Preferred and Preference Securities (Exelon, ComEd, PECO and BGE)

At December 31, 2014 and 2013, Exelon was authorized to issue up to 100,000,000 shares of preferred securities, none of which were outstanding.

Preferred and Preference Securities of Subsidiaries

At December 31, 2014 and 2013, ComEd prior preferred securities and ComEd cumulative preference securities consisted of 850,000 shares and 6,810,451 shares authorized, respectively, none of which were outstanding.

On May 1, 2013, PECO redeemed all of its outstanding preferred securities. PECO had $87 million of cumulative preferred securities that were redeemable at its option at any time for the redemption price established when each series was issued. The redemption premium was treated as a reduction to Net income to arrive at Net income attributable to common shareholders utilized in the calculation of the earnings per share for Exelon.

At December 31, 2014 and 2013, BGE cumulative preference stock, $100 par value, consisted of 6,500,000 shares authorized and the outstanding amounts set forth below. Shares of BGE preference stock have no voting power except for the following:

•

The preference stock has one vote per share on any charter amendment which would create or authorize any shares of stock ranking prior to or on a parity with the preference stock as to either dividends or distribution of assets, or which would substantially adversely affect the contract rights, as expressly set forth in BGE’s charter, of the preference stock, each of which requires the affirmative vote of two-thirds of all the shares of preference stock outstanding; and

•

Whenever BGE fails to pay full dividends on the preference stock and such failure continues for one year, the preference stock shall have one vote per share on all matters, until and unless such dividends shall have been paid in full. Upon liquidation, the holders of the preference stock of each series outstanding are entitled to receive the par amount of their shares and an amount equal to the unpaid accrued dividends.



			December 31,
	Redemption Price ^(a)		2014	2013	2014		2013
	Redemption Price ^(a)		Shares Outstanding		Dollar Amount
Series (without mandatory redemption)
7.125%, 1993 Series	$	100.00	400,000	400,000	$	40	$	40
6.97%, 1993 Series	100.00		500,000	500,000	50		50
6.70%, 1993 Series	100.00		400,000	400,000	40		40
6.99%, 1995 Series	100.35		600,000	600,000	60		60
Total preference stock			1,900,000	1,900,000	$	190	$	190

______________________


(a)	Redeemable, at the option of BGE, at the indicated dollar amounts per share, plus accrued and unpaid dividends.