John W. Rowe

Chairman, President and Chief Executive Officer

2007 Exelon Investor Conference

New York, NY

December 19, 2007

Exhibit 99.2

2

Forward-Looking Statements

This

presentation

includes

forward-looking

statements

within

the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995,

that

are

subject

to

risks

and

uncertainties.

The

factors

that

could

cause

actual

results

to

differ

materially

from

these

forward-looking

statements

include

those

discussed

herein

as

well

as

those

discussed in (1) Exelon’s 2006 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7.

Management’s

Discussion

and

Analysis

of

Financial

Condition

and

Results

of

Operations

and

(c)

ITEM

8.

Financial

Statements

and

Supplementary

Data:

Note

18;

(2)

Exelon’s

Third

Quarter

2007

Quarterly

Report

on

Form

10-Q

in

(a)

Part

II,

Other

Information,

ITEM

1A.

Risk

Factors

and

(b)

Part

I,

Financial

Information,

ITEM

1.

Financial

Statements:

Note

13;

and

(3)

other

factors

discussed

in

filings

with

the

Securities

and

Exchange

Commission

by

Exelon

Corporation,

Exelon

Generation

Company,

LLC,

Commonwealth

Edison

Company,

and

PECO

Energy

Company

(Companies).

Readers

are

cautioned

not

to

place

undue

reliance

on

these

forward-

looking

statements,

which

apply

only

as

of

the

date

of

this

presentation.

None

of

the

Companies

undertakes

any

obligation

to

publicly

release

any

revision

to

its

forward-looking

statements

to

reflect

events

or

circumstances

after the date of this presentation.

This

presentation

includes

references

to

adjusted

(non-GAAP)

operating

earnings

that

exclude

the

impact

of

certain

factors.

We

believe

that

these

adjusted

operating

earnings

are

representative

of

the

underlying

operational

results

of

the

company.

Please

refer

to

the

Supplemental

Information

presentation

in

Form

8-K

filed

on

December

19,

2007

for

a

reconciliation

of

adjusted

(non-GAAP)

operating

earnings

to

GAAP

earnings

and

a

reconciliation

of

GAAP

net

income

to

adjusted

(non-GAAP)

EBITDA.

3

Today’s Conference Agenda

10:00 a.m. –

10:35 a.m.

John Rowe –

Welcome and Strategic Overview

10:35 a.m. –

11:00 a.m.      John Young –

Financial Overview

11:00 a.m. –

11:15 a.m.  

Break

11:15 a.m. –

12:15 p.m.

Panel Q&A –

John Rowe, John Young, Chris Crane, Lisa Crutchfield,

Ian McLean, Betsy Moler, Anne Pramaggiore

12:15 p.m. –

12:30 p.m.

John Rowe –

Wrap-up

12:30 p.m. –

1:30 p.m.

Lunch / Informal discussion (Hilton Room)

4

5

  $3.22

$3.10

$2.78

$2.61

$2.41

$2.24

$1.93

Oct-

00

Apr-

01

Oct-

01

Apr-

02

Oct-

02

Apr-

03

Oct-

03

Apr-

04

Oct-

04

Apr-

05

Oct-

05

Apr-

06

Oct-

06

Apr-

07

Oct-

07

10/20/00 –

11/30/07

Assumes dividend reinvestment

Source: Bloomberg

EXC

241%

UTY

105%

(1) 8-year

growth

rate

through

2008;

calculated

using

midpoint

of

2008

Operating

EPS

guidance

range

and

2000

Operating

EPS

of

$1.93/share

as

base

year.

$4.15-$4.30

Sustainable Financial Performance

Total Shareholder Return

Adjusted (non-GAAP) Operating EPS

$4.00-$4.40

2000 –

2008 compound annual operating EPS growth is projected at ~10%.

Seven-year total return exceeds 240%

6

Sustainable Operating Excellence –

Exelon Generation

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Exelon

Industry

Average Capacity Factor

Note:

Exelon

data

prior

to

2000

represent

ComEd-only

nuclear

fleet.

Sources:

Platt’s,

Nuclear

News,

Nuclear

Energy

Institute

and

Energy

Information

Administration

(Department

of

Energy).

Range of Fleet 2-Yr Avg Capacity Factor (2002-2006)

65%

70%

75%

80%

85%

90%

95%

100%

Operator (# of Reactors)

Range

5-Year Average

EXC 93.2%

7

Sustainable Operating and Regulatory

Performance –

ComEd

Fewer Interruptions and Shorter Outages

Note: Data based on IEEE definition which excludes major events and

planned outages.

“State touts rate-relief plan; Proposal could

trim average ComEd bill $8 a month”

(July 24, 2007)

0.50

1.00

1.50

2.00

1998

2007 Projected

0

50

100

150

200

Frequency (SAIFI)

Duration (CAIDI)

8

Sustainable Operating and Regulatory

Performance –

PECO

0.50

0.60

0.70

0.80

0.90

1.00

1.10

1998

2007 Projected

0

40

80

120

160

Frequency (SAIFI)

Duration (CAIDI)

Fewer Interruptions and Shorter Outages

“Rendell sees urgent need to

complete energy plan”

(September 14, 2007)

Note: Data based on IEEE definition which excludes major events and

planned outages.

9

5

DRAFT 12/7/2006 10:00 AM

A Sustainable Vision, A Dynamic Strategy

Exelon’s Strategic Direction

Protect Today’s Value

•

Deliver superior operating performance

–

Keep the lights on

–

Continue nuclear excellence

•

Support competitive markets

–

Maintain/bolster PJM

–

Step up advocacy

–

Encourage market-based new entry

–

Enhance auction construct

–

Participate in competitive new entry

•

Protect the value of our generation

–

Optimize the generation portfolio

–

Hedge market risk appropriately

•

Build healthy, self-sustaining delivery 

companies

–

ComEd –

fight rate freeze legislation,

seek long-term peace and drive path to

financial health

–

PECO –

maintain performance and

prepare for 2011 transition to market

Grow Long-Term Value

•

Take the organization to the next level of

performance

–

Foster positive employee relations

–

Require accountability for results and values

–

Acquire, develop and retain key talent

–

Continuously improve productivity

•

Align our financial management policies with the

changing profile of our company

•

Rigorously evaluate new growth opportunities

–

Generation

–

Transmission

–

Distribution

•

Advance an environmental strategy that

leverages our carbon position

+

10

A Sustainable Environment

11

John F. Young

Executive Vice President, Finance and Markets, and Chief Financial Officer

2007 Exelon Investor Conference

New York, NY

December 19, 2007

13

YTD Highlights

•

Solid financial operating EPS results

-

Higher generation margins

-

Favorable weather

-

Strong nuclear performance

•

Illinois Settlement

•

Engaged in Pennsylvania transition

•

Value Return Plan implementation

•

ComEd Regulatory Recovery Plan execution

2007 Operating EPS Guidance of $4.15 -

$4.30

2008 Operating EPS Guidance of $4.00 -

$4.40

Financial Update

YTD EPS Results

$3.26

$2.53

Weather Normalized

$3.31

$2.50

Operating

Sep-07

Sep-06

2008

(1)

$0.55 -

$0.60

$3.15 -

$3.45

$4.00 -

$4.40

$0.35 -

$0.40

2008 EPS Guidance

(1)

Operating EPS:  $4.00 -

$4.40

GAAP EPS:  $3.70 -

$4.10

(1)

Refer to Appendix for key assumptions supporting 2008 earnings guidance and for expected 2008 earnings drivers for Exelon Generation, ComEd  and

PECO.  Operating Company ranges do not add to Exelon guidance of

$4.00 -

$4.40/share due to rounding.

ComEd

PECO

Exelon Generation

HoldCo/Other ~$(0.10)

Exelon

14

PECO

ExGen

Operating EPS Guidance:

$4.15 –

$4.30

2007

~9% Compound Annual Growth Rate in EPS from 2007 to 2011

2011

ExGen

ComEd

Major Driver:

End of below-market contract in PA

Exelon Is Uniquely Positioned for

Sustainable Value Creation

15

PECO and ComEd

Average Annual Rate Base

($ in Billions)

CTC

Electric Transmission

Electric Distribution

Gas

Numbers may not sum due to rounding

(1)

Illustrative.

Provided

solely

to

illustrate

possible

future

outcomes

that

are

based

on

a

number

of

different

assumptions,

all

ofwhich

are

subject

to

uncertainties

and

should

not

be

relied

upon as a forecast of future results.

(2)

ComEd

estimated

equity

based

on

definition

provided

in

most

recent

ICC

distribution

rate

case

order

(book

equity

less

goodwill).

Projected

book

equity

ratio

in

2007

is

58%.

(3)

ComEd 2008 estimated net income assumes full $361M revenue increase granted in current distribution rate case.

6.0

6.6

8.0

1.8

2.0

2.2

$220 -

$260M

(3)

$130 -

$165M

~5.5 -

6.5%

~3.8 -

4.8%

45%

44%

7.8

8.6

~$460 -

$500M

~10 -

11%

~45%

2007E

2008E

2011

(1)

10.2

2.6

2.8

3.1

0.5

0.5

0.6

2.7

2.0

1.1

1.1

1.2

6.9

6.4

2007E

2008E

2011

(1)

4.9

~$245 -

$270M

~10 -

11%

~50%

$435 -

$470M

Not applicable due to

transition rate structure

$360 -

$400M

Net Income

ROE

Equity

(2)

16

•

Large, low-cost, low-emissions,

exceptionally well-run nuclear fleet

•

Complementary and flexible fossil and

hydro fleet

•

Improving power market fundamentals

(commodity prices, heat rates, and

capacity values)

•

End of below-market contracts in

Pennsylvania beginning 2011

•

Potential carbon restrictions

Value Proposition

Exelon Generation is the premier unregulated generation company –

positioned to

capture market opportunities and manage risk

Exelon Generation

•

Continue to focus on operating excellence,

cost management, and market discipline

•

Support competitive markets

•

Pursue nuclear & hydro plant license

extension and strategic investment in

material condition

•

Maintain industry-leading talent

Protect Value

•

Pursue nuclear plant uprates (~200MW by

2012) and investigate potential for more

•

Pursue nuclear Construction and

Operating License in Texas

•

Capture increased value of low-carbon

generation portfolio

Grow Value

17

Sustainable Operating Excellence

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Exelon

Industry

Average Capacity Factor

Note: Exelon data prior to 2000 represent ComEd-only nuclear fleet.

Sources:

Platt’s,

Nuclear

News,

Nuclear

Energy

Institute

and

Energy

Information

Administration

(Department

of

Energy).

65

70

75

80

85

90

95

100

Operator (# of Reactors)

Range

5-Year Average

Range of Fleet 2-Yr Avg Capacity Factor (2002-2006)

EXC 93.2%

18

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2007

2008

2009

2010

2011

2012

Reserve Margins Declining

Natural Gas Prices Remaining High

PJM-West

PJM-East

NI-Hub

ERCOT

$5

$6

$7

$8

$9

$10

2008

2010

2012

2014

2016

2018

2020

NYMEX

(1)

Positively Exposed to Market Dynamics

Note:  Illustrative estimate. Overnight, all-in capital cost without interest during construction.

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

0

5

10

15

20

25

30

35

40

45

0

5

10

15

20

25

30

EIA Carbon Case

2010: $31/tonne

Europe Carbon-Trading

2012: $36.50/tonne

Carbon Credit ($/Tonne)

Carbon Legislation Progressing

Lieberman-Warner

Possible $20 to $40/tonne

Bingaman-Specter

2012: $12/tonne

Various

3rd

party

estimates

Construction Costs Escalating

New Generation Installed Cost

Combined Cycle

Gas Turbine

Coal

Nuclear

0

500

1,000

1,500

2,000

2,500

3,000

2006

2007

2006

2007

2006

2007

(1)

As of 7/31/07.

19

2008 “Open”

EBITDA

2008 EBITDA

2008 Un-hedged EBITDA

(No Carbon)

$ Millions

~$4,100

~$3,900

2007 EBITDA

Un-hedged (“Open”) EBITDA plus upside from energy, capacity, and carbon drives

Exelon Generation’s value

(1)

Un-hedged EBITDA assumes that existing hedges (including the PECO load, Illinois auction load, ComEd financial swap, and other sales) are priced at market prices as of 7/31/07.

(2)

1 tonne = 2,205 lbs.

~$5,350

Hedged –

2008E

Un-hedged –

2008E

(1)

Hedged –

2007E

169.10

Eastern MAAC Capacity Price ($/MW-day)

82.40

Rest-of-Market Capacity Price ($/MW-day)

5.60

NI-Hub Implied Heat Rate (mmBtu/MWh)

6.60

PJM W-Hub Implied Heat Rate (mmBtu/MWh)

47.00

NI-Hub ATC Price ($/MWh)

62.90

PJM W-Hub ATC Price ($/MWh)

8.50

Henry Hub Gas Price ($/mmBtu)

2008 Un-hedged EBITDA

(1)

Assumptions

~$1,000M

+ $10/Tonne Carbon Price

(2)

~$80M

+/-

$10/MW-Day Capacity Price

~$750M

+/-

500 Btu/KWh ATC Heat Rate

~$560M

+/-

$1/mmBtu Gas Price

(Pre-Tax Impact)

2008 Un-hedged EBITDA

(1)

Sensitivities

$2,060 -

$2,260

Operating

Earnings:

$2,320 -

$2,385

20

Disciplined Financial Management

•

Announced a new Value Return Policy last December

–

Established annual base dividend of $1.76/share; anticipated to grow

modestly over time

–

Returns excess cash and/or balance sheet capacity through share

repurchases

•

Executed a $1.25 billion accelerated share repurchase agreement in

September 2007

Today’s announcement:

•

New share repurchase program of $500 million

–

Incremental to $1.25 billion buyback executed in September 2007

and

to any additional buybacks that may be authorized in 2008

•

Annual base dividend rate reset at $2.00/share

(beginning Q1 2008);

anticipated to grow modestly over time

(1)

–

Higher base dividend reflects higher expected long-term earnings due

to improved market fundamentals

(1)

Future dividends are subject to declaration by the Board of Directors.

21

2008 Projected Sources and Uses of Cash

$1,240

Cash available after Dividend

($1,310)

Dividend

(3)

$2,550

Cash available before Dividend

$1,220

Net Financing (excluding Dividend)

(2)

($3,120)

Capital Expenditures

$4,450

Cash Flow from Operations

(1)

Exelon

(4)

$ Millions

(1)

Cash

Flow

from

Operations

=

Net

cash

flows

provided

by

operating

activities

less

net

cash

flows

used

in

investing

activities

other

than

capital

expenditures.

(2)

Net

Financing

(excluding

Dividend)

=

Net

cash

flows

used

in

financing

activities

excluding

dividends

paid

on

common

and

preferred

stock.

(3)

Assumes 2008 Dividend of $2.00 per share.

(4)

Includes cash flow activity from Holding Company, eliminations, and other corporate entities.

22

0

2

4

6

8

10

12

14

16

18

(-25%)

Forward Gas Prices as of 7/31/07

(+25%)

Balance Sheet Capacity

Exelon expects to create substantial incremental balance sheet capacity over the next

five years, based on planning assumptions

2008 -

2012 Potential Uses of

Available Cash

•

Growth opportunities

•

Future unfunded liabilities

•

Buffer against potentially lower

commodity prices

•

Share repurchases or other

value return options

(1)

Available

Cash

after

Dividend

=

Cash

Flow

from

Operations

-

CapEx

-

Dividends

+/-

Net

Financings.

Cash

Flow

from

Operations

=

Net

cash

flows

provided

by

operating

activities

less

net

cash

flows

used

in

investing

activities

other

than

capital

expenditures.

Net

Financing

(excluding

Dividends)

=

Net

cash

flows

used

in

financing

activities

excluding

dividends

paid

on

common

stock.

Assumes

annualized

dividend

of

$2.00

/share

in

2008,

growing

5%

annually;

actual

amounts

may

vary,

subject

to

board

approval.

(2)

Available

Cash

after

Dividend

excludes

any

benefit

from

potential

carbon

impact .

(3)

See

“FFO

Calculation

and

Ratios”

definitions

slide

in

Appendix.

FFO

/

Debt

includes:

debt

equivalents

for

purchased

power

agreements,

unfunded

pension

and

other

postretirement

benefits

obligations,

capital

adequacy

for

energy

trading,

and

related

imputed

interest.

S&P “BBB”

Range for FFO/Debt Ratio: 20% to 30%

Gas Price Sensitivity

2008 -

2012 Cumulative Available Cash (Illustrative)

23

Sustainable Value

•

Continued strong financial and operating performance, and

long-term earnings growth driven by unregulated generation

•

Largest, lowest-cost nuclear fleet in competitive markets

•

Executing regulatory recovery plan to put ComEd on a path

toward appropriate returns and solid credit metrics

•

Managing transition to competitive markets in Pennsylvania

•

Increasingly strong cash flows and balance sheet

•

Implementing Value Return Policy

Exelon is uniquely positioned to create sustainable value

24

25

Appendix

26

Key Assumptions

37.3

1.2

2.0

23.90

115.40

6.40

6.80

43.60

7.30

7.80

57.1

7.00

149,800

40,900

(5)

190,700

94.7

2007 Est.

37.2

1.6

1.2

82.40

169.10

5.60

8.40

47.00

6.60

9.50

62.90

8.50

148,200

41,100

(5)

189,300

93.1

2008 Est.

6.56

8.41

Chicago City Gate Gas Price ($/mmBtu)

7.31

9.67

Tetco M3 Gas Price ($/mmBtu)

37.0

37.5

Effective Tax Rate (%)

(4)

0.6

1.3

ComEd

1.2

0.9

PECO

Electric Delivery Growth (%)

(3)

1.75

0.13

PJM West Capacity Price ($/MW-day)

1.75

0.13

PJM East Capacity Price ($/MW-day)

6.32

5.52

NI Hub Implied ATC Heat Rate (mmbtu/MWh)

41.42

46.39

NI Hub ATC Price ($/MWh)

6.98

6.30

PJM West Hub Implied ATC Heat Rate (mmbtu/MWh)

51.07

60.92

PJM West Hub ATC Price ($/MWh)

6.74

8.85

Henry Hub Gas Price ($/mmBtu)

71,326

72,376

Total Genco Market and Retail Sales (GWhs)

(2)

119,354

121,961

Total Genco Sales to Energy Delivery (GWhs)

190,680

194,337

Total Genco Sales Excluding Trading (GWhs)

93.9

93.5

Nuclear Capacity Factor (%)

(1)

2006 Actual

2005 Actual

(1)

Excludes Salem.

(2)

2008 estimate includes Illinois Auction sales.

(3)

Weather-normalized retail load growth.

(4)

Excludes results related to investments in synthetic fuel-producing facilities.

(5)

Sales to PECO only.

27

ComEd 2008 EPS Contribution

ComEd’s operating earnings are expected to increase in 2008 primarily due to execution

of its Regulatory Recovery Plan

2007

(1)

RNF

O&M

Depreciation /

Amortization

Interest

Expense

Other

$0.35 -

$0.40

$220M -

$260M

(2)

$0.20 -

$0.25

$0.21

$0.02

($0.02)

$(0.04)

2008

(1)

$0.01

Key Items:

Storms: $0.02

Inflation: $(0.02)

Post-2006/Opt-in: $0.02

Bad Debt: $0.01

($0.03)

Weather

$130M -

$165M

$ / Share

NOTE:

Refer

to

“Key

Assumptions”

slide

in

Appendix.

(1)

Estimated contribution to Exelon’s operating earnings guidance.

(2)

Assumes full $361M revenue increase granted in current distribution rate case and effective 10/1/08.

Key Items:

Distribution case

(2)

: $0.09

Transmission revenue: $0.06

Load growth: $0.03

28

PECO 2008 EPS Contribution

PECO’s operating earnings are expected to decrease in 2008 primarily due to

increasing CTC amortization expense

2007

(1)

2008

(1)

$0.65 -

$0.70

$451M

($0.08)

$0.01

($0.02)

($0.01)

$0.55 -

$0.60

$360M -

$400M

RNF

O&M

CTC

Amortization /

Depreciation

Other

NOTE:

Refer

to

“Key

Assumptions”

slide

in

Appendix.

(1) Estimated contribution to Exelon’s operating earnings guidance.

($0.02)

Weather

$0.01

Interest

Expense

$435M -

$470M

$ / Share

29

Exelon Generation 2008 EPS Contribution

Exelon Generation’s earnings are impacted primarily by increased number of refueling

outages and nuclear fuel expense

2007

(1)

2008

(1)

($0.05)

$(0.17)

$0.05

$3.15 -

$3.45

$2,060M -

$2,260M

RNF

O&M

Other

Key Items:

Inflation: ($0.07)

Nuclear security: ($0.02)

Add’l

refueling outages: ($0.06)

$50M

+/-

500 Btu/KWh ATC Heat Rate

$6M

+/-

$1/mmBtu Gas

2008

Market Sensitivities

(After-Tax)

Depreciation

$(0.03)

$3.45 -

$3.55

$2,320M -

$2,385M

$ / Share

NOTE:

Refer

to

“Key

Assumptions”

slide

in

Appendix.

(1) Estimated contribution to Exelon’s operating earnings guidance.

Key Items:

Market / portfolio: $0.08

Add’l

refueling outages: ($0.10)

Nuclear fuel expense: ($0.06)

State Line buyout: ($0.02)

30

Projected 2008 Key Credit Measures

3.5x –

5.5x

BBB

2.6x

2.6x

FFO / Interest

ComEd:

25% –

40%

11%

9%

FFO / Debt

52% –

42%

57%

60%

Rating Agency Debt Ratio

Adjusted Book Debt Ratio: 44%

2.5x –

3.5x

A

4.1x

4.1x

FFO / Interest

PECO:

12% –

20%

20%

17%

FFO / Debt

62% –

52%

49%

52%

Rating Agency Debt Ratio

Adjusted Book Debt Ratio: 49%

52% –

42%

44%

60%

Rating Agency Debt Ratio

Adjusted Book Debt Ratio: 44%

25% –

40%

77%

43%

FFO / Debt

3.5x –

5.5x

BBB+

13.9x

7.2x

FFO / Interest

Exelon

Generation:

62%

29%

5.6x

Without PPA &

Pension / OPEB

(2)

55% –

45%

69%

Rating Agency Debt Ratio

Adjusted Book Debt Ratio: 55%

20% –

30%

22%

FFO / Debt

3.2x –

4.5x

BBB

4.6x

FFO / Interest

Exelon

Consolidated:

“BBB”

Target

Range

(4)

S&P Credit

Ratings

(3)

With PPA &

Pension / OPEB

(1)

Notes: Projected

credit

measures

reflect

impact

of

Illinois

electric

rates

and

policy

settlement.

Exelon,

ComEd

and

PECO

metrics

exclude

securitization

debt.

See

following

slide

for

FFO

(Funds

from

Operations)/Interest,

FFO/Debt

and

Adjusted

Book

Debt

Ratio

reconciliations

to

GAAP.

(1)

Reflects S&P updated guidelines, which include imputed debt and interest related to purchased power agreements (PPA), unfunded pension and other postretirement benefits

(OPEB) obligations, capital adequacy for energy trading, operating lease obligations, and other off-balance sheet debt.  Debt is imputed for estimated pension and OPEB

obligations by operating company.

(2)

Excludes items listed in note (1) above.

(3)

Current senior unsecured ratings for Exelon and Generation and senior secured ratings for ComEd and PECO as of 12/14/07.

(4)

Based on S&P Business Profiles: 7 for Exelon, 8 for Generation and ComEd, and 4 for PECO.

31

FFO Calculation and Ratios

FFO Calculation

= FFO

-

PECO Transition Bond Principal Paydown

+ Gain

on

Sale,

Extraordinary

Items

and

Other

Non-Cash

Items

(3)

+ Change

in

Deferred

Taxes

+ Depreciation,

amortization

(including

nucl

fuel

amortization),

AFUDC/Cap.

Interest

Add back non-cash items:

Net Income

Adjusted Interest

FFO + Adjusted Interest

= Adjusted Interest

+ 7% of Present Value (PV) of Operating Leases

+ Interest on imputed debt related to PV of Purchased Power Agreements

(PPA), unfunded Pension and Other Postretirement Benefits (OPEB)

obligations,

and

Capital

Adequacy

for

Energy

Trading

(2)

,

as

applicable

-

PECO Transition Bond Interest Expense

Net Interest Expense (Before AFUDC & Cap. Interest)

FFO Interest Coverage

+ Capital

Adequacy

for

Energy

Trading

(2)

FFO

= Adjusted Debt

+ PV of Operating Leases

+ 100%

of

PV

of

Purchased

Power

Agreements

(2)

+ Unfunded

Pension

and

OPEB

obligations

(2)

+ A/R Financing

Add off-balance sheet debt equivalents:

-

PECO Transition Bond Principal Balance

+ STD

+ LTD

Debt:

Adjusted Debt

(1)

FFO Debt Coverage

Rating Agency Capitalization

Rating Agency Debt

Total Adjusted Capitalization

Adjusted Book Debt

= Total Rating Agency Capitalization

+ Off-balance

sheet

debt

equivalents

(2)

-

Goodwill

Total Adjusted Capitalization

= Rating Agency Debt

+ ComEd Transition Bond Principal Balance

+ Off-balance

sheet

debt

equivalents

(2)

Adjusted Book Debt

= Total Adjusted Capitalization

+ Adjusted Book Debt

+ Preferred Securities of Subsidiaries

+ Total Shareholders' Equity

Capitalization:

= Adjusted Book Debt

-

Transition Bond Principal Balance

+ STD

+ LTD

Debt:

Debt to Total Cap

Note: Reflects S&P guidelines and company forecast.  FFO and Debt related to non-recourse debt are excluded from the calculations.

(1) Uses current year-end adjusted debt balance.

(2) Metrics are calculated in presentation unadjusted and adjusted for debt equivalents and related interest for PPAs, unfunded Pension and OPEB obligations, and Capital

Adequacy for Energy Trading.

(3) Reflects depreciation adjustment for PPAs and decommissioning interest income and contributions.