8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

October 24, 2008

Date of Report (Date of earliest event reported)

Commission File Number	Exact Name of Registrant as Specified in Its Charter; State of Incorporation; Address of Principal Executive Offices; and Telephone Number	IRS Employer Identification Number
1-16169	EXELON CORPORATION (a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (312) 394-7398	23-2990190
333-85496	EXELON GENERATION COMPANY, LLC (a Pennsylvania limited liability company) 300 Exelon Way Kennett Square, Pennsylvania 19348-2473 (610) 765-5959	23-3064219
1-1839	COMMONWEALTH EDISON COMPANY (an Illinois corporation) 440 South LaSalle Street Chicago, Illinois 60605-1028 (312) 394-4321	36-0938600
000-16844	PECO ENERGY COMPANY (a Pennsylvania corporation) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000	23-0970240

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition.

Section 7 – Regulation FD

Item 7.01. Regulation FD Disclosure.

On October 24, 2008, Exelon Corporation (Exelon) announced via press release Exelon’s results for the third quarter ended September 30, 2008. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to this Current Report on Form 8-K are the presentation slides to be used during the third quarter 2008 earnings conference call. This Form 8-K and the attached exhibits are provided under Items 2.02, 7.01 and 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission (SEC).

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release and earnings release attachments
99.2	Earnings conference call presentation slides

* * * * *

This combined Form 8-K is being furnished separately by Exelon, Exelon Generation Company, LLC, Commonwealth Edison Company and PECO Energy Company (Registrants). Information contained herein relating to any individual Registrant has been furnished by such Registrant on its own behalf. No Registrant makes any representation as to information relating to any other Registrant.

This Current Report 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 2007 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 19; (2) Exelon’s Third Quarter 2008 Quarterly Report on Form 10-Q (to be filed on October 24, 2008) in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 12; and (3) other factors discussed in filings with the SEC by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Current Report. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Current Report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXELON CORPORATION

EXELON GENERATION COMPANY, LLC

/s/ Matthew F. Hilzinger

Matthew F. Hilzinger

Senior Vice President and Chief Financial Officer

Exelon Corporation

COMMONWEALTH EDISON COMPANY

/s/ Robert K. McDonald

Robert K. McDonald

Senior Vice President, Chief Financial Officer, Treasurer and Chief Risk Officer

Commonwealth Edison Company

PECO ENERGY COMPANY

/s/ Phillip S. Barnett

Phillip S. Barnett

Senior Vice President and Chief Financial Officer

PECO Energy Company

October 24, 2008

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release and earnings release attachments
99.2	Earnings conference call presentation slides

EX-99.1

EXHIBIT 99.1

Contact:	Chaka Patterson	FOR IMMEDIATE RELEASE
	Investor Relations
	312-394-7234
	Kathleen Cantillon
	Corporate Communications
	312-394-2794

Exelon Announces Third Quarter Results;

Increases Fourth Quarter Common Dividend by 5 Percent

CHICAGO (October 24, 2008) – Exelon Corporation’s (Exelon) third quarter 2008 consolidated earnings prepared in accordance with GAAP were $700 million, or $1.06 per diluted share, compared with earnings of $780 million, or $1.15 per share, in the third quarter of 2007.

Exelon’s adjusted (non-GAAP) operating earnings for the third quarter of 2008 were $706 million, or $1.07 per diluted share, compared with $823 million, or $1.21 per diluted share, for the same period in 2007.

“Our third quarter earnings reflected certain unusual events, including several related to the nation’s economic turmoil. The results also demonstrate, however, the underlying strength of the operating performance at Generation. We expect to be well within our original 2008 earnings guidance range, but due to the effects of these unfavorable items, such as weather and macro economic factors, we expect our full-year 2008 results to be near the bottom of the $4.15 to 4.30 per share range that we announced on September 4th,” said John W. Rowe, Exelon’s chairman and CEO. “We continue to be well positioned – our operations are stronger than ever and our financial fundamentals remain sound, with a strong balance sheet, positive cash flows and sufficient access to liquidity.”

The decreased level of third quarter 2008 earnings was primarily due to:

• increased operating and maintenance expenses, including

- increased expense for uncollectible accounts at Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO) as well as the establishment of a reserve related to accounts receivable at Exelon Generation Company, LLC from Lehman Brothers Holdings Inc. (Lehman) due to its bankruptcy filing,

- the impact of inflation on labor, contracting and materials as well as higher refueling outage costs due to a higher number of scheduled refueling outage days at Generation’s nuclear plants,

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- discrete disallowances, net of allowed regulatory assets, mandated by the September 2008 Illinois Commerce Commission (ICC) order on ComEd’s 2007 distribution rate case;

• the effect of unfavorable weather conditions compared with last year in the service territories of ComEd and PECO;

• increased depreciation and amortization expense primarily related to the higher scheduled competitive transition charge (CTC) amortization at PECO; and

• the impact of the reduction of a liability in 2007 associated with PECO’s property taxes.

The decreased level of third quarter 2008 earnings was partially offset by:

• higher energy margins at Generation due to increased average realized market prices and increased nuclear output, partially offset by higher nuclear fuel costs;

• increased transmission and distribution revenue at ComEd resulting from the 2007 transmission and distribution rate cases;

• lower stock-based compensation costs; and

• decreased income taxes.

Adjusted (non-GAAP) operating earnings for the third quarter of 2008 do not include the following (after-tax) items that were included in reported GAAP earnings:

• Mark-to-market gains of $65 million, or $0.10 per diluted share, primarily from Generation’s economic hedging activities.

• A charge of $26 million, or $0.04 per diluted share, for the costs associated with the 2007 Illinois electric rate settlement agreement.

• Unrealized losses of $60 million, or $0.09 per diluted share, related to nuclear decommissioning trust fund investments primarily related to the AmerGen Energy Company, LLC (AmerGen) nuclear plants.

• Income of $15 million, or $0.02 per diluted share, resulting from decreases in decommissioning obligations primarily related to the AmerGen nuclear plants.

Adjusted (non-GAAP) operating earnings for the third quarter of 2007 did not include the following (after-tax) items that were included in reported GAAP earnings:

• A charge of $80 million, or $0.12 per diluted share, for the costs associated with the 2007 Illinois electric rate settlement, including ComEd’s previously announced customer rate relief programs.

• Income of $18 million, or $0.03 per diluted share, resulting from decreases in decommissioning obligations primarily related to the AmerGen nuclear plants.

• Earnings of $17 million, or $0.03 per diluted share, associated with investments in synthetic fuel-producing facilities, including the impact of mark-to-market losses associated with the related derivatives.

2008 Earnings Outlook

Exelon expects its full-year adjusted (non-GAAP) operating earnings for 2008 to be near the bottom of its guidance range of $4.15 to $4.30 per share. The following table indicates estimated ranges by operating company contribution to 2008 adjusted (non-GAAP) operating earnings per Exelon share, excluding Exelon holding company.

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Generation:	$3.45 to $3.55
ComEd:	$0.30 to $0.35
PECO:	$0.45 to $0.50

The outlook for 2008 adjusted (non-GAAP) operating earnings for Exelon and its subsidiaries excludes the following items:

• mark-to-market adjustments from economic hedging activities

• unrealized gains and losses from nuclear decommissioning trust fund investments primarily related to the AmerGen nuclear plants

• significant impairments of assets, including goodwill

• changes in decommissioning obligation estimates

• costs associated with the 2007 Illinois electric rate settlement agreement, including ComEd’s previously announced customer rate relief programs

• costs associated with ComEd’s settlement with the City of Chicago

• certain costs associated with the proposed offer to acquire NRG Energy Inc. (NRG)

• other unusual items

• significant future changes to GAAP

Giving consideration to these factors, Exelon estimates GAAP earnings in 2008 will likely be in the range of $3.90 to $4.30 per share, excluding any costs associated with the proposed offer to acquire NRG. Both Exelon’s operating earnings and GAAP earnings guidance are based on the assumption of normal weather for the remainder of the year.

Third Quarter and Recent Highlights

• Offer to Acquire NRG: On October 19, 2008, Exelon announced its proposal to acquire Princeton, N.J.-based NRG Energy Inc. Exelon has offered to acquire all of the outstanding NRG common stock in an all-stock transaction with a fixed exchange ratio of 0.485 Exelon share for each NRG share, which represents a value of $26.43 for each NRG common share based on Exelon’s closing price on October 17 prior to announcement of the proposal. This represents a total equity value of approximately $6.2 billion for NRG based on Exelon’s closing price on October 17. The proposed combination offers increased scale, geographic diversity, and financial stability. Based on Exelon’s analysis, using publicly available information and subject to purchase accounting and other adjustments that may result from due diligence investigation, Exelon expects this transaction to be accretive to earnings in the first full calendar year of operations and to increase free cash flows. The combined company scale would make large, single asset projects more feasible, and would provide significant opportunities for organic growth.

• Exelon Value Return – Dividend Increase and Share Repurchase: Exelon’s board of directors declared a regular fourth-quarter 2008 dividend of $0.525 per share on Exelon’s common stock, a 5 percent increase over the dividend for the third quarter of 2008. The fourth-quarter dividend is payable on December 10, 2008, to Exelon shareholders of record at 5:00 p.m. New York Time on November 14, 2008.

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Also as part of its value return policy, Exelon uses share repurchases from time to time to return cash or balance sheet capacity to Exelon shareholders after funding maintenance capital and other commitments and in the absence of higher value-added growth opportunities. On September 2, 2008, Exelon’s board of directors approved a share repurchase program for up to $1.5 billion of Exelon’s outstanding common stock. Exelon has now determined to defer indefinitely any share repurchases. This decision was made in light of a variety of factors, including: developments in recent weeks affecting the world economy and commodity markets, including those for electricity and gas; the continued uncertainty in capital and credit markets and the potential impact of those events on Exelon’s future cash needs.

• Liquidity Position: Year to date, ComEd and PECO have issued $1.3 billion and $950 million of bonds, respectively, primarily to refinance or repay outstanding debt and for other general corporate purposes. Exelon and its operating companies have completed their financing plans for 2008. Excluding securitized transition debt, which is guaranteed to be repaid through customer-collected revenues, Exelon and its subsidiaries have a total of only $29 million of long-term debt, including capital lease obligations, maturing from September 30, 2008 through December 31, 2009.

As of October 20, 2008, Exelon had $7.3 billion of aggregate bank commitments with a diverse group of 24 banks, excluding commitments previously made by Lehman Brothers Bank. No single bank has more than 10 percent of the aggregate outstanding commitments at Exelon, and these commitments extend largely through 2012. As of October 20, 2008, Exelon had utilized only approximately $500 million of its capacity under its facilities, leaving $6.8 billion of the total $7.3 billion of capacity available to Exelon. In addition, Exelon had a total of $35 million of commercial paper outstanding.

• Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station operated by PSEG Nuclear LLC, produced 36,451 GWhs in the third quarter of 2008, compared with 36,356 GWhs in the third quarter of 2007. The Exelon-operated nuclear plants achieved a 97.2 percent capacity factor for the third quarter of 2008 compared with 97.0 percent for the third quarter of 2007. The increased total nuclear output was driven by a lower number of non-refueling outage days at the Exelon-operated plants, 8 days in the third quarter of 2008 versus 13 days in the third quarter of 2007, as well as higher capacity factors at several of the nuclear plants offsetting the higher number of scheduled refueling outage days. The Exelon-operated nuclear plants began one scheduled refueling outage in the third quarter of 2008 (17 days), compared with beginning two scheduled refueling outages late in the third quarter of 2007 (9 days).

• Fossil and Hydro Operations: Generation’s fossil fleet commercial availability was 95.1 percent in the third quarter of 2008, compared with 91.6 percent in the third quarter of 2007, primarily because the fossil fleet operated at distinguished availability levels for the months of August and September. The equivalent availability factor for the hydro facilities was 90.9 percent in the third quarter of 2008, compared with 90.2 percent in the third quarter of 2007.

• Potential New Nuclear Project: On September 2, 2008, Generation submitted a Combined Construction and Operating License (COL) application to the U.S. Nuclear Regulatory Commission (NRC) seeking authorization to build and operate a new dual-unit nuclear generating facility in Victoria County, Texas, should the company decide to build it. The NRC’s

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evaluation of the application is estimated to take 3 to 4 years and involves a technical review and public hearing. A decision on the license is not expected before 2012. In addition, Generation submitted its application to the U.S. Department of Energy for a federal loan guarantee for the project, under the provisions of the Energy Policy Act of 2005.

• ComEd Distribution Rate Case: On September 10, 2008, the ICC approved an approximately $274 million increase in ComEd’s distribution revenue requirement, as compared with the company’s original request on October 17, 2007 for an approximately $360 million increase. ComEd’s request for the rate increase reflected its higher operating costs and continued substantial investment in its delivery system. The ICC rate order included a 10.30 percent return on equity and a 45.04 percent equity ratio in the capital structure. ComEd believes the order represents a foundation that provides the company with an option to pursue a future test year in its next rate case.

The ICC order required ComEd to expense $37 million (pre-tax) for the disallowance of certain plant costs, partially offset by a benefit associated with recovery of certain previously incurred costs amounting to $13 million (pre-tax). A net decrease in operating income of $24 million (pre-tax) was recorded in the third quarter of 2008.

• Pennsylvania Energy Legislation: On October 8, 2008, the Pennsylvania General Assembly passed House Bill No. 2200 (HB 2200), which became law on October 15 after being signed by the Governor of Pennsylvania. HB 2200 will further enhance Pennsylvania’s energy independence, enable programs to help consumers manage their energy use and smooth the transition to market-based rates for electric customers as rate caps expire. HB 2200 addresses the manner in which utilities purchase power through competitive, market-based procurement and requires certain demand-side management and energy-efficiency programs, including smart meters. PECO supports these initiatives, which provide a framework for the company to build its programs.

• PECO Energy Plan Filing: On September 10, 2008, PECO filed its comprehensive Default Service Program and Rate Mitigation Plan with the PAPUC seeking approval to provide default electric service following the expiration of rate caps on December 31, 2010. The filing included: (1) PECO’s Default Service Program with competitive, full-requirements energy-supply procurement; (2) a voluntary Early Phase-In Plan allowing customers to pre-pay, with interest, expected post-electric generation rate cap increases; (3) a voluntary deferral phase-in plan allowing customers to phase-in rate increases post rate-cap expiration; and (4) an Energy Efficiency Package with energy-efficiency and demand-response programs to help PECO’s customers transition from capped electric generation rates to market-priced generation. The PAPUC will conduct a formal proceeding to give all interested parties the opportunity to examine aspects of the plan and make independent recommendations. The process is expected to take nine months. No legislation associated with the mitigation of potential impacts of electricity price increases was passed as of the conclusion of the Fall legislative session of the Pennsylvania Senate on October 8, 2008. Additionally, as a result of HB 2200, PECO will likely need to amend this filing.

• PECO Gas Distribution Rate Case: On March 31, 2008, PECO filed a petition before the PAPUC for a $98 million increase to its delivery service revenue to fund critical infrastructure improvement projects for its natural gas delivery system. On August 21, 2008, PECO filed a

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joint settlement petition with the PAPUC, signaling that it had reached an agreement with the opposing parties regarding the requested distribution rate increase. The settlement petition provides for a revenue increase of $77 million. As part of the settlement, PECO would enhance its low-income programs as well as provide funding for new energy efficiency programs. On September 18, 2008, an administrative law judge (ALJ) recommended that the settlement be approved. On October 23, 2008, the PAPUC issued its final order approving the joint settlement. The approved rate adjustment will be effective beginning January 1, 2009.

• Financing Activities: On October 2, 2008, PECO issued $300 million of 5.60 percent First Mortgage Bonds due 2013. The net proceeds of the bonds were used to refinance short-term debt.

• Credit Rating Actions: On October 21, 2008, Standard & Poor’s Ratings Services (S&P) lowered its corporate credit rating on Exelon Corp., Generation and PECO to “BBB” from “BBB+”. S&P lowered the senior unsecured ratings of Exelon Corp. to “BBB-” from “BBB” and of Generation to “BBB” from “BBB+”. The senior secured rating of PECO was lowered to “A-” from “A”. In addition, the ratings of Exelon Corp. and all of its subsidiaries, including ComEd, were placed on CreditWatch with negative implications. S&P indicated concerns about Exelon’s potential credit position related to the proposed offer to acquire NRG. The short-term commercial paper ratings of Exelon Corp. and all of its subsidiaries were affirmed by S&P.

Exelon is committed that its proposed transaction with NRG will not cause Exelon or its subsidiaries to go below investment grade for senior unsecured debt. The offer for NRG is the culmination of a long-term strategic review process by Exelon, and Exelon believes the combination will create superior long-term value for its stakeholders.

Exelon is fully committed to utilize excess cash flow to reduce debt following the closing of the proposed NRG transaction and return to the ratings in effect prior to the S&P downgrade on October 21. Exelon will continue to work closely with S&P and the other rating agencies to make sure they understand Exelon’s plan for paying down the debt Exelon will take onto its balance sheet at completion of the proposed acquisition of NRG, including the pay-down schedule, expected synergies, and overall plan to integrate and manage NRG’s assets.

On September 11, 2008, S&P upgraded ComEd’s corporate credit rating to “BBB-” from “BB”, its senior secured rating to “BBB+” from “BBB” and its commercial paper rating to “A-3” from “B”. ComEd’s senior unsecured rating of “BBB-” remains unchanged. According to an S&P research report, “The rating action is based on Standard & Poor’s opinion that the Illinois regulatory and political environments have returned to a credit supportive level.”

On October 3, 2008, Moody’s Investors Service (Moody’s) upgraded the long-term unsecured rating of ComEd to “Baa3” from “Ba1” and the commercial paper rating to “Prime-3” from “Not Prime”. ComEd’s senior secured rating of “Baa2” remains unchanged, and ComEd’s rating outlook is stable. A Moody’s press release indicated that “the upgrade largely reflects our assessment of the distribution rate case decision” and “also factors in the improved financial flexibility that exists at ComEd as the first mortgage collateral, which had previously secured the company’s $1 billion revolving credit facility was released and replaced by a similar sized unsecured revolving credit facility.”

OPERATING COMPANY RESULTS

Exelon Generation consists of owned and contracted electric generating facilities, wholesale energy marketing operations and competitive retail sales operations.

Third quarter 2008 net income was $635 million compared with $548 million in the third quarter of 2007. Third quarter 2008 net income included (all after tax) mark-to-market gains of $96 million from economic hedging activities before the elimination of intercompany transactions, a charge of $25 million for the costs associated with the 2007 Illinois electric rate settlement, unrealized losses of $60 million related to nuclear decommissioning trust fund investments primarily related to the AmerGen nuclear plants, and income of $15 million resulting from decreases in decommissioning obligations primarily related to the

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AmerGen nuclear plants. Third quarter 2007 net income included (all after tax) a charge of $77 million for the costs associated with the 2007 Illinois electric rate settlement, income of $18 million resulting from decreases in decommissioning obligations primarily related to the AmerGen nuclear plants and a charge of $1 million for the settlement of a tax matter related to Sithe, which is reflected as discontinued operations. Excluding the impact of these items, Generation’s net income in the third quarter of 2008 increased $1 million compared with the same quarter last year, primarily due to:

• higher revenue, net of purchased power and fuel expense, which reflected higher energy margins due to increased average realized market prices and increased nuclear output, partially offset by higher nuclear fuel costs.

The quarter-over-quarter increase in net income was partially offset by:

• higher operating and maintenance expenses associated with inflationary and other cost pressures, including increased labor costs, higher refueling outage costs associated with a higher number of scheduled nuclear refueling outage days, and continuing work on the license application submittal for a possible new nuclear plant in Texas; and

• the establishment of a reserve for Generation’s accounts receivable from Lehman.

Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $36.54 per MWh in the third quarter of 2008 compared with $32.60 per MWh in the third quarter of 2007.

ComEd consists of the electricity transmission and distribution operations in northern Illinois.

ComEd recorded net income of $33 million in the third quarter of 2008, compared with net income of $65 million in the third quarter of 2007. Third quarter 2008 net income included an after-tax charge of $1 million for the costs associated with the 2007 Illinois electric rate settlement. Third quarter 2007 net income included a charge of $3 million (after tax) for the costs associated with the 2007 Illinois electric rate settlement, and mark-to-market gains of $1 million (after tax). Excluding the impact of these items, ComEd’s net income in the third quarter of 2008 decreased $33 million from the same quarter last year primarily due to:

• the impact of unfavorable weather as compared with last year; and

• higher operating and maintenance expenses, including

- discrete disallowances, net of allowed regulatory assets, mandated by the September 2008 ICC order on ComEd’s 2007 distribution rate case,

- increased expense for uncollectible accounts, and

- increased costs related to labor and contracting.

Partially offsetting items included:

• increased transmission revenue as a result of the 2007 transmission rate case (effective May 2007), with an annual adjustment that became effective in June 2008;

• increased distribution revenue due to the ICC final order in the 2007 distribution rate case, which became effective in September 2008; and

• decreased storm costs in the ComEd service territory.

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In the ComEd service territory in the third quarter of 2008, cooling degree-days were down 16 percent relative to the same period in 2007 but were close to normal. ComEd’s total retail kWh deliveries decreased by 4.2 percent in 2008 as compared with 2007, with a 9.8 percent decrease in deliveries to the residential customer class, largely due to unfavorable weather. For ComEd, weather had an unfavorable after-tax impact of $17 million on third quarter 2008 earnings relative to 2007 and an unfavorable after-tax impact of $7 million relative to normal weather that was incorporated in earnings guidance. ComEd’s third quarter 2008 revenues of $1,729 million declined slightly from $1,758 million in 2007.

The number of customers being served in the ComEd region increased by 0.3 percent over the third quarter of 2007. Weather-normalized retail kWh deliveries decreased by 0.2 percent from the third quarter of 2007, primarily reflecting a decline in usage per customer.

PECO consists of the electricity transmission and distribution operations and the retail natural gas distribution business in southeastern Pennsylvania.

PECO’s net income in the third quarter of 2008 was $90 million, a decrease from $168 million in the third quarter of 2007. This decline was primarily due to:

• increased expense for uncollectible accounts;

• the impact of unfavorable weather as compared with last year;

• the impact of the reduction of a liability in 2007 associated with PECO’s property taxes; and

• higher CTC amortization, which was in accordance with PECO’s 1998 restructuring settlement with the PAPUC. As expected, the increase in amortization expense exceeded the increase in CTC revenues.

Partially offsetting items included:

• lower income tax expense.

In the PECO service territory in the third quarter of 2008, cooling degree-days were down 6 percent from 2007 but were close to normal. Retail gas deliveries were down 1 percent from the 2007 period. Third quarter 2008 revenues were $1,441 million, down slightly from $1,459 million in 2007, primarily due to a 1.7% decrease in total retail kWh deliveries driven by the effects of unfavorable weather compared with 2007 and a reduction in PECO’s distribution rates made to refund a 2007 Pennsylvania Public Utility Realty Tax Act tax settlement to customers. For PECO, weather had an unfavorable after-tax impact of $14 million on third quarter 2008 earnings relative to 2007 and an unfavorable after-tax impact of $9 million relative to normal weather that was incorporated in earnings guidance.

The number of electric customers being served in the PECO region increased by 0.9 percent over the third quarter of 2007. Weather-normalized retail kWh deliveries increased by 0.8 percent from the third quarter of 2007, primarily reflecting an increase in residential volume sales.

Adjusted (non-GAAP) Operating Earnings

Adjusted (non-GAAP) operating earnings, which generally exclude significant one-time charges or credits that are not normally associated with ongoing operations, mark-to-market adjustments from economic hedging activities and unrealized gains and losses from nuclear decommissioning trust fund investments, are provided as a supplement to results reported in accordance with GAAP. Management uses such adjusted (non-GAAP) operating earnings measures internally to evaluate the company’s

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performance and manage its operations. Reconciliation of GAAP to adjusted (non-GAAP) operating earnings for historical periods is attached. Additional earnings release attachments, which include the reconciliation on page 7, are posted on Exelon’s Web site: www.exeloncorp.com and have been filed with the Securities and Exchange Commission on Form 8-K on October 24, 2008.

Conference call information: Exelon has scheduled a conference call for 11 AM ET (10 AM CT) on October 24, 2008. The call-in number in the U.S. and Canada is 800-690-3108, and the international call-in number is 973-935-8753. If requested, the conference ID number is 67688760. Media representatives are invited to participate on a listen-only basis. The call will be web-cast and archived on Exelon’s Web site: www.exeloncorp.com. (Please select the Investor Relations page.)

Telephone replays will be available until November 7. The U.S. and Canada call-in number for replays is 800-642-1687, and the international call-in number is 706-645-9291. The conference ID number is 67688760.

This news release 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 2007 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 19; (2) Exelon’s Third Quarter 2008 Quarterly Report on Form 10-Q (to be filed on October 24, 2008) in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 12; and (3) other factors discussed in filings with the Securities and Exchange Commission by Exelon, Generation, ComEd, and PECO (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 news release.

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Exelon Corporation is one of the nation’s largest electric utilities with approximately 5.4 million customers and $19 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in Illinois and Pennsylvania and natural gas to more than 480,000 customers in southeastern Pennsylvania. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.

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EXELON CORPORATION

Earnings Release Attachments

Table of Contents

Consolidating Statements of Operations - Three Months Ended September 30, 2008 and 2007	1
Consolidating Statements of Operations - Nine Months Ended September 30, 2008 and 2007	2
Business Segment Comparative Statements of Operations - Generation and ComEd - Three and Nine Months Ended September 30, 2008 and 2007	3
Business Segment Comparative Statements of Operations - PECO and Other - Three and Nine Months Ended September 30, 2008 and 2007	4
Consolidated Balance Sheets - September 30, 2008 and December 31, 2007	5
Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2008 and 2007	6
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Three Months Ended September 30, 2008 and 2007	7
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Nine Months Ended September 30, 2008 and 2007	8
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Three Months Ended September 30, 2008 and 2007	9
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Nine Months Ended September 30, 2008 and 2007	10
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Generation - Three and Nine Months Ended September 30, 2008 and 2007	11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - ComEd - Three and Nine Months Ended September 30, 2008 and 2007	12
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - PECO - Three and Nine Months Ended September 30, 2008 and 2007	13
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Other - Three and Nine Months Ended September 30, 2008 and 2007	14
Exelon Generation Statistics - Three Months Ended September 30, 2008, June 30, 2008, March 31, 2008, December 31, 2007 and September 30, 2007	15
Exelon Generation Statistics - Nine Months Ended September 30, 2008 and 2007	16
ComEd Statistics - Three and Nine Months Ended September 30, 2008 and 2007	17
PECO Statistics - Three and Nine Months Ended September 30, 2008 and 2007	18

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Three Months Ended September 30, 2008
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	3,073		$	1,729		$	1,441		$	(1,015	)	$	5,228
Operating expenses
Purchased power		528			1,068			693			(962	)		1,327
Fuel		669			—			50			(1	)		718
Operating and maintenance		625			317			192			(13	)		1,121
Depreciation and amortization		58			119			243			11			431
Taxes other than income		53			87			73			5			218
Total operating expenses		1,933			1,591			1,251			(960	)		3,815
Operating income (loss)		1,140			138			190			(55	)		1,413
Other income and deductions
Interest expense, net		(34	)		(87	)		(55	)		(27	)		(203	)
Equity in losses of unconsolidated affiliates and investments		—			(2	)		(4	)		—			(6	)
Other, net		(164	)		3			2			1			(158	)
Total other income and deductions		(198	)		(86	)		(57	)		(26	)		(367	)
Income (loss) from continuing operations before income taxes		942			52			133			(81	)		1,046
Income taxes		307			19			43			(23	)		346
Income (loss) from continuing operations		635			33			90			(58	)		700
Net income (loss)	$	635		$	33		$	90		$	(58	)	$	700
	Three Months Ended September 30, 2007
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,837		$	1,758		$	1,459		$	(1,022	)	$	5,032
Operating expenses
Purchased power		808			1,100			683			(1,023	)		1,568
Fuel		467			—			37			(1	)		503
Operating and maintenance		544			268			152			30			994
Depreciation and amortization		66			110			221			11			408
Taxes other than income		47			87			70			4			208
Total operating expenses		1,932			1,565			1,163			(979	)		3,681
Operating income (loss)		905			193			296			(43	)		1,351
Other income and deductions
Interest expense, net		(35	)		(90	)		(61	)		(25	)		(211	)
Equity in losses of unconsolidated affiliates and investments		—			(2	)		(1	)		(17	)		(20	)
Other, net		15			4			25			74			118
Total other income and deductions		(20	)		(88	)		(37	)		32			(113	)
Income (loss) from continuing operations before income taxes		885			105			259			(11	)		1,238
Income taxes		336			40			91			(8	)		459
Income (loss) from continuing operations		549			65			168			(3	)		779
Income (loss) from discontinued operations		(1	)		—			—			2			1
Net income (loss)	$	548		$	65		$	168		$	(1	)	$	780

1

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Nine Months Ended September 30, 2008
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	8,311		$	4,594		$	4,195		$	(2,734	)	$	14,366
Operating expenses
Purchased power		1,704			2,729			1,859			(2,727	)		3,565
Fuel		1,211			—			397			—			1,608
Operating and maintenance		2,023			845			557			(25	)		3,400
Depreciation and amortization		202			343			653			32			1,230
Taxes other than income		153			227			203			14			597
Total operating expenses		5,293			4,144			3,669			(2,706	)		10,400
Operating income (loss)		3,018			450			526			(28	)		3,966
Other income and deductions
Interest expense, net		(108	)		(279	)		(171	)		(80	)		(638	)
Equity in losses of unconsolidated affiliates and investments		(1	)		(7	)		(11	)		—			(19	)
Other, net		(292	)		12			13			11			(256	)
Total other income and deductions		(401	)		(274	)		(169	)		(69	)		(913	)
Income (loss) from continuing operations before income taxes		2,617			176			357			(97	)		3,053
Income taxes		891			66			111			(46	)		1,022
Income (loss) from continuing operations		1,726			110			246			(51	)		2,031
Loss from discontinued operations		(1	)		—			—			—			(1	)
Net income (loss)	$	1,725		$	110		$	246		$	(51	)	$	2,030
	Nine Months Ended September 30, 2007
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	8,181		$	4,668		$	4,228		$	(2,715	)	$	14,362
Operating expenses
Purchased power		1,939			2,906			1,796			(2,710	)		3,931
Fuel		1,374			—			422			(1	)		1,795
Operating and maintenance		1,801			778			446			89			3,114
Depreciation and amortization		199			327			591			29			1,146
Taxes other than income		135			243			212			13			603
Total operating expenses		5,448			4,254			3,467			(2,580	)		10,589
Operating income (loss)		2,733			414			761			(135	)		3,773
Other income and deductions
Interest expense, net		(100	)		(259	)		(188	)		(91	)		(638	)
Equity in earnings (losses) of unconsolidated affiliates and investments		2			(6	)		(5	)		(80	)		(89	)
Other, net		68			10			36			110			224
Total other income and deductions		(30	)		(255	)		(157	)		(61	)		(503	)
Income (loss) from continuing operations before income taxes		2,703			159			604			(196	)		3,270
Income taxes		1,021			61			212			(187	)		1,107
Income (loss) from continuing operations		1,682			98			392			(9	)		2,163
Income from discontinued operations		4			—			—			6			10
Net income (loss)	$	1,686		$	98		$	392		$	(3	)	$	2,173

2

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

		Generation
	Three Months Ended September 30,									Nine Months Ended September 30,
	2008			2007			Variance			2008			2007			Variance
Operating revenues	$	3,073		$	2,837		$	236		$	8,311		$	8,181		$	130
Operating expenses
Purchased power		528			808			(280	)		1,704			1,939			(235	)
Fuel		669			467			202			1,211			1,374			(163	)
Operating and maintenance		625			544			81			2,023			1,801			222
Depreciation and amortization		58			66			(8	)		202			199			3
Taxes other than income		53			47			6			153			135			18
Total operating expenses		1,933			1,932			1			5,293			5,448			(155	)
Operating income		1,140			905			235			3,018			2,733			285
Other income and deductions
Interest expense, net		(34	)		(35	)		1			(108	)		(100	)		(8	)
Equity in earnings (losses) of investments		—			—			—			(1	)		2			(3	)
Other, net		(164	)		15			(179	)		(292	)		68			(360	)
Total other income and deductions		(198	)		(20	)		(178	)		(401	)		(30	)		(371	)
Income from continuing operations before income taxes		942			885			57			2,617			2,703			(86	)
Income taxes		307			336			(29	)		891			1,021			(130	)
Income from continuing operations		635			549			86			1,726			1,682			44
Income (loss) from discontinued operations		—			(1	)		1			(1	)		4			(5	)
Net income	$	635		$	548		$	87		$	1,725		$	1,686		$	39
		ComEd
	Three Months Ended September 30,									Nine Months Ended September 30,
	2008			2007			Variance			2008			2007			Variance
Operating revenues	$	1,729		$	1,758		$	(29	)	$	4,594		$	4,668		$	(74	)
Operating expenses
Purchased power		1,068			1,100			(32	)		2,729			2,906			(177	)
Operating and maintenance		317			268			49			845			778			67
Depreciation and amortization		119			110			9			343			327			16
Taxes other than income		87			87			—			227			243			(16	)
Total operating expenses		1,591			1,565			26			4,144			4,254			(110	)
Operating income		138			193			(55	)		450			414			36
Other income and deductions
Interest expense, net		(87	)		(90	)		3			(279	)		(259	)		(20	)
Equity in losses of unconsolidated affiliates		(2	)		(2	)		—			(7	)		(6	)		(1	)
Other, net		3			4			(1	)		12			10			2
Total other income and deductions		(86	)		(88	)		2			(274	)		(255	)		(19	)
Income before income taxes		52			105			(53	)		176			159			17
Income taxes		19			40			(21	)		66			61			5
Net income	$	33		$	65		$	(32	)	$	110		$	98		$	12

3

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

		PECO
	Three Months Ended September 30,									Nine Months Ended September 30,
	2008			2007			Variance			2008			2007			Variance
Operating revenues	$	1,441		$	1,459		$	(18	)	$	4,195		$	4,228		$	(33	)
Operating expenses
Purchased power		693			683			10			1,859			1,796			63
Fuel		50			37			13			397			422			(25	)
Operating and maintenance		192			152			40			557			446			111
Depreciation and amortization		243			221			22			653			591			62
Taxes other than income		73			70			3			203			212			(9	)
Total operating expenses		1,251			1,163			88			3,669			3,467			202
Operating income		190			296			(106	)		526			761			(235	)
Other income and deductions
Interest expense, net		(55	)		(61	)		6			(171	)		(188	)		17
Equity in losses of unconsolidated affiliates		(4	)		(1	)		(3	)		(11	)		(5	)		(6	)
Other, net		2			25			(23	)		13			36			(23	)
Total other income and deductions		(57	)		(37	)		(20	)		(169	)		(157	)		(12	)
Income before income taxes		133			259			(126	)		357			604			(247	)
Income taxes		43			91			(48	)		111			212			(101	)
Net income	$	90		$	168		$	(78	)	$	246		$	392		$	(146	)
		Other (a)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2008			2007			Variance			2008			2007			Variance
Operating revenues	$	(1,015	)	$	(1,022	)	$	7		$	(2,734	)	$	(2,715	)	$	(19	)
Operating expenses
Purchased power		(962	)		(1,023	)		61			(2,727	)		(2,710	)		(17	)
Fuel		(1	)		(1	)		—			—			(1	)		1
Operating and maintenance		(13	)		30			(43	)		(25	)		89			(114	)
Depreciation and amortization		11			11			—			32			29			3
Taxes other than income		5			4			1			14			13			1
Total operating expenses		(960	)		(979	)		19			(2,706	)		(2,580	)		(126	)
Operating loss		(55	)		(43	)		(12	)		(28	)		(135	)		107
Other income and deductions
Interest expense, net		(27	)		(25	)		(2	)		(80	)		(91	)		11
Equity in losses of unconsolidated affiliates and investments		—			(17	)		17			—			(80	)		80
Other, net		1			74			(73	)		11			110			(99	)
Total other income and deductions		(26	)		32			(58	)		(69	)		(61	)		(8	)
Loss from continuing operations before income taxes		(81	)		(11	)		(70	)		(97	)		(196	)		99
Income taxes		(23	)		(8	)		(15	)		(46	)		(187	)		141
Loss from continuing operations		(58	)		(3	)		(55	)		(51	)		(9	)		(42	)
Income from discontinued operations		—			2			(2	)		—			6			(6	)
Net loss	$	(58	)	$	(1	)	$	(57	)	$	(51	)	$	(3	)	$	(48	)

(a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities, including investments in synthetic fuel-producing facilities.

4

EXELON CORPORATION

Consolidated Balance Sheets

(unaudited)

(in millions)

	September 30, 2008			December 31, 2007
Current assets
Cash and cash equivalents	$	182		$	311
Restricted cash and investments		76			118
Accounts receivable, net
Customer		1,789			2,041
Other		428			611
Mark-to-market derivative assets		391			247
Inventories, net
Fossil fuel		350			252
Materials and supplies		516			471
Deferred income taxes		104			102
Other		535			427
Total current assets		4,371			4,580
Property, plant and equipment, net		25,336			24,153
Deferred debits and other assets
Regulatory assets		4,580			5,133
Nuclear decommissioning trust funds		5,988			6,823
Investments		709			731
Goodwill		2,625			2,625
Mark-to-market derivative assets		280			55
Other		1,325			1,261
Total deferred debits and other assets		15,507			16,628
Total assets	$	45,214		$	45,361
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	185		$	616
Long-term debt due within one year		29			605
Long-term debt to ComEd Transitional Funding Trust and PECO Energy Transition Trust due within one year		495			501
Accounts payable		1,278			1,450
Mark-to-market derivative liabilities		192			234
Accrued expenses		1,476			1,240
Other		632			983
Total current liabilities		4,287			5,629
Long-term debt		11,085			9,915
Long-term debt to PECO Energy Transition Trust		805			1,505
Long-term debt to other financing trusts		391			545
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		5,474			5,081
Asset retirement obligations		3,680			3,812
Pension obligations		654			777
Non-pension postretirement benefits obligations		1,818			1,717
Spent nuclear fuel obligation		1,012			997
Regulatory liabilities		2,828			3,301
Mark-to-market derivative liabilities		48			298
Other		1,458			1,560
Total deferred credits and other liabilities		16,972			17,543
Total liabilities		33,540			35,137
Preferred securities of subsidiary		87			87
Shareholders’ equity
Common stock		8,791			8,579
Treasury stock, at cost		(2,338	)		(1,838	)
Retained earnings		6,459			4,930
Accumulated other comprehensive loss, net		(1,325	)		(1,534	)
Total shareholders’ equity		11,587			10,137
Total liabilities and shareholders’ equity	$	45,214		$	45,361

5

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

	Nine Months Ended September 30,
	2008			2007
Cash flows from operating activities
Net income	$	2,030		$	2,173
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel		1,725			1,643
Deferred income taxes and amortization of investment tax credits		111			(33	)
Net realized and unrealized mark-to-market transactions		(352	)		97
Other non-cash operating activities		895			521
Changes in assets and liabilities:
Accounts receivable		226			(475	)
Inventories		(158	)		4
Accounts payable, accrued expenses and other current liabilities		(261	)		64
Counterparty collateral asset		179			(135	)
Counterparty collateral liability		66			(255	)
Income taxes		457			209
Restricted cash		14			(19	)
Pension and non-pension postretirement benefit contributions		(103	)		(66	)
Other assets and liabilities		(462	)		(215	)
Net cash flows provided by operating activities		4,367			3,513
Cash flows from investing activities
Capital expenditures		(2,282	)		(1,892	)
Proceeds from nuclear decommissioning trust fund sales		14,392			3,733
Investment in nuclear decommissioning trust funds		(14,621	)		(3,928	)
Proceeds from sale of investments		—			95
Change in restricted cash		28			3
Other investing activities		6			(76	)
Net cash flows used in investing activities		(2,477	)		(2,065	)
Cash flows from financing activities
Issuance of long-term debt		1,969			1,586
Retirement of long-term debt		(1,397	)		(229	)
Retirement of long-term debt to financing affiliates		(862	)		(840	)
Change in short-term debt		(431	)		180
Dividends paid on common stock		(989	)		(889	)
Proceeds from employee stock plans		122			182
Purchase of treasury stock		(436	)		(1,208	)
Purchase of forward contract in relation to certain treasury stock		(64	)		(79	)
Other financing activities		69			65
Net cash flows used in financing activities		(2,019	)		(1,232	)
Increase (decrease) in cash and cash equivalents		(129	)		216
Cash and cash equivalents at beginning of period		311			224
Cash and cash equivalents at end of period	$	182		$	440

6

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations

(unaudited)

(in millions, except per share data)

	Three Months Ended September 30, 2008									Three Months Ended September 30, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	5,228		$	43	(b)	$	5,271		$	5,032		$	125	(b),(c)	$	5,157
Operating expenses
Purchased power		1,327			305	(c)		1,632			1,568			(28	)(c)		1,540
Fuel		718			(198	)(c)		520			503			32	(c)		535
Operating and maintenance		1,121			26	(b),(d)		1,147			994			(10	)(d),(f)		984
Depreciation and amortization		431			—			431			408			—			408
Taxes other than income		218			—			218			208			—			208
Total operating expenses		3,815			133			3,948			3,681			(6	)		3,675
Operating income		1,413			(90	)		1,323			1,351			131			1,482
Other income and deductions
Interest expense, net		(203	)		—			(203	)		(211	)		1	(f)		(210	)
Equity in losses of unconsolidated affiliates and investments		(6	)		—			(6	)		(20	)		17	(f)		(3	)
Other, net		(158	)		170	(e)		12			118			(74	)(f)		44
Total other income and deductions		(367	)		170			(197	)		(113	)		(56	)		(169	)
Income from continuing operations before income taxes		1,046			80			1,126			1,238			75			1,313
Income taxes		346			74	(b),(c),(d),(e)		420			459			33	(b),(c),(d)		492
Income from continuing operations		700			6			706			779			42			821
Loss from discontinued operations		—			—			—			1			1	(g)		2
Net income	$	700		$	6		$	706		$	780		$	43		$	823
Earnings per average common share
Basic:
Income from continuing operations	$	1.06		$	0.01		$	1.07		$	1.16		$	0.06		$	1.22
Loss from discontinued operations		—			—			—			—			—			—
Net income	$	1.06		$	0.01		$	1.07		$	1.16		$	0.06		$	1.22
Diluted:
Income from continuing operations	$	1.06		$	0.01		$	1.07		$	1.15		$	0.06		$	1.21
Loss from discontinued operations		—			—			—			—			—			—
Net income	$	1.06		$	0.01		$	1.07		$	1.15		$	0.06		$	1.21
Average common shares outstanding
Basic		658						658			673						673
Diluted		662						662			678						678
Effect of adjustments on earnings (loss) per average diluted common share recorded in accordance with GAAP:
2007 Illinois electric rate settlement (b)				$	0.04								$	0.12
Mark-to-market impact of economic hedging activities (c)					(0.10	)								—
Decommissioning obligation reduction (d)					(0.02	)								(0.03	)
Unrealized gains and losses on nuclear decommissioning trust funds (e)					0.09									—
Investments in synthetic fuel-producing facilities (f)					—									(0.03	)
Settlement of a tax matter at Generation related to Sithe (g)					—									—
Total adjustments				$	0.01								$	0.06

(a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(b) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(c) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

(d) Adjustment to exclude the decrease in Generation’s decommissioning obligation liability primarily related to the AmerGen Energy Company, LLC (AmerGen) nuclear plants.

(e) Adjustment to exclude the unrealized gains and losses associated with Generation’s nuclear decommissioning trust (NDT) fund investments and the associated contractual accounting relating to income taxes.

(f) Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market losses associated with the related derivatives.

(g) Adjustment to exclude the settlement of separate tax matters at Generation related to Sithe Energies, Inc. (Sithe) in 2007 and 2008.

7

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations

(unaudited)

(in millions, except per share data)

	Nine Months Ended September 30, 2008									Nine Months Ended September 30, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	14,366		$	189	(b)	$	14,555		$	14,362		$	144	(b),(c)	$	14,506
Operating expenses
Purchased power		3,565			210	(c)		3,775			3,931			(173	)(c)		3,758
Fuel		1,608			88	(c)		1,696			1,795			40	(c)		1,835
Operating and maintenance		3,400			22	(b),(d)		3,422			3,114			(85	)(b),(d),(g)		3,029
Depreciation and amortization		1,230			—			1,230			1,146			—			1,146
Taxes other than income		597			—			597			603			—			603
Total operating expenses		10,400			320			10,720			10,589			(218	)		10,371
Operating income		3,966			(131	)		3,835			3,773			362			4,135
Other income and deductions
Interest expense, net		(638	)		—			(638	)		(638	)		3	(g)		(635	)
Equity in losses of unconsolidated affiliates and investments		(19	)		—			(19	)		(89	)		80	(g)		(9	)
Other, net		(256	)		335	(e)		79			224			(120	)(g),(h)		104
Total other income and deductions		(913	)		335			(578	)		(503	)		(37	)		(540	)
Income from continuing operations before income taxes		3,053			204			3,257			3,270			325			3,595
Income taxes		1,022			163	(b),(c),(d),(e)		1,185			1,107			247	(b),(c),(d),(g),(h)		1,354
Income from continuing operations		2,031			41			2,072			2,163			78			2,241
Income (loss) from discontinued operations		(1	)		1	(f)		—			10			(5	)(f)		5
Net income	$	2,030		$	42		$	2,072		$	2,173		$	73		$	2,246
Earnings per average common share
Basic:
Income from continuing operations	$	3.09		$	0.07		$	3.16		$	3.21		$	0.12		$	3.33
Income (loss) from discontinued operations		—			—			—			0.02			(0.01	)		0.01
Net income	$	3.09		$	0.07		$	3.16		$	3.23		$	0.11		$	3.34
Diluted:
Income from continuing operations	$	3.06		$	0.07		$	3.13		$	3.18		$	0.12		$	3.30
Income (loss) from discontinued operations		—			—			—			0.02			(0.01	)		0.01
Net income	$	3.06		$	0.07		$	3.13		$	3.20		$	0.11		$	3.31
Average common shares outstanding
Basic		658						658			673						673
Diluted		663						663			679						679
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
2007 Illinois electric rate settlement (b)				$	0.18								$	0.14
Mark-to-market impact of economic hedging activities (c)					(0.27	)								0.12
Nuclear decommissioning obligation reduction (d)					(0.02	)								(0.03	)
Unrealized gains and losses on nuclear decommissioning trust funds (e)					0.18									—
Settlement of a tax matter at Generation related to Sithe (f)					—									(0.01	)
Investments in synthetic fuel-producing facilities (g)					—									(0.10	)
Sale of Generation’s investments in TEG and TEP (h)					—									(0.01	)
Total adjustments				$	0.07								$	0.11

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(c) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

(d) Adjustment to exclude the decrease in Generation’s decommissioning obligation liability primarily related to the AmerGen nuclear plants.

(e) Adjustment to exclude the unrealized gains and losses associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.

(f) Adjustment to exclude the settlement of a separate tax matter at Generation related to Sithe in 2006 and 2007.

(g) Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.

(h) Adjustment to exclude the gain related to the sale of Generation’s ownership interest in Termoeléctrica del Golfo (TEG) and Termoeléctrica Peñoles (TEP).

8

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Earnings By Business Segment (in millions)

Three Months Ended September 30, 2008 and 2007

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exelon
2007 GAAP Earnings (Loss)	$	1.15		$	548		$	65		$	168		$		(1)	$	780
2007 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		0.12			77			3			—			—			80
Mark-to-Market Impact of Economic Hedging Activities		—			—			(1	)		—			(2	)		(3	)
Investments in Synthetic Fuel-Producing Facilities (1)		(0.03	)		—			—			—			(17	)		(17	)
Settlement of a Tax Matter at Generation Related to Sithe		—			1			—			—			—			1
Decommissioning Obligation Reduction (2)		(0.03	)		(18	)		—			—			—			(18	)
2007 Adjusted (non-GAAP) Operating Earnings (Loss)		1.21			608			67			168			(20	)		823
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (3)		0.07			46			—			—			—			46
ComEd and PECO Energy Margins:
Weather		(0.05	)		—			(17	)		(14	)		—			(31	)
Other Energy Delivery (4)		0.01			—			19			(15	)		—			4
Bad Debt (5)		(0.08	)		(14	)		(12	)		(25	)		—			(51	)
Labor and Contracting (6)		(0.04	)		(24	)		(5	)		1			—			(28	)
Nuclear Plant Development Costs (7)		(0.01	)		(4	)		—			—			—			(4	)
Discrete Items Resulting From the Distribution Rate Case (8)		(0.02	)		—			(15	)		—			—			(15	)
Other Operating and Maintenance Expense (9)		(0.01	)		(4	)		—			(4	)		—			(8	)
Depreciation and Amortization (10)		(0.02	)		5			(5	)		(15	)		—			(15	)
Reduction of a Liability Related to Property Taxes (11)		(0.03	)		—			—			(23	)		—			(23	)
Income Taxes (12)		0.02			9			1			10			(6	)		14
Other (13)		(0.01	)		(13	)		1			7			(1	)		(6	)
Share Differential (14)		0.03			—			—			—			—			—
2008 Adjusted (non-GAAP) Operating Earnings (Loss)		1.07			609			34			90			(27	)		706
2008 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		0.10			96			—			—			(31	)		65
2007 Illinois Electric Rate Settlement		(0.04	)		(25	)		(1	)		—			—			(26	)
Unrealized Gains and Losses Related to NDT Fund Investments		(0.09	)		(60	)		—			—			—			(60	)
Decommissioning Obligation Reduction (2)		0.02			15			—			—			—			15
2008 GAAP Earnings (Loss)	$	1.06		$	635		$	33		$	90		$	(58	)	$	700

(1) Reflects the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.

(2) Reflects a decrease in Generation’s decommissioning obligation liability primarily related to the AmerGen nuclear plants.

(3) Primarily reflects higher realized prices on market sales and higher nuclear output, partially offset by increased nuclear fuel costs.

(4) Primarily reflects in 2008 the impact of increased transmission and distribution revenue at ComEd resulting from the 2007 transmission and distribution rate cases, partially offset by a reduction in PECO’s distribution rates made to refund the 2007 Pennsylvania Public Utility Realty Tax Act (PURTA) tax settlement to customers (completely offset by lower taxes other than income as noted in number 13 below).

(5) For PECO and ComEd, reflects actual and expected future increases in customer account charge-offs pursuant to increased customer terminations and, in part, current overall negative economic conditions. For Generation, reflects reserve for counterparty exposure to Lehman Brothers Holdings, Inc.

(6) Primarily reflects labor-related inflation across the operating companies.

(7) Reflects the costs associated with the possible construction of a new nuclear plant in Texas.

(8) Reflects discrete disallowances, net of allowed regulatory assets, mandated by the September 2008 ICC order in ComEd’s 2007 delivery service rate case.

(9) Primarily reflects increased nuclear refueling and operating maintenance and inspection costs at Generation and increased storm costs at PECO, partially offset by reduced stock-based compensation costs across the operating companies.

(10) Primarily reflects increased amortization at PECO due to increased scheduled competitive transition charge (CTC) amortization.

(11) Reflects the 2007 reduction of a liability associated with PECO’s property taxes under the PURTA settlement.

(12) Primarily reflects higher marginal tax rates applicable to realized losses in the qualified nuclear decommissioning trusts and a decrease in PECO’s pre-tax income at marginal rates higher than effective rates.

(13) Primarily reflects lower realized income on nuclear decommissioning trust funds at Generation, partially offset by decreased taxes other than income at PECO (completely offset by lower revenues as noted in number 4 above).

(14) Reflects the impact on earnings per share due to a decrease in Exelon’s diluted common shares outstanding.

9

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Earnings By Business Segment (in millions)

Nine Months Ended September 30, 2008 and 2007

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exelon
2007 GAAP Earnings (Loss)	$	3.20		$	1,686		$	98		$	392		$		(3)	$	2,173
2007 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		0.14			77			19			—			—			96
Mark-to-Market Impact of Economic Hedging Activities		0.12			83			(1	)		—			(2	)		80
Investments in Synthetic Fuel-Producing Facilities (1)		(0.10	)		—			—			—			(69	)		(69	)
Gain from Sale of Generation’s investments in TEG and TEP		(0.01	)		(11	)		—			—			—			(11	)
Decommissioning Obligation Reduction (2)		(0.03	)		(18	)		—			—			—			(18	)
Settlement of a Tax Matter at Generation Related to Sithe		(0.01	)		(5	)		—			—			—			(5	)
2007 Adjusted (non-GAAP) Operating Earnings (Loss)		3.31			1,812			116			392			(74	)		2,246
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (3)		0.17			116			—			—			—			116
ComEd and PECO Energy Margins:
Weather		(0.08	)		—			(23	)		(33	)		—			(56	)
Other Energy Delivery (4)		0.10			—			77			(10	)		—			67
PJM Settlement (5)		(0.04	)		(20	)		—			(7	)		—			(27	)
Bad Debt (6)		(0.14	)		(14	)		(10	)		(67	)		—			(91	)
Labor and Contracting (7)		(0.10	)		(42	)		(18	)		(8	)		—			(68	)
Nuclear Plant Development Costs (8)		(0.02	)		(16	)		—			—			—			(16	)
Planned Nuclear Refueling Outages (9)		(0.06	)		(39	)		—			—			—			(39	)
Discrete Items Resulting From the Distribution Rate Case (10)		(0.02	)		—			(15	)		—			—			(15	)
Other Operating and Maintenance Expense (11)		(0.05	)		(21	)		(4	)		(3	)		(3	)		(31	)
Depreciation and Amortization (12)		(0.09	)		(4	)		(9	)		(44	)		—			(57	)
Realized NDT Losses Related to a Tax Planning Strategy		(0.03	)		(18	)		—			—			—			(18	)
Tax Method Change - Overhead Costs (13)		0.01			(6	)		9			4			—			7
Income Taxes (14)		0.10			26			(6	)		24			19			63
Reduction of a Liability Related to Property Taxes (15)		(0.03	)		—			—			(23	)		—			(23	)
Other (16)		0.02			(12	)		(2	)		21			7			14
Share Differential (17)		0.08			—			—			—			—			—
2008 Adjusted (non-GAAP) Operating Earnings (Loss)		3.13			1,762			115			246			(51	)		2,072
2008 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		0.27			180			—			—			—			180
Decommissioning Obligation Reduction (2)		0.02			15			—			—			—			15
Settlement of a Tax Matter at Generation Related to Sithe		—			(1	)		—			—			—			(1	)
2007 Illinois Electric Rate Settlement		(0.18	)		(115	)		(5	)		—			—			(120	)
Unrealized Gains and Losses Related to NDT Fund Investments		(0.18	)		(116	)		—			—			—			(116	)
2008 GAAP Earnings	$	3.06		$	1,725		$	110		$	246		$	(51	)	$	2,030

(1) Reflects the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.

(2) Reflects a decrease in Generation’s decommissioning obligation liability primarily related to the AmerGen nuclear plants.

(3) Primarily reflects higher realized prices on market sales, increased revenue from certain long options in Generation’s proprietary trading portfolio, and gains related to the settlement of uranium supply agreements, partially offset by increased nuclear fuel costs and lower nuclear output due to more planned and unplanned refueling outage days in 2008.

(4) Primarily reflects in 2008 the impact of increased transmission and distribution revenue at ComEd resulting from the 2007 transmission and distribution rate cases, partially offset by a reduction in PECO’s distribution rates made to refund the PURTA tax settlement to customers (completely offset by lower taxes other than income as noted in number 16 below).

(5) Reflects the favorable 2007 PJM Interconnection, LLC billing settlement with PPL Electric approved by the Federal Energy Regulatory Commission.

(6) For PECO and ComEd, reflects actual and expected future increases in customer account charge-offs pursuant to increased customer terminations and, in part, current overall negative economic conditions. For Generation, reflects reserve for counterparty exposure to Lehman Brothers Holdings, Inc.

(7) Primarily reflects labor-related inflation across the operating companies.

(8) Reflects the costs associated with the possible construction of a new nuclear plant in Texas.

(9) Reflects increased operating and maintenance expense related to planned nuclear refueling outage costs, excluding Salem.

(10) Reflects discrete disallowances, net of allowed regulatory assets, mandated by the September 2008 ICC order in ComEd’s 2007 delivery service rate case.

(11) Primarily reflects increased operating maintenance and inspection costs at Generation and increased 2008 storm costs in the PECO service territory, partially offset by reduced stock-based compensation costs across the operating companies.

(12) Primarily reflects increased amortization at PECO due to increased scheduled CTC amortization and increased depreciation at Generation and ComEd due to increased capital expenditures.

(13) Reflects a favorable income tax benefit associated with Exelon’s method of capitalizing overhead costs.

(14) Primarily reflects favorable state income tax settlements, higher marginal tax rates applicable to realized losses in the qualified nuclear decommissioning trusts and a decrease in PECO’s pre-tax income at marginal rates higher than effective rates.

(15) Reflects the 2007 reduction of a liability associated with PECO’s property taxes under the PURTA settlement.

(16) For Generation, primarily reflects increased taxes other than income (property and payroll taxes) and increased interest expense, partially offset by income related to the termination of a gas supply guarantee. For ComEd, primarily reflects increased interest expense, partially offset by decreased taxes other than income. For PECO, primarily reflects decreased taxes other than income (completely offset by lower revenues as noted in number 4 above) and decreased interest expense.

(17) Reflects the impact on earnings per share due to a decrease in Exelon’s diluted common shares outstanding.

10

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	Generation
	Three Months Ended September 30, 2008									Three Months Ended September 30, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	3,073			$41	(b)	$	3,114		$	2,837		$	122	(b)	$	2,959
Operating expenses
Purchased power		528			356	(c)		884			808			(32	)(c)		776
Fuel		669			(198	)(c)		471			467			32	(c)		499
Operating and maintenance		625			25	(d)		650			544			29	(d)		573
Depreciation and amortization		58			—			58			66			—			66
Taxes other than income		53			—			53			47			—			47
Total operating expenses		1,933			183			2,116			1,932			29			1,961
Operating income		1,140			(142	)		998			905			93			998
Other income and deductions
Interest expense, net		(34	)		—			(34	)		(35	)		—			(35	)
Other, net		(164	)		170	(e)		6			15			—			15
Total other income and deductions		(198	)		170			(28	)		(20	)		—			(20	)
Income before income taxes		942			28			970			885			93			978
Income taxes		307			54	(b),(c),(d),(e)		361			336			34	(b),(c),(d)		370
Income from continuing operations		635			(26	)		609			549			59			608
Income (loss) from discontinued operations		—			—			—			(1	)		1	(f)		—
Net income	$	635		$	(26	)	$	609		$	548		$	60		$	608
	Nine Months Ended September 30, 2008									Nine Months Ended September 30, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	8,311		$	184	(b)	$	8,495		$	8,181		$	122	(b)	$	8,303
Operating expenses
Purchased power		1,704			210	(c)		1,914			1,939			(177	)(c)		1,762
Fuel		1,211			88	(c)		1,299			1,374			40	(c)		1,414
Operating and maintenance		2,023			25	(d)		2,048			1,801			29	(d)		1,830
Depreciation and amortization		202			—			202			199			—			199
Taxes other than income		153			—			153			135			—			135
Total operating expenses		5,293			323			5,616			5,448			(108	)		5,340
Operating income		3,018			(139	)		2,879			2,733			230			2,963
Other income and deductions
Interest expense, net		(108	)		—			(108	)		(100	)		—			(100	)
Equity in earnings (losses) of investments		(1	)		—			(1	)		2			—			2
Other, net		(292	)		335	(e)		43			68			(18	) (f)		50
Total other income and deductions		(401	)		335			(66	)		(30	)		(18	)		(48	)
Income before income taxes		2,617			196			2,813			2,703			212			2,915
Income taxes		891			160	(b),(c),(d),(e)		1,051			1,021			81	(b),(c),(d),(f)		1,102
Income from continuing operations		1,726			36			1,762			1,682			131			1,813
Income (loss) from discontinued operations		(1	)		1	(e)		—			4			(5	)(e)		(1	)
Net income	$	1,725		$	37		$	1,762		$	1,686		$	126		$	1,812

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(c) Adjustment to exclude the mark-to-market impact of Generation’s economic hedging activities.

(d) Adjustment to exclude the decrease in Generation’s decommissioning obligation primarily related to the AmerGen nuclear plants.

(e) Adjustment to exclude the unrealized gains and losses associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.

(f) Adjustment to exclude the settlement of tax matters at Generation related to Sithe.

(g) Adjustment to exclude the gain related to the first quarter 2007 sale of Generation’s ownership interest in TEG and TEP.

11

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	ComEd
	Three Months Ended September 30, 2008									Three Months Ended September 30, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	1,729		$	2	(b)	$	1,731		$	1,758		$	3	(b),(c)	$	1,761
Operating expenses
Purchased power		1,068			—			1,068			1,100			—			1,100
Operating and maintenance		317			—			317			268			—			268
Depreciation and amortization		119			—			119			110			—			110
Taxes other than income		87			—			87			87			—			87
Total operating expenses		1,591			—			1,591			1,565			—			1,565
Operating income		138			2			140			193			3			196
Other income and deductions
Interest expense, net		(87	)		—			(87	)		(90	)		—			(90	)
Equity in losses of unconsolidated affiliates		(2	)		—			(2	)		(2	)		—			(2	)
Other, net		3			—			3			4			—			4
Total other income and deductions		(86	)		—			(86	)		(88	)		—			(88	)
Income before income taxes		52			2			54			105			3			108
Income taxes		19			1	(b)		20			40			1	(b),(c)		41
Net income	$	33		$	1		$	34		$	65		$	2		$	67
	Nine Months Ended September 30, 2008									Nine Months Ended September 30, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	4,594		$	5	(b)	$	4,599		$	4,668		$	22	(b),(c)	$	4,690
Operating expenses
Purchased power		2,729			—			2,729			2,906			—			2,906
Operating and maintenance		845			(4	)(b)		841			778			(8	)(b)		770
Depreciation and amortization		343			—			343			327			—			327
Taxes other than income		227			—			227			243			—			243
Total operating expenses		4,144			(4	)		4,140			4,254			(8	)		4,246
Operating income		450			9			459			414			30			444
Other income and deductions
Interest expense, net		(279	)		—			(279	)		(259	)		—			(259	)
Equity in losses of unconsolidated affiliates		(7	)		—			(7	)		(6	)		—			(6	)
Other, net		12			—			12			10			—			10
Total other income and deductions		(274	)		—			(274	)		(255	)		—			(255	)
Income before income taxes		176			9			185			159			30			189
Income taxes		66			4	(b)		70			61			12	(b)		73
Net income	$	110		$	5		$	115		$	98		$	18		$	116

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(c) Adjustment to exclude the mark-to-market impact of ComEd’s economic hedging activities.

12

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	PECO
	Three Months Ended September 30, 2008								Three Months Ended September 30, 2007
	GAAP (a)			Adjustments		Adjusted Non-GAAP			GAAP (a)			Adjustments		Adjusted Non-GAAP
Operating revenues	$	1,441		$	—	$	1,441		$	1,459		$	—	$	1,459
Operating expenses
Purchased power		693			—		693			683			—		683
Fuel		50			—		50			37			—		37
Operating and maintenance		192			—		192			152			—		152
Depreciation and amortization		243			—		243			221			—		221
Taxes other than income		73			—		73			70			—		70
Total operating expenses		1,251			—		1,251			1,163			—		1,163
Operating income		190			—		190			296			—		296
Other income and deductions
Interest expense, net		(55	)		—		(55	)		(61	)		—		(61	)
Equity in losses of unconsolidated affiliates		(4	)		—		(4	)		(1	)		—		(1	)
Other, net		2			—		2			25			—		25
Total other income and deductions		(57	)		—		(57	)		(37	)		—		(37	)
Income before income taxes		133			—		133			259			—		259
Income taxes		43			—		43			91			—		91
Net income	$	90		$	—	$	90		$	168		$	—	$	168
	Nine Months Ended September 30, 2008								Nine Months Ended September 30, 2007
	GAAP (a)			Adjustments		Adjusted Non-GAAP			GAAP (a)			Adjustments		Adjusted Non-GAAP
Operating revenues	$	4,195		$	—	$	4,195		$	4,228		$	—	$	4,228
Operating expenses
Purchased power		1,859			—		1,859			1,796			—		1,796
Fuel		397			—		397			422					422
Operating and maintenance		557			—		557			446			—		446
Depreciation and amortization		653			—		653			591			—		591
Taxes other than income		203			—		203			212			—		212
Total operating expenses		3,669			—		3,669			3,467			—		3,467
Operating income		526			—		526			761			—		761
Other income and deductions
Interest expense, net		(171	)		—		(171	)		(188	)		—		(188	)
Equity in losses of unconsolidated affiliates		(11	)		—		(11	)		(5	)		—		(5	)
Other, net		13			—		13			36			—		36
Total other income and deductions		(169	)		—		(169	)		(157	)		—		(157	)
Income before income taxes		357			—		357			604			—		604
Income taxes		111			—		111			212			—		212
Net income	$	246		$	—	$	246		$	392		$	—	$	392

(a) Results reported in accordance with GAAP.

13

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

		Other
	Three Months Ended September 30, 2008									Three Months Ended September 30, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	(1,015	)	$	—		$	(1,015	)	$	(1,022	)	$	—		$	(1,022	)
Operating expenses
Purchased power		(962	)		(51	)(b)		(1,013	)		(1,023	)		4	(b)		(1,019	)
Fuel		(1	)		—			(1	)		(1	)		—			(1	)
Operating and maintenance		(13	)		—			(13	)		30			(39	)(c)		(9	)
Depreciation and amortization		11			—			11			11			—			11
Taxes other than income		5			—			5			4			—			4
Total operating expenses		(960	)		(51	)		(1,011	)		(979	)		(35	)		(1,014	)
Operating income (loss)		(55	)		51			(4	)		(43	)		35			(8	)
Other income and deductions
Interest expense, net		(27	)		—			(27	)		(25	)		1	(c)		(24	)
Equity in losses of unconsolidated affiliates and investments		—			—			—			(17	)		17	(c)		—
Other, net		1			—			1			74			(74	)(c)		—
Total other income and deductions		(26	)		—			(26	)		32			(56	)		(24	)
Loss from continuing operations before income taxes		(81	)		51			(30	)		(11	)		(21	)		(32	)
Income taxes		(23	)		20	(b)		(3	)		(8	)		(2	)(b),(c)		(10	)
Income (loss) from continuing operations		(58	)		31			(27	)		(3	)		(19	)		(22	)
Loss from discontinued operations		—			—			—			2			—			2
Net income (loss)	$	(58	)	$	31		$	(27	)	$	(1	)	$	(19	)	$	(20	)
	Nine Months Ended September 30, 2008									Nine Months Ended September 30, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	(2,734	)	$	—		$	(2,734	)	$	(2,715	)	$	—		$	(2,715	)
Operating expenses
Purchased power		(2,727	)		—			(2,727	)		(2,710	)		4	(b)		(2,706	)
Fuel		—			—			—			(1	)		—			(1	)
Operating and maintenance		(25	)		—			(25	)		89			(106	)(c)		(17	)
Depreciation and amortization		32			—			32			29			—			29
Taxes other than income		14			—			14			13			—			13
Total operating expenses		(2,706	)		—			(2,706	)		(2,580	)		(102	)		(2,682	)
Operating income (loss)		(28	)		—			(28	)		(135	)		102			(33	)
Other income and deductions
Interest expense, net		(80	)		—			(80	)		(91	)		3	(c)		(88	)
Equity in losses of unconsolidated affiliates and investments		—			—			—			(80	)		80	(c)		—
Other, net		11			—			11			110			(102	)(c)		8
Total other income and deductions		(69	)		—			(69	)		(61	)		(19	)		(80	)
Loss from continuing operations before income taxes		(97	)		—			(97	)		(196	)		83			(113	)
Income taxes		(46	)		—			(46	)		(187	)		154	(b),(c)		(33	)
Income (loss) from continuing operations		(51	)		—			(51	)		(9	)		(71	)		(80	)
Income from discontinued operations		—			—			—			6			—			6
Net income (loss)	$	(51	)	$	—		$	(51	)	$	(3	)	$	(71	)	$	(74	)

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities associated with Generation’s and ComEd’s financial swap contract.

(c) Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.

14

EXELON CORPORATION

Exelon Generation Statistics

	Three Months Ended
	September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007		September 30, 2007
Supply (in GWhs)
Nuclear		36,451		35,069		32,935		34,296		36,356
Purchased Power - Generation		8,761		5,575		5,827		9,068		11,689
Fossil and Hydro		2,685		2,910		2,812		2,350		3,067
Power Team Supply		47,897		43,554		41,574		45,714		51,112
	Three Months Ended
	September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007		September 30, 2007
Electric Sales (in GWhs)
ComEd		6,629		5,218		6,092		5,362		6,628
PECO		11,333		9,761		10,112		9,957		11,374
Market and Retail		29,935		28,575		25,370		30,395		33,110
Total Electric Sales (a) (b)		47,897		43,554		41,574		45,714		51,112
Average Margin ($/MWh)
Average Realized Revenue
ComEd (c)	$	64.41	$	63.82	$	63.20	$	63.22	$	64.57
PECO		53.03		52.04		48.75		49.31		51.96
Market and Retail (c)		65.98		61.91		57.19		54.81		56.00
Total Electric Sales		62.70		59.93		56.02		54.60		56.21
Average Purchased Power and Fuel Cost (d) (e)	$	26.16	$	19.40	$	17.25	$	18.90	$	23.61
Average Margin (e)	$	36.54	$	40.53	$	38.77	$	35.70	$	32.60
Around-the-clock Market Prices ($/MWh) (f)
PJM West Hub	$	77.37	$	75.65	$	68.53	$	58.68	$	63.34
NiHub		53.28		51.39		53.35		45.92		47.02

(a) Excludes retail gas sales, trading portfolio and other operating revenue.

(b) Total sales do not include trading volume of 3,092 GWhs, 1,784 GWhs, 1,862 GWhs, 4,780 GWhs and 5,667 GWhs for the three months ended September 30, 2008, June 30, 2008, March 31, 2008, December 31, 2007 and September 30, 2007, respectively.

(c) $15 million of pre-tax reduction in revenue during the three months ended September 30, 2008, resulting from the settlement of the ComEd swap starting in June 2008 has been excluded from ComEd and included in Market and Retail sales.

(d) Excludes the net impact of the $119 million pre-tax loss associated with Generation’s tolling agreement with Georgia Power related to the contract with Tenaska and costs associated with the termination of the State Line PPA during the three months ended December 31, 2007.

(e) Excludes the mark-to-market impact of Generation’s economic hedging activities.

(f) Represents the average for the quarter.

15

EXELON CORPORATION

Exelon Generation Statistics

Nine Months Ended September 30, 2008 and 2007

	September 30, 2008		September 30, 2007
Supply (in GWhs)
Nuclear		104,454		106,063
Purchased Power - Generation		20,164		28,951
Fossil and Hydro		8,407		8,920
Power Team Supply		133,025		143,934
	September 30, 2008		September 30, 2007
Electric Sales (in GWhs)
ComEd		17,939		17,700
PECO		31,206		31,385
Market and Retail		83,880		94,849
Total Electric Sales (a) (b)		133,025		143,934
Average Margin ($/MWh)
Average Realized Revenue
ComEd (c)	$	63.83	$	64.29
PECO		51.34		49.96
Market and Retail (c)		61.93		54.52
Total Electric Sales		59.70		54.73
Average Purchased Power and Fuel Cost (d)	$	21.16	$	19.75
Average Margin (d)	$	38.54	$	34.98
Around-the-clock Market Prices ($/MWh) (e)
PJM West Hub	$	73.86	$	60.26
NiHub		52.68		45.40

(a) Excludes retail gas sales, trading portfolio and other operating revenue.

(b) Total sales do not include trading volume of 6,738 GWhs and 15,543 GWhs for the nine months ended September 30, 2008 and 2007, respectively.

(c) $22 million of pre-tax reduction in revenue resulting from the settlement of the ComEd swap starting in June 2008 has been excluded from ComEd and included in Market and Retail sales.

(d) Excludes the mark-to-market impact of Generation’s economic hedging activities.

(e) Represents the average for the year.

16

EXELON CORPORATION

ComEd Statistics

Three Months Ended September 30, 2008 and 2007

	Electric Deliveries (in GWhs)					Revenue (in millions)
	2008		2007	% Change		2008			2007		% Change
Full Service (a)
Residential	8,114		8,997	(9.8	%)	$	950		$	987	(3.7	%)
Small Commercial & Industrial	4,047		4,330	(6.5	%)		428			438	(2.3	%)
Large Commercial & Industrial	319		351	(9.1	%)		31			29	6.9	%
Public Authorities	168		167	0.6	%		14			15	(6.7	%)
Total Full Service	12,648		13,845	(8.6	%)		1,423			1,469	(3.1	%)
Delivery Only (b)
Residential	(c	)	n.m.				(c	)		n.m.
Small Commercial & Industrial	4,932		4,927	0.1	%		75			74	1.4	%
Large Commercial & Industrial	7,379		7,307	1.0	%		78			75	4.0	%
Public Authorities & Electric Railroads	137		126	8.7	%		2			1	100.0	%
Total Delivery Only	12,448		12,360	0.7	%		155			150	3.3	%
Total Retail	25,096		26,205	(4.2	%)		1,578			1,619	(2.5	%)
Other Revenue (d)							151			139	8.6	%
Total Revenues						$	1,729		$	1,758	(1.6	%)
Purchased Power						$	1,068		$	1,100	(2.9	%)
Heating and Cooling Degree-Days	2008		2007	Normal
Heating Degree-Days	53		57	110
Cooling Degree-Days	626		746	624

Nine Months Ended September 30, 2008 and 2007

	Electric Deliveries (in GWhs)					Revenue (in millions)
	2008		2007	% Change		2008			2007		% Change
Full Service (a)
Residential	21,521		22,445	(4.1	%)	$	2,444		$	2,409	1.5	%
Small Commercial & Industrial	11,392		12,774	(10.8	%)		1,169			1,254	(6.8	%)
Large Commercial & Industrial	803		1,630	(50.7	%)		73			128	(43.0	%)
Public Authorities	481		563	(14.6	%)		40			49	(18.4	%)
Total Full Service	34,197		37,412	(8.6	%)		3,726			3,840	(3.0	%)
Delivery Only (b)
Residential	(c	)	n.m.				(c	)		n.m.
Small Commercial & Industrial	14,029		12,813	9.5	%		211			193	9.3	%
Large Commercial & Industrial	21,133		20,514	3.0	%		215			209	2.9	%
Public Authorities & Electric Railroads	423		394	7.4	%		5			4	25.0	%
Total Delivery Only	35,585		33,721	5.5	%		431			406	6.2	%
Total Retail	69,782		71,133	(1.9	%)		4,157			4,246	(2.1	%)
Other Revenue (d)							437			422	3.6	%
Total Revenues						$	4,594		$	4,668	(1.6	%)
Purchased Power						$	2,729		$	2,906	(6.1	%)
Heating and Cooling Degree-Days	2008		2007	Normal
Heating Degree-Days	4,225		3,882	4,084
Cooling Degree-Days	818		1,055	848

(a) Full service reflects deliveries to customers taking electric service under tariff rates which include the cost of electricity and the cost of the transmission and distribution of the electricity.

(b) Delivery only service reflects customers electing to receive electricity from a competitive electric generation supplier. Revenue from customers choosing a competitive electric generation supplier includes a distribution charge.

(c) All ComEd customers have the choice to purchase electricity from a competitive electric supplier. This choice does not impact the volume of deliveries, but affects revenue collected from customers related to supplied electricity and generation service. As of September 30, 2008, six competitive electric suppliers had been granted approval to serve residential customers in the ComEd service territory, however there are a minimal number of residential customers being served by alternative suppliers with total activity of less than 1 GWh and $1 million.

(d) Other revenue includes transmission revenue from PJM, sales to municipalities, other wholesale energy sales and economic hedge derivative contracts.

n.m.- Not meaningful

17

EXELON CORPORATION

PECO Statistics

Three Months Ended September 30, 2008 and 2007

	Electric and Gas Deliveries				Revenue (in millions)
	2008	2007	% Change		2008		2007		% Change
Electric (in GWhs)
Full Service (a)
Residential	3,802	3,889	(2.2	%)	$	591	$	611	(3.3	%)
Small Commercial & Industrial	2,258	2,255	0.1	%		293		299	(2.0	%)
Large Commercial & Industrial	4,445	4,484	(0.9	%)		376		373	0.8	%
Public Authorities & Electric Railroads	221	249	(11.2	%)		22		23	(4.3	%)
Total Full Service	10,726	10,877	(1.4	%)		1,282		1,306	(1.8	%)
Delivery Only (b)
Residential	9	12	(25.0	%)		1		1	0.0	%
Small Commercial & Industrial	131	158	(17.1	%)		7		9	(22.2	%)
Large Commercial & Industrial	1	3	(66.7	%)		—		—	0.0	%
Total Delivery Only	141	173	(18.5	%)		8		10	(20.0	%)
Total Electric Retail	10,867	11,050	(1.7	%)		1,290		1,316	(2.0	%)
Other Revenue (c)						76		76	0.0	%
Total Electric Revenue						1,366		1,392	(1.9	%)
Gas (in mmcfs)
Retail Sales	3,794	3,845	(1.3	%)		70		60	16.7	%
Transportation and Other	6,455	7,393	(12.7	%)		5		7	(28.6	%)
Total Gas	10,249	11,238	(8.8	%)		75		67	11.9	%
Total Electric and Gas Revenues					$	1,441	$	1,459	(1.2	%)
Purchased Power					$	693	$	683	1.5	%
Fuel						50		37	35.1	%
Total Purchased Power and Fuel					$	743	$	720	3.2	%
Heating and Cooling Degree-Days	2008	2007	Normal
Heating Degree-Days	12	19	36
Cooling Degree-Days	942	1,005	939

Nine Months Ended September 30, 2008 and 2007

	Electric and Gas Deliveries				Revenue (in millions)
	2008	2007	% Change		2008		2007		% Change
Electric (in GWhs)
Full Service (a)
Residential	10,151	10,267	(1.1	%)	$	1,485	$	1,505	(1.3	%)
Small Commercial & Industrial	6,257	6,319	(1.0	%)		793		803	(1.2	%)
Large Commercial & Industrial	12,520	12,445	0.6	%		1,074		1,043	3.0	%
Public Authorities & Electric Railroads	681	683	(0.3	%)		66		66	0.0	%
Total Full Service	29,609	29,714	(0.4	%)		3,418		3,417	0.0	%
Delivery Only (b)
Residential	24	33	(27.3	%)		2		2	0.0	%
Small Commercial & Industrial	370	446	(17.0	%)		20		24	(16.7	%)
Large Commercial & Industrial	3	10	(70.0	%)		—		—	0.0	%
Total Delivery Only	397	489	(18.8	%)		22		26	(15.4	%)
Total Electric Retail	30,006	30,203	(0.7	%)		3,440		3,443	(0.1	%)
Other Revenue (c)						212		208	1.9	%
Total Electric Revenue						3,652		3,651	0.0	%
Gas (in mmcfs)
Retail Sales	36,979	41,130	(10.1	%)		522		543	(3.9	%)
Transportation and Other	20,806	20,370	2.1	%		21		34	(38.2	%)
Total Gas	57,785	61,500	(6.0	%)		543		577	(5.9	%)
Total Electric and Gas Revenues					$	4,195	$	4,228	(0.8	%)
Purchased Power					$	1,859	$	1,796	3.5	%
Fuel						397		422	(5.9	%)
Total Purchased Power and Fuel					$	2,256	$	2,218	1.7	%
Heating and Cooling Degree-Days	2008	2007	Normal
Heating Degree-Days	2,744	3,031	3,004
Cooling Degree-Days	1,335	1,403	1,271

(a) Full service reflects deliveries to customers taking electric service under tariff rates, which include the cost of electricity, the cost of transmission and distribution of the electricity and a CTC.

(b) Delivery only service reflects customers electing to receive electricity from a competitive electric generation supplier. Revenue from customers choosing a competitive electric generation supplier includes a distribution charge and a CTC.

(c) Other revenue includes transmission revenue from PJM, wholesale revenue and other revenues.

18

EX-99.2

Earnings Conference Call

3   Quarter 2008

October 24, 2008

EXHIBIT 99.2

rd

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 2007 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 19; (2) Exelon’s Third Quarter 2008 Quarterly

Report on Form 10-Q (to be filed on October 24, 2008) in (a) Part II, Other Information, ITEM

1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 12;

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 and non-

GAAP cash flows that exclude the impact of certain factors. We believe that these adjusted

operating earnings and cash flows are representative of the underlying operational results of

the Companies. Please refer to the attachments to the earnings release and the appendix to

this presentation for a reconciliation of adjusted (non-GAAP) operating earnings to GAAP

earnings and non-GAAP cash flows to GAAP cash flows.

3

Strong Cash Flows and Value Return

Note:  Cash Flow from Operations primarily includes net cash flows provided by operating activities, excluding counterparty collateral activity, and including net cash flows

used in investing activities other than capital expenditures.  Cash Flow from Operations in 2005 reflect discretionary pension contributions of $2 billion.

Operate well

Maintain sufficient liquidity

Limit risk

Manage the political/regulatory

environment

Maintaining Focus in

Challenging Times

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2001

2002

2003

2004

2005

2006

2007

2008E

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

Cash flow from operations

Annual cash dividend / share

Announcing 5%

increase in annual

dividend to $2.10

We consistently generate strong cash flows and remain committed to creating and

returning value to shareholders

4

Key Financial Messages

Q3

operating

results

of

$1.07/share

powered

by

strong

Generation

fundamentals:

Nuclear capacity factor of 97.2%

12%

increase

in

average

realized

energy

margins

in

3Q08

compared

to

3Q07

Diversified

and

well-managed

counterparty

exposure

–

no

single

counterparty

represented

more

than

10%

of

Generation’s

net

exposure

as

of

September

30 

(1)

Well-positioned in these turbulent times

Strong cash flow from operations –

forecasted at over $5 billion this year

(2)

Sufficient

liquidity

–

$6.8

billion

available

under

credit

facilities

as

of

October

20

Minimal

near-term

debt

maturities

–

$29

million

in

total

through

12/31/09

(3)

Expect

2008

operating

earnings

to

be

very

close

to

the

bottom

of

$4.15-$4.30/share

range

Refer

to

Earnings

Release

Attachments

for

additional

details

and

to

the

Appendix

for

a

reconciliation

of

adjusted

(non-GAAP)

operating

EPS

to

GAAP

EPS.

(1) Does not include credit risk exposure from uranium procurement contracts or exposure through Regional Transmission Organizations, Independent System Operators and

New

York

Mercantile

Exchange

and

Intercontinental

Exchange

commodity

exchanges.

Additionally,

does

not

include

receivables

related to

the

supplier

forward

agreements

with

ComEd

and

the

PPA

with

PECO.

(2) Primarily includes net cash flows provided by operating activities, excluding counterparty collateral activity, and including net cash flows used in investing activities other than

capital expenditures.

(3) Excludes securitization debt and includes capital leases.

Exelon’s financial position and operations are strong

th

th

5

$2.67

$2.66

$0.58

$0.37

$0.17

$0.17

2007

2008

$0.90

$0.92

$0.25

$0.14

$0.10

$0.05

2007

2008

Exelon Operating EPS

$1.07

HoldCo/Other

ExGen

PECO

ComEd

3rd Quarter (Q3)

$3.13

$1.21

Year-to-Date (YTD)

Lower operating earnings at ComEd and PECO more than offset higher earnings at

Exelon Generation

Refer

to

Earnings

Release

Attachments

for

additional

details

and

to

the

Appendix

for

a

reconciliation

of

adjusted

(non-GAAP)

operating

EPS

to

GAAP EPS.

$1.15

$1.06

$3.20

$3.06

$3.31

GAAP EPS

6

Exelon Generation Operating EPS

Contribution

3Q

YTD

$0.90

$0.92

$2.66

$2.67

2008

2007

Key Drivers –

Q3 ’08 vs. Q3 ’07*

Favorable portfolio/market conditions

+$0.08

Nuclear volume +$0.02

Higher O&M costs, reflecting both

inflationary pressures and other O&M

costs –

($0.04)

Reserve associated with Lehman

bankruptcy –

($0.02)

Costs associated with possible

nuclear construction project –

($0.01)

*Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP)

operating EPS to GAAP EPS

7

Exelon Generation Has Limited

Counterparty Exposure

Net Exposure After Credit Collateral

(1)

(in millions)

Investment grade

$582

Non-investment grade

59

No external ratings

42

Total

$683

(1)

As

of

September

30,

2008.

Does

not

include

credit

risk

exposure

from

uranium

procurement

contracts

or

exposure

through

Regional

Transmission Organizations,

Independent System Operators and New York Mercantile Exchange and Intercontinental Exchange commodity exchanges. 

Additionally, does not include receivables

related to the supplier forward agreements with ComEd and the PPA with PECO. 

As of September 30  , no one counterparty represented more than 10% of Exelon

Generation’s net exposure from power marketing activities

Exelon Generation –

Ample Liquidity

Aggregate credit facility commitments of $4.8

billion

that

extend

through

2012

–

$4.7

billion

available as of 10/20/08

Strong

balance

sheet

–

A3/BBB

Senior

Unsecured Rating

Net Exposure by Type of Counterparty

(1)

Coal

Producers

13%

Financial Institutions

45%

Investor-Owned Utilities,

Marketers, and

Power Producers

38%

Other

4%

th

8

3Q

YTD

Key Drivers –

Q3 ’08 vs. Q3 ’07*

Weather –

($0.03)

Write-offs associated with final

distribution rate order  –

($0.02)

Uncollectible accounts expense –

($0.02)

Transmission revenues +$0.01

ComEd Operating EPS Contribution

2008

2007

*Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP)

operating EPS to GAAP EPS

$0.10

$0.05

$0.17

$0.17

9

3Q

YTD

PECO Operating EPS Contribution

Key Drivers –

Q3 ’08 vs. Q3 ’07*

Uncollectible accounts expense –

($0.04)

2007 reduction in reserve for property

taxes –

($0.03)

Weather –

($0.02)

CTC amortization –

($0.02)

2008

2007

*Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP)

operating EPS to GAAP EPS

$0.25

$0.14

$0.37

$0.58

10

Well-Positioned in These Challenging

Times

Nuclear –

profitable under almost any conceivable set of market conditions

Hedging program largely protects against commodity movements in the near term

–

over 90%

financially hedged in 2009

and over 80%

financially hedged in 2010

Hedged Against

Short-Term Volatility

in Commodities

$7.3 billion in aggregate credit facility commitments that extend largely through

2012 –

$6.8 billion available as of 10/20/08

24 banks committed to the facility –

with each bank having less than 10% of

the aggregate commitments at Exelon

No debt maturities for the remainder of 2008 and $29 million, in

total, in FY2009

(1)

Sufficient Liquidity

Power marketing activities are governed by tight risk management

policies –

proprietary trading activities are minimal

Diversified, high quality counterparties

Daily monitoring of positions, exposure and financial condition of counterparties

Collateral required from non-investment grade counterparties

Financially

Disciplined

World-class nuclear operations –

94% capacity factor YTD 2008

Constructive rate cases at ComEd and PECO

Final ComEd rate order provides for $273.6 million increase in annual

distribution revenues

PAPUC approval of PECO gas rate agreement provides for $76.5 million

increase in annual gas revenues

Strong Operations

Exelon Position

(1) Excludes securitization debt, which is repaid through customer-collected revenues, and includes capital leases.

11

Generating Strong Cash Flows from

Operations…

(1)

Primarily includes net cash flows provided by operating activities, excluding counterparty collateral activity, and including 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 $2.025 per share.

(4)

Excludes securitization debt, which is repaid through customer-collected revenues, and includes capital leases.

2008 Projected Sources and Uses of Cash

$115

Cash available after Dividend

($1,335)

Dividend

(3)

$1,450

Cash available before Dividend

($500)

Net Financing (excluding Dividend)

(2)

($3,250)

Capital Expenditures

$5,200

Cash Flow from Operations

(1)

Exelon

$ Millions

Our operations are expected to

generate over $5 billion of cash

flow this year

2008 Financing Plan is complete 

No required financings or

additional maturities remain in

2008

(4)

12

…with Sufficient Liquidity…

(1) Excludes previous commitment from Lehman Brothers Bank.

(2) Available Capacity Under Facility represents the unused

bank

commitments

under the borrower’s credit agreements net of outstanding letters of credit.  The amount of

commercial paper outstanding does not reduce the available capacity under the credit agreements.

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

($160)

--

--

($160)

Outstanding Facility Draws

($347)

($175)

--

($166)

Outstanding Letters of Credit

$7,317

$4,834

$574

$952

Aggregate Bank Commitments

(1)

$6,810

$4,659

$574

$626

Available Capacity Under Facility

(2)

($35)

--

($35)

--

Outstanding Commercial Paper

$6,775

$4,659

$539

$626

Available Capacity Less Outstanding

Commercial Paper

Exelon

(3)

($ in Millions)

We have minimal commercial paper outstanding and our bank facility is largely untapped

Available Capacity Under Bank Facility as of October 20, 2008

13

…and Minimal Debt Maturities

Note:

Balances

shown

for

securitization

debt

represent

for

ComEd

the

expected

amortization

of

the

transition

bonds

issued

by

ComEd

Transitional

Funding

Trust,

for

PECO

the

expected

amortization

of

the

transition

bonds

or

PECO

Energy

Transition

Trust

and

for

Exelon

the

aggregate

of

the

expected

amortization

of

such

transition

bonds.

$483

$495

$12

$29

$17

$12

$0

$100

$200

$300

$400

$500

$600

Exelon

ComEd

PECO

Exelon Generation

Securitized

Nonsecuritized

4Q2008 -

FY2009 Debt Maturities

No debt maturities

remaining in 2008

Excluding securitization

debt, only $29 million of

debt maturities in 2009

14

Appendix

15

ComEd

PECO

Q3

YTD

Q3

YTD

Customer Growth

0.3%

0.7%

0.5%

0.4%

Utilization (UPC Growth)

(1.1%)

0.1%

1.9%

2.1%

Weather

(9.0%)

(4.9%)

(4.7%)

(3.7%)

Change in Residential Deliveries

(9.8%)

(4.1%)

(2.3%)

(1.2%)

ComEd and PECO Facing Lower than

Forecasted Load Growth

Residential Load Growth Statistics

ComEd 2008 Weather-

Normalized Total Deliveries

0.8%

0.2%

0.7%

2.3%

Q3

1.1%

Total Deliveries

0.9%

Large C&I

(0.5%)

Small C&I

2.5%

Residential

YTD

(0.2%)

1.3%

(1.1%)

(0.8%)

Q3

0.3%

Total Deliveries

(0.1%)

Large C&I

0.5%

Small C&I

0.8%

Residential

YTD

PECO 2008 Weather-

Normalized Total Deliveries

16

Constructive Outcome in ComEd

Distribution Rate Case

The ICC issued a final Order in ComEd’s distribution rate case –

granting a revenue increase of $273.6 million that took effect on

September 16, 2008:

(14)

345

359

Depreciation and Amortization

$(87)

274

361

Total Revenue Increase

3  

129

132

Other Revenues

(11)

987

998

O&M Expenses

(22)

10.30% ROE /   

45.04% Equity

10.75% ROE /

45.11% Equity

ROE / Cap Structure

$(43)

$6,694

$7,071

Rate Base

Impact on

Revenue

Increase

ICC Order

ComEd

Original

Request

($ in millions)

The final order in ComEd’s distribution rate case was a constructive outcome,

providing for an annual increase in distribution revenues of $274 million

17

Market Price Snapshot

Rolling 12 months, as of October 20, 2008. Source: OTC quotes and electronic trading system. Quotes are daily.

50

60

70

80

90

100

110

10/07

11/07

12/07

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

50

60

70

80

90

100

110

120

130

140

150

10/07

11/07

12/07

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

7

7.5

8

8.5

9

9.5

10

10.5

11

11.5

12

10/07

11/07

12/07

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

30

35

40

45

50

55

60

65

70

75

10/07

11/07

12/07

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

Forward NYMEX Natural Gas

PJM-West and Ni-Hub On-Peak Forward Prices

PJM-West and Ni-Hub Wrap Forward Prices

2010 Ni-Hub

2011 Ni-Hub

2011 PJM-West

2010 PJM-West

2010

2011

2010 Ni-Hub

2011 Ni-Hub

2011 PJM-West

2010 PJM-West

Forward NYMEX Coal

2010

2011

$7.83

$7.83

$81.25

$76.50

$73.45

$73.15

$56.00

$37.25

$53.77

$53.90

$34.95

$55.75

18

Market Price Snapshot

Rolling 12 months, as of October 20, 2008. Source: OTC quotes and electronic trading system. Quotes are daily.

7.5

8.5

9.5

10.5

11.5

12.5

13.5

14.5

15.5

16.5

17.5

18.5

10/07

11/07

12/07

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

8

8.2

8.4

8.6

8.8

9

9.2

9.4

9.6

9.8

10

10/07

11/07

12/07

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

7

7.5

8

8.5

9

9.5

10

10.5

11

11.5

12

10/07

11/07

12/07

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

65

70

75

80

85

90

95

100

10/07

11/07

12/07

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

2011

2010

2010

2011

2010

2011

Houston Ship Channel Natural Gas

Forward Prices

ERCOT North On-Peak Forward Prices

ERCOT North On-Peak v. Houston Ship Channel

Implied Heat Rate

2010

2011

ERCOT On Peak Spark Spread

Assumes a 7.2 Heat Rate, $1.50 O&M, and $.15 adder

$7.48

$7.50

$65.97

$65.59

$8.77

$8.80

$9.15

$9.39

19

Large and Diverse Bank Group

Exelon

has

a

large

and

diverse

bank

group

with

over

$7.3

billion

in

aggregate

credit

facility commitments –

24 banks committed to the facility with each bank having less than

10% of the aggregate commitments at Exelon

•

Bank of America, N.A. / Merrill Lynch USA

(2)

•

The Royal Bank of Scotland PLC (RBS)

•

Barclays Bank PLC

•

JP Morgan Chase Bank, N.A.

•

The Bank of Nova Scotia (Scotia)

•

Wachovia Bank, N.A.

•

Citibank, N.A.

•

Commerzbank

AG

•

BNP Paribas

•

Deutsche Bank AG, New York Branch

•

Credit Suisse, Cayman Islands Branch

•

Morgan Stanley Bank

•

UBS Loan Finance LLC

•

The Bank of New York / Mellon Bank, N.A.

•

Mizuho Corporate Bank, LTD

•

Goldman Sachs

(3)

•

The Bank of Tokyo-Mitsubishi UFJ, LTD

•

KeyBank

N.A.

•

U.S. Bank, N.A.

•

SunTrust Bank

•

Union Bank of California, N.A.

•

The Northern Trust Company

•

Malayan Banking Berhad

(May Bank)

•

National City Bank

(1)

As of October 20, 2008.

(2)

Assumes that Bank of America assumes Merrill Lynch’s previous commitment.

(3)

Includes

funding

commitments

by

Williams

Street

Commitment

Corporation,

Williams

Street

Credit

Corporation,

Goldman

Sachs

Credit

Partners,

L.P.

Banks Committed to Exelon’s Facilities

(1)

20

Projected 2008 Key Credit Measures

A3

A2

Baa2

Baa1

Moody’s

Credit

Ratings

(3)

BBB

A-

BBB+

BBB-

S&P Credit

Ratings

(3)

2.9x

3.1x

FFO / Interest

ComEd:

14%

13%

FFO / Debt

54%

58%

Rating Agency Debt Ratio

5.6x

4.3x

FFO / Interest

PECO:

30%

16%

FFO / Debt

60%

54%

Rating Agency Debt Ratio

39%

59%

Rating Agency Debt Ratio

127%

60%

FFO / Debt

23.1x

9.2x

FFO / Interest

Exelon

Generation:

64%

38%

6.7x

Without PPA &

Pension / OPEB

(2)

69%

Rating Agency Debt Ratio

28%

FFO / Debt

5.4x

FFO / Interest

Exelon

Consolidated:

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

10/21/08.

On

October

21,

2008,

S&P

put

Exelon,

ComEd,

PECO

and

Exelon

Generation

on

Creditwatch

with

negative

implications.

21

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.

22

Q3 GAAP EPS Reconciliation

0.03

0.03

-

-

-

Investments in synthetic fuel-producing facilities

0.03

-

-

-

0.03

Nuclear decommissioning obligation reduction

$1.15

($0.01)

$0.25

$0.10

$0.81

Q3 2007 GAAP Earnings (Loss) Per Share

$1.21

($0.04)

$0.25

$0.10

$0.90

2007 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

(0.12)

-

-

-

(0.12)

2007 Illinois Electric Rate Settlement

Exelon

Other

PECO

ComEd

ExGen

Three Months Ended September 30, 2007

NOTE:  All amounts shown are per Exelon share and represent contributions to Exelon's EPS.

0.02

-

-

-

0.02

Nuclear decommissioning obligation reduction

$1.06

(0.09)

$0.14

$0.05

$0.96

Q3 2008 GAAP Earnings (Loss) Per Share

$1.07

$(0.04)

$0.14

$0.05

$0.92

2008 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

(0.04)

-

-

-

(0.04)

2007 Illinois Electric Rate Settlement

0.10

(0.05)

-

-

0.15

Mark-to-market adjustments from economic hedging activities

(0.09)

-

-

-

(0.09)

Unrealized gains and losses related to nuclear decommissioning trust funds

Exelon

Other

PECO

ComEd

ExGen

Three Months Ended September 30, 2008

23

YTD GAAP EPS Reconciliation

0.01

-

-

-

0.01

Settlement of a tax matter at Generation related to Sithe

(0.14)

-

-

(0.03)

(0.11)

2007 Illinois Electric Rate Settlement

0.03

-

-

-

0.03

Nuclear decommissioning obligation reduction

$3.20

($0.01)

$0.58

$0.14

$2.49

YTD 2007 GAAP Earnings (Loss) Per Share

$3.31

$(0.11)

$0.58

$0.17

$2.67

2007 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

0.01

-

-

-

0.01

Sale of Generation's investments in TEG and TEP

$0.10

$0.10

-

-

-

Investments in synthetic fuel-producing facilities

(0.12)

-

-

-

(0.12)

Mark-to-market adjustments from economic hedging activities

Exelon

Other

PECO

ComEd

ExGen

Nine Months Ended September 30, 2007

NOTE:  All amounts shown are per Exelon share and represent contributions to Exelon's EPS.

0.02

-

-

-

0.02

Nuclear decommissioning obligation reduction

$3.06

(0.07)

$0.37

$0.16

$2.60

Q3 2008 GAAP Earnings (Loss) Per Share

$3.13

$(0.07)

$0.37

$0.17

$2.66

2008 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

(0.18)

-

-

(0.01)

(0.17)

2007 Illinois Electric Rate Settlement

0.27

-

-

-

0.27

Mark-to-market adjustments from economic hedging activities

(0.18)

-

-

-

(0.18)

Unrealized gains and losses related to nuclear decommissioning trust funds

Exelon

Other

PECO

ComEd

ExGen

Nine Months Ended September 30, 2008