Investor Presentaiton

Simplified 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

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