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HOUSTON, TX., TULSA, OK. and NEW YORK, April 27, 2000 /PRNewswire/ - Dynegy Inc. (NYSE: DYN) and Williams (NYSE: WMB) today announced agreements to invest $25 million each for a minority equity stake in eSpeed, Inc. (Nasdaq: ESPD), a leading interactive electronic marketplace engine for Business-to-Business (B2B) e-commerce.

The eSpeed technology will serve as the platform for the development of at least four new commodity-specific electronic spot and futures marketplaces in which the marketing subsidiaries of Dynegy and Williams will participate. Products that could ultimately be traded include natural gas, electricity, natural gas liquids, petrochemicals, crude oil and bandwidth. eSpeed anticipates that an electronic marketplace for natural gas and electricity will be made available to Market participants like Dynegy and Williams in the third quarter, with the development of additional marketplaces by the end of 2000.

eSpeed operates global electronic marketplaces designed toenable market participants totrade financial instruments and other products instantaneously, more effectively and at a lower cost than traditional trading methods. The eSpeed system employs a private, instantaneous, electronic network and proprietary transaction processing software, which is scalable toeasily accommodate additional trading instruments and commodities. eSpeed utilizes one of the most robust network distribution systems available today to provide customers with accurate market information and instantaneous trade execution. eSpeed uses proprietary Interactive Matching(SM) software toexecute buy and sell orders from multiple market participants.

Keith Bailey, Williams chairman, president and chief executive officer, said, "The growth of online energy trading has been phenomenal, and Williams believes that eSpeed is positioned totake the lead in this new trading revolution. They are proven marketplace operators and have the technology infrastructure and track record to become the electronic marketplace of choice in the energy industry. Williams' investment in eSpeed reflects our confidence in their technology and vision and further solidifies our commitment toeBusiness and its ability tocreate customer and shareholder value."

Chuck Watson, chairman and chief executive officer of Dynegy said, "The future of commodity trading is in neutral electronic marketplaces. After months of careful evaluation, we concluded that eSpeed with its proven state- of-the-art technology, along with its track record of developing marketplaces in the financial arena, is the ideal partner to develop the energy and bandwidth marketplaces of the future. eSpeed technology can be applied and scaled to accommodate other energy commodities. We welcome and expect to attract multiple industry participants to achieve the liquidity necessary tocreate a robust, neutral exchange."

"eSpeed is pleased to have Dynegy and Williams as investors. We share a strong desire tocreate neutral exchanges, which can accommodate a multitude of electronic marketplaces. We believe their energy market leadership coupled with eSpeed's global real-time marketplace technology will create the state- of-the-art exchanges with the technology and infrastructure necessary to compete and win in these B2B e-commerce verticals," said Howard W. Lutnick, chairman and chief executive officer of eSpeed. "Our system currently handles $150 billion of transactions daily. It is designed so that virtually any product can be traded over our global network or the Internet. We are confident that we can quickly create multiple B2B marketplaces including energy, bandwidth, petrochemicals, crude oil and natural gas liquids that meet the needs of industry participants," he added.

About Dynegy
Dynegy Inc. is a leading marketer of energy products and services. Through its leadership position in power and gas marketing and generation, as well as the gathering, processing, and transportation of energy, the company provides energy solutions to its customers primarily in North America, the United Kingdom and Europe. For more information about Dynegy visit www.dynegy.com.

About Williams
Williams, through its subsidiaries, connects businesses to energy and communications. The company delivers innovative, reliable products and services through its extensive networks of energy-distributing pipelines and high-speed fiber-optic cables. Williams' energy marketing and trading unit buys and sells all types of energy products nationwide including natural gas and gas liquids, crude oil and refined products and electricity. The unit also manages its customers' exposure to volatile energy prices using comprehensive risk management services and creates customized energy financing solutions for producers and end-users. Williams information is available at www.williams.com.

About eSpeed, Inc.
eSpeed, Inc. operates multiple buyer/multiple seller real-time B2B electronic marketplaces. eSpeed's suite of marketplace tools provides an end- to-end solution -- transaction processing, network distribution, risk management, back-end processing and billing -- for the trading of products via the Internet or over eSpeed's global private network. eSpeed currently provides the marketplace infrastructure for most of the world's fixed income financial markets, transacting over $150 billion of financial instruments daily. The eSpeed system is one of the most robust, large scale, instantaneous, mission critical trading systems in the world. eSpeed is headquartered in New York. Additional information on eSpeed is available via the Internet at www.espeed.com.

Portions of this document may constitute "forward-looking statements" as defined by federal law. Although the companies believe any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead tomaterial changes in performance is contained in the companies' annual reports filed with the Securities and Exchange Commission. SOURCE Dynegy Inc., Williams and eSpeed, Inc.

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