For the Three Months Ended March 31, 2013		Exelon		Generation (a)		ComEd (a)		PECO		BGE

U.S. Federal statutory rate		35.0	%	35.0	%	35.0	%	35.0	%	35.0	%
Increase (decrease) due to:
	State income taxes, net of Federal income tax benefit	68.0		82.0		5.8		2.8		5.7
	Qualified nuclear decommissioning trust fund income	62.0		(192.3)		—		—		—
	Domestic production activities deduction	(2.4)		7.4		—		—		—
	Tax exempt income	(1.6)		4.8		—		—		—
	Health care reform legislation	2.2		—		(0.5)		—		0.4
	Amortization of investment tax credit, net deferred taxes	(25.8)		75.6		0.4		(0.1)		(0.2)
	Plant basis differences	(24.9)		—		0.9		(6.7)		(0.6)
	Production tax credits and other credits	(21.7)		67.2		—		—		—
	Other	7.4		(74.1)		0.1		0.1		0.4

Effective income tax rate		98.2	%	5.6	%	41.7	%	31.1	%	40.7	%

For the Three Months Ended March 31, 2012		Exelon (b)		Generation (b)		ComEd		PECO		BGE (c)

U.S. Federal statutory rate		35.0	%	35.0	%	35.0	%	35.0	%	35.0	%
Increase (decrease) due to:
	State income taxes, net of Federal income tax benefit	(27.4)		1.2		5.9		3.4		4.4
	Qualified nuclear decommissioning trust fund income	16.0		14.7		—		—		—
	Domestic production activities deduction	(1.2)		(1.2)		—		—		—
	Tax exempt income	(0.4)		(0.4)		—		—		—
	Health care reform legislation	0.2		—		0.4		—		—
	Amortization of investment tax credit, net deferred taxes	(0.8)		(0.5)		(0.3)		(0.3)		0.9
	Plant basis differences	(3.0)		—		—		(3.5)		2.7
	Production tax credits and other credits	(0.5)		(3.1)		—		—		—
	Fines and Penalties	13.3		11.9		—		—		—
	Merger expenses (d)	13.2		—		—		—		(8.5)
	Other	(0.3)		0.5		0.2		(0.1)		0.3

Effective income tax rate		44.1	%	58.1	%	41.2	%	34.5	%	34.8	%

(a) Generation and ComEd recognized a loss before income taxes for the three months ended March 31, 2013. As a result, positive percentages represent an income tax benefit for Generation and ComEd for the three months ended March 31, 2013.

(b) Exelon activity for the three months ended March 31, 2012 includes the results of Constellation and BGE for March 12, 2012 - March 31, 2012. Generation activity for the three months ended March 31, 2012 includes the results of Constellation for March 12, 2012 - March 31, 2012.

(c) BGE activity represents the activity for the three months ended March 31, 2013 and 2012. BGE recognized a loss before income taxes for the three months ended March 31, 2012. As a result, positive percentages represent an income tax benefit for BGE for the three months ended March 31, 2012.

(d) Prior to the close of the merger, the Registrants recorded the applicable taxes on merger transaction costs assuming the merger would not be completed. Upon closing of the merger, the Registrants reversed such taxes for those merger transaction costs that were determined to be non tax-deductible upon successful completion of a merger.