Pepco 8-K Other Events

Exhibit 99.4

Computation of Ratio of Earnings to Fixed Charges

PEPCO HOLDINGS, INC.

	For the Year Ended December 31,
	2012			2011		2010			2009			2008
	(millions of dollars)
Earnings
Net income from continuing operations	$	259		$	258	$	119		$	195		$	156
Preferred stock dividend		—			—		—			—			—
(Income) or loss from equity investees		(1	)		3		1			(2	)		4
Minority interest loss		—			—		—			—			—
Income tax expense (benefit) related to continuing operations		138			148		(2	)		86			77
Pre-tax income for common stock		396			409		118			279			237
Add: Fixed charges*		295			286		323			344			333
Add: Distributed income of equity investees		—			—		—			—			—
Subtract: Interest capitalized		—			—		—			—			(1	)
Subtract: Pre-tax preferred stock dividend requirement		—			—		—			—			—
Earnings	$	691		$	695	$	441		$	623		$	569
*Fixed Charges
Interest on long-term debt	$	258		$	250	$	280		$	298		$	292
Interest capitalized		—			—		—			—			1
Other interest		—			—		—			—			—
Amortization of debt discount, premium, and expense		16			14		21			23			16
Interest component of rentals		21			22		22			23			24
Pre-tax preferred stock dividend requirement		—			—		—			—			—
Fixed charges	$	295		$	286	$	323		$	344		$	333
Ratio of earnings to fixed charges (a)		2.34			2.43		1.37			1.81			1.71

(a) Pepco Holdings, Inc. has no preferred equity securities outstanding, therefore the ratio of earnings to fixed charges is equal to the ratio of earnings to combined fixed charges and preferred stock dividends.