Exelon Generation 8-K Exelon Announces First Quarter 2017 Results

Exhibit99.1

News Release

Contact:	Dan Eggers
	Investor Relations
	312-394-2345
	Paul Adams
	Corporate Communications
	410-470-4167

EXELON ANNOUNCES FIRST QUARTER 2017 RESULTS

CHICAGO (May 3, 2017) — Exelon Corporation (NYSE: EXC) announced first quarter 2017 consolidated earnings as follows:

	First Quarter
	2017		2016
GAAP Results:
Net Income ($ millions)	$	995	$	173
Diluted Earnings per Share	$	1.07	$	0.19
Adjusted(non-GAAP) Operating Results:
Net Income ($ millions)	$	605	$	632
Diluted Earnings per Share	$	0.65	$	0.68

“Exelon delivered solid performance for shareholders and customers in the first quarter, achieving record reliability and operational excellence. We marked theone-year anniversary of our merger with Pepco Holdings, successfully executing on merger commitments and integration targets, while delivering tangible benefits to our new customers,” said Christopher M. Crane, Exelon President and CEO. “We completed the acquisition of the FitzPatrick power plant, and recently began earning zero-emissions credit revenues in New York, helping to preserve jobs and deliver clean energy across the state. I am proud of the hard work of our 34,000 employees who safely deliver on our commitments to customers, shareholders and communities every day.”

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First Quarter Operating Results

Exelon’s GAAP Net Income increased to $1.07 per share in the first quarter of 2017 from $0.19 per share in the first quarter of 2016. Exelon’s adjusted(non-GAAP) Operating Earnings decreased to $0.65 per share in the first quarter of 2017 from $0.68 per share in the first quarter of 2016.

First quarter 2017 results include $0.09 per share of PHI Adjusted(non-GAAP) Operating Earnings. Adjusted(non-GAAP) Operating Earnings in the first quarter of 2017 reflect the following unfavorable factors:

• Unfavorable impact of declining natural gas prices on Generation’s natural gas portfolio

• Unfavorable impact of increased nuclear outage days at Generation

• Lower capacity prices at Generation, and

• Lower realized energy prices at Generation

These factors were partially offset by:

• Higher utility earnings due to regulatory rate increases, and

• Higher revenue at Generation under the Ginna Reliability Support Services Agreement

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

	(in millions)			(per diluted share)
Exelon GAAP Net Income	$	995		$	1.07
Mark-to-Market Impact of Economic Hedging Activities		30			0.03
Unrealized Gains Related to Nuclear Decommissioning Trust (NDT) Fund Investments		(99	)		(0.10	)
Amortization of Commodity Contract Intangibles		3			—
Merger and Integration Costs		25			0.03
Merger Commitments(1)		(137	)		(0.15	)
Reassessment of State Deferred Income Taxes		(20	)		(0.02	)
Cost Management Program		4			—
Tax Settlements		(5	)		(0.01	)
Bargain Purchase Gain		(226	)		(0.24	)
CENG Noncontrolling Interest		35			0.04
Exelon Adjusted(non-GAAP) Operating Earnings	$	605		$	0.65

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

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Adjusted(non-GAAP) Operating Earnings for the first quarter of 2016 do not include the following items (after tax) that were included in reported GAAP Net Income:

	(in millions)			(per diluted share)
Exelon GAAP Net Income	$	173		$	0.19
Mark-to-Market Impact of Economic Hedging Activities		(64	)		(0.07	)
Unrealized Gains Related to NDT Fund Investments		(31	)		(0.03	)
Amortization of Commodity Contract Intangibles		(12	)		(0.01	)
Merger and Integration Costs		76			0.08
Merger Commitments		394			0.42
Long-Lived Asset Impairments		71			0.07
Cost Management Program		14			0.02
CENG Noncontrolling Interest		11			0.01
Exelon Adjusted(non-GAAP) Operating Earnings	$	632		$	0.68

First Quarter and Recent Highlights

• FitzPatrick Acquisition: On March 31, 2017, Generation acquired the James A. FitzPatrick nuclear station located in Scriba, New York for a total purchase price of $293 million. The total purchase price consisted of a cash purchase price of $110 million and a net cost reimbursement to and on behalf of Entergy of $183 million. As part of the acquisition agreements, Generation provided nuclear fuel and reimbursed Entergy for incremental costs to prepare for and conduct a plant refueling outage; and Generation reimbursed Entergy for incremental costs to operate and maintain the plant for the period after the refueling outage through the acquisition closing date. These reimbursements covered costs that Entergy otherwise would have avoided had it shut down the plant as originally intended in January 2017. Generation recognized a $226 millionafter-tax bargain purchase gain as a result of the FitzPatrick acquisition.

• Generation Renewable JV Transaction: On March 31, 2017, ExGen Renewables Holdings, LLC entered into a sales agreement for 49 percent of the membership interest in its renewable generation portfolio for a purchase price of $400 million, subject to certain working capital and post-closing adjustments. These proceeds, net of approximately $115 million of income taxes on the sale, will be used by Generation to pay down debt and for general corporate purposes. Upon consummation of the transaction, ExGen Renewables Holdings will be the managing member over the joint venture and its renewable generation portfolio. Consummation of the transaction is expected in the late second quarter or early third quarter and is subject to various customary closing conditions, including receipt of regulatory approvals from the Federal Energy Regulatory Commission and Public Utility Commission of Texas.

• DPL Maryland Electric Distribution Rate Case: On Feb. 15, 2017, the MDPSC approved an electric distribution rate increase of $38 million based on an allowed ROE of 9.6 percent. The new rates became effective for services rendered on or after February 15, 2017.

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• DPL Delaware Electric and Natural Gas Distribution Rate Case: On May 17, 2016, DPL filed applications with the DPSC requesting increases of $63 million (which was updated to $60 million on March 8, 2017) and $22 million to its electric and natural gas distribution rates, respectively, each based on a requested ROE of 10.6 percent. On March 8, 2017, DPL entered into a settlement agreement with the Division of the Public Advocate, Delaware Electric Users Group and the DPSC Staff in its electric distribution rate proceeding, which provides for an increase in DPL electric distribution rates of $32 million based on an allowed ROE of 9.7 percent. On April 6, 2017, DPL entered into a settlement agreement with the Division of the Public Advocate and the DPSC Staff in its natural gas distribution rate proceeding, which provides for an increase in DPL natural gas distribution rates of $4.9 million based on an ROE of 9.7 percent.

• Pepco Maryland Electric Distribution Rate Case: On March 24, 2017, Pepco filed an application with the MDPSC requesting an electric rate increase of $69 million based on a requested ROE of 10.1 percent. Pepco expects a decision in this matter in the fourth quarter of 2017.

• ACE Electric Distribution Rate Case: On March 30, 2017, ACE filed an application with the NJBPU requesting an electric distribution rate increase of $70 million, based on a requested ROE of 10.1 percent. ACE currently expects a decision in this matter in the first quarter of 2018.

• Hedging Update: Exelon’s hedging program involves the hedging of commodity risk for Exelon’s expected generation, typically on a ratable basis over a three-year period. Expected generation is the volume of energy that best represents our commodity position in energy markets from owned or contracted generating facilities upon a simulated dispatch model that makes assumptions regarding future market conditions, which are calibrated to market quotes for power, fuel, load following products, and options. The proportion of expected generation hedged as of March 31, 2017, was 97.0 percent to 100.0 percent for 2017, 60.0 percent to 63.0 percent for 2018, and 30.0 percent to 33.0 percent for 2019. The primary objective of Exelon’s hedging program is to manage market risks and protect the value of its generation and its investment-grade balance sheet, while preserving its ability to participate in improving long-term market fundamentals.

• Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station and 100 percent of the CENG units, produced 43,504 gigawatt-hours (GWh) in the first quarter of 2017, compared with 44,802 GWh in the first quarter of 2016. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 94.0 percent capacity factor for the first quarter of 2017, compared with 95.8 percent for the first quarter of 2016. The number of planned refueling outage days in the first quarter of 2017 totaled 95, compared with 70 in the first quarter of 2016. There were 8non-refueling outage days in the first quarter of 2017, compared with 10 days in the first quarter of 2016.

• Fossil and Renewables Operations: The dispatch match rate for Generation’s gas and hydro fleet was 99.1 percent in the first quarter of 2017, compared with 93.5 percent in the first quarter of 2016. Energy capture for the wind and solar fleet was 95.7 percent in the first quarter of 2017, compared with 96.2 percent in the first quarter of 2016.

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• Financing Activities:

• On March 10, 2017, Generation issued $250 million aggregate principal amount of its 2.950 percent Senior Notes due in 2020 and $500 million aggregate principal amount of its 3.400 percent Senior Notes due in 2022. The proceeds from the sale of the Senior Notes were used to repay outstanding commercial paper obligations and for general corporate purposes.

• On April 3, 2017, Exelon completed the remarketing of $1.15 billion aggregate principal amount of its 2.500 percent Junior Subordinated Notes due 2024, originally issued as components of its equity units issued in June 2014. As contemplated in the June 2014 equity unit structure, Exelon completed the remarketing of the 2024 notes into $1.15 billion aggregate principal amount of 3.497 percent junior subordinated notes due in 2022. Exelon conducted the remarketing on behalf of the holders of equity units and did not directly receive any proceeds therefrom. Instead, the former holders of the 2024 notes may use debt remarketing proceeds towards settling the forward equity purchase contract with Exelon on June 1, 2017. Exelon will receive $1.15 billion upon settlement on June 1, 2017 of the forward equity purchase contract. Exelon currently expects the number of equity shares to be issued to range from 26 million to 33 million, dependent on Exelon’s stock price at the time of settlement pursuant to the equity unit terms.

• In September 2014, EGTP, an indirect subsidiary of Exelon and Generation, issued $675 million aggregate principal amount of a nonrecourse senior secured term loan. On May 2, 2017, EGTP entered into a consent agreement with its lenders to permit EGTP to draw on its revolving credit facility and initiate an orderly sales process to sell the assets of its wholly-owned subsidiaries, the proceeds from which will first be used to pay the administrative costs of administering the sale, the normal and ordinary costs of operating the plants and repayment of the secured debt of EGTP, including the revolving credit facility. As a result, in the second quarter, Exelon and Generation will reclassify certain EGTP’s assets and liabilities on Exelon’s and Generation’s Consolidated Balance Sheets as held for sale at their respective fair values. Exelon and Generation estimate a pre-tax impairment charge upon reclassification ranging from $300 million to $400 million will be recognized in the second quarter of 2017.

Operating Company Results

ComEd consists of electricity transmission and distribution operations in Northern Illinois.

ComEd’s first quarter 2017 GAAP Net Income was $141 million compared with $115 million in the first quarter of 2016. Adjusted(non-GAAP) Operating Earnings for the first quarter of 2016 do not include merger and integration costs that were included in reported GAAP Net Income as reconciled in the table below:

($ millions)	1Q17		1Q16
ComEd GAAP Net Income	$	141	$	115
Merger and Integration Costs		—		(5	)
ComEd Adjusted(non-GAAP) Operating Earnings	$	141	$	110

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ComEd’s Adjusted(non-GAAP) Operating Earnings in the first quarter of 2017 increased by $31 million from the same quarter in 2016, primarily due to higher electric distribution and transmission formula rate earnings. Pursuant to the Illinois Future Energy Jobs Act, beginning in 2017, customer rates for ComEd will be adjusted to eliminate the favorable and unfavorable impacts of weather and customer usage patterns on distribution volumes.

PECO consists of electricity transmission and distribution operations and retail natural gas distribution operations in Southeastern Pennsylvania.

PECO’s first quarter 2017 GAAP Net Income was $127 million compared with $124 million in the first quarter of 2016. Adjusted(non-GAAP) Operating Earnings for the first quarter of 2017 and 2016 do not include merger and integration costs and cost management program costs that were included in reported GAAP Net Income as reconciled in the table below:

($ millions)	1Q17		1Q16
PECO GAAP Net Income	$	127	$	124
Merger and Integration Costs		1		1
Cost Management Program		1		1
PECO Adjusted(non-GAAP) Operating Earnings	$	129	$	126

PECO’s Adjusted(non-GAAP) Operating Earnings in the first quarter of 2017 remained relatively consistent with the same quarter in 2016.

For the first quarter of 2017, heating degree days were down 2.0 percent relative to the same period in 2016 and were 15.4 percent below normal. Total retail electric deliveries and natural gas deliveries (including both retail and transportation segments) remained relatively consistent in the first quarter of 2017 compared with the same period in 2016.

Weather-normalized retail electric deliveries were down 1.0 percent in the first quarter of 2017 compared with the same period in 2016, while natural gas deliveries remained relatively consistent.

BGE consists of electricity transmission and distribution operations and retail natural gas distribution operations in Central Maryland.

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BGE’s first quarter 2017 GAAP Net Income was $125 million compared with $98 million in the first quarter of 2016. Adjusted(non-GAAP) Operating Earnings do not include merger and integration costs in the first quarter of 2017, and do not include merger and integration costs and cost management program costs in the first quarter of 2016, that were included in reported GAAP Net Income as reconciled in the table below:

($ millions)	1Q17		1Q16
BGE GAAP Net Income	$	125	$	98
Merger and Integration Costs		1		1
Cost Management Program		—		1
BGE Adjusted(non-GAAP) Operating Earnings	$	126	$	100

BGE’s Adjusted(non-GAAP) Operating Earnings in the first quarter of 2017 increased by $26 million from the same quarter in 2016, primarily due to increased distribution revenue pursuant to increased rates effective in June 2016 and decreased storm costs in the BGE service territory, partially offset by increased amortization due to the initiation of cost recovery of the AMI programs. Due to revenue decoupling, BGE is not affected by actual weather with the exception of major storms.

PHI consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.

PHI’s first quarter 2017 GAAP Net Income was $140 million compared with a GAAP Net Loss of $309 million for the period of March 24, 2016 to March 31, 2016. Adjusted(non-GAAP) Operating Earnings for the first quarter of 2017 and for the period of March 24, 2016 to March 31, 2016 do not include merger and integration costs and merger commitments that were included in reported GAAP Net Income (Loss) as reconciled in the table below:

($ millions)	1Q17			March 24 - 31, 2016
PHI GAAP Net Income (Loss)	$	140		$	(309	)
Merger and Integration Costs		(3	)		33
Merger Commitments(1)		(56	)		278
PHI Adjusted(non-GAAP) Operating Earnings	$	81		$	2

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

PHI’s Adjusted(non-GAAP) Operating Earnings for the first quarter of 2017 includes the impact of approved rate orders in 2016 and 2017.

Generation consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products and risk management services.

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Generation’s first quarter 2017 GAAP Net Income was $423 million compared with GAAP Net Income of $310 million in the first quarter of 2016. Adjusted(non-GAAP) Operating Earnings for the first quarter of 2017 and 2016 do not include various items (after tax) that were included in reported GAAP Net Income as reconciled in the table below:

($ millions)	1Q17			1Q16
Generation GAAP Net Income	$	423		$	310
Mark-to-Market Impact of Economic Hedging Activities		30			(64	)
Unrealized Gains Related to NDT Fund Investments		(99	)		(31	)
Amortization of Commodity Contract Intangibles		3			(12	)
Merger and Integration Costs		26			10
Merger Commitments(1)		(18	)		2
Long-Lived Asset Impairments		—			71
Reassessment of State Deferred Income Taxes		—			6
Cost Management Program		3			12
Tax Settlements		(5	)		—
Bargain Purchase Gain		(226	)		—
CENG Noncontrolling Interest		35			11
Generation Adjusted(non-GAAP) Operating Earnings	$	172		$	315

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

Generation’s Adjusted(non-GAAP) Operating Earnings in the first quarter of 2017 decreased by $143 million compared with the same quarter in 2016, primarily reflecting the unfavorable impacts of declining natural gas prices on Generation’s natural gas portfolio, increased nuclear outage days, decreased capacity prices and lower realized energy prices, partially offset by the impact of the Ginna Reliability Support Services Agreement in 2017.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted(non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted(non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting of future periods. Adjusted(non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. The Company has provided thenon-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted(non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of adjusted(non-GAAP) Operating Earnings to the most directly comparable financial measures

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calculated and presented in accordance with GAAP, are posted on Exelon’s website:www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form8-K on May 3, 2017.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Exelon Generation Company, LLC, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2016 Annual Report on Form10-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 24, Commitments and Contingencies; (2) Exelon’s First Quarter 2017 Quarterly Report on Form10-Q (to be filed on May 3, 2017) in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 17; and (2) other factors discussed in filings with the SEC by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

# # #

Exelon Corporation (NYSE: EXC) is a Fortune 100 energy company with the largest number of utility customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2016 revenue of $31.4 billion. Exelon’s six utilities deliver electricity and natural gas to approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 33,300 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2.2 million residential, public sector and business customers, including more thantwo-thirds of the Fortune 100. Follow Exelon on Twitter @Exelon.

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Earnings Release Attachments

Table of Contents

Consolidating Statements of Operations - three months ended March 31, 2017 and 2016	2
Business Segment Comparative Statements of Operations - Generation and ComEd - three months ended March 31, 2017 and 2016	3
Business Segment Comparative Statements of Operations - PECO and BGE - three months ended March 31, 2017 and 2016	4
Business Segment Comparative Statements of Operations - PHI and Other - three months ended March 31, 2017 and 2016	5
Consolidated Balance Sheets - March 31, 2017 and December 31, 2016	6
Consolidated Statements of Cash Flows - three months ended March 31, 2017 and 2016	7
Reconciliation GAAP Consolidated Statements of Operations to Adjusted(non-GAAP) Operating Earnings - Exelon - three months ended March 31, 2017 and 2016	8
Reconciliation of Adjusted(non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - three months ended March 31, 2017 and 2016	10
Reconciliation GAAP Consolidated Statements of Operations to Adjusted(non-GAAP) Operating Earnings - Generation - three months ended March 31, 2017 and 2016	12
Reconciliation GAAP Consolidated Statements of Operations to Adjusted(non-GAAP) Operating Earnings - ComEd - three months ended March 31, 2017 and 2016	13
Reconciliation GAAP Consolidated Statements of Operations to Adjusted(non-GAAP) Operating Earnings - PECO - three months ended March 31, 2017 and 2016	14
Reconciliation GAAP Consolidated Statements of Operations to Adjusted(non-GAAP) Operating Earnings - BGE - three months ended March 31, 2017 and 2016	15
Reconciliation GAAP Consolidated Statements of Operations to Adjusted(non-GAAP) Operating Earnings - PHI - three months ended March 31, 2017 and 2016	16
Reconciliation of GAAP Consolidated Statements of Operations to Adjusted(non-GAAP) Operating Earnings - Other - three months ended March 31, 2017 and 2016	17
Exelon Generation Statistics - three months ended March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016	18
ComEd Statistics - three months ended March 31, 2017 and 2016	19
PECO Statistics - three months ended March 31, 2017 and 2016	20
BGE Statistics - three months ended March 31, 2017 and 2016	21
Pepco Statistics - three months ended March 31, 2017 and 2016	22
DPL Statistics - three months ended March 31, 2017 and 2016	23
ACE Statistics - three months ended March 31, 2017 and 2016	24

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Three Months Ended March 31, 2017
	Generation			ComEd			PECO			BGE			PHI			Other (a)			Exelon Consolidated
Operating revenues	$	4,888		$	1,298		$	796		$	951		$	1,175		$	(351	)	$	8,757
Operating expenses
Purchased power and fuel		2,798			334			287			350			461			(331	)		3,899
Operating and maintenance		1,488			370			208			183			256			(45	)		2,460
Depreciation and amortization		302			208			71			128			167			20			896
Taxes other than income		143			72			38			62			111			10			436
Total operating expenses		4,731			984			604			723			995			(346	)		7,691
Gain on sales of assets		4			—			—			—			—			—			4
Bargain purchase gain		226			—			—			—			—			—			226
Operating income (loss)		387			314			192			228			180			(5	)		1,296
Other income and (deductions)
Interest expense, net		(100	)		(85	)		(31	)		(27	)		(62	)		(68	)		(373	)
Other, net		259			4			2			4			13			1			283
Total other income and (deductions)		159			(81	)		(29	)		(23	)		(49	)		(67	)		(90	)
Income (loss) before income taxes		546			233			163			205			131			(72	)		1,206
Income taxes		127			92			36			80			(9	)		(111	)		215
Equity in losses of unconsolidated affiliates		(10	)		—			—			—			—			—			(10	)
Net income		409			141			127			125			140			39			981
Net loss attributable to noncontrolling interests		(14	)		—			—			—			—			—			(14	)
Net income attributable to common shareholders	$	423		$	141		$	127		$	125		$	140		$	39		$	995
	Three Months Ended March 31, 2016
	Generation			ComEd			PECO			BGE			PHI (b)			Other (a)			Exelon Consolidated
Operating revenues	$	4,739		$	1,249		$	841		$	929		$	105		$	(290	)	$	7,573
Operating expenses
Purchased power and fuel		2,442			348			321			373			38			(268	)		3,254
Operating and maintenance		1,467			368			215			202			449			134			2,835
Depreciation and amortization		289			189			67			109			14			17			685
Taxes other than income		126			75			42			58			15			9			325
Total operating expenses		4,324			980			645			742			516			(108	)		7,099
Gain on sales of assets		—			5			—			—			—			4			9
Operating income (loss)		415			274			196			187			(411	)		(178	)		483
Other income and (deductions)
Interest expense, net		(97	)		(86	)		(31	)		(24	)		(6	)		(43	)		(287	)
Other, net		93			4			2			4			2			9			114
Total other income and (deductions)		(4	)		(82	)		(29	)		(20	)		(4	)		(34	)		(173	)
Income (loss) before income taxes		411			192			167			167			(415	)		(212	)		310
Income taxes		151			77			43			66			(106	)		(47	)		184
Equity in losses of unconsolidated affiliates		(3	)		—			—			—			—			—			(3	)
Net income (loss)		257			115			124			101			(309	)		(165	)		123
Net (loss) income attributable to noncontrolling interests and preference stock dividends		(53	)		—			—			3			—			—			(50	)
Net income (loss) attributable to common shareholders	$	310		$	115		$	124		$	98		$	(309	)	$	(165	)	$	173

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

(b) PHI includes the consolidated results of Potomac Electric Power Company, Delmarva Power & Light Company and Atlantic City Electric Company beginning on March 24, 2016, the day after the merger was completed.

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EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	Generation
	Three Months Ended March 31,
	2017			2016			Variance
Operating revenues	$	4,888		$	4,739		$	149
Operating expenses
Purchased power and fuel		2,798			2,442			356
Operating and maintenance		1,488			1,467			21
Depreciation and amortization		302			289			13
Taxes other than income		143			126			17
Total operating expenses		4,731			4,324			407
Gain on sales of assets		4			—			4
Bargain purchase gain		226			—			226
Operating income		387			415			(28	)
Other income and (deductions)
Interest expense, net		(100	)		(97	)		(3	)
Other, net		259			93			166
Total other income and (deductions)		159			(4	)		163
Income before income taxes		546			411			135
Income taxes		127			151			(24	)
Equity in losses of unconsolidated affiliates		(10	)		(3	)		(7	)
Net income		409			257			152
Net loss attributable to noncontrolling interests		(14	)		(53	)		39
Net income attributable to membership interest	$	423		$	310		$	113
	ComEd
	Three Months Ended March 31,
	2017			2016			Variance
Operating revenues	$	1,298		$	1,249		$	49
Operating expenses
Purchased power		334			348			(14	)
Operating and maintenance		370			368			2
Depreciation and amortization		208			189			19
Taxes other than income		72			75			(3	)
Total operating expenses		984			980			4
Gain on sales of assets		—			5			(5	)
Operating income		314			274			40
Other income and (deductions)
Interest expense, net		(85	)		(86	)		1
Other, net		4			4			—
Total other income and (deductions)		(81	)		(82	)		1
Income before income taxes		233			192			41
Income taxes		92			77			15
Net income	$	141		$	115		$	26

.

3

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	PECO
	Three Months Ended March 31,
	2017			2016			Variance
Operating revenues	$	796		$	841		$	(45	)
Operating expenses
Purchased power and fuel		287			321			(34	)
Operating and maintenance		208			215			(7	)
Depreciation and amortization		71			67			4
Taxes other than income		38			42			(4	)
Total operating expenses		604			645			(41	)
Operating income		192			196			(4	)
Other income and (deductions)
Interest expense, net		(31	)		(31	)		—
Other, net		2			2			—
Total other income and (deductions)		(29	)		(29	)		—
Income before income taxes		163			167			(4	)
Income taxes		36			43			(7	)
Net income	$	127		$	124		$	3
	BGE
	Three Months Ended March 31,
	2017			2016			Variance
Operating revenues	$	951		$	929		$	22
Operating expenses
Purchased power and fuel		350			373			(23	)
Operating and maintenance		183			202			(19	)
Depreciation and amortization		128			109			19
Taxes other than income		62			58			4
Total operating expenses		723			742			(19	)
Operating income		228			187			41
Other income and (deductions)
Interest expense, net		(27	)		(24	)		(3	)
Other, net		4			4			—
Total other income and (deductions)		(23	)		(20	)		(3	)
Income before income taxes		205			167			38
Income taxes		80			66			14
Net income		125			101			24
Preference stock dividends		—			3			(3	)
Net income attributable to common shareholder	$	125		$	98		$	27

4

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	PHI
	Three Months Ended March 31,
	2017			2016 (a)			Variance
Operating revenues	$	1,175		$	105		$	1,070
Operating expenses
Purchased power and fuel		461			38			423
Operating and maintenance		256			449			(193	)
Depreciation and amortization		167			14			153
Taxes other than income		111			15			96
Total operating expenses		995			516			479
Operating income (loss)		180			(411	)		591
Other income and (deductions)
Interest expense, net		(62	)		(6	)		(56	)
Other, net		13			2			11
Total other income and (deductions)		(49	)		(4	)		(45	)
Income (loss) before income taxes		131			(415	)		546
Income taxes		(9	)		(106	)		97
Net income (loss)	$	140		$	(309	)	$	449
	Other (b)
	Three Months Ended March 31,
	2017			2016			Variance
Operating revenues	$	(351	)	$	(290	)	$	(61	)
Operating expenses
Purchased power and fuel		(331	)		(268	)		(63	)
Operating and maintenance		(45	)		134			(179	)
Depreciation and amortization		20			17			3
Taxes other than income		10			9			1
Total operating expenses		(346	)		(108	)		(238	)
Gain on sales of assets		—			4			(4	)
Operating loss		(5	)		(178	)		173
Other income and (deductions)
Interest expense, net		(68	)		(43	)		(25	)
Other, net		1			9			(8	)
Total other income and (deductions)		(67	)		(34	)		(33	)
Loss before income taxes		(72	)		(212	)		140
Income taxes		(111	)		(47	)		(64	)
Net income (loss) attributable to common shareholders	$	39		$	(165	)	$	204

(a) PHI includes the consolidated results of Potomac Electric Power Company, Delmarva Power & Light Company and Atlantic City Electric Company beginning on March 24, 2016, the day after the merger was completed.

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

5

EXELON CORPORATION

Consolidated Balance Sheets

(unaudited) (in millions)

	March 31, 2017			December 31, 2016
Assets
Current assets
Cash and cash equivalents	$	609		$	635
Restricted cash and cash equivalents		254			253
Deposit with IRS		1,250			1,250
Accounts receivable, net
Customer		3,886			4,158
Other		1,133			1,201
Mark-to-market derivative assets		847			917
Unamortized energy contract assets		103			88
Inventories, net
Fossil fuel and emission allowances		249			364
Materials and supplies		1,312			1,274
Regulatory assets		1,330			1,342
Other		1,221			930
Total current assets		12,194			12,412
Property, plant and equipment, net		72,630			71,555
Deferred debits and other assets
Regulatory assets		10,051			10,046
Nuclear decommissioning trust funds		12,362			11,061
Investments		648			629
Goodwill		6,677			6,677
Mark-to-market derivative assets		539			492
Unamortized energy contract assets		432			447
Pledged assets for Zion Station decommissioning		95			113
Other		1,440			1,472
Total deferred debits and other assets		32,244			30,937
Total assets	$	117,068		$	114,904
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	2,048		$	1,267
Long-term debt due within one year		3,645			2,430
Accounts payable		3,011			3,441
Accrued expenses		3,007			3,460
Payables to affiliates		8			8
Regulatory liabilities		637			602
Mark-to-market derivative liabilities		228			282
Unamortized energy contract liabilities		388			407
Renewable energy credit obligation		400			428
PHI merger related obligation		123			151
Other		942			981
Total current liabilities		14,437			13,457
Long-term debt		31,044			31,575
Long-term debt to financing trusts		641			641
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		18,518			18,138
Asset retirement obligations		9,634			9,111
Pension obligations		4,082			4,248
Non-pension postretirement benefit obligations		1,928			1,848
Spent nuclear fuel obligation		1,136			1,024
Regulatory liabilities		4,302			4,187
Mark-to-market derivative liabilities		420			392
Unamortized energy contract liabilities		779			830
Payable for Zion Station decommissioning		3			14
Other		1,853			1,827
Total deferred credits and other liabilities		42,655			41,619
Total liabilities		88,777			87,292
Commitments and contingencies
Shareholders’ equity
Common stock		18,807			18,794
Treasury stock, at cost		(2,327	)		(2,327	)
Retained earnings		12,720			12,030
Accumulated other comprehensive loss, net		(2,670	)		(2,660	)
Total shareholders’ equity		26,530			25,837
Noncontrolling interests		1,761			1,775
Total equity		28,291			27,612
Total liabilities and shareholders’ equity	$	117,068		$	114,904

6

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

	Three Months Ended March 31,
	2017			2016
Cash flows from operating activities
Net income	$	981		$	123
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization		1,274			1,063
Impairment of long-lived assets		10			119
Gain on sales of assets		(4	)		(9	)
Bargain purchase gain		(226	)		—
Deferred income taxes and amortization of investment tax credits		189			127
Net fair value changes related to derivatives		47			(107	)
Net realized and unrealized gains on nuclear decommissioning trust fund investments		(175	)		(55	)
Othernon-cash operating activities		118			804
Changes in assets and liabilities:
Accounts receivable		313			117
Inventories		109			142
Accounts payable and accrued expenses		(623	)		(571	)
Option premiums (paid) received, net		(6	)		17
Collateral (posted) received, net		(110	)		206
Income taxes		50			47
Pension andnon-pension postretirement benefit contributions		(307	)		(239	)
Other assets and liabilities		(439	)		(311	)
Net cash flows provided by operating activities		1,201			1,473
Cash flows from investing activities
Capital expenditures		(2,114	)		(2,202	)
Proceeds from nuclear decommissioning trust fund sales		1,767			2,240
Investment in nuclear decommissioning trust funds		(1,833	)		(2,297	)
Acquisition of businesses, net of cash acquired		(212	)		(6,645	)
Proceeds from termination of direct financing lease investment		—			360
Change in restricted cash		(1	)		(2	)
Other investing activities		(18	)		(2	)
Net cash flows used in investing activities		(2,411	)		(8,548	)
Cash flows from financing activities
Changes in short-term borrowings		721			1,647
Proceeds from short-term borrowings with maturities greater than 90 days		560			123
Repayments on short-term borrowings with maturities greater than 90 days		(500	)		—
Issuance of long-term debt		763			151
Retirement of long-term debt		(65	)		(116	)
Dividends paid on common stock		(303	)		(287	)
Proceeds from employee stock plans		12			9
Other financing activities		(4	)		6
Net cash flows provided by financing activities		1,184			1,533
Decrease in cash and cash equivalents		(26	)		(5,542	)
Cash and cash equivalents at beginning of period		635			6,502
Cash and cash equivalents at end of period	$	609		$	960

7

EXELON CORPORATION

Reconciliation of GAAP Consolidated Statements of Operations

to Adjusted(non-GAAP) Operating Earnings

(unaudited)

(in millions, except per share data)

	Three Months Ended March 31, 2017										Three Months Ended March 31, 2016
	GAAP (a)			Adjustments				Adjusted Non-GAAP			GAAP (a)			Adjustments				Adjusted Non-GAAP
Operating revenues	$	8,757		$	(42	)	(b),(d)	$	8,715		$	7,573		$	(91	)	(b),(d),(e)	$	7,482
Operating expenses
Purchased power and fuel		3,899			(93	)	(b)		3,806			3,254			39		(b),(d)		3,293
Operating and maintenance		2,460			(48	)	(e),(i)		2,412			2,835			(760	)	(e),(f),(g), (i)		2,075
Depreciation and amortization		896			(2	)	(d)		894			685			—				685
Taxes other than income		436			—				436			325			(1	)	(i)		324
Total operating expenses		7,691			(143	)			7,548			7,099			(722	)			6,377
Gain on sales of assets		4			—				4			9			—				9
Bargain purchase gain		226			(226	)	(k)		—			—			—				—
Operating income		1,296			(125	)			1,171			483			631				1,114
Other income and (deductions)
Interest expense, net		(373	)		(4	)	(j)		(377	)		(287	)		—				(287	)
Other, net		283			(208	)	(c)		75			114			(66	)	(c)		48
Total other income and (deductions)		(90	)		(212	)			(302	)		(173	)		(66	)			(239	)
Income before income taxes		1,206			(337	)			869			310			565				875
Income taxes		215			88		(b),(c),(d), (e),(f),(h) (i),(j)		303			184			116		(b),(c),(d), (e),(f),(g), (h),(i)		300
Equity in losses of unconsolidated affiliates		(10	)		—				(10	)		(3	)		—				(3	)
Net income		981			(425	)			556			123			449				572
Net loss attributable to noncontrolling interests and preference stock dividends		(14	)		(35	)	(l)		(49	)		(50	)		(10	)	(l)		(60	)
Net income attributable to common shareholders	$	995		$	(390	)		$	605		$	173		$	459			$	632
Effective tax rate		17.8	%						34.9	%		59.4	%						34.3	%
Earnings per average common share
Basic	$	1.07		$	(0.42	)		$	0.65		$	0.19		$	0.49			$	0.68
Diluted	$	1.07		$	(0.42	)		$	0.65		$	0.19		$	0.49			$	0.68
Average common shares outstanding
Basic		928							928			923							923
Diluted		930							930			925							925
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Mark-to-market impact of economic hedging activities (b)				$	0.03									$	(0.07	)
Unrealized gains related to NDT fund investments (c)					(0.10	)									(0.03	)
Amortization of commodity contract intangibles (d)					—										(0.01	)
Merger and integration costs (e)					0.03										0.08
Merger commitments (f)					(0.15	)									0.42
Long-lived asset impairments (g)					—										0.07
Reassessment of state deferred income taxes (h)					(0.02	)									—
Cost management program (i)					—										0.02
Tax settlements (j)					(0.01	)									—
Bargain purchase gain (k)					(0.24	)									—
CENG noncontrolling interest (l)					0.04										0.01
Total adjustments				$	(0.42	)								$	0.49

As a result of the PHI acquisition completion on March 23, 2016, the table includes financial results for PHI beginning on March 24, 2016 to March 31, 2017. Therefore, the results of operations from 2017 and 2016 are not comparable for Exelon. The explanations below identify any other significant or unusual items affecting the results of operations.

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

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

(c) Adjustment to exclude the unrealized gains and losses on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(d) Adjustment to exclude thenon-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the Integrys acquisition in 2016, and in 2017, the ConEdison Solutions acquisition.

8

(e) Adjustment to exclude costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses, integration activities and upfront credit facilities fees related to the PHI acquisition in 2016, and in 2017, the PHI and FitzPatrick acquisitions.

(f) Adjustment to exclude costs incurred as part of the settlement orders approving the PHI acquisition, and in 2017, a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2012 CEG and 2016 PHI acquisitions.

(g) Adjustment to exclude 2016 charges to earnings primarily related to the impairment of Upstream assets at Generation in 2016.

(h) Adjustment to exclude thenon-cash impact of the remeasurement of state deferred income taxes, primarily as a result of changes in forecasted apportionment related to the PHI acquisition in 2016, and in 2017, a change in the statutory tax rate.

(i) Adjustment to exclude reorganization costs, and in 2016 severance costs, related to a cost management program.

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

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

(l) Adjustment to exclude the elimination from Generation’s results of the noncontrolling interest related to CENG exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments andmark-to-market activity.

9

EXELON CORPORATION

Reconciliation of Adjusted(non-GAAP) Operating

Earnings to GAAP Earnings (in millions)

Three Months Ended March 31, 2017 and 2016

(unaudited)

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			BGE			PHI (a)			Other (b)			Exelon (a)
2016 GAAP Earnings (Loss)	$	0.19		$	310		$	115		$	124		$	98		$	(309	)	$	(165	)	$	173
2016 Adjusted(non-GAAP) Operating (Earnings) Loss Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		(0.07	)		(64	)		—			—			—			—			—			(64	)
Unrealized Gains Related to NDT Fund Investments (1)		(0.03	)		(31	)		—			—			—			—			—			(31	)
Amortization of Commodity Contract Intangibles (2)		(0.01	)		(12	)		—			—			—			—			—			(12	)
Merger and Integration Costs (3)		0.08			10			(5	)		1			1			33			36			76
Merger Commitments (4)		0.42			2			—			—			—			278			114			394
Long-Lived Asset Impairments (5)		0.07			71			—			—			—			—			—			71
Reassessment of State Deferred Income Taxes (6)		—			6			—			—			—			—			(6	)		—
Cost Management Program (7)		0.02			12			—			1			1			—			—			14
CENG Noncontrolling Interest (8)		0.01			11			—			—			—			—			—			11
2016 Adjusted(non-GAAP) Operating Earnings (Loss)		0.68			315			110			126			100			2			(21	)		632
Year Over Year Effects on Earnings:
ComEd, PECO, BGE and PHI Margins:
Weather		0.01			—			5	(c)		2			—	(c)		—	(c)		—			7
Load		—			—			(1	) (c)		(3	)		—	(c)		—	(c)		—			(4	)
Other Energy Delivery (11)		0.48			—			39	(d)		(5	) (d)		27	(d)		385	(d)		—			446
Generation Energy Margins, ExcludingMark-to-Market:
Nuclear Volume (12)		(0.02	)		(19	)		—			—			—			—			—			(19	)
Nuclear Fuel Cost (13)		0.01			12			—			—			—			—			—			12
Capacity Pricing (14)		(0.03	)		(28	)		—			—			—			—			—			(28	)
Market and Portfolio Conditions (15)		0.01			12			—			—			—			—			—			12
Operating and Maintenance Expense:
Labor, Contracting and Materials (16)		(0.13	)		(49	)		4			(2	)		(1	)		(77	)		—			(125	)
Planned Nuclear Refueling Outages (17)		(0.02	)		(19	)		—			—			—			—			—			(19	)
Pension andNon-Pension Postretirement Benefits (18)		(0.01	)		2			(1	)		1			1			(7	)		(1	)		(5	)
Other Operating and Maintenance (19)		(0.06	)		(14	)		(5	)		5			11			(53	)		5			(51	)
Depreciation and Amortization Expense (20)		(0.13	)		(7	)		(11	)		(2	)		(11	)		(91	)		(2	)		(124	)
Interest Expense, Net (21)		(0.06	)		(2	)		1			—			(2	)		(33	)		(17	)		(53	)
Income Taxes (22)		(0.01	)		(17	)		1			5			—			7			(3	)		(7	)
Equity in Earnings of Unconsolidated Affiliates		—			(4	)		—			—			—			—			—			(4	)
Noncontrolling Interests (23)		(0.01	)		(9	)		—			—			—			—			—			(9	)
Other		(0.06	)		(1	)		(1	)		2			1			(52	)		(5	)		(56	)
2017 Adjusted(non-GAAP) Operating Earnings (Loss)		0.65			172			141			129			126			81			(44	)		605
2017 Adjusted(non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		(0.03	)		(30	)		—			—			—			—			—			(30	)
Unrealized Gains Related to NDT Fund Investments (1)		0.10			99			—			—			—			—			—			99
Amortization of Commodity Contract Intangibles (2)		—			(3	)		—			—			—			—			—			(3	)
Merger and Integration Costs (3)		(0.03	)		(26	)		—			(1	)		(1	)		3			—			(25	)
Merger Commitments (4)		0.15			18			—			—			—			56			63			137
Reassessment of State Deferred Income Taxes (6)		0.02			—			—			—			—			—			20			20
Cost Management Program (7)		—			(3	)		—			(1	)		—			—			—			(4	)
Tax Settlements (9)		0.01			5			—			—			—			—			—			5
Bargain Purchase Gain (10)		0.24			226			—			—			—			—			—			226
CENG Noncontrolling Interest (8)		(0.04	)		(35	)		—			—			—			—			—			(35	)
2017 GAAP Earnings	$	1.07		$	423		$	141		$	127		$	125		$	140		$	39		$	995

Note:

The above analysis is presented on anafter-tax basis. Income taxes related to(non-GAAP) operating adjustments are computed based upon the applicable tax law and enacted tax rates, unless otherwise noted. In computing the tax, the ability to monetize tax attributes and the impact to calculations such as the domestic production activities deduction is taken into consideration. Refer to the Reconciliations of Adjusted(non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations within the Earnings Release Attachments for further information regarding income tax impacts.

(a) For the three months ended March 31, 2016, includes financial results for PHI beginning on March 24, 2016, the day after the merger was completed. Therefore, the results of operations from 2017 and 2016 are not comparable for PHI and Exelon. The explanations below identify any other significant or unusual items affecting the results of operations. PHI consolidated results includes Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company.

10

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

(c) As approved by the Maryland PSC and District of Columbia PSC, customer rates for BGE, Pepco and DPL Maryland are adjusted to eliminate the favorable and unfavorable impacts of weather and usage patterns per customer on distribution volumes. Pursuant to the Illinois Future Energy Jobs Act, beginning in 2017, customer rates for ComEd will be adjusted to eliminate the favorable and unfavorable impacts of weather and customer usage patterns on distribution volumes.

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

(1) Reflects the impact of unrealized gains on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(2) Represents thenon-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the Integrys acquisition in 2016, and in 2017, the ConEdison Solutions acquisition.

(3) Reflects certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses, integration activities and upfront credit facilities fees related to the PHI acquisition in 2016, partially offset in 2016 at ComEd by the anticipated recovery of previously incurred PHI acquisition costs, and in 2017, the PHI and FitzPatrick acquisitions, partially offset in 2017 at PHI by the anticipated recovery of previously incurred PHI acquisition costs.

(4) Represents in 2016 costs incurred as part of the settlement orders approving the PHI acquisition, and in 2017, a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2012 CEG and 2016 PHI acquisitions.

(5) Primarily reflects the impairment of Upstream assets at Generation in 2016.

(6) Reflects thenon-cash impact of the remeasurement of state deferred income taxes, primarily as a result of changes in forecasted apportionment related to the PHI acquisition in 2016, and in 2017, a change in the statutory tax rate.

(7) Represents reorganization costs, and in 2016 severance costs, related to a cost management program.

(8) Represents elimination from Generation’s results of the noncontrolling interest related to CENG exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments andmark-to-market activity.

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

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

(11) For ComEd, primarily reflects increased electric distribution and transmission formula rate revenues (due to increased capital investments and higher electric distribution ROE, which is due to an increase in treasury rates) and an increase in fully recoverable costs. For BGE and PHI, reflects increased revenue as a result of 2016 rate increases.

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

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

(14) Primarily reflects decreased capacity prices in theMid-Atlantic and Midwest regions, partially offset by increased capacity prices in the New England region.

(15) Primarily reflects the inclusion of Pepco Energy Services results in 2017, the impact of the Ginna Reliability Support Services Agreement, the absence of oil inventory write downs in 2017 and revenue related to energy efficiency projects, partially offset by the impacts of declining natural gas prices on Generation’s natural gas portfolio and lower realized energy prices primarily in theMid-Atlantic region.

(16) For Generation, primarily reflects the inclusion of Pepco Energy Services results in 2017 and increased contracting costs related to energy efficiency projects.

(17) Primarily reflects an increase in the number of nuclear outage days in 2017, excluding Salem.

(18) Primarily reflects the favorable impact of lower health care claims experience, partially offset by the unfavorable impact of lower pension and OPEB discount rates.

(19) For BGE, primarily reflects decreased storm costs in the BGE service territory.

(20) For BGE, primarily reflects increased amortization due to the initiation of cost recovery of the AMI programs. Additionally, primarily reflects increased depreciation from ongoing capital expenditures across all operating companies.

(21) For Corporate, primarily reflects increased interest expense due to higher outstanding debt, as well as debt issuance costs related to the April 2017 remarketing of Junior Subordinated Notes due in 2024.

(22) For Generation, primarily reflects in 2016 the favorable settlement of certain income tax positions, and in 2017, reduced renewable tax credit benefits.

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

11

EXELON CORPORATION

Reconciliation of GAAP Consolidated Statements of Operations

to Adjusted(non-GAAP) Operating Earnings

(unaudited)

(in millions)

	Generation
	Three Months Ended March 31, 2017										Three Months Ended March 31, 2016
	GAAP (a)			Adjustments				Adjusted Non-GAAP			GAAP (a)			Adjustments				Adjusted Non-GAAP
Operating revenues	$	4,888		$	(42	)	(b),(d)	$	4,846		$	4,739		$	(82	)	(b),(d)	$	4,657
Operating expenses
Purchased power and fuel		2,798			(93	)	(b)		2,705			2,442			39		(b),(d)		2,481
Operating and maintenance		1,488			(46	)	(e),(i)		1,442			1,467			(157	)	(e),(f),(g), (i)		1,310
Depreciation and amortization		302			(2	)	(d)		300			289			—				289
Taxes other than income		143			—				143			126			(1	)	(i)		125
Total operating expenses		4,731			(141	)			4,590			4,324			(119	)			4,205
Gain on sales of assets		4			—				4			—			—				—
Bargain purchase gain		226			(226	)	(k)		—			—			—				—
Operating income		387			(127	)			260			415			37				452
Other income and (deductions)
Interest expense, net		(100	)		(4	)	(j)		(104	)		(97	)		—				(97	)
Other, net		259			(208	)	(c)		51			93			(66	)	(c)		27
Total other income and (deductions)		159			(212	)			(53	)		(4	)		(66	)			(70	)
Income before income taxes		546			(339	)			207			411			(29	)			382
Income taxes		127			(53	)	(b),(c),(d), (e),(f),(i), (j)		74			151			(24	)	(b),(c),(d), (e),(f),(g), (h),(i)		127
Equity in losses of unconsolidated affiliates		(10	)		—				(10	)		(3	)		—				(3	)
Net income		409			(286	)			123			257			(5	)			252
Net loss attributable to noncontrolling interests		(14	)		(35	)	(l)		(49	)		(53	)		(10	)	(l)		(63	)
Net income attributable to membership interest	$	423		$	(251	)		$	172		$	310		$	5			$	315

(a) Results reported in accordance with GAAP.

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

(c) Adjustment to exclude the unrealized gains and losses on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(d) Adjustment to exclude thenon-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the Integrys acquisition in 2016, and in 2017, the ConEdison Solutions acquisition.

(e) Adjustment to exclude costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses, integration activities and upfront credit facilities fees related to the PHI acquisition in 2016, and in 2017, the PHI and FitzPatrick acquisitions.

(f) Adjustment to exclude costs incurred as part of the settlement orders approving the PHI acquisition, and in 2017, a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2012 CEG and 2016 PHI acquisitions.

(g) Adjustment to exclude 2016 charges to earnings primarily related to the impairment of Upstream assets at Generation in 2016.

(h) Adjustment to exclude thenon-cash impact of the remeasurement of state deferred income taxes, primarily as a result of changes in forecasted apportionment related to the PHI acquisition in 2016.

(i) Adjustment to exclude reorganization costs, and in 2016 severance costs, related to a cost management program.

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

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

(l) Adjustment to exclude the elimination from Generation’s results of the noncontrolling interest related to CENG exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments andmark-to-market activity.

12

EXELON CORPORATION

Reconciliation of GAAP Consolidated Statements of Operations

to Adjusted(non-GAAP) Operating Earnings

(unaudited)

(in millions)

	ComEd
	Three Months Ended March 31, 2017								Three Months Ended March 31, 2016
	GAAP (a)			Adjustments		Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	1,298		$	—	$	1,298		$	1,249		$	(9	) (b)	$	1,240
Operating expenses
Purchased power		334			—		334			348			—			348
Operating and maintenance		370			—		370			368			(1	) (b)		367
Depreciation and amortization		208			—		208			189			—			189
Taxes other than income		72			—		72			75			—			75
Total operating expenses		984			—		984			980			(1	)		979
Gain on sales of assets		—			—		—			5			—			5
Operating income		314			—		314			274			(8	)		266
Other income and (deductions)
Interest expense, net		(85	)		—		(85	)		(86	)		—			(86	)
Other, net		4			—		4			4			—			4
Total other income and (deductions)		(81	)		—		(81	)		(82	)		—			(82	)
Income before income taxes		233			—		233			192			(8	)		184
Income taxes		92			—		92			77			(3	) (b)		74
Net income	$	141		$	—	$	141		$	115		$	(5	)	$	110

(a) Results reported in accordance with GAAP.

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

13

EXELON CORPORATION

Reconciliation of GAAP Consolidated Statements of Operations

to Adjusted(non-GAAP) Operating Earnings

(unaudited)

(in millions)

	PECO
	Three Months Ended March 31, 2017										Three Months Ended March 31, 2016
	GAAP (a)			Adjustments				Adjusted Non-GAAP			GAAP (a)			Adjustments				Adjusted Non-GAAP
Operating revenues	$	796		$	—			$	796		$	841		$	—			$	841
Operating expenses
Purchased power and fuel		287			—				287			321			—				321
Operating and maintenance		208			(3	)	(b),(c)		205			215			(3	)	(b)		212
Depreciation and amortization		71			—				71			67			—				67
Taxes other than income		38			—				38			42			—				42
Total operating expenses		604			(3	)			601			645			(3	)			642
Operating income		192			3				195			196			3				199
Other income and (deductions)
Interest expense, net		(31	)		—				(31	)		(31	)		—				(31	)
Other, net		2			—				2			2			—				2
Total other income and (deductions)		(29	)		—				(29	)		(29	)		—				(29	)
Income before income taxes		163			3				166			167			3				170
Income taxes		36			1		(b),(c)		37			43			1		(b)		44
Net income	$	127		$	2			$	129		$	124		$	2			$	126

(a) Results reported in accordance with GAAP.

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

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

14

EXELON CORPORATION

Reconciliation of GAAP Consolidated Statements of Operations

to Adjusted(non-GAAP) Operating Earnings

(unaudited)

(in millions)

	BGE
	Three Months Ended March 31, 2017											Three Months Ended March 31, 2016
	GAAP (a)			Adjustments					Adjusted Non-GAAP			GAAP (a)			Adjustments				Adjusted Non-GAAP
Operating revenues	$	951		$	—				$	951		$	929		$	—			$	929
Operating expenses
Purchased power and fuel		350			—					350			373			—				373
Operating and maintenance		183			(2	)	(b),(c)			181			202			(3	)	(b)		199
Depreciation and amortization		128			—					128			109			—				109
Taxes other than income		62			—					62			58			—				58
Total operating expenses		723			(2	)				721			742			(3	)			739
Operating income		228			2					230			187			3				190
Other income and (deductions)
Interest expense, net		(27	)		—					(27	)		(24	)		—				(24	)
Other, net		4			—					4			4			—				4
Total other income and (deductions)		(23	)		—					(23	)		(20	)		—				(20	)
								��
Income before income taxes		205			2					207			167			3				170
Income taxes		80			1		(b),(c)			81			66			1		(b)		67
Net income		125			1					126			101			2				103
Preference stock dividends		—			—					—			3			—				3
Net income attributable to common shareholder	$	125		$	1				$	126		$	98		$	2			$	100

(a) Results reported in accordance with GAAP.

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

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

15

EXELON CORPORATION

Reconciliation of GAAP Consolidated Statements of Operations

to Adjusted(non-GAAP) Operating Earnings

(unaudited)

(in millions)

	PHI
	Three Months Ended March 31, 2017										Three Months Ended March 31, 2016 (b)
	GAAP (a)			Adjustments				Adjusted Non-GAAP			GAAP (a)			Adjustments				Adjusted Non-GAAP
Operating revenues	$	1,175		$	—			$	1,175		$	105		$	—			$	105
Operating expenses
Purchased power and fuel		461			—				461			38			—				38
Operating and maintenance		256			6		(c),(d)		262			449			(419	)	(c),(d)		30
Depreciation and amortization		167			—				167			14			—				14
Taxes other than income		111			—				111			15			—				15
Total operating expenses		995			6				1,001			516			(419	)			97
Operating income (loss)		180			(6	)			174			(411	)		419				8
Other income and (deductions)
Interest expense, net		(62	)		—				(62	)		(6	)		—				(6	)
Other, net		13			—				13			2			—				2
Total other income and (deductions)		(49	)		—				(49	)		(4	)		—				(4	)
Income (loss) before income taxes		131			(6	)			125			(415	)		419				4
Income taxes		(9	)		53		(c),(d)		44			(106	)		108		(c),(d)		2
Net income (loss) attributable to common shareholders	$	140		$	(59	)		$	81		$	(309	)	$	311			$	2

(a) Results reported in accordance with GAAP.

(b) For the three months ended March 31, 2016, includes financial results for PHI beginning on March 24, 2016, the day after the merger was completed. Therefore, the results of operations from 2017 and 2016 are not comparable for PHI and Exelon. The explanations below identify any other significant or unusual items affecting the results of operations. PHI consolidated results includes Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company.

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

(d) Adjustment to exclude costs incurred as part of the settlement orders approving the PHI acquisition.

16

EXELON CORPORATION

Reconciliation of GAAP Consolidated Statements of Operations

to Adjusted(non-GAAP) Operating Earnings

(unaudited)

(in millions)

	Other (a)
	Three Months Ended March 31, 2017										Three Months Ended March 31, 2016
	GAAP (b)			Adjustments				Adjusted Non-GAAP			GAAP (b)			Adjustments				Adjusted Non-GAAP
Operating revenues	$	(351	)	$	—			$	(351	)	$	(290	)	$	—			$	(290	)
Operating expenses
Purchased power and fuel		(331	)		—				(331	)		(268	)		—				(268	)
Operating and maintenance		(45	)		(3	)	(c)		(48	)		134			(177	)	(c),(d)		(43	)
Depreciation and amortization		20			—				20			17			—				17
Taxes other than income		10			—				10			9			—				9
Total operating expenses		(346	)		(3	)			(349	)		(108	)		(177	)			(285	)
Gain on sales of assets		—			—				—			4			—				4
Operating loss		(5	)		3				(2	)		(178	)		177				(1	)
Other income and (deductions)
Interest expense, net		(68	)		—				(68	)		(43	)		—				(43	)
Other, net		1			—				1			9			—				9
Total other income and (deductions)		(67	)		—				(67	)		(34	)		—				(34	)
Loss before income taxes		(72	)		3				(69	)		(212	)		177				(35	)
Income taxes		(111	)		86		(c),(e)		(25	)		(47	)		33		(c),(d),(e)		(14	)
Net income (loss) attributable to common shareholders	$	39		$	(83	)		$	(44	)	$	(165	)	$	144			$	(21	)

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

(b) Results reported in accordance with GAAP.

(c) Adjustment to exclude, in 2016, costs incurred as part of the settlement orders approving the PHI acquisition, and in 2017, a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2012 CEG and 2016 PHI acquisitions.

(d) Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses, integration activities and upfront credit facilities fees related to the PHI acquisition in 2016.

(e) Adjustment to exclude thenon-cash impact of the remeasurement of state deferred income taxes, primarily as a result of changes in forecasted apportionment related to the PHI acquisition in 2016, and in 2017, a change in the statutory tax rate.

17

EXELON CORPORATION

Exelon Generation Statistics

	Three Months Ended
	March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016
Supply (in GWhs)
Nuclear Generation
Mid-Atlantic(a)		16,545		16,410		15,604		15,224		16,208
Midwest(a)		22,468		23,743		24,262		23,001		23,662
New York(a)		4,491		4,681		4,843		4,228		4,932
Total Nuclear Generation		43,504		44,834		44,709		42,453		44,802
Fossil and Renewables
Mid-Atlantic		836		442		706		685		898
Midwest		418		442		273		324		449
New England		2,077		1,142		1,886		2,016		1,924
New York		1		1		1		1		1
ERCOT		1,370		1,056		2,472		1,879		1,376
Other Power Regions(b)		1,423		1,935		2,103		1,995		2,147
Total Fossil and Renewables		6,125		5,018		7,441		6,900		6,795
Purchased Power
Mid-Atlantic		3,398		2,849		7,139		3,131		3,755
Midwest		388		400		461		688		706
New England		5,064		4,768		3,927		3,782		4,155
New York		28		—		—		—		—
ERCOT		2,655		3,189		2,895		2,259		2,294
Other Power Regions(b)		2,384		3,308		3,803		3,879		2,600
Total Purchased Power		13,917		14,514		18,225		13,739		13,510
Total Supply/Sales by Region(c)
Mid-Atlantic(d)		20,779		19,701		23,449		19,040		20,861
Midwest(d)		23,274		24,585		24,996		24,013		24,817
New England		7,141		5,910		5,813		5,798		6,079
New York		4,520		4,682		4,844		4,229		4,933
ERCOT		4,025		4,245		5,367		4,138		3,670
Other Power Regions(b)		3,807		5,243		5,906		5,874		4,747
Total Supply/Sales by Region		63,546		64,366		70,375		63,092		65,107
	Three Months Ended
	March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016
Outage Days(e)
Refueling		95		71		17		87		70
Non-refueling		8		32		—		21		10
Total Outage Days		103		103		17		108		80

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

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

(c) Excludes physical proprietary trading volumes of 1,850 GWhs, 2,164 GWhs, 1,506 GWhs, 1,289 GWhs, and 1,220 GWhs for the three months ended March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016, and March 31, 2016, respectively.

(d) Includes affiliate sales to PECO and BGE in theMid-Atlantic region and affiliate sales to ComEd in the Midwest region. As a result of the PHI Merger, includes affiliate sales to Pepco, DPL and ACE in theMid-Atlantic region for the successor period of March 24, 2016 to March 31, 2016 and the three months ended June 30, 2016, September 30, 2016, December 31, 2016 and March 31, 2017.

(e) Outage days exclude Salem.

18

EXELON CORPORATION

ComEd Statistics

Three Months Ended March 31, 2017 and 2016

	Electric Deliveries (in GWhs)										Revenue (in millions)
	2017		2016		% Change			Weather- Normal % Change			2017		2016		% Change
Retail Deliveries and Sales (a)
Residential		6,241		6,376		(2.1	)%		0.3	%	$	627	$	609		3.0	%
Small Commercial & Industrial		7,709		7,879		(2.2	)%		(1.0	)%		335		321		4.4	%
Large Commercial & Industrial		6,683		6,756		(1.1	)%		(0.3	)%		108		107		0.9	%
Public Authorities & Electric Railroads		344		361		(4.7	)%		(3.4	)%		12		12		—	%
Total Retail		20,977		21,372		(1.8	)%		(0.4	)%		1,082		1,049		3.1	%
Other Revenue (b)												216		200		8.0	%
Total Electric Revenue (c)											$	1,298	$	1,249		3.9	%
Purchased Power											$	334	$	348		(4.0	)%

							% Change
Heating and Cooling Degree-Days	2017		2016		Normal		From 2016			From Normal
Heating Degree-Days		2,650		2,900		3,141		(8.6	)%		(15.6	)%
Cooling Degree-Days		—		—		—		N/A			N/A

Number of Electric Customers	2017		2016
Residential		3,605,498		3,566,896
Small Commercial & Industrial		375,617		372,254
Large Commercial & Industrial		2,000		1,955
Public Authorities & Electric Railroads		4,818		4,821
Total		3,987,933		3,945,926

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

(b) Other revenue primarily includes transmission revenue from PJM. Other revenue includes rental revenues, revenues related to late payment charges, revenues from other utilities for mutual assistance programs and recoveries of remediation costs associated with MGP sites.

(c) Includes operating revenues from affiliates totaling $5 million and $5 million for the three months ended March 31, 2017 and 2016, respectively.

19

EXELON CORPORATION

PECO Statistics

Three Months Ended March 31, 2017 and 2016

	Electric and Natural Gas Deliveries										Revenue (in millions)
	2017		2016		% Change			Weather- Normal % Change			2017		2016		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		3,378		3,415		(1.1	)%		(1.5	)%	$	382	$	410		(6.8	)%
Small Commercial & Industrial		1,976		2,025		(2.4	)%		(3.0	)%		97		119		(18.5	)%
Large Commercial & Industrial		3,626		3,594		0.9	%		0.6	%		52		58		(10.3	)%
Public Authorities & Electric Railroads		224		227		(1.3	)%		(1.3	)%		8		8		—	%
Total Retail		9,204		9,261		(0.6	)%		(1.0	)%		539		595		(9.4	)%
Other Revenue (b)												51		49		4.1	%
Total Electric Revenue (d)												590		644		(8.4	)%
Natural Gas (in mmcfs)
Retail Deliveries and Sales
Retail Sales (c)		27,211		27,111		0.4	%		(0.4	)%		197		187		5.3	%
Transportation and Other		7,689		7,696		(0.1	)%		(0.8	)%		9		10		(10.0	)%
Total Natural Gas (d)		34,900		34,807		0.3	%		(0.4	)%		206		197		4.6	%
Total Electric and Natural Gas Revenues											$	796	$	841		(5.4	)%
Purchased Power and Fuel											$	287	$	321		(10.6	)%

							% Change
Heating and Cooling Degree-Days	2017		2016		Normal		From 2016			From Normal
Heating Degree-Days		2,094		2,137		2,476		(2.0	)%		(15.4	)%
Cooling Degree-Days		—		5		—		(100.0	)%		N/A

Number of Electric Customers	2017		2016		Number of Natural Gas Customers	2017		2016
Residential		1,461,662		1,449,470	Residential		473,972		468,808
Small Commercial & Industrial		150,580		149,388	Commercial & Industrial		43,709		43,313
Large Commercial & Industrial		3,100		3,092	Total Retail		517,681		512,121
Public Authorities & Electric Railroads		9,798		9,807	Transportation		775		817
Total		1,625,140		1,611,757	Total		518,456		512,938

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

(b) Other revenue includes transmission revenue from PJM and wholesale electric revenues.

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

(d) Total electric revenue includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended March 31, 2017 and 2016, respectively. Total natural gas revenues includes operating revenues from affiliates totaling less than $1 million for both the three months ended March 31, 2017 and 2016.

20

EXELON CORPORATION

BGE Statistics

Three Months Ended March 31, 2017 and 2016

	Electric and Natural Gas Deliveries							Revenue (in millions)
	2017		2016		% Change			2017		2016		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		3,127		3,479		(10.1	)%	$	405	$	428		(5.4	)%
Small Commercial & Industrial		748		774		(3.4	)%		72		73		(1.4	)%
Large Commercial & Industrial		3,268		3,219		1.5	%		113		100		13.0	%
Public Authorities & Electric Railroads		68		71		(4.2	)%		7		9		(22.2	)%
Total Retail		7,211		7,543		(4.4	)%		597		610		(2.1	)%
Other Revenue (b)(c)									70		70		—	%
Total Electric Revenue									667		680		(1.9	)%
Natural Gas (in mmcfs)
Retail Deliveries and Sales (d)
Retail Sales		36,371		38,584		(5.7	)%		269		238		13.0	%
Transportation and Other (e)		2,279		2,496		(8.7	)%		15		11		36.4	%
Total Natural Gas (f)		38,650		41,080		(5.9	)%		284		249		14.1	%
Total Electric and Natural Gas Revenues								$	951	$	929		2.4	%
Purchased Power and Fuel								$	350	$	373		(6.2	)%

							% Change
Heating and Cooling Degree-Days	2017		2016		Normal		From 2016			From Normal
Heating Degree-Days		2,063		2,280		2,404		(9.5	)%		(14.2	)%
Cooling Degree-Days		—		—		—		N/A			N/A

Number of Electric Customers	2017		2016		Number of Natural Gas Customers	2017		2016
Residential		1,153,688		1,141,814	Residential		625,642		619,130
Small Commercial & Industrial		113,238		113,034	Commercial & Industrial		44,237		44,224
Large Commercial & Industrial		12,084		11,932	Total Retail		669,879		663,354
Public Authorities & Electric Railroads		279		282	Transportation		—		—
Total		1,279,289		1,267,062	Total		669,879		663,354

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

(b) Other revenue includes wholesale transmission revenue and late payment charges.

(c) Includes operating revenues from affiliates totaling $2 million for the three months ended March 31, 2017 and 2016.

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

(e) Transportation and other natural gas revenue includesoff-system revenue of 2,279 mmcfs ($12 million) and 2,496 mmcfs ($9 million) for the three months ended March 31, 2017 and 2016, respectively.

(f) Includes operating revenues from affiliates totaling $3 million for the three months ended March 31, 2017 and 2016.

21

EXELON CORPORATION

PEPCO Statistics

Three Months Ended March 31, 2017 and 2016

	Electric Deliveries							Revenue (in millions)
	2017		2016		% Change			2017		2016		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		2,000		2,218		(9.8	)%	$	240	$	255		(5.9	)%
Small Commercial & Industrial		326		381		(14.4	)%		34		37		(8.1	)%
Large Commercial & Industrial		3,485		3,945		(11.7	)%		195		200		(2.5	)%
Public Authorities & Electric Railroads		190		189		0.5	%		8		8		—	%
Total Retail		6,001		6,733		(10.9	)%		477		500		(4.6	)%
Other Revenue (b)									53		51		3.9	%
Total Electric Revenue (c)									530		551		(3.8	)%
Purchased Power								$	166	$	197		(15.7	)%

							% Change
Heating and Cooling Degree-Days	2017		2016		Normal		From 2016			From Normal
Heating Degree-Days		1,748		2,010		2,138		(13.0	)%		(18.2	)%
Cooling Degree-Days		4		3		3		33.3	%		33.3	%

Number of Electric Customers	2017		2016
Residential		785,016		769,934
Small Commercial & Industrial		53,640		53,853
Large Commercial & Industrial		21,413		20,996
Public Authorities & Electric Railroads		136		126
Total		860,205		844,909

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

(b) Other revenue includes transmission revenue from PJM and wholesale electric revenues.

(c) Includes operating revenues from affiliates totaling $1 million for the three months ended March 31, 2017 and 2016.

22

EXELON CORPORATION

DPL Statistics

Three Months Ended March 31, 2017 and 2016

	Electric and Natural Gas Deliveries							Revenue (in millions)
	2017		2016		% Change			2017		2016		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		1,359		1,428		(4.8	)%	$	181	$	182		(0.5	)%
Small Commercial & Industrial		531		572		(7.2	)%		45		49		(8.2	)%
Large Commercial & Industrial		1,064		1,078		(1.3	)%		25		25		—	%
Public Authorities & Electric Railroads		13		14		(7.1	)%		4		4		—	%
Total Retail		2,967		3,092		(4.0	)%		255		260		(1.9	)%
Other Revenue (b)									41		43		(4.7	)%
Total Electric Revenue (c)									296		303		(2.3	)%
Natural Gas (in mmcfs)
Retail Deliveries and Sales (d)
Retail Sales		5,932		6,060		(2.1	)%		59		53		11.3	%
Transportation and Other (e)		2,168		1,968		10.2	%		7		6		16.7	%
Total Natural Gas		8,100		8,028		0.9	%		66		59		11.9	%
Total Electric and Natural Gas Revenues								$	362	$	362		—	%
Purchased Power and Fuel								$	157	$	176		(10.8	)%

Electric Service Territory							% Change
Heating and Cooling Degree-Days	2017		2016		Normal		From 2016			From Normal
Heating Degree-Days		2,002		2,247		2,417		(10.9	)%		(17.2	)%
Cooling Degree-Days		—		3		2		(100.0	)%		(100.0	)%

Gas Service Territory							% Change
Heating Degree-Days	2017		2016		Normal		From 2016			From Normal
Heating Degree-Days		2,031		2,335		2,516		(13.0	)%		(19.3	)%

Number of Electric Customers	2017		2016		Number of Natural Gas Customers	2017		2016
Residential		457,663		453,670	Residential		121,362		120,046
Small Commercial & Industrial		60,289		59,860	Commercial & Industrial		9,855		9,772
Large Commercial & Industrial		1,411		1,418	Total Retail		131,217		129,818
Public Authorities & Electric Railroads		642		643	Transportation		156		158
Total		520,005		515,591	Total		131,373		129,976

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

(b) Other revenue includes transmission revenue from PJM and wholesale electric revenues.

(c) Includes operating revenues from affiliates totaling $2 million for the three months ended March 31, 2017 and 2016.

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

(e) Transportation and other revenue includesoff-system natural gas sales and the short-term release of interstate pipeline transportation and storage capacity not needed to serve customers.

23

EXELON CORPORATION

ACE Statistics

Three Months Ended March 31, 2017 and 2016

	Electric Deliveries							Revenue (in millions)
	2017		2016		% Change			2017		2016		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		879		938		(6.3	)%	$	142	$	150		(5.3	)%
Small Commercial & Industrial		283		289		(2.1	)%		36		39		(7.7	)%
Large Commercial & Industrial		765		820		(6.7	)%		45		51		(11.8	)%
Public Authorities & Electric Railroads		13		15		(13.3	)%		3		3		—	%
Total Retail		1,940		2,062		(5.9	)%		226		243		(7.0	)%
Other Revenue (b)									49		48		2.1	%
Total Electric Revenue (c)									275		291		(5.5	)%
Purchased Power								$	137	$	158		(13.3	)%

							% Change
Heating and Cooling Degree-Days	2017		2016		Normal		From 2016			From Normal
Heating Degree-Days		2,150		2,270		2,488		(5.3	)%		(13.6	)%
Cooling Degree-Days		—		4		1		(100.0	)%		(100.0	)%

Number of Electric Customers	2017		2016
Residential		485,691		482,718
Small Commercial & Industrial		60,999		60,858
Large Commercial & Industrial		3,761		3,828
Public Authorities & Electric Railroads		612		583
Total		551,063		547,987

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

(b) Other revenue includes transmission revenue from PJM and wholesale electric revenues.

(c) Includes operating revenues from affiliates totaling $1 million for the three months ended March 31, 2017 and 2016.

24