Earnings Conference Call 2nd Quarter 2018 August 2, 2018

Cautionary Statements Regarding Forward-Looking Information This presentation contains certain 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 the forward-looking statements made by Exelon Corporation, Exelon Generation Company, LLC, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2017 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 23, Commitments and Contingencies; (2) Exelon’s Second Quarter 2018 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 17; and (2) other factors discussed in filings with the SEC 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 press release. 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 presentation. 2 Q2 2018 Earnings Release Slides

Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Exelon supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including: • Adjusted operating earnings exclude certain costs, expenses, gains and losses and other specified items, including mark-to- market adjustments from economic hedging activities, unrealized gains and losses from nuclear decommissioning trust fund investments, merger and integration related costs, impairments of certain long-lived assets, certain amounts associated with plant retirements and divestitures, costs related to a cost management program and other items as set forth in the reconciliation in the Appendix • Adjusted operating and maintenance expense excludes regulatory operating and maintenance costs for the utility businesses and direct cost of sales for certain Constellation and Power businesses, decommissioning costs that do not affect profit and loss, the impact from operating and maintenance expense related to variable interest entities at Generation, EDF’s ownership of O&M expenses, and other items as set forth in the reconciliation in the Appendix • Total gross margin is defined as operating revenues less purchased power and fuel expense, excluding revenue related to decommissioning, gross receipts tax, JExel Nuclear JV, variable interest entities, and net of direct cost of sales for certain Constellation and Power businesses • Adjusted cash flow from operations primarily includes net cash flows from operating activities and net cash flows from investing activities excluding capital expenditures, net merger and acquisitions, and equity investments • Free cash flow primarily includes net cash flows from operating activities and net cash flows from investing activities excluding certain capital expenditures, net merger and acquisitions, and equity investments • Operating ROE is calculated using operating net income divided by average equity for the period. The operating income reflects all lines of business for the utility business (Electric Distribution, Gas Distribution, Transmission). • EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Includes nuclear fuel amortization expense. • Revenue net of purchased power and fuel expense is calculated as the GAAP measure of operating revenue less the GAAP measure of purchased power and fuel expense Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available, as management is unable to project all of these items for future periods 3 Q2 2018 Earnings Release Slides

Non-GAAP Financial Measures Continued This information is intended to enhance an investor’s overall understanding of period over period financial results and provide an indication of Exelon’s baseline operating performance by excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this information is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting of future periods. These non-GAAP financial measures are not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided these non-GAAP financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These non-GAAP measures should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP measures provided in the materials presented. Non-GAAP financial measures are identified by the phrase “non-GAAP” or an asterisk. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are provided in the appendices and attachments to this presentation, except for the reconciliation for total gross margin, which appears on slide 42 of this presentation. 4 Q2 2018 Earnings Release Slides

2nd Quarter Results Q2 2018 EPS Results(1,2) • GAAP earnings were $0.56/share in Q2 2018 vs. $0.10/share in Q2 $0.71 2017 $0.56 $0.34 • Adjusted operating earnings* ExGen $0.18 were $0.71/share in Q2 2018 vs. $0.56/share in Q2 2017, BGE $0.05 $0.05 exceeding our guidance range of PECO $0.10 $0.10 $0.55-$0.65/share PHI $0.09 $0.09 ComEd $0.17 $0.17 HoldCo ($0.04) ($0.05) GAAP Earnings Adjusted Operating Earnings* (1) Amounts may not add due to rounding (2) Certain immaterial prior year amounts in the Registrants’ Consolidated Statements of Operations and Comprehensive Income have been recast to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018 5 Q2 2018 Earnings Release Slides

Operating Highlights Exelon Utilities Operational Metrics Exelon Generation Operational Performance Q2 2018 (2) Operations Metric Exelon Nuclear Fleet BGE ComEd PECO PHI • Continued best in class performance across our OSHA Recordable Rate Nuclear fleet: Electric 2.5 Beta SAIFI o Q2 2018 Nuclear Capacity Factor: 93.2% (1) Operations (Outage Frequency) o 96 outage days in Q2 2018 compared to 137 in 2.5 Beta CAIDI (Outage Duration) Q2 2017 44 100% Customer 98% Satisfaction 42 96% Customer Service Level % of 40 94% Capacity Factor Calls Answered in 92% Operations <30 sec 38 90% TWhrs 36 Abandon Rate 88% 34 86% Percent of Calls Gas No Gas 84% Responded to in <1 32 Operations 82% Operations Hour 30 80% Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 • Continued top tier reliability performance, with top TWhrs Capacity Factor decile performance in CAIDI and gas odor Fossil and Renewable Fleet • Customer performance metrics continue to be strong across all utilities • Strong performance across our Fossil and Renewable fleet: o Q2 2018 Renewables energy capture: 95.1% Q1 Q2 o Q2 2018 Power dispatch match: 97.8% Q3 Q4 (1) 2.5 Beta SAIFI is YE projection (2) Excludes Salem and EDF’s equity ownership share of the CENG Joint Venture 6 Q2 2018 Earnings Release Slides

Tax Reform Producing Significant Customer Bill Savings DPL ACE ComEd • DPL has filed to provide over $40M in • ACE has filed to provide $23M in • ComEd has filed to provide $201M in annual distribution tax savings to annual distribution tax savings to annual distribution tax savings to customers customers customers • DPL has also filed to provide $12M in • ACE has also filed to provide $11M in • ComEd has also filed to provide $69M annual transmission tax savings, in annual transmission tax savings, in in annual transmission tax savings, in addition to another $4M pending addition to another $4M pending addition to another $17M pending approval from FERC approval from FERC approval from FERC Pepco BGE $38 • Pepco has filed to provide over $70M $56 • BGE has filed to provide $103M in in annual distribution tax savings to annual distribution tax savings to customers customers Pepco has also filed to provide $13M • $88 • BGE has also filed to provide $18M in in annual transmission tax savings, in $687M in $287 annual transmission tax savings, in addition to another $5M pending addition to another $5M pending approval from FERC Customer approval from FERC Savings PECO $92 • PECO has filed to provide $72M in annual distribution tax savings to customers $126 • PECO has also filed to provide $20M in annual transmission tax savings Utility customers across our jurisdictions will benefit from tax reform, saving over $675M annually through planned and approved transmission and distribution bill adjustments 7 Q2 2018 Earnings Release Slides

Constructive Legislation for Our Utilities Delaware Pennsylvania • On June 14, Governor Carney signed • On June 28, Governor Wolf signed House Senate Bill 80, which enacted the Bill (HB) 1782 Distribution System Investment Charge • HB 1782 authorizes the PA PUC to review (DSIC) legislation and approve utility-proposed alternative • The DSIC tracker establishes a system rate mechanisms improvement charge that provides a − Alternative methods include options such mechanism to recover infrastructure as decoupling mechanisms, formula investments, allowing for: rates, multi-year rate plans, and − Gradual rate increases; and performance based rates − Limiting frequency of rate cases • HB 1782 will ensure that our utilities and • DPL DE expects to make its first filing under state regulators have a full range of options the DSIC rules in Q4 2018, with the new to consider to meet PA’s future charge appearing on customer bills by Q1 infrastructure needs 2019 Recent passage of legislation in DE and PA will support needed infrastructure investment that includes utility of the future initiatives to the benefit of our customers, while also allowing for timely recovery on those investments 8 Q2 2018 Earnings Release Slides

ZEC & Energy Policy Updates ZEC Updates FERC Capacity Order PJM Price Formation New Jersey: • On June 29, 2018, FERC issued an • PJM fast start proceeding was • Governor Murphy signed the NJ ZEC order rejecting both capacity repricing initiated by FERC (Docket No. EL18- bill into law on May 23rd and MOPREx, but finding that the 34) and has now been fully briefed • Implementation of the program is existing tariff is not just and • FERC has committed to providing a scheduled to be completed around reasonable decision in September 2018 the end of Q1 2019 • FERC established a paper hearing − If FERC approves in September, Illinois: proceeding to develop a new, two-part without changes, then PJM could approach: • Oral arguments for the 7th Circuit implement the changes in winter occurred on January 3, 2018, with − Alternative FRR: enables states to 2018/2019 requests for supplemental briefings establish asset specific FRR • After assessing FERC’s fast start arrangements that would allow • Supplemental briefings were filed on decision, PJM will determine path them to compensate those assets forward for full integer relaxation January 26, 2018 directly and remove the associated − PJM has not set a definitive • Court issued order on February 21, load from the RPM auction timeline for stakeholder 2018, inviting the U.S. Government to − MOPR: if FRR is not elected, an deliberations provide its views expanded MOPR would apply to all • Deliberations regarding scarcity existing and new resources with • U.S. Solicitor General responded in pricing and reserves reforms are out-of-market support, with no or support of the case on May 29th ongoing in Q3 and Q4 for early 2019 few exceptions • Currently awaiting court decision action • FERC has required comments within New York: 60 days, with replies 30 days later • Oral arguments for the 2nd Circuit occurred on March 12, 2018 • FERC aims to reach a final decision by January 4, 2019 • No outstanding items following oral arguments • Currently awaiting court decision 9 Q2 2018 Earnings Release Slides

2nd Quarter Adjusted Operating Earnings* Drivers Q2 2018 Adjusted Operating EPS* Results Q2 2018 vs. Guidance of $0.55 - $0.65 $0.71 Exelon Utilities – Higher distribution and transmission revenue ExGen $0.34 – Favorable weather BGE $0.05 Exelon Generation – NDT realized gains(1) PECO $0.10 – Generation performance PHI $0.09 – Favorable market conditions $0.37 – Higher transmission costs – Other ComEd $0.17 HoldCo ($0.05) Q2 2018 Note: Amounts may not sum due to rounding (1) Gains related to unregulated sites 10 Q2 2018 Earnings Release Slides

QTD Adjusted Operating Earnings* Waterfall $0.01 Distribution Investment $0.03 Rate Increases $0.01 Other ($0.01) Other $0.71 $0.02 ($0.01) $0.02 $0.00 $0.00 $0.12 ($0.01) Other $0.56 $0.07 Nuclear Outages(1) $0.05 Capacity Pricing $0.03 Illinois Zero Emission Credit Revenue $0.05 NDT Fund Realized Gains $0.04 Tax Cuts and Jobs Act Savings ($0.12) Market and Portfolio Conditions(2) 2017 (3) ExGen(4) ComEd PECO BGE PHI Corp 2018 Note: Amounts may not sum due to rounding (1) Increase in volume due to a decrease in outage days in 2018; additionally operating and maintenance expense decreased due to a decrease in outage days in 2018, excluding Salem (2) Primarily lower realized energy prices, partially offset by the favorable impact of Generation’s natural gas portfolio (3) Certain immaterial prior year amounts in the Registrants’ Consolidated Statements of Operations and Comprehensive Income have been recast to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018 (4) Reflects CENG ownership at 100% 11 Q2 2018 Earnings Release Slides

Trailing 12 Month Earned ROEs* vs Allowed ROE Trailing Twelve Month Earned ROEs* Allowed ROE Q1 2018 TTM Earned ROE Q2 2018 TTM Earned ROE 9.9% 9.9% 10.3% 9.7% 10.2% 9.4% 9.4% 7.7% 7.6% 7.4% 7.3% 5.4% 5.4% ACE Delmarva Pepco Legacy Exelon Consolidated Utilities Exelon Utilities Note: Represents the 12-month periods ending 3/31/2018 and 6/30/2018, respectively. Earned ROEs* represent weighted average across all lines of business (Electric Distribution, Gas Distribution and Electric Transmission). 12 Q2 2018 Earnings Release Slides

Exelon Utilities’ Distribution Rate Case Updates Rate Case Schedule and Key Terms Requested Revenue Expected Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar ROE / Requirement Order Equity Ratio (1) 8.69% / ComEd CF IT RT EH IB RB FO ($22.9M) Dec 2018 47.11% Delmarva (1,3) 9.70% / RT SA EH FO ($6.9M) Q3 2018 Electric (DE) 50.52% Delmarva (1,4) 10.10% / IT RT EH IB RB FO $3.8M Q4 2018 Gas (DE) 50.52% Pepco (1,5) 9.525% / SA IB FO ($24.1M) Q3 2018 Electric (DC) 50.44% Pepco (1,5) 9.50% / May 31, SA EH FO ($15.0M) Electric (MD) 50.44% 2018 PECO (1) 10.95% / IT RT EH IB RB FO $82M Dec 2018 Electric 53.39% BGE(2) (6) 10.50% / CF IT RT EH IB RB FO $85M Jan 2019 Gas 53.40% CF Rate case filed RT Rebuttal testimony IB Initial briefs FO Final commission order IT Intervenor direct testimony EH Evidentiary hearings RB Reply briefs SA Settlement agreement Note: Based on current schedules of Illinois Commerce Commission, Maryland Public Service Commission, Delaware Public Service Commission, Public Service Commission of the District of Columbia, New Jersey Board of Public Utilities, and Pennsylvania Public Utility Commission and are subject to change (1) Revenue requirement includes changes in depreciation and amortization expense and other costs where applicable, which have no impact on pre-tax earnings (2) BGE briefing schedule will be determined during or at the end of the evidentiary hearing (3) As permitted by Delaware law, Delmarva Power implemented interim rate increases of $2.5M on October 16, 2017, and implemented $5.8M full allowable rates on March 17, 2018, subject to refund. Per non-unanimous Settlement Agreement filed on June 27, 2018. Includes tax benefits from Tax Cuts and Jobs Act. (4) As permitted by Delaware law, Delmarva Power implemented interim rate increases of $2.5M on November 1, 2017, and implemented $3.9M full allowable rates on March 17, 2018, subject to refund. Includes tax benefits from Tax Cuts and Jobs Act. (5) Per non-unanimous Settlement Agreement filed on April 17, 2018, for Pepco DC and April 20, 2018, for Pepco MD. Includes tax benefits from Tax Cuts and Jobs Act. (6) Reflects $63M increase and $22M STRIDE reset 13 Q2 2018 Earnings Release Slides

Utility CapEx Update PECO’s Gas Main and Service Replacement Program • Forecasted project cost: − $2.3 billion of spend remaining • In service date: − Multiple in service dates based on work plans with local townships • Project scope: − Replace remaining 289 miles of gas services lines by end of 2022 and remaining 967 miles of main by end of 2035 − Approximately 520 miles of mains and gas services lines have been replaced since 2010 at a cost of $381 million − Reduces risk on distribution system by replacing leak and break susceptible materials BGE’s Investment in Trade Point Atlantic • Forecasted project cost: − $150 million investment in transmission & distribution over 5 years including the new 93 MW Fitzell substation • In service date: − Fitzell substation: December 2020; electric and gas distribution investment: ongoing • Project scope: − New substation as well as distribution infrastructure to support the new 3,100 acre Commercial & Industrial Trade Point Atlantic (“TPA”) development − TPA is projected to generate 17,000 jobs, plus an additional 21,000 during construction; economic development is projected to be greater than $3 billion when completed(1) (1) Economic data based on Sage Policy Group, Inc. report dated October 2016 14 Q2 2018 Earnings Release Slides

Exelon Generation: Gross Margin Update June 30, 2018 Change from March 31, 2018 Gross Margin Category ($M)(1) 2018 2019 2020 2018 2019 2020 Open Gross Margin(2,5) $4,700 $4,050 $3,800 $100 $100 - (including South, West, Canada hedged gross margin) Capacity and ZEC Revenues(2,5,6) $2,300 $2,050 $1,900 - $50 $50 Mark-to-Market of Hedges(2,3) $400 $400 $300 $100 $(50) $50 Power New Business / To Go $150 $600 $800 $(200) $(50) $(50) Non-Power Margins Executed $350 $150 $100 $50 - - Non-Power New Business / To Go $150 $350 $400 $(50) - - Total Gross Margin*(4,5) $8,050 $7,600 $7,300 - $50 $50 Recent Developments • Strong second quarter executing $200M of Power New Business in 2018 and $50M in both 2019 and 2020 • Capacity and ZEC Revenues include the favorable impact of NJ ZEC revenues in 2019 and 2020 • Behind ratable hedging position reflects the upside we see in power prices ― ~10-13% behind ratable in 2019 when considering cross commodity hedges (1) Gross margin categories rounded to nearest $50M (2) Excludes EDF’s equity ownership share of the CENG Joint Venture (3) Mark-to-Market of Hedges assumes mid-point of hedge percentages (4) Based on June 30, 2018, market conditions (5) Reflects Oyster Creek and TMI retirements by October 2018 and September 2019, respectively. 2018, 2019 and 2020 are adjusted for retaining Handley Generating Station. (6) 2018 includes $150M of IL ZEC revenues associated with 2017 production. 2019 and 2020 include the favorable impact of NJ ZEC revenues. 15 Q2 2018 Earnings Release Slides

Maintaining Strong Investment Grade Credit Ratings is a Top Financial Priority Exelon S&P FFO/Debt %*(1,4) ExGen Debt/EBITDA Ratio*(5) 25% 4.0 21% 18%-20% 20% 3.0x 3.0 2.6x 15% 2.1x S&P Threshold 2.0 10% Book Excluding Non-Recourse 5% 1.0 0% 0.0 2018 Target 2018 Target Credit Ratings by Operating Company Current Ratings (2) ExCorp ExGen ComEd PECO BGE ACE DPL Pepco Moody’s Baa2 Baa2 A1 Aa3 A3 A3(3) A2 A2 S&P BBB- BBB A- A- A- A A A Fitch BBB(3) BBB A A(3) A-(3) A- A A- (1) Due to ring-fencing, S&P deconsolidates BGE from Exelon and analyzes solely as an equity investment (2) Current senior unsecured ratings as of August 2, 2018, for Exelon, Exelon Generation and BGE and senior secured ratings for ComEd, PECO, ACE, DPL, and Pepco (3) Exelon, PECO, and BGE are on “Positive” outlook at Fitch, and ACE is on “Positive” outlook at Moody’s; all other ratings have a “Stable” outlook (4) Exelon Corp downgrade threshold (red dotted line) is based on the S&P Exelon Corp Summary Report; represents minimum level to maintain current Issuer Credit Rating at Exelon Corp (5) Reflects net book debt (YE debt less cash on hand) / adjusted operating EBITDA* 16 Q2 2018 Earnings Release Slides

The Exelon Value Proposition ▪ Regulated Utility Growth with utility EPS rising 6-8% annually from 2017- 2021 and rate base growth of 7.4%, representing an expanding majority of earnings ▪ ExGen’s strong free cash generation will support utility growth while also reducing debt by ~$3B over the next 4 years ▪ Optimizing ExGen value by: • Seeking fair compensation for the zero-carbon attributes of our fleet; • Closing uneconomic plants; • Monetizing assets; and, • Maximizing the value of the fleet through our generation to load matching strategy ▪ Strong balance sheet is a priority with all businesses comfortably meeting investment grade credit metrics through the 2021 planning horizon ▪ Capital allocation priorities targeting: • Organic utility growth; • Return of capital to shareholders with 5% annual dividend growth through 2020(1), • Debt reduction; and, • Modest contracted generation investments (1) Quarterly dividends are subject to declaration by the board of directors 17 Q2 2018 Earnings Release Slides

Additional Disclosures 18 Q2 2018 Earnings Release Slides

2018 Adjusted Operating Earnings* Guidance $2.90 - $3.20(3) Key Year-Over-Year Drivers $0.25 - $0.35 • BGE: Return to normal storm BGE $2.60(1,2) (historical average) and inflation impacts $0.40 - $0.50 PECO BGE $0.33 • PECO: Favorable weather and higher transmission revenue, offset by PECO $0.45 higher storm $0.40 - $0.50 PHI • PHI: Higher distribution and PHI $0.36 transmission revenue and absence of 2017 FAS 109 impact, partially offset $0.60 - $0.70 ComEd by higher depreciation ComEd $0.62 • ComEd: Increased capital investments to improve reliability in distribution and transmission • ExGen: Capacity and ZEC revenues (including recognition of 2017 IL ZEC), $1.35 - $1.45 ExGen ExGen $1.03 and tax reform, partially offset by market conditions HoldCo ($0.19) ~($0.20) HoldCo 2017 Actual 2018 Guidance Expect Q3 2018 Adjusted Operating Earnings* of $0.80 - $0.90 per share Note: Amounts may not add due to rounding (1) 2017 results based on 2017 average outstanding shares of 949M (2) The Registrants' 2017 Adjusted Operating Earnings* have not been recast to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018 (3) 2018 earnings guidance based on expected average outstanding shares of 969M 19 Q2 2018 Earnings Release Slides

YTD Adjusted Operating Earnings* Waterfall $0.03 Distribution Investment ($0.01) Other $0.01 Other $1.66 $0.04 ($0.01) $0.01 $0.01 ($0.01) $0.04 Rate Increases $0.41 ($0.04) Increased Storm Cost ($0.03) Other (5) $0.03 Favorable Weather $1.21 $0.01 Increased Transmission Rates ($0.02) Increased Storm Costs $0.02 Other $0.27 Zero Emission Credit Revenue(1) $0.14 Nuclear Outages(2) $0.11 Capacity Pricing $0.07 NDT Fund Realized Gains $0.07 Tax Cuts and Jobs Act Savings ($0.15) Market and Portfolio Conditions(3) ($0.10) Other (4) 2017 (6) ExGen(7) ComEd PECO BGE PHI Corp 2018 Note: Amounts may not sum due to rounding (1) Reflects the impacts of the New York Clean Energy and Illinois Zero Emission Standards, including the impact of zero emission credits generated in Illinois from June 1, 2017 through December 31, 2017 (2) Increase in volume due to a decrease in outage days in 2018; additionally operating and maintenance expense decreased due to a decrease in outage days in 2018, excluding Salem (3) Primarily lower realized energy prices, the impact of the deconsolidation of EGTP and the conclusion of the Ginna Reliability Support Services Agreement, partially offset by the favorable impacts of Generation’s natural gas portfolio (4) Primarily reflects noncontrolling interest, partially offset by lower operating and maintenance expense primarily due to the impact of a supplemental NEIL insurance distribution, fewer outage days at Salem, decreased costs related to the sale of Generation’s electrical contracting business (5) Primarily due to increase in labor and contracting expense (6) Certain immaterial prior year amounts in the Registrants’ Consolidated Statements of Operations and Comprehensive Income have been recast to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018 (7) Reflects CENG ownership at 100% 20 Q2 2018 Earnings Release Slides

2018 Projected Sources and Uses of Cash Total Exelon Cash (1) All amounts rounded to the nearest ($M)(1) BGE ComEd PECO PHI ExGen Corp(8) Utilities 2018E Balance $25M. Figures may not add due to rounding (2) Beginning Cash Balance* 1,450 (2) Gross of posted counterparty Adjusted Cash Flow from Operations*(2) 700 1,475 625 1,100 3,900 3,975 175 8,050 collateral (3) Figures reflect cash CapEx and (3) 0 0 0 0 0 (1,975) (25) (2,000) Base CapEx and Nuclear Fuel CENG fleet at 100% Free Cash Flow* 700 1,475 625 1,100 3,900 2,000 150 6,050 (4) Other Financing primarily includes Debt Issuances 300 1,300 700 750 3,050 0 0 3,050 expected changes in tax sharing Debt Retirements 0 (850) (500) (275) (1,625) 0 0 (1,625) from the parent, money pool borrowings, debt issue costs, tax Project Financing n/a n/a n/a n/a n/a (100) n/a (100) equity cash flows, capital leases, Equity Issuance/Share Buyback 0 0 0 0 0 0 0 0 and renewable JV distributions Contribution from Parent 125 450 50 350 975 0 (950) 0 (5) Financing cash flow excludes (4) intercompany dividends Other Financing 100 450 50 (75) 550 25 (100) 475 (6) ExGen Growth CapEx primarily (5) Financing* 525 1,375 300 750 2,925 (75) (1,050) 1,800 includes Texas CCGTs, W. Medway, Total Free Cash Flow and Financing 1,225 2,825 925 1,850 6,825 1,950 (900) 7,875 and Retail Solar Utility Investment (1,000) (2,125) (850) (1,550) (5,525) 0 0 (5,525) (7) Dividends are subject to declaration by the Board of ExGen Growth(3,6) 0 0 0 0 0 (375) 0 (375) Directors Acquisitions and Divestitures 0 0 0 0 0 0 0 0 (8) Includes cash flow activity from Equity Investments 0 0 0 0 0 (25) 0 (25) Holding Company, eliminations, Dividend(7) 0 0 0 0 0 0 (1,325) (1,325) and other corporate entities Other CapEx and Dividend (1,000) (2,125) (850) (1,550) (5,525) (400) (1,325) (7,250) Total Cash Flow 225 700 75 300 1,300 1,550 (2,250) 600 Ending Cash Balance*(2) 2,050 Consistent and reliable free cash flows Supported by a strong balance sheet Enable growth & value creation Operational excellence and financial Strong balance sheet enables flexibility to Creating value for customers, discipline drives free cash flow reliability raise and deploy capital for growth communities and shareholders ✓ ✓ Generating $6.1B of free cash flow*, $1.4B of long-term debt at the utilities, net ✓ Investing $5.9B of growth capex, with including $2B at ExGen and $3.9B at the of refinancing, to support continued growth $5.5B at the Utilities and $0.4B at ExGen Utilities Note: Numbers may not add due to rounding 21 Q2 2018 Earnings Release Slides

Exelon Utilities Trailing 12 Month Earned ROEs* Q2 2018: Trailing Twelve Month Earned ROEs* 12.0% 11.5% Legacy Exelon Utilities 11.0% 10.5% Consolidated Exelon Utilities 10.0% 9.5% $28.0/10.3% 9.0% 8.5% Delmarva $37.8/9.4% 8.0% Pepco 7.5% $2.9/7.7% Earned(%)ROE 7.0% $4.7/7.4% 6.5% 6.0% ACE 5.5% 5.0% $2.2/5.4% 4.5% 4.0% $0 $2 $4 $6 $8 $24 $26 $28 $30 $32 $34 $36 $38 $40 2018E Rate Base ($B) Note: Represents the 12-month period ending June 30, 2018. Earned ROEs* represent weighted average across all lines of business (Electric Distribution, Gas Distribution, and Electric Transmission). Size of bubble based on rate base. 22 Q2 2018 Earnings Release Slides

Capacity Market: PJM PJM Capacity Revenues(1,2,3) Recent BRA Results Calendar weighted avg. price ($/Mw-day) Cleared Volumes 2020/2021 2021/2022 Revenues ($ Million) (MW)(4) CP Price CP Price $180 $1,300 ComEd Nuclear 8,075 $188 5,175 $196 $170 $1,200 Fossil/Other - $188 - $196 Subtotal 8,075 5,175 $160 $1,100 EMAAC $150 $1,000 Nuclear 4,350 $188 3,925 $166 Fossil/Other 2,325 $188 2,100 $166 Subtotal 6,675 6,025 d) - $140 $900 SWMAAC $130 $800 Nuclear 850 $86 850 $140 Fossil/Other - $86 - $140 $120 $700 Subtotal 850 850 $1,300 $110 $600 MAAC Revenues ($M) Revenues Nuclear - $86 - $140 $1,100 $1,125 Fossil/Other 225 $86 225 $140 $100 $1,000 $500 $925 Subtotal 225 225 Capacity Price ($/MW Price Capacity $90 $400 BGE Nuclear - $86 - $200 $80 $300 Fossil/Other 375 $86 400 $200 Subtotal 375 400 $70 $200 Rest of RTO $60 $100 Nuclear - $77 - $140 Fossil/Other - $77 100 $140 $50 $0 Subtotal - 100 2017 2018 2019 2020 2021 PJM Total Nuclear 13,275 9,950 (1) Revenues reflect capacity cleared in Base, CP transitional & incremental auctions and are Fossil/Other 2,925 2,825 for calendar years (2) Revenues reflect owned and contracted generation Grand Total 16,200 12,775 (3) Reflects 50.01% ownership at CENG (4) Volumes at ownership and rounded 23 Q2 2018 Earnings Release Slides

Tax Reform: Distribution-Related Customer Bill Savings DPL ACE ComEd • MD PSC accepted DPL’s proposal to • ACE has filed a request with NJ BPU to • ICC approved ComEd’s petition seeking provide $14M in annual tax savings to provide $23M in annual tax savings to approval to pass along approximately customers customers; expected to be approved by $201M in annual tax savings to • DPL has filed plans with DE PSC to July customers provide over $26M in annual tax − $2.37 savings on residential − ~$3.00 decrease on the average residential monthly bill savings to customers monthly bills Pepco $23 BGE • Pepco has filed a request with the DC & $40 MD PSC accepted BGE’s proposal to MD PSC to provide over $70M in • annual tax savings to customers provide approximately $103M in annual tax savings to customers • Pepco has filed settlements which $70 $201 include these savings as adjusted in its $509M in − $2.91 decrease on the average proposals to the commission residential monthly electric bill Distribution − $5.41 decrease on the average Customer residential combined natural gas and electric bill PECO $72 Savings • Approximately $72M in annual tax savings to customers $103 Utility customers across our jurisdictions will benefit from tax reform, saving over $500M annually through planned and approved distribution bill adjustments Note: Includes only distribution-related customer savings amounts 24 Q2 2018 Earnings Release Slides

Tax Reform: Transmission-Related Customer Bill Savings DPL ACE ComEd • DPL has filed to provide $12M in • ACE has filed to provide $11M in • ComEd has filed to provide $69M in annual transmission tax savings to annual transmission tax savings to annual transmission tax savings to customers. DPL also has a filing customers. ACE also has a filing customers. ComEd also has a filing pending approval from FERC for an pending approval from FERC for an pending approval from FERC for an additional $4M in annual savings additional $4M in annual savings additional $17M in annual savings − Combined $1.00 and $1.10 − Combined $1.70 decrease on the − Combined ~$0.80 decrease on the decrease on the DE and MD average average residential monthly bill average residential monthly bill residential monthly bills, respectively Pepco $15 BGE • Pepco has filed to provide $13M in annual transmission tax savings to $16 • BGE has filed to provide $18M in customers. Pepco also has a filing annual transmission tax savings to pending approval from FERC for an $178M in customers. BGE also has a filing additional $5M in annual savings $18 Transmission pending approval from FERC for an − Combined $0.50 and $0.70 $86 additional $5M in annual savings decrease on the DC and MD average Customer − Combined $0.88 decrease on the residential monthly bills, respectively Savings average residential monthly bill $20 PECO • PECO has filed to provide $20M in $23 annual transmission tax savings to customers − $0.56 decrease on the average residential monthly bill Utility customers across our jurisdictions will benefit from tax reform, saving over $175M annually through planned and approved transmission bill adjustments Note: Includes only transmission-related customer savings amounts 25 Q2 2018 Earnings Release Slides

Exelon Utilities 26 Q2 2018 Earnings Release Slides

ComEd Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 18-0808 • April 16, 2018, ComEd filed its annual distribution formula rate update with the Illinois Test Year January 1, 2017 – December 31, 2017 Commerce Commission seeking a decrease to Test Period 2017 Actual Costs + 2018 Projected Plant distribution base rates Additions • The decrease is primarily driven by an adjustment for forecasted tax benefits resulting Requested Common Equity Ratio 47.11% from federal tax reform, partially offset by Requested Rate of Return ROE: 8.69%; ROR: 6.52% continued investment in the electric grid, state tax rate increase, elimination of bonus Proposed Rate Base (Adjusted) $10,675M depreciation and weather/economic impacts Requested Revenue Requirement Decrease ($22.9M) Residential Total Bill % Decrease (1%) Detailed Rate Case Schedule Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Filed rate case 4/16/2018 Intervenor testimony 6/28/2018 Rebuttal testimony 7/23/2018 Evidentiary hearings 8/28/2018 Initial briefs due 9/11/208 Reply briefs due 9/25/2018 Commission order expected 12/2018 27 Q2 2018 Earnings Release Slides

Delmarva DE (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 17-0977 – Per Settlement (Black Box) • August 17, 2017, Delmarva DE filed an application with Delaware Public Service Test Year January 1, 2017 – December 31, 2017 Commission (DPSC) seeking an increase in Test Period 8 months actual and 4 months estimated electric distribution base rates • Size of ask is driven by continued Requested Common Equity Ratio 50.52%(2) investments in electric distribution system to Requested Rate of Return ROE: 9.70%; ROR: 6.78%(2) maintain and increase reliability and customer service Proposed Rate Base (Adjusted) N/A(2) • June 27, 2018, Delmarva DE filed a non- Requested Revenue Requirement Increase ($6.9M)(1,2) unanimous settlement agreement and (2) requested a decrease in revenue Residential Total Bill % Increase (1.2%) requirement of ($6.9M)(2) Detailed Rate Case Schedule Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Filed rate case 8/17/2017 Settlement agreement 6/27/2018 Settlement support testimony 6/27/2018 Evidentiary hearings 6/27/2018 Commission order expected Q3 2018 (1) As permitted by Delaware law, Delmarva Power implemented interim rate increases of $2.5 million on October 16, 2017, and implemented $5.8M full allowable rates on March 17, 2018, subject to refund (2) Per non-unanimous Settlement Agreement filed on June 27, 2018. Includes tax benefits from Tax Cuts and Jobs Act. 28 Q2 2018 Earnings Release Slides

Delmarva DE (Gas) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 17-0978 • August 17, 2017, Delmarva DE filed an application with Delaware Public Service Test Year January 1, 2017 – December 31, 2017 Commission (DPSC) seeking an increase in Test Period 8 months actual and 4 months estimated gas distribution base rates • Size of ask is driven by continued Requested Common Equity Ratio 50.52% investments in gas distribution system to Requested Rate of Return ROE: 10.10%; ROR: 6.98%(2) maintain and increase reliability and customer service Proposed Rate Base (Adjusted) $355M(2) • Forward looking reliability plant additions Requested Revenue Requirement Increase $3.8M(1,2) through September 2018 ($1.2M of Revenue Requirement based on 10.10% ROE) Residential Total Bill % Increase 4.3% included in revenue requirement request Detailed Rate Case Schedule Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Filed rate case 8/17/2017 Intervenor testimony 5/7/2018 Rebuttal testimony 7/6/2018 Evidentiary hearings 9/11/2018 – 9/14/2018 Initial briefs due 10/8/2018 Reply briefs due 10/22/2018 Commission order expected Q4 2018 (1) As permitted by Delaware law, Delmarva Power implemented interim rate increases of $2.5 million on November 1, 2017, and implemented $3.9M full allowable rates on March 17, 2018, subject to refund (2) Updated on July 6, 2018. Includes tax benefits from Tax Cuts and Jobs Act. 29 Q2 2018 Earnings Release Slides

Pepco DC (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 1150 & 1151 – Per Settlement (Black Box) • December 19, 2017, Pepco DC filed an application with Public Service Commission of Test Year January 1, 2017 – December 31, 2017 the District of Columbia (PSCDC) seeking an increase in electric distribution base rates Test Period 8 months actual and 4 months estimated • Size of ask is driven by continued investments Requested Common Equity Ratio 50.44%(1) in electric distribution system to maintain and increase reliability and customer service Requested Rate of Return ROE: 9.525%; ROR: 7.45%(1) • April 17, 2018, Pepco DC filed a non- Proposed Rate Base (Adjusted) N/A(1) unanimous settlement agreement and requested a decrease in revenue requirement Requested Revenue Requirement decrease ($24.1M)(1) of ($24.1M)(1) • Commission order expected to be approved in Residential Total Bill % decrease (0.7%)(1,2) Q3 2018 Detailed Rate Case Schedule Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Filed rate case 12/19/2017 Settlement agreement 4/17/2018 Settlement support testimony 5/7/2018 Reply testimony 5/18/2018 Initial briefs due 6/14/2018 Commission order expected Q3 2018 (1) Per non-unanimous Settlement Agreement filed on April 17, 2018. Includes tax benefits from Tax Cuts and Jobs Act. Expected order is based on requested rate effective date. (2) Modified/Extended Customer Base Rate Credit (CBRC) 30 Q2 2018 Earnings Release Slides

Pepco MD (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 9472 – Per Settlement (Black Box) • January 2, 2018, Pepco MD filed an application with Maryland Public Service Commission Test Year January 1, 2017 – December 31, 2017 (MDPSC) seeking an increase in electric Test Period 12 months actual update distribution base rates • Size of ask is driven by continued investments Requested Common Equity Ratio 50.44%(1) in electric distribution system to maintain and Requested Rate of Return ROE: 9.50%; ROR: 7.44%(1) increase reliability and customer service • April 20, 2018, Pepco MD filed a non- Proposed Rate Base (Adjusted) N/A(1) unanimous settlement agreement and Requested Revenue Requirement Increase ($15.0M)(1) requested a decrease in revenue requirement of ($15.0M)(1) Residential Total Bill % Increase (1.3%)(1) • May 31, 2018, MDPSC approved the settlement, which placed rates into effect on and after June 1, 2018 Detailed Rate Case Schedule Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Filed rate case 1/2/2018 Settlement agreement 4/20/2018 Settlement support testimony 4/27/2018 Evidentiary hearings 5/16/2018 Commission order 5/31/2018 (1) Per non-unanimous Settlement Agreement filed on April 20, 2018. Includes tax benefits from Tax Cuts and Jobs Act. 31 Q2 2018 Earnings Release Slides

PECO Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. R-2018-3000164 • PECO filed an electric distribution base rate case on March 29, 2018 Test Year January 1, 2019 – December 31, 2019 • Since January 1, 2016, through the Fully Projected Test Period 12 Months Budget Future Test Year (2019): − Relatively flat load growth Requested Common Equity Ratio 53.39% − Operating expenses essentially flat − Capital investment of $1.9B Requested Rate of Return ROE: 10.95%; ROR: 7.79% • Proposed investments would maintain strong Proposed Rate Base $4,846M reliability performance, strengthen system resiliency, and support physical security and cybersecurity Requested Revenue Requirement Increase $82M(1) Residential Total Bill % Increase 3.1% Detailed Rate Case Schedule Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Pre-filing notice 2/27/2018 Filed rate case 3/29/2018 Intervenor testimony 6/26/2018 Rebuttal testimony 7/24/2018 Evidentiary hearings 8/20/2018 – 8/22/2018 Initial briefs due 9/07/2018 Reply briefs due 9/17/2018 Commission order expected 12/2018 (1) Reflects $153M revenue requirement less an estimated $71M in 2019 tax benefit 32 Q2 2018 Earnings Release Slides

BGE (Gas) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. Case No. 9484 • Case filed on June 8, 2018 seeking an increase in gas distribution revenues only Test Year August 1, 2017 – July 31, 2018 • The increase is primarily driven by infrastructure investments since 2015/2016, and includes Test Period 9 months actual and 3 months estimated moving revenues currently being recovered via the Requested Common Equity Ratio 53.40% STRIDE surcharge into base rates Requested Rate of Return ROE: 10.50%; ROR: 7.42% Proposed Rate Base (Adjusted) $1.7B Requested Revenue Requirement Increase $85M(1) Residential Total Bill % Increase ~3.5%(2) Detailed Rate Case Schedule Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Filed rate case 06/08/2018 Intervenor testimony by 09/14/2018 Rebuttal testimony by 10/12/2018 Evidentiary hearings 11/2/2018 – 11/16/2018 Initial briefs due(3) 11/2018 Reply briefs due 12/2018 Commission order expected 01/04/2019 (1) Reflects $63M increase and $22M STRIDE reset (2) Increase expressed as a percentage of a combined electric and gas residential customer total bill (3) Briefing schedule will be determined during or at the end of the evidentiary hearing 33 Q2 2018 Earnings Release Slides

Exelon Generation Disclosures June 30, 2018 34 Q2 2018 Earnings Release Slides

Portfolio Management Strategy Align Hedging & Financials Portfolio Management Over Time Exercising Market Views Establishing Minimum Hedge Targets % Hedged High End of Profit Low End of Profit Purely ratable Capital Credit Rating Structure Actual hedge % % Hedged % Capital & Market views on timing, product Operating Dividend allocation and regional spreads Expenditure Open Generation Portfolio Management & reflected in actual hedge % with LT Contracts Optimization Protect Balance Sheet Ensure Earnings Stability Create Value 35 Q2 2018 Earnings Release Slides

Components of Gross Margin Categories Gross margin from Gross margin linked to power production and sales other business activities Open Gross Capacity and ZEC MtM of “Power” New “Non Power” “Non Power” Margin Revenues Hedges(2) Business Executed New Business •Generation Gross •Expected capacity •Mark-to-Market •Retail, Wholesale •Retail, Wholesale •Retail, Wholesale Margin at current revenues for (MtM) of power, planned electric executed gas sales planned gas sales market prices, generation of capacity and sales •Energy •Energy including ancillary electricity ancillary hedges, •Portfolio Efficiency(4) Efficiency(4) revenues, nuclear •Expected including cross Management new •BGE Home(4) •BGE Home(4) fuel amortization commodity, retail revenues from business •Distributed Solar •Distributed Solar and fossils fuels Zero Emissions and wholesale •Mid marketing •Portfolio expense Credits (ZEC) load transactions new business Management / •Power Purchase •Provided directly origination fuels Agreement (PPA) at a consolidated new business Costs and level for five major Revenues regions. Provided •Proprietary trading(3) •Provided at a indirectly for each consolidated level of the five major for all regions regions via (includes hedged Effective Realized gross margin for Energy Price South, West and (EREP), reference Canada(1)) price, hedge %, expected generation. Margins move from new business to Margins move from “Non power new MtM of hedges over the course of the business” to “Non power executed” over year as sales are executed(5) the course of the year (1) Hedged gross margins for South, West & Canada region will be included with Open Gross Margin; no expected generation, hedge %, EREP or reference prices provided for this region (2) MtM of hedges provided directly for the five larger regions; MtM of hedges is not provided directly at the regional level but can be easily estimated using EREP, reference price and hedged MWh (3) Proprietary trading gross margins will generally remain within “Non Power” New Business category and only move to “Non Power” Executed category upon management discretion (4) Gross margin for these businesses are net of direct “cost of sales” (5) Margins for South, West & Canada regions and optimization of fuel and PPA activities captured in Open Gross Margin 36 Q2 2018 Earnings Release Slides

ExGen Disclosures Gross Margin Category ($M)(1) 2018 2019 2020 Open Gross Margin (including South, West & Canada hedged GM)(2,5) $4,700 $4,050 $3,800 Capacity and ZEC Revenues(2,5,6) $2,300 $2,050 $1,900 Mark-to-Market of Hedges(2,3) $400 $400 $300 Power New Business / To Go $150 $600 $800 Non-Power Margins Executed $350 $150 $100 Non-Power New Business / To Go $150 $350 $400 Total Gross Margin*(4,5) $8,050 $7,600 $7,300 Reference Prices(1) 2018 2019 2020 Henry Hub Natural Gas ($/MMBtu) $2.93 $2.81 $2.68 Midwest: NiHub ATC prices ($/MWh) $27.39 $26.04 $25.16 Mid-Atlantic: PJM-W ATC prices ($/MWh) $35.93 $31.38 $30.36 ERCOT-N ATC Spark Spread ($/MWh) $8.91 $9.70 $8.43 HSC Gas, 7.2HR, $2.50 VOM New York: NY Zone A ($/MWh) $30.80 $28.21 $28.55 New England: Mass Hub ATC Spark Spread ($/MWh) $4.89 $5.12 $5.83 ALQN Gas, 7.5HR, $0.50 VOM (1) Gross margin categories rounded to nearest $50M (2) Excludes EDF’s equity ownership share of the CENG Joint Venture (3) Mark-to-Market of Hedges assumes mid-point of hedge percentages (4) Based on June 30, 2018, market conditions (5) Reflects Oyster Creek and TMI retirements by October 2018 and September 2019, respectively. 2018, 2019 and 2020 are adjusted for retaining Handley Generating Station. (6) 2018 includes $150M of IL ZEC revenues associated with 2017 production. 2019 and 2020 include the favorable impact of NJ ZEC revenues. 37 Q2 2018 Earnings Release Slides

ExGen Disclosures Generation and Hedges 2018 2019 2020 Exp. Gen (GWh)(1) 199,000 202,400 193,100 Midwest 96,700 97,100 96,700 Mid-Atlantic(2,6) 60,100 54,100 48,600 ERCOT 20,000 25,900 23,600 New York(2,6) 15,900 16,600 15,500 New England 6,300 8,700 8,700 % of Expected Generation Hedged(3) 97%-100% 71%-74% 41%-44% Midwest 95%-98% 68%-71% 35%-38% Mid-Atlantic(2,6) 102%-105% 81%-84% 50%-53% ERCOT 98%-101% 74%-77% 45%-48% New York(2,6) 97%-100% 75%-78% 52%-55% New England 77%-80% 33%-36% 27%-30% Effective Realized Energy Price ($/MWh)(4) Midwest $30.00 $29.00 $29.00 Mid-Atlantic(2,6) $39.50 $38.00 $38.00 ERCOT(5) $1.00 $3.50 $2.50 New York(2,6) $37.00 $33.00 $30.00 New England(5) $6.00 $1.50 $12.00 (1) Expected generation is the volume of energy that best represents our commodity position in energy markets from owned or contracted for capacity based upon a simulated dispatch model that makes assumptions regarding future market conditions, which are calibrated to market quotes for power, fuel, load following products, and options. Expected generation assumes 14 refueling outages in 2018, 11 in 2019, and 14 in 2020 at Exelon-operated nuclear plants and Salem. Expected generation assumes capacity factors of 94.2%, 94.9% and 93.9% in 2018, 2019, and 2020, respectively at Exelon-operated nuclear plants, at ownership. These estimates of expected generation in 2019 and 2020 do not represent guidance or a forecast of future results as Exelon has not completed its planning or optimization processes for those years. (2) Excludes EDF’s equity ownership share of CENG Joint Venture (3) Percent of expected generation hedged is the amount of equivalent sales divided by expected generation. Includes all hedging products, such as wholesale and retail sales of power, options and swaps. (4) Effective realized energy price is representative of an all-in hedged price, on a per MWh basis, at which expected generation has been hedged. It is developed by considering the energy revenues and costs associated with our hedges and by considering the fossil fuel that has been purchased to lock in margin. It excludes uranium costs, RPM capacity and ZEC revenues, but includes the mark-to-market value of capacity contracted at prices other than RPM clearing prices including our load obligations. It can be compared with the reference prices used to calculate open gross margin in order to determine the mark- to-market value of Exelon Generation's energy hedges. (5) Spark spreads shown for ERCOT and New England (6) Reflects Oyster Creek and TMI retirements by October 2018 and September 2019, respectively. 2018, 2019 and 2020 are adjusted for retaining Handley Generating Station. 38 Q2 2018 Earnings Release Slides

ExGen Hedged Gross Margin* Sensitivities Gross Margin* Sensitivities (with existing hedges)(1) 2018 2019 2020 Henry Hub Natural Gas ($/MMBtu) + $1/MMBtu $25 $335 $580 - $1/MMBtu - $(295) $(535) NiHub ATC Energy Price + $5/MWh $5 $155 $305 - $5/MWh $(5) $(155) $(305) PJM-W ATC Energy Price + $5/MWh $(10) $60 $125 - $5/MWh $15 $(40) $(115) NYPP Zone A ATC Energy Price + $5/MWh - $10 $35 - $5/MWh - $(15) $(35) Nuclear Capacity Factor +/- 1% +/- $20 +/- $35 +/- $30 (1) Based on June 30, 2018, market conditions and hedged position; gas price sensitivities are based on an assumed gas-power relationship derived from an internal model that is updated periodically; power price sensitivities are derived by adjusting the power price assumption while keeping all other price inputs constant; due to correlation of the various assumptions, the hedged gross margin impact calculated by aggregating individual sensitivities may not be equal to the hedged gross margin impact calculated when correlations between the various assumptions are also considered; sensitivities based on commodity exposure which includes open generation and all committed transactions; excludes EDF’s equity share of CENG Joint Venture 39 Q2 2018 Earnings Release Slides

ExGen Hedged Gross Margin* Upside/Risk 9,000 8,500 (1) $8,100 $8,000 8,000 $7,900 $7,950 7,500 $7,350 7,000 $6,800 Approximate Gross ($ Margin* million) Gross Approximate 6,500 6,000 2018 2019 2020 (1) Represents an approximate range of expected gross margin, taking into account hedges in place, between the 5th and 95th percent confidence levels assuming all unhedged supply is sold into the spot market; approximate gross margin ranges are based upon an internal simulation model and are subject to change based upon market inputs, future transactions and potential modeling changes; these ranges of approximate gross margin in 2019 and 2020 do not represent earnings guidance or a forecast of future results as Exelon has not completed its planning or optimization processes for those years; the price distributions that generate this range are calibrated to market quotes for power, fuel, load following products, and options as of June 30, 2018. Gross Margin Upside/Risk based on commodity exposure which includes open generation and all committed transactions. Reflects Oyster Creek and TMI retirements by October 2018 and September 2019, respectively. 2018, 2019 and 2020 are adjusted for retaining Handley Generating Station. 40 Q2 2018 Earnings Release Slides

Illustrative Example of Modeling Exelon Generation 2019 Total Gross Margin* South, Mid- New Row Item Midwest ERCOT New York West & Atlantic England Canada (A) Start with fleet-wide open gross margin $4.05 billion (B) Capacity and ZEC $2.05 billion (C) Expected Generation (TWh) 97.1 54.1 25.9 16.6 8.7 (D) Hedge % (assuming mid-point of range) 69.5% 82.5% 75.5% 76.5% 34.5% (E=C*D) Hedged Volume (TWh) 67.5 44.6 19.6 12.7 3.0 (F) Effective Realized Energy Price ($/MWh) $29.00 $38.00 $3.50 $33.00 $1.50 (G) Reference Price ($/MWh) $26.04 $31.38 $9.70 $28.21 $5.12 (H=F-G) Difference ($/MWh) $2.96 $6.62 ($6.20) $4.79 ($3.62) (I=E*H) Mark-to-Market value of hedges ($ million)(1) $200 $295 ($120) $60 ($10) (J=A+B+I) Hedged Gross Margin ($ million) $6,500 (K) Power New Business / To Go ($ million) $600 (L) Non-Power Margins Executed ($ million) $150 (M) Non-Power New Business / To Go ($ million) $350 (N=J+K+L+M) Total Gross Margin* $7,600 million (1) Mark-to-market rounded to the nearest $5M 41 Q2 2018 Earnings Release Slides

Additional ExGen Modeling Data Total Gross Margin Reconciliation (in $M)(1) 2018 2019 2020 Revenue Net of Purchased Power and Fuel Expense*(2,3) $8,500 $8,075 $7,750 Other Revenues(4) $(200) $(175) $(200) Direct cost of sales incurred to generate revenues for certain $(250) $(300) $(250) Constellation and Power businesses Total Gross Margin* (Non-GAAP) $8,050 $7,600 $7,300 Key ExGen Modeling Inputs (in $M)(1,5) 2018 Other(6) $250 Adjusted O&M* $(4,625) Taxes Other Than Income (TOTI)(7) $(375) Depreciation & Amortization*(8) $(1,125) Interest Expense $(400) Effective Tax Rate 22.0% (1) All amounts rounded to the nearest $25M (2) ExGen does not forecast the GAAP components of RNF separately, as to do so would be unduly burdensome. RNF also includes the RNF of our proportionate ownership share of CENG. (3) Excludes the Mark-to-Market impact of economic hedging activities due to the volatility and unpredictability of the future changes to power prices (4) Other Revenues reflects primarily revenues from JExel Nuclear JV, variable interest entities, funds collected through revenues for decommissioning the former PECO nuclear plants through regulated rates, and gross receipts tax revenues (5) ExGen amounts for O&M, TOTI, Depreciation & Amortization; excludes EDF’s equity ownership share of the CENG Joint Venture (6) Other reflects Other Revenues excluding gross receipts tax revenues, includes nuclear decommissioning trust fund earnings from unregulated sites, and includes the minority interest in ExGen Renewables JV and Bloom. Other for 2018 is favorable due to NDTF realized gains that may not occur in 2019 and 2020. (7) TOTI excludes gross receipts tax of $150M (8) 2019 Depreciation & Amortization is flat to 2018 and 2020 is favorable $50M due to nuclear plant retirements 42 Q2 2018 Earnings Release Slides

Appendix Reconciliation of Non-GAAP Measures 43 Q2 2018 Earnings Release Slides

Q2 QTD GAAP EPS Reconciliation Three Months Ended June 30, 2017 ExGen ComEd PECO BGE PHI Other Exelon 2017 GAAP (Loss) Earnings Per Share(1) ($0.25) $0.13 $0.09 $0.05 $0.07 $0.02 $0.10 Mark-to-market impact of economic hedging activities 0.12 - - - - - 0.12 Unrealized gains related to NDT fund investments (0.05) - - - - - (0.05) Amortization of commodity contract intangibles 0.01 - - - - - 0.01 Merger and integration costs 0.01 - - - - - 0.02 Long-lived asset impairments 0.29 - - - - - 0.29 Plant retirements and divestitures 0.07 - - - - - 0.07 Cost management program - - - - - - 0.01 Like-kind exchange tax position - 0.02 - - - (0.05) (0.03) Noncontrolling interest 0.02 - - - - - 0.02 2017 Adjusted (non-GAAP) Operating Earnings (Loss) Per $0.23 $0.15 $0.10 $0.05 $0.07 $(0.03) $0.56 Share Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not add due to rounding. (1) Certain immaterial prior year amounts in the Registrants’ Consolidated Statements of Operations and Comprehensive Income have been recast to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018 44 Q2 2018 Earnings Release Slides

Q2 QTD GAAP EPS Reconciliation (continued) Three Months Ended June 30, 2018 ExGen ComEd PECO BGE PHI Other Exelon 2018 GAAP Earnings (Loss) Per Share $0.18 $0.17 $0.10 $0.05 $0.09 ($0.04) $0.56 Mark-to-market impact of economic hedging activities (0.07) - - - - - (0.07) Unrealized losses related to NDT fund investments 0.08 - - - - - 0.08 Long-lived asset impairments 0.03 - - - - - 0.03 Plant retirements and divestitures 0.14 - - - - - 0.14 Cost management program 0.01 - - - - - 0.01 Change in environmental liabilities 0.01 - - - - - 0.01 Reassessment of deferred income taxes - - - - - (0.01) (0.01) Noncontrolling interests (0.04) - - - - - (0.04) 2018 Adjusted (non-GAAP) Operating Earnings (Loss) Per $0.34 $0.17 $0.10 $0.05 $0.09 ($0.05) $0.71 Share Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not add due to rounding. 45 Q2 2018 Earnings Release Slides

Q2 YTD GAAP EPS Reconciliation Six Months Ended June 30, 2017 ExGen ComEd PECO BGE PHI Other Exelon 2017 GAAP Earnings Per Share(1) $0.20 $0.28 $0.23 $0.18 $0.22 $0.06 $1.17 Mark-to-market impact of economic hedging activities 0.15 - - - - - 0.15 Unrealized gains related to NDT fund investments (0.15) - - - - - (0.15) Amortization of commodity contract intangibles 0.02 - - - - - 0.02 Merger and integration costs 0.04 - - - - - 0.04 Merger commitments (0.02) - - - (0.06) (0.06) (0.15) Long-lived asset impairments 0.29 - - - - - 0.29 Plant retirements and divestitures 0.07 - - - - - 0.07 Cost management program 0.01 - - - - - 0.01 Bargain purchase gain (0.24) - - - - - (0.24) Like-kind exchange tax position - 0.02 - - - (0.05) (0.03) Reassessment of deferred income taxes - - - - - (0.02) (0.02) Tax settlements (0.01) - - - - - (0.01) Noncontrolling interest 0.06 - - - - - 0.06 2017 Adjusted (non-GAAP) Operating Earnings (Loss) Per $0.41 $0.30 $0.23 $0.18 $0.15 ($0.08) $1.21 Share Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not add due to rounding. (1) Certain immaterial prior year amounts in the Registrants’ Consolidated Statements of Operations and Comprehensive Income have been recast to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018 46 Q2 2018 Earnings Release Slides

Q2 YTD GAAP EPS Reconciliation (continued) Six Months Ended June 30, 2018 ExGen ComEd PECO BGE PHI Other Exelon 2018 GAAP Earnings (Loss) Per Share $0.32 $0.34 $0.22 $0.18 $0.15 ($0.06) $1.16 Mark-to-market impact of economic hedging activities 0.13 - - - - - 0.13 Unrealized losses related to NDT fund investments 0.15 - - - - - 0.15 Long-lived asset impairments 0.03 - - - - - 0.03 Plant retirements and divestitures 0.23 - - - - - 0.23 Cost management program 0.01 - - - - - 0.02 Change in environmental liabilities 0.01 - - - - - 0.01 Reassessment of deferred income taxes - - - - - (0.01) (0.01) Noncontrolling interests (0.06) - - - - - (0.06) 2018 Adjusted (non-GAAP) Operating Earnings (Loss) Per $0.83 $0.34 $0.22 $0.19 $0.16 ($0.07) $1.66 Share Note: All amounts shown are per Exelon share and represent contributions to Exelon's EPS. Amounts may not add due to rounding. 47 Q2 2018 Earnings Release Slides

Projected GAAP to Operating Adjustments • Exelon’s projected 2018 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: − Mark-to-market adjustments from economic hedging activities − Unrealized gains and losses from NDT fund investments − Certain merger and integration costs − Impairments of certain wind projects at Generation − Certain costs related to plant retirements − Costs incurred related to a cost management program − Generation’s noncontrolling interest, primarily related to CENG exclusion items − One-time impacts of adopting new accounting standards − Other unusual items 48 Q2 2018 Earnings Release Slides

GAAP to Non-GAAP Reconciliations(1) (2) Exelon FFO/Debt = FFO (a) Adjusted Debt (b) Exelon FFO Calculation(2) GAAP Operating Income + Depreciation & Amortization = EBITDA - GAAP Interest Expense +/- GAAP Current Income Tax (Expense)/Benefit + Nuclear Fuel Amortization +/- GAAP to Operating Adjustments +/- Other S&P Adjustments = FFO (a) Exelon Adjusted Debt Calculation(1) Long-Term Debt (including current maturities) + Short-Term Debt + Purchase Power Agreement and Operating Lease Imputed Debt + Pension/OPEB Imputed Debt (after-tax) - Off-Credit Treatment of Non-Recourse Debt - Cash on Balance Sheet * 75% +/- Other S&P Adjustments = Adjusted Debt (b) (1) Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available; therefore, management is unable to reconcile these measures (2) Calculated using S&P Methodology. Due to ring-fencing, S&P deconsolidates BGE from Exelon and analyzes solely as an equity investment 49 Q2 2018 Earnings Release Slides

GAAP to Non-GAAP Reconciliations(1) ExGen Debt/EBITDA = Net Debt (a) ExGen Debt/EBITDA = Net Debt (c) Operating EBITDA (b) Excluding Non-Recourse Operating EBITDA (d) ExGen Net Debt Calculation ExGen Net Debt Calculation Excluding Non-Recourse Long-Term Debt (including current maturities) Long-Term Debt (including current maturities) + Short-Term Debt + Short-Term Debt - Cash on Balance Sheet - Cash on Balance Sheet = Net Debt (a) - Non-Recourse Debt = Net Debt Excluding Non-Recourse (c) ExGen Operating EBITDA Calculation ExGen Operating EBITDA Calculation Excluding Non- Recourse GAAP Operating Income + Depreciation & Amortization GAAP Operating Income = EBITDA + Depreciation & Amortization +/- GAAP to Operating Adjustments = EBITDA = Operating EBITDA (b) +/- GAAP to Operating Adjustments - EBITDA from Projects Financed by Non-Recourse Debt = Operating EBITDA Excluding Non-Recourse (d) (1) Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available; therefore, management is unable to reconcile these measures 50 Q2 2018 Earnings Release Slides

GAAP to Non-GAAP Reconciliations Legacy Consolidated Q2 2018 Operating ROE Reconciliation ($M) ACE Delmarva Pepco EXC EU Net Income (GAAP) $57 $102 $189 $1,384 $1,731 Operating Exclusions $0 $8 $3 $2 $13 Adjusted Operating Earnings $57 $109 $192 $1,386 $1,744 Average Equity $1,044 $1,425 $2,577 $13,439 $18,485 Operating ROE (Adjusted Operating Earnings/Average Equity) 5.4% 7.7% 7.4% 10.3% 9.4% Legacy Consolidated Q1 2018 Operating ROE Reconciliation ($M) ACE Delmarva Pepco EXC EU Net Income (GAAP) $56 $94 $178 $1,321 $1,650 Operating Exclusions $0 $7 ($1) $26 $32 Adjusted Operating Earnings $56 $101 $177 $1,347 $1,682 Average Equity $1,046 $1,341 $2,433 $13,164 $17,985 Operating ROE (Adjusted Operating Earnings/Average Equity) 5.4% 7.6% 7.3% 10.2% 9.4% ExGen Adjusted O&M Reconciliation ($M)(1) 2018 GAAP O&M $5,375 Decommissioning(2) 50 Direct cost of sales incurred to generate revenues for certain Constellation and Power businesses(3) (275) O&M for managed plants that are partially owned (400) Other (125) Adjusted O&M (Non-GAAP) $4,625 (1) All amounts rounded to the nearest $25M. Items may not sum due to rounding. (2) Reflects earnings neutral O&M (3) Reflects the direct cost of sales of certain businesses, which are included in Total Gross Margin* 51 Q2 2018 Earnings Release Slides

GAAP to Non-GAAP Reconciliations 2018 Adjusted Cash from Ops Calculation ($M)(1) BGE ComEd PECO PHI ExGen Other Exelon Net cash flows provided by operating activities (GAAP) $700 $1,475 $625 $1,100 $4,250 $175 $8,325 Other cash from investing activities - - - - ($275) - ($275) Counterparty collateral activity - - - - - - - Adjusted Cash Flow from Operations $700 $1,475 $625 $1,100 $3,975 $175 $8,050 2018 Cash From Financing Calculation ($M)(1) BGE ComEd PECO PHI ExGen Other Exelon Net cash flow provided by financing activities (GAAP) $325 $900 ($0) $450 ($1,075) ($125) $475 Dividends paid on common stock $200 $450 $300 $300 $1,000 ($950) $1,325 Financing Cash Flow $525 $1,375 $300 $750 ($75) ($1,050) $1,800 Exelon Total Cash Flow Reconciliation(1) 2018 GAAP Beginning Cash Balance $900 Adjustment for Cash Collateral Posted $550 Adjusted Beginning Cash Balance(3) $1,450 Net Change in Cash (GAAP)(2) $600 Adjusted Ending Cash Balance(3) $2,050 Adjustment for Cash Collateral Posted ($550) GAAP Ending Cash Balance $1,525 (1) All amounts rounded to the nearest $25M. Items may not sum due to rounding. (2) Represents the GAAP measure of net change in cash, which is the sum of cash flow from operations, cash from investing activities, and cash from financing activities. Figures reflect cash capital expenditures and CENG fleet at 100%. (3) Adjusted Beginning and Ending cash balances reflect GAAP Beginning and End Cash Balances excluding counterparty collateral activity 52 Q2 2018 Earnings Release Slides