EXHIBIT 99.2

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Income
(unaudited)
(in millions, except per share data)

	Year Ended December 31, 2003										Year Ended December 31, 2002
								Adjusted										Adjusted
	GAAP(a)			Adjustments				Non-GAAP			GAAP(a)			Adjustments				Non-GAAP
Operating revenues	$	15,812		$	—			$	15,812		$	14,955		$	—			$	14,955
Operating expenses
Purchased power		3,841			—				3,841			3,535			—				3,535
Fuel		2,534			—				2,534			1,727			—				1,727
Impairment of Boston Generating		945			(945	)	(b)		—			—			—				—
Operating and maintenance		4,587			(350	)	(c),(d),(e),(f)		4,237			4,345			(10	)	(j)		4,335
Depreciation and amortization		1,126			—				1,126			1,340			—				1,340
Taxes other than income		581			74		(g)		655			709			—				709
Total operating expenses		13,614			(1,221	)			12,393			11,656			(10	)			11,646
Operating income		2,198			1,221				3,419			3,299			10				3,309
Other income and deductions
Interest expense		(881	)		—				(881	)		(966	)		—				(966	)
Distributions on preferred securities of subsidiaries		(39	)		—				(39	)		(45	)		—				(45	)
Equity in earnings of unconsolidated affiliates		33			4		(d)		37			80			—				80
Other, net		(187	)		276		(c),(f),(h)		89			300			(198	)	(k)		102
Total other income and deductions		(1,074	)		280				(794	)		(631	)		(198	)			(829	)
Income before income taxes and cumulative effect of changes in accounting principles		1,124			1,501				2,625			2,668			(188	)			2,480
Income taxes		331			580				911			998			(84	)			914
Income before cumulative effect of changes in accounting principles		793			921				1,714			1,670			(104	)			1,566
Cumulative effect of changes in accounting principles, net of income taxes		112			(112	)	(i)		—			(230	)		230		(l)		—
Net income	$	905		$	809			$	1,714		$	1,440		$	126			$	1,566
Earnings per average common share Basic:
Income before cumulative effect of changes in accounting principles	$	2.44		$	2.82			$	5.26		$	5.18		$	(0.32	)		$	4.86
Cumulative effect of changes in accounting principles, net of income taxes		0.34			(0.34	)			—			(0.71	)		0.71				—
Net income	$	2.78		$	2.48			$	5.26		$	4.47		$	0.39			$	4.86
Diluted:
Income before cumulative effect of changes in accounting principles	$	2.41		$	2.81			$	5.22		$	5.15		$	(0.32	)		$	4.83
Cumulative effect of changes in accounting principles, net of income taxes		0.34			(0.34	)			—			(0.71	)		0.71				—
Net income	$	2.75		$	2.47			$	5.22		$	4.44		$	0.39			$	4.83
Average common shares outstanding
Basic		326							326			322							322
Diluted		329							329			325							325
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Boston Generating impairment				$	(1.74	)								$	—
Charges associated with Exelon’s investment in Sithe Energies, Inc.					(0.55	)									—
Severance					(0.49	)									—
Cumulative effect of adopting SFAS No. 143					0.34										—
Property tax accrual reductions					0.14										—
Enterprises’ Services goodwill impairment					(0.06	)									—
Enterprises’ impairments due to anticipated sale					(0.06	)									—
March 3 ComEd Settlement Agreement					(0.05	)									—
Cumulative effect of adopting SFAS No. 141 and SFAS No.142					—										(0.71	)
Gain on sale of investment in AT&T Wireless					—										0.36
Employee severance costs					—										(0.04	)
Total adjustments				$	(2.47	)								$	(0.39	)

(a)	Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)	Adjustment for the Boston Generating impairment recorded during the third quarter of 2003.
(c)	Adjustment for the March 3 ComEd Settlement Agreement.
(d)	Adjustment for Exelon Way severance and severance-related costs recorded during the third and fourth quarters of 2003.
(e)	Adjustment for Enterprises’ goodwill impairment charge at Exelon Services Inc. (Services) recorded during the fourth quarter of 2003.
(f)	Adjustments for Enterprises’ impairment charges due to anticipated sales recorded during 2003, including long-lived and other asset impairments at Services, impairment of assets associated with a communications investment, and an impairment of an equity method investment held by Exelon Thermal Holdings, Inc.
(g)	Adjustment for the reduction of property tax accruals at PECO and Generation recorded during the third quarter of 2003.
(h)	Adjustment for impairments and other charges recorded during 2003 associated with Generation’s investment in Sithe Energies, Inc.
(i)	Adjustment for the cumulative effect of adopting SFAS No. 143.
(j)	Adjustment for severance costs of $10 million pre-tax primarily related to executive severance. Not all of the severance expense was tax deductible.
(k)	Adjustment for the sale of investment in AT&T Wireless.
(l)	Adjustment for the cumulative effect of adopting SFAS No. 141 and SFAS No. 142 reflecting the impairment of Exelon Enterprises’ goodwill and the benefit of AmerGen’s negative goodwill.