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Summary of Earnings and Financial Condition

EXELON CORPORATION AND SUBSIDIARY COMPANIES

	For the Years Ended December 31,
in millions, except for per share data	2003		2002			2001(a)		2000(b)		1999
Statement of Income data:
Operating revenues	$	15,812	$	14,955		$	14,918	$	7,499	$	5,478
Operating income		2,198		3,299			3,362		1,527		1,373
Income before cumulative effect of changes in accounting principles	$	793	$	1,670		$	1,416	$	562	$	570
Cumulative effect of changes in accounting principles (net of income taxes)		112		(230	)		12		24		–
Net income	$	905	$	1,440		$	1,428	$	586	$	570
Earnings per average common share (diluted):
Income before cumulative effect of changes in accounting principles	$	2.41	$	5.15		$	4.39	$	2.75	$	2.89
Cumulative effect of changes in accounting principles (net of income taxes)		0.34		(0.71	)		0.04		0.12		–
Net income	$	2.75	$	4.44		$	4.43	$	2.87	$	2.89
Dividends per common share	$	1.92	$	1.76		$	1.82	$	0.91	$	1.00
Average shares of common stock outstanding—diluted		329		325			322		204		197

	December 31,
in millions	2003		2002		2001(a)		2000(b)		1999
Balance Sheet data:
Current assets	$	4,580	$	4,125	$	3,735	$	4,151	$	1,221
Property, plant and equipment, net		20,630		17,957		14,665		13,758		4,982
Regulatory assets		5,226		5,546		5,774		6,313		6,094
Goodwill		4,719		4,992		5,335		5,186		121
Other deferred debits and other assets		6,786		5,249		5,460		5,378		669
Total assets	$	41,941	$	37,869	$	34,969	$	34,786	$	13,087
Current liabilities	$	5,688	$	5,874	$	4,370	$	4,993	$	1,286
Long-term debt, including long-term debt to financing trusts(c)		13,489		13,127		12,879		12,958		5,969
Regulatory liabilities		1,891		486		225		–		–
Other deferred credits and other liabilities		12,283		9,968		8,749		8,959		3,726
Minority interest		–		77		31		31		12
Preferred securities of subsidiaries(c)		87		595		613		630		321
Shareholders’ equity		8,503		7,742		8,102		7,215		1,773
Total liabilities and shareholders’ equity	$	41,941	$	37,869	$	34,969	$	34,786	$	13,087

(a) Effective January 1, 2001, Exelon Corporation separated its generation and other competitive businesses from its regulated energy delivery business at Commonwealth Edison Company and PECO Energy Company.

(b) Reflects the effects of the merger of Exelon Corporation, Unicom Corporation and PECO Energy Company on October 20, 2000 (Merger). The Merger was accounted for using the purchase method of accounting with PECO Energy Company as the acquiring company. Accordingly, financial results for 2000 consist of PECO Energy Company’s results for 2000 and Unicom Corporation’s results after October 20, 2000.

(c) Upon adoption of Financial Accounting Standards Board (FASB) Interpretation (FIN) No. 46 (revised December 2003), “Consolidation of Variable Interest Entities” (FIN No. 46-R) in 2003, the mandatorily redeemable preferred securities of ComEd and PECO were reclassified as long-term debt to financing trusts as of December 31, 2003.