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

January 22, 2009

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 January 22, 2009, Exelon Corporation (Exelon) announced via press release Exelon’s results for the fourth quarter ended December 31, 2008. A copy of the press release and related attachments is 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 at the fourth 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 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 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

January 22, 2009

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 Fourth Quarter and Full Year 2008 Results;

Reaffirms 2009 Earnings Guidance

CHICAGO (January 22, 2009) – Exelon Corporation’s (Exelon) fourth quarter 2008 consolidated earnings prepared in accordance with GAAP were $707 million, or $1.07 per diluted share, compared with earnings of $562 million, or $0.84 per share, in the fourth quarter of 2007. Full year 2008 consolidated earnings prepared in accordance with GAAP were $2,737 million, or $4.13 per diluted share, compared with $2,736 million, or $4.05 per diluted share in 2007.

Exelon’s adjusted (non-GAAP) operating earnings for the fourth quarter of 2008 were $709 million, or $1.07 per diluted share, compared with $677 million, or $1.02 per diluted share, for the same period in 2007. Full year 2008 adjusted (non-GAAP) operating earnings were $2,781 million, or $4.20 per diluted share, down slightly from 2007 adjusted (non-GAAP) operating earnings of $2,923 million, or $4.32 per diluted share.

“Our full year 2008 earnings results were well within our original guidance range of $4.00 to $4.40 per share and the $4.15 to $4.30 per share range that we announced in early September. Despite the impact of the deteriorating economy, we achieved our 2008 goals of operating excellence in generation and delivery, setting the industry standard for our low-carbon platform, and evaluating and pursuing appropriate growth opportunities,” said John W. Rowe, Exelon’s chairman and CEO. “We expect 2009 to be a year of many challenges, but we will work to mitigate the impact and are reaffirming our operating earnings guidance range of $4.00 to $4.30 per share.”

Fourth Quarter Operating Results

The increase in fourth quarter 2008 earnings to $1.07 per share from $1.02 per share in fourth quarter 2007 was primarily due to:

• higher energy margins at Generation largely due to increased nuclear output and lower purchased power costs, partially offset by higher nuclear fuel costs;

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• lower costs associated with the possible construction of a new nuclear plant in Texas;

• increased distribution revenue at Commonwealth Edison Company (ComEd) resulting from the 2007 distribution rate case;

• the impact in 2007 of a charitable contribution to the Exelon Foundation; and

• lower interest expense at Generation.

Higher fourth quarter 2008 earnings were partially offset by:

• the impact of gains realized in 2007 related to decommissioning trust fund investments for the AmerGen Energy Company, LLC (AmerGen) nuclear plants;

• the impact of decreased income tax benefits associated with Exelon’s tax method of capitalizing overhead costs;

• higher operating and maintenance expense primarily at Generation; and

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

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

• Mark-to-market gains of $93 million, or $0.15 per diluted share, primarily from Generation’s economic hedging activities.

• Unrealized losses of $68 million, or $0.10 per diluted share, related to decommissioning trust fund investments primarily for the AmerGen nuclear plants.

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

• A gain of $21 million, or $0.03 per diluted share, for the resolution of tax matters related to a previous investment in Sithe Energies, Inc. (Sithe) at Generation.

• A charge of $11 million, or $0.02 per diluted share, associated with ComEd’s 2007 settlement agreement with the City of Chicago.

• External costs of $11 million, or $0.02 per diluted share, related to Exelon’s proposed acquisition of NRG Energy, Inc. (NRG).

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

• A charge of $184 million, or $0.28 per diluted share, for the costs associated with the Illinois electric rate settlement agreement, including ComEd’s customer rate relief programs announced in April 2007.

• Income of $130 million, or $0.19 per diluted share, for termination of the State Line Energy, L.L.C. power purchase agreement (PPA).

• A charge of $72 million, or $0.11 per diluted share, associated with Generation’s tolling agreement with Georgia Power related to the contract with Tenaska Georgia Partners, LP.

• Income of $29 million, or $0.04 per diluted share, related to non-cash deferred tax items.

• Mark-to-market losses of $22 million, or $0.03 per diluted share, primarily from Generation’s economic hedging activities.

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• Earnings of $18 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.

• A charge of $14 million, or $0.02 per diluted share, associated with ComEd’s 2007 settlement agreement with the City of Chicago.

2009 Earnings Outlook

Exelon reaffirms its guidance range for 2009 adjusted (non-GAAP) operating earnings of $4.00 to $4.30 per share. Exelon expects adjusted (non-GAAP) operating earnings for the first quarter of 2009 to be in the range of $1.10 to $1.20 per share. Operating earnings guidance is based on the assumption of normal weather.

The outlook for 2009 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

• costs associated with ComEd’s 2007 settlement with the City of Chicago

• external costs associated with the proposed offer to acquire NRG

• other unusual items

• significant future changes to GAAP

Fourth 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. (NRG). 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 share of Exelon common stock for each share of NRG common stock, which represents a 37 percent premium based on the closing prices of Exelon and NRG stock on October 17, 2008, 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, 2008. Following rejection of the proposal by NRG’s board, Exelon brought its offer directly to the NRG shareholders on November 12, 2008, in an exchange offer initially set to expire on January 6, 2009. On January 7, 2009, Exelon extended its exchange offer until 5 p.m. New York City time on February 25, 2009 and announced that NRG shareholders had tendered nearly 46 percent of all outstanding shares of NRG common stock. The proposed transaction is a multi-step process, and Exelon will continue to explore a number of options to bring it to a successful conclusion – including proposing independent, well-qualified nominees to serve on the NRG board of directors who will fulfill their fiduciary duty by acting in the best interest of NRG shareholders.

On December 18, 2008, Exelon filed an application with the Federal Energy Regulatory Commission (FERC) for approval of Exelon’s proposed acquisition of NRG, as required by

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Section 203 of the Federal Power Act. On December 29, 2008, the FERC entered an order setting February 17, 2009 as the last date to comment on Exelon’s application to acquire NRG. On December 17, 2008, Exelon filed notification with the U.S. Department of Justice (DOJ) and the Federal Trade Commission of its intention to acquire NRG, in compliance with the pre-merger notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976. On January 16, 2009, the Antitrust Division of the DOJ issued a request for additional information.

Exelon previously disclosed that a combined Exelon-NRG would need to divest some generating capacity in Texas and PJM East to protect and enhance competitive markets and mitigate any potential market concentration. As part of its FERC filing, Exelon proposed to divest its three facilities in Texas – Mountain Creek, Handley and LaPorte – totaling approximately 2,400 MW of capacity, and to transfer to a third party Exelon’s power purchase agreements in Texas totaling approximately 1,200 MW of capacity. In addition, the combined company would divest approximately 1,000 MW of generating capacity in the PJM East market, specifically the Indian River, Vienna and Dover plants currently owned by NRG. The proposed divestitures are contingent on the completion of the proposed acquisition of NRG, and would not take place immediately.

On December 22, 2008, Exelon submitted applications with the states of California and New York for approval of the NRG transaction. On December 26, 2008, the Chief Administrative Law Judge for the California Public Utilities Commission returned the application for procedural reasons only. Exelon will refile the application at the appropriate time.

On January 5, 2009, Exelon filed an application with the Public Utility Commission of Texas. Exelon will submit its filings to the Pennsylvania Public Utility Commission and to the Nuclear Regulatory Commission within the next few weeks. Exelon expects to complete the regulatory approval process in 6 to 9 months.

On January 19, 2009, John Rowe and William Von Hoene, executive vice president and general counsel for Exelon, and David Crane, president and CEO for NRG, and Drew Murphy, executive vice president and general counsel for NRG, met in Washington, D.C. During that meeting, Mr. Rowe expressed his view that the exchange ratio initially proposed by Exelon represented a full and fair price for NRG shareholders, with a substantial premium and upside opportunity, and stated that Exelon would not increase its offer without an opportunity to conduct due diligence designed to verify assumed values and identify additional value. Mr. Crane expressed his view that due diligence would not move the price very much and was not willing to allow Exelon to engage in due diligence. Mr. Rowe agreed that a price movement, if any, as a result of due diligence would be small. Mr. Crane said that NRG was focused on “market discovery” regarding options for NRG as a result of interest expressed by other companies. The meeting ended without any agreement or arrangement concerning further discussions, due diligence or other exchange of information. Exelon remains committed to its proposed acquisition of NRG and will continue to pursue its efforts to engage NRG in a constructive dialog.

• Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station operated by PSEG Nuclear LLC, produced 34,887 GWhs in the fourth quarter of 2008, compared with 34,296 GWhs in the fourth quarter of 2007. The Exelon-operated nuclear plants completed four scheduled refueling outages in both the fourth quarters of

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2008 and 2007, and the number of outage days totaled 80 and 91, respectively. Higher total nuclear output also was driven by a lower number of non-refueling outage days at the Exelon-operated plants, which totaled 22 days in the fourth quarter of 2008 versus 27 days in the fourth quarter of 2007. Additionally, Salem Unit 1 completed a scheduled refueling in the fourth quarter of 2008, which had a slightly offsetting impact on total output.

For the full year 2008, the Exelon-operated nuclear plants achieved an average capacity factor of 93.9 percent, slightly less than the all-time record 94.5 percent for 2007 due to two additional planned refueling outages in 2008 as compared with 2007. The average annual capacity factor for the Exelon-operated plants during the past five years has been 93.5 percent or more.

• Fossil and Hydro Operations: Generation’s fossil fleet commercial availability was 91.5 percent in the fourth quarter of 2008, compared with 83.0 percent in the fourth quarter of 2007, primarily due to an outage at Eddystone Unit 1 in the fourth quarter of 2007. The equivalent availability factor for the hydro facilities was 98.9 percent in the fourth quarter of 2008, compared with 98.6 percent in the fourth quarter of 2007.

• Wind Power Purchase: On October 29, 2008, Generation announced that it had acquired the rights to purchase 198 MW of output from the 396 MW Twin Groves Wind Farm in Bloomington, Illinois. The agreement was purchased from Constellation Energy Commodities Group, Inc. Horizon Wind Energy, LLC, owned by EDP Renováveis, will continue to own and operate the Twin Groves Wind Farm, which began commercial operations in January 2008. The addition of the Twin Groves output brings Generation’s wind power portfolio to 352 MW installed, making Exelon the largest wholesale wind marketer east of the Mississippi.

• PECO Energy Plan Filing: On November 14, 2008, PECO amended its comprehensive Default Service Program and Rate Mitigation Plan with the Pennsylvania Public Utility Commission (PAPUC) seeking approval to provide default electric service following the expiration of rate caps on December 31, 2010. The purpose of the amendment was to address the requirements of Act 129, which was signed into law in October 2008. The original filing on September 10, 2008 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. PECO has withdrawn its Energy Efficiency Package and will revise its energy efficiency programs consistent with the new requirements of Act 129. The PAPUC will conduct a formal proceeding to give all interested parties the opportunity to examine aspects of the amended filing and make independent recommendations. The process is expected to be completed by July 2009.

• Liquidity Position: During 2008, ComEd and PECO issued $1.3 billion and $950 million of bonds, respectively, primarily to refinance or repay outstanding debt and for other general corporate purposes. Excluding PECO’s 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 during 2009.

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As of January 16, 2009, Exelon had $7.3 billion of aggregate bank commitments with a diverse group of 23 banks. No single bank has more than 10 percent of the aggregate outstanding commitments at Exelon, and these commitments extend largely through 2012. As of January 16, 2009, Exelon had utilized only approximately $400 million of its capacity under its facilities, leaving $6.9 billion of the total $7.3 billion of capacity available to Exelon. In addition, Exelon had a total of $140 million of commercial paper outstanding.

• Credit Rating Actions: 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.”

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.

On October 21, 2008, Fitch Ratings, Ltd. placed Exelon and Generation on Rating Watch Negative following the announcement of the proposed offer for NRG.

On November 12, 2008, Moody’s placed the ratings of Exelon, Generation and PECO under review for possible downgrade. In addition, S&P placed the short-term ratings of Exelon, Generation and PECO on CreditWatch with negative implications. These actions were taken after Exelon commenced the exchange offer for NRG’s shares.

OPERATING COMPANY RESULTS

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

Fourth quarter 2008 net income was $553 million compared with $343 million in the fourth quarter of 2007. Fourth quarter 2008 net income included (all after tax) mark-to-market gains of $93 million from economic hedging activities before the elimination of intercompany transactions, a charge of $23 million for the costs associated with the 2007 Illinois electric rate settlement, income of $21 million associated with the resolution of tax matters related to a previous investment in Sithe and unrealized losses of $68 million related to nuclear decommissioning trust fund investments primarily related to the AmerGen nuclear plants. Fourth quarter 2007 net income included (all after tax) a charge of $179 million for the costs associated with the Illinois electric rate settlement, income of $130 million for termination of the State Line PPA, a charge of $72 million associated with the tolling agreement with Georgia Power, charges of $34 million related to non-cash deferred tax items, and mark-to-market losses of $21 million

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from economic hedging activities. Excluding the impact of these items, Generation’s net income in the fourth quarter of 2008 increased $11 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 primarily due to increased nuclear output and lower purchased power costs, partially offset by higher nuclear fuel costs;

• the impact of a tax expense in 2007 associated with a change in tax method of capitalizing overhead costs; and

• lower interest expense.

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

• higher operating and maintenance expenses, which largely reflected higher nuclear refueling costs related to a 2008 planned refueling outage at Salem, Generation’s co-owned plant operated by PSEG Nuclear, partially offset by lower costs associated with the possible construction of a new nuclear plant in Texas; and

• the impact of gains realized in 2007 related to decommissioning trust fund investments for the AmerGen nuclear plants.

Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $38.28 per MWh in the fourth quarter of 2008 compared with $35.70 per MWh in the fourth quarter of 2007.

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

ComEd recorded net income of $91 million in the fourth quarter of 2008, compared with net income of $67 million in the fourth quarter of 2007. Fourth quarter 2008 net income included an after-tax charge of $3 million for the costs associated with the 2007 Illinois electric rate settlement and an after-tax charge of $11 million for the City of Chicago settlement agreement. Fourth quarter 2007 net income included (all after tax) a charge of $5 million for the costs associated with the Illinois electric rate settlement, including ComEd’s previously announced customer rate relief programs, a charge of $14 million for the City of Chicago settlement agreement and mark-to-market gains of $2 million. Excluding the impact of these items, ComEd’s net income in the fourth quarter of 2008 increased $21 million from the same quarter last year primarily due to:

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

The increase in net income was partially offset by:

• the impact of a larger tax benefit recorded in 2007, as compared with a tax benefit recorded in 2008, associated with a change in tax method of capitalizing overhead costs.

In the ComEd service territory in the fourth quarter of 2008, heating degree-days were up 15 percent relative to the same period in 2007 and 8 percent above normal, while cooling-degree days (all in October) were down 82 percent from 2007. ComEd’s total retail kWh deliveries decreased by 1.5 percent in the fourth quarter of 2008 as compared with the same period in 2007, with a 0.9 percent

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decrease in deliveries to the residential customer class. For ComEd, weather had a neutral impact on fourth quarter 2008 earnings relative to 2007 and a favorable after-tax impact of $4 million relative to normal weather that was incorporated in earnings guidance. ComEd’s fourth quarter 2008 revenues of $1,542 million rose from $1,436 million in 2007, primarily reflecting the increased distribution rates.

The number of residential customers being served in the ComEd region increased by 0.1 percent over the fourth quarter of 2007. Weather-normalized retail kWh deliveries decreased by 1.6 percent from the fourth quarter of 2007, primarily driven by a decline in usage per customer. For the full year 2008, weather-normalized retail kWh deliveries decreased by 0.1 percent.

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 fourth quarter of 2008 was $80 million, a decrease from $115 million in the fourth quarter of 2007. This decline was primarily due to:

• 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; and

• the impact of a tax benefit in 2007 associated with a change in tax method of capitalizing overhead costs.

In the PECO service territory in the fourth quarter of 2008, heating degree-days were up 9 percent from 2007 and were 2 percent above normal, while cooling degree-days (all in October) were down 83 percent from 2007 and were 10 percent below normal. Retail gas deliveries were up 7 percent from the fourth quarter of 2007. Fourth quarter 2008 revenues were $1,372 million, down from $1,385 million in 2007, primarily due to a 2.4 percent decrease in total retail kWh deliveries driven by the effects of unfavorable weather for cooling in October 2008. For PECO, weather had an unfavorable after-tax impact of $5 million on fourth quarter 2008 earnings relative to 2007 and a favorable after-tax impact of $1 million relative to normal weather that was incorporated in earnings guidance.

The number of residential electric customers being served in the PECO region increased by 0.5 percent over the fourth quarter of 2007. Weather-normalized retail kWh deliveries decreased by 1.1 percent from the fourth quarter of 2007, primarily reflecting a decrease in large commercial and industrial deliveries. For the full year 2008, weather-normalized retail kWh deliveries increased by 0.6 percent.

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 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 reconciliations on pages 7 and 8, 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 January 22, 2009.

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Conference call information: Exelon has scheduled a conference call for 11 AM ET (10 AM CT) on January 22, 2009. 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 79907514. 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 February 6. 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 79907514.

Important Additional Information

This news release relates, in part, to the offer (the “Offer”) by Exelon Corporation (“Exelon”) through its direct wholly-owned subsidiary, Exelon Xchange Corporation (“Xchange”), to exchange each issued and outstanding share of common stock (the “NRG shares”) of NRG Energy, Inc. (“NRG”) for 0.485 of a share of Exelon common stock. This news release is for informational purposes only and does not constitute an offer to exchange, or a solicitation of an offer to exchange, NRG shares, nor is it a substitute for the Tender Offer Statement on Schedule TO or the Prospectus/Offer to Exchange included in the Registration Statement on Form S-4 (Reg. No. 333-155278) (including the Letter of Transmittal and related documents and as amended from time to time, the “Exchange Offer Documents”) previously filed by Exelon and Xchange with the Securities and Exchange Commission (the “SEC”). The Offer is made only through the Exchange Offer Documents. Investors and security holders are urged to read these documents and other relevant materials as they become available, because they will contain important information.

Exelon expects to file a proxy statement on Schedule 14A and other relevant documents with the SEC in connection with the solicitation of proxies (the “NRG Meeting Proxy Statement”) for the 2009 annual meeting of NRG stockholders (the “NRG Meeting”). Exelon will also file a proxy statement on Schedule 14A and other relevant documents with the SEC in connection with its solicitation of proxies for a meeting of Exelon shareholders (the “Exelon Meeting”) to be called in order to approve the issuance of shares of Exelon common stock pursuant to the Offer (the “Exelon Meeting Proxy Statement”). Investors and security holders are urged to read the NRG Meeting Proxy Statement and the Exelon Meeting Proxy Statement and other relevant materials as they become available, because they will contain important information.

Investors and security holders can obtain copies of the materials described above (and all other related documents filed with the SEC) at no charge on the SEC’s website: www.sec.gov. Copies can also be obtained at no charge by directing a request for such materials to Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, New York 10022, toll free at 1-877-750-9501. Investors and security holders may also read and copy any reports, statements and other information filed by Exelon, Xchange or NRG with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room.

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Exelon, Xchange and the individuals to be nominated by Exelon for election to NRG’s Board of Directors will be participants in the solicitation of proxies from NRG stockholders for the NRG Meeting or any adjournment or postponement thereof. Exelon and Xchange will be participants in the solicitation of proxies from Exelon shareholders for the Exelon Meeting or any adjournment or postponement thereof. In addition, certain directors and executive officers of Exelon and Xchange may solicit proxies for the Exelon Meeting and the NRG Meeting. Information about Exelon and Exelon’s directors and executive officers is available in Exelon’s proxy statement, dated March 20, 2008, filed with the SEC in connection with Exelon’s 2008 annual meeting of shareholders. Information about Xchange and Xchange’s directors and executive officers is available in Schedule II to the Prospectus/Offer to Exchange. Information about any other participants will be included in the NRG Meeting Proxy Statement or the Exelon Meeting Proxy Statement, as applicable.

Forward Looking Statements

This news release includes forward-looking statements including, for example, statements regarding benefits of the proposed merger, integration plans and expected synergies. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. The factors that could cause actual results to differ materially from these forward-looking statements include Exelon’s ability to achieve the synergies contemplated by the proposed transaction, Exelon’s ability to promptly and effectively integrate the businesses of NRG and Exelon, and the timing to consummate the proposed transaction and obtain required regulatory approvals as well as those discussed in (1) Exelon’s preliminary prospectus/offer to exchange that is contained in the Registration Statement on Form S-4, Reg. No. 333-155278, that Exelon has filed with the SEC in connection with the Offer; (2) 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; (3) Exelon’s Third Quarter 2008 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 12; and (4) other factors discussed in Exelon’s filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Exelon does not undertake any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this news release, except as required by law.

Statements made in connection with the exchange offer are not subject to the safe harbor protections provided to forward-looking statements under the Private Securities Litigation Reform Act of 1995.

All information in this news release concerning NRG, including its business, operations, and financial results, was obtained from public sources. While Exelon has no knowledge that any such information is inaccurate or incomplete, Exelon has not had the opportunity to verify any of that information.

###

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.

10

EXELON CORPORATION

Earnings Release Attachments

Table of Contents

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

EXELON CORPORATION

Consolidating Statements of Operations

(in millions)

	Three Months Ended December 31, 2008
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,443		$	1,542		$	1,372		$	(864	)	$	4,493
Operating expenses
Purchased power		163			853			553			(865	)		704
Fuel		494			—			210			—			704
Operating and maintenance		694			279			174			19			1,166
Depreciation and amortization		72			121			200			12			405
Taxes other than income		44			72			61			4			181
Total operating expenses		1,467			1,325			1,198			(830	)		3,160
Operating income (loss)		976			217			174			(34	)		1,333
Other income and deductions
Interest expense, net		(28	)		(69	)		(55	)		(42	)		(194	)
Equity in losses of unconsolidated affiliates and investments		—			(2	)		(5	)		—			(7	)
Other, net		(177	)		6			5			15			(151	)
Total other income and deductions		(205	)		(65	)		(55	)		(27	)		(352	)
Income (loss) from continuing operations before income taxes		771			152			119			(61	)		981
Income taxes		239			61			39			(45	)		294
Income (loss) from continuing operations		532			91			80			(16	)		687
Income (loss) from discontinued operations		21			—			—			(1	)		20
Net income (loss)	$	553		$	91		$	80		$	(17	)	$	707
	Three Months Ended December 31, 2007
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,568		$	1,436		$	1,385		$	(835	)	$	4,554
Operating expenses
Purchased power		766			841			571			(827	)		1,351
Fuel		372			—			194			(2	)		564
Operating and maintenance		654			313			185			23			1,175
Depreciation and amortization		67			114			182			11			374
Taxes other than income		49			71			68			6			194
Total operating expenses		1,908			1,339			1,200			(789	)		3,658
Operating income (loss)		660			97			185			(46	)		896
Other income and deductions
Interest expense, net		(62	)		(58	)		(60	)		(33	)		(213	)
Equity in losses of unconsolidated affiliates and investments		—			(2	)		(2	)		(13	)		(17	)
Other, net		87			48			10			91			236
Total other income and deductions		25			(12	)		(52	)		45			6
Income (loss) from continuing operations before income taxes		685			85			133			(1	)		902
Income taxes		341			18			18			(37	)		340
Income from continuing operations		344			67			115			36			562
Income (loss) from discontinued operations		(1	)		—			—			1			—
Net income	$	343		$	67		$	115		$	37		$	562

1

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Twelve Months Ended December 31, 2008
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	10,754		$	6,136		$	5,567		$	(3,598	)	$	18,859
Operating expenses
Purchased power		1,867			3,582			2,411			(3,590	)		4,270
Fuel		1,705			—			607			—			2,312
Operating and maintenance		2,717			1,125			731			(7	)		4,566
Depreciation and amortization		274			464			854			42			1,634
Taxes other than income		197			298			265			18			778
Total operating expenses		6,760			5,469			4,868			(3,537	)		13,560
Operating income (loss)		3,994			667			699			(61	)		5,299
Other income and deductions
Interest expense, net		(136	)		(348	)		(226	)		(122	)		(832	)
Equity in losses of unconsolidated affiliates and investments		(1	)		(8	)		(16	)		(1	)		(26	)
Other, net		(469	)		18			18			26			(407	)
Total other income and deductions		(606	)		(338	)		(224	)		(97	)		(1,265	)
Income (loss) from continuing operations before income taxes		3,388			329			475			(158	)		4,034
Income taxes		1,130			128			150			(91	)		1,317
Income (loss) from continuing operations		2,258			201			325			(67	)		2,717
Income from discontinued operations		20			—			—			—			20
Net income (loss)	$	2,278		$	201		$	325		$	(67	)	$	2,737
	Twelve Months Ended December 31, 2007
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	10,749		$	6,104		$	5,613		$	(3,550	)	$	18,916
Operating expenses
Purchased power		2,705			3,747			2,366			(3,536	)		5,282
Fuel		1,746			—			617			(3	)		2,360
Operating and maintenance		2,454			1,091			630			114			4,289
Depreciation and amortization		267			440			773			40			1,520
Taxes other than income		185			314			280			18			797
Total operating expenses		7,357			5,592			4,666			(3,367	)		14,248
Operating income (loss)		3,392			512			947			(183	)		4,668
Other income and deductions
Interest expense, net		(161	)		(318	)		(248	)		(123	)		(850	)
Equity in earnings (losses) of unconsolidated affiliates and investments		1			(7	)		(7	)		(93	)		(106	)
Other, net		155			58			45			202			460
Total other income and deductions		(5	)		(267	)		(210	)		(14	)		(496	)
Income (loss) from continuing operations before income taxes		3,387			245			737			(197	)		4,172
Income taxes		1,362			80			230			(226	)		1,446
Income from continuing operations		2,025			165			507			29			2,726
Income from discontinued operations		4			—			—			6			10
Net income	$	2,029		$	165		$	507		$	35		$	2,736

2

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	Generation
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2008			2007			Variance			2008			2007			Variance
Operating revenues	$	2,443		$	2,568		$	(125	)	$	10,754		$	10,749		$	5
Operating expenses
Purchased power		163			766			(603	)		1,867			2,705			(838	)
Fuel		494			372			122			1,705			1,746			(41	)
Operating and maintenance		694			654			40			2,717			2,454			263
Depreciation and amortization		72			67			5			274			267			7
Taxes other than income		44			49			(5	)		197			185			12
Total operating expenses		1,467			1,908			(441	)		6,760			7,357			(597	)
Operating income		976			660			316			3,994			3,392			602
Other income and deductions
Interest expense, net		(28	)		(62	)		34			(136	)		(161	)		25
Equity in earnings (losses) of investments		—			—			—			(1	)		1			(2	)
Other, net		(177	)		87			(264	)		(469	)		155			(624	)
Total other income and deductions		(205	)		25			(230	)		(606	)		(5	)		(601	)
Income from continuing operations before income taxes		771			685			86			3,388			3,387			1
Income taxes		239			341			(102	)		1,130			1,362			(232	)
Income from continuing operations		532			344			188			2,258			2,025			233
Income (loss) from discontinued operations		21			(1	)		22			20			4			16
Net income	$	553		$	343		$	210		$	2,278		$	2,029		$	249
	ComEd
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2008			2007			Variance			2008			2007			Variance
Operating revenues	$	1,542		$	1,436		$	106		$	6,136		$	6,104		$	32
Operating expenses
Purchased power		853			841			12			3,582			3,747			(165	)
Operating and maintenance		279			313			(34	)		1,125			1,091			34
Depreciation and amortization		121			114			7			464			440			24
Taxes other than income		72			71			1			298			314			(16	)
Total operating expenses		1,325			1,339			(14	)		5,469			5,592			(123	)
Operating income		217			97			120			667			512			155
Other income and deductions
Interest expense, net		(69	)		(58	)		(11	)		(348	)		(318	)		(30	)
Equity in losses of unconsolidated affiliates		(2	)		(2	)		—			(8	)		(7	)		(1	)
Other, net		6			48			(42	)		18			58			(40	)
Total other income and deductions		(65	)		(12	)		(53	)		(338	)		(267	)		(71	)
Income before income taxes		152			85			67			329			245			84
Income taxes		61			18			43			128			80			48
Net income	$	91		$	67		$	24		$	201		$	165		$	36

3

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	PECO
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2008			2007			Variance			2008			2007			Variance
Operating revenues	$	1,372		$	1,385		$	(13	)	$	5,567		$	5,613		$	(46	)
Operating expenses
Purchased power		553			571			(18	)		2,411			2,366			45
Fuel		210			194			16			607			617			(10	)
Operating and maintenance		174			185			(11	)		731			630			101
Depreciation and amortization		200			182			18			854			773			81
Taxes other than income		61			68			(7	)		265			280			(15	)
Total operating expenses		1,198			1,200			(2	)		4,868			4,666			202
Operating income		174			185			(11	)		699			947			(248	)
Other income and deductions
Interest expense, net		(55	)		(60	)		5			(226	)		(248	)		22
Equity in losses of unconsolidated affiliates		(5	)		(2	)		(3	)		(16	)		(7	)		(9	)
Other, net		5			10			(5	)		18			45			(27	)
Total other income and deductions		(55	)		(52	)		(3	)		(224	)		(210	)		(14	)
Income before income taxes		119			133			(14	)		475			737			(262	)
Income taxes		39			18			21			150			230			(80	)
Net income	$	80		$	115		$	(35	)	$	325		$	507		$	(182	)
		Other (a)
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2008			2007			Variance			2008			2007			Variance
Operating revenues	$	(864	)	$	(835	)	$	(29	)	$	(3,598	)	$	(3,550	)	$	(48	)
Operating expenses
Purchased power		(865	)		(827	)		(38	)		(3,590	)		(3,536	)		(54	)
Fuel		—			(2	)		2			—			(3	)		3
Operating and maintenance		19			23			(4	)		(7	)		114			(121	)
Depreciation and amortization		12			11			1			42			40			2
Taxes other than income		4			6			(2	)		18			18			—
Total operating expenses		(830	)		(789	)		(41	)		(3,537	)		(3,367	)		(170	)
Operating loss		(34	)		(46	)		12			(61	)		(183	)		122
Other income and deductions
Interest expense, net		(42	)		(33	)		(9	)		(122	)		(123	)		1
Equity in losses of unconsolidated affiliates and investments		—			(13	)		13			(1	)		(93	)		92
Other, net		15			91			(76	)		26			202			(176	)
Total other income and deductions		(27	)		45			(72	)		(97	)		(14	)		(83	)
Loss from continuing operations before income taxes		(61	)		(1	)		(60	)		(158	)		(197	)		39
Income taxes		(45	)		(37	)		(8	)		(91	)		(226	)		135
Income (loss) from continuing operations		(16	)		36			(52	)		(67	)		29			(96	)
Income (loss) from discontinued operations		(1	)		1			(2	)		—			6			(6	)
Net income (loss)	$	(17	)	$	37		$	(54	)	$	(67	)	$	35		$	(102	)

(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)

	December 31, 2008			December 31, 2007
Current assets
Cash and cash equivalents	$	1,271		$	311
Restricted cash and investments		75			118
Accounts receivable, net
Customer		1,928			2,041
Other		324			611
Mark-to-market derivative assets		410			247
Inventories, net
Fossil fuel		315			252
Materials and supplies		528			471
Deferred income taxes		—			102
Other		517			427
Total current assets		5,368			4,580
Property, plant and equipment, net		25,813			24,153
Deferred debits and other assets
Regulatory assets		5,940			5,133
Nuclear decommissioning trust funds		5,500			6,823
Investments		715			731
Goodwill		2,625			2,625
Mark-to-market derivative assets		507			55
Other		1,349			1,261
Total deferred debits and other assets		16,636			16,628
Total assets	$	47,817		$	45,361
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	211		$	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		319			501
Accounts payable		1,416			1,450
Mark-to-market derivative liabilities		214			234
Accrued expenses		1,151			1,240
Other		740			983
Total current liabilities		4,080			5,629
Long-term debt		11,397			9,915
Long-term debt to PECO Energy Transition Trust		805			1,505
Long-term debt to other financing trusts		390			545
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		4,939			5,081
Asset retirement obligations		3,734			3,812
Pension obligations		4,111			777
Non-pension postretirement benefits obligations		2,255			1,717
Spent nuclear fuel obligation		1,015			997
Regulatory liabilities		2,520			3,301
Mark-to-market derivative liabilities		24			298
Other		1,413			1,560
Total deferred credits and other liabilities		20,011			17,543
Total liabilities		36,683			35,137
Preferred securities of subsidiary		87			87
Shareholders’ equity
Common stock		8,816			8,579
Treasury stock, at cost		(2,338	)		(1,838	)
Retained earnings		6,820			4,930
Accumulated other comprehensive loss, net		(2,251	)		(1,534	)
Total shareholders’ equity		11,047			10,137
Total liabilities and shareholders’ equity	$	47,817		$	45,361

5

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

	Twelve Months Ended December 31,
	2008			2007
Cash flows from operating activities
Net income	$	2,737		$	2,736
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel amortization		2,308			2,183
Deferred income taxes and amortization of investment tax credits		374			(104	)
Net realized and unrealized mark-to-market transactions		(515	)		102
Other non-cash operating activities		1,233			664
Changes in assets and liabilities:
Accounts receivable		67			(585	)
Inventories		(109	)		9
Accounts payable, accrued expenses and other current liabilities		136			330
Counterparty collateral asset		670			(246	)
Counterparty collateral liability		357			(270	)
Income taxes		(38	)		160
Restricted cash		14			(15	)
Pension and non-pension postretirement benefit contributions		(230	)		(204	)
Other assets and liabilities		(453	)		(264	)
Net cash flows provided by operating activities		6,551			4,496
Cash flows from investing activities
Capital expenditures		(3,117	)		(2,674	)
Proceeds from nuclear decommissioning trust fund sales		17,177			7,312
Investment in nuclear decommissioning trust funds		(17,462	)		(7,527	)
Proceeds from sale of investments		—			95
Change in restricted cash		29			(45	)
Other investing activities		(5	)		(70	)
Net cash flows used in investing activities		(3,378	)		(2,909	)
Cash flows from financing activities
Issuance of long-term debt		2,265			1,621
Retirement of long-term debt		(1,398	)		(262	)
Retirement of long-term debt to financing affiliates		(1,038	)		(1,020	)
Change in short-term debt		(405	)		311
Dividends paid on common stock		(1,335	)		(1,180	)
Proceeds from employee stock plans		130			215
Purchase of treasury stock		(436	)		(1,208	)
Purchase of forward contract in relation to certain treasury stock		(64	)		(79	)
Other financing activities		68			102
Net cash flows used in financing activities		(2,213	)		(1,500	)
Increase in cash and cash equivalents		960			87
Cash and cash equivalents at beginning of period		311			224
Cash and cash equivalents at end of period	$	1,271		$	311

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 December 31, 2008									Three Months Ended December 31, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	4,493		$	56	(b),(g)	$	4,549		$	4,554		$	92	(b),(c),(g),(i)	$	4,646
Operating expenses
Purchased power		704			204	(c)		908			1,351			(205	) (c),(j)		1,146
Fuel		704			(50	) (c)		654			564			41	(c)		605
Operating and maintenance		1,166			(23	) (b),(d)		1,143			1,175			12	(h)		1,187
Depreciation and amortization		405			—			405			374			—			374
Taxes other than income		181			—			181			194			—			194
Total operating expenses		3,160			131			3,291			3,658			(152	)		3,506
Operating income		1,333			(75	)		1,258			896			244			1,140
Other income and deductions
Interest expense, net		(194	)		—			(194	)		(213	)		4	(k)		(209	)
Equity in losses of unconsolidated affiliates and investments		(7	)		—			(7	)		(17	)		12	(h)		(5	)
Other, net		(151	)		189	(e)		38			236			(75	) (h)		161
Total other income and deductions		(352	)		189			(163	)		6			(59	)		(53	)
Income from continuing operations before income taxes		981			114			1,095			902			185			1,087
Income taxes		294			91	(b),(c),(d),(e),(g)		385			340			70	(b),(c),(h),(i),(j),(k)		410
Income from continuing operations		687			23			710			562			115			677
Income (loss) from discontinued operations		20			(21	) (f)		(1	)		—			—			—
Net income	$	707		$	2		$	709		$	562		$	115		$	677
Earnings per average common share
Basic:
Income from continuing operations	$	1.04		$	0.03		$	1.07		$	0.85		$	0.18		$	1.03
Income from discontinued operations		0.03			(0.03	)		—			—			—			—
Net income	$	1.07		$	—		$	1.07		$	0.85		$	0.18		$	1.03
Diluted:
Income from continuing operations	$	1.04		$	0.03		$	1.07		$	0.84		$	0.18		$	1.02
Income from discontinued operations		0.03			(0.03	)		—			—			—			—
Net income	$	1.07		$	—		$	1.07		$	0.84		$	0.18		$	1.02
Average common shares outstanding
Basic		658						658			661						661
Diluted		661						661			666						666
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
2007 Illinois electric rate settlement (b)				$	0.04								$	0.28
Mark-to-market impact of economic hedging activities (c)					(0.15	)								0.03
NRG acquisition costs (d)					0.02									—
Unrealized losses related to nuclear decommissioning trust fund investments (e)					0.10									—
Resolution of tax matters at Generation related to Sithe (f)					(0.03	)								—
City of Chicago settlement with ComEd (g)					0.02									0.02
Investments in synthetic fuel-producing facilities (h)					—									(0.03	)
Termination of Generation’s PPA with State Line (i)					—									(0.19	)
Georgia Power tolling agreement (j)					—									0.11
Non-cash deferred tax items (k)					—									(0.04	)
Total adjustments				$	—								$	0.18

(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 external costs in 2008 associated with Exelon’s proposed acquisition of NRG Energy, Inc.

(e) Adjustment to exclude the unrealized 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 resolution of tax matters at Generation related to Sithe Energies, Inc. (Sithe).

(g) Adjustment to exclude the costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.

(h) Adjustment to exclude the 2007 financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the mark-to-market gains (losses) associated with the related derivatives.

(i) Adjustment to exclude the income associated with the termination of Generation’s power purchase agreement (PPA) with State Line Energy, L.L.C. (State Line).

(j) Adjustment to exclude the loss associated with Generation’s tolling agreement with Georgia Power related to a contract with Tenaska Georgia Partners, LP (Tenaska).

(k) Adjustment to exclude non-cash deferred tax items.

7

EXELON CORPORATION

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

(unaudited)

(in millions, except per share data)

	Twelve Months Ended December 31, 2008									Twelve Months Ended December 31, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	18,859		$	245	(b),(h)	$	19,104		$	18,916		$	236	(b),(c),(h),(j)	$	19,152
Operating expenses
Purchased power		4,270			414	(c)		4,684			5,282			(378	) (c),(j)		4,904
Fuel		2,312			38	(c)		2,350			2,360			81	(c)		2,441
Operating and maintenance		4,566			—	(b),(d),(f)		4,566			4,289			(72	) (b),(d),(i)		4,217
Depreciation and amortization		1,634			—			1,634			1,520			—			1,520
Taxes other than income		778			—			778			797			—			797
Total operating expenses		13,560			452			14,012			14,248			(369	)		13,879
Operating income		5,299			(207	)		5,092			4,668			605			5,273
Other income and deductions
Interest expense, net		(832	)		—			(832	)		(850	)		7	(i)		(843	)
Equity in losses of unconsolidated affiliates and investments		(26	)		—			(26	)		(106	)		93	(i)		(13	)
Other, net		(407	)		524	(g)		117			460			(196	) (i),(l)		264
Total other income and deductions		(1,265	)		524			(741	)		(496	)		(96	)		(592	)
Income from continuing operations before income taxes		4,034			317			4,351			4,172			509			4,681
Income taxes		1,317			253	(b),(c),(d),(f),(g),(h)		1,570			1,446			317	(b),(c),(d),(h),(i),(j),(k),(l),(m)		1,763
Income from continuing operations		2,717			64			2,781			2,726			192			2,918
Income from discontinued operations		20			(20	) (e)		—			10			(5	) (e)		5
Net income	$	2,737		$	44		$	2,781		$	2,736		$	187		$	2,923
Earnings per average common share
Basic:
Income from continuing operations	$	4.13		$	0.10		$	4.23		$	4.06		$	0.29		$	4.35
Income (loss) from discontinued operations		0.03			(0.03	)		—			0.02			(0.01	)		0.01
Net income	$	4.16		$	0.07		$	4.23		$	4.08		$	0.28		$	4.36
Diluted:
Income from continuing operations	$	4.10		$	0.10		$	4.20		$	4.03		$	0.28		$	4.31
Income (loss) from discontinued operations		0.03			(0.03	)		—			0.02			(0.01	)		0.01
Net income	$	4.13		$	0.07		$	4.20		$	4.05		$	0.27		$	4.32
Average common shares outstanding
Basic		658						658			670						670
Diluted		662						662			676						676
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
2007 Illinois electric rate settlement (b)				$	0.22								$	0.41
Mark-to-market impact of economic hedging activities (c)					(0.41	)								0.15
Decommissioning obligation reduction (d)					(0.02	)								(0.03	)
Resolution of tax matters at Generation related to Sithe (e)					(0.03	)								(0.01	)
NRG acquisition costs (f)					0.02									—
Unrealized losses related to NDT fund investments (g)					0.27									—
City of Chicago settlement with ComEd (h)					0.02									0.02
Investments in synthetic fuel-producing facilities (i)					—									(0.14	)
Termination of Generation’s PPA with State Line (j)					—									(0.19	)
Georgia Power tolling agreement (k)					—									0.11
Gain from sale of Generation’s investments in TEG and TEP (l)					—									(0.01	)
Non-cash deferred tax items (m)					—									(0.04	)
Total adjustments				$	0.07								$	0.27

(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 resolution of tax matters at Generation related to Sithe.

(f) Adjustment to exclude external costs in 2008 associated with Exelon’s proposed acquisition of NRG Energy, Inc.

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

(h) Adjustment to exclude the costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.

(i) Adjustment to exclude the 2007 financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the mark-to-market gains (losses) associated with the related derivatives.

(j) Adjustment to exclude the income associated with the termination of Generation’s PPA with State Line.

(k) Adjustment to exclude the loss associated with Generation’s tolling agreement with Georgia Power related to a contract with Tenaska.

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

(m) Adjustment to exclude non-cash deferred tax items.

8

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Earnings By Business Segment (in millions)

Three Months Ended December 31, 2008 and 2007

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exelon
2007 GAAP Earnings	$	0.84		$	343		$	67		$	115		$	37		$	562
2007 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		0.28			179			5			—			—			184
Mark-to-Market Impact of Economic Hedging Activities		0.03			21			(2	)		—			3			22
City of Chicago Settlement with ComEd		0.02			—			14			—			—			14
Investments in Synthetic Fuel-Producing Facilities (1)		(0.03	)		—			—			—			(18	)		(18	)
Termination of Generation’s PPA with State Line		(0.19	)		(130	)		—			—			—			(130	)
Georgia Power Tolling Agreement (2)		0.11			72			—			—			—			72
Non-Cash Deferred Tax Items		(0.04	)		34			—			—			(63	)		(29	)
2007 Adjusted (non-GAAP) Operating Earnings (Loss)		1.02			519			84			115			(41	)		677
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (3)		0.02			12			—			—			—			12
ComEd and PECO Margins:
Weather		(0.01	)		—			—			(5	)		—			(5	)
Other Energy Delivery (4)		0.07			—			52			(3	)		—			49
Bad Debt		0.01			—			3			5			—			8
Labor, Contracting and Materials (5)		—			(1	)		4			(4	)		—			(1	)
Exelon Foundation Contribution (6)		0.05			—			—			—			30			30
Nuclear Plant Development Costs (7)		0.04			29			—			—			—			29
Other Operating and Maintenance Expense (8)		(0.03	)		(31	)		4			4			—			(23	)
Depreciation and Amortization (9)		(0.03	)		(3	)		(4	)		(13	)		—			(20	)
Nuclear Decommissioning Trust Fund Rebalancing (10)		(0.06	)		(38	)		—			—			—			(38	)
Tax Method Change - Overhead Costs (11)		(0.04	)		38			(22	)		(31	)		(13	)		(28	)
Income Taxes (12)		—			(6	)		(13	)		2			20			3
Other (13)		0.02			11			(3	)		10			(2	)		16
Share Differential (14)		0.01			—			—			—			—			—
2008 Adjusted (non-GAAP) Operating Earnings (Loss)		1.07			530			105			80			(6	)		709
2008 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		(0.04	)		(23	)		(3	)		—			—			(26	)
Mark-to-Market Impact of Economic Hedging Activities		0.15			93			—			—			—			93
City of Chicago Settlement with ComEd		(0.02	)		—			(11	)		—			—			(11	)
Unrealized Losses Related to NDT Fund Investments		(0.10	)		(68	)		—			—			—			(68	)
NRG Acquisition Costs (15)		(0.02	)		—			—			—			(11	)		(11	)
Resolution of Tax Matters at Generation Related to Sithe		0.03			21			—			—			—			21
2008 GAAP Earnings (Loss)	$	1.07		$	553		$	91		$	80		$	(17	)	$	707

(1) Reflects the 2007 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 the loss in 2007 associated with Generation’s tolling agreement with Georgia Power related to a contract with Tenaska.

(3) Primarily reflects increased nuclear output and lower purchased power costs, partially offset by higher nuclear fuel costs and impairments of stored oil inventory in 2008.

(4) Primarily reflects in 2008 the impact of increased distribution revenue at ComEd resulting from the 2007 distribution rate case.

(5) Primarily reflects labor-related inflation across the operating companies, primarily offset by decreased Generation contracting and ComEd labor and material costs.

(6) Reflects the impact of a 2007 charitable contribution to the Exelon Foundation.

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

(8) Primarily reflects a 2008 planned nuclear refueling outage at Salem, an increase in the asbestos removal cost obligation at Generation and decreased nuclear insurance credits received in 2008.

(9) Reflects increased amortization at PECO due to increased scheduled competitive transition charge (CTC) amortization and increased depreciation due to ongoing capital expenditures across the operating companies.

(10) Reflects the impact on net income of gains realized in 2007 on AmerGen’s decommissioning trust fund investments related to changes to the investment strategy.

(11) Reflects decreased income tax benefits associated with Exelon’s tax method of capitalizing overhead costs.

(12) Primarily reflects state income tax benefits resulting from favorable settlements and tax planning at Exelon and Generation and a decrease in PECO’s pre-tax income at marginal rates higher than effective rates, partially offset by a 2007 federal settlement at ComEd related to refund claims for research and development costs.

(13) Primarily reflects decreased interest expense at Generation and increased interest income and decreased taxes other than income at PECO.

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

(15) Reflects external costs in 2008 associated with Exelon’s proposed acquisition of NRG Energy, Inc.

9

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Earnings By Business Segment (in millions)

Twelve Months Ended December 31, 2008 and 2007

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exelon
2007 GAAP Earnings	$	4.05		$	2,029		$	165		$	507		$	35		$	2,736
2007 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		0.41			256			24			—			—			280
Mark-to-Market Impact of Economic Hedging Activities		0.15			104			(3	)		—			—			101
Decommissioning Obligation Reduction (1)		(0.03	)		(18	)		—			—			—			(18	)
City of Chicago Settlement with ComEd		0.02			—			14			—			—			14
Resolution of Tax Matters at Generation Related to Sithe		(0.01	)		(5	)		—			—			—			(5	)
Investments in Synthetic Fuel-Producing Facilities (2)		(0.14	)		—			—			—			(87	)		(87	)
Termination of Generation’s PPA with State Line		(0.19	)		(130	)		—			—			—			(130	)
Georgia Power Tolling Agreement (3)		0.11			72			—			—			—			72
Gain from Sale of Generation’s Investments in TEG and TEP		(0.01	)		(11	)		—			—			—			(11	)
Non-Cash Deferred Tax Items		(0.04	)		34			—			—			(63	)		(29	)
2007 Adjusted (non-GAAP) Operating Earnings (Loss)		4.32			2,331			200			507			(115	)		2,923
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (4)		0.19			126			—			—			—			126
ComEd and PECO Margins:
Weather		(0.09	)		—			(23	)		(37	)		—			(60	)
Other Energy Delivery (5)		0.17			—			127			(11	)		—			116
PJM Settlement (6)		(0.04	)		(20	)		—			(7	)		—			(27	)
Bad Debt (7)		(0.12	)		(14	)		(7	)		(61	)		—			(82	)
Labor, Contracting and Materials (8)		(0.10	)		(42	)		(15	)		(11	)		—			(68	)
Exelon Foundation Contribution (9)		0.05			—			—			—			30			30
Nuclear Plant Development Costs (10)		0.02			14			—			—			—			14
Planned Nuclear Refueling Outages (11)		(0.06	)		(42	)		—			—			—			(42	)
Discrete Items Resulting From the Distribution Rate Case (12)		(0.02	)		—			(15	)		—			—			(15	)
Other Operating and Maintenance Expense (13)		(0.08	)		(49	)		—			—			(4	)		(53	)
Depreciation and Amortization (14)		(0.11	)		(6	)		(13	)		(56	)		—			(75	)
Nuclear Decommissioning Trust Activity (15)		(0.08	)		(56	)		—			—			—			(56	)
Tax Method Change - Overhead Costs (16)		(0.03	)		32			(13	)		(27	)		(13	)		(21	)
Income Taxes (17)		0.09			20			(19	)		21			37			59
Reduction of a Liability Related to Property Taxes (18)		(0.03	)		—			—			(23	)		—			(23	)
Other (19)		0.04			(1	)		(3	)		30			9			35
Share Differential (20)		0.08			—			—			—			—			—
2008 Adjusted (non-GAAP) Operating Earnings (Loss)		4.20			2,293			219			325			(56	)		2,781
2008 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		(0.22	)		(138	)		(7	)		—			—			(145	)
Mark-to-Market Impact of Economic Hedging Activities		0.41			272			—			—			—			272
Decommissioning Obligation Reduction (1)		0.02			15			—			—			—			15
City of Chicago Settlement with ComEd		(0.02	)		—			(11	)		—			—			(11	)
Resolution of Tax Matters at Generation Related to Sithe		0.03			20			—			—			—			20
NRG Acquisition Costs (21)		(0.02	)		—			—			—			(11	)		(11	)
Unrealized Losses Related to NDT Fund Investments		(0.27	)		(184	)		—			—			—			(184	)
2008 GAAP Earnings (Loss)	$	4.13		$	2,278		$	201		$	325		$	(67	)	$	2,737

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

(2) Reflects the 2007 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.

(3) Reflects the loss in 2007 associated with Generation’s tolling agreement with Georgia Power related to a contract with Tenaska.

(4) 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 in 2008, partially offset by increased nuclear fuel costs, impairments of stored oil and gas inventory and lower nuclear output due to more refueling outage days in 2008.

(5) Primarily reflects in 2008 the impact of increased transmission and distribution revenue at ComEd resulting from the 2007 transmission and distribution rate cases and an increase in sales volume at PECO, partially offset by a 2008 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 19 below) and increased transmission expense at PECO.

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

(7) For PECO and ComEd, reflects an increase in actual and projected uncollectible accounts, in part as a result of the current overall negative economic conditions. For Generation, reflects reserve for counterparty exposure to Lehman Brothers Holdings, Inc.

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

(9) Reflects the impact of a 2007 charitable contribution to the Exelon Foundation.

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

(11) Reflects increased operating and maintenance expense related to nuclear refueling outage costs for two additional planned refueling outages in 2008 as compared to 2007, excluding Salem.

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

(13) Primarily reflects a 2008 planned nuclear refueling outage at Salem, increased 2008 storm costs in the ComEd and PECO service territories, an increase in the asbestos removal cost obligation at Generation and decreased nuclear insurance credits received by Generation in 2008, partially offset by reduced stock-based compensation costs across the operating companies.

(14) Primarily reflects increased amortization at PECO due to increased scheduled CTC amortization and increased depreciation due to ongoing capital expenditures across the operating companies.

(15) Reflects the impact on net income of gains realized in 2007 on AmerGen’s decommissioning trust fund investments related to changes to the investment strategy and realized NDT fund losses related to a tax planning strategy in 2008.

(16) Reflects decreased income tax benefits associated with Exelon’s tax method of capitalizing overhead costs.

(17) Primarily reflects state income tax benefits resulting from favorable settlements and tax planning at Exelon and Generation and a decrease in PECO’s pre-tax income at marginal rates higher than effective rates, partially offset by a 2007 federal settlement at ComEd related to refund claims for research and development costs.

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

(19) For Generation, primarily reflects increased taxes other than income, partially offset by decreased interest expense. 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 5 above) and decreased interest expense.

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

(21) Reflects external costs in 2008 associated with Exelon’s proposed acquisition of NRG Energy, Inc.

10

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

		Generation
	Three Months Ended December 31, 2008									Three Months Ended December 31, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	2,443		$	37	(b)	$	2,480		$	2,568		$	63	(b),(f)	$	2,631
Operating expenses
Purchased power		163			204	(c)		367			766			(201	) (c),(f),(g)		565
Fuel		494			(50	) (c)		444			372			41	(c)		413
Operating and maintenance		694			—			694			654			—			654
Depreciation and amortization		72			—			72			67			—			67
Taxes other than income		44			—			44			49			—			49
Total operating expenses		1,467			154			1,621			1,908			(160	)		1,748
Operating income		976			(117	)		859			660			223			883
Other income and deductions
Interest expense, net		(28	)		—			(28	)		(62	)		4	(h)		(58	)
Other, net		(177	)		189	(d)		12			87			—			87
Total other income and deductions		(205	)		189			(16	)		25			4			29
Income before income taxes		771			72			843			685			227			912
Income taxes		239			74	(b),(c),(d)		313			341			51	(b),(c),(f),(g),(h)		392
Income from continuing operations		532			(2	)		530			344			176			520
Income (loss) from discontinued operations		21			(21	) (e)		—			(1	)		—			(1	)
Net income	$	553		$	(23	)	$	530		$	343		$	176		$	519
	Twelve Months Ended December 31, 2008									Twelve Months Ended December 31, 2007
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	10,754		$	221	(b)	$	10,975		$	10,749		$	185	(b),(f)	$	10,934
Operating expenses
Purchased power		1,867			414	(c)		2,281			2,705			(378	) (c),(f),(g)		2,327
Fuel		1,705			38	(c)		1,743			1,746			81	(c)		1,827
Operating and maintenance		2,717			25	(i)		2,742			2,454			29	(i)		2,483
Depreciation and amortization		274			—			274			267			—			267
Taxes other than income		197			—			197			185			—			185
Total operating expenses		6,760			477			7,237			7,357			(268	)		7,089
Operating income		3,994			(256	)		3,738			3,392			453			3,845
Other income and deductions
Interest expense, net		(136	)		—			(136	)		(161	)		4	(h)		(157	)
Equity in earnings (losses) of investments		(1	)		—			(1	)		1			—			1
Other, net		(469	)		524	(d)		55			155			(18	) (j)		137
Total other income and deductions		(606	)		524			(82	)		(5	)		(14	)		(19	)
Income before income taxes		3,388			268			3,656			3,387			439			3,826
Income taxes		1,130			233	(b),(c),(d),(i)		1,363			1,362			132	(b),(c),(f),(g),(h),(i),(j)		1,494
Income from continuing operations		2,258			35			2,293			2,025			307			2,332
Income (loss) from discontinued operations		20			(20	) (e)		—			4			(5	) (e)		(1	)
Net income	$	2,278		$	15		$	2,293		$	2,029		$	302		$	2,331

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

(e) Adjustment to exclude the resolution of tax matters at Generation related to Sithe.

(f) Adjustment to exclude the income associated with the termination of Generation’s PPA with State Line.

(g) Adjustment to exclude the loss associated with Generation’s tolling agreement with Georgia Power related to a contract with Tenaska.

(h) Adjustment to exclude a non-cash deferred tax item.

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

(j) Adjustment to exclude the gain related to the 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 December 31, 2008									Three Months Ended December 31, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	1,542		$	19	(b),(d)	$	1,561		$	1,436		$	29	(b),(c),(d)	$	1,465
Operating expenses
Purchased power		853			—			853			841			—			841
Operating and maintenance		279			(4	) (b)		275			313			—			313
Depreciation and amortization		121			—			121			114			—			114
Taxes other than income		72			—			72			71			—			71
Total operating expenses		1,325			(4	)		1,321			1,339			—			1,339
Operating income		217			23			240			97			29			126
Other income and deductions
Interest expense, net		(69	)		—			(69	)		(58	)		—			(58	)
Equity in losses of unconsolidated affiliates		(2	)		—			(2	)		(2	)		—			(2	)
Other, net		6			—			6			48			—			48
Total other income and deductions		(65	)		—			(65	)		(12	)		—			(12	)
Income before income taxes		152			23			175			85			29			114
Income taxes		61			9	(b),(d)		70			18			12	(b),(c),(d)		30
Net income	$	91		$	14		$	105		$	67		$	17		$	84
	Twelve Months Ended December 31, 2008									Twelve Months Ended December 31, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	6,136		$	24	(b),(d)	$	6,160		$	6,104		$	51	(b),(c),(d)	$	6,155
Operating expenses
Purchased power		3,582			—			3,582			3,747			—			3,747
Operating and maintenance		1,125			(7	) (b)		1,118			1,091			(8	) (b)		1,083
Depreciation and amortization		464			—			464			440			—			440
Taxes other than income		298			—			298			314			—			314
Total operating expenses		5,469			(7	)		5,462			5,592			(8	)		5,584
Operating income		667			31			698			512			59			571
Other income and deductions
Interest expense, net		(348	)		—			(348	)		(318	)		—			(318	)
Equity in losses of unconsolidated affiliates		(8	)		—			(8	)		(7	)		—			(7	)
Other, net		18			—			18			58			—			58
Total other income and deductions		(338	)		—			(338	)		(267	)		—			(267	)
Income before income taxes		329			31			360			245			59			304
Income taxes		128			13	(b),(d)		141			80			24	(b),(c),(d)		104
Net income	$	201		$	18		$	219		$	165		$	35		$	200

(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.

(d) Adjustment to exclude the costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.

12

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	PECO
	Three Months Ended December 31, 2008								Three Months Ended December 31, 2007
	GAAP (a)			Adjustments		Adjusted Non-GAAP			GAAP (a)			Adjustments		Adjusted Non-GAAP
Operating revenues	$	1,372		$	—	$	1,372		$	1,385		$	—	$	1,385
Operating expenses
Purchased power		553			—		553			571			—		571
Fuel		210			—		210			194			—		194
Operating and maintenance		174			—		174			185			—		185
Depreciation and amortization		200			—		200			182			—		182
Taxes other than income		61			—		61			68			—		68
Total operating expenses		1,198			—		1,198			1,200			—		1,200
Operating income		174			—		174			185			—		185
Other income and deductions
Interest expense, net		(55	)		—		(55	)		(60	)		—		(60	)
Equity in losses of unconsolidated affiliates		(5	)		—		(5	)		(2	)		—		(2	)
Other, net		5			—		5			10			—		10
Total other income and deductions		(55	)		—		(55	)		(52	)		—		(52	)
Income before income taxes		119			—		119			133			—		133
Income taxes		39			—		39			18			—		18
Net income	$	80		$	—	$	80		$	115		$	—	$	115
	Twelve Months Ended December 31, 2008								Twelve Months Ended December 31, 2007
	GAAP (a)			Adjustments		Adjusted Non-GAAP			GAAP (a)			Adjustments		Adjusted Non-GAAP
Operating revenues	$	5,567		$	—	$	5,567		$	5,613		$	—	$	5,613
Operating expenses
Purchased power		2,411			—		2,411			2,366			—		2,366
Fuel		607			—		607			617					617
Operating and maintenance		731			—		731			630			—		630
Depreciation and amortization		854			—		854			773			—		773
Taxes other than income		265			—		265			280			—		280
Total operating expenses		4,868			—		4,868			4,666			—		4,666
Operating income		699			—		699			947			—		947
Other income and deductions
Interest expense, net		(226	)		—		(226	)		(248	)		—		(248	)
Equity in losses of unconsolidated affiliates		(16	)		—		(16	)		(7	)		—		(7	)
Other, net		18			—		18			45			—		45
Total other income and deductions		(224	)		—		(224	)		(210	)		—		(210	)
Income before income taxes		475			—		475			737			—		737
Income taxes		150			—		150			230			—		230
Net income	$	325		$	—	$	325		$	507		$	—	$	507

(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 December 31, 2008									Three Months Ended December 31, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	(864	)	$	—		$	(864	)	$	(835	)	$	—		$	(835	)
Operating expenses
Purchased power		(865	)		—			(865	)		(827	)		(4	) (b)		(831	)
Fuel		—			—			—			(2	)		—			(2	)
Operating and maintenance		19			(18	) (e)		1			23			12	(c)		35
Depreciation and amortization		12			—			12			11			—			11
Taxes other than income		4			—			4			6			—			6
Total operating expenses		(830	)		(18	)		(848	)		(789	)		8			(781	)
Operating loss		(34	)		18			(16	)		(46	)		(8	)		(54	)
Other income and deductions
Interest expense, net		(42	)		—			(42	)		(33	)		—			(33	)
Equity in losses of unconsolidated affiliates and investments		—			—			—			(13	)		12	(c)		(1	)
Other, net		15			—			15			91			(75	) (c)		16
Total other income and deductions		(27	)		—			(27	)		45			(63	)		(18	)
Loss from continuing operations before income taxes		(61	)		18			(43	)		(1	)		(71	)		(72	)
Income taxes		(45	)		7	(e)		(38	)		(37	)		7	(b),(c),(d)		(30	)
Income (loss) from continuing operations		(16	)		11			(5	)		36			(78	)		(42	)
Income (loss) from discontinued operations		(1	)		—			(1	)		1			—			1
Net income (loss)	$	(17	)	$	11		$	(6	)	$	37		$	(78	)	$	(41	)
	Twelve Months Ended December 31, 2008									Twelve Months Ended December 31, 2007
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	(3,598	)	$	—		$	(3,598	)	$	(3,550	)	$	—		$	(3,550	)
Operating expenses
Purchased power		(3,590	)		—			(3,590	)		(3,536	)		—			(3,536	)
Fuel		—			—			—			(3	)		—			(3	)
Operating and maintenance		(7	)		(18	) (e)		(25	)		114			(93	) (c)		21
Depreciation and amortization		42			—			42			40			—			40
Taxes other than income		18			—			18			18			—			18
Total operating expenses		(3,537	)		(18	)		(3,555	)		(3,367	)		(93	)		(3,460	)
Operating loss		(61	)		18			(43	)		(183	)		93			(90	)
Other income and deductions
Interest expense, net		(122	)		—			(122	)		(123	)		3	(c)		(120	)
Equity in losses of unconsolidated affiliates and investments		(1	)		—			(1	)		(93	)		93	(c)		—
Other, net		26			—			26			202			(178	) (c)		24
Total other income and deductions		(97	)		—			(97	)		(14	)		(82	)		(96	)
Loss from continuing operations before income taxes		(158	)		18			(140	)		(197	)		11			(186	)
Income taxes		(91	)		7	(e)		(84	)		(226	)		161	(c),(d)		(65	)
Income (loss) from continuing operations		(67	)		11			(56	)		29			(150	)		(121	)
Income (loss) from discontinued operations		—			—			—			6			—			6
Net income (loss)	$	(67	)	$	11		$	(56	)	$	35		$	(150	)	$	(115	)

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude the 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 2007 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.

(d) Adjustment to exclude a non-cash deferred tax item.

(e) Adjustment to exclude external costs in 2008 associated with Exelon’s proposed acquisition of NRG Energy, Inc.

14

EXELON CORPORATION

Exelon Generation Statistics

	Three Months Ended
	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007
Supply (in GWhs)
Nuclear		34,887		36,451		35,069		32,935		34,296
Purchased Power - Generation		6,100		8,761		5,575		5,827		9,068
Fossil and Hydro		2,162		2,685		2,910		2,812		2,350
Power Team Supply		43,149		47,897		43,554		41,574		45,714
	Three Months Ended
	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007
Electric Sales (in GWhs)
ComEd		5,261		6,629		5,218		6,092		5,362
PECO		9,760		11,333		9,761		10,112		9,957
Market and Retail		28,128		29,935		28,575		25,370		30,395
Total Electric Sales (a) (b)		43,149		47,897		43,554		41,574		45,714
Average Margin ($/MWh)
Average Realized Revenue
ComEd (c)	$	63.30	$	64.41	$	63.82	$	63.20	$	63.22
PECO		49.28		53.03		52.04		48.75		49.31
Market and Retail (c)		54.18		65.98		61.91		57.19		54.81
Total Electric Sales		54.18		62.70		59.93		56.02		54.60
Average Purchased Power and Fuel Cost (d) (e)	$	15.90	$	26.16	$	19.40	$	17.25	$	18.90
Average Margin (e)	$	38.28	$	36.54	$	40.53	$	38.77	$	35.70
Around-the-clock Market Prices ($/MWh) (f)
PJM West Hub	$	52.62	$	77.37	$	75.65	$	68.53	$	58.68
NiHub		38.06		53.28		51.39		53.35		45.92

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

(b) Total sales do not include trading volume of 2,153 GWhs, 3,092 GWhs, 1,784 GWhs, 1,862 GWhs and 4,780 GWhs for the three months ended December 31, 2008, September 30, 2008, June 30, 2008, March 31, 2008 and December 31, 2007, respectively.

(c) $20 million and $29 million of pre-tax revenue during the three months ended December 31, 2008, resulting from the settlement of the ComEd swap starting in June 2008 and sales to ComEd under the RFP starting in September 2008, respectively, have 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 a 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

Twelve Months Ended December 31, 2008 and 2007

	December 31, 2008		December 31, 2007
Supply (in GWhs)
Nuclear		139,342		140,359
Purchased Power - Generation		26,263		38,021
Fossil and Hydro		10,569		11,270
Power Team Supply		176,174		189,650
	December 31, 2008		December 31, 2007
Electric Sales (in GWhs)
ComEd		23,200		23,062
PECO		40,966		41,343
Market and Retail		112,008		125,245
Total Electric Sales (a) (b)		176,174		189,650
Average Margin ($/MWh)
Average Realized Revenue
ComEd (c)	$	63.71	$	64.04
PECO		50.85		49.80
Market and Retail (c)		59.99		54.59
Total Electric Sales		58.35		54.70
Average Purchased Power and Fuel Cost (d) (e)	$	19.87	$	19.54
Average Margin (e)	$	38.48	$	35.16
Around-the-clock Market Prices ($/MWh) (f)
PJM West Hub	$	68.52	$	59.87
NiHub		49.00		45.53

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

(b) Total sales do not include trading volume of 8,891 GWhs and 20,323 GWhs for the twelve months ended December 31, 2008 and 2007, respectively.

(c) $2 million of a pre-tax reduction in revenue and $29 million of pre-tax revenue during the year ended December 31, 2008, resulting from the settlement of the ComEd swap starting in June 2008 and sales to ComEd under the RFP starting in September 2008, respectively, have 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 a contract with Tenaska and costs associated with the termination of the State Line PPA during the twelve months ended December 31, 2007.

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

(f) Represents the average for the year.

16

EXELON CORPORATION

ComEd Statistics

Three Months Ended December 31, 2008 and 2007

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2008		2007		% Change		2008			2007			% Change
Full Service (a)
Residential	6,868		6,929		(0.9	%)	$	839		$	752		11.6	%
Small Commercial & Industrial	3,545		3,694		(4.0	%)		373			365		2.2	%
Large Commercial & Industrial	242		319		(24.1	%)		18			26		(30.8	%)
Public Authorities	97		203		(52.2	%)		12			17		(29.4	%)
Total Full Service	10,752		11,145		(3.5	%)		1,242			1,160		7.1	%
Delivery Only (b)
Residential	—	(c)	—	(c)				—	(c)		—	(c)
Small Commercial & Industrial	4,521		4,568		(1.0	%)		78			69		13.0	%
Large Commercial & Industrial	6,630		6,607		0.3	%		80			67		19.4	%
Public Authorities & Electric Railroads	213		124		71.8	%		4			1		300.0	%
Total Delivery Only	11,364		11,299		0.6	%		162			137		18.2	%
Total Retail	22,116		22,444		(1.5	%)		1,404			1,297		8.2	%
Other Revenue (d)								138			139		(0.7	%)
Total Revenues							$	1,542		$	1,436		7.4	%
Purchased Power							$	853		$	841		1.4	%

Heating and Cooling Degree-Days	2008	2007	Normal
Heating Degree-Days	2,455	2,143	2,278
Cooling Degree-Days	10	56	7

Twelve Months Ended December 31, 2008 and 2007

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2008		2007		% Change		2008			2007			% Change
Full Service (a)
Residential	28,389		29,374		(3.4	%)	$	3,284		$	3,161		3.9	%
Small Commercial & Industrial	14,937		16,468		(9.3	%)		1,542			1,619		(4.8	%)
Large Commercial & Industrial	1,045		1,949		(46.4	%)		90			154		(41.6	%)
Public Authorities	578		766		(24.5	%)		52			67		(22.4	%)
Total Full Service	44,949		48,557		(7.4	%)		4,968			5,001		(0.7	%)
Delivery Only (b)
Residential	—	(c)	—	(c)				—	(c)		—	(c)
Small Commercial & Industrial	18,550		17,380		6.7	%		289			261		10.7	%
Large Commercial & Industrial	27,764		27,122		2.4	%		295			276		6.9	%
Public Authorities & Electric Railroads	636		518		22.8	%		7			5		40.0	%
Total Delivery Only	46,950		45,020		4.3	%		591			542		9.0	%
Total Retail	91,899		93,577		(1.8	%)		5,559			5,543		0.3	%
Other Revenue (d)								577			561		2.9	%
Total Revenues							$	6,136		$	6,104		0.5	%
Purchased Power							$	3,582		$	3,747		(4.4	%)

Heating and Cooling Degree-Days	2008	2007	Normal
Heating Degree-Days	6,680	6,025	6,362
Cooling Degree-Days	828	1,111	855

(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 December 31, 2008 and 2007, multiple 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.

17

EXELON CORPORATION

PECO Statistics

Three Months Ended December 31, 2008 and 2007

	Electric and Gas Deliveries				Revenue (in millions)
	2008	2007	% Change		2008		2007		% Change
Electric (in GWhs)
Full Service (a)
Residential	3,136	3,179	(1.4	%)	$	430	$	444	(3.2	%)
Small Commercial & Industrial	1,953	1,969	(0.8	%)		235		238	(1.3	%)
Large Commercial & Industrial	3,954	4,077	(3.0	%)		332		343	(3.2	%)
Public Authorities & Electric Railroads	229	248	(7.7	%)		22		24	(8.3	%)
Total Full Service	9,272	9,473	(2.1	%)		1,019		1,049	(2.9	%)
Delivery Only (b)
Residential	6	8	(25.0	%)		—		1	(100.0	%)
Small Commercial & Industrial	98	124	(21.0	%)		5		6	(16.7	%)
Large Commercial & Industrial	1	5	(80.0	%)		—		—	0.0	%
Total Delivery Only	105	137	(23.4	%)		5		7	(28.6	%)
Total Electric Retail	9,377	9,610	(2.4	%)		1,024		1,056	(3.0	%)
Other Revenue (c)						70		68	2.9	%
Total Electric Revenue						1,094		1,124	(2.7	%)
Gas (in mmcfs)
Retail Sales	19,131	17,838	7.2	%		272		241	12.9	%
Transportation and Other	6,818	7,262	(6.1	%)		6		20	(70.0	%)
Total Gas	25,949	25,100	3.4	%		278		261	6.5	%
Total Electric and Gas Revenues					$	1,372	$	1,385	(0.9	%)
Purchased Power					$	553	$	571	(3.2	%)
Fuel						210		194	8.2	%
Total Purchased Power and Fuel					$	763	$	765	(0.3	%)

Heating and Cooling Degree-Days	2008	2007	Normal
Heating Degree-Days	1,659	1,529	1,634
Cooling Degree-Days	19	110	21

Twelve Months Ended December 31, 2008 and 2007

	Electric and Gas Deliveries				Revenue (in millions)
	2008	2007	% Change		2008		2007		% Change
Electric (in GWhs)
Full Service (a)
Residential	13,287	13,446	(1.2	%)	$	1,916	$	1,948	(1.6	%)
Small Commercial & Industrial	8,211	8,288	(0.9	%)		1,028		1,042	(1.3	%)
Large Commercial & Industrial	16,474	16,522	(0.3	%)		1,406		1,386	1.4	%
Public Authorities & Electric Railroads	909	930	(2.3	%)		87		89	(2.2	%)
Total Full Service	38,881	39,186	(0.8	%)		4,437		4,465	(0.6	%)
Delivery Only (b)
Residential	30	42	(28.6	%)		2		4	(50.0	%)
Small Commercial & Industrial	469	571	(17.9	%)		25		30	(16.7	%)
Large Commercial & Industrial	3	14	(78.6	%)		—		—	0.0	%
Total Delivery Only	502	627	(19.9	%)		27		34	(20.6	%)
Total Electric Retail	39,383	39,813	(1.1	%)		4,464		4,499	(0.8	%)
Other Revenue (c)						282		276	2.2	%
Total Electric Revenue						4,746		4,775	(0.6	%)
Gas (in mmcfs)
Retail Sales	56,110	58,968	(4.8	%)		795		784	1.4	%
Transportation and Other	27,624	27,632	0.0	%		26		54	(51.9	%)
Total Gas	83,734	86,600	(3.3	%)		821		838	(2.0	%)
Total Electric and Gas Revenues					$	5,567	$	5,613	(0.8	%)
Purchased Power					$	2,411	$	2,366	1.9	%
Fuel						607		617	(1.6	%)
Total Purchased Power and Fuel					$	3,018	$	2,983	1.2	%

Heating and Cooling Degree-Days	2008	2007	Normal
Heating Degree-Days	4,403	4,560	4,638
Cooling Degree-Days	1,354	1,513	1,292

(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

Exhibit 99.2

Earnings Conference Call

4th Quarter 2008

January 22, 2009

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 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

Key Financial Messages

Q4

operating

results

of

$1.07/share

powered

by

strong

Generation

performance:

4Q08 nuclear capacity factor of 93.7%

7% increase in average realized energy margins in 4Q08 compared to 4Q07

Reaffirming 2009 operating earnings guidance of $4.00-$4.30/share

Challenged by higher pension and OPEB expense and lower load growth

Committed to cost reduction initiatives

Well-positioned in these challenging times

Strong

cash

flow

from

operations

–

forecasted

at

$4.75

billion

in

2009

(1)

Sufficient

liquidity

–

$6.9

billion

available

under

credit

facilities

as

of

January

16

th

Minimal

near-term

debt

maturities

–

$29

million

in

total

in

2009

(2)

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)  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) Excludes securitization debt and includes capital leases.

4

$3.45

$3.46

$0.75

$0.49

$0.30

$0.33

2007

2008

$0.78

$0.80

$0.17

$0.12

$0.16

$0.13

2007

2008

Exelon Operating EPS

$1.07

HoldCo/Other

ExGen

PECO

ComEd

4th Quarter (Q4)

$4.20

$1.02

Full Year (FY)

ExGen and ComEd reported higher quarter-over-quarter earnings, partially offset by lower

earnings at PECO, as expected

Refer

to

Earnings

Release

Attachments

for

additional

details

and

to

the

Appendix

for

a

reconciliation

of

adjusted

(non-GAAP)

operating

EPS

to

GAAP EPS.

$0.84

$1.07

$4.05

$4.13

$4.32

GAAP EPS

5

Exelon Generation Operating EPS

Contribution

4Q

YTD

$0.78

$0.80

$3.46

$3.45

2008

2007

Key Drivers –

Q4 ’08 vs. Q4 ’07*

Favorable portfolio/market conditions:

+$0.02

Nuclear

volume:

+$0.02

Costs associated with possible

nuclear construction project:

+$0.04

Higher nuclear fuel costs:

($0.02)

Higher O&M costs, reflecting both

inflationary pressures and other O&M

costs:

($0.05)

’07 rebalancing of nuclear

decommissioning trust funds:

($0.06)

’07 tax method change:

+$0.06

*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

241

80

195

91

Refueling

59

22

59

27

Non-refueling

YTD

4Q

YTD

4Q

2008

2007

Outage Days

6

4Q

YTD

Key Drivers –

Q4 ’08 vs. Q4 ’07*

Distribution

rates:

+$0.06

’08 tax method change:

+$0.02

’07 tax method change:

($0.06)

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

$0.13

$0.16

$0.30

$0.33

7

ComEd Load Growth Trends

Weather-Normalized Load Growth

Q4 2008

FY 2008

2009e

Customer Growth

0.1%

0.5%

0.3%

Average Use-Per-Customer

(0.6%)

0.0%

(0.9%)

Total Residential

(0.5%)

0.5%

(0.6%)

Small C&I

(2.9%)

(0.3%)

(0.9%)

Large C&I

(1.0%)

(0.4%)

(2.1%)

All Customer Classes

(1.6%)

(0.1%)

(1.1%)

ComEd Customer Usage by Revenue Class

Chicago

US

Unemployment rate 

6.7%

7.2%

4

th

Qtr

‘08

annualized

growth

in

gross

domestic/metro

product

(6.8%)

(4.5%)

10/08

Home

price

index

(10.8%)

(18.0%)

Key Economic Indicators

Other

2%

Other Large

C&I

13%

380 Large

C&I

18%

Small C&I

36%

Residential

31%

Top 380 Customer Usage by Segment

3%

Leisure & Hospitality

9%

Trade, Transportation & Utilities

10%

Finance, Professional &

Business Services

12%

Health & Educational Services

13%

Government

53%

Manufacturing

(1)  Source:  Illinois Department of Employment Security and U.S. Department of Labor

(2)  Source:  Moody’s Economy.com

(3)  Source:

S&P

Case-Shiller

index

(2)

(1)

(3)

8

4Q

YTD

PECO Operating EPS Contribution

Key Drivers –

Q4 ’08 vs. Q4 ’07*

CTC amortization:

($0.02)

Weather:

($0.01)

Bad debt expense:

+$0.01

’07 tax method change:

($0.05)

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

$0.17

$0.12

$0.49

$0.75

9

PECO Load Growth Trends

Other

2%

Other Large

C&I

21%

150 Large

C&I

21%

Small C&I

22%

Residential

34%

Weather-Normalized Electric Load Growth

Q4 2008

FY 2008

2009e

Customer Growth

0.5%

0.7%

0.1%

Average Use-Per-Customer

(0.9%)

1.1%

(0.6%)

Total Residential

(0.4%)

1.8%

(0.5%)

Small C&I

0.7%

(0.2%)

(0.8%)

Large C&I

(2.4%)

0.1%

(1.9%)

All Customer Classes

(1.1%)

0.6%

(1.1%)

PECO Customer Usage by Revenue Class

Philadelphia

US

12/08

Unemployment

rate

(1)

6.3%

7.2%

4   Qtr ‘08 annualized growth in

gross

domestic/metro

product

(2)

(4.0%)

(4.5%)

Key Economic Indicators

Top 150 Customer Usage by Segment

18%

Health & Educational Services

19%

Manufacturing

21%

Petroleum

3%

Retail Trade

4%

Other

9%

Transportation, Communication

& Utilities

13%

Finance, Insurance & Real

Estate

13%

Pharmaceuticals

(1)  Source:  Moody’s Economy.com and U.S. Department of Labor

(2)  Source:  Moody’s Economy.com

th

10

2009 Operating Earnings Guidance

2009E

2008A

$0.49

$3.46

$4.20

ComEd

PECO

Exelon

Generation

ComEd distribution revenue

PECO gas revenue

O&M and other

Pension/OPEB

Inflation

Cost reduction initiatives

Bad debt expense

Nuclear fuel costs

Depreciation and amortization

PECO CTC

2009 Earnings Drivers

ComEd

PECO

Exelon

Generation

Holdco

Holdco

Exelon

$0.33

Exelon

$4.00 -

$4.30

(1)

$0.45 -

$0.55

$0.45 -

$0.55

$3.10 -

$3.35

(1)  Operating Earnings Guidance.  Excludes the earnings impact of certain items as disclosed in the Appendix.

Reaffirming

2009

operating

earnings

guidance

of

$4.00-$4.30/share

(1)

–

expect

1Q09

results between $1.10 to $1.20/share

11

Cash Contributions

$0

$50

$100

$150

$200

$250

Pension

OPEB

Pre-Tax Expense

$0

$50

$100

$150

$200

$250

Pension

OPEB

2009 Pension and OPEB Expense and

Contributions

Pension

and

OPEB

Plans

Key

Metrics

–

12/31/08e

(in

millions)

Pension

Assets

$6,650

Obligations

$10,800

2009e

2008

Estimate as

of 11/08

Estimate as

of 11/08

$85

$200

$160

$225

$80

$175

$163

$155

2009e

2008

1

2

3

OPEB

Assets

$1,200

Obligations

$3,500

Key Metrics

2008 asset return

-26%

12/31/08 discount rate

6.09%

2009 L-T EROA

8.50%

(1)  

Excludes settlement charges.

(2)  

Management has not yet made a definitive decision regarding its 2009 pension contributions and may make additional discretionary contributions based upon final

interpretations of the Worker, Retiree and Employer Recovery Act of 2008.

(3)  

Management has not yet made a definitive decision regarding its 2009 OPEB contributions.  Approximately $100 million of the estimated 2009 OPEB contributions is

discretionary.

12

Exelon Cost and Capital Management

•

Clearly define governance and oversight model

•

Optimize the Exelon operational structure to drive efficiency and accountability,

reducing complexity and cost

•

Provide better visibility on cost drivers and productivity

•

Process improvement and elimination of low value work

•

Drive productivity focus in business planning process

•

Continue to manage capital spending

Exelon’s 2009 earnings guidance contemplates over $100 million

of forecasted O&M reductions due to cost management

Drive productivity and cost reduction (with continued superior operations)

Continue to align spending plans with market conditions

$4,500

(2)

$4,500

Exelon Consolidated

$700

$750

PECO

$1,100

$1,100

ComEd

$2,750

$2,700

Exelon Generation

2009e

2008a

O&M Expense

(1)

(in millions)

$3,400

$3,200

Exelon Consolidated

$400

$400

PECO

$1,000

$950

ComEd

$1,950

$1,750

Exelon Generation

2009e

2008a

CapEx

(in millions)

(1)  Reflects Operating O&M data and excludes Decommissioning impact.

(2)  Reflects ~$180 million increase in O&M expense from 2008a to 2009e due to higher pension and OPEB expense.

13

Well-Positioned in These Challenging

Times

Nuclear remains a low-cost generation source and Exelon Generation is the

lowest-cost nuclear fleet operator in the US

Hedging program largely protects against commodity movements in the near term

–

over

90%

financially

hedged

in

2009

and

~90%

financially

hedged

in

2010

Hedged Against

Short-Term Volatility

in Commodities

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

2012 –

$6.9

billion available as of 1/16/09

23

banks

committed

to

the

facility

–

with

each

bank

having

less

than

10%

of

the aggregate commitments at Exelon

$29

million

of

debt

maturities,

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

–

93.9%

capacity

factor

FY

2008

with

10

refueling

outages at Exelon-operated units and 2 outages at Salem

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.

14

Appendix

45

55

65

75

85

95

105

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

50

60

70

80

90

100

110

120

130

140

150

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

6.5

7.5

8.5

9.5

10.5

11.5

12.5

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

Forward NYMEX Natural Gas

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

PJM-West and Ni-Hub Wrap Forward Prices

2010

2011

Market Price Snapshot

Rolling 12 months, as of January 16, 2009. Source: OTC quotes and electronic trading system. Quotes are daily.

Forward NYMEX Coal

$6.70

$7.12

2010

2011

$61.38

$62.50

15

2010 Ni-Hub

2011 Ni-Hub

2011 PJM-West

2010 PJM-West

2010 Ni-Hub

2011 Ni-Hub

2011 PJM-West

2010 PJM-West

$64.43

$67.15

$47.38

$34.00

$47.54

$49.00

$30.74

$52.00

25

30

35

40

45

50

55

60

65

70

75

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

7.5

8.5

9.5

10.5

11.5

12.5

13.5

14.5

15.5

16.5

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

8

8.2

8.4

8.6

8.8

9

9.2

9.4

9.6

9.8

10

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

55

60

65

70

75

80

85

90

95

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

6

7

8

9

10

11

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

16

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 North On Peak Spark Spread

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

Market Price Snapshot

Rolling 12 months, as of January 16, 2009. Source: OTC quotes and electronic trading system. Quotes are daily.

$6.37

$6.80

$60.98

$56.52

$8.88

$8.96

$8.09

$9.43

17

Hedging Targets

(1)

Percent financially hedged is our estimate of the gross margin that is hedged at a 95% confidence level given the current assessment of market volatility.  The

formula

is

the

gross

margin

at

the

5 

percentile

/

expected

gross

margin.

Power Team utilizes various products and

channels to market in order to optimize

Exelon Generation’s earnings:

•

Block product sales in power

•

Options in power and natural gas

•

Full requirements sales via retail channel and

wholesale load procurement processes

•

Supplement the portfolio with structured

transactions

•

Use physical and financial fuel products to

manage variability in fossil generation output

Target Ranges

90% -

98%

70% -

90%

60% -

80%

>90%

Current Position

~90%

Near top end of

range

Prompt Year

(2009)

Second Year

(2010)

Third Year

(2011)

Financial

Hedging

Range

(1)

Flexibility in our targeted financial hedge ranges allows us to be opportunistic while

mitigating downside risk

Financial hedge ratios reflect a range of

revenue net fuel based on observed

market prices and volatility

•

Generally, hedges are executed on a ratable

basis over a three-year window; therefore, the

position is well hedged in the front year and

significantly open in the outer years

•

Utilize options to hedge risk and preserve

upside

th

18

Exelon Generation Has Limited

Counterparty Exposure

Net

Exposure

After

Credit

Collateral

(1)

(in millions)

Investment grade

$1,113

Non-investment grade

3

No external ratings

27

Total

$1,143

(1)

As of December 31, 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. 

Exelon Generation transacts with a diverse group of counterparties, predominantly all

investment grade, and has ample liquidity to support its operations

Exelon Generation

–

Sufficient Liquidity

Aggregate credit facility commitments of $4.8

billion

that

extend

through

2012

–

$4.7

billion

available as of 1/16/09

Strong

balance

sheet

–

A3/BBB/BBB+

Senior

Unsecured Rating

Net

Exposure

by

Type

of

Counterparty

(1)

Coal

Producers

1%

Financial Institutions

34%

Investor-Owned Utilities,

Marketers, and

Power Producers

62%

Other

3%

19

2009 Projected Sources and Uses of Cash

150

0

300

50

Other

150

350

(250)

250

Net

Financing

(excluding

Dividend):

(2)

750

350

200

200

Planned Debt Issuances

Net

Financing

(excluding

Dividend):

(2)

(750)

0

(750)

0

Planned

Debt

Retirements

(3)

$4,750

$2,800

$950

$1,000

Cash

Flow

from

Operations

(1)

(3,400)

(1,950)

(400)

(1,000)

Capital Expenditures

$1,500

$1,200

$300

$250

Cash Available before Dividend

(1,400)

Dividend

(4)

$100

Cash Available after Dividend

Exelon

(5)

($ in Millions)

Numbers are rounded and may not add.

(1)

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.  

(2)

Net Financing (excluding Dividend) = Net cash flows used in financing activities excluding dividends paid on common and preferred stock.

(3)

Planned Debt Retirements are $17M, $728M, and $12M for ComEd, PECO, and ExGen, respectively.  Includes securitized debt.

(4)

Assumes

2009

Dividend

of

$2.10

per

share.

Dividends

are

subject

to

declaration

by

the

board

of

directors.

(5)

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

20

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.

--

--

--

--

Outstanding Facility Draws

(396)

(157)

(93)

(141)

Outstanding Letters of Credit

$7,317

$4,834

$574

$952

Aggregate

Bank

Commitments

(1)

6,921

4,677

481

811

Available

Capacity

Under

Facility

(2)

(140)

--

(125)

--

Outstanding Commercial Paper

$6,781

$4,677

$356

$811

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 January 16, 2009

21

Projected 2009 Key Credit Measures

BBB

A-

BBB+

BBB-

S&P Credit

Ratings

(3)

BBB+

A

BBB

BBB+

Fitch Credit

Ratings

(3)

A3

A2

Baa2

Baa1

Moody’s Credit

Ratings

(3)

3.6x

3.8x

FFO / Interest

ComEd:

18%

14%

FFO / Debt

55%

62%

Rating Agency Debt Ratio

6.3x

3.0x

FFO / Interest

PECO:

36%

10%

FFO / Debt

52%

54%

Rating Agency Debt Ratio

30%

51%

Rating Agency Debt Ratio

108%

46%

FFO / Debt

21.3x

8.6x

FFO / Interest

Exelon

Generation:

54%

39%

7.0x

Without PPA &

Pension / OPEB

(2)

64%

Rating Agency Debt Ratio

23%

FFO / Debt

5.2x

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 January 16, 2009.  On October 21, 2008, S&P put Exelon,

ComEd, PECO and Exelon Generation on Credit Watch with negative implications. On November 12, 2008, Moody’s placed the ratings of Exelon, Exelon Generation and PECO

under review for possible downgrade.

22

FFO Calculation and Ratios

FFO Calculation

= FFO

-

PECO Transition Bond Principal Paydown

+ Gain on Sale, Extraordinary Items and Other Non-Cash Items

+ 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

,

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

+ Unfunded Pension and OPEB obligations

+ 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.

(2)

(2)

(2)

(2)

23

Q4 GAAP EPS Reconciliation

(0.11)

-

-

-

(0.11)

Georgia Power tolling agreement

0.19

-

-

-

0.19

Termination of State Line PPA

0.03

0.03

-

-

-

Investments in synthetic fuel-producing facilities

(0.03)

-

-

-

(0.03)

Mark-to-market adjustments from economic hedging activities

(0.28)

-

-

(0.01)

(0.27)

2007 Illinois Electric

Rate

Settlement

(0.02)

-

-

(0.02)

-

City of Chicago settlement with ComEd

0.04

0.08

-

-

(0.04)

Non-cash deferred tax items

$0.84

$0.05

$0.17

$0.10

$0.52

Q4 2007 GAAP Earnings Per Share

$1.02

($0.06)

$0.17

$0.13

$0.78

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

Exelon

Other

PECO

ComEd

ExGen

Three Months Ended December 31, 2007

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

(0.10)

-

-

-

(0.10)

Unrealized gains and  losses related to nuclear decommissioning trust

funds

0.15

-

-

-

0.15

Mark-to-market adjustments from economic hedging activities

0.03

0.03

Settlement of tax matter at Generation related to Sithe

(0.02)

(0.02)

-

-

-

NRG acquisition costs

$1.07

($0.03)

$0.12

$0.14

$0.84

Q4 2008 GAAP Earnings (Loss) Per Share

$1.07

($0.01)

$0.12

$0.16

$0.80

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

(0.04)

-

-

-

(0.04)

2007 Illinois Electric Rate Settlement

(0.02)

-

-

(0.02)

-

City of Chicago settlement with ComEd

Exelon

Other

PECO

ComEd

ExGen

Three Months Ended December 31, 2008

24

YTD GAAP EPS Reconciliation

0.04

0.08

-

-

(0.04)

Non-cash deferred tax items

(0.11)

-

-

-

(0.11)

Georgia Power tolling agreement

0.19

-

-

-

0.19

Termination of State Line PPA

0.14

0.14

-

-

-

Investments in synthetic fuel-producing facilities

(0.15)

-

-

-

(0.15)

Mark-to-market adjustments from economic hedging activities

0.01

-

-

-

0.01

Settlement of a tax matter at Generation related to Sithe

0.01

-

-

-

0.01

Sale of Generation's investments in TEG and TEP

(0.02)

-

-

(0.02)

-

City of Chicago settlement with ComEd

$4.05

$0.04

$0.75

$0.25

$3.01

YTD 2007 GAAP Earnings Per Share

$4.32

($0.18)

$0.75

$0.30

$3.45

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

0.03

-

-

-

0.03

Decommissioning obligation reduction

(0.41)

-

-

(0.03)

(0.38)

2007 Illinois Electric Rate Settlement

Exelon

Other

PECO

ComEd

ExGen

Twelve Months Ended December 31, 2007

(0.02)

(0.02)

-

-

-

NRG acquisition costs

(0.27)

-

-

-

(0.27)

Unrealized gains & losses related to nuclear decommissioning trust funds

(0.22)

-

-

(0.01)

(0.21)

2007 Illinois Electric Rate Settlement

0.03

0.03

Settlement of tax matter at Generation related to Sithe

(0.02)

-

-

(0.02)

-

City of Chicago settlement with ComEd

$4.13

($0.10)

$0.49

$0.30

$3.44

YTD 2008 GAAP Earnings (Loss) Per Share

$4.20

($0.08)

$0.49

$0.33

$3.46

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

0.41

-

-

-

0.41

Mark-to-market adjustments from economic hedging activities

0.02

-

-

-

0.02

Decommissioning obligation reduction

Exelon

Other

PECO

ComEd

ExGen

Twelve Months Ended December 31, 2008

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