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