A. "If the merger between Enron and Dynegy closes, all terms and provisions of the option awards before the close are preserved through and after the close except:

(1)  number of options in Dynegy will be number of Enron options before the merger times the merger ratio of .2685
(2)  the strike price for Dynegy options will be the strike price of Enron options before the merger divided by the merger ratio of .2685"

B.  "The proposed transaction is considered an "approved" change in control for purposes of the Enron Corp. stock plans"


Thanks,
Aaron
713 853 9280