Exelon (EXC) 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

Contact:	Karie Anderson	FOR IMMEDIATE RELEASE
	Investor Relations
	312-394-4255
	Kathleen Cantillon
	Corporate Communications
	312-394-7417

Exelon Announces Fourth Quarter and Full Year 2009 Results;

Reaffirms 2010 Earnings Guidance

CHICAGO(January 22, 2010) – Exelon Corporation (Exelon) announced fourth quarter and full year 2009 consolidated earnings as follows:

Exelon Consolidated Earnings(unaudited)

	Full Year				Fourth Quarter
	2009		2008		2009		2008
GAAP Results:
Net Income ($ millions)	$	2,707	$	2,737	$	581	$	707
Diluted Earnings per Share	$	4.09	$	4.13	$	0.88	$	1.07
Adjusted (non-GAAP) Operating Results:
Net income ($ millions)	$	2,723	$	2,781	$	610	$	709
Diluted Earnings per Share	$	4.12	$	4.20	$	0.92	$	1.07

“Our full year 2009 operating earnings results were well within our original guidance range of $4.00 to $4.30 per share and topped the narrowed $4.00 to $4.10 per share range that we announced in late October,” said John W. Rowe, Exelon’s chairman and CEO. “Despite the impact of adverse economic, market and weather conditions, we achieved our financial and operating commitments, and for 2010, we are reaffirming our operating earnings guidance range of $3.60 to $4.00 per share. At the same time, we continue to improve our industry-leading environmental position and evaluate and pursue appropriate growth opportunities for the long term.”

Fourth Quarter Operating Results

The decrease in fourth quarter 2009 adjusted (non-GAAP) operating earnings to $0.92 per share from $1.07 per share in fourth quarter 2008 was primarily due to:

• Lower energy gross margins at Exelon Generation Company, LLC (Generation) largely reflecting lower nuclear volume due to a higher number of scheduled refueling outage days and unfavorable portfolio and market conditions;

1

• Reduced load at Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO), primarily driven by the impact of current economic conditions and unfavorable weather conditions; and

• Increased depreciation and amortization expense primarily related to the higher scheduled competitive transition charge (CTC) amortization at PECO and increased depreciation across the operating companies due to ongoing capital expenditures.

Lower fourth quarter 2009 earnings were partially offset by:

• Decreased operating and maintenance expense largely due to savings achieved through the ongoing cost management initiative and lower uncollectible accounts expense at PECO, which more than offset increased pension and other postretirement benefits (OPEB) expense.

Adjusted (non-GAAP) operating earnings for the fourth quarter of 2009 do not include the following items (after-tax) that were included in reported GAAP earnings:

	(in millions)			(per diluted share)
Costs associated with the retirement of certain Generation fossil generating units	$	(34	)	$	(0.05	)
Mark-to-market gains primarily from Generation’s economic hedging activities	$	26		$	0.04
Costs associated with the 2007 Illinois electric rate settlement agreement	$	(15	)	$	(0.02	)
Costs associated with early debt retirements	$	(15	)	$	(0.02	)
Unrealized gains related to nuclear decommissioning trust (NDT) fund investments	$	14		$	0.02
Charge associated with ComEd’s 2007 settlement agreement with the City of Chicago	$	(5	)	$	(0.01	)

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

	(in millions)			(per diluted share)
Mark-to-market gains primarily from Generation’s economic hedging activities	$	93		$	0.15
Unrealized losses related to NDT fund investments	$	(68	)	$	(0.10	)
Costs associated with the 2007 Illinois electric rate settlement agreement	$	(26	)	$	(0.04	)
Gain for the resolution of tax matters related to a previous investment in Sithe Energies, Inc. (Sithe) at Generation	$	21		$	0.03
Charge associated with ComEd’s 2007 settlement agreement with the City of Chicago	$	(11	)	$	(0.02	)
External costs related to Exelon’s proposed acquisition of NRG Energy, Inc.	$	(11	)	$	(0.02	)

2

2010 Earnings Outlook

Exelon reaffirms its guidance range for 2010 adjusted (non-GAAP) operating earnings of $3.60 to $4.00 per share. Operating earnings guidance is based on the assumption of normal weather.

The outlook for 2010 adjusted (non-GAAP) operating earnings for Exelon and its subsidiaries excludes the following items:

• Mark-to-market adjustments from economic hedging activities

• Unrealized gains and losses from NDT fund investments

• Significant impairments of assets, including goodwill

• Changes in decommissioning obligation estimates

• Costs associated with the 2007 Illinois electric rate settlement agreement

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

• Costs associated with the retirement of fossil generating units

• Other unusual items

• Significant future changes to GAAP

Fourth Quarter and Recent Highlights

• Retirement of the Cromby Station and Eddystone Units 1 and 2:On December 2, 2009, Exelon Power announced that it had notified PJM Interconnection, LLC (PJM) of its intention to permanently retire Units 1 and 2 at Cromby Generating Station, totaling 345 megawatts (MW), and Units 1 and 2 at Eddystone Generating Station, totaling 588 MW, effective May 31, 2011. Following these retirements, Eddystone Station will remain in service, operating six gas and peaking units capable of generating 820 MW. Cromby Station will close when its units permanently retire. In the notification to PJM, Exelon Power stated that the four units, all in suburban Philadelphia, are no longer economic to operate and are not required to meet demand for electricity in the region. Exelon continues to work with PJM to ensure system reliability will be maintained when the four units are retired.

• Nuclear Operations:Generation’s nuclear fleet, including its owned output from the Salem Generating Station, produced 33,609 gigawatt-hours (GWh) in the fourth quarter of 2009, compared with 34,887 GWh in the fourth quarter of 2008. The Exelon-operated nuclear plants achieved an 89.8 percent capacity factor for the fourth quarter of 2009 compared with 93.7 percent for the fourth quarter of 2008. The Exelon-operated nuclear plants completed four and began a fifth scheduled refueling outage in the fourth quarter of 2009, compared with completing four scheduled refueling outages in the fourth quarter of 2008. Three Mile Island (TMI) Unit 1 has been shut down since late October 2009 for an extended refueling outage which includes the replacement of steam generators. The steam generator replacement increased the number of refueling outage days in the fourth quarter of 2009, which totaled 136 days versus 80 days in the fourth quarter of 2008. The number of non-refueling outage days at the Exelon-operated plants totaled 23 days in the fourth quarter of 2009 compared with 22 days in the fourth quarter of 2008.

3

For the full year 2009, the Exelon-operated nuclear plants achieved an average capacity factor of 93.6 percent, as compared with 93.9 percent for 2008. The average annual capacity factor for the Exelon-operated plants during the five years ended 2009 was 93.9 percent.

• Fossil and Hydro Operations: Generation’s fossil fleet commercial availability was 90.2 percent in the fourth quarter of 2009, down slightly from 91.5 percent in the fourth quarter of 2008, driven by an outage at Handley Unit 5 from late July to early December. The equivalent availability factor for the hydroelectric facilities was 99.6 percent in the fourth quarter of 2009, compared with 98.9 percent in the fourth quarter of 2008.

For the full year 2009, Generation’s fossil fleet availability was 93.7 percent, compared with 89.1 percent for 2008. The equivalent availability factor for the hydroelectric facilities was 97.5 percent for the full year 2009, compared with 95.8 percent for 2008.

• Hedging Update: Exelon’s hedging program involves the hedging of commodity risk for Exelon’s expected generation, typically on a ratable basis over a three-year period. Expected generation represents the amount of energy estimated to be generated or purchased through owned or contracted-for capacity. The proportion of expected generation hedged as of December 31, 2009 is 91 to 94 percent for 2010, 69 to 72 percent for 2011 and 37 to 40 percent for 2012. The primary objective of Exelon’s hedging program is to manage market risks and protect the value of its generation and its investment grade balance sheet while preserving its ability to participate in improving long-term market fundamentals.

• TMI Unit 1 Nuclear Plant License Extension:On October 22, 2009, the Nuclear Regulatory Commission approved a 20-year operating license extension until April 19, 2034 for the TMI Unit 1 Generating Station. TMI Unit 1 began operating in 1974.

OPERATING COMPANY RESULTS

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

Fourth quarter 2009 net income was $425 million compared with $553 million in the fourth quarter of 2008. Fourth quarter 2009 net income included (all after-tax) costs of $34 million associated with the retirement of the fossil generating units, mark-to-market gains of $26 million from economic hedging activities before the elimination of intercompany transactions, unrealized gains of $14 million related to NDT fund investments, costs of $13 million associated with the 2007 Illinois electric rate settlement and costs of $9 million associated with early debt retirements. Fourth quarter 2008 net income included (all after-tax) mark-to-market gains of $93 million from economic hedging activities before the elimination of intercompany transactions, costs of $23 million associated with the 2007 Illinois electric rate settlement, income of $21 million associated with the resolution of tax matters related to a previous investment in Sithe and unrealized losses of $68 million related to NDT fund investments. Excluding the impact of these items, Generation’s net income in the fourth quarter of 2009 decreased $89 million compared with the same quarter last year primarily due to:

• Lower energy gross margins, largely due to unfavorable portfolio and market conditions, decreased nuclear output as a result of a higher number of refueling and non-refueling outage days, and higher nuclear fuel costs; and

• Higher operating and maintenance costs primarily related to increased pension and OPEB expense, partially offset by savings achieved through the cost management initiative.

4

Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $38.36 per MWh in the fourth quarter of 2009 compared with $38.28 per MWh in the fourth quarter of 2008.

ComEdconsists of the electricity transmission and distribution operations in northern Illinois.

ComEd recorded net income of $98 million in the fourth quarter of 2009, compared with net income of $91 million in the fourth quarter of 2008. Fourth quarter net income in 2009 included after-tax costs of $5 million for the City of Chicago settlement agreement and after-tax costs of $2 million associated with the 2007 Illinois electric rate settlement. Fourth quarter 2008 net income included after-tax costs of $11 million for the City of Chicago settlement agreement and after-tax costs of $3 million associated with the 2007 Illinois electric rate settlement. Excluding the impact of these items, ComEd’s net income in the fourth quarter of 2009 was approximately level with the same quarter last year and reflected:

• Lower operating and maintenance expense, primarily due to savings achieved through the cost management initiative, partially offset by increased pension and OPEB expense;

• Impact of income tax benefit recorded in 2008 associated with the tax method of capitalizing overhead costs; and

• Reduced load, primarily driven by the impact of current economic conditions and unfavorable weather conditions.

In the fourth quarter of 2009, heating degree-days in the ComEd service territory were down 7.8 percent relative to the same period in 2008 and were 0.6 percent below normal. ComEd’s total retail kilowatt-hour (kWh) deliveries decreased by 3.8 percent quarter over quarter, with declines in deliveries across all major customer classes, primarily driven by the impact of current economic and unfavorable weather conditions. In addition, the number of residential customers being served in the ComEd region decreased 0.5 percent from the fourth quarter of 2008.

Weather-normalized retail kWh deliveries decreased by 1.6 percent from the fourth quarter of 2008. For ComEd, weather had an unfavorable after-tax impact of $8 million on fourth quarter 2009 earnings relative to 2008 and an unfavorable after-tax impact of $3 million relative to normal weather that was incorporated in earnings guidance.

PECO consists of the electricity transmission and distribution operations and the retail natural gas distribution business in southeastern Pennsylvania.

PECO’s net income in the fourth quarter of 2009 was $78 million, down from $80 million in the fourth quarter of 2008. This decrease was primarily due to:

• Higher CTC amortization, which was in accordance with PECO’s 1998 restructuring settlement with the PAPUC. As expected, the increase in amortization expense exceeded the increase in CTC revenues; and

• Reduced load, primarily driven by the impact of current economic conditions and unfavorable weather conditions.

The decrease in net income was partially offset by:

• Higher gas distribution revenue, reflecting new rates effective January 1, 2009, resulting from the 2008 gas distribution rate case; and

• Lower uncollectible accounts expense.

5

In the fourth quarter of 2009, heating degree-days in the PECO service territory were down 5.5 percent from 2008 and were 4.1 percent below normal. Total retail kWh deliveries were down 2.3 percent from last year, reflecting a decline in deliveries across all customer classes, primarily driven by the impact of current economic and unfavorable weather conditions. The number of residential electric customers being served in the PECO region decreased 0.4 percent from the fourth quarter of 2008. On the retail gas side, deliveries in the fourth quarter of 2009 were down 7.7 percent from the fourth quarter of 2008.

Weather-normalized retail kWh deliveries decreased by 1.3 percent from the fourth quarter of 2008, primarily reflecting decreased small and large commercial and industrial deliveries. For PECO, weather had an unfavorable after-tax impact of $7 million on fourth quarter 2009 earnings relative to 2008 and an unfavorable after-tax impact of $6 million relative to normal weather that was incorporated in earnings guidance.

Adjusted (non-GAAP) Operating Earnings

Adjusted (non-GAAP) operating earnings, which generally exclude significant one-time charges or credits that are not normally associated with ongoing operations, mark-to-market adjustments from economic hedging activities and unrealized gains and losses from NDT fund investments, are provided as a supplement to results reported in accordance with GAAP. Management uses such adjusted (non-GAAP) operating earnings measures internally to evaluate the company’s performance and manage its operations. Reconciliation of GAAP to adjusted (non-GAAP) operating earnings for historical periods is attached. Additional earnings release attachments, which include the reconciliation on pages 7 and 8, are posted on Exelon’s Web site:www.exeloncorp.com and have been filed with the Securities and Exchange Commission on Form 8-K on January 22, 2010.

Conference call information: Exelon has scheduled a conference call for 11:00 AM ET (10:00 AM CT) on January 22, 2010. The call-in number in the U.S. and Canada is 800-690-3108, and the international call-in number is 973-935-8753. If requested, the conference ID number is 49405882. Media representatives are invited to participate on a listen-only basis. The call will be web-cast and archived on Exelon’s Web site:www.exeloncorp.com. (Please select the Investor Relations page.)

Telephone replays will be available until February 5. The U.S. and Canada call-in number for replays is 800-642-1687, and the international call-in number is 706-645-9291. The conference ID number is 49405882.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as those discussed in (1) Exelon’s 2008 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 18; (2) Exelon’s Third Quarter 2009 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 14 and (3) other factors discussed in filings with the Securities and Exchange Commission (SEC) by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company and Exelon Generation Company,

6

LLC (Companies). 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 Companies 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.

###

Exelon Corporation is one of the nation’s largest electric utilities with approximately 5.4 million customers and $17 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in Illinois and Pennsylvania and natural gas to approximately 485,000 customers in southeastern Pennsylvania. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.

7

EXELON CORPORATION

Earnings Release Attachments

Table of Contents

Consolidating Statements of Operations - Three Months Ended December 31, 2009 and 2008	1
Consolidating Statements of Operations - Twelve Months Ended December 31, 2009 and 2008	2
Business Segment Comparative Statements of Operations - Generation and ComEd - Three and Twelve Months Ended December 31, 2009 and 2008	3
Business Segment Comparative Statements of Operations - PECO and Other - Three and Twelve Months Ended December 31, 2009 and 2008	4
Consolidated Balance Sheets - December 31, 2009 and December 31, 2008	5
Consolidated Statements of Cash Flows - Twelve Months Ended December 31, 2009 and 2008	6
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Three Months Ended December 31, 2009 and 2008	7
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Twelve Months Ended December 31, 2009 and 2008	8
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Three Months Ended December 31, 2009 and 2008	9
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Twelve Months Ended December 31, 2009 and 2008	10
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Generation - Three and Twelve Months Ended December 31, 2009 and 2008	11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - ComEd - Three and Twelve Months Ended December 31, 2009 and 2008	12
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - PECO - Three and Twelve Months Ended December 31, 2009 and 2008	13
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Other - Three and Twelve Months Ended December 31, 2009 and 2008	14
Exelon Generation Statistics - Three Months Ended December 31, 2009, September 30, 2009, June 30, 2009, March 31, 2009 and December 31, 2008	15
Exelon Generation Statistics - Twelve Months Ended December 31, 2009 and 2008	16
ComEd Statistics - Three and Twelve Months Ended December 31, 2009 and 2008	17
PECO Statistics - Three and Twelve Months Ended December 31, 2009 and 2008	18

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Three Months Ended December 31, 2009
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,278		$	1,357		$	1,266		$	(785	)	$	4,116
Operating expenses
Purchased power		375			692			532			(784	)		815
Fuel		300			—			126			(1	)		425
Operating and maintenance		727			232			159			2			1,120
Operating and maintenance for regulatory required programs (a)		—			19			—			—			19
Depreciation and amortization		110			123			225			16			474
Taxes other than income		55			67			64			1			187
Total operating expenses		1,567			1,133			1,106			(766	)		3,040
Operating income (loss)		711			224			160			(19	)		1,076
Other income and deductions
Interest expense, net		(36	)		(78	)		(42	)		(20	)		(176	)
Equity in losses of unconsolidated affiliates and investments		—			—			(5	)		(1	)		(6	)
Other, net		50			11			5			(6	)		60
Total other income and deductions		14			(67	)		(42	)		(27	)		(122	)
Income (loss) before income taxes		725			157			118			(46	)		954
Income taxes		300			59			40			(26	)		373
Net income (loss)	$	425		$	98		$	78		$	(20	)	$	581
	Three Months Ended December 31, 2008
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,443		$	1,542		$	1,372		$	(864	)	$	4,493
Operating expenses
Purchased power		163			853			553			(865	)		704
Fuel		494			—			210			—			704
Operating and maintenance		694			268			174			19			1,155
Operating and maintenance for regulatory required programs (a)		—			11			—			—			11
Depreciation and amortization		72			121			200			12			405
Taxes other than income		44			72			61			4			181
Total operating expenses		1,467			1,325			1,198			(830	)		3,160
Operating income (loss)		976			217			174			(34	)		1,333
Other income and deductions
Interest expense, net		(28	)		(69	)		(55	)		(42	)		(194	)
Equity in losses of unconsolidated affiliates and investments		—			(2	)		(5	)		—			(7	)
Other, net		(177	)		6			5			15			(151	)
Total other income and deductions		(205	)		(65	)		(55	)		(27	)		(352	)
Income (loss) before income taxes		771			152			119			(61	)		981
Income taxes		239			61			39			(45	)		294
Income (loss) from continuing operations		532			91			80			(16	)		687
Income (loss) from discontinued operations		21			—			—			(1	)		20
Net income (loss)	$	553		$	91		$	80		$	(17	)	$	707

(a) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

1

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Twelve Months Ended December 31, 2009
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	9,703		$	5,774		$	5,311		$	(3,470	)	$	17,318
Operating expenses
Purchased power		1,338			3,065			2,274			(3,462	)		3,215
Fuel		1,594			—			472			—			2,066
Operating and maintenance		2,938			1,028			640			6			4,612
Operating and maintenance for regulatory required programs (a)		—			63			—			—			63
Depreciation and amortization		333			494			952			55			1,834
Taxes other than income		205			281			276			16			778
Total operating expenses		6,408			4,931			4,614			(3,385	)		12,568
Operating income (loss)		3,295			843			697			(85	)		4,750
Other income and deductions
Interest expense, net		(113	)		(319	)		(187	)		(112	)		(731	)
Equity in losses of unconsolidated affiliates and investments		(3	)		—			(24	)		—			(27	)
Other, net		376			79			13			(42	)		426
Total other income and deductions		260			(240	)		(198	)		(154	)		(332	)
Income (loss) before income taxes		3,555			603			499			(239	)		4,418
Income taxes		1,433			229			146			(96	)		1,712
Income (loss) from continuing operations		2,122			374			353			(143	)		2,706
Income from discontinued operations		—			—			—			1			1
Net income (loss)	$	2,122		$	374		$	353		$	(142	)	$	2,707
	Twelve Months Ended December 31, 2008
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	10,754		$	6,136		$	5,567		$	(3,598	)	$	18,859
Operating expenses
Purchased power		1,867			3,582			2,411			(3,590	)		4,270
Fuel		1,705			—			607			—			2,312
Operating and maintenance		2,717			1,097			731			(7	)		4,538
Operating and maintenance for regulatory required programs (a)		—			28			—			—			28
Depreciation and amortization		274			464			854			42			1,634
Taxes other than income		197			298			265			18			778
Total operating expenses		6,760			5,469			4,868			(3,537	)		13,560
Operating income (loss)		3,994			667			699			(61	)		5,299
Other income and deductions
Interest expense, net		(136	)		(348	)		(226	)		(122	)		(832	)
Equity in losses of unconsolidated affiliates and investments		(1	)		(8	)		(16	)		(1	)		(26	)
Other, net		(469	)		18			18			26			(407	)
Total other income and deductions		(606	)		(338	)		(224	)		(97	)		(1,265	)
Income (loss) from continuing operations before income taxes		3,388			329			475			(158	)		4,034
Income taxes		1,130			128			150			(91	)		1,317
Income (loss) from continuing operations		2,258			201			325			(67	)		2,717
Income from discontinued operations		20			—			—			—			20
Net income (loss)	$	2,278		$	201		$	325		$	(67	)	$	2,737

(a) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

2

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	Generation
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2009			2008			Variance			2009			2008			Variance
Operating revenues	$	2,278		$	2,443		$	(165	)	$	9,703		$	10,754		$	(1,051	)
Operating expenses
Purchased power		375			163			212			1,338			1,867			(529	)
Fuel		300			494			(194	)		1,594			1,705			(111	)
Operating and maintenance		727			694			33			2,938			2,717			221
Depreciation and amortization		110			72			38			333			274			59
Taxes other than income		55			44			11			205			197			8
Total operating expenses		1,567			1,467			100			6,408			6,760			(352	)
Operating income		711			976			(265	)		3,295			3,994			(699	)
Other income and deductions
Interest expense, net		(36	)		(28	)		(8	)		(113	)		(136	)		23
Equity in losses of investments		—			—			—			(3	)		(1	)		(2	)
Other, net		50			(177	)		227			376			(469	)		845
Total other income and deductions		14			(205	)		219			260			(606	)		866
Income from continuing operations before income taxes		725			771			(46	)		3,555			3,388			167
Income taxes		300			239			61			1,433			1,130			303
Income from continuing operations		425			532			(107	)		2,122			2,258			(136	)
Income from discontinued operations		—			21			(21	)		—			20			(20	)
Net income	$	425		$	553		$	(128	)	$	2,122		$	2,278		$	(156	)
	ComEd
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2009			2008			Variance			2009			2008			Variance
Operating revenues	$	1,357		$	1,542		$	(185	)	$	5,774		$	6,136		$	(362	)
Operating expenses
Purchased power		692			853			(161	)		3,065			3,582			(517	)
Operating and maintenance		232			268			(36	)		1,028			1,097			(69	)
Operating and maintenance for regulatory required programs (a)		19			11			8			63			28			35
Depreciation and amortization		123			121			2			494			464			30
Taxes other than income		67			72			(5	)		281			298			(17	)
Total operating expenses		1,133			1,325			(192	)		4,931			5,469			(538	)
Operating income		224			217			7			843			667			176
Other income and deductions
Interest expense, net		(78	)		(69	)		(9	)		(319	)		(348	)		29
Equity in losses of unconsolidated affiliates		—			(2	)		2			—			(8	)		8
Other, net		11			6			5			79			18			61
Total other income and deductions		(67	)		(65	)		(2	)		(240	)		(338	)		98
Income before income taxes		157			152			5			603			329			274
Income taxes		59			61			(2	)		229			128			101
Net income	$	98		$	91		$	7		$	374		$	201		$	173

(a) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

3

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	PECO
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2009			2008			Variance			2009			2008			Variance
Operating revenues	$	1,266		$	1,372		$	(106	)	$	5,311		$	5,567		$	(256	)
Operating expenses
Purchased power		532			553			(21	)		2,274			2,411			(137	)
Fuel		126			210			(84	)		472			607			(135	)
Operating and maintenance		159			174			(15	)		640			731			(91	)
Depreciation and amortization		225			200			25			952			854			98
Taxes other than income		64			61			3			276			265			11
Total operating expenses		1,106			1,198			(92	)		4,614			4,868			(254	)
Operating income		160			174			(14	)		697			699			(2	)
Other income and deductions
Interest expense, net		(42	)		(55	)		13			(187	)		(226	)		39
Equity in losses of unconsolidated affiliates		(5	)		(5	)		—			(24	)		(16	)		(8	)
Other, net		5			5			—			13			18			(5	)
Total other income and deductions		(42	)		(55	)		13			(198	)		(224	)		26
Income before income taxes		118			119			(1	)		499			475			24
Income taxes		40			39			1			146			150			(4	)
Net income	$	78		$	80		$	(2	)	$	353		$	325		$	28
	Other (a)
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2009			2008			Variance			2009			2008			Variance
Operating revenues	$	(785	)	$	(864	)	$	79		$	(3,470	)	$	(3,598	)	$	128
Operating expenses
Purchased power		(784	)		(865	)		81			(3,462	)		(3,590	)		128
Fuel		(1	)		—			(1	)		—			—			—
Operating and maintenance		2			19			(17	)		6			(7	)		13
Depreciation and amortization		16			12			4			55			42			13
Taxes other than income		1			4			(3	)		16			18			(2	)
Total operating expenses		(766	)		(830	)		64			(3,385	)		(3,537	)		152
Operating loss		(19	)		(34	)		15			(85	)		(61	)		(24	)
Other income and deductions
Interest expense, net		(20	)		(42	)		22			(112	)		(122	)		10
Equity in losses of unconsolidated affiliates and investments		(1	)		—			(1	)		—			(1	)		1
Other, net		(6	)		15			(21	)		(42	)		26			(68	)
Total other income and deductions		(27	)		(27	)		—			(154	)		(97	)		(57	)
Loss from continuing operations before income taxes		(46	)		(61	)		15			(239	)		(158	)		(81	)
Income taxes		(26	)		(45	)		19			(96	)		(91	)		(5	)
Loss from continuing operations		(20	)		(16	)		(4	)		(143	)		(67	)		(76	)
Income (loss) from discontinued operations		—			(1	)		1			1			—			1
Net loss	$	(20	)	$	(17	)	$	(3	)	$	(142	)	$	(67	)	$	(75	)

(a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities, including investments in synthetic fuel-producing facilities.

4

EXELON CORPORATION

Consolidated Balance Sheets

(unaudited)

(in millions)

	December 31, 2009			December 31, 2008
Current assets
Cash and cash equivalents	$	2,010		$	1,271
Restricted cash and investments		40			75
Accounts receivable, net
Customer		1,563			1,928
Other		486			324
Mark-to-market derivative assets		376			480
Inventories, net
Fossil fuel		198			315
Materials and supplies		559			528
Other		209			209
Total current assets		5,441			5,130
Property, plant and equipment, net		27,341			25,813
Deferred debits and other assets
Regulatory assets		4,872			5,940
Nuclear decommissioning trust (NDT) funds		6,669			5,500
Investments		724			715
Goodwill		2,625			2,625
Mark-to-market derivative assets		649			679
Other		859			1,144
Total deferred debits and other assets		16,398			16,603
Total assets	$	49,180		$	47,546
Liabilities and equity
Current liabilities
Short-term borrowings	$	155		$	211
Long-term debt due within one year		639			29
Long-term debt to PECO Energy Transition Trust due within one year		415			319
Accounts payable		1,345			1,416
Mark-to-market derivative liabilities		198			212
Accrued expenses		923			1,151
Deferred income taxes		152			77
Other		411			396
Total current liabilities		4,238			3,811
Long-term debt		10,995			11,397
Long-term debt to PECO Energy Transition Trust		—			805
Long-term debt to other financing trusts		390			390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		5,750			4,939
Asset retirement obligations		3,434			3,734
Pension obligations		3,625			4,111
Non-pension postretirement benefits obligations		2,180			2,255
Spent nuclear fuel obligation		1,017			1,015
Regulatory liabilities		3,492			2,520
Mark-to-market derivative liabilities		23			23
Other		1,309			1,412
Total deferred credits and other liabilities		20,830			20,009
Total liabilities		36,453			36,412
Preferred securities of subsidiary		87			87
Shareholders’ equity
Common stock		8,923			8,816
Treasury stock, at cost		(2,328	)		(2,338	)
Retained earnings		8,134			6,820
Accumulated other comprehensive loss, net		(2,089	)		(2,251	)
Total shareholders’ equity		12,640			11,047
Total liabilities and shareholders’ equity	$	49,180		$	47,546

5

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

		For the Years Ended December 31,
		2009			2008
Cash flows from operating activities
Net income		$	2,707		$	2,737
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel amortization			2,601			2,308
Impairment of long-lived assets			223			—
Deferred income taxes and amortization of investment tax credits			756			374
Net fair value changes related to derivatives			(95	)		(515	)
Net realized and unrealized (gains) losses on NDT fund investments			(207	)		363
Other non-cash operating activities			652			870
Changes in assets and liabilities:
Accounts receivable			234			67
Inventories			51			(109	)
Accounts payable, accrued expenses and other current liabilities			(254	)		(44	)
Option premiums (paid) received, net			(40	)		(124	)
Counterparty collateral received, net			196			1,027
Income taxes			(29	)		(38	)
Pension and non-pension postretirement benefit contributions			(588	)		(230	)
Other assets and liabilities			(113	)		(135	)
Net cash flows provided by operating activities			6,094			6,551
Cash flows from investing activities
Capital expenditures			(3,273	)		(3,117	)
Proceeds from NDT fund sales			22,905			17,202
Investment in NDT funds			(23,144	)		(17,487	)
Proceeds from sales of investments			41			—
Purchases of investments			(28	)		—
Change in restricted cash			35			29
Other investing activities			6			(5	)
Net cash flows used in investing activities			(3,458	)		(3,378	)
Cash flows from financing activities
Changes in short-term debt			(56	)		(405	)
Issuance of long-term debt			1,987			2,265
Retirement of long-term debt			(1,773	)		(1,398	)
Retirement of long-term debt to financing affiliates			(709	)		(1,038	)
Dividends paid on common stock			(1,385	)		(1,335	)
Proceeds from employee stock plans			42			130
Purchase of treasury stock			—			(436	)
Purchase of forward contract in relation to certain treasury stock			—			(64	)
Other financing activities			(3	)		68
Net cash flows used in financing activities			(1,897	)		(2,213	)
Increase in cash and cash equivalents			739			960
Cash and cash equivalents at beginning of period			1,271			311
Cash and cash equivalents at end of period	��	$	2,010		$	1,271

6

EXELON CORPORATION

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

(unaudited)

(in millions, except per share data)

	Three Months Ended December 31, 2009									Three Months Ended December 31, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	4,116		$	32	(c),(d)	$	4,148		$	4,493		$	56	(c),(d)	$	4,549
Operating expenses
Purchased power		815			(36	)(e)		779			704			204	(e)		908
Fuel		425			78	(e)		503			704			(50	)(e)		654
Operating and maintenance		1,120			(24	)(f)		1,096			1,155			(23	)(c),(i)		1,132
Operating and maintenance for regulatory required programs (b)		19			—			19			11			—			11
Depreciation and amortization		474			(32	)(f)		442			405			—			405
Taxes other than income		187			—			187			181			—			181
Total operating expenses		3,040			(14	)		3,026			3,160			131			3,291
Operating income		1,076			46			1,122			1,333			(75	)		1,258
Other income and deductions
Interest expense, net		(176	)		—			(176	)		(194	)		—			(194	)
Equity in losses of unconsolidated affiliates and investments		(6	)		—			(6	)		(7	)		—			(7	)
Other, net		60			(18	)(g),(h)		42			(151	)		189	(h)		38
Total other income and deductions		(122	)		(18	)		(140	)		(352	)		189			(163	)
Income before income taxes		954			28			982			981			114			1,095
Income taxes		373			(1	)(c),(d),(e),(f),(g),(h)		372			294			91	(c),(d),(e),(h),(i)		385
Income from continuing operations		581			29			610			687			23			710
Income (loss) from discontinued operations		—			—			—			20			(21	)(j)		(1	)
Net income	$	581		$	29		$	610		$	707		$	2		$	709
Effective tax rate		39.1	%					37.9	%		30.0	%					35.2	%
Earnings per average common share
Basic:
Income from continuing operations	$	0.88		$	0.04		$	0.92		$	1.04		$	0.03		$	1.07
Income from discontinued operations		—			—			—			0.03			(0.03	)		—
Net income	$	0.88		$	0.04		$	0.92		$	1.07		$	—		$	1.07
Diluted:
Income from continuing operations	$	0.88		$	0.04		$	0.92		$	1.04		$	0.03		$	1.07
Income from discontinued operations		—			—			—			0.03			(0.03	)		—
Net income	$	0.88		$	0.04		$	0.92		$	1.07		$	—		$	1.07
Average common shares outstanding
Basic		660						660			658						658
Diluted		662						662			661						661
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
2007 Illinois electric rate settlement (c)				$	0.02								$	0.04
City of Chicago settlement (d)					0.01									0.02
Mark-to-market impact of economic hedging activities (e)					(0.04	)								(0.15	)
Retirement of fossil generating units (f)					0.05									—
Costs associated with early debt retirements (g)					0.02									—
Unrealized gains and losses related to NDT fund investments (h)					(0.02	)								0.10
NRG acquisition costs (i)					—									0.02
Resolution of tax matters related to Sithe (j)					—									(0.03	)
Total adjustments				$	0.04								$	—

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

(b) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

(c) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

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

(e) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

(f) Adjustment to exclude costs associated with the planned retirement of fossil generating units.

(g) Adjustment to exclude 2009 costs associated with early debt retirements.

(h) Adjustment to exclude the unrealized gains in 2009 and unrealized losses in 2008 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.

(i) Adjustment to exclude external costs in 2008 associated with Exelon’s proposed acquisition of NRG Energy, Inc. (NRG), which was terminated in July 2009.

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

7

EXELON CORPORATION

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

(unaudited)

(in millions, except per share data)

	Twelve Months Ended December 31, 2009									Twelve Months Ended December 31, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	17,318		$	114	(c),(d)	$	17,432		$	18,859		$	245	(c),(d)	$	19,104
Operating expenses
Purchased power		3,215			94	(e)		3,309			4,270			414	(e)		4,684
Fuel		2,066			87	(e)		2,153			2,312			38	(e)		2,350
Operating and maintenance		4,612			(265	)(c),(f),(g),(h),(i),(j)		4,347			4,538			—	(c),(f),(i)		4,538
Operating and maintenance for regulatory required programs (b)		63			—			63			28			—			28
Depreciation and amortization		1,834			(32	)(j)		1,802			1,634			—			1,634
Taxes other than income		778			—			778			778			—			778
Total operating expenses		12,568			(116	)		12,452			13,560			452			14,012
Operating income		4,750			230			4,980			5,299			(207	)		5,092
Other income and deductions
Interest expense, net		(731	)		12	(k),(l)		(719	)		(832	)		—			(832	)
Equity in losses of unconsolidated affiliates and investments		(27	)		—			(27	)		(26	)		—			(26	)
Other, net		426			(324	)(k),(l),(m)		102			(407	)		524	(m)		117
Total other income and deductions		(332	)		(312	)		(644	)		(1,265	)		524			(741	)
Income from continuing operations before income taxes		4,418			(82	)		4,336			4,034			317			4,351
Income taxes		1,712			(98	)(c),(d),(e),(f),(g),(h),(i),(j),(k),(l),(m)		1,614			1,317			253	(c),(d),(e),(f),(i),(m)		1,570
Income from continuing operations		2,706			16			2,722			2,717			64			2,781
Income from discontinued operations		1			—			1			20			(20	)(n)		—
Net Income	$	2,707		$	16		$	2,723		$	2,737		$	44		$	2,781
Effective tax rate		38.8	%					37.2	%		32.6	%					36.1	%
Earnings per average common share
Basic:
Income from continuing operations	$	4.10		$	0.03		$	4.13		$	4.13		$	0.10		$	4.23
Income from discontinued operations		—			—			—			0.03			(0.03	)		—
Net income	$	4.10		$	0.03		$	4.13		$	4.16		$	0.07		$	4.23
Diluted:
Income from continuing operations	$	4.09		$	0.03		$	4.12		$	4.10		$	0.10		$	4.20
Income from discontinued operations		—			—			—			0.03			(0.03	)		—
Net income	$	4.09		$	0.03		$	4.12		$	4.13		$	0.07		$	4.20
Average common shares outstanding
Basic		659						659			658						658
Diluted		662						662			662						662
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
2007 Illinois electric rate settlement (c)				$	0.10								$	0.22
City of Chicago settlement (d)					0.01									0.02
Mark-to-market impact of economic hedging activities (e)					(0.16	)								(0.41	)
NRG acquisition costs (f)					0.03									0.02
Impairment of certain generating assets (g)					0.20									—
2009 restructuring charges (h)					0.03									—
Decommissioning obligation reduction (i)					(0.05	)								(0.02	)
Retirement of fossil generating units (j)					0.05									—
Non-cash income tax matters and state taxes (k)					(0.10	)								—
Costs associated with early debt retirements (l)					0.11									—
Unrealized gains and losses related to NDT fund investments (m)					(0.19	)								0.27
Resolution of tax matters related to Sithe (n)					—									(0.03	)
Total adjustments				$	0.03								$	0.07

(a) Results reported in accordance with GAAP.

(b) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

(c) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

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

(e) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

(f) Adjustment to exclude external costs associated with Exelon’s proposed acquisition of NRG, which was terminated in July 2009.

(g) Adjustment to exclude the impairment of certain of Generation’s Texas plants recorded during the first quarter of 2009.

(h) Adjustment to exclude 2009 restructuring charges.

(i) Adjustment to exclude the reduction in Generation’s decommissioning obligation.

(j) Adjustment to exclude costs associated with the planned retirement of fossil generating units.

(k) Adjustment to exclude 2009 remeasurements of income tax uncertainties and a change in state deferred income taxes.

(l) Adjustment to exclude 2009 costs associated with early debt retirements.

(m) Adjustment to exclude the unrealized gains in 2009 and unrealized losses in 2008 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.

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

8

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Earnings By Business Segment (in millions)

Three Months Ended December 31, 2009 and 2008

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exelon
2008 GAAP Earnings (Loss)	$	1.07		$	553		$	91		$	80		$	(17	)	$	707
2008 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		0.04			23			3			—			—			26
Mark-to-Market Impact of Economic Hedging Activities		(0.15	)		(93	)		—			—			—			(93	)
Unrealized Losses Related to NDT Fund Investments		0.10			68			—			—			—			68
City of Chicago Settlement with ComEd		0.02			—			11			—			—			11
Resolution of Tax Matters at Generation Related to Sithe		(0.03	)		(21	)		—			—			—			(21	)
NRG Acquisition Costs (1)		0.02			—			—			—			11			11
2008 Adjusted (non-GAAP) Operating Earnings (Loss)		1.07			530			105			80			(6	)		709
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market:
Nuclear Output (2)		(0.04	)		(23	)		—			—			—			(23	)
Nuclear Fuel Costs (3)		(0.02	)		(13	)		—			—			—			(13	)
Market and Portfolio Conditions (4)		(0.03	)		(18	)		—			—			—			(18	)
ComEd and PECO Margins:
Weather (5)		(0.02	)		—			(8	)		(7	)		—			(15	)
Other Energy Delivery (6)		(0.02	)		—			(17	)		6			—			(11	)
Operating and Maintenance Expense:
Bad Debt (7)		0.02			—			1			10			—			11
Labor, Contracting and Materials (8)		0.07			16			22			3			—			41
Other Operating and Maintenance (9)		(0.01	)		(14	)		3			(1	)		1			(11	)
Pension and Non-Pension Postretirement Benefits (10)		(0.04	)		(14	)		(7	)		(1	)		(3	)		(25	)
Depreciation and Amortization Expense (11)		(0.04	)		(4	)		(1	)		(17	)		(1	)		(23	)
Tax Method Change - Overhead Costs (12)		(0.02	)		—			(15	)		(3	)		4			(14	)
Income Taxes (13)		(0.04	)		(15	)		4			(1	)		(12	)		(24	)
Interest Expense (14)		0.02			(6	)		8			11			—			13
Other (15)		0.02			2			10			(2	)		3			13
2009 Adjusted (non-GAAP) Operating Earnings (Loss)		0.92			441			105			78			(14	)		610
2009 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		(0.02	)		(13	)		(2	)		—			—			(15	)
Mark-to-Market Impact of Economic Hedging Activities		0.04			26			—			—			—			26
Unrealized Gains Related to NDT Fund Investments		0.02			14			—			—			—			14
City of Chicago Settlement with ComEd		(0.01	)		—			(5	)		—			—			(5	)
Costs Associated with Early Debt Retirements		(0.02	)		(9	)		—			—			(6	)		(15	)
Retirement of Fossil Generating Units (16)		(0.05	)		(34	)		—			—			—			(34	)
2009 GAAP Earnings (Loss)	$	0.88		$	425		$	98		$	78		$	(20	)	$	581

(1) Reflects external costs incurred in 2008 associated with Exelon’s proposed acquisition of NRG, which was terminated in July 2009.

(2) Reflects the impact of increased planned and unplanned nuclear outage days in 2009, primarily due to steam generator replacement at Three Mile Island.

(3) Reflects the impact of higher nuclear fuel costs.

(4) Primarily reflects the impact of lower energy prices, partially offset by the impact of 2008 impairments of stored oil inventory.

(5) Primarily reflects the impact of unfavorable weather conditions in 2009 compared to 2008 in the ComEd and PECO service territories.

(6) For ComEd, primarily reflects lower transmission revenues and the impact of reduced load. For PECO, primarily reflects increased gas distribution rates effective January 2009, partially offset by the impact of reduced load.

(7) Reflects the impact of improved accounts receivable aging at PECO as a result of enhancements to its credit processes and increased termination and collection activities in late 2008 and 2009.

(8) Primarily reflects the impact of Exelon’s 2009 cost savings program, partially offset by inflation related to labor, contracting and materials expense.

(9) Primarily reflects the 2008 impact of a nuclear insurance credit at Generation, partially offset by the impact of Exelon’s 2009 cost savings program.

(10) Reflects increased pension and non-pension postretirement benefits expense primarily due to lower than expected asset returns in 2008.

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

(12) Reflects the impact of income tax benefits in 2008 associated with Exelon’s tax method of capitalizing overhead costs.

(13) Primarily reflects the 2008 impacts of benefits from state tax settlements and tax planning.

(14) Primarily reflects decreased interest expense due to lower outstanding debt at PECO.

(15) Primarily reflects decreased taxes other than income at ComEd.

(16) Reflects incremental accelerated depreciation, inventory write-downs and severance costs associated with the planned retirement of four fossil generating units in 2011.

9

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Earnings By Business Segment (in millions)

Twelve Months Ended December 31, 2009 and 2008

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exelon
2008 GAAP Earnings (Loss)	$	4.13		$	2,278		$	201		$	325		$	(67	)	$	2,737
2008 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		0.22			138			7			—			—			145
Mark-to-Market Impact of Economic Hedging Activities		(0.41	)		(272	)		—			—			—			(272	)
Unrealized Losses Related to NDT Fund Investments		0.27			184			—			—			—			184
Decommissioning Obligation Reduction (1)		(0.02	)		(15	)		—			—			—			(15	)
City of Chicago Settlement with ComEd		0.02			—			11			—			—			11
Resolution of Tax Matters at Generation Related to Sithe		(0.03	)		(20	)		—			—			—			(20	)
NRG Acquisition Costs (2)		0.02			—			—			—			11			11
2008 Adjusted (non-GAAP) Operating Earnings (Loss)		4.20			2,293			219			325			(56	)		2,781
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market:
Nuclear Output (3)		0.02			10			—			—			—			10
Nuclear Fuel Costs (4)		(0.07	)		(46	)		—			—			—			(46	)
Market and Portfolio Conditions (5)		(0.20	)		(128	)		—			—			—			(128	)
ComEd and PECO Margins:
Weather (6)		(0.06	)		—			(27	)		(15	)		—			(42	)
Other Energy Delivery (7)		0.19			—			97			26			—			123
Operating and Maintenance Expense:
Bad Debt (8)		0.11			14			(9	)		69			—			74
Labor, Contracting and Materials (9)		0.08			22			40			(7	)		—			55
Other Operating and Maintenance (10)		0.09			(2	)		36			11			11			56
Pension and Non-Pension Postretirement Benefits (11)		(0.15	)		(52	)		(31	)		(6	)		(9	)		(98	)
Planned Nuclear Refueling Outages (12)		0.03			17			—			—			—			17
Discrete Items Resulting From the Distribution Rate Case (13)		0.02			—			15			—			—			15
Depreciation and Amortization Expense (14)		(0.17	)		(17	)		(20	)		(69	)		(7	)		(113	)
Tax Method Change - Overhead Costs (15)		(0.03	)		6			(24	)		(7	)		5			(20	)
Income Taxes (16)		(0.07	)		(41	)		14			12			(30	)		(45	)
Interest Expense (17)		0.11			15			30			27			3			75
Other (18)		0.02			1			16			(12	)		4			9
2009 Adjusted (non-GAAP) Operating Earnings (Loss)		4.12			2,092			356			354			(79	)		2,723
2009 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		(0.10	)		(62	)		(4	)		—			—			(66	)
Mark-to-Market Impact of Economic Hedging Activities		0.16			110			—			—			—			110
Unrealized Gains Related to NDT Fund Investments		0.19			132			—			—			—			132
Decommissioning Obligation Reduction (1)		0.05			32			—			—			—			32
City of Chicago Settlement with ComEd		(0.01	)		—			(5	)		—			—			(5	)
NRG Acquisition Costs (2)		(0.03	)		—			—			—			(20	)		(20	)
Impairment of Certain Generating Assets (19)		(0.20	)		(135	)		—			—			—			(135	)
2009 Restructuring Charges (20)		(0.03	)		(7	)		(13	)		(1	)		(1	)		(22	)
Non-Cash Remeasurement of Income Tax Uncertainties and Reassessment of State Deferred Income Taxes (21)		0.10			38			40			—			(12	)		66
Costs Associated with Early Debt Retirements		(0.11	)		(44	)		—			—			(30	)		(74	)
Retirement of Fossil Generating Units (22)		(0.05	)		(34	)		—			—			—			(34	)
2009 GAAP Earnings (Loss)	$	4.09		$	2,122		$	374		$	353		$	(142	)	$	2,707

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

(2) Reflects external costs incurred associated with Exelon’s proposed acquisition of NRG, which was terminated in July 2009.

(3) Primarily reflects the impact of decreased planned and unplanned nuclear outage days in 2009.

(4) Reflects the impact of higher nuclear fuel costs.

(5) Primarily reflects the 2008 impacts of revenue from certain long options in Generation’s proprietary trading portfolio and gains related to the settlement of uranium supply agreements and the 2009 impact of lower energy prices, partially offset by the impact of 2008 impairments of stored oil inventory.

(6) Primarily reflects the impact of unfavorable weather conditions in 2009 compared to 2008 in the ComEd and PECO service territories.

(7) Primarily reflects increased distribution rates at ComEd effective September 2008, increased gas distribution rates at PECO effective January 2009 and the impact of a reduction in PECO’s 2008 distribution rates made to refund the 2007 Pennsylvania Public Utility Realty Tax Act tax settlement to customers (completely offset by increased taxes other than income as noted in number 18 below), partially offset by reduced load at ComEd and PECO.

(8) For Generation, reflects the impact of a reserve recorded in 2008 for counterparty exposure to Lehman Brothers Holdings, Inc. For ComEd, reflects an increase in uncollectible accounts, in part as a result of the current overall negative economic conditions, partially mitigated by ComEd’s increased collection activities in 2009. For PECO, reflects the impact of improved accounts receivable aging as a result of enhancements to its credit processes and increased termination and collection activities in late 2008 and 2009.

(9) Primarily reflects the impact of Exelon’s 2009 cost savings program, partially offset by inflation related to labor, contracting and materials expense (exclusive of planned nuclear refueling outages as disclosed in number 12 below).

(10) Primarily reflects the impact of decreased storm costs in 2009 in the ComEd and PECO service territories, decreased nuclear refueling outage costs related to Generation’s ownership interest in Salem and the impact of Exelon’s 2009 cost savings program, partially offset by the 2008 impact of a nuclear insurance credit at Generation.

(11) Reflects increased pension and non-pension postretirement benefits expense primarily due to lower than expected asset returns in 2008.

(12) Reflects fewer planned nuclear refueling outages, excluding Salem, despite increased outage days for steam generator replacement at Three Mile Island.

(13) Reflects the 2008 impact of discrete disallowances, net of allowed regulatory assets, mandated by the September 2008 ICC rate order.

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

(15) Reflects the impact of income tax benefits in 2008 associated with Exelon’s tax method of capitalizing overhead costs.

(16) Primarily reflects the 2008 impact of benefits from state tax settlements and a decrease in Generation’s manufacturing deduction in 2009, partially offset by a decrease in PECO’s 2009 state income tax expense due to higher deductible interest expense.

(17) Primarily reflects decreased interest expense due to lower outstanding debt at ComEd, PECO and Exelon Corporate and lower interest rates on Generation’s spent nuclear fuel obligation.

(18) For ComEd, primarily reflects decreased taxes other than income. For PECO, primarily reflects increased taxes other than income (completely offset by increased revenues as noted in number 7 above), partially offset by a decrease in gross receipts tax expense due to a rate reduction.

(19) Reflects the impairment of certain of Generation’s Texas plants recorded during the first quarter of 2009.

(20) Reflects severance expense associated with the elimination of management and staff positions pursuant to Exelon’s 2009 cost savings program.

(21) Reflects the impacts of the 2009 remeasurement of tax uncertainties related to ComEd’s 1999 sale of fossil generating assets and a change in state deferred tax rates resulting from a reassessment of anticipated apportionment of Exelon’s income.

(22) Reflects incremental accelerated depreciation, inventory write-downs and severance costs associated with the planned retirement of four fossil generating units in 2011.

10

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	Generation
	Three Months Ended December 31, 2009									Three Months Ended December 31, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	2,278		$	20	(b)	$	2,298		$	2,443		$	37	(b)	$	2,480
Operating expenses
Purchased power		375			(36	)(c)		339			163			204	(c)		367
Fuel		300			78	(c)		378			494			(50	)(c)		444
Operating and maintenance		727			(24	)(d)		703			694			—			694
Depreciation and amortization		110			(32	)(d)		78			72			—			72
Taxes other than income		55			—			55			44			—			44
Total operating expenses		1,567			(14	)		1,553			1,467			154			1,621
Operating income		711			34			745			976			(117	)		859
Other income and deductions
Interest expense, net		(36	)		—			(36	)		(28	)		—			(28	)
Equity in losses of investments		—			—			—			—			—			—
Other, net		50			(28	)(e),(f)		22			(177	)		189	(f)		12
Total other income and deductions		14			(28	)		(14	)		(205	)		189			(16	)
Income from continuing operations before income taxes		725			6			731			771			72			843
Income taxes		300			(10	)(b),(c),(d),(e),(f)		290			239			74	(b),(c),(f)		313
Income from continuing operations		425			16			441			532			(2	)		530
Income from discontinued operations		—			—			—			21			(21	)(g)		—
Net Income	$	425		$	16		$	441		$	553		$	(23	)	$	530
	Twelve Months Ended December 31, 2009									Twelve Months Ended December 31, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	9,703		$	98	(b)	$	9,801		$	10,754		$	221	(b)	$	10,975
Operating expenses
Purchased power		1,338			94	(c)		1,432			1,867			414	(c)		2,281
Fuel		1,594			87	(c)		1,681			1,705			38	(c)		1,743
Operating and maintenance		2,938			(207	)(d),(h),(i),(j)		2,731			2,717			25	(j)		2,742
Depreciation and amortization		333			(32	)(d)		301			274			—			274
Taxes other than income		205			—			205			197			—			197
Total operating expenses		6,408			(58	)		6,350			6,760			477			7,237
Operating income		3,295			156			3,451			3,994			(256	)		3,738
Other income and deductions
Interest expense, net		(113	)		2	(e)		(111	)		(136	)		—			(136	)
Equity in losses of investments		(3	)		—			(3	)		(1	)		—			(1	)
Other, net		376			(320	)(e),(f),(j)		56			(469	)		524	(f)		55
Total other income and deductions		260			(318	)		(58	)		(606	)		524			(82	)
Income from continuing operations before income taxes		3,555			(162	)		3,393			3,388			268			3,656
Income taxes		1,433			(132	)(b),(c),(d),(e),(f),(h),(i),(j),(k)		1,301			1,130			233	(b),(c),(f),(j)		1,363
Income from continuing operations		2,122			(30	)		2,092			2,258			35			2,293
Income from discontinued operations		—			—			—			20			(20	)(g)		—
Net income	$	2,122		$	(30	)	$	2,092		$	2,278		$	15		$	2,293

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

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

(d) Adjustment to exclude costs associated with the planned retirement of fossil generating units.

(e) Adjustment to exclude 2009 costs associated with early debt retirements.

(f) Adjustment to exclude the unrealized gains in 2009 and unrealized losses in 2008 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.

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

(h) Adjustment to exclude the impairment of certain of Generation’s Texas plants recorded during the first quarter of 2009.

(i) Adjustment to exclude 2009 restructuring charges.

(j) Adjustment to exclude the reduction in Generation’s decommissioning obligation.

(k) Adjustment to exclude a change in state deferred income taxes.

11

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	ComEd
	Three Months Ended December 31, 2009									Three Months Ended December 31, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	1,357		$	12	(c),(d)	$	1,369		$	1,542		$	19	(c),(d)	$	1,561
Operating expenses
Purchased power		692			—			692			853			—			853
Operating and maintenance		232			—			232			268			(4	)(c)		264
Operating and maintenance for regulatory required programs (b)		19			—			19			11			—			11
Depreciation and amortization		123			—			123			121			—			121
Taxes other than income		67			—			67			72			—			72
Total operating expenses		1,133			—			1,133			1,325			(4	)		1,321
Operating income		224			12			236			217			23			240
Other income and deductions
Interest expense, net		(78	)		—			(78	)		(69	)		—			(69	)
Equity in losses of unconsolidated affiliates		—			—			—			(2	)		—			(2	)
Other, net		11			—			11			6			—			6
Total other income and deductions		(67	)		—			(67	)		(65	)		—			(65	)
Income before income taxes		157			12			169			152			23			175
Income taxes		59			5	(c),(d)		64			61			9	(c),(d)		70
Net income	$	98		$	7		$	105		$	91		$	14		$	105
	Twelve Months Ended December 31, 2009									Twelve Months Ended December 31, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	5,774		$	16	(c),(d)	$	5,790		$	6,136		$	24	(c),(d)	$	6,160
Operating expenses
Purchased power		3,065			—			3,065			3,582			—			3,582
Operating and maintenance		1,028			(20	)(c),(e)		1,008			1,097			(7	)(c)		1,090
Operating and maintenance for regulatory required programs (b)		63			—			63			28						28
Depreciation and amortization		494			—			494			464			—			464
Taxes other than income		281			—			281			298			—			298
Total operating expenses		4,931			(20	)		4,911			5,469			(7	)		5,462
Operating income		843			36			879			667			31			698
Other income and deductions
Interest expense, net		(319	)		(6	)(f)		(325	)		(348	)		—			(348	)
Equity in losses of unconsolidated affiliates		—			—			—			(8	)		—			(8	)
Other, net		79			(60	)(f)		19			18			—			18
Total other income and deductions		(240	)		(66	)		(306	)		(338	)		—			(338	)
Income before income taxes		603			(30	)		573			329			31			360
Income taxes		229			(12	)(c),(d),(e),(f)		217			128			13	(c),(d)		141
Net income	$	374		$	(18	)	$	356		$	201		$	18		$	219

(a) Results reported in accordance with GAAP.

(b) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

(c) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

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

(e) Adjustment to exclude 2009 restructuring charges.

(f) Adjustment to exclude 2009 remeasurements of income tax uncertainties.

12

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	PECO
	Three Months Ended December 31, 2009									Three Months Ended December 31, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments		Adjusted Non-GAAP
Operating revenues	$	1,266		$	—		$	1,266		$	1,372		$	—	$	1,372
Operating expenses
Purchased power		532			—			532			553			—		553
Fuel		126			—			126			210			—		210
Operating and maintenance		159			—			159			174			—		174
Depreciation and amortization		225			—			225			200			—		200
Taxes other than income		64			—			64			61			—		61
Total operating expenses		1,106			—			1,106			1,198			—		1,198
Operating income		160			—			160			174			—		174
Other income and deductions
Interest expense, net		(42	)		—			(42	)		(55	)		—		(55	)
Equity in losses of unconsolidated affiliates		(5	)		—			(5	)		(5	)		—		(5	)
Other, net		5			—			5			5			—		5
Total other income and deductions		(42	)		—			(42	)		(55	)		—		(55	)
Income before income taxes		118			—			118			119			—		119
Income taxes		40			—			40			39			—		39
Net income	$	78		$	—		$	78		$	80		$	—	$	80
	Twelve Months Ended December 31, 2009									Twelve Months Ended December 31, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments		Adjusted Non-GAAP
Operating revenues	$	5,311		$	—		$	5,311		$	5,567		$	—	$	5,567
Operating expenses
Purchased power		2,274			—			2,274			2,411			—		2,411
Fuel		472			—			472			607					607
Operating and maintenance		640			(3	)(b)		637			731			—		731
Depreciation and amortization		952			—			952			854			—		854
Taxes other than income		276			—			276			265			—		265
Total operating expenses		4,614			(3	)		4,611			4,868			—		4,868
Operating income		697			3			700			699			—		699
Other income and deductions
Interest expense, net		(187	)		—			(187	)		(226	)		—		(226	)
Equity in losses of unconsolidated affiliates		(24	)		—			(24	)		(16	)		—		(16	)
Other, net		13			—			13			18			—		18
Total other income and deductions		(198	)		—			(198	)		(224	)		—		(224	)
Income before income taxes		499			3			502			475			—		475
Income taxes		146			2	(b)		148			150			—		150
Net income	$	353		$	1		$	354		$	325		$	—	$	325

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude 2009 restructuring charges.

13

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

		Other
	Three Months Ended December 31, 2009									Three Months Ended December 31, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	(785	)	$	—		$	(785	)	$	(864	)	$	—		$	(864	)
Operating expenses
Purchased power		(784	)		—			(784	)		(865	)		—			(865	)
Fuel		(1	)		—			(1	)		—			—			—
Operating and maintenance		2			—			2			19			(18	)(c)		1
Depreciation and amortization		16			—			16			12			—			12
Taxes other than income		1			—			1			4			—			4
Total operating expenses		(766	)		—			(766	)		(830	)		(18	)		(848	)
Operating loss		(19	)		—			(19	)		(34	)		18			(16	)
Other income and deductions
Interest expense, net		(20	)		—			(20	)		(42	)		—			(42	)
Equity in losses of unconsolidated affiliates and investments		(1	)		—			(1	)		—			—			—
Other, net		(6	)		10	(b)		4			15			—			15
Total other income and deductions		(27	)		10			(17	)		(27	)		—			(27	)
Loss before income taxes		(46	)		10			(36	)		(61	)		18			(43	)
Income taxes		(26	)		4	(b)		(22	)		(45	)		7	(d)		(38	)
Income (loss) from continuing operations		(20	)		6			(14	)		(16	)		11			(5	)
Loss from discontinued operations		—			—			—			(1	)		—			(1	)
Net loss	$	(20	)	$	6		$	(14	)	$	(17	)	$	11		$	(6	)

	Twelve Months Ended December 31, 2009									Twelve Months Ended December 31, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	(3,470	)	$	—		$	(3,470	)	$	(3,598	)	$	—		$	(3,598	)
Operating expenses
Purchased power		(3,462	)		—			(3,462	)		(3,590	)		—			(3,590	)
Fuel		—			—			—			—			—			—
Operating and maintenance		6			(35	)(c),(d)		(29	)		(7	)		(18	)(c)		(25	)
Depreciation and amortization		55			—			55			42			—			42
Taxes other than income		16			—			16			18			—			18
Total operating expenses		(3,385	)		(35	)		(3,420	)		(3,537	)		(18	)		(3,555	)
Operating loss		(85	)		35			(50	)		(61	)		18			(43	)
Other income and deductions
Interest expense, net		(112	)		16	(b),(e)		(96	)		(122	)		—			(122	)
Equity in losses of unconsolidated affiliates and investments		—			—			—			(1	)		—			(1	)
Other, net		(42	)		56	(b),(e)		14			26			—			26
Total other income and deductions		(154	)		72			(82	)		(97	)		—			(97	)
Loss before income taxes		(239	)		107			(132	)		(158	)		18			(140	)
Income taxes		(96	)		44	(b),(c),(d),(e),(f)		(52	)		(91	)		7	(c)		(84	)
Loss from continuing operations		(143	)		63			(80	)		(67	)		11			(56	)
Income from discontinued operations		1			—			1			—			—			—
Net loss	$	(142	)	$	63		$	(79	)	$	(67	)	$	11		$	(56	)

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude 2009 costs associated with early debt retirements.

(c) Adjustment to exclude external costs associated with Exelon’s proposed acquisition of NRG, which was terminated in July 2009.

(d) Adjustment to exclude 2009 restructuring charges.

(e) Adjustment to exclude 2009 remeasurements of income tax uncertainties.

(f) Adjustment to exclude a change in state deferred income taxes.

14

EXELON CORPORATION

Exelon Generation Statistics

	Three Months Ended
	Dec. 31, 2009		Sept. 30, 2009		Jun. 30, 2009		Mar. 31, 2009		Dec. 31, 2008
Supply (in GWhs)
Nuclear		33,609		35,684		34,995		35,382		34,887
Purchased Power		5,184		6,669		5,276		6,077		6,100
Fossil and Hydro		2,034		2,689		2,701		2,765		2,162
Power Team Supply		40,827		45,042		42,972		44,224		43,149
	Three Months Ended
	Dec. 31, 2009		Sept. 30, 2009		Jun. 30, 2009		Mar. 31, 2009		Dec. 31, 2008
Electric Sales (in GWhs)
ComEd (a)		3,439		3,639		4,215		5,537		5,261
PECO (a)		9,588		10,809		9,277		10,223		9,760
Market and Retail (a)		27,800		30,594		29,480		28,464		28,128
Total Electric Sales (b) (c)		40,827		45,042		42,972		44,224		43,149
Average Margin ($/MWh)
Average Realized Revenue
ComEd (a)	$	63.39	$	64.03	$	63.58	$	63.21	$	63.30
PECO (a)		48.60		51.35		51.74		49.30		49.28
Market and Retail (a)		54.96		52.99		54.27		57.12		54.18
Total Electric Sales		54.18		53.48		54.64		56.08		54.18
Average Purchased Power and Fuel Cost (d)	$	15.82	$	17.16	$	15.68	$	16.82	$	15.90
Average Margin (d)	$	38.36	$	36.32	$	38.96	$	39.25	$	38.28
Around-the-clock Market Prices ($/MWh)(e)
PJM West Hub	$	37.31	$	33.20	$	33.70	$	49.18	$	52.62
NiHub		29.61		25.69		26.11		34.09		38.06

(a) $88 million, $104 million, $69 million, $31 million and $20 million of pre-tax revenue resulting from the settlement of the ComEd swap starting in June 2008, have been excluded from ComEd and included in Market and Retail sales for the quarters ended December 31, 2009, September 30, 2009, June 30, 2009, March 31, 2009 and December 31, 2008, respectively. Additionally, $12 million (411 GWhs), $11 million (397 GWhs), $7 million (209 GWhs), $58 million (898 GWhs) and $29 million (486 GWhs) of pre-tax revenue, resulting from sales to ComEd under the RFP, which started in September 2008, have been excluded from ComEd and included in Market and Retail sales for the quarters ended December 31, 2009, September 30, 2009, June 30, 2009, March 31, 2009 and December 31, 2008, respectively. In addition, renewable energy credits sales to affiliates have been included within Market and Retail Sales.

(b) Excludes retail gas activity, trading portfolio and other operating revenue.

(c) Total sales do not include trading volume of 1,599 GWhs, 1,645 GWhs, 2,003 GWhs, 2,331 GWhs and 2,153 GWhs for the three months ended December 31, 2009, September 30, 2009, June 30, 2009, March 31, 2009 and December 31, 2008, respectively.

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

(e) Represents the average for the quarter.

15

EXELON CORPORATION

Exelon Generation Statistics

Twelve Months Ended December 31, 2009 and 2008

	December 31, 2009		December 31, 2008
Supply (in GWhs)
Nuclear		139,670		139,342
Purchased Power		23,206		26,263
Fossil and Hydro		10,189		10,569
Power Team Supply		173,065		176,174
	December 31, 2009		December 31, 2008
Electric Sales (in GWhs)
ComEd (a)		16,830		23,200
PECO (a)		39,897		40,966
Market and Retail (a)		116,338		112,008
Total Electric Sales (b) (c)		173,065		176,174
Average Margin ($/MWh)
Average Realized Revenue
ComEd (a)	$	63.52	$	63.71
PECO (a)		50.25		50.85
Market and Retail (a)		54.79		59.99
Total Electric Sales		54.59		58.35
Average Purchased Power and Fuel Cost (d)	$	16.39	$	19.87
Average Margin (d)	$	38.20	$	38.48
Around-the-clock Market Prices ($/MWh)(e)
PJM West Hub	$	38.30	$	68.52
NiHub		28.85		49.00

(a) $292 million of pre-tax revenue, and $2 million of a pre-tax reduction in revenue, resulting from the settlement of the ComEd swap starting in June 2008, have been excluded from ComEd and included in Market and Retail sales for the twelve months ended December 31, 2009 and December 31, 2008, respectively. Additionally, $88 million (1,916 GWhs) and $29 million (486 GWhs) of pre-tax revenue, resulting from sales to ComEd under the RFP, which started in September 2008, have been excluded from ComEd and included in Market and Retail sales for the twelve months ended December 31, 2009 and December 31, 2008, respectively. In addition, renewable energy credits sales to affiliates have been included within Market and Retail Sales.

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

(c) Total sales do not include trading volume of 7,578 GWhs and 8,891 GWhs for the twelve months ended December 31, 2009 and December 31, 2008, respectively.

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

(e) Represents the average for the year.

16

EXELON CORPORATION

ComEd Statistics

Three Months Ended December 31, 2009 and 2008

	Electric Deliveries (in GWhs)				Revenue (in millions)
	2009	2008	% Change		2009		2008		% Change
Full Service(a)
Residential	6,541	6,868	(4.8	)%	$	741	$	839	(11.7	)%
Small Commercial & Industrial	3,188	3,545	(10.1	)%		297		373	(20.4	)%
Large Commercial & Industrial	292	242	20.7	%		17		18	(5.6	)%
Public Authorities & Electric Railroads	116	97	19.6	%		12		12	0.0	%
Total Full Service	10,137	10,752	(5.7	)%		1,067		1,242	(14.1	)%
Delivery Only(b)
Residential (c)	—	—	n.m.			—		—	n.m.
Small Commercial & Industrial	4,709	4,521	4.2	%		81		78	3.8	%
Large Commercial & Industrial	6,213	6,630	(6.3	)%		76		80	(5.0	)%
Public Authorities & Electric Railroads	213	213	0.0	%		3		4	(25.0	)%
Total Delivery Only	11,135	11,364	(2.0	)%		160		162	(1.2	)%
Total Retail	21,272	22,116	(3.8	)%		1,227		1,404	(12.6	)%
Other Revenue(d)						130		138	(5.8	)%
Total Revenues					$	1,357	$	1,542	(12.0	)%
Purchased Power					$	692	$	853	(18.9	)%
Heating and Cooling Degree-Days(e)	2009	2008	Normal
Heating Degree-Days	2,264	2,455	2,278
Cooling Degree-Days	—	10	7

(a) Reflects deliveries to customers purchasing electricity from ComEd.

(b) Reflects customers electing to purchase electricity from an alternative electric generation supplier.

(c) There were a minimal number of residential customers being served by alternative electric generation suppliers with total revenue of less than $1 million.

(d) Other revenue primarily includes transmission revenue from PJM Interconnection, LLC (PJM). Other items include late payment charges and mutual assistance program revenues.

(e) Reflects the impact of the leap year day in 2008.

n.m. Not meaningful.

Twelve Months Ended December 31, 2009 and 2008

	Electric Deliveries (in GWhs)				Revenue (in millions)
	2009	2008	% Change		2009		2008		% Change
Full Service(a)
Residential	26,619	28,389	(6.2	)%	$	3,115	$	3,284	(5.1	)%
Small Commercial & Industrial	13,633	14,937	(8.7	)%		1,335		1,542	(13.4	)%
Large Commercial & Industrial	1,216	1,045	16.4	%		73		90	(18.9	)%
Public Authorities & Electric Railroads	421	578	(27.2	)%		44		52	(15.4	)%
Total Full Service	41,889	44,949	(6.8	)%		4,567		4,968	(8.1	)%
Delivery Only(b)
Residential	2	—	n.m.			—		—	n.m.
Small Commercial & Industrial	18,601	18,550	0.3	%		325		289	12.5	%
Large Commercial & Industrial	25,452	27,764	(8.3	)%		314		295	6.4	%
Public Authorities & Electric Railroads	816	636	28.3	%		13		7	85.7	%
Total Delivery Only	44,871	46,950	(4.4	)%		652		591	10.3	%
Total Retail	86,760	91,899	(5.6	)%		5,219		5,559	(6.1	)%
Other Revenue(c)						555		577	(3.8	)%
Total Revenues					$	5,774	$	6,136	(5.9	)%
Purchased Power					$	3,065	$	3,582	(14.4	)%
Heating and Cooling Degree-Days(d)	2009	2008	Normal
Heating Degree-Days	6,429	6,680	6,362
Cooling Degree-Days	589	828	855

(a) Reflects deliveries to customers purchasing electricity from ComEd.

(b) Reflects customers electing to purchase electricity from an alternative electric generation supplier.

(c) Other revenue primarily includes transmission revenue from PJM. Other items include late payment charges and mutual assistance program revenues.

(d) Reflects the impact of the leap year day in 2008.

n.m. Not meaningful.

17

EXELON CORPORATION

PECO Statistics

Three Months Ended December 31, 2009 and 2008

	Electric and Gas Deliveries				Revenue (in millions)
	2009	2008	% Change		2009		2008		% Change
Electric (in GWhs)
Full Service(a)
Residential	3,083	3,136	(1.7	)%	$	429	$	430	(0.2	)%
Small Commercial & Industrial	1,889	1,953	(3.3	)%		228		235	(3.0	)%
Large Commercial & Industrial	3,871	3,954	(2.1	)%		312		332	(6.0	)%
Public Authorities & Electric Railroads	228	229	(0.4	)%		22		22	0.0	%
Total Full Service	9,071	9,272	(2.2	)%		991		1,019	(2.7	)%
Delivery Only(b)
Residential	5	6	(16.7	)%		—		—	n.m.
Small Commercial & Industrial	76	98	(22.4	)%		4		5	(20.0	)%
Large Commercial & Industrial	7	1	600.0	%		—		—	n.m.
Total Delivery Only	88	105	(16.2	)%		4		5	(20.0	)%
Total Electric Retail	9,159	9,377	(2.3	)%		995		1,024	(2.8	)%
Other Revenue(c)						59		70	(15.7	)%
Total Electric Revenue						1,054		1,094	(3.7	)%
Gas (in mmcfs)
Retail Sales	17,659	19,131	(7.7	)%		202		272	(25.7	)%
Transportation and Other	7,078	6,818	3.8	%		10		6	66.7	%
Total Gas	24,737	25,949	(4.7	)%		212		278	(23.7	)%
Total Electric and Gas Revenues					$	1,266	$	1,372	(7.7	)%
Purchased Power					$	532	$	553	(3.8	)%
Fuel						126		210	(40.0	)%
Total Purchased Power and Fuel					$	658	$	763	(13.8	)%
Heating and Cooling Degree-Days	2009	2008	Normal
Heating Degree-Days	1,567	1,659	1,634
Cooling Degree-Days	10	19	21

Twelve Months Ended December 31, 2009 and 2008

	Electric and Gas Deliveries				Revenue (in millions)
	2009	2008	% Change		2009		2008		% Change
Electric (in GWhs)
Full Service(a)
Residential	12,871	13,287	(3.1	)%	$	1,857	$	1,916	(3.1	)%
Small Commercial & Industrial	8,044	8,211	(2.0	)%		1,015		1,028	(1.3	)%
Large Commercial & Industrial	15,832	16,474	(3.9	)%		1,307		1,406	(7.0	)%
Public Authorities & Electric Railroads	930	909	2.3	%		90		87	3.4	%
Total Full Service	37,677	38,881	(3.1	)%		4,269		4,437	(3.8	)%
Delivery Only(b)
Residential	22	30	(26.7	)%		2		2	0.0	%
Small Commercial & Industrial	353	469	(24.7	)%		19		25	(24.0	)%
Large Commercial & Industrial	16	3	433.3	%		—		—	n.m.
Total Delivery Only	391	502	(22.1	)%		21		27	(22.2	)%
Total Electric Retail	38,068	39,383	(3.3	)%		4,290		4,464	(3.9	)%
Other Revenue(c)						259		282	(8.2	)%
Total Electric Revenue						4,549		4,746	(4.2	)%
Gas (in mmcfs)
Retail Sales	57,103	56,110	1.8	%		732		795	(7.9	)%
Transportation and Other	27,206	27,624	(1.5	)%		30		26	15.4	%
Total Gas	84,309	83,734	0.7	%		762		821	(7.2	)%
Total Electric and Gas Revenues					$	5,311	$	5,567	(4.6	)%
Purchased Power					$	2,274	$	2,411	(5.7	)%
Fuel						472		607	(22.2	)%
Total Purchased Power and Fuel					$	2,746	$	3,018	(9.0	)%
Heating and Cooling Degree-Days(d)	2009	2008	Normal
Heating Degree-Days	4,534	4,403	4,638
Cooling Degree-Days	1,246	1,354	1,292

(a) Full service reflects deliveries to customers purchasing electricity directly from PECO. Revenue reflects the cost of energy, the cost of the transmission and the distribution of the energy and a CTC.

(b) Delivery only service reflects deliveries to customers electing to receive electric generation service from a competitive electric generation supplier. Revenue reflects a distribution charge and a CTC.

(c) Other revenue includes transmission revenue from PJM, wholesale revenue and other wholesale energy sales.

(d) Reflects the impact of the leap year day in 2008.

n.m. Not meaningful.

18