Exhibit 99.1

News Release

Contact: Emily Duncan Investor Relations 312-394-2345 Paul Adams Corporate Communications 410-470-4167

EXELON REPORTS THIRD QUARTER 2018 RESULTS

Earnings Release Highlights

• GAAP Net Income of $0.76 per share and Adjusted (non-GAAP) Operating Earnings of $0.88 per share for the third quarter of 2018

• Raising the lower end of our guidance range for full year 2018 Adjusted (non-GAAP) Operating Earnings from $2.90 - $3.20 per share to $3.05 - $3.20 per share

• Announcing additional annual cost savings of $200 million gross, and $150 million net, reflecting ongoing initiatives leveraging process efficiency and technology; full run-rate savings to be achieved in 2021

• All Exelon Utilities achieved top quartile reliability performance in outage frequency and outage duration

• PECO, along with interested parties, filed a partial settlement agreement for its distribution rate case on Aug. 28, 2018

CHICAGO (Nov. 1, 2018) — Exelon Corporation (NYSE: EXC) today reported its financial results for the third quarter of 2018.

“Exelon had a strong third quarter as our utility and power businesses reported earnings at the upper end of our guidance range.  Our strategy to invest in advanced technology and infrastructure continues to drive improved customer satisfaction across our utilities, and has allowed ComEd to complete its $920 million smart meter installation program three years ahead of its original schedule,” said Christopher M. Crane, Exelon’s President and CEO. “At the utilities, we continue to make progress with solid earned ROEs and strong key customer satisfaction and operating metrics. On the generation front, the Federal Circuit Courts in Illinois and New York strongly affirmed the legality of the ZEC programs, which will help preserve these states’ emissions-free nuclear power plants and the economic and environmental benefits they provide. Coupled with our pledge to join the Human Rights Campaign’s Business Coalition in support of passing the Equality Act and the successful completion of our first round of HeForShe STEM Innovation Leadership Academies, we are delivering on our commitment to be a positive force in our communities.”

“In the third quarter of 2018, Exelon also delivered financially with Adjusted (non-GAAP) operating earnings of $0.88 per share, which is near the top of our guidance range,” said Joseph Nigro, Exelon’s Senior Executive Vice President and CFO. “Exelon is raising the lower end of the full-year 2018 guidance from $2.90 - $3.20 to $3.05 - $3.20 per share as a result of the operational results across our family of businesses. As part of our ongoing efforts to improve operations, we are announcing another $200 million of annual cost savings by

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2021. Together with previously announced cost savings, Exelon has identified total savings of over $900 million since 2015.”

Third Quarter 2018

Exelon's GAAP Net Income for the third quarter of 2018 decreased to $0.76 per share from $0.85 per share in the third quarter of 2017. Adjusted (non-GAAP) Operating Earnings increased to $0.88 per share in the third quarter of 2018 from $0.85 per share in the third quarter of 2017. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 6.

Adjusted (non-GAAP) Operating Earnings in the third quarter of 2018 primarily reflect higher electric distribution and energy efficiency earnings at ComEd, regulatory rate increases at PHI, favorable weather conditions at PECO and PHI, increased capacity prices, the favorable impacts of the Illinois Zero Emission Standard (ZES) and tax savings related to the Tax Cuts & Jobs Act (TCJA) at Generation, partially offset by the absence of ExGen Texas Power, LLC (EGTP) earnings resulting from its deconsolidation in the fourth quarter of 2017, lower realized energy prices and increased nuclear outage days at Generation.

Operating Company Results¹ 

ComEd

ComEd's third quarter of 2018 GAAP Net Income increased to $193 million from $189 million in the third quarter of 2017. ComEd’s Adjusted (non-GAAP) Operating Earnings increased to $193 million for the third quarter of 2018 from $186 million in the third quarter of 2017, primarily reflecting higher electric distribution and energy efficiency earnings. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.

PECO

PECO’s third quarter of 2018 GAAP Net Income increased to $126 million from $112 million in the third quarter of 2017. PECO’s Adjusted (non-GAAP) Operating Earnings for the third quarter of 2018 increased to $127 million from $114 million in the third quarter of 2017, primarily due to favorable weather conditions and volumes.

Cooling degree days were up 13.7 percent relative to the same period in 2017 and were 12.5 percent above normal. Total retail electric deliveries were up 7.8 percent compared with the third quarter of 2017. Natural gas deliveries (including both retail and transportation segments) in the third quarter of 2018 were down 1.0 percent compared with the same period in 2017.

BGE

BGE’s third quarter of 2018 GAAP Net Income increased to $63 million from $62 million in the third quarter of 2017. BGE’s Adjusted (non-GAAP) Operating Earnings for the third quarter of 2018 remained consistent at $64 million compared with the third quarter of 2017. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.

___________

¹Exelon’s five business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware; and Generation, which consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products and risk management services.

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PHI

PHI’s third quarter of 2018 GAAP Net Income increased to $187 million from $153 million in the third quarter of 2017. PHI’s Adjusted (non-GAAP) Operating Earnings for the third quarter of 2018 increased to $195 million from $146 million in the third quarter of 2017, primarily reflecting regulatory rate increases and favorable weather conditions and volumes in Delaware and New Jersey. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland and Pepco District of Columbia are not affected by actual weather or customer usage patterns.

Generation

Generation's third quarter of 2018 GAAP Net Income decreased to $234 million from $304 million in the third quarter of 2017. Generation’s Adjusted (non-GAAP) Operating Earnings for the third quarterof2018 decreased to $318 million from $346 million in the third quarter of 2017, primarily reflecting the absence of EGTP earnings resulting from its deconsolidation in the fourth quarter 2017, lower realized energy prices and increased nuclear outage days, partially offset by, the favorable impacts of the Illinois ZES, increased capacity prices and tax savings related to the TCJA.

The proportion of expected generation hedged as of Sept. 30, 2018, was 98 percent to 101 percent for 2018, 82 percent to 85 percent for 2019 and 48 percent to 51 percent for 2020.

Third Quarter and Recent Highlights

• Cost Management Program: In Nov. 2018, Exelon announced the elimination of approximately $200 million in annual ongoing costs, through initiatives primarily at Generation and BSC, by 2021. Approximately $150 million is expected to be related to Generation, with the remaining amount related to the Utility Registrants. This announcement is a result of Exelon’s continuous focus on improving its cost profile through enhanced efficiency and productivity. The targeted cost savings are incremental to the expected savings from previous cost management initiatives.

• Illinois and New York ZEC Programs: In Sept. 2018, the U.S. Court of Appeals for the Seventh Circuit and the Second Circuit affirmed dismissal of the complaints against Illinois’ and New York’s Zero Emissions Credit (ZEC) programs, respectively, which will allow them to continue supporting the clean, resilient electricity that nuclear power provides to each state’s residents. On Sept. 27, 2018, the plaintiffs filed a request for a panel rehearing with the U.S. Circuit Court of Appeals for the Seventh Circuit. On Oct. 9, 2018, the U.S. Circuit Court of Appeals for the Seventh Circuit panel denied the request for rehearing.

• PECO Electric Distribution Base Rate Case: On Aug. 28, 2018, PECO and interested parties filed with the Pennsylvania Public Utility Commission (PAPUC) a petition for partial settlement for an increase of $25 million in annual electric distribution service revenues, which includes annual ongoing TCJA tax savings. No overall ROE was specified in the partial settlement. The requested ROE was 10.95 percent in the filing with the PAPUC on March 29, 2018. On Oct. 18, 2018, the Administrative Law Judges issued a Recommended Decision to the PAPUC that the partial settlement be approved without modification. A final ruling from the PAPUC is expected before Dec. 31, 2018, and if approved, the new electric distribution base rates will become effective on Jan. 1, 2019.

• Pepco District of Columbia Electric Distribution Base Rate Case: On Aug. 9, 2018, the District of Columbia Public Service Commission approved a settlement agreement with an effective date of Aug. 13, 2018 that provides for a net decrease to Pepco's annual electric distribution rates of $24 million, which includes annual ongoing TCJA tax savings, and reflects a ROE of 9.525 percent. On Sept. 7, 2018, Pepco submitted an updated filing for a one-time bill credit to customers of

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approximately $20 million, and an increase of $4 million to the customer base rate credit established in connection with the merger between Exelon and PHI for residential customers, representing the TCJA benefits for the period Jan. 1, 2018 through Aug. 12, 2018. Following the expiration of the comment period with no objections filed, Pepco issued the $20 million to customers in Sept. 2018.

• DPL Delaware Electric Distribution Base Rate Case: On Aug. 21, 2018, the Delaware Public Service Commission (DPSC) approved the settlement agreement, which provides for a net decrease to annual electric distribution base rates of $7 million, which includes annual ongoing TCJA tax savings, and reflects a ROE of 9.7 percent. In addition, the settlement agreement separately provides for a one-time bill credit to customers of approximately $3 million representing the TCJA benefits for the period Feb. 1, 2018 through March 17, 2018, when full interim rates were put into effect. DPL expects to issue the $3 million to customers in the fourth quarter of 2018.

• DPL Delaware Gas Distribution Base Rate Case: On Sept. 7, 2018 (as amended and restated on Oct. 2, 2018), DPL entered into a partial settlement agreement with several parties in its pending gas distribution base rate case proceeding that provides for a net decrease to annual gas distribution base rates of $4 million, which includes annual ongoing TCJA tax savings, and reflects a ROE of 9.7 percent. In addition, the settlement agreement separately provides a one-time bill credit to customers of approximately $1 million representing the TCJA tax savings for the period Feb. 1, 2018 through March 17, 2018, when full interim rates were put into effect. DPL expects a decision on the settlement agreement in the fourth quarter of 2018 but cannot predict if the DPSC will approve the settlement agreement as filed.

• ACE New Jersey Electric Distribution Base Rate Case: On Aug. 21, 2018, ACE refiled its application with the New Jersey Board of Public Utilities (NJBPU), requesting an increase to its electric distribution rates of $109 million (before New Jersey sales and use tax), reflecting a requested ROE of 10.1 percent. Included in the $109 million request is $40 million of higher depreciation expense related to ACE's updated depreciation study. ACE currently expects a decision in this matter in the third quarter of 2019 but cannot predict if the NJBPU will approve the application as filed.

• Acquisition of Distrigas Liquefied Natural Gas Terminal: On Oct. 1, 2018, Generation acquired the Distrigas liquefied natural gas import terminal to ensure the continued reliable supply of fuel to Mystic Units 8 and 9 while they remain operating.

• Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station and 100 percent of the CENG units, produced 46,549 gigawatt-hours (GWhs) in the third quarter of 2018, compared with 47,747 GWhs in the third quarter of 2017. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 93.6 percent capacity factor for the third quarter of 2018, compared with 96.1 percent for the third quarter of 2017. The number of planned refueling outage days in the third quarter of 2018 totaled 36, compared with 13 in the third quarter of 2017. There were 12 non-refueling outage days in the third quarter of 2018, compared with 15 in the third quarter of 2017.

• Fossil and Renewables Operations: The Dispatch Match rate for Generation’s gas and hydro fleet was 95.8 percent in the third quarter of 2018, compared with 98.4 percent in the third quarter of 2017. The lower performance was primarily due to outages at combined cycle gas units in Alabama and Texas.

Energy Capture for the wind and solar fleet was 95.7 percent in the third quarter of 2018, compared with 95.9 percent in the third quarter of 2017.

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• Financing Activities:

◦ On Aug. 14, 2018, ComEd issued $550 million aggregate principal amount of its First Mortgage Bonds, 3.70 percent Series 125, due Aug. 15, 2028. ComEd used the proceeds to repay a portion of its outstanding commercial paper obligations and for general corporate purposes.

◦ On Sept. 11, 2018, PECO issued $325 million aggregate principal amount of its First and Refunding Mortgage Bonds, 3.90 percent due March 1, 2048. PECO used the proceeds to satisfy short-term borrowings from the Exelon intercompany money pool and for general corporate purposes.

◦ On Sept. 20, 2018, BGE issued $300 million aggregate principal amount of its 4.25 percent senior notes due Sept. 15, 2048. BGE used the proceeds to repay commercial paper obligations and for general corporate purposes.

◦ On Oct. 16, 2018, ACE issued $350 million aggregate principal amount of its First Mortgage Bonds, 4.00 percent due Oct. 15, 2028. ACE will use the proceeds to refinance its maturing 7.75 percent First Mortgage Bonds, repay outstanding commercial paper and for general corporate purposes.

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GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) Operating Earnings for the third quarter of 2018 do not include the following items (after tax) that were included in reported GAAP Net Income:

(in millions)	Exelon Earnings per Diluted Share			Exelon			ComEd		PECO		BGE		PHI			Generation
2018 GAAP Net Income	$	0.76		$	733		$	193	$	126	$	63	$	187		$	234
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $20 and $22)	(0.06		)	(55		)	—		—		—		—			(65		)
Unrealized Gains Related to Nuclear Decommissioning Trust (NDT) Fund Investments (net of taxes of $4)	(0.06		)	(53		)	—		—		—		—			(53		)
Long-Lived Asset Impairments (net of taxes of $2)	0.01			6			—		—		—		—			6
Plant Retirements and Divestitures (net of taxes of $70 and $68)	0.21			202			—		—		—		—			204
Cost Management Program (net of taxes of $4, $0, $0, $1 and $3, respectively)	0.01			13			—		1		1		1			10
Asset Retirement Obligation (net of taxes of $6)	0.02			16			—		—		—		16			—
Change in Environmental Liabilities (net of taxes of $3)	(0.01		)	(9		)	—		—		—		—			(9		)
Reassessment of Deferred Income Taxes (entire amount represents tax expense)	(0.02		)	(18		)	—		—		—		(9		)	(30		)
Noncontrolling Interests (net of taxes of $4)	0.02			21			—		—		—		—			21
2018 Adjusted (non-GAAP) Operating Earnings	$	0.88		$	856		$	193	$	127	$	64	$	195		$	318

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Adjusted (non-GAAP) Operating Earnings for the third quarter of 2017 do not include the following items (after tax) that were included in reported GAAP Net Income:

(in millions)	Exelon Earnings per Diluted Share			Exelon			ComEd			PECO		BGE		PHI			Generation
2017 GAAP Net Income1	$	0.85		$	823		$	189		$	112	$	62	$	153		$	304
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $29)	(0.05		)	(45		)	—			—		—		—			(46		)
Unrealized Gains Related to NDT Fund Investments (net of taxes of $51)	(0.07		)	(67		)	—			—		—		—			(67		)
Amortization of Commodity Contract Intangibles (net of taxes of $8)	0.01			12			—			—		—		—			12
Merger and Integrations Costs (net of taxes of $1, $6 and $5, respectively)	—			(1		)	—			—		—		(9		)	7
Long-Lived Asset Impairments (net of taxes of $16)	0.03			24			—			—		—		—			25
Plant Retirements and Divestitures (net of taxes of $47 and $46, respectively)	0.08			71			—			—		—		—			72
Cost Management Program (net of taxes of $8, $1, $1 and $6, respectively)	0.01			13			—			2		2		—			10
Bargain Purchase Gain (net of taxes of $0)	(0.01		)	(7		)	—			—		—		—			(7		)
Asset Retirement Obligation (net of taxes of $1)	—			(2		)	—			—		—		—			(2		)
Reassessment of Deferred Income Taxes (entire amount represents tax expense)	(0.02		)	(21		)	(3		)	—		—		2			18
Noncontrolling Interests (net of taxes of $4)	0.02			20			—			—		—		—			20
2017 Adjusted (non-GAAP) Operating Earnings	$	0.85		$	820		$	186		$	114	$	64	$	146		$	346

^{(1) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of Jan. 1, 2018.} 

Note:

Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items except the unrealized gains and losses related to NDT fund investments, the marginal statutory income tax rates for 2018 and 2017 ranged from 26.0 percent to 29.0 percent and 39.0 percent to 41.0 percent, respectively. Under IRS regulations, NDT fund investment returns are taxed at different rates for investments if they are in qualified or non-qualified funds. The effective tax rates for the unrealized gains and losses related to NDT fund investments were 7.7 percent and 43.2 percent for the three months ended Sept. 30, 2018 and 2017, respectively.

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Webcast Information

Exelon will discuss third quarter2018 earnings in a one-hour conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.

About Exelon

Exelon Corporation (NYSE: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2017 revenue of $33.5 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 32,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Follow Exelon on Twitter @Exelon.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure 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. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. The Company has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Nov. 1, 2018.

Cautionary Statements Regarding Forward-Looking Information

This press release 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 the Registrants include those factors discussed herein, as well as the items discussed in (1) the Registrants' 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) the Registrants' Third Quarter 2018 Quarterly Report on Form 10-Q (to be filed on Nov. 1, 2018) 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)

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Part I, Financial Information, ITEM 1. Financial Statements: Note 17, Commitments and Contingencies; and (3) 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 press release.

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Earnings Release Attachments

Table of Contents

Consolidating Statements of Operations - three months ended September 30, 2018 and 2017	1
Consolidating Statements of Operations - nine months ended September 30, 2018 and 2017	2
Business Segment Comparative Statements of Operations - Generation and ComEd - three and nine months ended September 30, 2018 and 2017	3
Business Segment Comparative Statements of Operations - PECO and BGE - three and nine months ended September 30, 2018 and 2017	4
Business Segment Comparative Statements of Operations - PHI and Other - three and nine months ended September 30, 2018 and 2017	5
Consolidated Balance Sheets - September 30, 2018 and December 31, 2017	6
Consolidated Statements of Cash Flows - nine months ended September 30, 2018 and 2017	8
GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments - Exelon - three months ended September 30, 2018 and 2017	9
GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments - Exelon - nine months ended September 30, 2018 and 2017	11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income - three months ended September 30, 2018 and 2017	13
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income - nine months ended September 30, 2018 and 2017	15
GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments - Generation - three and nine months ended September 30, 2018 and 2017	17
GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments - ComEd - three and nine months ended September 30, 2018 and 2017	19
GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments - PECO - three and nine months ended September 30, 2018 and 2017	20
GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments - BGE - three and nine months ended September 30, 2018 and 2017	21
GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments - PHI - three and nine months ended September 30, 2018 and 2017	22
GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments - Other - three and nine months ended September 30, 2018 and 2017	24
Generation Statistics - three months ended September 30, 2018, June 30, 2018, March 31, 2018, December 31, 2017 and September 30, 2017	26
Generation Statistics - nine months ended September 30, 2018 and 2017	27
ComEd Statistics - three and nine months ended September 30, 2018 and 2017	28
PECO Statistics - three and nine months ended September 30, 2018 and 2017	29
BGE Statistics - three and nine months ended September 30, 2018 and 2017	31
Pepco Statistics - three and nine months ended September 30, 2018 and 2017	33
DPL Statistics - three and nine months ended September 30, 2018 and 2017	34
ACE Statistics - three and nine months ended September 30, 2018 and 2017	36

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Three Months Ended September 30, 2018
	Generation			ComEd			PECO			BGE			PHI (a)			Other (b)			Exelon Consolidated
Operating revenues	$	5,278		$	1,598		$	757		$	731		$	1,361		$	(322	)	$	9,403
Operating expenses
Purchased power and fuel	2,980			619			263			272			509			(311		)	4,332
Operating and maintenance	1,370			337			219			182			292			(54		)	2,346
Depreciation and amortization	468			237			75			110			192			23			1,105
Taxes other than income	143			82			46			64			123			11			469
Total operating expenses	4,961			1,275			603			628			1,116			(331		)	8,252
(Loss) gain on sales of assets and businesses	(6		)	—			—			—			—			1			(5		)
Operating income	311			323			154			103			245			10			1,146
Other income and (deductions)
Interest expense, net	(101		)	(85		)	(32		)	(27		)	(65		)	(83		)	(393		)
Other, net	179			7			2			5			11			(10		)	194
Total other income and (deductions)	78			(78		)	(30		)	(22		)	(54		)	(93		)	(199		)
Income (loss) before income taxes	389			245			124			81			191			(83		)	947
Income taxes	78			52			(2		)	18			4			(13		)	137
Equity in (losses) earnings of unconsolidated affiliates	(11		)	—			—			—			—			1			(10		)
Net income (loss)	300			193			126			63			187			(69		)	800
Net income attributable to noncontrolling interests	66			—			—			—			—			1			67
Net income (loss) attributable to common shareholders	$	234		$	193		$	126		$	63		$	187		$	(70	)	$	733
	Three Months Ended September 30, 2017 (c)
	Generation			ComEd			PECO			BGE			PHI (a)			Other (b)			Exelon Consolidated
Operating revenues	$	4,750		$	1,571		$	715		$	738		$	1,310		$	(316	)	$	8,768
Operating expenses
Purchased power and fuel	2,331			529			235			269			473			(295		)	3,542
Operating and maintenance	1,376			346			197			175			251			(70		)	2,275
Depreciation and amortization	410			212			72			109			179			20			1,002
Taxes other than income	141			80			42			61			122			10			456
Total operating expenses	4,258			1,167			546			614			1,025			(335		)	7,275
(Loss) gain on sales of assets and businesses	(2		)	—			—			—			—			1			(1		)
Bargain purchase gain	7			—			—			—			—			—			7
Operating income	497			404			169			124			285			20			1,499
Other income and (deductions)
Interest expense, net	(113		)	(89		)	(31		)	(26		)	(62		)	(65		)	(386		)
Other, net	209			5			2			4			13			(23		)	210
Total other income and (deductions)	96			(84		)	(29		)	(22		)	(49		)	(88		)	(176		)
Income (loss) before income taxes	593			320			140			102			236			(68		)	1,323
Income taxes	239			131			28			40			83			(70		)	451
Equity in (losses) earnings of unconsolidated affiliates	(8		)	—			—			—			—			1			(7		)
Net income	346			189			112			62			153			3			865
Net income attributable to noncontrolling interests	42			—			—			—			—			—			42
Net income attributable to common shareholders	$	304		$	189		$	112		$	62		$	153		$	3		$	823

(a) PHI includes the consolidated results of Pepco, DPL and ACE.

(b) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

(c) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

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EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Nine Months Ended September 30, 2018
	Generation			ComEd			PECO			BGE			PHI (a)			Other (b)			Exelon Consolidated
Operating revenues	$	15,368		$	4,508		$	2,275		$	2,369		$	3,688		$	(1,038	)	$	27,170
Operating expenses
Purchased power and fuel	8,552			1,702			818			881			1,410			(989		)	12,374
Operating and maintenance	4,126			974			686			578			857			(185		)	7,036
Depreciation and amortization	1,383			696			224			358			555			68			3,284
Taxes other than income	414			238			125			188			343			34			1,342
Total operating expenses	14,475			3,610			1,853			2,005			3,165			(1,072		)	24,036
Gain on sales of assets and businesses	48			5			1			1			—			—			55
Operating income	941			903			423			365			523			34			3,189
Other income and (deductions)
Interest expense, net	(305		)	(261		)	(96		)	(78		)	(193		)	(205		)	(1,138		)
Other, net	164			21			4			14			33			(24		)	212
Total other income and (deductions)	(141		)	(240		)	(92		)	(64		)	(160		)	(229		)	(926		)
Income (loss) before income taxes	800			663			331			301			363			(195		)	2,263
Income taxes	110			140			(5		)	59			28			(70		)	262
Equity in (losses) earnings of unconsolidated affiliates	(23		)	—			—			—			1			—			(22		)
Net income (loss)	667			523			336			242			336			(125		)	1,979
Net income attributable to noncontrolling interests	120			—			—			—			—			1			121
Net income (loss) attributable to common shareholders	$	547		$	523		$	336		$	242		$	336		$	(126	)	$	1,858
	Nine Months Ended September 30, 2017 (c)
	Generation			ComEd			PECO			BGE			PHI (a)			Other (b)			Exelon Consolidated
Operating revenues	$	13,843		$	4,227		$	2,141		$	2,363		$	3,557		$	(951	)	$	25,180
Operating expenses
Purchased power and fuel	7,286			1,241			719			853			1,318			(890		)	10,527
Operating and maintenance	4,879			1,096			595			532			774			(218		)	7,658
Depreciation and amortization	1,046			631			213			348			511			65			2,814
Taxes other than income	425			223			116			180			344			25			1,313
Total operating expenses	13,636			3,191			1,643			1,913			2,947			(1,018		)	22,312
Gain on sales of assets and businesses	3			—			—			—			1			—			4
Bargain purchase gain	233			—			—			—			—			—			233
Operating income	443			1,036			498			450			611			67			3,105
Other income and (deductions)
Interest expense, net	(342		)	(275		)	(93		)	(80		)	(183		)	(221		)	(1,194		)
Other, net	648			14			6			12			40			(77		)	643
Total other income and (deductions)	306			(261		)	(87		)	(68		)	(143		)	(298		)	(551		)
Income (loss) before income taxes	749			775			411			382			468			(231		)	2,554
Income taxes	215			328			84			151			109			(286		)	601
Equity in (losses) earnings of unconsolidated affiliates	(26		)	—			—			—			—			1			(25		)
Net income	508			447			327			231			359			56			1,928
Net income attributable to noncontrolling interests	21			—			—			—			—			—			21
Net income attributable to common shareholders	$	487		$	447		$	327		$	231		$	359		$	56		$	1,907

(a) PHI consolidated results includes Pepco, DPL and ACE.

(b) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

(c) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

2

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	Generation
	Three Months Ended September 30,									Nine Months Ended September 30,
	2018			2017 (a)			Variance			2018			2017 (a)			Variance
Operating revenues	$	5,278		$	4,750		$	528		$	15,368		$	13,843		$	1,525
Operating expenses
Purchased power and fuel	2,980			2,331			649			8,552			7,286			1,266
Operating and maintenance	1,370			1,376			(6		)	4,126			4,879			(753		)
Depreciation and amortization	468			410			58			1,383			1,046			337
Taxes other than income	143			141			2			414			425			(11		)
Total operating expenses	4,961			4,258			703			14,475			13,636			839
(Loss) gain on sales of assets and businesses	(6		)	(2		)	(4		)	48			3			45
Bargain purchase gain	—			7			(7		)	—			233			(233		)
Operating income	311			497			(186		)	941			443			498
Other income and (deductions)
Interest expense, net	(101		)	(113		)	12			(305		)	(342		)	37
Other, net	179			209			(30		)	164			648			(484		)
Total other income and (deductions)	78			96			(18		)	(141		)	306			(447		)
Income before income taxes	389			593			(204		)	800			749			51
Income taxes	78			239			(161		)	110			215			(105		)
Equity in losses of unconsolidated affiliates	(11		)	(8		)	(3		)	(23		)	(26		)	3
Net income	300			346			(46		)	667			508			159
Net income attributable to noncontrolling interests	66			42			24			120			21			99
Net income attributable to membership interest	$	234		$	304		$	(70	)	$	547		$	487		$	60
	ComEd
	Three Months Ended September 30,									Nine Months Ended September 30,
	2018			2017 (a)			Variance			2018			2017 (a)			Variance
Operating revenues	$	1,598		$	1,571		$	27		$	4,508		$	4,227		$	281
Operating expenses
Purchased power	619			529			90			1,702			1,241			461
Operating and maintenance	337			346			(9		)	974			1,096			(122		)
Depreciation and amortization	237			212			25			696			631			65
Taxes other than income	82			80			2			238			223			15
Total operating expenses	1,275			1,167			108			3,610			3,191			419
Gain on sales of assets	—			—			—			5			—			5
Operating income	323			404			(81		)	903			1,036			(133		)
Other income and (deductions)
Interest expense, net	(85		)	(89		)	4			(261		)	(275		)	14
Other, net	7			5			2			21			14			7
Total other income and (deductions)	(78		)	(84		)	6			(240		)	(261		)	21
Income before income taxes	245			320			(75		)	663			775			(112		)
Income taxes	52			131			(79		)	140			328			(188		)
Net income	$	193		$	189		$	4		$	523		$	447		$	76

(a) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

3

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	PECO
	Three Months Ended September 30,									Nine Months Ended September 30,
	2018			2017			Variance			2018			2017			Variance
Operating revenues	$	757		$	715		$	42		$	2,275		$	2,141		$	134
Operating expenses
Purchased power and fuel	263			235			28			818			719			99
Operating and maintenance	219			197			22			686			595			91
Depreciation and amortization	75			72			3			224			213			11
Taxes other than income	46			42			4			125			116			9
Total operating expenses	603			546			57			1,853			1,643			210
Gain on sales of assets	—			—			—			1			—			1
Operating income	154			169			(15		)	423			498			(75		)
Other income and (deductions)
Interest expense, net	(32		)	(31		)	(1		)	(96		)	(93		)	(3		)
Other, net	2			2			—			4			6			(2		)
Total other income and (deductions)	(30		)	(29		)	(1		)	(92		)	(87		)	(5		)
Income before income taxes	124			140			(16		)	331			411			(80		)
Income taxes	(2		)	28			(30		)	(5		)	84			(89		)
Net income	$	126		$	112		$	14		$	336		$	327		$	9
	BGE
	Three Months Ended September 30,									Nine Months Ended September 30,
	2018			2017 (a)			Variance			2018			2017 (a)			Variance
Operating revenues	$	731		$	738		$	(7	)	$	2,369		$	2,363		$	6
Operating expenses
Purchased power and fuel	272			269			3			881			853			28
Operating and maintenance	182			175			7			578			532			46
Depreciation and amortization	110			109			1			358			348			10
Taxes other than income	64			61			3			188			180			8
Total operating expenses	628			614			14			2,005			1,913			92
Gain on sales of assets	—			—			—			1			—			1
Operating income	103			124			(21		)	365			450			(85		)
Other income and (deductions)
Interest expense, net	(27		)	(26		)	(1		)	(78		)	(80		)	2
Other, net	5			4			1			14			12			2
Total other income and (deductions)	(22		)	(22		)	—			(64		)	(68		)	4
Income before income taxes	81			102			(21		)	301			382			(81		)
Income taxes	18			40			(22		)	59			151			(92		)
Net income	63			62			1			$	242		$	231		$	11

(a) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

4

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	PHI (b)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2018			2017 (a)			Variance			2018			2017 (a)			Variance
Operating revenues	$	1,361		$	1,310		$	51		$	3,688		$	3,557		$	131
Operating expenses
Purchased power and fuel	509			473			36			1,410			1,318			92
Operating and maintenance	292			251			41			857			774			83
Depreciation and amortization	192			179			13			555			511			44
Taxes other than income	123			122			1			343			344			(1		)
Total operating expenses	1,116			1,025			91			3,165			2,947			218
Gain on sales of assets	—			—			—			—			1			(1		)
Operating income	245			285			(40		)	523			611			(88		)
Other income and (deductions)
Interest expense, net	(65		)	(62		)	(3		)	(193		)	(183		)	(10		)
Other, net	11			13			(2		)	33			40			(7		)
Total other income and (deductions)	(54		)	(49		)	(5		)	(160		)	(143		)	(17		)
Income before income taxes	191			236			(45		)	363			468			(105		)
Income taxes	4			83			(79		)	28			109			(81		)
Equity in earnings of unconsolidated affiliates	—			—			—			1			—			1
Net income	$	187		$	153		$	34		$	336		$	359		$	(23	)
	Other (c)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2018			2017 (a)			Variance			2018			2017 (a)			Variance
Operating revenues	$	(322	)	$	(316	)	$	(6	)	$	(1,038	)	$	(951	)	$	(87	)
Operating expenses
Purchased power and fuel	(311		)	(295		)	(16		)	(989		)	(890		)	(99		)
Operating and maintenance	(54		)	(70		)	16			(185		)	(218		)	33
Depreciation and amortization	23			20			3			68			65			3
Taxes other than income	11			10			1			34			25			9
Total operating expenses	(331		)	(335		)	4			(1,072		)	(1,018		)	(54		)
Gain on sales of assets	1			1			—			—			—			—
Operating income	10			20			(10		)	34			67			(33		)
Other income and (deductions)
Interest expense, net	(83		)	(65		)	(18		)	(205		)	(221		)	16
Other, net	(10		)	(23		)	13			(24		)	(77		)	53
Total other income and (deductions)	(93		)	(88		)	(5		)	(229		)	(298		)	69
Loss before income taxes	(83		)	(68		)	(15		)	(195		)	(231		)	36
Income taxes	(13		)	(70		)	57			(70		)	(286		)	216
Equity in earnings of unconsolidated affiliates	1			1			—			—			1			(1		)
Net (loss) income	$	(69	)	$	3		$	(72	)	$	(125	)	$	56		$	(181	)
Net income attributable to noncontrolling interests	1			—			1			1			—			1
Net (loss) income attributable to common shareholders	$	(70	)	$	3		$	(73	)	$	(126	)	$	56		$	(182	)

(a) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(b) PHI consolidated results includes Pepco, DPL and ACE.

(c) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

5

EXELON CORPORATION

Consolidated Balance Sheets

(unaudited) (in millions)

	September 30, 2018		December 31, 2017 (a)
Assets
Current assets
Cash and cash equivalents	$	1,918	$	898
Restricted cash and cash equivalents	240		207
Accounts receivable, net
Customer	4,239		4,445
Other	1,246		1,132
Mark-to-market derivative assets	696		976
Unamortized energy contract assets	42		60
Inventories, net
Fossil fuel and emission allowances	349		340
Materials and supplies	1,316		1,311
Regulatory assets	1,340		1,267
Assets held for sale	910		—
Other	1,177		1,260
Total current assets	13,473		11,896
Property, plant and equipment, net	75,840		74,202
Deferred debits and other assets
Regulatory assets	8,002		8,021
Nuclear decommissioning trust funds	12,464		13,272
Investments	649		640
Goodwill	6,677		6,677
Mark-to-market derivative assets	449		337
Unamortized energy contract assets	371		395
Other	1,560		1,330
Total deferred debits and other assets	30,172		30,672
Total assets	$	119,485	$	116,770

6

	September 30, 2018			December 31, 2017 (a)
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	834		$	929
Long-term debt due within one year	771			2,088
Accounts payable	3,348			3,532
Accrued expenses	1,964			1,837
Payables to affiliates	5			5
Regulatory liabilities	689			523
Mark-to-market derivative liabilities	329			232
Unamortized energy contract liabilities	158			231
Renewable energy credit obligation	256			352
PHI merger related obligation	63			87
Liabilities held for sale	788			—
Other	935			982
Total current liabilities	10,140			10,798
Long-term debt	34,519			32,176
Long-term debt to financing trusts	390			389
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	11,702			11,235
Asset retirement obligations	9,747			10,029
Pension obligations	3,385			3,736
Non-pension postretirement benefit obligations	2,155			2,093
Spent nuclear fuel obligation	1,164			1,147
Regulatory liabilities	9,756			9,865
Mark-to-market derivative liabilities	482			409
Unamortized energy contract liabilities	497			609
Other	2,160			2,097
Total deferred credits and other liabilities	41,048			41,220
Total liabilities	86,097			84,583
Commitments and contingencies
Shareholders’ equity
Common stock	19,063			18,964
Treasury stock, at cost	(123		)	(123		)
Retained earnings	14,949			14,081
Accumulated other comprehensive loss, net	(2,869		)	(3,026		)
Total shareholders’ equity	31,020			29,896
Noncontrolling interests	2,368			2,291
Total equity	33,388			32,187
Total liabilities and shareholders’ equity	$	119,485		$	116,770

(a) Certain immaterial prior year amounts in the Registrants' Consolidated Balance Sheets have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

7

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

	Nine Months Ended September 30,
	2018			2017 (a)
Cash flows from operating activities
Net income	$	1,979		$	1,928
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization	4,511			3,999
Impairment of long-lived assets and losses on regulatory assets	49			488
Gain on sales of assets and businesses	(55		)	(5		)
Bargain purchase gain	—			(233		)
Deferred income taxes and amortization of investment tax credits	97			444
Net fair value changes related to derivatives	67			149
Net realized and unrealized gains on nuclear decommissioning trust fund investments	(21		)	(429		)
Other non-cash operating activities	804			603
Changes in assets and liabilities:
Accounts receivable	(167		)	184
Inventories	(24		)	(87		)
Accounts payable and accrued expenses	84			(591		)
Option premiums (paid) received, net	(36		)	35
Collateral received (posted), net	222			(100		)
Income taxes	166			167
Pension and non-pension postretirement benefit contributions	(362		)	(344		)
Other assets and liabilities	(639		)	(535		)
Net cash flows provided by operating activities	6,675			5,673
Cash flows from investing activities
Capital expenditures	(5,497		)	(5,556		)
Proceeds from nuclear decommissioning trust fund sales	6,379			6,848
Investment in nuclear decommissioning trust funds	(6,553		)	(7,044		)
Acquisition of assets and businesses, net	(57		)	(208		)
Proceeds from sales of assets and businesses	90			219
Other investing activities	29			(2		)
Net cash flows used in investing activities	(5,609		)	(5,743		)
Cash flows from financing activities
Changes in short-term borrowings	(218		)	(570		)
Proceeds from short-term borrowings with maturities greater than 90 days	126			621
Repayments on short-term borrowings with maturities greater than 90 days	(1		)	(610		)
Issuance of long-term debt	2,664			2,616
Retirement of long-term debt	(1,480		)	(1,728		)
Retirement of long-term debt to financing trust	—			(250		)
Sale of noncontrolling interest	—			396
Dividends paid on common stock	(999		)	(921		)
Common stock issued from treasury stock	—			1,150
Proceeds from employee stock plans	67			61
Other financing activities	(94		)	(64		)
Net cash flows provided by financing activities	65			701
Increase in cash, cash equivalents and restricted cash	1,131			631
Cash, cash equivalents and restricted cash at beginning of period	1,190			914
Cash, cash equivalents and restricted cash at end of period	$	2,321		$	1,545

(a) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Cash Flows have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

8

EXELON CORPORATION

GAAP Consolidated Statements of Operations and

Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments

(unaudited)

(in millions, except per share data)

	Three Months Ended September 30, 2018							Three Months Ended September 30, 2017 (a)
	GAAP (b)			Non-GAAP Adjustments				GAAP (b)			Non-GAAP Adjustments
Operating revenues	$	9,403		$	(6	)	(c)	$	8,768		$	(39	)	(c),(e)
Operating expenses
Purchased power and fuel	4,332			46			(c),(h)	3,542			9			(c),(e),(h)
Operating and maintenance	2,346			(130		)	(g),(h),(i),(k)	2,275			(60		)	(f),(g),(h),(i),(k)
Depreciation and amortization	1,105			(152		)	(h)	1,002			(106		)	(h)
Taxes other than income	469			—				456			—
Total operating expenses	8,252							7,275
Loss on sales of assets and businesses	(5		)	6			(h)	(1		)	2			(h)
Bargain purchase gain	—			—				7			(7		)	(j)
Operating income	1,146							1,499
Other income and (deductions)
Interest expense, net	(393		)	8			(c)	(386		)	—
Other, net	194			(69		)	(c), (d)	210			(118		)	(d)
Total other income and (deductions)	(199		)					(176		)
Income before income taxes	947							1,323
Income taxes	137			73			(c),(d),(g),(h),(i),(k),(l)	451			18			(c),(d),(e),(f),(g),(h),(i),(k),(l)
Equity in losses of unconsolidated affiliates	(10		)	—				(7		)	—
Net income	800							865
Net income attributable to noncontrolling interests	67			(21		)	(m)	42			(20		)	(m)
Net income attributable to common shareholders	$	733						$	823
Effective tax rate(n)	14.5		%					34.1		%
Earnings per average common share
Basic	$	0.76						$	0.86
Diluted	$	0.76						$	0.85
Average common shares outstanding
Basic	968							962
Diluted	970							965
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Mark-to-market impact of economic hedging activities (c)				$	(0.06	)					$	(0.05	)
Unrealized gains (losses) related to NDT fund investments (d)				(0.06		)					(0.07		)
Amortization of commodity contract intangibles (e)				—							0.01
Merger and integration costs (f)				—							—
Long-lived asset impairments (g)				0.01							0.03
Plant retirements and divestitures (h)				0.21							0.08
Cost management program (i)				0.01							0.01
Bargain purchase gain (j)				—							(0.01		)
Asset retirement obligation (k)				0.02							—
Change in environmental liabilities				(0.01		)					—
Reassessment of deferred income taxes (l)				(0.02		)					(0.02		)
Noncontrolling interests (m)				0.02							0.02
Total adjustments				$	0.12						$	—

(a) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(b) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(c) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.

9

(d) Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.

(e) Adjustment to exclude the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the ConEdison Solutions and FitzPatrick acquisitions.

(f) Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. Reflects costs related to the PHI and FitzPatrick acquisitions, offset at PHI by the anticipated recovery of previously incurred PHI acquisition costs.

(g) Adjustment to exclude charges to earnings related to the impairment of EGTP assets held for sale in 2017.

(h) Adjustment to exclude in 2017, primarily accelerated depreciation and amortization expenses associated with Generation's decision to early retire the Three Mile Island nuclear facility. In 2018, primarily accelerated depreciation and amortization expense associated with Generation's decision to early retire the Oyster Creek and Three Mile Island nuclear facilities and a charge associated with a remeasurement of the Oyster Creek Asset Retirement Obligation (ARO).

(i) Adjustment to exclude primarily severance and reorganization costs related to a cost management program.

(j) Adjustment to exclude the excess of the fair value of assets and liabilities acquired over the purchase price for the FitzPatrick acquisition.

(k) Adjustment to exclude in 2017, a non-cash benefit pursuant to the annual update of the Generation nuclear decommissioning obligation related to the non-regulatory units. In 2018, an increase at Pepco related primarily to asbestos identified at its Buzzard Point property.

(l) Adjustment to exclude in 2017, the change in the Illinois statutory tax rate and changes in forecasted apportionment. In 2018, reflects an adjustment to the remeasurement of deferred income taxes as a result of TCJA and changes in forecasted apportionment.

(m) Adjustment to exclude elimination from Generation’s results of the noncontrolling interest related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.

(n) The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is 18.7% and 35.6% for the three months ended September 30, 2018 and September 30, 2017, respectively.

10

EXELON CORPORATION

GAAP Consolidated Statements of Operations and

Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments

(unaudited)

(in millions, except per share data)

	Nine Months Ended September 30, 2018							Nine Months Ended September 30, 2017 (a)
	GAAP (b)			Non-GAAP Adjustments				GAAP (b)			Non-GAAP Adjustments
Operating revenues	$	27,170		$	96		(c)	$	25,180		$	77		(c),(e)
Operating expenses
Purchased power and fuel	12,374			(61		)	(c), (i)	10,527			(133		)	(c),(e),(i)
Operating and maintenance	7,036			(234		)	(f),(h),(i),(j),(l)	7,658			(633		)	(f),(h),(i),(j),(l)
Depreciation and amortization	3,284			(441		)	(i)	2,814			(143		)	(e),(i)
Taxes other than income	1,342			—				1,313			—
Total operating expenses	24,036							22,312
Gain on sales of assets and businesses	55			(48		)	(i)	4			1			(i)
Bargain purchase gain	—			—				233			(233		)	(k)
Operating income	3,189							3,105
Other income and (deductions)
Interest expense, net	(1,138		)	8			(c)	(1,194		)	59			(h),(m),(o)
Other, net	212			200			(c),(d)	643			(393		)	(d),(m)
Total other income and (deductions)	(926		)					(551		)
Income before income taxes	2,263							2,554
Income taxes	262			348			(c),(d),(f),(h),(i),(j),(l),(n)	601			459			(c),(d),(e),(f),(g),(h),(i),(j),(l),(m),(n),(o)
Equity in losses of unconsolidated affiliates	(22		)	—				(25		)	—
Net income	1,979							1,928
Net income attributable to noncontrolling interests	121			35			(p)	21			(75		)	(p)
Net income attributable to common shareholders	$	1,858						$	1,907
Effective tax rate(q)	11.6		%					23.5		%
Earnings per average common share
Basic	$	1.92						$	2.03
Diluted	$	1.92						$	2.02
Average common shares outstanding
Basic	967							941
Diluted	969							943
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Mark-to-market impact of economic hedging activities (c)				$	0.08						$	0.10
Unrealized gains (losses) related to NDT fund investments (d)				0.10							(0.22		)
Amortization of commodity contract intangibles (e)				—							0.03
Merger and integration costs (f)				—							0.04
Merger commitments (g)				—							(0.15		)
Long-lived asset impairments (h)				0.04							0.31
Plant retirements and divestitures (i)				0.43							0.15
Cost management program (j)				0.03							0.03
Bargain purchase gain (k)				—							(0.25		)
Asset retirement obligation (l)				0.02							—
Change in environmental liabilities				—							—
Like-kind exchange tax position (m)				—							(0.03		)
Reassessment of deferred income taxes (n)				(0.03		)					(0.04		)
Tax settlements (o)				—							(0.01		)
Noncontrolling interests (p)				(0.04		)					0.08
Total adjustments				$	0.63						$	0.04

11

(a) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(b) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(c) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.

(d) Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.

(e) Adjustment to exclude the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the ConEdison Solutions and FitzPatrick acquisitions.

(f) Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. In 2017, reflects costs related to the PHI and FitzPatrick acquisitions, offset at PHI by the anticipated recovery of previously incurred PHI acquisition costs, and in 2018, reflects costs related to the PHI acquisition.

(g) Adjustment to exclude a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2012 CEG and 2016 PHI acquisitions.

(h) Adjustment to exclude in 2017, primarily charges to earnings related to the impairment of EGTP assets held for sale. In 2018, primarily the impairment of certain wind projects at Generation.

(i) Adjustment to exclude in 2017, primarily accelerated depreciation and amortization expenses and one-time charges associated with Generation's previous decision to early retire the Three Mile Island nuclear facility. In 2018, primarily accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Oyster Creek nuclear facility, a charge associated with a remeasurement of the Oyster Creek Asset Retirement Obligation (ARO) and accelerated depreciation and amortization expenses associated with the 2017 decision to early retire the Three Mile Island nuclear facility, partially offset by a gain associated with Generation's sale of its electrical contracting business.

(j) Adjustment to exclude primarily severance and reorganization costs related to a cost management program.

(k) Adjustment to exclude the excess of the fair value of assets and liabilities acquired over the purchase price for the FitzPatrick acquisition.

(l) Adjustment to exclude in 2017, a non-cash benefit pursuant to the annual update of the Generation nuclear decommissioning obligation related to the non-regulatory units. In 2018, an increase at Pepco related primarily to asbestos identified at its Buzzard Point property.

(m) Adjustment to exclude adjustments to income tax, penalties and interest expenses in the second quarter of 2017 as a result of the finalization of the IRS tax computation related to Exelon’s like-kind exchange tax position.

(n) Adjustment to exclude in 2017, the changes in the Illinois and District of Columbia statutory tax rate and changes in forecasted apportionment. In 2018, an adjustment to the remeasurement of deferred income taxes as a result of TCJA and changes in forecasted apportionment.

(o) Adjustment to exclude benefits related to the favorable settlement in 2017 of certain income tax positions related to PHI's unregulated business interests.

(p) Adjustment to exclude elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.

(q) The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is 18.7% and 35.6% for the nine months ended September 30, 2018 and September 30, 2017, respectively.

12

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Net Income (in millions)

Three Months Ended September 30, 2018 and 2017

(unaudited)

	Exelon Earnings per Diluted Share			Generation			ComEd				PECO				BGE				PHI (a)				Other (b)			Exelon
2017 GAAP Net Income (c)	$	0.85		$	304		$	189			$	112			$	62			$	153			$	3		$	823
2017 Adjusted (non-GAAP) Operating (Earnings) Loss Adjustments:
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $29)	(0.05		)	(46		)	—				—				—				—				1			(45		)
Unrealized Gains Related to NDT Fund Investments (net of taxes of $51) (1)	(0.07		)	(67		)	—				—				—				—				—			(67		)
Amortization of Commodity Contract Intangibles (net of taxes of $8) (2)	0.01			12			—				—				—				—				—			12
Merger and Integration Costs (net of taxes of $5, $6, $0 and $1, respectively) (3)	—			7			—				—				—				(9		)		1			(1		)
Long-Lived Asset Impairments (net of taxes of $16, $0 and $16) (4)	0.03			25			—				—				—				—				(1		)	24
Plant Retirements and Divestitures (net of taxes of $46, $1 and $47, respectively) (5)	0.08			72			—				—				—				—				(1		)	71
Cost Management Program (net of taxes of $6, $1, $1, $0 and $8, respectively) (6)	0.01			10			—				2				2				—				(1		)	13
Bargain Purchase Gain (net of taxes of $0) (7)	(0.01		)	(7		)	—				—				—				—				—			(7		)
Asset Retirement Obligation (net of taxes of $1) (8)	—			(2		)	—				—				—				—				—			(2		)
Reassessment of Deferred Income Taxes (entire amount represents tax expense) (9)	(0.02		)	18			(3		)		—				—				2				(38		)	(21		)
Noncontrolling Interests (net of taxes of $4) (10)	0.02			20			—				—				—				—				—			20
2017 Adjusted (non-GAAP) Operating Earnings (Loss)	0.85			346			186				114				64				146				(36		)	820
Year Over Year Effects on Earnings:
ComEd, PECO, BGE and PHI Margins:
Weather	0.02			—			—			(d)	15				—			(d)	9			(d)	—			24
Load	0.02			—			—			(d)	11				—			(d)	9			(d)	—			20
Other Energy Delivery (11)	(0.08		)	—			(45		)	(e)	(16		)	(e)	(7		)	(e)	(6		)	(e)	—			(74		)
Generation Energy Margins, Excluding Mark-to-Market:
Nuclear Volume (12)	(0.02		)	(23		)	—				—				—				—				—			(23		)
Nuclear Fuel Cost (13)	0.01			12			—				—				—				—				—			12
Capacity Pricing (14)	0.04			37			—				—				—				—				—			37
Zero Emission Credit Revenue (15)	0.04			40			—				—				—				—				—			40
Market and Portfolio Conditions (16)	(0.16		)	(160		)	—				—				—				—				—			(160		)
Operating and Maintenance Expense:
Labor, Contracting and Materials (17)	0.03			37			1				1				(1		)		(8		)		—			30
Planned Nuclear Refueling Outages (18)	(0.03		)	(28		)	—				—				—				—				—			(28		)
Pension and Non-Pension Postretirement Benefits	0.01			5			1				1				—				3				(1		)	9
Other Operating and Maintenance (19)	0.01			16			5				(19		)		(6		)		4				8			8
Depreciation and Amortization Expense (20)	(0.04		)	(9		)	(18		)		(2		)		(1		)		(9		)		(1		)	(40		)
Interest Expense, Net	—			10			3				(1		)		—				(2		)		(7		)	3
Tax Cuts and Jobs Act Tax Savings (21)	0.23			82			61				17				19				56				(10		)	225
Income Taxes (22)	(0.03		)	(36		)	(1		)		8				(2		)		(5		)		8			(28		)
Equity in Losses of Unconsolidated Affiliates	—			(2		)	—				—				—				—				—			(2		)
Noncontrolling Interests (23)	(0.01		)	(10		)	—				—				—				—				—			(10		)
Other	(0.01		)	1			—				(2		)		(2		)		(2		)		(2		)	(7		)
2018 Adjusted (non-GAAP) Operating Earnings (Loss)	0.88			318			193				127				64				195				(41		)	856
2018 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $22, $2 and $20, respectively)	0.06			65			—				—				—				—				(10		)	55
Unrealized Gains Related to NDT Fund Investments (net of taxes of $4) (1)	0.06			53			—				—				—				—				—			53
Long-Lived Asset Impairments (net of taxes of $2)	(0.01		)	(6		)	—				—				—				—				—			(6		)
Plant Retirements and Divestitures (net of taxes of $68, $2 and $70, respectively) (5)	(0.21		)	(204		)	—				—				—				—				2			(202		)
Cost Management Program (net of taxes of $3, $0, $0, $1 and $4, respectively) (6)	(0.01		)	(10		)	—				(1		)		(1		)		(1		)		—			(13		)
Asset Retirement Obligation (net of taxes of $6) (8)	(0.02		)	—			—				—				—				(16		)		—			(16		)
Change in Environmental Liabilities (net of taxes of $3)	0.01			9			—				—				—				—				—			9
Reassessment of Deferred Income Taxes (entire amount represents tax expense) (9)	0.02			30			—				—				—				9				(21		)	18
Noncontrolling Interests (net of taxes of $4) (10)	(0.02		)	(21		)	—				—				—				—				—			(21		)
2018 GAAP Net Income (Loss)	$	0.76		$	234		$	193			$	126			$	63			$	187			$	(70	)	$	733

13

Note:

Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items except the unrealized gains and losses related to NDT fund investments, the marginal statutory income tax rates for 2018 and 2017 ranged from 26.0 percent to 29.0 percent and 39.0 percent to 41.0 percent, respectively. Under IRS regulations, NDT fund investment returns are taxed at different rates for investments if they are in qualified or non-qualified funds. The effective tax rates for the unrealized gains and losses related to NDT fund investments were 7.7 percent and 43.2 percent for the three months ended September 30, 2018 and 2017, respectively.

(a) PHI consolidated results includes Pepco, DPL and ACE.

(b) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

(c) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(d) For ComEd, BGE, Pepco and DPL Maryland, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.

(e) For regulatory recovery mechanisms, including ComEd’s distribution formula rate, ComEd, PECO, BGE and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).

(1) Reflects the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact. 

(2) Represents the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the ConEdison Solutions and FitzPatrick acquisitions.

(3) Reflects certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. Reflects costs related to the PHI and FitzPatrick acquisitions, offset at PHI by the anticipated recovery of previously incurred PHI acquisition costs.

(4) Primarily reflects charges to earnings related to the impairment of the ExGen Texas Power, LLC (EGTP) assets held for sale in 2017.

(5) In 2017, primarily reflects accelerated depreciation and amortization expenses associated with Generation's decision to early retire the Three Mile Island nuclear facility. In 2018, primarily reflects accelerated depreciation and amortization expense associated with Generation's decision to early retire the Oyster Creek and Three Mile Island nuclear facilities and a charge associated with a remeasurement of the Oyster Creek Asset Retirement Obligation (ARO).

(6) Primarily represents severance and reorganization costs related to a cost management program.

(7) Represents the excess of the fair value of assets and liabilities acquired over the purchase price for the FitzPatrick acquisition.

(8) In 2017, reflects a non-cash benefit pursuant to the annual update of the Generation nuclear decommissioning obligation related to the non-regulatory units. In 2018, reflects an increase at Pepco related primarily to asbestos identified at its Buzzard Point property.

(9) In 2017, reflects the change in the Illinois statutory tax rate and changes in forecasted apportionment. In 2018, reflects an adjustment to the remeasurement of deferred income taxes as a result of the Tax Cuts and Jobs Act (TCJA) and changes in forecasted apportionment.

(10) Represents elimination from Generation’s results of the noncontrolling interest related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.

(11) For all utilities, primarily reflects lower revenues resulting from the anticipated pass back of TCJA tax savings through customer rates. Additionally, for ComEd, increased electric distributionand energy efficiencyrevenues due to higher rate base. For BGE and PHI, reflects increased revenue as a result of rate increases.

(12) Primarily reflects an increase in nuclear outage days.

(13) Primarily reflects decreased fuel prices and decreased nuclear output.

(14) Primarily reflects increased capacity prices in the Mid-Atlantic and Midwest regions, partially offset by a decrease in capacity prices in New England.

(15) Reflects the impact of the Illinois Zero Emission Standard.

(16) Primarily reflects the absence of EGTP revenues net of purchased power and fuel expense resulting from its deconsolidation in the fourth quarter of 2017, lower realized energy prices, lower energy efficiency revenues and decreased revenues related to the sale of Generation's electrical contracting business.

(17) For Generation, primarily reflects decreased spending related to energy efficiency projects and decreased costs related to the sale of Generation's electrical contracting business.

(18) Primarily reflects an increase in the number of nuclear outage days in 2018, excluding Salem.

(19) For PECO, primarily reflects an increase in uncollectible accounts expense.

(20) Reflects ongoing capital expenditures across all operating companies. In addition, for ComEd, reflects higher amortization of deferred energy efficiency costs pursuant to the Illinois Future Energy Jobs Act (FEJA). For BGE, reflects certain regulatory assets that became fully amortized as of December 31, 2017. For PHI, reflects increased amortization of Pepco's DC PLUG regulatory asset, which is offset in Other Energy and Delivery.

(21) Reflects the benefit of lower federal income tax rates and the settlement of a portion of the deferred income tax regulatory liabilities established upon enactment of TCJA, which is predominantly offset at the utilities in Other Energy Delivery as these tax benefits are anticipated to be passed back through customer rates.

(22) For Generation, primarily reflects one-time tax adjustments and a reduction in renewable tax credits.

(23) Reflects elimination from Generation’s results of activity attributable to noncontrolling interests, primarily for CENG and the Renewables Joint Venture.

14

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Net Income (in millions)

Nine Months Ended September 30, 2018 and 2017

(unaudited)

	Exelon Earnings per Diluted  Share			Generation			ComEd				PECO				BGE				PHI (a)				Other  (b)			Exelon
2017 GAAP Net Income (c)	$	2.02		$	487		$	447			$	327			$	231			$	359			$	56		$	1,907
2017 Adjusted (non-GAAP) Operating (Earnings) Loss Adjustments:
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $62)	0.10			98			—				—				—				—				(1		)	97
Unrealized Gains Related to NDT Fund Investments (net of taxes of $181) (1)	(0.22		)	(211		)	—				—				—				—				—			(211		)
Amortization of Commodity Contract Intangibles (net of taxes of $17) (2)	0.03			27			—				—				—				—				—			27
Merger and Integration Costs (net of taxes of $28, $0, $1, $1, $7, $1 and $24, respectively) (3)	0.04			44			1				2				2				(11		)		1			39
Merger Commitments (net of taxes of $18, $52, $67 and $137, respectively) (4)	(0.15		)	(18		)	—				—				—				(59		)		(60		)	(137		)
Long-Lived Asset Impairments (net of taxes of $187, $1 and $188, respectively) (5)	0.31			294			—				—				—				—				(1		)	293
Plant Retirements and Divestitures (net of taxes of $88, $1 and $89, respectively) (6)	0.15			138			—				—				—				—				(1		)	137
Cost Management Program (net of taxes of $11, $2, $2, $0 and $15, respectively) (7)	0.03			17			—				3				3				—				1			24
Bargain Purchase Gain (net of taxes of $0) (8)	(0.25		)	(233		)	—				—				—				—				—			(233		)
Asset Retirement Obligation (net of taxes of $1) (9)	—			(2		)	—				—				—				—				—			(2		)
Like-Kind Exchange Tax Position (net of taxes of $9, $75 and $66, respectively) (10)	(0.03		)	—			23				—				—				—				(49		)	(26		)
Reassessment of Deferred Income Taxes (entire amount represents tax expense) (11)	(0.04		)	18			(3		)		—				—				1				(58		)	(42		)
Tax Settlements (net of taxes of $1) (12)	(0.01		)	(5		)	—				—				—				—				—			(5		)
Noncontrolling Interests (net of taxes of $16) (13)	0.08			75			—				—				—				—				—			75
2017 Adjusted (non-GAAP) Operating Earnings (Loss)	2.06			729			468				332				236				290				(112		)	1,943
Year Over Year Effects on Earnings:
ComEd, PECO, BGE and PHI Margins:
Weather	0.06			—			—			(d)	41				—			(d)	19			(d)	—			60
Load	0.04			—			—			(d)	19				—			(d)	21			(d)	—			40
Other Energy Delivery (14)	(0.20		)	—			(129		)	(e)	(36		)	(e)	(15		)	(e)	(12		)	(e)	—			(192		)
Generation Energy Margins, Excluding Mark-to-Market:
Nuclear Volume (15)	0.08			75			—				—				—				—				—			75
Nuclear Fuel Cost (16)	0.01			7			—				—				—				—				—			7
Capacity Pricing (17)	0.15			148			—				—				—				—				—			148
Zero Emission Credit Revenue (18)	0.32			306			—				—				—				—				—			306
Market and Portfolio Conditions (19)	(0.39		)	(381		)	—				—				—				—				—			(381		)
Operating and Maintenance Expense:
Labor, Contracting and Materials (20)	0.10			122			2				(7		)		(1		)		(14		)		—			102
Planned Nuclear Refueling Outages (21)	0.03			26			—				—				—				—				—			26
Pension and Non-Pension Postretirement Benefits	0.02			13			1				4				1				6				—			25
Other Operating and Maintenance (22)	0.06			80			85				(65		)		(38		)		(16		)		14			60
Depreciation and Amortization Expense (23)	(0.13		)	(29		)	(46		)		(8		)		(7		)		(32		)		(3		)	(125		)
Interest Expense, Net	0.02			22			1				(1		)		1				(8		)		1			16
Tax Cuts and Jobs Act Tax Savings (24)	0.50			146			151				49				72				100				(32		)	486
Income Taxes (25)	0.02			(15		)	(6		)		17				—				(3		)		28			21
Equity in Losses of Unconsolidated Affiliates	—			2			—				—				—				—				—			2
Noncontrolling Interests (26)	(0.20		)	(197		)	—				—				—				—				—			(197		)
Other (27)	0.05			69			(4		)		(7		)		(4		)		(4		)		(5		)	45
Share Differential (28)	(0.05		)	—			—				—				—				—				—			—
2018 Adjusted (non-GAAP) Operating Earnings (Loss)	2.55			1,123			523				338				245				347				(109		)	2,467
2018 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $23, $3 and $26, respectively)	(0.08		)	(65		)	—				—				—				—				(9		)	(74		)
Unrealized Losses Related to NDT Fund Investments (net of taxes of $118) (1)	(0.10		)	(94		)	—				—				—				—				—			(94		)
Merger and Integration Costs (net of taxes of $1, $0 and $1, respectively) (3)	—			(4		)	—				—				(1		)		—				—			(5		)
Long-Lived Asset Impairments (net of taxes of $13) (5)	(0.04		)	(36		)	—				—				—				—				—			(36		)
Plant Retirements and Divestitures (net of taxes of $147, $1 and $148, respectively) (6)	(0.43		)	(424		)	—				—				—				—				2			(422		)
Cost Management Program (net of taxes of $7, $1, $1, $1 and $10, respectively) (7)	(0.03		)	(22		)	—				(2		)		(2		)		(3		)		—			(29		)
Asset Retirement Obligation (net of taxes of $6) (9)	(0.02		)	—			—				—				—				(16		)		—			(16		)
Change in Environmental Liabilities (net of taxes of $1)	—			4			—				—				—				—				—			4
Reassessment of Deferred Income Taxes (entire amount represents tax expense) (11)	0.03			29			—				—				—				8				(10		)	27
Noncontrolling Interests (net of taxes of $9) (13)	0.04			36			—				—				—				—				—			36
2018 GAAP Net Income (Loss)	$	1.92		$	547		$	523			$	336			$	242			$	336			$	(126	)	$	1,858

15

Note:

Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items except the unrealized gains and losses related to NDT fund investments, the marginal statutory income tax rates for 2018 and 2017 ranged from 26.0 percent to 29.0 percent and 39.0 percent to 41.0 percent, respectively. Under IRS regulations, NDT fund investment returns are taxed at different rates for investments if they are in qualified or non-qualified funds. The effective tax rates for the unrealized gains and losses related to NDT fund investments were 55.5 percent and 46.2 percent for the nine months ended September 30, 2018 and 2017, respectively.

(a) PHI consolidated results includes Pepco, DPL and ACE.

(b) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

(c) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(d) For ComEd, BGE, Pepco and DPL Maryland, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.

(e) For regulatory recovery mechanisms, including ComEd’s distribution formula rate, ComEd, PECO, BGE and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).

(1) Reflects the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.

(2) Represents the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the ConEdison Solutions and FitzPatrick acquisitions.

(3) Reflects certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. In 2017, reflects costs related to the PHI and FitzPatrick acquisitions, offset at PHI by the anticipated recovery of previously incurred PHI acquisition costs. In 2018, reflects costs related to the PHI acquisition.

(4) Primarily reflects a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2012 CEG and 2016 PHI acquisitions.

(5) In 2017, primarily reflects charges to earnings related to the impairment of the ExGen Texas Power, LLC (EGTP) assets held for sale. In 2018, primarily reflects the impairment of certain wind projects at Generation.

(6) In 2017, primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's previous decision to early retire the Three Mile Island nuclear facility. In 2018, primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Oyster Creek nuclear facility, a charge associated with a remeasurement of the Oyster Creek Asset Retirement Obligation (ARO) and accelerated depreciation and amortization expenses associated with the 2017 decision to early retire the Three Mile Island nuclear facility, partially offset by a gain associated with Generation's sale of its electrical contracting business.

(7) Primarily represents severance and reorganization costs related to a cost management program.

(8) Represents the excess of the fair value of assets and liabilities acquired over the purchase price for the FitzPatrick acquisition.

(9) In 2017, reflects a non-cash benefit pursuant to the annual update of the Generation nuclear decommissioning obligation related to the non-regulatory units. In 2018, reflects an increase at Pepco related primarily to asbestos identified at its Buzzard Point property.

(10) Represents adjustments to income tax, penalties and interest expenses in the second quarter of 2017 as a result of the finalization of the IRS tax computation related to Exelon’s like-kind exchange tax position.

(11) In 2017, reflects the changes in the Illinois and District of Columbia statutory tax rate and changes in forecasted apportionment. In 2018, reflects an adjustment to the remeasurement of deferred income taxes as a result of the Tax Cuts and Jobs Act (TCJA) and changes in forecasted apportionment.

(12) Reflects benefits related to the favorable settlement in 2017 of certain income tax positions related to PHI's unregulated business interests.

(13) Represents elimination from Generation’s results of the noncontrolling interests related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.

(14) For all utilities, primarily reflects lower revenues resulting from the anticipated pass back of TCJA tax savings through customer rates, partially offset by higher mutual assistance revenues. Additionally, for ComEd, reflects decreased revenues resulting from the change, effective June 1, 2017, to defer and recover over time energy efficiency costs pursuant to the Illinois Future Energy Jobs Act (FEJA), partially offset by increased electric distribution and energy efficiency revenues due to higher rate base. For BGE and PHI, reflects increased revenue as a result of rate increases.

(15) Primarily reflects the acquisition of the FitzPatrick nuclear facility and decreased nuclear outage days.

(16) Primarily reflects a decrease in fuel prices, partially offset by increased nuclear output as a result of the FitzPatrick acquisition.

(17) Primarily reflects increased capacity prices in the Mid-Atlantic, New England and Midwest regions.

(18) Reflects the impact 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.

(19) Primarily reflects lower realized energy prices, the absence of EGTP revenues net of purchased power and fuel expense resulting from its deconsolidation in the fourth quarter of 2017, lower energy efficiency revenues and decreased revenues related to the sale of Generation's electrical contracting business,partially offset by the addition of two combined-cycle gas turbines in Texas and the impacts of Generation's natural gas portfolio.

(20) For Generation, primarily reflects decreased spending related to energy efficiency projectsand decreased costs related to the sale of Generation's electrical contracting business. Additionally, for the utilities, primarily reflects increased mutual assistance expenses.

(21) Primarily reflects a decrease in the number of nuclear outage days in 2018, excluding Salem.

(22) For Generation, primarily reflects the impact of a supplemental NEIL insurance distribution and fewer outage days at Salem. For ComEd, primarily reflects the change, effective June 1, 2017, to defer and recover over time energy efficiency costs pursuant to FEJA and decreased storm costs. For PECO, primarily reflects increased storm costs related to the March 2018 winter storms and an increase in uncollectible accounts expense. For BGE, primarily reflects increased storm costs related to the March 2018 winter storms. For PHI, primarily reflects an increase in uncollectible accounts expense. Additionally, for the utilities, reflects increased mutual assistance expenses.

(23) Reflects ongoing capital expenditures across all operating companies. For ComEd, primarily reflects the amortization of deferred energy efficiency costs pursuant to FEJA. For BGE, primarily reflects certain regulatory assets that became fully amortized as of December 31, 2017. For PHI reflects increased amortization of Pepco's DC PLUG regulatory asset, which is offset in Other Energy and Delivery.

(24) Reflects the benefit of lower federal income tax rates and the settlement of a portion of the deferred income tax regulatory liabilities established upon enactment of TCJA, which is predominantly offset at the utilities in Other Energy Delivery as these tax benefits are anticipated to be passed back through customer rates.

(25) For Generation, primarily reflects one-time tax adjustmentsand a reduction in renewable tax credits. For PECO, primarily reflects an increase in the repairs tax deduction.

(26) Reflects elimination from Generation’s results of activity attributable to noncontrolling interests, primarily for CENG and the Renewables Joint Venture.

(27) For Generation, primarily reflects higher realized NDT fund gains.

(28) Reflects the impact on earnings per share due to the increase in Exelon’s average diluted common shares outstanding as a result of the June 2017 common stock issuance.

16

EXELON CORPORATION

GAAP Consolidated Statements of Operations and

Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments

(unaudited)

(in millions)

	Generation
	Three Months Ended September 30, 2018							Three Months Ended September 30, 2017 (b)
	GAAP (a)			Non-GAAP Adjustments				GAAP (a)			Non-GAAP Adjustments
Operating revenues	$	5,278		$	(6	)	(c)	$	4,750		$	(39	)	(c),(e)
Operating expenses
Purchased power and fuel	2,980			46			(c),(i)	2,331			9			(c),(e),(i)
Operating and maintenance	1,370			(104		)	(f),(h),(i),(j)	1,376			(68		)	(f),(g),(h),(i),(j)
Depreciation and amortization	468			(152		)	(i)	410			(106		)	(i)
Taxes other than income	143			—				141			—
Total operating expenses	4,961							4,258
Loss on sales of assets and businesses	(6		)	6			(i)	(2		)	2			(i)
Bargain purchase gain	—			—				7			(7		)	(k)
Operating income	311							497
Other income and (deductions)
Interest expense, net	(101		)	(4		)	(c)	(113		)	—
Other, net	179			(69		)	(c),(d)	209			(118		)	(d)
Total other income and (deductions)	78							96
Income before income taxes	389							593
Income taxes	78			74			(c),(d),(f),(h),(i),(j),(l)	239			(19		)	(c),(d),(e),(f),(g),(h),(i),(j),(l)
Equity in losses of unconsolidated affiliates	(11		)	—				(8		)	—
Net income	300							346
Net income attributable to noncontrolling interests	66			(21		)	(n)	42			(20		)	(n)
Net income attributable to membership interest	$	234						$	304
	Nine Months Ended September 30, 2018							Nine Months Ended September 30, 2017 (b)
	GAAP (a)			Non-GAAP Adjustments				GAAP (a)			Non-GAAP Adjustments
Operating revenues	$	15,368		$	96		(c)	$	13,843		$	77		(c),(e)
Operating expenses
Purchased power and fuel	8,552			(61		)	(c),(i)	7,286			(133		)	(c),(e),(i)
Operating and maintenance	4,126			(202		)	(f),(h),(i),(j)	4,879			(630		)	(f),(g),(h),(i),(j)
Depreciation and amortization	1,383			(441		)	(i)	1,046			(143		)	(e),(i)
Taxes other than income	414			—				425			—
Total operating expenses	14,475							13,636
Gain on sales of assets and businesses	48			(48		)	(i)	3			1			(i)
Bargain purchase gain	—			—				233			(233		)	(k)
Operating income	941							443
Other income and (deductions)
Interest expense, net	(305		)	(4		)	(c)	(342		)	18			(h),(m)
Other, net	164			200			(c),(d)	648			(392		)	(d)
Total other income and (deductions)	(141		)					306
Income before income taxes	800							749
Income taxes	110			337			(c),(d),(f),(h),(i),(j),(l)	215			210			(c),(d),(e),(f),(g),(h),(i),(j),(l),(m)
Equity in losses of unconsolidated affiliates	(23		)	—				(26		)	—
Net income	667							508
Net income attributable to noncontrolling interests	120			35			(n)	21			(75		)	(n)
Net income attributable to membership interest	$	547						$	487

17

(a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(b) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(c) Adjustment to exclude the mark-to-market impact of Generation’s economic hedging activities, net of intercompany eliminations.

(d) Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.

(e) Adjustment to exclude the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the ConEdison Solutions and FitzPatrick acquisitions.

(f) Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. In 2017, reflects costs related to the PHI and FitzPatrick acquisitions. In 2018, reflects costs related to the PHI acquisition.

(g) Adjustment to exclude a non-cash benefit pursuant to the annual update of the Generation nuclear decommissioning obligation related to the non-regulatory units in 2017.

(h) Adjustment to exclude charges to earnings related to the impairment of the EGTP assets held for sale in 2017, and in 2018 the impairment of certain wind projects.

(i) Adjustment to exclude accelerated depreciation and amortization expenses and one-time charges associated with Generation's previous decision to early retire the Three Mile Island nuclear facility in 2017. In 2018, primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Oyster Creek nuclear facility, a charge associated with a remeasurement of the Oyster Creek ARO and accelerated depreciation and amortization expenses associated with the 2017 decision to early retire the Three Mile Island nuclear facility, partially offset by a gain associated with Generation's sale of its electrical contracting business.

(j) Adjustment to exclude primarily severance and reorganization costs related to a cost management program.

(k) Adjustment to exclude the excess of the fair value of assets and liabilities acquired over the purchase price for the FitzPatrick acquisition.

(l) Adjustment to exclude the changes in the Illinois and District of Columbia statutory tax rate and changes in forecasted apportionment in 2017, and in 2018, an adjustment to the remeasurement of deferred income taxes as a result of the TCJA. and changes in forecasted apportionment.

(m) Adjustment to exclude benefits related to the favorable settlement in 2017 of certain income tax positions related to PHI's unregulated business interests.

(n) Adjustment to exclude the elimination from Generation’s results of the noncontrolling interest related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.

18

EXELON CORPORATION

GAAP Consolidated Statements of Operations and

Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments

(unaudited)

(in millions)

	ComEd
	Three Months Ended September 30, 2018					Three Months Ended September 30, 2017 (b)
	GAAP (a)			Non-GAAP Adjustments		GAAP (a)			Non-GAAP Adjustments
Operating revenues	$	1,598		$	—	$	1,571		$	—
Operating expenses
Purchased power and fuel	619			—		529			—
Operating and maintenance	337			—		346			—
Depreciation and amortization	237			—		212			—
Taxes other than income	82			—		80			—
Total operating expenses	1,275					1,167
Operating income	323					404
Other income and (deductions)
Interest expense, net	(85		)	—		(89		)	—
Other, net	7			—		5			—
Total other income and (deductions)	(78		)			(84		)
Income before income taxes	245					320
Income taxes	52			—		131			3			(c)
Net income	$	193				$	189
	Nine Months Ended September 30, 2018					Nine Months Ended September 30, 2017 (b)
	GAAP (a)			Non-GAAP Adjustments		GAAP (a)			Non-GAAP Adjustments
Operating revenues	$	4,508		$	—	$	4,227		$	—
Operating expenses
Purchased power and fuel	1,702			—		1,241			—
Operating and maintenance	974			—		1,096			(1		)	(d)
Depreciation and amortization	696			—		631			—
Taxes other than income	238			—		223			—
Total operating expenses	3,610					3,191
Gain on sales of assets	5			—		—			—
Operating income	903					1,036
Other income and (deductions)
Interest expense, net	(261		)	—		(275		)	14			(d)
Other, net	21			—		14			—
Total other income and (deductions)	(240		)			(261		)
Income before income taxes	663					775
Income taxes	140			—		328			(6		)	(c),(d),(e)
Net income	$	523				$	447

(a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(b) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(c) Adjustment to exclude the non-cash impact of the remeasurement of state deferred income taxes, primarily as a result of changes in forecasted apportionment related to changes in the Illinois statutory tax rate and changes in forecasted apportionment.

(d) Adjustment to exclude adjustments to income tax, penalties and interest expenses in the second quarter of 2017 as a result of the finalization of the IRS tax computation related to Exelon’s like-kind exchange tax position.

(e) Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities related to the PHI acquisition, partially offset in 2016 at ComEd by the anticipated recovery of previously incurred PHI acquisition costs.

19

EXELON CORPORATION

GAAP Consolidated Statements of Operations and

Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments

(unaudited)

(in millions)

	PECO
	Three Months Ended September 30, 2018							Three Months Ended September 30, 2017
	GAAP (a)			Non-GAAP Adjustments				GAAP (a)			Non-GAAP Adjustments
Operating revenues	$	757		$	—			$	715		$	—
Operating expenses
Purchased power and fuel	263			—				235			—
Operating and maintenance	219			(1		)	(b)	197			(3		)	(b)
Depreciation and amortization	75			—				72			—
Taxes other than income	46			—				42			—
Total operating expenses	603							546
Operating income	154							169
Other income and (deductions)
Interest expense, net	(32		)	—				(31		)	—
Other, net	2			—				2			—
Total other income and (deductions)	(30		)					(29		)
Income before income taxes	124							140
Income taxes	(2		)	—				28			1			(b)
Net income	$	126						$	112
	Nine Months Ended September 30, 2018							Nine Months Ended September 30, 2017
	GAAP (a)			Non-GAAP Adjustments				GAAP (a)			Non-GAAP Adjustments
Operating revenues	$	2,275		$	—			$	2,141		$	—
Operating expenses
Purchased power and fuel	818			—				719			—
Operating and maintenance	686			(3		)	(b)	595			(8		)	(b),(c)
Depreciation and amortization	224			—				213			—
Taxes other than income	125			—				116			—
Total operating expenses	1,853							1,643
Gain on sales of assets	1			—				—			—
Operating income	423							498
Other income and (deductions)
Interest expense, net	(96		)	—				(93		)	—
Other, net	4			—				6			—
Total other income and (deductions)	(92		)					(87		)
Income before income taxes	331							411
Income taxes	(5		)	1			(b)	84			3			(b),(c)
Net income	$	336						$	327

(a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(b) Adjustment to exclude reorganization costs related to a cost management program.

(c) Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities related to the PHI acquisition.

20

EXELON CORPORATION

GAAP Consolidated Statements of Operations and

Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments

(unaudited)

(in millions)

	BGE
	Three Months Ended September 30, 2018							Three Months Ended September 30, 2017 (b)
	GAAP (a)			Non-GAAP Adjustments				GAAP (a)			Non-GAAP Adjustments
Operating revenues	$	731		$	—			$	738		$	—
Operating expenses
Purchased power and fuel	272			—				269			—
Operating and maintenance	182			(1		)	(c)	175			(4		)	(c)
Depreciation and amortization	110			—				109			—
Taxes other than income	64			—				61			—
Total operating expenses	628							614
Operating income	103							124
Other income and (deductions)
Interest expense, net	(27		)	—				(26		)	—
Other, net	5			—				4			—
Total other income and (deductions)	(22		)					(22		)
Income before income taxes	81							102
Income taxes	18			—				40			2			(c)
Net income	$	63						$	62
	Nine Months Ended September 30, 2018							Nine Months Ended September 30, 2017 (b)
	GAAP (a)			Non-GAAP Adjustments				GAAP (a)			Non-GAAP Adjustments
Operating revenues	$	2,369		$	—			$	2,363		$	—
Operating expenses
Purchased power and fuel	881			—				853			—
Operating and maintenance	578			(4		)	(c),(d)	532			(9		)	(c),(d)
Depreciation and amortization	358			—				348			—
Taxes other than income	188			—				180			—
Total operating expenses	2,005							1,913
Gain on sales of assets	1			—				—			—
Operating income	365							450
Other income and (deductions)
Interest expense, net	(78		)	—				(80		)	—
Other, net	14			—				12			—
Total other income and (deductions)	(64		)					(68		)
Income before income taxes	301							382
Income taxes	59			1			(c),(d)	151			4			(c),(d)
Net income	$	242						$	231

(a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(b) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(c) Adjustment to exclude reorganization costs related to a cost management program.

(d) Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses, integration activities, and upfront credit facilities fees related to the PHI acquisition.

21

EXELON CORPORATION

GAAP Consolidated Statements of Operations and

Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments

(unaudited)

(in millions)

	PHI (c)
	Three Months Ended September 30, 2018							Three Months Ended September 30, 2017 (b)
	GAAP (a)			Non-GAAP Adjustments				GAAP (a)			Non-GAAP Adjustments
Operating revenues	$	1,361		$	—			$	1,310		$	—
Operating expenses
Purchased power and fuel	509			—				473			—
Operating and maintenance	292			(24		)	(d), (h)	251			15			(f)
Depreciation and amortization	192			—				179			—
Taxes other than income	123			—				122			—
Total operating expenses	1,116							1,025
Operating income	245							285
Other income and (deductions)
Interest expense, net	(65		)	—				(62		)	—
Other, net	11			—				13			—
Total other income and (deductions)	(54		)					(49		)
Income before income taxes	191							236
Income taxes	4			16			(d),(e), (h)	83			(8		)	(f)
Net income	$	187						$	153
	Nine Months Ended September 30, 2018							Nine Months Ended September 30, 2017 (b)
	GAAP (a)			Non-GAAP Adjustments				GAAP (a)			Non-GAAP Adjustments
Operating revenues	$	3,688		$	—			$	3,557		$	—
Operating expenses
Purchased power and fuel	1,410			—				1,318			—
Operating and maintenance	857			(26		)	(d), (h)	774			25			(f),(g)
Depreciation and amortization	555			—				511			—
Taxes other than income	343			—				344			—
Total operating expenses	3,165							2,947
Gain on sales of assets	—			—				1			—
Operating income	523							611
Other income and (deductions)
Interest expense, net	(193		)	—				(183		)	—
Other, net	33			—				40			—
Total other income and (deductions)	(160		)					(143		)
Income before income taxes	363							468
Income taxes	28			15			(d),(e), (h)	109			44			(f),(g)
Equity in earnings of unconsolidated affiliates	1							—
Net income	$	336						$	359

(a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(b) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(c) PHI consolidated results includes Pepco, DPL and ACE.

(d) Adjustment to exclude reorganization costs related to a cost management program.

(e) Adjustment to exclude an adjustment to the remeasurement of deferred income taxes as a result of TCJA.

22

(f) Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. In 2017, reflects costs related to the PHI acquisition, partially offset at PHI by the anticipated recovery of previously incurred PHI acquisition costs.

(g) Adjustment to exclude a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2016 PHI acquisition.

(h) Adjustment to exclude an increase at Pepco related primarily to asbestos identified at its Buzzard Point property.

23

EXELON CORPORATION

GAAP Consolidated Statements of Operations and

Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments

(unaudited)

(in millions)

	Other (a)
	Three Months Ended September 30, 2018							Three Months Ended September 30, 2017 (b)
	GAAP (c)			Non-GAAP Adjustments				GAAP (c)			Non-GAAP Adjustments
Operating revenues	$	(322	)	$	—			$	(316	)	$	—
Operating expenses
Purchased power and fuel	(311		)	—				(295		)	—
Operating and maintenance	(54		)	—				(70		)	—
Depreciation and amortization	23			—				20			—
Taxes other than income	11			—				10			—
Total operating expenses	(331		)					(335		)
Gain on sales of assets and businesses	1			—				1			—
Operating income	10							20
Other income and (deductions)
Interest expense, net	(83		)	12			(d)	(65		)	—
Other, net	(10		)	—				(23		)	—
Total other income and (deductions)	(93		)					(88		)
Loss before income taxes	(83		)					(68		)
Income taxes	(13		)	(17		)	(d),(h),(k)	(70		)	39			(d),(e),(g),(h),(i),(k)
Equity in earnings of unconsolidated affiliates	1			—				1			—
Net (loss) income	(69		)					3
Net income attributable to noncontrolling interests	1							—			—
Net (loss) income attributable to common shareholders	$	(70	)					$	3
	Nine Months Ended September 30, 2018							Nine Months Ended September 30, 2017 (b)
	GAAP (c)			Non-GAAP Adjustments				GAAP (c)			Non-GAAP Adjustments
Operating revenues	$	(1,038	)	$	—			$	(951	)	$	—
Operating expenses
Purchased power and fuel	(989		)	—				(890		)	—
Operating and maintenance	(185		)	1			(i)	(218		)	(10		)	(e),(f),(i)
Depreciation and amortization	68			—				65			—
Taxes other than income	34			—				25			—
Total operating expenses	(1,072		)					(1,018		)
Operating income	34							67
Other income and (deductions)
Interest expense, net	(205		)	12			(d)	(221		)	27			(j)
Other, net	(24		)	—				(77		)	(1		)	(j)
Total other income and (deductions)	(229		)					(298		)
Loss before income taxes	(195		)					(231		)
Income taxes	(70		)	(6		)	(d),(h),(k)	(286		)	204			(d),(e),(f),(g),(h),(k)
Equity in earnings of unconsolidated affiliates	—			—				1			—
Net (loss) income	(125		)					56
Net income attributable to noncontrolling interests	1							—
Net (loss) income attributable to common shareholders	$	(126	)					$	56

(a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

(b) Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

24

(c) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(d) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.

(e) Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities related to the PHI acquisition.

(f) Adjustment to exclude primarily a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2016 PHI acquisitions.

(g) Adjustment to exclude charges to earnings related to the impairment of EGTP assets held for sale in 2017.

(h) Adjustment to exclude accelerated depreciation and amortization expenses and one-time charges associated with Generation's previous decision to early retire the Three Mile Island nuclear facility in 2017. In 2018, primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Oyster Creek nuclear facility and accelerated depreciation and amortization expenses associated with the 2017 decision to early retire the Three Mile Island nuclear facility, partially offset by a gain associated with Generation's sale of its electrical contracting business.

(i) Adjustment to exclude primarily severance and reorganization costs related to a cost management program.

(j) Adjustment to exclude adjustments to income tax, penalties and interest expenses in the second quarter of 2017 as a result of the finalization of the IRS tax computation related to Exelon’s like-kind exchange tax position.

(k) Adjustment to exclude in 2017, the changes in the Illinois and District of Columbia statutory tax rate and changes in forecasted apportionment. In 2018, an adjustment to the remeasurement of deferred income taxes as a result of TCJA and changes in forecasted apportionment.

25

EXELON CORPORATION

Generation Statistics

	Three Months Ended
	September 30, 2018	June 30, 2018	March 31, 2018	December 31, 2017	September 30, 2017
Supply (in GWhs)
Nuclear Generation
Mid-Atlantic(a)	16,197	16,498	16,229	16,196	16,480
Midwest	23,834	23,100	23,597	23,922	24,362
New York(a)(e)	6,518	6,125	7,115	7,410	6,905
Total Nuclear Generation	46,549	45,723	46,941	47,528	47,747
Fossil and Renewables
Mid-Atlantic	853	907	900	459	596
Midwest	244	321	455	430	218
New England	1,339	816	2,035	1,258	1,919
New York	1	1	1	1	1
ERCOT	3,137	2,303	2,949	2,684	5,703
Other Power Regions(b)	2,289	2,221	1,993	1,213	2,149
Total Fossil and Renewables	7,863	6,569	8,333	6,045	10,586
Purchased Power
Mid-Atlantic	3,504	557	766	961	2,541
Midwest	174	223	336	355	217
New England	7,217	5,953	5,436	4,596	4,513
New York	—	—	—	—	—
ERCOT	1,811	2,320	1,373	1,622	1,199
Other Power Regions(b)	5,488	4,502	4,134	4,173	3,982
Total Purchased Power	18,194	13,555	12,045	11,707	12,452
Total Supply/Sales by Region
Mid-Atlantic(c)	20,554	17,962	17,895	17,616	19,617
Midwest(c)	24,252	23,644	24,388	24,707	24,797
New England	8,556	6,769	7,471	5,854	6,432
New York	6,519	6,126	7,116	7,411	6,906
ERCOT	4,948	4,623	4,322	4,306	6,902
Other Power Regions(b)	7,777	6,723	6,127	5,386	6,131
Total Supply/Sales by Region	72,606	65,847	67,319	65,280	70,785
	Three Months Ended
	September 30, 2018	June 30, 2018	March 31, 2018	December 31, 2017	September 30, 2017
Outage Days(d)
Refueling(e)	36	94	68	60	13
Non-refueling(e)	12	2	6	18	15
Total Outage Days	48	96	74	78	28

(a) Includes the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and includes the total output of plants that are fully consolidated (e.g. CENG).

(b) Other Power Regions includes, South, West and Canada.

(c) Includes affiliate sales to PECO, BGE, Pepco, DPL and ACE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region.

(d) Outage days exclude Salem.

(e) Includes the ownership of the FitzPatrick nuclear facility from March 31, 2017.

26

EXELON CORPORATION

Exelon Generation Statistics

Nine Months Ended September 30, 2018 and 2017

	September 30, 2018	September 30, 2017
Supply (in GWhs)
Nuclear Generation
Mid-Atlantic(a)	48,924	48,271
Midwest	70,532	69,422
New York(a)(d)	19,758	17,623
Total Nuclear Generation	139,214	135,316
Fossil and Renewables
Mid-Atlantic	2,660	2,330
Midwest	1,020	1,053
New England	4,189	5,921
New York	3	3
ERCOT	8,389	9,388
Other Power Regions	6,503	5,656
Total Fossil and Renewables	22,764	24,351
Purchased Power
Mid-Atlantic	4,828	8,840
Midwest	733	1,018
New England	18,607	13,920
New York	—	28
ERCOT	5,504	5,724
Other Power Regions	14,124	10,357
Total Purchased Power	43,796	39,887
Total Supply/Sales by Region(b)
Mid-Atlantic(c)	56,412	59,441
Midwest(c)	72,285	71,493
New England	22,796	19,841
New York	19,761	17,654
ERCOT	13,893	15,112
Other Power Regions	20,627	16,013
Total Supply/Sales by Region	205,774	199,554

(a) Includes the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and includes the total output of plants that are fully consolidated (e.g. CENG).

(b) Includes affiliate sales to PECO, BGE, Pepco, DPL and ACE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region.

(c) Includes the ownership of the FitzPatrick nuclear facility from March 31, 2017.

27

EXELON CORPORATION

ComEd Statistics

Three Months Ended September 30, 2018 and 2017

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2018	2017	% Change		Weather- Normal % Change		2018			2017		% Change
Rate-Regulated Electric Deliveries and Sales(a)
Residential	8,845	8,004	10.5	%	(1.5	)%	$	861		$	816	5.5	%
Small commercial & industrial	8,626	8,488	1.6	%	(1.0	)%	391			366		6.8	%
Large commercial & industrial	7,450	7,232	3.0	%	1.1	%	131			119		10.1	%
Public authorities & electric railroads	301	302	(0.3	)%	(0.5	)%	11			11		—	%
Other(b)	—	—	n/a		n/a		212			235		(9.8	)%
Total rate-regulated electric revenues(c)	25,222	24,026	5.0	%	(0.5	)%	1,606			1,547		3.8	%
Other Rate-Regulated Revenue(d)							(8		)	24		(133.3	)%
Total Electric Revenue							$	1,598		$	1,571	1.7	%
Purchased Power							$	619		$	529	17.0	%

				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	56	42	97	33.3	%	(42.3	)%
Cooling Degree-Days	895	699	641	28.0	%	39.6	%

Nine Months Ended September 30, 2018 and 2017

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2018	2017	% Change		Weather- Normal % Change		2018			2017		% Change
Rate-Regulated Electric Deliveries and Sales(a)
Residential	22,019	20,164	9.2	%	0.1	%	$	2,277		$	2,071	9.9	%
Small commercial & industrial	24,204	23,634	2.4	%	—	%	1,132			1,035		9.4	%
Large commercial & industrial	21,398	20,712	3.3	%	1.6	%	411			346		18.8	%
Public authorities & electric railroads	947	928	2.0	%	1.2	%	36			33		9.1	%
Other(b)	—	—	n/a		n/a		656			671		(2.2	)%
Total rate-regulated electric revenues(c)	68,568	65,438	4.8	%	0.6	%	4,512			4,156		8.6	%
Other Rate-Regulated Revenue(d)							(4		)	71		(105.6	)%
Total Electric Revenue							$	4,508		$	4,227	6.6	%
Purchased Power							$	1,702		$	1,241	37.1	%

				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	3,993	3,269	3,972	22.1	%	0.5	%
Cooling Degree-Days	1,259	962	882	30.9	%	42.7	%

Number of Electric Customers	2018	2017
Residential	3,635,678	3,610,091
Small Commercial & Industrial	380,529	376,309
Large Commercial & Industrial	1,994	1,954
Public Authorities & Electric Railroads	4,767	4,763
Total	4,022,968	3,993,117

(a) Reflects delivery volumes and revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenue also reflects the cost of energy and transmission.

(b) Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c) Includes operating revenues from affiliates totaling $4 million and $3 million for the three months ended September 30, 2018 and 2017, respectively, and $23 million and $12 million for the nine months ended September 30, 2018 and 2017, respectively.

(d) Includes alternative revenue programs and late payment charges.

28

EXELON CORPORATION

PECO Statistics

Three Months Ended September 30, 2018 and 2017

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2018	2017	% Change		Weather- Normal % Change		2018		2017		% Change
Electric (in GWhs)
Rate-Regulated Deliveries and Sales(a)
Residential	4,166	3,752	11.0	%	4.7	%	$	458	$	434	5.5	%
Small commercial & industrial	2,315	2,158	7.3	%	2.0	%	108		106		1.9	%
Large commercial & industrial	4,378	4,137	5.8	%	4.9	%	64		59		8.5	%
Public authorities & electric railroads	189	198	(4.5	)%	(4.8	)%	7		7		—	%
Other(b)	—	—	n/a		n/a		59		53		11.3	%
Total rate-regulated electric revenues(c)	11,048	10,245	7.8	%	4.0	%	696		659		5.6	%
Other Rate-Regulated Revenue(d)							4		3		33.3	%
Total Electric Revenue							700		662		5.7	%
Natural Gas (in mmcfs)
Rate-Regulated Gas Deliveries and Sales(e)
Residential	2,099	2,177	(3.6	)%	0.9	%	36		33		9.1	%
Small commercial & industrial	1,776	1,814	(2.1	)%	0.2	%	15		14		7.1	%
Large commercial & industrial	6	2	200.0	%	12.8	%	—		—		n/a
Transportation	5,693	5,674	0.3	%	3.2	%	5		5		—	%
Other(f)	—	—	n/a		n/a		1		1		—	%
Total rate-regulated natural gas revenues(g)	9,574	9,667	(1.0	)%	1.6	%	57		53		7.5	%
Other Rate-Regulated Revenue(d)							—		—		n/a
Total Natural Gas Revenues							57		53		7.5	%
Total Electric and Natural Gas Revenues							$	757	$	715	5.9	%
Purchased Power and Fuel							$	263	$	235	11.9	%

				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	13	14	27	(7.1	)%	(51.9	)%
Cooling Degree-Days	1,124	989	999	13.7	%	12.5	%

29

Nine Months Ended September 30, 2018 and 2017

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2018	2017	% Change		Weather- Normal % Change		2018		2017		% Change
Electric (in GWhs)
Rate-Regulated Deliveries and Sales(a)
Residential	10,741	9,939	8.1	%	2.8	%	$	1,199	$	1,147	4.5	%
Small commercial & industrial	6,273	6,048	3.7	%	0.4	%	306		303		1.0	%
Large commercial & industrial	11,892	11,593	2.6	%	2.5	%	174		168		3.6	%
Public authorities & electric railroads	568	618	(8.1	)%	(7.7	)%	21		23		(8.7	)%
Other(b)	—	—	n/a		n/a		181		151		19.9	%
Total rate-regulated electric revenues(c)	29,474	28,198	4.5	%	1.9	%	1,881		1,792		5.0	%
Other Rate-Regulated Revenue(d)							12		10		20.0	%
Total Electric Revenue							1,893		1,802		5.0	%
Natural Gas (in mmcfs)
Rate-Regulated Gas Deliveries and Sales(e)
Residential	28,562	24,866	14.9	%	0.2	%	259		225		15.1	%
Small commercial & industrial	15,792	13,944	13.3	%	1.0	%	102		90		13.3	%
Large commercial & industrial	58	15	286.7	%	278.3	%	1		—		n/a
Transportation	19,242	19,122	0.6	%	(3.8	)%	16		16		—	%
Other(f)	—	—	n/a		n/a		4		8		(50.0	)%
Total rate-regulated natural gas revenues(g)	63,654	57,947	9.8	%	(0.8	)%	382		339		12.7	%
Other Rate-Regulated Revenue(d)							—		—		n/a
Total Natural Gas Revenues							382		339		12.7	%
Total Electric and Natural Gas Revenues							$	2,275	$	2,141	6.3	%
Purchased Power and Fuel							$	818	$	719	13.8	%

				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	2,892	2,437	2,912	18.7	%	(0.7	)%
Cooling Degree-Days	1,506	1,404	1,383	7.3	%	8.9	%

Number of Electric Customers	2018	2017	Number of Natural Gas Customers	2018	2017
Residential	1,476,914	1,463,906	Residential	479,732	474,766
Small Commercial & Industrial	152,253	150,964	Small Commercial & Industrial	43,638	43,352
Large Commercial & Industrial	3,124	3,112	Large Commercial & Industrial	1	6
Public Authorities & Electric Railroads	9,561	9,665	Transportation	761	771
Total	1,641,852	1,627,647	Total	524,132	518,895

(a) Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenue also reflects the cost of energy and transmission.

(b) Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c) Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended September 30, 2018 and 2017, respectively, and $5 million and $4 million for the nine months ended September 30, 2018 and 2017, respectively.

(d) Includes alternative revenue programs and late payment charges.

(e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.

(f) Includes revenues primarily from off-system sales.

(g) Includes operating revenues from affiliates totaling less than $1 million for both the three and nine months ended September 30, 2018 and 2017.

30

EXELON CORPORATION

BGE Statistics

Three Months Ended September 30, 2018 and 2017

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2018	2017	% Change		Weather- Normal % Change		2018			2017		% Change
Electric (in GWhs)
Rate-Regulated Deliveries and Sales(a)
Residential	3,663	3,370	8.7	%	1.8	%	$	366		$	352	4.0	%
Small commercial & industrial	825	785	5.1	%	(1.1	)%	68			65		4.6	%
Large commercial & industrial	3,909	3,781	3.4	%	0.6	%	117			114		2.6	%
Public authorities & electric railroads	64	64	—	%	(5.9	)%	7			8		(12.5	)%
Other(b)	—	—	n/a		n/a		91			85		7.1	%
Total rate-regulated electric revenues(c)	8,461	8,000	5.8	%	0.9	%	649			624		4.0	%
Other Rate-Regulated Revenue(d)							(4		)	34		(111.8	)%
Total Electric Revenue							645			658		(2.0	)%
Natural Gas (in mmcfs)
Rate-Regulated Gas Deliveries and Sales(e)
Residential	2,244	2,395	(6.3	)%	(4.5	)%	46			44		4.5	%
Small commercial & industrial	813	814	(0.1	)%	0.4	%	8			8		—	%
Large commercial & industrial	8,227	8,012	2.7	%	2.2	%	17			19		(10.5	)%
Other(f)	3,144	68	4,523.5	%	n/a		12			3		300.0	%
Total rate-regulated natural gas revenues(g)	14,428	11,289	27.8	%	0.6	%	83			74		12.2	%
Other Rate-Regulated Revenue(d)							3			6		(50.0	)%
Total Natural Gas Revenues							86			80		7.5	%
Total Electric and Natural Gas Revenues							$	731		$	738	(0.9	)%
Purchased Power and Fuel							$	272		$	269	1.1	%

				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	31	64	76	(51.6	)%	(59.2	)%
Cooling Degree-Days	733	595	601	23.2	%	22.0	%

Nine Months Ended September 30, 2018 and 2017

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2018	2017	% Change		Weather- Normal % Change		2018			2017		% Change
Electric (in GWhs)
Rate-Regulated Deliveries and Sales(a)
Residential	9,960	9,126	9.1	%	1.8	%	$	1,054		$	1,038	1.5	%
Small commercial & industrial	2,309	2,210	4.5	%	(0.2	)%	196			193		1.6	%
Large commercial & industrial	10,661	10,422	2.3	%	(0.1	)%	325			329		(1.2	)%
Public authorities & electric railroads	200	204	(2.0	)%	(4.1	)%	21			23		(8.7	)%
Other(b)	—	—	n/a		n/a		246			222		10.8	%
Total rate-regulated electric revenues(c)	23,130	21,962	5.3	%	0.7	%	1,842			1,805		2.0	%
Other Rate-Regulated Revenue(d)							8			90		(91.1	)%
Total Electric Revenue							1,850			1,895		(2.4	)%
Natural Gas (in mmcfs)
Rate-Regulated Gas Deliveries and Sales(e)
Residential	29,290	24,125	21.4	%	3.2	%	345			289		19.4	%
Small commercial & industrial	7,020	5,667	23.9	%	7.2	%	55			51		7.8	%
Large commercial & industrial	34,044	30,828	10.4	%	5.9	%	88			82		7.3	%
Other(f)	11,183	2,463	354.0	%	n/a		49			20		145.0	%
Total rate-regulated natural gas revenues(g)	81,537	63,083	29.3	%	4.9	%	537			442		21.5	%
Other Rate-Regulated Revenue(d)							(18		)	26		(169.2	)%
Total Natural Gas Revenues							519			468		10.9	%
Total Electric and Natural Gas Revenues							$	2,369		$	2,363	0.3	%
Purchased Power and Fuel							$	881		$	853	3.3	%

31

				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	2,969	2,524	2,974	17.6	%	(0.2	)%
Cooling Degree-Days	1,032	877	857	17.7	%	20.4	%

Number of Electric Customers	2018	2017	Number of Natural Gas Customers	2018	2017
Residential	1,165,012	1,156,659	Residential	631,589	626,039
Small Commercial & Industrial	114,082	113,224	Small Commercial & Industrial	38,175	38,141
Large Commercial & Industrial	12,218	12,144	Large Commercial & Industrial	5,920	5,832
Public Authorities & Electric Railroads	263	274	Total	675,684	670,012
Total	1,291,575	1,282,301

(a) Reflects delivery volumes and revenue from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenue also reflects the cost of energy and transmission.

(b) Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c) Includes operating revenues from affiliates totaling $1 million for both the three months ended September 30, 2018 and 2017, and $5 million for both the nine months ended September 30, 2018 and 2017.

(d) Includes alternative revenue programs and late payment charges.

(e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.

(f) Includes revenues primarily from off-system sales.

(g) Includes operating revenues from affiliates totaling $5 million and $2 million for the three months ended September 30, 2018 and 2017, respectively, and $13 million and $7 million for the nine months ended September 30, 2018 and 2017, respectively.

32

EXELON CORPORATION

PEPCO Statistics

Three Months Ended September 30, 2018 and 2017

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2018	2017	% Change		Weather - Normal % Change		2018			2017		% Change
Rate-Regulated Deliveries and Sales(a)
Residential	2,446	2,281	7.2	%	1.4	%	$	306		$	291	5.2	%
Small commercial & industrial	327	347	(5.8	)%	(8.1	)%	39			37		5.4	%
Large commercial & industrial	4,298	4,146	3.7	%	1.3	%	230			211		9.0	%
Public authorities & electric railroads	181	180	0.6	%	—	%	8			8		—	%
Other(b)	—	—	n/a		n/a		47			52		(9.6	)%
Total rate-regulated electric revenues(c)	7,252	6,954	4.3	%	0.8	%	630			599		5.2	%
Other Rate-Regulated Revenue(d)							(2		)	5		(140.0	)%
Total Electric Revenue							$	628		$	604	4.0	%
Purchased Power							$	177		$	168	5.4	%

				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	2	8	13	(75.0	)%	(84.6	)%
Cooling Degree-Days	1,283	1,130	1,137	13.5	%	12.8	%

Nine Months Ended September 30, 2018 and 2017

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2018	2017	% Change		Weather - Normal % Change		2018		2017		% Change
Rate-Regulated Deliveries and Sales(a)
Residential	6,528	6,038	8.1	%	0.1	%	$	792	$	751	5.5	%
Small commercial & industrial	982	999	(1.7	)%	(4.8	)%	104		105		(1.0	)%
Large commercial & industrial	11,661	11,306	3.1	%	1.0	%	632		593		6.6	%
Public authorities & electric railroads	531	542	(2.0	)%	(2.6	)%	24		24		—	%
Other(b)	—	—	n/a		n/a		145		148		(2.0	)%
Total rate-regulated electric revenues(c)	19,702	18,885	4.3	%	0.3	%	1,697		1,621		4.7	%
Other Rate-Regulated Revenue(d)							11		28		(60.7	)%
Total Electric Revenue							$	1,708	$	1,649	3.6	%
Purchased Power							$	497	$	478	4.0	%

				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	2,458	1,963	2,448	25.2	%	0.4	%
Cooling Degree-Days	1,861	1,679	1,626	10.8	%	14.5	%

Number of Electric Customers	2018	2017
Residential	802,607	790,032
Small Commercial & Industrial	53,700	53,543
Large Commercial & Industrial	21,927	21,733
Public Authorities & Electric Railroads	147	143
Total	878,381	865,451

(a) Reflects delivery volumes and revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenue also reflects the cost of energy and transmission.

(b) Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c) Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended September 30, 2018 and 2017, respectively, and $5 million and $4 million for nine months ended September 30, 2018 and 2017, respectively.

(d) Includes alternative revenue programs and late payment charges.

33

EXELON CORPORATION

DPL Statistics

Three Months Ended September 30, 2018 and 2017

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2018	2017	% Change		Weather - Normal % Change		2018		2017		% Change
Electric (in GWhs)
Rate-Regulated Deliveries and Sales(a)
Residential	1,537	1,439	6.8	%	—	%	$	180	$	185	(2.7	)%
Small Commercial & industrial	651	636	2.4	%	(0.1	)%	48		50		(4.0	)%
Large Commercial & industrial	1,282	1,245	3.0	%	0.2	%	25		28		(10.7	)%
Public authorities & electric railroads	11	10	10.0	%	8.9	%	3		3		—	%
Other(b)	—	—	n/a		n/a		47		43		9.3	%
Total rate-regulated electric revenues(c)	3,481	3,330	4.5	%	0.1	%	303		309		(1.9	)%
Other Rate-Regulated Revenue(d)							1		—		100.0	%
Total Electric Revenue							304		309		(1.6	)%
Natural Gas (in mmcfs)
Rate-Regulated Gas Deliveries and Sales(e)
Residential	360	331	8.8	%	16.6	%	8		8		—	%
Small commercial & industrial	309	290	6.6	%	11.3	%	5		3		66.7	%
Large commercial & industrial	454	448	1.3	%	1.3	%	2		1		100.0	%
Transportation	1,260	1,197	5.3	%	5.6	%	3		3		—	%
Other(f)	—	—	n/a		n/a		6		3		100.0	%
Total rate-regulated natural gas revenues	2,383	2,266	5.2	%	7.2	%	24		18		33.3	%
Other Rate-Regulated Revenue(d)							—		—		n/a
Total Natural Gas Revenues							24		18		33.3	%
Total Electric and Natural Gas Revenues							$	328	$	327	0.3	%
Purchased Power and Fuel							$	133	$	129	3.1	%

Electric Service Territory				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	7	24	31	(70.8	)%	(77.4	)%
Cooling Degree-Days	1,052	867	863	21.3	%	21.9	%

Gas Service Territory				% Change
Heating Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	11	28	42	(60.7	)%	(73.8	)%

34

Nine Months Ended September 30, 2018 and 2017

	Electric and Natural Gas Deliveries						Revenue (in millions)
	2018	2017	% Change		Weather - Normal % Change		2018		2017		% Change
Electric (in GWhs)
Rate-Regulated Deliveries and Sales(a)
Residential	4,203	3,843	9.4	%	1.7	%	$	513	$	505	1.6	%
Small Commercial & industrial	1,756	1,693	3.7	%	1.5	%	138		139		(0.7	)%
Large Commercial & industrial	3,548	3,440	3.1	%	1.3	%	74		78		(5.1	)%
Public authorities & electric railroads	33	35	(5.7	)%	(5.3	)%	10		11		(9.1	)%
Other(b)	—	—	n/a		n/a		129		121		6.6	%
Total rate-regulated electric revenues(c)	9,540	9,011	5.9	%	1.5	%	864		854		1.2	%
Other Rate-Regulated Revenue(d)							8		12		(33.3	)%
Total Electric Revenue							872		866		0.7	%
Natural Gas (in mmcfs)
Rate-Regulated Gas Deliveries and Sales(e)
Residential	5,801	4,785	21.2	%	4.8	%	68		57		19.3	%
Small commercial & industrial	2,831	2,486	13.9	%	(1.0	)%	31		25		24.0	%
Large commercial & industrial	1,438	1,408	2.1	%	2.2	%	7		5		40.0	%
Transportation	4,893	4,690	4.3	%	1.8	%	12		11		9.1	%
Other(f)	—	—	n/a		n/a		11		7		57.1	%
Total rate-regulated natural gas revenues	14,963	13,369	11.9	%	2.4	%	129		105		22.9	%
Other Rate-Regulated Revenue(d)							—		—		n/a
Total Natural Gas Revenues							129		105		22.9	%
Total Electric and Natural Gas Revenues							$	1,001	$	971	3.1	%
Purchased Power and Fuel							$	425	$	399	6.5	%

Electric Service Territory				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	2,882	2,476	2,906	16.4	%	(0.8	)%
Cooling Degree-Days	1,425	1,228	1,199	16.0	%	18.8	%

Gas Service Territory				% Change
Heating Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	2,995	2,571	3,042	16.5	%	(1.5	)%

Number of Electric Customers	2018	2017	Number of Natural Gas Customers	2018	2017
Residential	463,017	458,790	Residential	123,145	121,238
Small Commercial & Industrial	61,277	60,542	Small Commercial & Industrial	9,798	9,683
Large Commercial & Industrial	1,400	1,406	Large Commercial & Industrial	19	17
Public Authorities & Electric Railroads	622	633	Transportation	154	155
Total	526,316	521,371	Total	133,116	131,093

(a) Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenue also reflects the cost of energy and transmission.

(b) Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c) Includes operating revenues from affiliates totaling $2 million for both three months ended September 30, 2018 and 2017 and $6 million for both nine months ended September 30, 2018 and 2017.

(d) Includes alternative revenue programs and late payment charges.

(e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.

(f) Includes revenues primarily from off-system sales.

35

EXELON CORPORATION

ACE Statistics

Three Months Ended September 30, 2018 and 2017

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2018	2017	% Change		Weather - Normal % Change		2018			2017		% Change
Rate-Regulated Deliveries and Sales(a)
Residential	1,548	1,349	14.8	%	6.2	%	$	240		$	211	13.7	%
Small Commercial & industrial	442	407	8.6	%	4.0	%	53			53		—	%
Large Commercial & industrial	1,030	939	9.7	%	6.7	%	48			49		(2.0	)%
Public Authorities & Electric Railroads	10	9	11.1	%	8.2	%	3			3		—	%
Other(b)	—	—	n/a		n/a		63			54		16.7	%
Total rate-regulated electric revenues(c)	3,030	2,704	12.1	%	6.0	%	407			370		10.0	%
Other Rate-Regulated Revenue(d)							(1		)	—		100.0	%
Total Electric Revenue							$	406		$	370	9.7	%
Purchased Power							$	198		$	176	12.5	%

				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	1	23	39	(95.7	)%	(97.4	)%
Cooling Degree-Days	1,093	830	817	31.7	%	33.8	%

Nine Months Ended September 30, 2018 and 2017

	Electric Deliveries (in GWhs)						Revenue (in millions)
	2018	2017	% Change		Weather - Normal % Change		2018			2017		% Change
Rate-Regulated Deliveries and Sales(a)
Residential	3,363	3,042	10.6	%	4.3	%	$	534		$	484	10.3	%
Small Commercial & industrial	1,066	992	7.5	%	4.3	%	128			129		(0.8	)%
Large Commercial & industrial	2,725	2,557	6.6	%	5.0	%	139			143		(2.8	)%
Public Authorities & Electric Railroads	36	33	9.1	%	8.2	%	10			10		—	%
Other(b)	—	—	n/a		n/a		174			140		24.3	%
Total rate-regulated electric revenues(c)	7,190	6,624	8.5	%	4.6	%	985			906		8.7	%
Other Rate-Regulated Revenue(d)							(4		)	9		(144.4	)%
Total Electric Revenue							$	981		$	915	7.2	%
Purchased Power							$	486		$	442	10.0	%

				% Change
Heating and Cooling Degree-Days	2018	2017	Normal	From 2017		From Normal
Heating Degree-Days	2,928	2,608	3,068	12.3	%	(4.6	)%
Cooling Degree-Days	1,447	1,153	1,110	25.5	%	30.4	%

Number of Electric Customers	2018	2017
Residential	489,961	486,212
Small Commercial & Industrial	61,141	60,982
Large Commercial & Industrial	3,569	3,726
Public Authorities & Electric Railroads	656	633
Total	555,327	551,553

(a) Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenue also reflects the cost of energy and transmission.

(b) Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c) Includes operating revenues from affiliates totaling $1 million and less than $1 million for the three months ended September 30, 2018 and 2017, respectively, and $2 million for both the nine months ended September 30, 2018 and 2017.

(d) Includes alternative revenue programs and late payment charges.

36