EX-99.2 3 d527675dex992.htm EARNINGS CONFERENCE CALL PRESENTATION SLIDES Earnings conference call presentation slides
Earnings
Conference
Call
1
st
Quarter
2013
May
1
st
, 2013
Exhibit 99.2

Cautionary Statements Regarding
Forward-Looking Information
1
2013 1Q Earnings Release Slides
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, Commonwealth Edison
Company, PECO Energy Company, Baltimore Gas and Electric Company
and Exelon
Generation Company, LLC (Registrants) include those factors discussed herein, as
well as the items discussed in (1)  Exelon’s 2012 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; 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 presentation.
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.
2013 1Q Earnings Release Slides

2013 1Q Earnings Release Slides
2
Q1 2013 Executive Summary
Expect to deliver on full year financial expectations by focusing on
operational excellence and portfolio management
•
Delivered strong operating and financial results for 1Q 2013
Operating earnings of $0.70 for the first quarter
Best ever first quarter generation output; fourth best ever nuclear capacity
factor of 96.4%; Fossil availability factor of 98.4%; Renewable energy capture
of 94.9%
•
Forward markets continue to show signs of potential upside
•
Constructive electric and gas rate case order for BGE
•
Progress made on ComEd EIMA legislation amendments
•
Continue execution on the path laid out earlier this year
Improve balance sheet strength
Focus on operations and efficiency
Exploring opportunities for organic and opportunistic growth

Market Update
•
Upside in fundamental view starting to materialize in PJM; current view is that there is
still $2 -
$4/MWh upside in 2015+ based on the market forwards as of March
31,
2013
•
Current year gas price increase largely driven by weather; long-term gas price view of
$4 -
$6/mmbtu
2013 1Q Earnings Release Slides
3
42
40
38
36
34
32
30
4/1/13
3/1/13
2/1/13
1/1/13
NiHub
PJM-W
9.6
9.3
7.8
7.5
10.0
9.0
8.0
7.0
6.0
4/1/13
3/1/13
2/1/13
1/1/13
7.5
9.5
8.5
6.5
NiHub
PJM-W
2015 ATC Price Change
2015 Heat Rate Change
$41.43
$39.17
$33.72
$31.87

2013 1Q Earnings Release Slides
4
1Q 2013 Financial Summary
•
Delivered non-GAAP operating earnings
(1)
in 1Q of
$0.70/share at the upper end of our earnings
guidance
of
$0.60
-
$0.70/share
1Q 2013 vs. 1Q 2012
•
Lower ExGen pricing
•
Share differential
•
Favorable weather
•
Full quarter of Constellation & BGE in 1Q 2013
1Q 2013 vs. Guidance
•
Higher nuclear volume
•
Favorable O&M in 1Q expected to reverse over the
rest of 2013
•
Favorable tax items
•
Inability to achieve portfolio management targets
$0.39
$0.10
$0.14
$0.09
$0.70
($0.02)
HoldCo
ExGen
ComEd
PECO
BGE
2013 1Q Results
(1)
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.
Expect 2Q 2013 earnings of $0.50 - $0.60/share

5
Exelon Generation: Gross Margin Update
March 31, 2013
December 31, 2012
Gross Margin Category ($M)
(1) (2)
2013
2014
2015
2013
2014
2015
Open Gross Margin
(3)
(including South, West, Canada hedged gross margin)
$6,000
$6,350
$6,400
$5,550
$5,900
$6,050
Mark-to-Market of Hedges
(3,4)
$1,200
$400
$250
$1,650
$650
$300
Power New Business / To Go
$350
$600
$800
$400
$650
$850
Non-Power Margins Executed
$300
$100
$50
$200
$100
$50
Non-Power New Business / To Go
(5)
$300
$500
$550
$400
$500
$550
Total Gross Margin
$8,150
$7,950
$8,050
$8,200
$7,800
$7,800
•
Forward
power
markets
increased
during
the
1st
quarter
in
nearly
all
regions
The MidWest and Mid-Atlantic saw increases of $2 per MWh or more, driven by expanding heat rates
and increasing natural gas prices
Continue to optimize our hedging to realize the upside that we believe remains in the market due to
liquidity and coal retirements
•
Power New Business To-Go is lower in 2014 and 2015 as we execute on favorable hedges.
Power
New
Business
To-Go
in
2013
has
been
lowered
to
reflect
our
portfolio
positioning
and
year-to-date results
2013 1Q Earnings Release Slides
1)
Gross margin rounded to nearest $50M.
2)
Gross margin does not include revenue related to decommissioning, gross receipts tax,
Exelon Nuclear Partners and entities consolidated solely as a result of the application of
FIN 46R.
3)
Includes CENG Joint Venture.
4)
Mark to Market of Hedges assumes mid-point of hedge percentages.
5)
Any changes to new business estimates for our non-power business are presented as
revenue less costs of sales.
2013 1Q Earnings Release Slides
Key Highlights of 1Q 2013

BGE
2013 load growth largely
driven by the idling of RG Steel
and
energy efficiency partially
offset by improving economic
conditions
6
Exelon Utilities Load
2013E
1.0%
-0.8%
-0.5%
-0.1%
2012
-0.3%
0.2%
-0.6%
-0.1%
Large C&I
Small C&I
Residential
All Customers
Notes: Data is not adjusted for leap year.  Source of 2013 economic outlook data is Global Insight (February 2013).    Assumes 2013 GDP of 1.9% and U.S unemployment of 7.6%.
ComEd has the ROE collar as part of the distribution formula rate and BGE is decoupled which mitigates the load risk.  QTD and YTD actual data can be found in earnings release tables.
BGE  amounts have been adjusted for unbilled / true-up load from prior quarters.
ComEd
Moderate economic growth
and strong steel /auto sector
growth partially offset by
energy efficiency yields overall
load similar to 2012
2013E
2.0%
-2.8%
0.8%
0.5%
2012
-2.7%
-2.3%
-1.7%
-2.2%
PECO
2013 growth driven by  oil
refinery and improved
employment outlook partially
offset by energy efficiency
2013E
-1.7%
1.2%
-1.0%
-1.1%
2012
-0.2%
-2.8%
-2.1%
-1.5%
Chicago GMP
1.3%
Chicago
Unemployment
9.5%
Philadelphia GMP
1.4%
Philadelphia Unemployment
8.5%
Baltimore GMP
1.6%
Baltimore Unemployment
7.1%
2013 1Q Earnings Release Slides
2013 1Q Earnings Release Slides

7
2013 Cash Flow Summary
2013 1Q Earnings Release Slides
•
Expect Cash from Operations of ~$5.8B in 2013
•
CapEx spend is $150M lower than prior estimates in part due to cancellation of
Dresden and Quad Cities MUR projects
•
Financing plan reflects goal of maintaining a strong balance sheet
Financing plan for utilities primarily consists of debt refinancing and 
redemption of PECO’s $87M preferred stock
ExGen financing plan includes retirement of $450M hybrid, DOE loan draws
for AVSR1 and project financing for existing wind assets
•
Projecting to end the year in a strong cash position with $1.35B, the majority of
which will be held at ExGen
2013 1Q Earnings Release Slides

8
2013 Key Events
1Q13
2Q13
3Q13
2013 distribution
formula rate case
filing (4/29/13)
2013 transmission
formula rate case
filing (4/29/13);
rates effective June
2013 thru May 2014
2013 distribution
formula rate case filing
final order (by
12/27/13); rates
effective 1/2/14 –
1/1/15
4Q13
2013 transmission 
formula rate case filing
(by 5/15/13); rates
effective June 2013 thru
May 2014
MDPSC Order February
22, 2013
Regular procurement
event (January)
Regular procurement
event (April and June)
DSP II Procurement
(February)
DSP II Procurement
(October)
Regular
procurement event
(October)
2016/2017 PJM
RPM Auction Results
(5/24/13)
2013 1Q Earnings Release Slides
Electric & gas distribution
rate case filing
2013 1Q Earnings Release Slides

9
Exelon Generation Disclosures
March 31, 2013
2013 1Q Earnings Release Slides
2013 1Q Earnings Release Slides

10
Portfolio Management Strategy
Exercising Market Views
Purely ratable
Actual hedge %
Market views on timing, product
allocation and regional spreads
reflected in actual hedge %
High End of Profit
Low End of Profit
% Hedged
Open Generation
with LT Contracts
Portfolio Management &
Optimization
Portfolio Management Over Time
Align Hedging & Financials
Establishing Minimum Hedge Targets
Credit Rating
Capital &
Operating
Expenditure
Dividend
Capital
Structure
Protect Balance Sheet
Ensure Earnings Stability
Create Value
Strategic Policy Alignment
•Aligns hedging program with
financial policies and financial
outlook
•Establish minimum hedge targets
to meet financial objectives of the
company (dividend, credit rating)
•Hedge enough commodity risk to
meet future cash requirements
under a stress scenario
Three-Year Ratable Hedging
Tenor aligns with customer
Multiple channels to market that
Bull / Bear Program
•Ability to exercise fundamental
market views to create value within
the ratable framework
•Modified timing of hedges versus
purely ratable
•Cross-commodity hedging (heat
rate positions, options, etc.)
•Delivery locations, regional and
zonal spread relationships
•
Disciplined approach to hedging
•
preferences and market liquidity
•
allow us to maximize margins
•
Large open position in outer years
to benefit from price upside
•Ensure stability in near
-
term cash
flows and earnings
2013 1Q Earnings Release Slides

11
Components of Gross Margin Categories
Margins move from new business to MtM of hedges over
the course of the year as sales are executed
Margins move from “Non power new business”
to
“Non power executed”
over the course of the year
Gross margin linked to power production and sales
Gross margin from
other business activities
2013 1Q Earnings Release Slides
(1) Hedged gross margins for South, West and Canada region will be included with Open Gross Margin, and 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 remain within “Non Power” New Business category and not move to “Non Power” Executed category.
2013 1Q Earnings Release Slides

12
ExGen Disclosures 
Gross Margin Category ($M)
(1,2)
2013
2014
2015
Open Gross Margin
(including South, West & Canada hedged GM)
(3)
$6,000
$6,350
$6,400
Mark to Market of Hedges
(3,4)
$1,200
$400
$250
Power New Business / To Go
$350
$600
$800
Non-Power Margins Executed
$300
$100
$50
Non-Power New Business / To Go
(5)
$300
$500
$550
Total Gross Margin
$8,150
$7,950
$8,050
2013 1Q Earnings Release Slides
2013 1Q Earnings Release Slides
(1)
Gross margin rounded to nearest $50M.
(2)
Gross margin does not include revenue related to decommissioning, gross receipts tax,
Exelon Nuclear Partners and entities consolidated solely as a result of the application of 
FIN 46R.
(3)
Includes CENG Joint Venture.
(4)
Mark to Market of Hedges assumes mid-point of hedge percentages.
(5)
Any changes to new business estimates for our non-power business are presented as
revenue less costs of sales.
(6)
Based on March 31, 2013 market conditions.
Reference Prices
(6)
2013
2014
2015
Henry Hub Natural Gas ($/MMbtu)
$3.92
$4.23
$4.30
Midwest: NiHub ATC prices ($/MWh)
$32.49
$32.99
$33.72
Mid-Atlantic: PJM-W ATC prices ($/MWh)
$39.74
$40.54
$41.43
ERCOT-N ATC Spark Spread ($/MWh)
HSC Gas, 7.2HR, $2.50 VOM
$7.12
$8.53
$8.48
New York: NY Zone A ($/MWh)
$38.16
$37.55
$38.02
New England: Mass Hub ATC Spark Spread($/MWh)
ALQN Gas, 7.5HR, $0.50 VOM
$2.66
$4.51
$3.73

13
ExGen Disclosures
Generation and Hedges
2013
2014
2015
Exp. Gen (GWh)
(1)
216,900
213,800
208,000
Midwest
97,600
97,100
96,500
Mid-Atlantic
(2)
74,700
72,400
70,200
ERCOT
15,600
17,800
18,100
New York
(2)
14,100
11,800
9,300
New England
14,900
14,700
13,900
% of Expected Generation Hedged
(3)
98-101%
70-73%
33-36%
Midwest
98-101%
69-72%
32-35%
Mid-Atlantic
(2)
99-102%
73-76%
41-44%
ERCOT
93-96%
66-69%
24-27%
New York
(2)
101-104%
74-77%
36-39%
New England
98-101%
61-64%
14-17%
Effective Realized Energy Price ($/MWh)
(4)
Midwest
$37.50
$35.00
$35.00
Mid-Atlantic
(2)
$49.00
$46.00
$48.00
ERCOT
(5)
$9.00
$7.00
$6.00
New York
(2)
$34.00
$36.00
$45.00
New England
(5)
$4.50
$4.00
$3.00
(1)  Expected generation represents the amount of energy estimated to be generated or purchased through owned or contracted for capacity.  Expected generation is 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 12 refueling outages in 2013 and 14 refueling outages in 2014 and 2015 at Exelon-operated nuclear plants ,Salem  and CENG.  Expected generation assumes capacity factors of 
93.9%, 93.8%, and 93.3% in 2013, 2014 and 2015 at Exelon-operated nuclear plants excluding Salem and CENG. These estimates of expected generation in 2014 and 2015 do not represent
guidance or a forecast of future results as Exelon has not completed its planning or optimization processes for those years. (2) Includes 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. Uses expected value
on options. (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 and RPM capacity revenue, 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.
2013 1Q Earnings Release Slides

14
ExGen Hedged Gross Margin Sensitivities
Gross Margin Sensitivities (With Existing Hedges) 
(1, 2)
2013
2014
2015
Henry Hub Natural Gas ($/Mmbtu)
+ $1/Mmbtu
$15
$285
$425
-
$1/Mmbtu
$(5)
$(225)
$(370)
NiHub ATC Energy Price
+ $5/MWh
$5
$180
$375
-
$5/MWh
$(5)
$(170)
$(375)
PJM-W ATC Energy Price
+ $5/MWh
$5
$115
$220
-
$5/MWh
$0
$(115)
$(215)
NYPP Zone A ATC Energy Price
+ $5/MWh
$0
$20
$30
-
$5/MWh
$0
$(20)
$(30)
Nuclear Capacity Factor
(3)
+/-
1%
+/-
$35
+/-
$45
+/-
$50
2013 1Q Earnings Release Slides
(1) Based on March 31, 2013 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 prices sensitivities are derived by adjusting the power price assumption while keeping all other prices 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.  (2) Sensitivities based on commodity exposure which includes open generation and all committed transactions.  (3) Includes CENG Joint Venture.
2013 1Q Earnings Release Slides

15
Exelon Generation Hedged Gross Margin Upside/Risk
$6,000
$6,500
$7,000
$7,500
$8,000
$8,500
$9,000
$9,500
$10,000
2015
$9,450
2014
$8,600
2013
$8,350
2013 1Q Earnings Release Slides
$7,900
$7,400
$6,850
(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 2014 and 2015 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 March 31,
2013 (2) Gross Margin Upside/Risk based on commodity exposure which includes open generation and all committed transactions.
2013 1Q Earnings Release Slides

16
Illustrative Example of Modeling Exelon Generation             
2014 Gross Margin
Row
Item
Midwest
Mid-
Atlantic
ERCOT
New York
New
England
South,
West &
Canada
(A)
Start with fleet-wide open gross margin 
$6.35 billion
(B)
Expected Generation (TWh)
97.1
72.4
17.8
11.8
14.7
(C)
Hedge % (assuming mid-point of range)
70.5%
74.5%
67.5%
75.5%
62.5%
(D=B*C)
Hedged Volume (TWh)
68.5
53.9
12.0
8.9
9.2
(E)
Effective Realized Energy Price ($/MWh)
$35.00
$46.00
$7.00
$36.00
$4.00
(F)
Reference Price ($/MWh)
$32.99
$40.54
$8.53
$37.55
$4.51
(G=E-F)
Difference ($/MWh)
$2.01
$5.46
($1.53)
$(1.55)
$0.51
(H=D*G)
Mark-to-market
value
of
hedges
($
million)
(1)
$140 million
$300 million
($20) million
$(15) million
$0 million
(I=A+H)
Hedged Gross Margin ($ million)
$6,750 million
(J)
Power New Business / To Go ($ million)
$600 million
(K)
Non-Power Margins Executed ($ million)
$100 million
(L)
Non-
Power New Business / To Go ($ million)
$500 million
(N=I+J+K+L)
Total Gross Margin
$7,950 million
(1) Mark-to-market rounded to the nearest $5 million. 
2013 1Q Earnings Release Slides
2013 1Q Earnings Release Slides

17
Additional Disclosures
2013 1Q Earnings Release Slides
2013 1Q Earnings Release Slides

2013 Projected Sources and Uses of Cash
(1)
Exelon beginning cash balance as of  1/1/13. Excludes counterparty collateral activity.
(2)
Cash Flow from Operations primarily includes net cash flows provided by operating activities and net cash flows used in investing activities other than
capital expenditures. 
(3)
Dividends are subject to declaration by the Board of Directors.
(4)
Excludes PECO’s $210 million Accounts Receivable (A/R) Agreement with Bank of Tokyo. PECO’s A/R Agreement was extended in accordance with its
terms through August 30, 2013.
(5)
Excludes BGE’s current portion of its rate stabilization bonds
(6)
“Other”
includes proceeds from options, redemption of PECO preferred stock and expected changes in short-term debt.
(7)
Includes cash flow activity from Holding Company, eliminations, and other corporate entities.
($ in millions)
18
Beginning Cash Balance
(1)
1,575
Cash Flow from Operations
(2)
625
1,375
625
3,375
5,825
CapEx (excluding other items
below):
(550)
(1,300)
(400)
(1,025)
(3,300)
Nuclear Fuel
n/a
n/a
n/a
(1,000)
(1,000)
Dividend
(3)
(1,250)
Nuclear Uprates
n/a
n/a
n/a
(125)
(125)
Wind
n/a
n/a
n/a
--
--
Solar
n/a
n/a
n/a
(550)
(550)
Upstream
n/a
n/a
n/a
(25)
(25)
Utility Smart Grid/Smart Meter
(125)
(100)
(175)
n/a
(400)
Net Financing (excluding
Dividend):
Debt Issuances
(4)
300
250
350
--
900
Debt Retirements
(5)
(400)
(250)
(300)
(450)
(1,400)
Project Finance/Federal Financing
Bank Loan
n/a
n/a
n/a
1,025
1,025
Other
(6)
50
100
(75)
(25)
75
Ending Cash Balance
(1)
1,350
(7)
2013 1Q Earnings Release Slides

Pension/OPEB Update 
19
2013 1Q Earnings Release Slides
Note: Estimates are based on 12/31/12 with expenses for legacy Exelon plans  updated for March 2013 census
2013
2014
(in $M)
Pre-Tax Expense
(1)
Contributions
(2)
Pre-Tax Expense
(1)
Contributions
(2)
Pension
$400
$335
$415
$275
OPEB
$220
$290
$220
$275
Total
$620
$625
$635
$550
(1)     Pension and OPEB expenses assume an ~ 24% capitalization rate.
(2)     Contributions shown in the table above are based on the current contribution policy for Exelon and Constellation plans.  Pension includes qualified    
          and non-qualified plans.
2013 1Q Earnings Release Slides

Sufficient Liquidity
(1)
Excludes commitments from Exelon’s Community and Minority Bank Credit Facility
(2)
Available Capacity Under Facilities represents the unused commitments under the borrower’s credit agreements net of outstanding letters of credit and
facility
draws.
The
amount
of
commercial
paper
outstanding
does
not
reduce
the
available
capacity
under
the
credit
agreements.
20
2013 1Q Earnings Release Slides
($ in Millions)
Aggregate
Bank
Commitments
(1)
600
1,000
600
5,675
8,375
Outstanding Facility Draws
--
--
--
--
--
Outstanding Letters of Credit
--
--
(1)
(1,475)
(1,478)
Available
Capacity
Under
Facilities
(2)
600
1,000
599
4,200
6,897
Outstanding Commercial Paper
--
(281)
--
--
(281)
Available Capacity Less Outstanding
Commercial Paper
600
719
599
4,200
6,616
Available Capacity Under Bank Facilities as of April 25, 2013

S&P Credit Metric Ratios
2013 1Q Earnings Release Slides
21
S&P Metrics
FFO / Debt
Credit Adjustments - Cash From Operations:
Source (2012 10K):
Methodology:
Cash From Operations
Stmt. of Cash Flows
Start with net cash flows provided by operating activities
(+/-) Working Capital Adjustments
Stmt. of Cash Flows
Includes changes in A/R, Inventories, A/P and other accrued expenses, option
premiums, counterparty collateral and income taxes.  Impact is opposite of impact
to cash flow
S&P FFO Adjustments:
(+) Operating Lease Depreciation Adjustment
FN 19 - Commitments & Contingencies - Minimum Future Lease Payments
Reflects operating lease payments  – interest on PV of future operating lease
payments (using weighted average cost of debt)
(+) PPA Depreciation Adjustment
FN 19 - Commitments & Contingencies - Net Capacity Purchases
Reflects net capacity payments – interest on PV of PPAs (using weighted average
cost of debt)
(+/-) Normalize Pension/OPEB Contribution
FN 14 - Retirement Benefits - Contributions, Service & Int Costs, EROA
Reflects employer contributions – (service costs + interest costs + expected
return on assets), net of taxes at marginal rate
(-) Securitized Debt Principal Paydown
FN 11 - Debt and Credit Agreements
Reflects payment of principal on securitized debt
(+/-) Decommissioning classified as Investing
Stmt. of Cash Flows
Reclass activity classified as Investing to Cash from Operations
(-) Interest Capitalized / AFUDC
FN 1 - Accounting Policies - Capitalized Interest and AFUDC
Reclass activity classified as Investing to Cash from Operations
(+/-) Interest or Dividend on Hybrid Securities
FN 11 - Debt and Credit Agreements
Remove/add interest expense/dividend payments associated with instruments
that qualify as hybrid securites (treated all or partially as debt or equity)
(+/-) Other Adjustments
N/A
One-time or non-standard adjustments at discretion of rating agency
= Funds from Operations (FFO)
Credit Adjustments - Debt:
Source (2012 10K):
Methodology:
Total Long-term Debt (including current maturities)
Balance Sheet
Start with long-term debt outstanding
(+) Short-term Borrowings
Balance Sheet
Reflects short-terms borrowings (commerical paper, notes payable etc.)
S&P Debt Adjustments:
(+) Operating Leases
FN 19 - Commitments & Contingencies - Minimum Future Lease Payments
Reflects PV of minimum future operating lease payments (using weighted average
cost of debt)
(+) PPAs / Supply Agreements
FN 19 - Commitments & Contingencies - Net Capacity Purchases
Reflects PV of net capacity purchases (using weighted average cost of debt)
(+) Unfunded Pension
FN 14 - Retirement Benefits - Unfunded Status
Reflects unfunded status, net of taxes at marginal rate
(+) Unfunded OPEB
FN 14 - Retirement Benefits - Unfunded Status
Reflects unfunded status, net of taxes at marginal rate
(-) Securitized Debt
FN 11 - Debt and Credit Agreements
Reflects securitized debt balance at year-end
(+) Accrued Interest
Supplemental Balance Sheet
Annual accrued interest
(+) Asset Retirement Obligation
Balance Sheet
If net obligation > 0, include net obligation, net of taxes at marginal rate
(+/-) Hybrid Securities
FN 11 - Debt and Credit Agreements
Reclassify instruments that qualify as hybrid securites between debt and equity
(treated all or partially as debt or equity)
(-) Off-credit Treatment of Debt
FN 11 - Debt and Credit Agreements
Non-recourse project level debt that qualifies for off-credit treatment under S&P's
methodology
(+/-) Other Adjustments
N/A
One-time or non-standard adjustments at discretion of rating agency
=  Adjusted Debt
Funds from Operations / Adjusted Debt
Calculation
Note:  See S&P publications for official guidelines, criteria and methodology
Reflects key credit ratio calculations and adjustments per S&P’s guidelines

Moody’s Credit Metric Ratios
2013 1Q Earnings Release Slides
22
Note:  See Moody’s publications for official guidelines, criteria and methodology
Note:  Moody’s Approach to Global Standard Adjustments for Non-Financial Corporations allows for Analyst discretion whether to incorporate imputed debt (and other associated
adjustments) for PPAs/tolls.  Moody’s official methodology for Exelon and subs does not include PPAs/tolls; however they view credit metrics both with and without
Reflects key credit ratio calculations and adjustments per Moody’s guidelines
Moody's Metrics
Cash From Ops (pre w/c) / Debt
Cash From Ops (pre w/c) / Adjusted Debt
Retained Cash Flow / Debt
(Adjusted FFO -
Adjusted Dividend) / Adjusted Debt
Free Cash Flow
Credit Adjustments -
Cash from Operations:
Source (2012 10K):
Methodology:
Cash From Operations
Stmt. of Cash Flows
Start with net cash flows provided by operating activities
(+/-) Working Capital Adjustments and changes in short-
terms assets and liabilities
Stmt. of Cash Flows and Supplemental Cash Flow Information
Includes changes in A/R, Inventories, A/P and other accrued expenses, counterparty collateral,
income taxes, under/over-recovered energy and transmission costs, other current assets. 
Impact is opposite of impact to cash flow
Moody's Cash From Ops Adjustments:
(+) Operating Lease Depreciation Adjustment
FN 19 -
Commitments & Contingencies -
Rental Expense
Equals annual rent expense x 2/3 (remaining 1/3 is allocated to interest)
(+) Normalize Pension/OPEB Contribution
FN 14 -
Retirement Benefits -
Contributions, Service Costs
Reflects employer contributions –
service costs, if > $0, otherwise $0
(-) Interest Capitalized / AFUDC
FN 1 -
Accounting Policies -
Capitalized Interest and AFUDC
Reclass activity classified as Investing to Cash from Operations
(+/-) Interest or Dividend on Hybrid Securities
FN 11 -
Debt and Credit Agreements
Remove/add interest expense/dividend payments associated with instruments that qualify as
hybrid securites (treated all or partially as debt or equity)
(+/-) Other Adjustments
N/A
One-time or non-standard adjustments at discretion of rating agency
= Cash from Ops (pre w/c)
Credit Adjustments -
FFO:
Source (2012 10K):
Methodology:
Net Income
Stmt. of Cash Flows
Start with net income
(+/-) Non-cash adjustments to cash flows
Stmt. of Cash Flows
Includes depreciation and amortization, deferred income taxes, net fair value change in
derivatives, net realized/unrealized gains/losses on decom funds, other non-cash
operating
activities
Moody's FFO Adjustments:
*** same as Cash from Ops Adjustments listed above ***
= Adjusted FFO
Credit Adjustments -
CapEx:
Source (2012 10K):
Methodology:
Capital Expenditures
Stmt. of Cash Flows
Start with capital expenditures
Moody's CapEx Adjustments:
(+) Operating Leases CapEx
FN 19 -
Commitments & Contingencies -
Rental Expense
Reclass of operatng spend to capital; equal to operating lease deprecation adjustment
(-) Interest Capitalized / AFUDC
FN 1 -
Accounting Policies -
Capitalized Interest and AFUDC
Reclass activity classified as Investing to Cash from Operations
=  Adjusted CapEx
Credit Adjustments -
Debt:
Source (2012 10K):
Methodology:
Total Long-term Debt (incl. current maturities)
Balance Sheet
Start with long-term debt outstanding
(+) Short-term Borrowings
Balance Sheet
Reflects short-terms borrowings (commerical paper, notes payable etc.)
Moody's Debt Adjustments:
(+) Unfunded Pension
FN 14 -
Retirement Benefits -
Unfunded Status
Reflects unfunded status (pension only)
(+/-) Hybrid Securities
FN 11 -
Debt and Credit Agreements
Reclassify instruments that qualify as hybrid securites between debt and equity (treated all or
partially as debt or equity)
(+) Operating Leases
FN 19 -
Commitments & Contingencies -
Minimum Future Lease Payments
Annual rent expense x multiple between 4 and 10 (currently 8 for
ExGen/Corp and 6 for utilities)
(+/-) Other Adjustments
N/A
One-time or non-standard adjustments at discretion of rating agency
=  Adjusted Debt
Credit Adjustments -
Dividend:
Source (2012 10K):
Methodology:
Common Dividends
Stmt. of Cash Flows
Start with common dividends
(+) Preferred Dividends
Stmt. of Cash Flows
Reflects dividends on preferred securities
Moody's Dividend Adjustments:
(+) Hybrid Securities
FN 11 -
Debt and Credit Agreements
Remove/add dividend payments/interest expense associated with instruments that qualify as
hybrid securites (treated all or partially as equity or debt)
=  Adjusted Dividend
Cash
From
Operations
+
Moody's
Cash
From
Ops
Adjustments
-
Adjusted
Dividend
-
Adjusted
CapEx
Calculation

2013 1Q Earnings Release Slides
23
ComEd April 2013 Distribution Formula Rate Filing
Note:  Disallowance of any items in the 2013 distribution formula rate filing could impact 2013 earnings in the form of a regulatory asset adjustment.
The 2013 distribution formula rate filing  establishes the net revenue requirement used to set the rates that will take effect in January 2014 after
the ICC’s review.  There are two components to the annual distribution formula rate filing:
•
Filing Year:  Based on prior year costs (2012) and current year (2013) projected plant additions.
•
Annual Reconciliation: For the prior calendar year (2012), this amount reconciles the revenue requirement reflected in rates during the
      prior year (2012) in effect to the actual costs for that year. The annual reconciliation impacts cash flow in the following year (2014) but
      the earnings impact has been recorded in the prior year (2012) as a regulatory asset.
Given the retroactive ratemaking provision in the EIMA legislation, ComEd net income during the year
will be based on actual costs with a regulatory asset/liability recorded to reflect any under/over
recovery reflected in rates.  Revenue Requirement in rate filings impacts cash flow.

24
BGE Rate Case Final Order
Electric
Gas
Docket #
9299
Test Year
October 2011 –
September 2012
BGE Ask
Final Order
BGE Ask
Final Order
Common Equity Ratio
48.4%
48.4%
48.4%
48.4%
Return on Equity (ROE)
10.5%
9.75%
10.5%
9.6%
Rate Base
$2.7B
$2.6B
$1B
$1.0B
Revenue Requirement Increase
$131M
$81M
$45M
$32M
2013 1Q Earnings Release Slides
New rates went into effect for service rendered on or after February 23, 2013

ComEd Operating EPS Contribution
Key
Drivers
–
1Q13
vs.
1Q12
(1)
Share differential: $(0.02)
Weather: $0.01
1Q13
Actual
Actual   Normal
Heating Degree-Days
2,384       3,259       3,164
Cooling Degree-Days              39
0            0       
1Q12
25
2013 1Q Earnings Release Slides
$0.13
$0.10
1Q
2013
2012
(1)
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.

PECO Operating EPS Contribution
Key
Drivers
–
1Q13
vs.
1Q12
(1)
Share differential: $(0.03)
Weather: $0.03
1Q13
Actual
Actual   Normal
Heating Degree-Days      1,914         2,440        2,476
Cooling Degree-Days           4 
0             0        
1Q12
26
2013 1Q Earnings Release Slides
$0.14
$0.14
1Q
2013
2012
(1)
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.

1Q GAAP EPS Reconciliation
Three Months Ended March 31, 2013
ExGen
ComEd
PECO
BGE
Other
Exelon
2013 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share
$0.39
$0.10
$0.14
$0.09
$(0.02)
$0.70
Mark-to-market impact of economic hedging activities
(0.29)
-
-
-
0.01
(0.27)
Unrealized gains related to nuclear decommissioning trust funds
0.04
-
-
-
-
0.04
Plant retirements and divestitures
0.02
-
-
-
-
0.02
Constellation merger and integration costs
(0.03)
-
(0.00)
0.00
0.00
(0.03)
Amortization of commodity contract intangibles
(0.14)
-
-
-
-
(0.14)
Amortization of the fair value of certain debt
0.00
-
-
-
-
0.00
Remeasurement of like-kind exchange tax position
-
(0.20)
-
-
(0.11)
(0.31)
Nuclear uprate project cancelation
(0.02)
-
-
-
-
(0.02)
1Q 2013 GAAP Earnings (Loss) Per Share
$(0.02)
$(0.09)
$0.14
$0.09
$(0.12)
$(0.01)
Three Months Ended March 31, 2012
ExGen
ComEd
PECO
BGE
Other
Exelon
2012 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share
$0.58
$0.13
$0.14
$0.02
$(0.02)
$0.85
Mark-to-market impact of economic hedging activities
0.05
-
-
-
0.01
0.06
Unrealized gains related to nuclear decommissioning trust funds
0.05
-
-
-
-
0.05
Plant retirements and divestitures
(0.01)
-
-
-
-
(0.01)
Constellation merger and integration costs
(0.06)
(0.00)
(0.01)
(0.00)
(0.09)
(0.16)
Maryland commitments
(0.03)
-
-
(0.12)
(0.17)
(0.32)
Amortization of commodity contract intangibles
(0.11)
-
-
-
-
(0.11)
FERC settlement
(0.25)
-
-
-
-
(0.25)
Non-cash remeasurement of deferred income taxes
0.02
-
-
-
0.15
0.17
Other acquisition costs
(0.00)
-
-
-
-
(0.00)
1Q 2012 GAAP Earnings (Loss) Per Share
$0.24
$0.12
$0.14
$(0.09)
$(0.12)
$0.28
NOTE:  All amounts shown are per Exelon share and represent contributions to Exelon's EPS.  Amounts may not add due to rounding.
2013 1Q Earnings Release Slides
27

GAAP to Operating Adjustments
•
Exelon’s 2013 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following:
Mark-to-market adjustments from economic hedging activities
Unrealized gains from nuclear decommissioning trust fund investments to the extent not offset by
contractual accounting as described in the notes to the consolidated financial statements
Financial impacts associated with the sale or retirement of generating stations
Certain costs incurred related to the Constellation merger and integration initiatives
Non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at
the merger date
Non-cash amortization of certain debt recorded at fair value at the merger date expected to be retired in
2013
Non-cash charge to earnings resulting from the remeasurement of Exelon’s like-kind exchange tax
position
Charge to earnings related to Exelon’s cancelation of previously capitalized nuclear uprate expenditures
Significant impairments of assets, including goodwill
Significant changes to GAAP
Other unusual items
2013 1Q Earnings Release Slides
28