Other¹ la Beaver Valley Unit 1 2 Perry EH's Retail Markets PJM 1b Beaver Valley Unit 2 3 Davis-Besse MISO Nuclear Unit PJM Zone Location COD License Years Remaining Capacity (MW) Beaver Valley Unit 1 DLCO Shippingport, PA 1976 13 939 Beaver Valley Unit 2 DLCO Transaction meaningfully scales VST's existing zero carbon generation and storage fleet and retail business by adding ~4 GW of nuclear generation assets and ~1 million retail customers Shippingport, PA 1987 24 933 Perry ATSI Perry, OH 1987 42 1,268 Davis-Besse ATSI Oak Harbor, OH 1978 14 908 Source: Energy Harbor. 1. Includes SMB and residential customers. Excludes 1.7 Mcf of natural gas volume sold to customers. 2. The Perry nuclear power plant is expected to file for license renewal in second half of 2023. Vistra Investor Presentation/June 2023 Total Nuclear Capacity 4,048 45#46Transaction will Combine Two Leading Nuclear Operators VISTRA Energy Harbor and Vistra have extensive experience in safely operating nuclear assets; combination is supported by a comprehensive multi-month diligence process with site visits and third-party assessments MAN KARSE 114953 124953 134953 14.4953 Centra Eastern FUN NYISO ISO-NE Vistra Investor Presentation/June 2023 VISTRA Vistra is currently the fourth largest owner of merchant nuclear power in the U.S. Industry-leading capabilities in our Power Optimization Center, utilizing advanced monitoring and diagnostics to alert plant personnel of emergent issues and continuously drive performance improvement Largest competitive power generator in the U.S. with a capacity of ~37 gigawatts energy harbor Energy Harbor is the second largest owner of merchant nuclear power in the U.S. Track record of operating both Pressurized Water Reactors and Boiling Water Reactors Fleet support organization streamlines and centralizes engineering and fuel procurement 46#47Transaction Expected to Unlock Significant Synergies Vistra, together with its independent consultants, spent months conducting diligence on the Energy Harbor platform to identify areas for optimization Demonstrated Track-Record in Realizing Transaction Synergies and Operating Improvements (OPI) Vistra's 2018 merger with Dynegy demonstrates its ability to realize projected synergies and OPI with over $700 million in value levers achieved (2x the $350 million original target) On-track to achieve $40 million synergy target for the Crius and Ambit retail transactions Significant Transaction Synergies from Energy Harbor Combination ($M) $30 $79 $125 VISTRA Vistra Investor Presentation/June 2023 2023E 2024E 2025E VST expects to achieve run-rate pre-tax synergies of ~$125M by year-end 2025 Synergy forecast built based on a bottoms-up review of Energy Harbor's cost structure 47#48Nuclear PTC Overview VISTRA Nuclear assets benefit from the Inflation Reduction Act's (IRA) nuclear Production Tax Credit (PTC), which creates revenue stability ($/MWh) Ceiling Prices increase with Inflation¹ Gross Receipts + PTC $60 50 40 40 $15 Illustrative Revenue Support $53.31 (2032) • $48.39 (Average) $43.75 (2024) PTC reduced by 80% of excess above $25² $45 $42 PTC $35 30 30 20 20 $55 • • • • during periods of lower power prices PTC Mechanism The nuclear PTC is a tax credit that provides revenue support when a nuclear plant's "gross receipts" are below $43.75/MWh (2024 base year) The amount of the credit is determined on the amount of gross receipts, with a maximum contribution of $15/MWh when gross receipts drop to $25/MWh or below, effectively resulting in a ~$40/MWh floor on nuclear revenue when gross receipts remain above $25/MWh Gross receipts include revenue earned from energy sales, capacity sales, ancillary revenue, and other revenue sources The gross receipts thresholds and the PTC amounts are inflation-adjusted yearly Vistra Vision stands to benefit directly from the IRA's nuclear PTC given its applicability to production from its ~6,400 MWs of Nuclear capacity³ Gross Receipts 10 25 30 35 40 45 50 55 $60 Gross PTC Gross Receipts Ceiling Receipts + PTC Source: Public Filings 1. Based on IRA bill signed by US President Biden on August 16, 2022. Assumes annual inflation adjustment of 2.5%. 2. 80% inclusive of 5x multiplier associated with meeting wage and apprenticeship requirements. 3. Based on conformity to the IRA's Nuclear PTC requirements, including not qualifying as an advanced nuclear power facility based on having a reactor design approval date prior to December 31, 1993. Vistra Investor Presentation/June 2023 48#49VISTRA Non-GAAP Reconciliations 49 Vistra Investor Presentation/June 2023#50Non-GAAP Reconciliations - 2023 Guidance VISTRA CORP. - NON-GAAP RECONCILIATIONS 2023 GUIDANCE¹ VISTRA (Unaudited) (Millions of Dollars) Ongoing Operations Asset Closure Vistra Consolidated Low High Low High Low High Net Income (loss) 1,050 1,510 (180) (80) 870 1,430 Income tax expense 300 440 Interest expense and related charges (a) 710 710 Depreciation and amortization (b) 1,580 1,580 000 OOO 300 440 0 710 710 1,580 1,580 EBITDA before adjustments 3,640 4,240 (180) (80) 3,460 4,160 Unrealized net (gain)/loss resulting from hedging transactions (267) (267) (14) (14) Fresh start/purchase accounting impacts 6 6 Impacts of Tax Receivable Agreement 66 66 Non-cash compensation expenses 53 53 Transition and merger expenses О 0 Winter storm Uri impacts (c) Other, net Adjusted EBITDA guidance Interest paid, net Tax (paid)/received (d) Tax Receivable Agreement payments Working capital and margin deposits Accrued environmental allowances (52) (52) (46) (46) 4 Fooooot (281) (281) 6 6 66 66 53 53 O O (52) (52) 4 (42) (42) 3,400 4,000 (190) (90) 3,210 3,910 (622) (622) (49) (49) (9) (9) 479 479 434 434 20000 00000 (622) (622) (49) (49) (9) (9) 479 479 434 434 Reclamation and remediation (33) (33) (100) (100) (133) (133) Other changes in other operating assets and liabilities 17 17 (21) (21) (4) Cash provided by (used by) operating activities 3,617 4,217 (311) (211) 3,306 (4) 4,006 Capital expenditures including nuclear fuel purchases and LTSA prepayments (950) (950) Solar and storage development expenditures (977) (977) Other growth expenditures (159) (159) (Purchase)/sale of environmental allowances (520) (520) Other net investing activities Free cash flow Working capital and margin deposits Solar and storage development expenditures Other growth expenditures Accrued environmental allowances Purchase/(sale) of environmental allowances Transition and merger expenses Transition capital expenditures (20) (20) 991 1,591 (479) (479) 977 977 159 159 (434) (434) 520 520 12 12 26 4 4 0 1,750 2,350 (285) 00000 ooooooo ဝ ဝ ဝ ဝ ဝ 8 ဝ ဠိ O O O O O (950) (950) (977) (977) (159) (159) (520) (520) (20) (20) (211) 680 1,380 (479) (479) 977 977 159 159 (434) (434) 520 26 38 520 38 4 4 (185) 1,465 2,165 Adjusted Free Cash Flow before Growth Footnotes on the following slide. Vistra Investor Presentation/June 2023 50#51Non-GAAP Reconciliations - 2023 Guidance VISTRA CORP. - NON-GAAP RECONCILIATIONS 2023 GUIDANCE FOOTNOTES (Unaudited) (Millions of Dollars) Regulation G Table for 2023 Guidance prepared as of November 4, 2022. (a) Includes unrealized (gain) / loss on interest rate swaps of $36 million (b) Includes nuclear fuel amortization of $105 million (c) Adjustment for bill credits applied to large commercial and industrial customers that curtailed during 2021 Winter Storm Uri (d) Includes state tax payments VISTRA Vistra Investor Presentation/June 2023 51