Commonwealth Edison 8-K Exelon Announces Fourth Quarter Earnings and Reports $2.78 Per Diluted Share for Full Year; Declares Quarterly Dividend

EXHIBIT 99.4

full year 2004 Reconciliation

Free Cash Flow We define free cash flow as: Cash from operations (which includes pension contributions and the benefit of synthetic fuel investments), less Cash used in investing activities, less Transition debt maturities Common stock dividend payments at 2003 rates Other routine activities (e.g., severance payments, tax effect of discretionary items, etc.)