Exhibit 99.4

Reconciliation of GAAP Reported and Adjusted (non-GAAP)
Operating Earnings per Diluted Share

2000 GAAP Reported EPS	$	2.87
Change in common shares		(1.06	)
Extraordinary items		(0.07	)
Cumulative effect of accounting change		0.01
Unicom pre-merger results		1.58
Merger-related costs		0.68
Pro forma merger accounting adjustments		(0.15	)
2000 Adjusted (non-GAAP) Operating EPS	$	3.86
2001 GAAP Reported EPS	$	4.43
Cumulative effect of adopting SFAS No. 133		(0.04	)
Employee severance cost		0.09
Litigation reserves		0.03
Net loss on investments		0.02
CTC prepayment		(0.02	)
Wholesale rate settlement		(0.01	)
Settlement of transition bond swap		(0.01	)
2001 Adjusted (non-GAAP) Operating EPS	$	4.49
2002 GAAP Reported EPS	$	4.44
Cumulative effect of adopting SFAS No. 141 and No. 142		0.71
Gain on sale of investment in AT&T Wireless		(0.36	)
Employee severance costs		0.04
2002 Adjusted (non-GAAP) Operating EPS	$	4.83
2003 GAAP Reported EPS	$	2.75
Boston Generating impairment		1.74
Charges associated with 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
2003 Adjusted (non-GAAP) Operating EPS	$	5.22

Note: Three-year 2003/2000 compound annual growth rate (CAGR): $2.75/$2.87 = -1.4% based on GAAP reported results. Three-year 2003/2000 CAGR: $5.22/$3.86 = 10.6% based on adjusted (non-GAAP) operating results.