Exelon Generation 8-K Results of Operations and Financial Condition

Contact:	Chaka Patterson	FOR IMMEDIATE RELEASE
	Investor Relations
	312-394-7234
	Jennifer Medley
	Corporate Communications
	312-394-7189

Exelon Announces Second Quarter Results;
Reaffirms Full Year 2007 Operating Earnings Guidance and Revises GAAP Guidance;
Commonwealth Edison Announces Illinois Electric Rate Settlement

CHICAGO(July 25, 2007) — Exelon Corporation’s (Exelon) second quarter 2007 consolidated earnings prepared in accordance with GAAP were $702 million, or $1.03 per diluted share, compared with earnings of $644 million, or $0.95 per diluted share, in the second quarter of 2006.

Exelon’s adjusted (non-GAAP) operating earnings for the second quarter of 2007 were $700 million, or $1.03 per diluted share, compared with $577 million, or $0.85 per diluted share, for the same period in 2006. The increase in adjusted (non-GAAP) operating earnings per share was primarily due to higher margins on energy sales at Exelon Generation Company, LLC (Generation) and the effects of favorable weather conditions as compared with last year in the Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO) service territories. These positive factors were partially offset by lower nuclear output reflecting more refueling outage days, significantly lower net income at ComEd primarily due to the end of its nearly ten-year regulatory transition period and associated transition revenues, and higher operating and maintenance expense and increased depreciation and amortization across Exelon’s operating companies, including the scheduled higher competitive transition charge (CTC) amortization at PECO.

Adjusted (non-GAAP) operating earnings for the second quarter of 2007 do not include the following items that are included in reported GAAP earnings (all after tax):

• Mark-to-market losses of $13 million, or $0.02 per diluted share, primarily from Generation’s economic hedging activities.

• Earnings of $27 million, or $0.04 per diluted share, associated with investments in synthetic fuel-producing facilities, including the impact of mark-to-market losses associated with the related derivatives.

• A charge of $14 million, or $0.02 per diluted share, for the costs associated with ComEd’s initial Rate Relief and Assistance Initiative.

Adjusted (non-GAAP) operating earnings for the second quarter of 2006 do not include the following items that are included in reported GAAP earnings (all after tax):

• Income of $89 million, or $0.13 per diluted share, resulting from decreases in decommissioning obligations primarily related to the AmerGen nuclear plants.

• A net charge of $55 million, or $0.08 per diluted share, for an impairment related to the write-off of the intangible asset associated with investments in synthetic fuel-producing facilities, net of earnings from the investments, including the impact of mark-to-market gains associated with the related derivatives.

• Mark-to-market gains of $38 million, or $0.06 per diluted share, primarily from Generation’s economic hedging activities.

• A net charge of $5 million, or $0.01 per diluted share, related to certain integration costs associated with the now terminated merger with Public Service Enterprise Group Incorporated (PSEG) and Generation’s prior investment in Sithe Energies, Inc. (Sithe), which is reflected as discontinued operations.

ComEd and Generation Announce Comprehensive Settlement of Electric Rates and Policy in Illinois

In a news release yesterday, ComEd announced that it agreed to participate in a statewide, comprehensive settlement regarding electric rates and related policy matters. Other participants in the settlement include Generation, Ameren, Dynegy, Midwest Generation and MidAmerican. Reached after months of negotiations with Illinois Senate President Emil Jones, House Speaker Mike Madigan and the Attorney General Lisa Madigan, the settlement preserves the competitive electric market in Illinois while providing a multi-year, $1 billion rate relief package for Illinois residential electric consumers, a range of related electric industry policy changes including a new state power agency and an alternative method of purchasing power for consumers. It also eliminates the need for any further consideration of rate freeze or generation tax legislation. In order to avoid a generation tax, which would have been harmful to the state and to the company, and to preserve the competitive market, Generation will provide a significant portion of the $1 billion funding to offer relief to Illinois customers. It is a one-time contribution to help customers transition to market rates. The settlement will be effective only after enactment of proposed legislation that includes certain electric industry policy provisions.

For additional details of the settlement, please refer to the Form 8-K filed by Exelon Corporation, Commonwealth Edison Company, and Exelon Generation Company, LLC with the United States Securities and Exchange Commission on July 24, 2007.

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2007 Earnings Outlook

Exelon affirmed its adjusted (non-GAAP) operating earnings guidance range for 2007 of $4.00 to $4.30 per share. The following table indicates guidance ranges by operating company contribution to 2007 adjusted (non-GAAP) operating earnings per Exelon share, excluding Exelon holding company.

Generation:	$3.40 to $3.60
ComEd:	$0.10 to $0.20
PECO:	$0.60 to $0.65

The outlook for 2007 adjusted (non-GAAP) operating earnings for Exelon and its subsidiaries excludes the following items:

• costs associated with the Illinois electric rate settlement, including ComEd’s previously announced customer Rate Relief and Assistance Initiative

• mark-to-market adjustments from economic hedging activities

• investments in synthetic fuel-producing facilities

• significant impairments of intangible assets, including goodwill

• significant changes in decommissioning obligation estimates

• other unusual items

• any future changes to GAAP

Giving consideration to these factors, Exelon estimates GAAP earnings in 2007 will fall in the range of $3.70 to $4.00 per share. This range is lower than the previous estimate of $4.10 to $4.40 per share primarily reflecting the costs of the recently announced Illinois electric rate settlement. Both Exelon’s operating earnings and GAAP earnings guidance are based on the assumption of normal weather.

Second Quarter and Recent Highlights

• Nuclear Operations:Generation’s nuclear fleet, including its owned output from the Salem Generating Station operated by PSEG Nuclear LLC, produced 34,350 GWhs in the second quarter of 2007, compared with 35,442 GWhs in the second quarter of 2006. The Exelon-operated nuclear plants achieved a 93.6 percent capacity factor for the second quarter of 2007 compared with 95.5 percent for the second quarter of 2006. The Exelon-operated nuclear plants completed three scheduled refueling outages in the second quarter of 2007 (55 days), compared with completing two refueling outages in the second quarter of 2006 (35 days). The co-owned Salem Generating Station completed a scheduled refueling outage in the second quarter of 2007, and the station did not have a scheduled refueling outage in the second quarter of 2006. Partially offsetting the decreased generation due to the additional refueling outage days was an improvement in the number of non-refueling outage days, 18 in the second quarter of 2007 versus 24 days in 2006.

• Fossil and Hydro Operations:Generation’s fossil fleet commercial availability was 93.3 percent in the second quarter of 2007, compared with 93.7 percent in the second quarter of 2006. The equivalent availability factor for the hydro facilities was 91.0 percent in the second quarter

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of 2007, compared with 95.2 percent in the second quarter of 2006, primarily due to a planned maintenance outage at the Muddy Run Pumped Storage Facility in 2007.

•

Reliability Pricing Model (RPM) Auction:In December 2006, the Federal Energy Regulatory Commission (FERC) approved a new RPM capacity market for PJM. RPM is designed to procure capacity on a three-year forward basis and compensate those capacity resources based on the locational need for that capacity. Earlier this month, PJM conducted the second of three auctions that will be held in 2007 under this new market design. The first auction was held in April to procure capacity for the period June 2007 through May 2008, and the third will be conducted in October to procure capacity for the period June 2009 through May 2010. Exelon’s generation located within the PJM footprint was bid into the auctions. The payments based on the locational clearing prices that will be received as a result of the auctions may be offset by forward sales and bilateral contracts made against Generation’s generating portfolio prior to the auctions. The results of the most recent RPM auction, for capacity during the June 1, 2008 to May 31, 2009 time period, and of the April 2007 auction are as follows:

($per MW-day)	June 2007 - May 2008		June 2008 - May 2009
Eastern Mid-Atlantic Area Council (MAAC)	$	197.67	$	148.80
Southwest MAAC	$	188.54	$	210.11
Rest of Market	$	40.80	$	111.92

	The last of these transitional auctions will occur in January 2008 for the period June 2010 to May 2011. Subsequent auctions will take place 36 months ahead of the scheduled delivery year.
•	Marginal-Loss Pricing:On June 1, 2007, PJM implemented marginal-loss dispatch and settlement for its competitive wholesale electric market. In so doing, PJM has revised its methodology in considering transmission losses from using average losses to the use of marginal losses in the determination of generation dispatch and calculation of locational marginal pricing. Marginal-loss dispatch recognizes the varying delivery costs of transmitting electricity from individual generator locations to the places where customers consume the energy. Prior to the implementation of marginal-loss dispatch, PJM had used average losses in dispatch and in the calculation of locational marginal prices. Locational marginal prices in PJM now include the real-time impact of transmission losses from individual sources to loads. PJM believes that the marginal-loss approach is more efficient because the cost of energy that is lost in transmission lines is reduced compared with the former average loss method. Exelon and Generation continue to evaluate the impact that marginal-loss pricing in PJM will have on the results of operations. On the whole, Exelon and Generation expect to see an increase in the cost of delivering energy from the generating plant locations to customer load zones due to the implementation of marginal-loss pricing.
•	ComEd Transmission Rate Case:On March 1, 2007, ComEd filed a request with FERC, seeking approval to increase its annual revenue requirement for transmission services by $147 million. On June 5, 2007, FERC issued an order that conditionally approved ComEd’s proposal to implement a formula-based transmission rate, effective May 1, 2007 subject to refund, and provides that further hearing and settlement procedures be conducted to determine the reasonableness of certain elements of ComEd’s formula rate. The issues set for hearing include the 11.70% base return on equity proposed by ComEd and various elements of rate base. The order denied ComEd’s request for incentive rate treatment on investments in two new

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transmission projects and the inclusion of construction work in progress in rate base. The new rate would increase the annual revenue requirement by $116 million and raise an average residential customer bill by approximately 1 percent, depending on the outcome of the hearing and settlement procedures. It is uncertain when the hearing and settlement proceedings will be completed. The formula-based rate would be updated annually to assure that customers pay the actual costs of transmission services. The FERC order approved a 0.5% adder to the base return on equity for participating in a regional transmission organization. ComEd’s transmission rate was last updated based on costs from 2003. Between 2003 and the end of 2007, ComEd will have invested more than $800 million in transmission-related plant to meet increasing demand and improve reliability.

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Pennsylvania Provider of Last Resort (POLR) Regulations:On May 10, 2007, the Pennsylvania Public Utility Commission (PAPUC) issued final regulations that provide guidance to electric distribution companies, such as PECO, on acceptable methods of procuring electricity supplies for default service customers when their generation rate caps expire. Specifically, the PAPUC’s approval of final default service regulations will provide the framework for utilities like PECO who must purchase energy for customers who do not choose to receive electric supply from an independent energy marketer. PECO’s electric restructuring transition period terminates at the end of 2010. The regulations will help PECO’s customers manage the transition to market-based pricing in 2011 following the expiration of more than 10 years of capped rates. The PAPUC’s actions provide:

• The option for residential and commercial customers to defer some portion of a rate increase if it exceeds 25%.

• The ability for utilities to purchase energy on behalf of customers in ways that are best for each individual service territory — for example, securing energy through staggered purchases and competitive auctions.

• Recovery of procurement supply costs.

• Funding for a statewide consumer-education campaign.

PECO’s current electricity supply rates will remain the same until January 1, 2011. PECO expects to file its electricity procurement plan for default service customers with the PAPUC by year-end 2008.

•

Pennsylvania Energy Independence Plan and Legislative/Regulatory Update:During its recent session, the Pennsylvania General Assembly introduced bills that would enable Governor Edward Rendell to enact elements of the Energy Independence Plan that he announced in February 2007. Two of these bills were passed by the Pennsylvania House of Representatives and the State Senate and were signed into law by the Governor on July 17. House Bill 1203 amends the Alternative Energy Portfolio Standards Act of 2004 (AEPS Act), including requirements related to the purchase of solar energy by electric distribution and supply companies. House Bill 1530 relates to provisions for electric distribution and supply companies to negotiate long-term contracts for certain large retail customers. The legislative session recently ended. Other energy-related issues are expected to be addressed in a special legislative session planned for September 17, 2007. In preparation for this session, legislative hearings could be scheduled during the summer. PECO will continue to work with all stakeholders to develop sound energy policy in Pennsylvania that is in the best interests of its customers, shareholders and the company.

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	PECO’s March 2007 filing, which took the first step in fulfilling the requirements of the AEPS Act, is awaiting action by the PAPUC. If approved, PECO would be the first utility in the state to take action on the AEPS Act, continuing to demonstrate the company’s environmental leadership. It is estimated that the total impact of this requirement on a customer’s monthly energy bill beginning in 2011 would be less than 1 percent.
•	Credit Rating Actions:On June 1, 2007, Standard & Poor’s Ratings Services lowered ComEd’s ratings due to continued regulatory and political uncertainty in Illinois. The credit ratings for Exelon, Generation and PECO are unchanged and all, including ComEd, remain on CreditWatch with negative implications.
	On June 12, 2007, Fitch Ratings (Fitch) changed PECO’s commercial paper rating to “F2” from “F1” due to a policy revision. According to Fitch, the ratings “... do not reflect any deterioration of PECO’s liquidity profile”, rather, they reflect a change to Fitch’s short-term and long-term rating linkage practices. The credit ratings and outlook for Exelon, Generation and ComEd remain unchanged.

OPERATING COMPANY RESULTS

Exelon Generationconsists of Exelon’s electric generation operations, power marketing and trading functions, and competitive retail sales.

Second quarter 2007 net income was $578 million compared with $500 million in the second quarter of 2006. Second quarter 2007 net income included (all after tax) mark-to-market losses of $13 million and a gain of $2 million related to the sale of Generation’s 49.5 percent ownership interests in Termoeléctrica del Golfo (TEG) and Termoeléctrica Peñoles (TEP), two generating facilities in Mexico. Second quarter 2006 net income included (all after tax) income of $89 million resulting from decreases in decommissioning obligations primarily related to the AmerGen nuclear plants, mark-to-market gains of $36 million, expenses of $2 million related to certain integration costs associated with the now terminated merger with PSEG and income of $2 million related to Generation’s prior investment in Sithe, which is reflected as discontinued operations. Excluding the impact of these items, Generation’s net income of $589 million in the second quarter of 2007 increased $214 million compared with the same quarter last year, primarily due to higher revenue, net of purchased power and fuel expense, more than offsetting increased nuclear refueling outage expense and inflationary cost pressures.

Generation’s revenue, net of purchased power and fuel expense, increased by $376 million in the second quarter of 2007 compared with the second quarter of 2006 excluding the mark-to-market impact in both years. The increase in revenue, net of purchased power and fuel expense, was driven by higher average margins primarily due to the end of the below-market price PPA with ComEd at year-end 2006 and the contractual increase in the prices associated with Generation’s PPA with PECO, partially offset by lower nuclear output reflecting more refueling outage days. Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $35.97 per MWh in the second quarter of 2007 compared with $26.43 per MWh in the second quarter of 2006.

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

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ComEd recorded net income in the second quarter of 2007 of $29 million, a substantial reduction from net income of $127 million in the second quarter of 2006. Second quarter 2007 net income included an after-tax charge of $14 million for costs associated with ComEd’s Rate Relief and Assistance Initiative. Second quarter 2006 net income included (all after tax) mark-to-market gains of $2 million from economic hedging activities at ComEd and expenses of $1 million related to certain integration costs associated with the now terminated merger with PSEG. Excluding the impact of these items, ComEd’s net income in the second quarter of 2007 decreased $83 million compared with the same quarter last year, primarily due to the end of its regulatory transition period and associated transition revenues, the end of its below-market price PPA with Generation in 2006 and higher operating and maintenance expense partially due to increased communications and other costs related to the end of ComEd’s rate freeze. These items were partially offset by the effects of favorable weather, the FERC-approved transmission rate increase which is subject to refund, and an ICC-authorized increase in delivery service rates.

In the ComEd service territory in the second quarter of 2007, cooling degree-days were up 43 percent relative to the same period in 2006 and were 40 percent above normal. ComEd’s total retail kWh deliveries increased 4 percent in 2007 as compared with 2006, with a 4 percent increase in deliveries to the residential customer class, largely due to favorable weather. ComEd’s second quarter 2007 revenues were $1,420 million, down 2 percent from $1,453 million in 2006 primarily due to customers switching to alternative electric generation suppliers and the impact of ComEd’s Rate Relief and Assistance Initiative. For ComEd, weather had a favorable after-tax impact of $14 million on second quarter 2007 earnings relative to 2006 and had a favorable after-tax impact of $10 million relative to normal weather, which was incorporated in earnings guidance.

The number of customers being served in the ComEd region has increased 1.5 percent since the second quarter of 2006, and weather-normalized kWh retail deliveries increased 1.0 percent compared with the second quarter of 2006.

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

PECO’s net income in the second quarter of 2007 was $96 million, an increase from net income of $93 million in the second quarter of 2006. Second quarter 2006 net income included after-tax expenses of $3 million related to certain integration costs associated with the now terminated merger with PSEG. Excluding the impact of these items, PECO’s net income in the second quarter of 2007 was unchanged compared with the same quarter last year.

In the PECO service territory in the second quarter of 2007, cooling degree-days were up 22 percent from 2006 and were 26 percent above normal. PECO’s total electric retail kWh deliveries increased 6 percent, with residential deliveries up 9 percent. Total gas retail deliveries were up 15 percent from the 2006 period. PECO’s second quarter 2007 revenues were $1,269 million, up from $1,148 million in 2006, primarily due to the effects of favorable weather and an authorized electric generation rate increase under the 1998 restructuring settlement, partially offset by a decrease in average gas rates effective through PAPUC-approved changes to the purchased gas adjustment clause. For PECO, weather had a favorable after-tax impact of $14 million on second quarter 2007 earnings relative to 2006 and a favorable after-tax impact of $9 million relative to normal weather, which was incorporated in earnings guidance. Higher CTC amortization expense, which was in accordance with PECO’s 1998

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restructuring settlement with the PAPUC, partially offset higher operating revenues for the second quarter.

The number of electric customers being served in the PECO region has increased 0.1 percent since the second quarter of 2006, with weather-normalized kWh growth of 2.8 percent compared with the second quarter of 2006.

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 and mark-to-market adjustments from economic hedging activities, 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. Reconciliations of GAAP to adjusted (non-GAAP) operating earnings for historical periods are attached. Additional earnings release attachments, which include the reconciliations 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 July 25, 2007.

Conference call information:Exelon has scheduled a conference call for 11 AM ET (10 AM CT) on July 25, 2007. The call-in number in the U.S. is 800-690-3108, and the international call-in number is 973-935-8753. No password is required. 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 August 8. The U.S. call-in number for replays is 877-519-4471, and the international call-in number is 973-341-3080. The confirmation code is 8962952.

This news 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 2006 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 Second Quarter 2007 Quarterly Report on Form 10-Q (to be filed on July 25, 2007) in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 13; 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, LLC (Companies). Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news 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 news release.

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Exelon Corporation is one of the nation’s largest electric utilities with approximately 5.4 million customers and more than $15 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 more than 480,000 customers in southeastern Pennsylvania. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.

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EXELON CORPORATION
Earnings Release Attachments
Table of Contents

Consolidating Statements of Operations — Three Months Ended June 30, 2007 and 2006	1
Consolidating Statements of Operations — Six Months Ended June 30, 2007 and 2006	2
Business Segment Comparative Statements of Operations — Generation and ComEd — Three and Six Months Ended June 30, 2007 and 2006	3
Business Segment Comparative Statements of Operations — PECO and Other — Three and Six Months Ended June 30, 2007 and 2006	4
Consolidated Balance Sheets — June 30, 2007 and December 31, 2006	5
Consolidated Statements of Cash Flows — Six Months Ended June 30, 2007 and 2006	6
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — Exelon — Three Months Ended June 30, 2007 and 2006	7
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — Exelon — Six Months Ended June 30, 2007 and 2006	8
Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share — Three Months Ended June 30, 2007 and 2006	9
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment — Three Months Ended June 30, 2007 and 2006	10
Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share — Six Months Ended June 30, 2007 and 2006	11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment — Six Months Ended June 30, 2007 and 2006	12
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — Generation — Three and Six Months Ended June 30, 2007 and 2006	13
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — ComEd — Three and Six Months Ended June 30, 2007 and 2006	14
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — PECO — Three and Six Months Ended June 30, 2007 and 2006	15
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations — Other — Three and Six Months Ended June 30, 2007 and 2006	16
Exelon Generation Statistics — Three Months Ended June 30, 2007, March 31, 2007, December 31, 2006, September 30, 2006 and June 30, 2006	17
Exelon Generation Statistics — Six Months Ended June 30, 2007 and June 30, 2006	18
ComEd Sales Statistics — Three Months Ended June 30, 2007 and 2006	19
ComEd Sales Statistics — Six Months Ended June 30, 2007 and 2006	20
PECO Sales Statistics — Three Months Ended June 30, 2007 and 2006	21
PECO Sales Statistics — Six Months Ended June 30, 2007 and 2006	22

EXELON CORPORATION
Consolidating Statements of Operations
(unaudited)
(in millions)

	Three Months Ended June 30, 2007
													Exelon
	Generation			ComEd			PECO			Other			Consolidated
Operating revenues	$	2,641		$	1,420		$	1,269		$	(829	)	$	4,501
Operating expenses
Purchased power		538			838			569			(827	)		1,118
Fuel		436			—			86			—			522
Operating and maintenance		618			266			146			32			1,062
Depreciation and amortization		65			109			185			10			369
Taxes other than income		47			76			71			5			199
Total operating expenses		1,704			1,289			1,057			(780	)		3,270
Operating income (loss)		937			131			212			(49	)		1,231
Other income and deductions
Interest expense, net		(31	)		(87	)		(64	)		(32	)		(214	)
Equity in losses of unconsolidated affiliates		(1	)		(2	)		(2	)		(38	)		(43	)
Other, net		22			5			5			11			43
Total other income and deductions		(10	)		(84	)		(61	)		(59	)		(214	)
Income (loss) from continuing operations before income taxes		927			47			151			(108	)		1,017
Income taxes		349			18			55			(108	)		314
Income from continuing operations		578			29			96			—			703
Loss from discontinued operations		—			—			—			(1	)		(1	)
Net income (loss)	$	578		$	29		$	96		$	(1	)	$	702

	Three Months Ended June 30, 2006
													Exelon
	Generation			ComEd			PECO			Other			Consolidated
Operating revenues	$	2,214		$	1,453		$	1,148		$	(1,118	)	$	3,697
Operating expenses
Purchased power		418			766			501			(1,114	)		571
Fuel		425			—			76			1			502
Operating and maintenance		440			218			141			82			881
Depreciation and amortization		72			106			172			21			371
Taxes other than income		41			71			53			5			170
Total operating expenses		1,396			1,161			943			(1,005	)		2,495
Operating income (loss)		818			292			205			(113	)		1,202
Other income and deductions
Interest expense, net		(40	)		(77	)		(67	)		(38	)		(222	)
Equity in losses of unconsolidated affiliates		(1	)		(3	)		(2	)		(16	)		(22	)
Other, net		14			1			2			29			46
Total other income and deductions		(27	)		(79	)		(67	)		(25	)		(198	)
Income (loss) from continuing operations before income taxes		791			213			138			(138	)		1,004
Income taxes		294			86			45			(62	)		363
Income (loss) from continuing operations		497			127			93			(76	)		641
Income from discontinued operations		3			—			—			—			3
Net income (loss)	$	500		$	127		$	93		$	(76	)	$	644

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EXELON CORPORATION
Consolidating Statements of Operations
(unaudited)
(in millions)

	Six Months Ended June 30, 2007
													Exelon
	Generation			ComEd			PECO			Other			Consolidated
Operating revenues	$	5,344		$	2,911		$	2,769		$	(1,694	)	$	9,330
Operating expenses
Purchased power		1,131			1,806			1,113			(1,687	)		2,363
Fuel		907			—			385			—			1,292
Operating and maintenance		1,257			510			294			59			2,120
Depreciation and amortization		133			217			370			18			738
Taxes other than income		88			157			142			8			395
Total operating expenses		3,516			2,690			2,304			(1,602	)		6,908
Operating income (loss)		1,828			221			465			(92	)		2,422
Other income and deductions
Interest expense, net		(66	)		(170	)		(126	)		(65	)		(427	)
Equity in earnings (losses) of unconsolidated affiliates and investments		1			(4	)		(4	)		(62	)		(69	)
Other, net		54			7			10			35			106
Total other income and deductions		(11	)		(167	)		(120	)		(92	)		(390	)
Income (loss) from continuing operations before income taxes		1,817			54			345			(184	)		2,032
Income taxes		684			21			121			(178	)		648
Income (loss) from continuing operations		1,133			33			224			(6	)		1,384
Income from discontinued operations		5			—			—			4			9
Net income (loss)	$	1,138		$	33		$	224		$	(2	)	$	1,393

	Six Months Ended June 30, 2006
													Exelon
	Generation			ComEd			PECO			Other			Consolidated
Operating revenues	$	4,434		$	2,880		$	2,554		$	(2,309	)	$	7,559
Operating expenses
Purchased power		781			1,628			987			(2,300	)		1,096
Fuel		1,036			—			402			—			1,438
Operating and maintenance		1,108			434			289			75			1,906
Depreciation and amortization		139			205			343			48			735
Taxes other than income		84			152			117			11			364
Total operating expenses		3,148			2,419			2,138			(2,166	)		5,539
Operating income (loss)		1,286			461			416			(143	)		2,020
Other income and deductions
Interest expense, net		(82	)		(153	)		(136	)		(74	)		(445	)
Equity in losses of unconsolidated affiliates and investments		(5	)		(5	)		(6	)		(45	)		(61	)
Other, net		20			1			5			65			91
Total other income and deductions		(67	)		(157	)		(137	)		(54	)		(415	)
Income (loss) from continuing operations before income taxes		1,219			304			279			(197	)		1,605
Income taxes		454			123			93			(106	)		564
Income (loss) from continuing operations		765			181			186			(91	)		1,041
Income from discontinued operations		3			—			—			—			3
Net income (loss)	$	768		$	181		$	186		$	(91	)	$	1,044

2

EXELON CORPORATION
Business Segment Comparative Statements of Operations
(unaudited)
(in millions)

	Generation
	Three Months Ended June 30,										Six Months Ended June 30,
	2007			2006			Variance			��	2007			2006			Variance
Operating revenues	$	2,641		$	2,214		$	427			$	5,344		$	4,434		$	910
Operating expenses
Purchased power		538			418			120				1,131			781			350
Fuel		436			425			11				907			1,036			(129	)
Operating and maintenance		618			440			178				1,257			1,108			149
Depreciation and amortization		65			72			(7	)			133			139			(6	)
Taxes other than income		47			41			6				88			84			4
Total operating expenses		1,704			1,396			308				3,516			3,148			368
Operating income		937			818			119				1,828			1,286			542
Other income and deductions
Interest expense, net		(31	)		(40	)		9				(66	)		(82	)		16
Equity in earnings (losses) of investments		(1	)		(1	)		—				1			(5	)		6
Other, net		22			14			8				54			20			34
Total other income and deductions		(10	)		(27	)		17				(11	)		(67	)		56
Income from continuing operations before income taxes		927			791			136				1,817			1,219			598
Income taxes		349			294			55				684			454			230
Income from continuing operations		578			497			81				1,133			765			368
Income from discontinued operations		—			3			(3	)			5			3			2
Net income	$	578		$	500		$	78			$	1,138		$	768		$	370

	ComEd
	Three Months Ended June 30,									Six Months Ended June 30,
	2007			2006			Variance			2007			2006			Variance
Operating revenues	$	1,420		$	1,453		$	(33	)	$	2,911		$	2,880		$	31
Operating expenses
Purchased power		838			766			72			1,806			1,628			178
Operating and maintenance		266			218			48			510			434			76
Depreciation and amortization		109			106			3			217			205			12
Taxes other than income		76			71			5			157			152			5
Total operating expenses		1,289			1,161			128			2,690			2,419			271
Operating income		131			292			(161	)		221			461			(240	)
Other income and deductions
Interest expense, net		(87	)		(77	)		(10	)		(170	)		(153	)		(17	)
Equity in losses of unconsolidated affiliates		(2	)		(3	)		1			(4	)		(5	)		1
Other, net		5			1			4			7			1			6
Total other income and deductions		(84	)		(79	)		(5	)		(167	)		(157	)		(10	)
Income from continuing operations before income taxes		47			213			(166	)		54			304			(250	)
Income taxes		18			86			(68	)		21			123			(102	)
Net income	$	29		$	127		$	(98	)	$	33		$	181		$	(148	)

3

EXELON CORPORATION
Business Segment Comparative Statements of Operations
(unaudited)
(in millions)

	PECO
	Three Months Ended June 30,								Six Months Ended June 30,
	2007			2006			Variance		2007			2006			Variance
Operating revenues	$	1,269		$	1,148		$	121	$	2,769		$	2,554		$	215
Operating expenses
Purchased power		569			501			68		1,113			987			126
Fuel		86			76			10		385			402			(17	)
Operating and maintenance		146			141			5		294			289			5
Depreciation and amortization		185			172			13		370			343			27
Taxes other than income		71			53			18		142			117			25
Total operating expenses		1,057			943			114		2,304			2,138			166
Operating income		212			205			7		465			416			49
Other income and deductions
Interest expense, net		(64	)		(67	)		3		(126	)		(136	)		10
Equity in losses of unconsolidated affiliates		(2	)		(2	)		—		(4	)		(6	)		2
Other, net		5			2			3		10			5			5
Total other income and deductions		(61	)		(67	)		6		(120	)		(137	)		17
Income from continuing operations before income taxes		151			138			13		345			279			66
Income taxes		55			45			10		121			93			28
Net income	$	96		$	93		$	3	$	224		$	186		$	38

	Other (a)
	Three Months Ended June 30,									Six Months Ended June 30,
	2007			2006			Variance			2007			2006			Variance
Operating revenues	$	(829	)	$	(1,118	)	$	289		$	(1,694	)	$	(2,309	)	$	615
Operating expenses
Purchased power		(827	)		(1,114	)		287			(1,687	)		(2,300	)		613
Fuel		—			1			(1	)		—			—			—
Operating and maintenance		32			82			(50	)		59			75			(16	)
Depreciation and amortization		10			21			(11	)		18			48			(30	)
Taxes other than income		5			5			—			8			11			(3	)
Total operating expenses		(780	)		(1,005	)		225			(1,602	)		(2,166	)		564
Operating loss		(49	)		(113	)		64			(92	)		(143	)		51
Other income and deductions
Interest expense, net		(32	)		(38	)		6			(65	)		(74	)		9
Equity in losses of unconsolidated affiliates and investments		(38	)		(16	)		(22	)		(62	)		(45	)		(17	)
Other, net		11			29			(18	)		35			65			(30	)
Total other income and deductions		(59	)		(25	)		(34	)		(92	)		(54	)		(38	)
Loss from continuing operations before income taxes		(108	)		(138	)		30			(184	)		(197	)		13
Income taxes		(108	)		(62	)		(46	)		(178	)		(106	)		(72	)
Loss from continuing operations		—			(76	)		76			(6	)		(91	)		85
Income (loss) from discontinued operations		(1	)		—			(1	)		4			—			4
Net loss	$	(1	)	$	(76	)	$	75		$	(2	)	$	(91	)	$	89

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

4

EXELON CORPORATION
Consolidated Balance Sheets
(unaudited)
(in millions)

	June 30,			December 31,
	2007			2006
Current assets
Cash and cash equivalents	$	135		$	224
Restricted cash and investments		98			58
Accounts receivable, net
Customer		2,046			1,747
Other		423			462
Mark-to-market derivative assets		765			1,418
Inventories, at average cost
Fossil fuel		238			300
Materials and supplies		431			431
Other		823			352
Total current assets		4,959			4,992
Property, plant and equipment, net		23,431			22,775
Deferred debits and other assets
Regulatory assets		5,438			5,808
Nuclear decommissioning trust funds		6,777			6,415
Investments		737			810
Goodwill		2,641			2,694
Mark-to-market derivative assets		210			171
Other		1,112			654
Total deferred debits and other assets		16,915			16,552
Total assets	$	45,305		$	44,319
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	653		$	305
Long-term debt due within one year		935			248
Long-term debt to ComEd Transitional Funding Trust and PECO Energy Transition Trust due within one year		510			581
Accounts payable		1,289			1,382
Mark-to-market derivative liabilities		649			1,015
Accrued expenses		814			1,180
Other		511			1,084
Total current liabilities		5,361			5,795
Long-term debt		8,477			8,896
Long-term debt to ComEd Transitional Funding Trust and PECO Energy Transition Trust		1,984			2,470
Long-term debt to other financing trusts		545			545
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		5,193			5,340
Asset retirement obligations		3,890			3,780
Pension obligations		725			747
Non-pension postretirement benefits obligations		1,808			1,817
Spent nuclear fuel obligation		974			950
Regulatory liabilities		3,240			3,025
Mark-to-market derivative liabilities		301			78
Other		1,549			782
Total deferred credits and other liabilities		17,680			16,519
Total liabilities		34,047			34,225
Preferred securities of subsidiaries		87			87
Shareholders’ equity
Common stock		8,552			8,314
Treasury stock, at cost		(667	)		(630	)
Retained earnings		4,506			3,426
Accumulated other comprehensive loss		(1,220	)		(1,103	)
Total shareholders’ equity		11,171			10,007
Total liabilities and shareholders’ equity	$	45,305		$	44,319

5

EXELON CORPORATION
Consolidated Statements of Cash Flows
(unaudited)
(in millions)

	Six Months Ended
	June 30,
	2007			2006
Cash flows from operating activities
Net income	$	1,393		$	1,044
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel		1,066			1,060
Deferred income taxes and amortization of investment tax credits		(128	)		(81	)
Net realized and unrealized mark-to-market transactions		120			(69	)
Impairment of long-lived assets		—			117
Other non-cash operating activities		369			124
Changes in assets and liabilities:
Accounts receivable		(304	)		230
Inventories		69			11
Accounts payable, accrued expenses and other current liabilities		(122	)		(406	)
Counterparty collateral asset		(231	)		178
Counterparty collateral liability		(264	)		5
Income taxes		87			300
Restricted cash		(42	)		—
Pension and non-pension postretirement benefit contributions		(40	)		(30	)
Other assets and liabilities		(347	)		(295	)
Net cash flows provided by operating activities		1,626			2,188
Cash flows from investing activities
Capital expenditures		(1,284	)		(1,156	)
Proceeds from nuclear decommissioning trust fund sales		2,268			2,554
Investment in nuclear decommissioning trust funds		(2,402	)		(2,706	)
Proceeds from sale of investments		95			1
Change in restricted cash		2			1
Other investing activities		(46	)		(54	)
Net cash flows used in investing activities		(1,367	)		(1,360	)
Cash flows from financing activities
Issuance of long-term debt		465			326
Retirement of long-term debt		(198	)		(34	)
Retirement of long-term debt to financing affiliates		(534	)		(422	)
Change in short-term debt		348			(106	)
Dividends paid on common stock		(592	)		(535	)
Proceeds from employee stock plans		145			107
Purchase of treasury stock		(37	)		(53	)
Other financing activities		55			31
Net cash flows provided by (used in) financing activities		(348	)		(686	)
Increase in cash and cash equivalents		(89	)		142
Cash and cash equivalents at beginning of period		224			140
Cash and cash equivalents at end of period	$	135		$	282

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 June 30, 2007									Three Months Ended June 30, 2006
							Adjusted										Adjusted
	GAAP (a)			Adjustments			Non-GAAP			GAAP (a)				Adjustments			Non-GAAP
Operating revenues	$	4,501		$	19	(b),(c)	$	4,520		$	3,697			$	(3	)(c)	$	3,694
Operating expenses
Purchased power		1,118			16	(c)		1,134			571				49	(c)		620
Fuel		522			(38	)(c)		484			502				9	(c)		511
Operating and maintenance		1,062			(41	)(b),(d)		1,021			881				43	(d),(f),(g)		924
Depreciation and amortization		369			—			369			371				(14	)(d),(f)		357
Taxes other than income		199			—			199			170				—			170
Total operating expenses		3,270			(63	)		3,207			2,495				87			2,582
Operating income		1,231			82			1,313			1,202				(90	)		1,112
Other income and deductions
Interest expense		(214	)		1	(d)		(213	)		(222	)			4	(d),(h)		(218	)
Equity in losses of unconsolidated affiliates		(43	)		39	(d)		(4	)		(22	)			16	(d)		(6	)
Other, net		43			(12	)(d),(e)		31			46				(24	)(d)		22
Total other income and deductions		(214	)		28			(186	)		(198	)			(4	)		(202	)
Income from continuing operations before income taxes		1,017			110			1,127			1,004				(94	)		910
Income taxes		314			112	(b),(c),(d),(e)		426			363				(30	)(c),(d),(f),(g),(h)		333
Income from continuing operations		703			(2	)		701			641				(64	)		577
Income (loss) from discontinued operations		(1	)		—			(1	)		3				(3	)(h)		—
Net income	$	702		$	(2	)	$	700		$	644			$	(67	)	$	577
Earnings per average common share
Basic:
Income from continuing operations	$	1.04		$	—		$	1.04		$	0.96			$	(0.10	)	$	0.86
Income (loss) from discontinued operations		—			—			—			—				—			—
Net income	$	1.04		$	—		$	1.04		$	0.96			$	(0.10	)	$	0.86
Diluted:
Income from continuing operations	$	1.03		$	—		$	1.03		$	0.95			$	(0.10	)	$	0.85
Income (loss) from discontinued operations		—			—			—			—				—			—
Net income	$	1.03		$	—		$	1.03		$	0.95			$	(0.10	)	$	0.85
Average common shares outstanding
Basic		675						675			670							670
Diluted		680						680			676							676
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
ComEd 2007 rate relief program (b)				$	0.02								��	$	—
Mark-to-market (c)					0.02										(0.06	)
Investments in synthetic fuel-producing facilities (d)					(0.04	)									0.08
Charges associated with Exelon’s now terminated merger with PSEG (f)					—										0.01
Nuclear decommissioning obligation reduction (g)					—										(0.13	)
Total adjustments				$	—									$	(0.10	)

(a)	Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)	Adjustment to exclude the impact of ComEd’s 2007rate relief program.
(c)	Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.
(d)	Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.
(e)	Adjustment to exclude the increase in the gain related to the first quarter 2007 sale of Generation’s ownership interest in Termoeléctrica del Golfo (TEG) and Termoeléctrica Peñoles (TEP).
(f)	Adjustment to exclude certain costs associated with Exelon’s proposed merger with Public Service Enterprise Group Incorporated (PSEG), which was terminated in September 2006.
(g)	Adjustment to exclude the decrease in Generation’s nuclear decommissioning obligation liability related to the AmerGen Energy Company, LLC (AmerGen) nuclear plants.
(h)	Adjustment to exclude the settlement of a tax matter at Generation related to Sithe Energies, Inc. (Sithe).

7

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations
(unaudited)
(in millions, except per share data)

	Six Months Ended June 30, 2007									Six Months Ended June 30, 2006
							Adjusted									Adjusted
	GAAP (a)			Adjustments			Non-GAAP			GAAP (a)			Adjustments			Non-GAAP
Operating revenues	$	9,330		$	19	(b)	$	9,349		$	7,559		$	8	(c)	$	7,567
Operating expenses
Purchased power		2,363			(145	) (c)		2,218			1,096			88	(c)		1,184
Fuel		1,292			8	(c)		1,300			1,438			(52	) (c)		1,386
Operating and maintenance		2,120			(75	) (b),(d)		2,045			1,906			33	(d),(g),(h),(i)		1,939
Depreciation and amortization		738			—			738			735			(35	) (d),(g)		700
Taxes other than income		395			—			395			364			—			364
Total operating expenses		6,908			(212	)		6,696			5,539			34			5,573
Operating income		2,422			231			2,653			2,020			(26	)		1,994
Other income and deductions
Interest expense		(427	)		3	(d)		(424	)		(445	)		12	(d),(f)		(433	)
Equity in losses of unconsolidated affiliates and investments		(69	)		63	(d)		(6	)		(61	)		46	(d)		(15	)
Other, net		106			(47	) (d),(e)		59			91			(49	) (d),(g)		42
Total other income and deductions		(390	)		19			(371	)		(415	)		9			(406	)
Income from continuing operations before income taxes		2,032			250			2,282			1,605			(17	)		1,588
Income taxes		648			215	(b),(c),(d),(e)		863			564			27	(c),(d),(f),(g),(h),(i)		591
Income from continuing operations		1,384			35			1,419			1,041			(44	)		997
Income (loss) from discontinued operations		9			(5	) (f)		4			3			(3	) (f)		—
Net income	$	1,393		$	30		$	1,423		$	1,044		$	(47	)	$	997
Earnings per average common share
Basic:
Income from continuing operations	$	2.05		$	0.05		$	2.10		$	1.56		$	(0.07	)	$	1.49
Income (loss) from discontinued operations		0.02			(0.01	)		0.01			—			—			—
Net income	$	2.07		$	0.04		$	2.11		$	1.56		$	(0.07	)	$	1.49
Diluted:
Income from continuing operations	$	2.04		$	0.06		$	2.10		$	1.55		$	(0.07	)	$	1.48
Income (loss) from discontinued operations		0.01			(0.01	)		—			—			—			—
Net income	$	2.05		$	0.05		$	2.10		$	1.55		$	(0.07	)	$	1.48
Average common shares outstanding
Basic		674						674			669						669
Diluted		679						679			675						675
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
ComEd 2007 rate relief program (b)				$	0.02								$	—
Mark-to-market (c)					0.12									(0.03	)
Investments in synthetic fuel-producing facilities (d)					(0.07	)								0.06
Sale of Generation’s investments in TEG and TEP (e)					(0.01	)								—
Settlement of a tax matter at Generation related to Sithe (f)					(0.01	)								—
Charges associated with Exelon’s now terminated merger with PSEG (g)					—									0.02
Nuclear decommissioning obligation reduction (h)					—									(0.13	)
2006 Severance charges and settlement of a tax matter at Generation related to Sithe (f),(i)					—									0.01
Total adjustments				$	0.05								$	(0.07	)

(a)	Results reported in accordance with GAAP.
(b)	Adjustment to exclude the impact of ComEd’s 2007 rate relief program.
(c)	Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.
(d)	Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.
(e)	Adjustment to exclude the gain related to the sale of Generation’s ownership interest in TEG and TEP.
(f)	Adjustment to exclude the settlement of a tax matter at Generation related to Sithe.
(g)	Adjustment to exclude certain costs associated with Exelon’s proposed merger with PSEG, which was terminated in September 2006.
(h)	Adjustment to exclude the decrease in Generation’s nuclear decommissioning obligation liability related to the AmerGen nuclear plants.
(i)	Adjustment to exclude severance charges in 2006.

8

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings
Per Diluted Share to GAAP Earnings Per Diluted Share
Three Months Ended June 30, 2007 and 2006

2006 GAAP Earnings per Diluted Share	$	0.95
2006 Adjusted (non-GAAP) Operating Earnings Adjustments:
Mark-to-Market (1)		(0.06	)
Investments in Synthetic Fuel-Producing Facilities (2)		0.08
Charges Associated with Exelon’s Now Terminated Merger with PSEG (3)		0.01
Nuclear Decommissioning Obligation Reduction (4)		(0.13	)
2006 Adjusted (non-GAAP) Operating Earnings		0.85
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (5)		0.37
ComEd Energy Margins:
Weather (6)		0.02
End of Regulatory Transition Period (7)		(0.16	)
Other Energy Delivery (8)		0.06
PECO Energy Margins:
Weather (9)		0.02
Other Energy Delivery (10)		0.02
Pension and Non-Pension Postretirement Benefits Expense (11)		(0.01	)
Bad Debt (12)		(0.01	)
Labor and Contracting (13)		(0.05	)
Planned Nuclear Refueling Outages (14)		(0.01	)
Other Operating and Maintenance Expense (15)		(0.02	)
Depreciation and Amortization (16)		(0.01	)
Taxes Other Than Income and Other (17)		(0.03	)
Share Differential (18)		(0.01	)
2007 Adjusted (non-GAAP) Operating Earnings		1.03
2007 Adjusted (non-GAAP) Operating Earnings Adjustments:
Mark-to-Market (1)		(0.02	)
Investments in Synthetic Fuel-Producing Facilities (2)		0.04
ComEd 2007 Rate Relief Program (19)		(0.02	)
2007 GAAP Earnings per Diluted Share	$	1.03

(1)	Reflects the mark-to-market impact of Exelon’s economic hedging activities.
(2)	Reflects the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.
(3)	Reflects certain costs incurred in connection with Exelon’s proposed merger with PSEG, which was terminated in September 2006.
(4)	Reflects a decrease in Generation’s nuclear decommissioning obligation liability related to the AmerGen nuclear plants.
(5)	Reflects higher average margins primarily due to the end of the below-market power purchase agreement (PPA) with ComEd at year-end 2006 and the contractual increase in prices associated with Generation’s PPA with PECO.
(6)	Reflects a favorable variance for weather conditions in the ComEd service territory.
(7)	Reflects reduced earnings at ComEd primarily due to the end of ComEd’s regulatory transition period and associated revenues.
(8)	Reflects increased pricing for delivery service at ComEd and increased transmission revenue as a result of the 2007 transmission rate case.
(9)	Reflects a favorable variance for weather conditions in the PECO service territory.
(10)	Reflects increased revenues at PECO primarily due to higher electric delivery volume (excluding the impact of weather).
(11)	Reflects increased pension and non-pension postretirement benefits expense primarily due to changes in actuarial assumptions for 2007.
(12)	Reflects increased bad debt expense primarily at ComEd.
(13)	Primarily reflects labor-related inflation and increased nuclear security costs.
(14)	Reflects increased planned nuclear refueling outage costs, excluding the Salem Generating Station (Salem).
(15)	Primarily reflects increased nuclear refueling outage costs at Salem and increased advertising expense related to the end of ComEd’s rate freeze.
(16)	Reflects increased depreciation and amortization primarily due to increased competitive transition charge (CTC) amortization at PECO.
(17)	Reflects favorable tax settlements at PECO in 2006 and higher utility revenue taxes at PECO in 2007, offset by lower interest expense.
(18)	Reflects dilution of earnings per share due to increased diluted common shares outstanding.
(19)	Reflects the impact of ComEd’s 2007 rate relief program.

9

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings
to GAAP Earnings By Business Segment (in millions)
Three Months Ended June 30, 2007 and 2006

	Generation			ComEd			PECO			Other			Exelon
2006 GAAP Earnings (Loss)	$	500		$	127		$	93		$	(76	)	$	644
2006 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market (1)		(36	)		(2	)		—			—			(38	)
Investments in Synthetic Fuel-Producing Facilities (2)		—			—			—			55			55
Charges Associated with Exelon’s Now Terminated Merger with PSEG (3)		2			1			3			1			7
Nuclear Decommissioning Obligation Reduction (4)		(89	)		—			—			—			(89	)
Settlement of a Tax Matter at Generation Related to Sithe (5)		(2	)		—			—			—			(2	)
2006 Adjusted (non-GAAP) Operating Earnings (Loss)		375			126			96			(20	)		577
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (6)		252			—			—			—			252
ComEd and PECO Energy Margins:
Weather (7)		—			14			14			—			28
End of Regulatory Transition Period (8)		—			(109	)		—			—			(109	)
Other Energy Delivery (9)		—			44			14			—			58
Pension and Non-Pension Postretirement Benefits Expense (10)		(5	)		(3	)		—			—			(8	)
Bad Debt (11)		1			(8	)		3			—			(4	)
Labor and Contracting (12)		(22	)		(6	)		(6	)		—			(34	)
Planned Nuclear Refueling Outages (13)		(9	)		—			—			—			(9	)
Other Operating and Maintenance Expense (14)		(4	)		(10	)		(4	)		—			(18	)
Depreciation and Amortization (15)		4			(2	)		(11	)		—			(9	)
Taxes Other Than Income and Other (16)		(3	)		(3	)		(10	)		(8	)		(24	)
2007 Adjusted (non-GAAP) Operating Earnings (Loss)		589			43			96			(28	)		700
2007 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market (1)		(13	)		—			—			—			(13	)
Investments in Synthetic Fuel-Producing Facilities (2)		—			—			—			27			27
ComEd 2007 Rate Relief Program (17)		—			(14	)		—			—			(14	)
Sale of Generation’s investments in TEG and TEP (18)		2			—			—			—			2
2007 GAAP Earnings (Loss)	$	578		$	29		$	96		$	(1	)	$	702

(1)	Reflects the mark-to-market impact of Exelon’s economic hedging activities.
(2)	Reflects the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.
(3)	Reflects certain integration costs incurred in connection with Exelon’s proposed merger with PSEG, which was terminated in September 2006.
(4)	Reflects a decrease in Generation’s nuclear decommissioning obligation liability related to the AmerGen nuclear plants.
(5)	Reflects the settlement of a tax matter at Generation related to Sithe.
(6)	Reflects higher average margins primarily due to the end of the below-market PPA with ComEd at year-end 2006 and the contractual increase in prices associated with Generation’s PPA with PECO.
(7)	Reflects favorable variance for weather conditions in the ComEd and PECO service territories.
(8)	Reflects reduced earnings at ComEd primarily due to the end of ComEd’s regulatory transition period and associated revenues.
(9)	Reflects increased pricing for delivery service at ComEd, increased transmission revenue as a result of ComEd’s 2007 transmission rate case and higher electric delivery volume at PECO (excluding the impact of weather).
(10)	Reflects increased pension and non-pension postretirement benefits expense primarily due to changes in actuarial assumptions for 2007.
(11)	Reflects increased bad debt expense primarily at ComEd.
(12)	Primarily reflects labor-related inflation and increased nuclear security costs.
(13)	Reflects increased planned nuclear refueling outage costs, excluding Salem.
(14)	Primarily reflects increased nuclear refueling outage costs at Salem and increased advertising expense related to the end of ComEd’s rate freeze.
(15)	Reflects increased depreciation and amortization primarily due to increased CTC amortization at PECO.
(16)	Reflects favorable tax settlements at PECO in 2006 and higher utility revenue taxes at PECO in 2007, offset by lower interest expense.
(17)	Reflects the impact of ComEd’s 2007 rate relief program.
(18)	Reflects the increase in the gain related to the first quarter 2007 sale of Generation’s ownership interest in TEG and TEP.

10

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings
Per Diluted Share to GAAP Earnings Per Diluted Share
Six Months Ended June 30, 2007 and 2006

2006 GAAP Earnings per Diluted Share	$	1.55
2006 Adjusted (non-GAAP) Operating Earnings Adjustments:
Mark-to-Market (1)		(0.03	)
Investments in Synthetic Fuel-Producing Facilities (2)		0.06
Charges Associated with Exelon’s Now Terminated Merger with PSEG (3)		0.02
Nuclear Decommissioning Obligation Reduction (4)		(0.13	)
2006 Severance Charges and Settlement of a Tax Matter at Generation Related to Sithe (5),(6)		0.01
2006 Adjusted (non-GAAP) Operating Earnings		1.48
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (7)		0.82
ComEd Energy Margins:
Weather (8)		0.03
End of Regulatory Transition Period (9)		(0.26	)
Other Energy Delivery (10)		0.10
PECO Energy Margins:
Weather (11)		0.05
Other Energy Delivery (12)		0.05
PJM Settlement (13)		0.04
Pension and Non-Pension Postretirement Benefits Expense (14)		(0.02	)
Labor and Contracting (15)		(0.08	)
Planned Nuclear Refueling Outages (16)		0.02
Other Operating and Maintenance Expense (17)		(0.05	)
Depreciation and Amortization (18)		(0.04	)
Taxes Other Than Income and Other (19)		(0.03	)
Share Differential (20)		(0.01	)
2007 Adjusted (non-GAAP) Operating Earnings		2.10
2007 Adjusted (non-GAAP) Operating Earnings Adjustments:
Mark-to-Market (1)		(0.12	)
Investments in Synthetic Fuel-Producing Facilities (2)		0.07
Settlement of a Tax Matter at Generation Related to Sithe (5)		0.01
ComEd 2007 Rate Relief Program (21)		(0.02	)
Sale of Generation’s investments in TEG and TEP (22)		0.01
2007 GAAP Earnings per Diluted Share	$	2.05

(1)	Reflects the mark-to-market impact of Exelon’s economic hedging activities.
(2)	Reflects the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.
(3)	Reflects certain costs incurred in connection with Exelon’s proposed merger with PSEG, which was terminated in September 2006.
(4)	Reflects a decrease in Generation’s nuclear decommissioning obligation liability related to the AmerGen nuclear plants.
(5)	Reflects the settlement of separate tax matters at Generation related to Sithe in 2006 and 2007.
(6)	Reflects severance charges in 2006.
(7)	Reflects higher average margins primarily due to the end of the below-market PPA with ComEd at year-end 2006, higher nuclear output reflecting fewer outage days and the contractual increase in prices associated with Generation’s PPA with PECO.
(8)	Reflects a favorable variance for weather conditions in the ComEd service territory.
(9)	Reflects reduced earnings at ComEd primarily due to the end of ComEd’s regulatory transition period and associated revenues.
(10)	Reflects increased pricing for delivery service at ComEd, increased transmission revenue and higher electric delivery volume (excluding the impact of weather).
(11)	Reflects a favorable variance for weather conditions in the PECO service territory.
(12)	Reflects increased revenues at PECO primarily due to higher electric delivery volume (excluding the impact of weather).
(13)	Reflects the favorable PJM Interconnection, LLC (PJM) billing settlement with PPL Electric (PPL) approved by the Federal Energy Regulatory Commission (FERC).
(14)	Reflects increased pension and non-pension postretirement benefits expense primarily due to changes in actuarial assumptions for 2007.
(15)	Primarily reflects labor-related inflation and increased nuclear security costs.
(16)	Reflects decreased planned nuclear refueling outage costs, excluding Salem.
(17)	Primarily reflects increased nuclear refueling outage costs at Salem and increased advertising expense related to the end of ComEd’s rate freeze.
(18)	Reflects increased depreciation and amortization primarily due to increased CTC amortization at PECO.
(19)	Reflects favorable tax settlements at PECO in 2006 and higher utility revenue taxes at PECO in 2007, offset by lower interest expense.
(20)	Reflects dilution of earnings per share due to increased diluted common shares outstanding.
(21)	Reflects the impact of ComEd’s 2007 rate relief program.
(22)	Reflects the gain related to the sale of Generation’s ownership interest in TEG and TEP.

11

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings
to GAAP Earnings By Business Segment (in millions)
Six Months Ended June 30, 2007 and 2006

	Generation			ComEd			PECO			Other			Exelon
2006 GAAP Earnings (Loss)	$	768		$	181		$	186		$	(91	)	$	1,044
2006 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market (1)		(23	)		5			—			—			(18	)
Investments in Synthetic Fuel-Producing Facilities (2)		—			—			—			42			42
Charges Associated with Exelon’s Now Terminated Merger with PSEG (3)		6			2			7			1			16
Nuclear Decommissioning Obligation Reduction (4)		(89	)		—			—			—			(89	)
2006 Severance (5)		1			(1	)		1			—			1
Settlement of a Tax Matter at Generation Related to Sithe (6)		1			—			—			—			1
2006 Adjusted (non-GAAP) Operating Earnings (Loss)		664			187			194			(48	)		997
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (7)		555			—			—			—			555
ComEd and PECO Energy Margins:
Weather (8)		—			22			32			—			54
End of Regulatory Transition Period (9)		—			(175	)		—			—			(175	)
Other Energy Delivery (10)		—			68			31			—			99
PJM Settlement (11)		20			—			7			—			27
Pension and Non-Pension Postretirement Benefits Expense (12)		(9	)		(5	)		—			—			(14	)
Labor and Contracting (13)		(33	)		(11	)		(10	)		—			(54	)
Planned Nuclear Refueling Outages (14)		13			—			—			—			13
Other Operating and Maintenance Expense (15)		(6	)		(27	)		1			—			(32	)
Depreciation and Amortization (16)		1			(7	)		(22	)		1			(27	)
Taxes Other Than Income and Other (17)		(1	)		(3	)		(9	)		(7	)		(20	)
2007 Adjusted (non-GAAP) Operating Earnings (Loss)		1,204			49			224			(54	)		1,423
2007 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market (1)		(82	)		—			—			—			(82	)
Investments in Synthetic Fuel-Producing Facilities (2)		—			—			—			52			52
Settlement of a Tax Matter at Generation Related to Sithe (6)		5			—			—			—			5
ComEd 2007 Rate Relief Program (18)		—			(16	)		—			—			(16	)
Sale of Generation’s investments in TEG and TEP (19)		11			—			—			—			11
2007 GAAP Earnings (Loss)	$	1,138		$	33		$	224		$	(2	)	$	1,393

(1)	Reflects the mark-to-market impact of Exelon’s economic hedging activities.
(2)	Reflects the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.
(3)	Reflects certain integration costs incurred in connection with Exelon’s proposed merger with PSEG, which was terminated in September 2006.
(4)	Reflects a decrease in Generation’s nuclear decommissioning obligation liability related to the AmerGen nuclear plants.
(5)	Reflects severance charges in 2006.
(6)	Reflects the settlement of separate tax matters at Generation related to Sithe in 2006 and 2007.
(7)	Reflects higher average margins primarily due to the end of the below-market PPA with ComEd at year-end 2006, higher nuclear output reflecting fewer outage days and the contractual increase in prices associated with Generation’s PPA with PECO.
(8)	Reflects favorable variance for weather conditions in the ComEd and PECO service territories.
(9)	Reflects reduced earnings at ComEd primarily due to the end of ComEd’s regulatory transition period and associated revenues.
(10)	Reflects increased pricing for delivery service at ComEd, increased transmission revenue and higher electric delivery volume at ComEd and PECO (excluding the impact of weather).
(11)	Reflects the favorable PJM billing settlement with PPL approved by FERC.
(12)	Reflects increased pension and non-pension postretirement benefits expense primarily due to changes in actuarial assumptions for 2007.
(13)	Primarily reflects labor-related inflation and increased nuclear security costs.
(14)	Reflects decreased planned nuclear refueling outage costs, excluding Salem.
(15)	Primarily reflects increased nuclear refueling outage costs at Salem and increased advertising expense related to the end of ComEd’s rate freeze.
(16)	Reflects increased depreciation and amortization primarily due to increased CTC amortization at PECO.
(17)	Reflects favorable tax settlements at PECO in 2006 and higher utility revenue taxes at PECO in 2007, offset by lower interest expense.
(18)	Reflects the impact of ComEd’s 2007 rate relief program.
(19)	Reflects the gain related to the sale of Generation’s ownership interest in TEG and TEP.

12

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to
GAAP Consolidated Statements of Operations
(unaudited)
(in millions)

	Generation
	Three Months Ended June 30, 2007									Three Months Ended June 30, 2006
							Adjusted Non-									Adjusted Non-
	GAAP (a)			Adjustments			GAAP			GAAP (a)			Adjustments			GAAP
Operating revenues	$	2,641		$	—		$	2,641		$	2,214		$	—		$	2,214
Operating expenses
Purchased power		538			16	(b)		554			418			49	(b)		467
Fuel		436			(38	) (b)		398			425			9	(b)		434
Operating and maintenance		618			—			618			440			144	(e),(f)		584
Depreciation and amortization		65			—			65			72			—			72
Taxes other than income		47			—			47			41			—			41
Total operating expenses		1,704			(22	)		1,682			1,396			202			1,598
Operating income		937			22			959			818			(202	)		616
Other income and deductions
Interest expense, net		(31	)		—			(31	)		(40	)		1	(d)		(39	)
Equity in losses of unconsolidated affiliates		(1	)		—			(1	)		(1	)		—			(1	)
Other, net		22			(3	) (c)		19			14			—			14
Total other income and deductions		(10	)		(3	)		(13	)		(27	)		1			(26	)
Income before income taxes		927			19			946			791			(201	)		590
Income taxes		349			8	(b),(c)		357			294			(79	) (b),(d),(e),(f)		215
Income from continuing operations		578			11			589			497			(122	)		375
Income from discontinued operations		—			—			—			3			(3	) (d)		—
Net income	$	578		$	11		$	589		$	500		$	(125	)	$	375
	Six Months Ended June 30, 2007									Six Months Ended June 30, 2006
							Adjusted Non-									Adjusted Non-
	GAAP (a)			Adjustments			GAAP			GAAP (a)			Adjustments			GAAP
Operating revenues	$	5,344		$	—		$	5,344		$	4,434		$	—		$	4,434
Operating expenses
Purchased power		1,131			(145	) (b)		986			781			88	(b)		869
Fuel		907			8	(b)		915			1,036			(52	) (b)		984
Operating and maintenance		1,257			—			1,257			1,108			142	(e),(f),(g)		1,250
Depreciation and amortization		133			—			133			139			—			139
Taxes other than income		88			—			88			84			—			84
Total operating expenses		3,516			(137	)		3,379			3,148			178			3,326
Operating income		1,828			137			1,965			1,286			(178	)		1,108
Other income and deductions
Interest expense, net		(66	)		—			(66	)		(82	)		7	(d)		(75	)
Equity in earnings (losses) of investments		1			—			1			(5	)		—			(5	)
Other, net		54			(18	) (c)		36			20			4	(e)		24
Total other income and deductions		(11	)		(18	)		(29	)		(67	)		11			(56	)
Income before income taxes		1,817			119			1,936			1,219			(167	)		1,052
Income taxes		684			48	(b),(c)		732			454			(66	) (b),(d),(e),(f),(g)		388
Income from continuing operations		1,133			71			1,204			765			(101	)		664
Income (loss) from discontinued operations		5			(5	) (d)		—			3			(3	) (d)		—
Net income	$	1,138		$	66		$	1,204		$	768		$	(104	)	$	664

(a)	Results reported in accordance with GAAP.
(b)	Adjustment to exclude the mark-to-market impact of Generation’s economic hedging activities.
(c)	Reflects the increase in the gain related to the first quarter 2007 sale of Generation’s ownership interest in TEG and TEP.
(d)	Adjustment to exclude the settlement of tax matters at Generation related to Sithe.
(e)	Adjustment to exclude certain costs associated with Exelon’s merger with PSEG, which was terminated in September 2006.
(f)	Adjustment to exclude the decrease in Generation’s nuclear decommissioning obligation liability related to the AmerGen nuclear plants.
(g)	Adjustment to exclude severance charges in 2006.

13

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to
GAAP Consolidated Statements of Operations
(unaudited)
(in millions)

	ComEd
	Three Months Ended June 30, 2007									Three Months Ended June 30, 2006
							Adjusted Non-									Adjusted Non-
	GAAP (a)			Adjustments			GAAP			GAAP (a)			Adjustments			GAAP
Operating revenues	$	1,420		$	18	(b)	$	1,438		$	1,453		$	(3	) (c)	$	1,450
Operating expenses
Purchased power		838			—			838			766			—			766
Operating and maintenance		266			(7	) (b)		259			218			(2	) (d)		216
Depreciation and amortization		109			—			109			106			—			106
Taxes other than income		76			—			76			71			—			71
Total operating expenses		1,289			(7	)		1,282			1,161			(2	)		1,159
Operating income		131			25			156			292			(1	)		291
Other income and deductions
Interest expense, net		(87	)		—			(87	)		(77	)		—			(77	)
Equity in losses of unconsolidated affiliates		(2	)		—			(2	)		(3	)		—			(3	)
Other, net		5			—			5			1			—			1
Total other income and deductions		(84	)		—			(84	)		(79	)		—			(79	)
Income before income taxes		47			25			72			213			(1	)		212
Income taxes		18			11	(b)		29			86			—	(c),(d)		86
Net income	$	29		$	14		$	43		$	127		$	(1	)	$	126
	Six Months Ended June 30, 2007									Six Months Ended June 30, 2006
							Adjusted Non-									Adjusted Non-
	GAAP (a)			Adjustments			GAAP			GAAP (a)			Adjustments			GAAP
Operating revenues	$	2,911			19	(b)	$	2,930		$	2,880		$	8	(c)	$	2,888
Operating expenses
Purchased power		1,806			—			1,806			1,628			—			1,628
Operating and maintenance		510			(8	) (b)		502			434			(3	) (d),(e)		431
Depreciation and amortization		217			—			217			205			—			205
Taxes other than income		157			—			157			152			—			152
Total operating expenses		2,690			(8	)		2,682			2,419			(3	)		2,416
Operating income		221			27			248			461			11			472
Other income and deductions
Interest expense, net		(170	)		—			(170	)		(153	)		—			(153	)
Equity in losses of unconsolidated affiliates		(4	)		—			(4	)		(5	)		—			(5	)
Other, net		7			—			7			1			—			1
Total other income and deductions		(167	)		—			(167	)		(157	)		—			(157	)
Income before income taxes		54			27			81			304			11			315
Income taxes		21			11	(b)		32			123			5	(c),(d),(e)		128
Net income	$	33		$	16		$	49		$	181		$	6		$	187

(a)	Results reported in accordance with GAAP.
(b)	Adjustment to exclude the impact of ComEd’s 2007 rate relief program.
(c)	Adjustment to exclude the mark-to-market impact of ComEd’s economic hedging activities.
(d)	Adjustment to exclude certain costs associated with Exelon’s merger with PSEG, which was terminated in September 2006.
(e)	Adjustment to exclude severance charges in 2006.

14

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to
GAAP Consolidated Statements of Operations
(unaudited)
(in millions)

	PECO
	Three Months Ended June 30, 2007								Three Months Ended June 30, 2006
						Adjusted Non-									Adjusted Non-
	GAAP (a)			Adjustments		GAAP			GAAP (a)			Adjustments			GAAP
Operating revenues	$	1,269		$	—	$	1,269		$	1,148		$	—		$	1,148
Operating expenses
Purchased power		569			—		569			501			—			501
Fuel		86			—		86			76			—			76
Operating and maintenance		146			—		146			141			(2	) (b)		139
Depreciation and amortization		185			—		185			172			(3	) (b)		169
Taxes other than income		71			—		71			53			—			53
Total operating expenses		1,057			—		1,057			943			(5	)		938
Operating income		212			—		212			205			5			210
Other income and deductions
Interest expense, net		(64	)		—		(64	)		(67	)		—			(67	)
Equity in gains (losses) of unconsolidated affiliates		(2	)		—		(2	)		(2	)		—			(2	)
Other, net		5			—		5			2			—			2
Total other income and deductions		(61	)		—		(61	)		(67	)		—			(67	)
Income before income taxes		151			—		151			138			5			143
Income taxes		55			—		55			45			2	(b)		47
Net income	$	96		$	—	$	96		$	93		$	3		$	96
	Six Months Ended June 30, 2007								Six Months Ended June 30, 2006
						Adjusted Non-									Adjusted Non-
	GAAP (a)			Adjustments		GAAP			GAAP (a)			Adjustments			GAAP
Operating revenues	$	2,769		$	—	$	2,769		$	2,554		$	—		$	2,554
Operating expenses
Purchased power		1,113			—		1,113			987			—			987
Fuel		385			—		385			402						402
Operating and maintenance		294			—		294			289			(5	) (b),(c)		284
Depreciation and amortization		370			—		370			343			(7	) (b)		336
Taxes other than income		142			—		142			117			—			117
Total operating expenses		2,304			—		2,304			2,138			(12	)		2,126
Operating income		465			—		465			416			12			428
Other income and deductions
Interest expense, net		(126	)		—		(126	)		(136	)		—			(136	)
Equity in losses of unconsolidated affiliates		(4	)		—		(4	)		(6	)		—			(6	)
Other, net		10			—		10			5			—			5
Total other income and deductions		(120	)		—		(120	)		(137	)		—			(137	)
Income before income taxes		345			—		345			279			12			291
Income taxes		121			—		121			93			4	(b),(c)		97
Net income	$	224		$	—	$	224		$	186		$	8		$	194

(a)	Results reported in accordance with GAAP.
(b)	Adjustment to exclude certain costs associated with Exelon’s merger with PSEG, which was terminated in September 2006.
(c)	Adjustment to exclude severance expense in 2006.

15

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings to
GAAP Consolidated Statements of Operations
(unaudited)
(in millions)

	Other
	Three Months Ended June 30, 2007									Three Months Ended June 30, 2006
							Adjusted Non-									Adjusted Non-
	GAAP (a)			Adjustments			GAAP			GAAP (a)			Adjustments			GAAP
Operating revenues	$	(829	)	$	—		$	(829	)	$	(1,118	)	$	—		$	(1,118	)
Operating expenses
Purchased power		(827	)		—			(827	)		(1,114	)		—			(1,114	)
Fuel		—			—			—			1			—			1
Operating and maintenance		32			(34	) (b)		(2	)		82			(97	) (b),(c)		(15	)
Depreciation and amortization		10			—			10			21			(11	) (b)		10
Taxes other than income		5			—			5			5			—			5
Total operating expenses		(780	)		(34	)		(814	)		(1,005	)		(108	)		(1,113	)
Operating loss		(49	)		34			(15	)		(113	)		108			(5	)
Other income and deductions
Interest expense, net		(32	)		1	(b)		(31	)		(38	)		3	(b)		(35	)
Equity in earnings (losses) of unconsolidated affiliates		(38	)		39	(b)		1			(16	)		16	(b)		—
Other, net		11			(9	) (b)		2			29			(24	) (b)		5
Total other income and deductions		(59	)		31			(28	)		(25	)		(5	)		(30	)
Loss from continuing operations before income taxes		(108	)		65			(43	)		(138	)		103			(35	)
Income taxes		(108	)		92	(b)		(16	)		(62	)		47	(b),(c)		(15	)
Income (loss) from continuing operations		—			(27	)		(27	)		(76	)		56			(20	)
Loss from discontinued operations		(1	)		—			(1	)		—			—			—
Net loss	$	(1	)	$	(27	)	$	(28	)	$	(76	)	$	56		$	(20	)

	Six Months Ended June 30, 2007									Six Months Ended June 30, 2006
							Adjusted Non-									Adjusted Non-
	GAAP (a)			Adjustments			GAAP			GAAP (a)			Adjustments			GAAP
Operating revenues	$	(1,694	)	$	—		$	(1,694	)	$	(2,309	)	$	—		$	(2,309	)
Operating expenses
Purchased power		(1,687	)		—			(1,687	)		(2,300	)		—			(2,300	)
Fuel		—			—			—			—			—			—
Operating and maintenance		59			(67	) (b)		(8	)		75			(101	) (b),(c)		(26	)
Depreciation and amortization		18			—			18			48			(28	) (b)		20
Taxes other than income		8			—			8			11			—			11
Total operating expenses		(1,602	)		(67	)		(1,669	)		(2,166	)		(129	)		(2,295	)
Operating loss		(92	)		67			(25	)		(143	)		129			(14	)
Other income and deductions
Interest expense, net		(65	)		3	(b)		(62	)		(74	)		5	(b)		(69	)
Equity in earnings (losses) of unconsolidated affiliates and investments		(62	)		63	(b)		1			(45	)		46	(b)		1
Other, net		35			(29	) (b)		6			65			(53	) (b)		12
Total other income and deductions		(92	)		37			(55	)		(54	)		(2	)		(56	)
Loss from continuing operations before income taxes		(184	)		104			(80	)		(197	)		127			(70	)
Income taxes		(178	)		156	(b)		(22	)		(106	)		84	(b),(c)		(22	)
Loss from continuing operations		(6	)		(52	)		(58	)		(91	)		43			(48	)
Income from discontinued operations		4			—			4			—			—			—
Net loss	$	(2	)	$	(52	)	$	(54	)	$	(91	)	$	43		$	(48	)

(a)	Results reported in accordance with GAAP.
(b)	Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities, including the impact of mark-to-market gains (losses) associated with the related derivatives.
(c)	Adjustment to exclude certain costs associated with Exelon’s merger with PSEG, which was terminated in September 2006.

16

EXELON CORPORATION
Exelon Generation Statistics

	Three Months Ended
	June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006
Supply (in GWhs)
Nuclear		34,350		35,357		34,810		35,867		35,442
Purchased Power — Generation		8,579		8,683		9,085		13,341		8,101
Fossil and Hydro		2,859		2,994		2,860		3,794		3,148
Power Team Supply		45,788		47,034		46,755		53,002		46,691
	Three Months Ended
	June 30, 2007		March 31, 2007		December 31, 2006		September 30, 2006		June 30, 2006
Electric Sales (in GWhs)
ComEd		5,146		5,926		18,173		22,566		18,685
PECO		9,732		10,279		9,383		11,361		9,262
Market and Retail		30,910		30,829		19,199		19,075		18,744
Total Electric Sales (a) (b)		45,788		47,034		46,755		53,002		46,691
Average Margin ($/MWh)
Average Realized Revenue
ComEd	$	64.13	$	64.12	$	30.26	$	39.31	$	35.80
PECO		51.07		46.70		45.29		47.71		46.32
Market and Retail (c)		54.38		53.07		47.76		54.21		50.31
Total Electric Sales		54.77		53.07		40.47		46.47		43.71
Average Purchased Power and Fuel Cost (d)	$	18.80	$	16.46	$	15.66	$	24.38	$	17.28
Average Margin (d)	$	35.97	$	36.61	$	24.81	$	22.09	$	26.43
Around-the-clock Market Prices ($/MWh)(e)
PJM West Hub	$	57.61	$	59.82	$	41.66	$	58.15	$	48.07
NiHub		44.39		44.80		37.77		46.15		39.28

(a)	Excludes retail gas sales, trading portfolio and other operating revenue.
(b)	Total sales do not include trading volume of 4,775 GWhs, 5,101 GWhs, 8,029 GWhs, 8,909 GWhs, and 7,769 GWhs for the three months ended June 30, 2007, March 31, 2007, December 31, 2006, September 30, 2006, and June 30, 2006, respectively.
(c)	Represents wholesale and retail sales that exclude revenues related to tolling agreements of $52 million and $34 million for the three months ended September 30, 2006 and June 30, 2006, respectively.
(d)	Excludes the mark-to-market impact of Generation’s economic hedging activities.
(e)	Represents the average for the quarter.

17

EXELON CORPORATION
Exelon Generation Statistics
Six Months Ended June 30, 2007 and 2006

	June 30, 2007		June 30, 2006
Supply (in GWhs)
Nuclear		69,707		68,933
Purchased Power — Generation		17,262		15,870
Fossil and Hydro		5,853		6,119
Power Team Supply		92,822		90,922
	June 30, 2007		June 30, 2006
Electric Sales (in GWhs)
ComEd		11,072		38,994
PECO		20,011		18,876
Market and Retail Sales		61,739		33,052
Total Electric Sales (a) (b)		92,822		90,922
Average Margin ($/MWh)
Average Realized Revenue
ComEd	$	64.13	$	36.54
PECO		48.82		44.77
Market (c)		53.73		51.10
Total Electric Sales		53.91		43.54
Average Purchased Power and Fuel Cost (d)	$	17.61	$	16.63
Average Margin (d)	$	36.30	$	26.91
Around-the-clock Market Prices ($/MWh)(e)
PJM West Hub	$	58.72	$	52.24
NiHub		44.59		40.88

(a)	Excludes retail gas sales, trading portfolio and other operating revenue.
(b)	Total sales do not include trading volume of 9,876 GWhs and 14,754 GWhs for the six months ended June 30, 2007 and 2006, respectively.
(c)	Represents wholesale and retail sales that exclude revenues related to tolling agreements of $34 million for the six months ended June 30, 2006.
(d)	Excludes the mark-to-market impact of Generation’s economic hedging activities.
(e)	Represents the average for the quarter.

18

EXELON CORPORATION
ComEd Sales Statistics
Three Months Ended June 30, 2007 and 2006

	Electric Deliveries (in GWhs)									Revenue (in millions)
	2007			2006			% Change			2007			2006			% Change
Full Service(a)
Residential		6,359			6,124			3.8%		$	696		$	547			27.2%
Small Commercial & Industrial		3,835			5,709			(32.8%	)		380			452			(15.9%	)
Large Commercial & Industrial		539			2,430			(77.8%	)		35			130			(73.1%	)
Public Authorities		213			514			(58.6%	)		18			32			(43.8%	)
Total Full Service		10,946			14,777			(25.9%	)		1,129			1,161			(2.8%	)
PPO(b)
Small Commercial & Industrial		—			814			(100.0%	)		—			61			(100.0%	)
Large Commercial & Industrial		1			675			(99.9%	)		—			42			(100.0%	)
		1			1,489			(99.9%	)		—			103			(100.0%	)
Delivery Only(c)
Residential		(d	)		(d	)					(d	)		(d	)
Small Commercial & Industrial		4,390			1,291			n.m.			70			21			n.m.
Large Commercial & Industrial		6,785			3,772			79.9%			71			40			77.5%
Public Authorities & Electric Railroads		115			—			n.m.			1			—			n.m.
		11,290			5,063			123.0%			142			61			132.8%
Total PPO and Delivery Only		11,291			6,552			72.3%			142			164			(13.4%	)
Total Retail		22,237			21,329			4.3%			1,271			1,325			(4.1%	)
Other Revenue(e)											149			128			16.4%
Total Revenues										$	1,420		$	1,453			(2.3%	)
Purchased Power										$	838		$	766			9.4%

Heating and Cooling Degree-Days	2007		2006		Normal
Heating Degree-Days		677		617		794
Cooling Degree-Days		303		212		216

(a)	Full service reflects deliveries to customers taking electric service under tariffed rates which include the cost of electricity and the cost of the transmission and distribution of the electricity.
(b)	Revenue from customers choosing ComEd’s power purchase option includes an energy charge at market rates, transmission and distribution charges, and a CTC through December 31, 2006.
(c)	Delivery only service reflects customers electing to receive electricity from a competitive electric generation supplier. Revenue from customers choosing a competitive electric generation supplier includes a distribution charge, and a CTC through December 31, 2006.
(d)	All ComEd customers have the choice to purchase electricity from a competitive electric generation supplier. This choice does not impact the volume of deliveries, but affects revenue collected from customers related to supplied electricity and generation service. As of June 30, 2007, two competitive electric generation suppliers had been granted approval to serve residential customers in the ComEd service territory. However, they are not currently supplying electricity to any residential customers.
(e)	Other revenue includes transmission revenue from PJM, sales to municipalities and other wholesale energy sales.
n.m.	- Not meaningful

19

EXELON CORPORATION
ComEd Sales Statistics
Six Months Ended June 30, 2007 and 2006

	Electric Deliveries (in GWhs)								Revenue (in millions)
	2007			2006			% Change		2007			2006			% Change
Full Service(a)
Residential		13,448			12,921			4.1%	$	1,423		$	1,096			29.8%
Small Commercial & Industrial		8,421			11,028			(23.6%)		814			839			(3.0%)
Large Commercial & Industrial		1,245			4,609			(73.0%)		96			240			(60.0%)
Public Authorities		396			1,115			(64.5%)		34			68			(50.0%)
Total Full Service		23,510			29,673			(20.8%)		2,367			2,243			5.5%
PPO(b)
Small Commercial & Industrial		23			2,322			(99.0%)		2			163			(98.8%)
Large Commercial & Industrial		34			2,198			(98.5%)		3			132			(97.7%)
		57			4,520			(98.7%)		5			295			(98.3%)
Delivery Only(c)
Residential		(d	)		(d	)				(d	)		(d	)
Small Commercial & Industrial		7,885			2,185			n.m.		119			33			n.m.
Large Commercial & Industrial		13,208			6,723			96.5%		134			67			100.0%
Public Authorities & Electric Railroads		268			—			n.m.		3			—			n.m.
		21,361			8,908			139.8%		256			100			156.0%
Total PPO and Delivery Only		21,418			13,428			59.5%		261			395			(33.9%)
Total Retail		44,928			43,101			4.2%		2,628			2,638			(0.4%)
Other Revenue(e)										283			242			16.9%
Total Revenues									$	2,911		$	2,880			1.1%
Purchased Power									$	1,806		$	1,628			10.9%

Heating and Cooling Degree-Days	2007		2007		2007
Heating Degree-Days		3,825		3,358		4,060
Cooling Degree-Days		309		212		217

(a)	Full service reflects deliveries to customers taking electric service under tariffed rates which include the cost of electricity and the cost of the transmission and distribution of the electricity.
(b)	Revenue from customers choosing ComEd’s power purchase option includes an energy charge at market rates, transmission and distribution charges, and a CTC through December 31, 2006.
(c)	Delivery only service reflects customers electing to receive electricity from a competitive electric generation supplier. Revenue from customers choosing a competitive electric generation supplier includes a distribution charge, and a CTC through December 31, 2006.
(d)	All ComEd customers have the choice to purchase electricity from a competitive electric generation supplier. This choice does not impact the volume of deliveries, but affects revenue collected from customers related to supplied electricity and generation service. As of June 30, 2007, two competitive electric generation suppliers had been granted approval to serve residential customers in the ComEd service territory. However, they are not currently supplying electricity to any residential customers.
(e)	Other revenue includes transmission revenue from PJM, sales to municipalities and other wholesale energy sales.
n.m. — Not meaningful

20

EXELON CORPORATION
PECO Sales Statistics
Three Months Ended June 30, 2007 and 2006

	Electric and Gas Deliveries							Revenue (in millions)
	2007		2006		% Change			2007		2006		% Change
Electric (in GWhs)
Full Service(a)
Residential		2,963		2,719		9.0	%	$	445	$	392		13.5	%
Small Commercial & Industrial		1,995		1,869		6.7	%		265		236		12.3	%
Large Commercial & Industrial		4,054		3,875		4.6	%		341		319		6.9	%
Public Authorities & Electric Railroads		202		229		(11.8	%)		21		22		(4.5	%)
Total Full Service		9,214		8,692		6.0	%		1,072		969		10.6	%
Delivery Only(b)
Residential		10		14		(28.6	%)		1		1		0.0	%
Small Commercial & Industrial		145		163		(11.0	%)		8		9		(11.1	%)
Large Commercial & Industrial		3		11		(72.7	%)		—		1		(100.0	%)
Total Delivery Only		158		188		(16.0	%)		9		11		(18.2	%)
Total Electric Retail		9,372		8,880		5.5	%		1,081		980		10.3	%
Other Revenue(c)									66		60		10.0	%
Total Electric Revenue									1,147		1,040		10.3	%
Gas (in mmcfs)
Retail Sales		8,317		6,292		32.2	%		116		103		12.6	%
Transportation and Other		5,928		6,139		(3.4	%)		6		5		20.0	%
Total Gas		14,245		12,431		14.6	%		122		108		13.0	%
Total Electric and Gas Revenues								$	1,269	$	1,148		10.5	%
Purchased Power								$	569	$	501		13.6	%
Fuel									86		76		13.2	%
Total Purchased Power and Fuel								$	655	$	577		13.5	%

Heating and Cooling Degree-Days	2007		2006		Normal
Heating Degree-Days		507		335		488
Cooling Degree-Days		398		327		316

(a)	Full service reflects deliveries to customers taking generation service under tariff rates, which include the cost of energy, the cost of transmission and distribution of the energy and a CTC.
(b)	Delivery only service reflects customers electing to receive electric generation service from a competitive electric generation supplier. Revenue from customers choosing a competitive electric generation supplier includes a distribution charge and a CTC.
(c)	Other revenue includes transmission revenue from PJM, wholesale revenue and other revenues.

21

EXELON CORPORATION
PECO Sales Statistics
Six Months Ended June 30, 2007 and 2006

	Electric and Gas Deliveries							Revenue (in millions)
	2007		2006		% Change			2007		2006		% Change
Electric (in GWhs)
Full Service(a)
Residential		6,377		5,917		7.8	%	$	894	$	795		12.5	%
Small Commercial & Industrial		4,064		3,753		8.3	%		504		446		13.0	%
Large Commercial & Industrial		7,961		7,576		5.1	%		670		614		9.1	%
Public Authorities & Electric Railroads		434		472		(8.1	%)		43		43		0.0	%
Total Full Service		18,836		17,718		6.3	%		2,111		1,898		11.2	%
Delivery Only(b)
Residential		21		32		(34.4	%)		2		2		0.0	%
Small Commercial & Industrial		289		345		(16.2	%)		15		18		(16.7	%)
Large Commercial & Industrial		7		29		(75.9	%)		—		1		(100.0	%)
Total Delivery Only		317		406		(21.9	%)		17		21		(19.0	%)
Total Electric Retail		19,153		18,124		5.7	%		2,128		1,919		10.9	%
Other Revenue(c)									131		118		11.0	%
Total Electric Revenue									2,259		2,037		10.9	%
Gas (in mmcfs)
Retail Sales		37,285		31,213		19.5	%		482		507		(4.9	%)
Transportation and Other		12,977		13,019		(0.3	%)		28		10		180.0	%
Total Gas		50,262		44,232		13.6	%		510		517		(1.4	%)
Total Electric and Gas Revenues								$	2,769	$	2,554		8.4	%
Purchased Power								$	1,113	$	987		12.8	%
Fuel									385		402		(4.2	%)
Total Purchased Power and Fuel								$	1,498	$	1,389		7.8	%

Heating and Cooling Degree-Days	2007		2006		Normal
Heating Degree-Days		3,012		2,522		3,047
Cooling Degree-Days		398		328		316

(a)	Full service reflects deliveries to customers taking generation service under tariff rates, which include the cost of energy, the cost of transmission and distribution of the energy and a CTC.
(b)	Delivery only service reflects customers electing to receive electric generation service from a competitive electric generation supplier. Revenue from customers choosing a competitive electric generation supplier includes a distribution charge and a CTC.
(c)	Other revenue includes transmission revenue from PJM, wholesale revenue and other revenues.

22