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ATLANTIC CITY ELECTRIC PRO FORMA CONSOLIDATED BALANCE SHEETS (Dollars in Millions) (Unaudited)
			June 30,      2003	Pro Forma Adjustments	Pro Forma
ASSETS
Current Assets
	Cash and cash equivalents		$            39.8	$            -	$           39.8
	Restricted funds held by trustee		13.1		13.1
	Accounts receivable, less allowance for
	uncollectible accounts		159.6	-	159.6
	Fuel, materials and supplies - at average cost		37.7	-	37.7
	Prepaid expenses and other		41.2	-	41.2
		Total Current Assets	291.4	-	291.4
Investments and Other Assets
	Regulatory assets, net		1,077.7	-	1,077.7
	Other		28.7	-	28.7
		Total Investments and Other Assets	1,106.4	-	1,106.4
Property, Plant and Equipment
	Property, plant and equipment		1,873.7	-	1,873.7
	Accumulated depreciation		(774.5)	-	(774.5)
		Net Property, Plant, and Equipment	1,099.2	-	1,099.2
Total Assets			$       2,497.0	$            -	$     2,497.0

FS-17 Page 2 of 2
ATLANTIC CITY ELECTRIC PRO FORMA CONSOLIDATED BALANCE SHEETS (Dollars in Millions) (Unaudited)
			June 30,     2003	Pro Forma Adjustments	Pro Forma
CAPITALIZATION AND LIABILITIES
Current Liabilities
	Short-term debt		$        66.8	$       (66.8)	$             -
	Accounts payable and accrued payroll		73.2	-	73.2
	Accounts payable to associated companies		10.7	-	10.7
	Interest accrued		23.5	-	23.5
	Taxes accrued		-	-	-
	Other		85.4	-	85.4
		Total Current Liabilities	259.6	(66.8)	192.8
Deferred Credits
	Income taxes		512.5	-	512.5
	Investment tax credits		25.4	-	25.4
	Pension benefits obligation		52.8	-	52.8
	Other postretirement benefits obligation		42.0	-	42.0
	Other		46.9	-	46.9
		Total Deferred Credits	679.6	-	679.6
Long-Term Debt and Capital Lease Obligations
	Long-term debt		915.0	136.8	1,051.8
	Capital lease obligations		-	-	-
		Total Long-Term Debt and Capital Lease Obligations	915.0	136.8	1,051.8
Company Obligated Mandatorily Redeemable Preferred Securities
	Of Subsidiary Trust Which Holds Solely Parent Junior
	Subordinated Debentures		25.0	-	25.0
Preferred Stock
	Redeemable serial preferred stock		6.2	-	6.2
Commitments and Contingencies
Shareholders' Equity
	Common stock		55.0	-	55.0
	Premium on stock and other capital contributions		411.5	-	411.5
	Capital stock expense		(1.2)	-	(1.2)
	Retained income		146.3	(70.0)	76.3
		Total Shareholders' Equity	611.6	(70.0)	541.6
Total Capitalization and Liabilities			$   2,497.0	$             -	$  2,497.0