Commonwealth Edison 8-K Exelon Announces Third Quarter Earnings; Reaffirms 2005 Earnings Guidance

From:	Corporate Communications Exelon Corporation P.O. Box 805379 Chicago, IL 60680-5379	FOR IMMEDIATE RELEASE
Contact:
	Investor Relations: Michael Metzner, 312.394.7696 Media Relations: Jennifer Medley, 312.394.7189

Exelon Announces Third Quarter Earnings;
Reaffirms 2005 Earnings Guidance

Chicago(October 26, 2005) – Exelon Corporation’s (Exelon) third quarter 2005 consolidated earnings prepared in accordance with GAAP were $725 million, or $1.07 per diluted share, compared with $568 million, or $0.85 per diluted share, in the third quarter of 2004.

Exelon’s adjusted (non-GAAP) operating earnings for the third quarter of 2005 were $645 million, or $0.95 per diluted share, compared with $573 million, or $0.86 per diluted share, for the same period in 2004. The 10.5 percent year-over-year increase in adjusted (non-GAAP) operating earnings per share was due to higher margins on wholesale market sales at Exelon Generation Company, LLC (Generation) and increased retail deliveries at Exelon Energy Delivery (Energy Delivery). These positive factors were partially offset by a substantial increase, at Generation, in both the cost and volume of sales to Energy Delivery (currently served at fixed, below-market rates) and higher operating and maintenance expenses. Generation’s increased sales to Energy Delivery resulted from unusually hot summer weather combined with a higher-than-expected number of customers returning from alternative electric suppliers to Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO).

A non-GAAP financial measure, adjusted (non-GAAP) operating earnings for the third quarter of 2005 do not include the following items that are included in reported GAAP earnings (all after-tax):

• Unrealized mark-to-market gains of $59 million, or $0.09 per diluted share, from non-trading activities at Exelon (primarily Generation).

• Earnings of $21 million, or $0.03 per diluted share, from investments in synthetic fuel-producing facilities.

• Severance and severance-related credits of $4 million, or $0.01 per diluted share.

• Costs of $5 million, or $0.01 per diluted share, related to certain integration costs associated with the proposed merger with Public Service Enterprise Group Incorporated (PSEG).

Adjusted (non-GAAP) operating earnings for the third quarter of 2004 did not include the following items that were included in reported GAAP earnings (all after-tax):

• Charges totaling $64 million, or $0.10 per diluted share, for premiums paid on and other costs associated with debt repurchases related to ComEd’s accelerated liability management plan.

• Severance and severance-related costs of $19 million, or $0.03 per diluted share.

• Unrealized mark-to-market gains of $35 million, or $0.05 per diluted share, from non-trading activities at Generation.

• A gain of $25 million, or $0.04 per diluted share, from the reimbursement of costs incurred prior to 2004 under the DOE settlement related to spent nuclear fuel storage.

• Earnings of $18 million, or $0.03 per diluted share, from investments in synthetic fuel-producing facilities.

“I am, of course, delighted by the 10 percent increase in operating earnings per share,” said John W. Rowe, Exelon’s chairman, president and CEO. “Ironically, while the warm weather, which continued into September, benefited our Energy Delivery business, it held back the profitability of our Generation business, which had to meet unexpectedly high demand from affiliates at frozen, below-market rates. Nonetheless, Exelon Generation realized increased overall earnings as it continued to benefit from its large, well-run nuclear fleet.”

“On a broader front, we have just passed the fifth anniversary of the merger between Unicom and PECO, which created Exelon – a merger which has been a great success by every measure,” Rowe continued. “We are now working towards securing the remaining regulatory approvals for our proposed merger with PSEG to create an even better company. In Illinois, we are working to reach a reasonable resolution of ComEd’s two rate filings and to ensure continued reliable service to customers after 2006.”

2005 Earnings Outlook

Rowe added, “We are confirming our 2005 guidance range of $3.00 to $3.15 per share, which reflects our expectations for continued strong earnings growth for the balance of the year.” Exelon’s 2005 guidance is for adjusted (non-GAAP) operating earnings.

Exelon’s outlook for 2005 adjusted (non-GAAP) operating earnings excludes unrealized mark-to-market adjustments from non-trading activities, income resulting from investments in synthetic fuel-producing facilities, the financial impact of the company’s investment in Sithe, certain severance costs, the cumulative effect of the adoption of FIN 47 – “Accounting for Conditional Asset Retirement Obligations,” and costs associated with the proposed merger with PSEG. Giving consideration to these factors, Exelon estimates GAAP earnings will fall in the range of $3.05 to $3.20 per share in 2005. These estimates do not include any impact of future changes to GAAP. Earnings guidance is based on the assumption of normal weather.

Third Quarter Highlights

• Proposed Merger with PSEG:On December 20, 2004, Exelon entered into a merger agreement with PSEG, and shareholders of both companies approved the transaction in July 2005. The merger also received approval from regulatory agencies in New York and Connecticut, in addition to the Federal Energy Regulatory Commission (FERC) approval in June. On September 13, 2005, Exelon

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	announced that PECO had reached a settlement, subject to approval, with some but not all of the parties related to Pennsylvania review of the proposed merger. The administrative law judge (ALJ) in the proceeding before the Pennsylvania Public Utility Commission (PAPUC) issued an order establishing a modified timetable that accelerated the schedule for the approval process by approximately three weeks. As a result, it is anticipated that the ALJ may issue an initial decision earlier than the previously expected date of mid-December 2005. We expect the full PAPUC to vote on the case in December 2005 or in early 2006.
	In New Jersey, a revised procedural schedule for the merger review calls for testimony to be filed from mid-November to mid-December and for hearings in January 2006. Settlement discussions are scheduled for December and January. Aside from the possibility of an earlier settlement, scheduled dates for the ALJ initial decision and final order from the New Jersey Board of Public Utilities remain March 30 and May 15, 2006, respectively.
	Other remaining regulatory reviews include the U.S. Department of Justice and the federal Securities and Exchange Commission under the Public Utility Holding Company Act (if the merger should close before February 8, 2006, when PUHCA repeal takes effect). Exelon expects to complete all of the regulatory reviews and close the merger in the first half of 2006.
•	Illinois Regulatory Issues:On August 31, 2005, ComEd filed a proposal with the Illinois Commerce Commission (ICC) seeking approval of its first general rate case since January 1995. The rate case filing seeks to allocate the costs of supplying electricity and to adjust ComEd’s rates for delivering electricity to users in its service area, effective January 2007, in order to reflect ComEd’s rising costs and significant capital investment in its delivery system. An ICC order on the rate increase request is expected in July 2006.
	ComEd filed its procurement case in February 2005, which seeks ICC approval of a “reverse-auction” competitive bidding process for the utility to procure energy supply beginning in 2007 and to recover the costs from retail customers. In the procurement case, various intervenors, including the Illinois Attorney General (AG) and the Citizens’ Utility Board (CUB), unsuccessfully challenged the ICC’s authority to approve the procurement process and associated cost recovery. On September 1, 2005, these same intervenors filed a complaint in the Circuit Court of Cook County against the ICC raising similar arguments and seeking an injunction prohibiting ICC approval of the procurement case proposals. On September 30, the Circuit Court granted ComEd’s request to intervene in the Circuit Court case. On October 12, ComEd moved for summary judgment in the litigation, and a hearing on this motion is scheduled for December 14. ComEd continues to pursue its procurement case with the ICC. Testimony has been filed in the case, and ICC hearings concluded on September 20. An ICC order on this filing is expected in late January 2006, although the timing may depend on the outcome of the pending litigation.
	On October 17, 2005, ComEd and Generation filed an application with FERC seeking approval that the proposed Illinois auction process meets FERC principles concerning the procurement of wholesale electric power through a competitive process and that the proposed standard agreements under which Generation would provide electricity to ComEd if it is one of the winning bidders in the auction would be acceptable to FERC. The application requests expedited action by December 15, 2005 to ensure that the actions that the ICC is being asked to take in connection with the procurement case are fully consistent with federal law. FERC has ordered that all interventions are due by November 7.

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On September 21, the Illinois governor appointed Martin R. Cohen, former executive director of CUB, to the position of chairman of the ICC. On September 29, ComEd sent a letter to Cohen requesting that he recuse himself from participation in proceedings on ComEd’s procurement and delivery service rate cases. On October 5, ComEd filed a motion with the ICC formally seeking recusal of Cohen in the procurement case. To date, there has been no decision on this motion. However, on October 21, Cohen informed ComEd that he had retained legal counsel to advise him on the recusal request and, while consideration of that request was pending, he would not participate in ICC proceedings or discussions relating to ComEd’s procurement case. ComEd will consider taking further appropriate legal action, depending on the action taken by Cohen and the ICC.

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Nuclear Operations:Generation’s nuclear fleet, including the owned output available to Generation from the Salem Generating Station operated by PSEG, produced 35,584 GWhs in the third quarter of 2005, compared with 35,303 GWhs of output in the third quarter of 2004. The Exelon Nuclear operated plants began two scheduled refuelings with 16 outage days occurring in the third quarter of 2005 compared with beginning one scheduled refueling with 16 outage days occurring in the third quarter of 2004. Operating expenses associated with the planned refueling outages were approximately $3 million higher in the third quarter of 2005 compared with the third quarter of 2004. Total non-refueling outage days in the third quarter of 2005 were 29 versus 26 in the third quarter of 2004.

BUSINESS UNIT RESULTS

Exelon Energy Deliveryconsists of the retail electricity transmission and distribution operations of ComEd and PECO and the natural gas distribution business of PECO. Energy Delivery’s net income in the third quarter of 2005 was $389 million compared with net income of $262 million in the third quarter of 2004. Third quarter 2004 net income included an after-tax charge of $64 million related to debt retirement charges associated with ComEd’s accelerated liability management plan and after-tax severance and severance-related costs of $12 million. Excluding the impact of these items, Energy Delivery’s net income increased $51 million compared with the same quarter last year, primarily due to increased retail kWh deliveries from warmer summer weather and lower interest costs, partially offset by higher operating and maintenance expenses and higher competitive transition cost (CTC) amortization at PECO.

Cooling degree-days for the third quarter of 2005 in the ComEd service territory were up 91 percent relative to the same period in 2004 and were 34 percent above normal. In the PECO service territory, cooling degree-days were up 38 percent compared with 2004 and were 31 percent above normal. Retail kWh deliveries increased 13 percent in 2005 as compared with 2004 for ComEd, with a 32 percent increase in deliveries to the residential customer class. PECO’s retail kWh deliveries increased 10 percent, with residential deliveries up 18 percent. Energy Delivery’s third quarter 2005 revenues were $3,270 million, up 15 percent from $2,844 million in 2004. Within Energy Delivery, weather had a favorable impact of $0.15 on third quarter 2005 earnings per diluted share relative to 2004 and had a $0.08 favorable impact relative to the normal weather that was incorporated in earnings guidance.

Exelon Generationconsists of Exelon’s electric generation operations, competitive retail sales and power marketing and trading functions. Third quarter 2005 net income was $335 million compared with $319 million in the third quarter of 2004. Third quarter 2005 net income included after-tax unrealized mark-to-market gains of $53 million from non-trading activities. Third quarter 2004 net income included after-tax unrealized mark-to-market gains of $35 million from non-trading activities, after-tax earnings of $25 million from the reimbursement of costs incurred prior to 2004 under the DOE settlement related to spent nuclear fuel, and after-tax severance and severance-related costs of $7 million. Excluding the impact of

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these items, Generation’s net income increased $15 million compared with the same quarter last year, primarily due to higher revenue, net of purchased power and fuel expense, partially offset by higher operating and maintenance expenses.

Generation’s revenue, net of purchased power and fuel expense, increased by $118 million in the third quarter of 2005 compared with the third quarter of 2004 excluding the mark-to-market impact in both years. The quarter-over-quarter increase in revenue, net of purchased power and fuel expense, was driven by higher average margins on wholesale market sales, due to having previously re-priced forward hedges at higher prices, combined with higher spot market prices. Partially offsetting the benefit of higher margins on market sales was a substantial increase in both the cost and volume of sales to ComEd and PECO, both of which are currently served at fixed, below-market rates. The increased sales to ComEd and PECO resulted from unusually hot summer weather combined with a higher-than-expected number of customers returning from alternative electric suppliers to the two utilities. This forced Generation to purchase large amounts of power in the wholesale market, as well as forego more profitable market sales. Generation routinely plans for the possibility of high affiliate demand in the summer; however, this year’s extreme heat and associated high demand for electricity also extended well into September when energy prices were surging due to the hurricanes in the Gulf-Coast region.

Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $18.52 per MWh in the third quarter of 2005 compared with $17.41 per MWh in the third quarter of 2004.

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 unrealized mark-to-market adjustments from non-trading 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 these 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 October 26, 2005.

Conference call information:Exelon has scheduled a conference call for 11 AM ET (10 AM CT) on October 26, 2005. The call-in number in the U.S. is 888-802-8581, and the international call-in number is 973-935-8515. 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 November 15. 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 6574356.

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 Corporation’s 2004 Annual Report on Form 10-K in (a) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Business Outlook and the Challenges in Managing the Business for each of Exelon, ComEd, PECO and Generation and

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(b) ITEM 8. Financial Statements and Supplementary Data: Exelon-Note 20, ComEd-Note 15, PECO-Note 14 and Generation-Note 16 and (2) Exelon’s Current Report on Form 8-K filed on May 13, 2005 in (a) Exhibit 99.2 Management’s Discussion and Analysis of Financial Condition and Results of Operations — Exelon — Business Outlook and the Challenges in Managing the Business and (b) Exhibit 99.3 Financial Statements and Supplementary Data — Exelon Corporation 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). A discussion of risks associated with the proposed merger of Exelon and Public Service Enterprise Group, Incorporated (PSEG) is included in the joint proxy statement/prospectus that Exelon filed with the SEC pursuant to Rule 424(b)(3) on June 3, 2005 (Registration No. 333-122704). 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 5.2 million customers and more than $14 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 5.2 million customers in Illinois and Pennsylvania and gas to approximately 460,000 customers in the Philadelphia area. 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 Income — Three Months Ended September 30, 2005 and 2004 (a)	1
Consolidating Statements of Income — Nine Months Ended September 30, 2005 and 2004 (a)	2
Business Segment Comparative Income Statements — Energy Delivery and Generation — Three and Nine Months Ended September 30, 2005 and 2004 (a)	3
Business Segment Comparative Income Statements — Other — Three and Nine Months Ended September 30, 2005 and 2004 (a)	4
Consolidated Balance Sheets — September 30, 2005 and December 31, 2004	5
Consolidated Statements of Cash Flows — Nine Months Ended September 30, 2005 and 2004	6
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Income — Three Months Ended September 30, 2005 and 2004 (a)	7
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Income — Nine Months Ended September 30, 2005 and 2004 (a)	8
Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share — Three Months Ended September 30, 2005 and 2004	9
Reconciliation of Adjusted (non-GAAP) Operating Earnings Per Diluted Share to GAAP Earnings Per Diluted Share — Nine Months Ended September 30, 2005 and 2004	10
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Income — Energy Delivery — Three and Nine Months Ended September 30, 2005 and 2004	11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Income — Generation — Three and Nine Months Ended September 30, 2005 and 2004 (a)	12
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Income — Other — Three and Nine Months Ended September 30, 2005 and 2004 (a)	13
Electric Sales Statistics — Three and Nine Months Ended September 30, 2005 and 2004	14
Energy Delivery Sales Statistics — Three Months Ended September 30, 2005 and 2004	15
Energy Delivery Sales Statistics — Nine Months Ended September 30, 2005 and 2004	16
Exelon Generation Power Marketing Statistics — Three Months Ended September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004	17
Exelon Generation Power Marketing Statistics — Nine Months Ended September 30, 2005 and 2004	18

(a) Certain reclassifications have been made in Exelon’s and Generation’s 2004 Statements of Income related to the presentation of discontinued operations in order to conform to the current year’s presentation. In addition, certain reclassifications have been made in Exelon’s 2004 segment presentation in order to conform to the current year’s presentation. These reclassifications had no effect on 2004 net income as previously reported.

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

	Three Months Ended September 30, 2005
	Energy									Exelon
	Delivery			Generation			Other			Consolidated
Operating revenues	$	3,270		$	2,711		$	(1,508	)	$	4,473
Operating expenses
Purchased power		1,666			1,047			(1,503	)		1,210
Fuel		42			441			(12	)		471
Operating and maintenance		354			537			20			911
Depreciation and amortization		270			63			25			358
Taxes other than income		155			48			8			211
Total operating expenses		2,487			2,136			(1,462	)		3,161
Operating income (loss)		783			575			(46	)		1,312
Other income and deductions
Interest expense		(141	)		(33	)		(42	)		(216	)
Distributions on preferred securities of subsidiaries		(1	)		—			—			(1	)
Equity in losses of unconsolidated affiliates		(7	)		(2	)		(30	)		(39	)
Other, net		(8	)		13			7			12
Total other income and deductions		(157	)		(22	)		(65	)		(244	)
Income (loss) from continuing operations before income taxes		626			553			(111	)		1,068
Income taxes		237			219			(112	)		344
Income from continuing operations		389			334			1			724
Income from discontinued operations		—			1			—			1
Net income	$	389		$	335		$	1		$	725

	Three Months Ended September 30, 2004
	Energy									Exelon
	Delivery			Generation			Other			Consolidated
Operating revenues	$	2,844		$	2,151		$	(1,247	)	$	3,748
Operating expenses
Purchased power		1,365			757			(1,235	)		887
Fuel		35			318			(7	)		346
Operating and maintenance		353			414			11			778
Depreciation and amortization		248			93			21			362
Taxes other than income		132			41			4			177
Total operating expenses		2,133			1,623			(1,206	)		2,550
Operating income (loss)		711			528			(41	)		1,198
Other income and deductions
Interest expense		(162	)		(25	)		(13	)		(200	)
Distributions on preferred securities of subsidiaries		(1	)		—			—			(1	)
Equity in losses of unconsolidated affiliates		(10	)		(5	)		(27	)		(42	)
Other, net		(98	)		4			(8	)		(102	)
Total other income and deductions		(271	)		(26	)		(48	)		(345	)
Income (loss) from continuing operations before income taxes and minority interest		440			502			(89	)		853
Income taxes		178			193			(92	)		279
Income from continuing operations before minority interest		262			309			3			574
Minority interest		—			4			(1	)		3
Income from continuing operations		262			313			2			577
Income (loss) from discontinued operations		—			6			(6	)		—
Income (loss) before cumulative effect of a change in accounting principle		262			319			(4	)		577
Cumulative effect of a change in accounting principle		—			—			(9	)		(9	)
Net income (loss)	$	262		$	319		$	(13	)	$	568

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

	Nine Months Ended September 30, 2005
	Energy									Exelon
	Delivery			Generation			Other			Consolidated
Operating revenues	$	8,483		$	6,836		$	(3,800	)	$	11,519
Operating expenses
Purchased power		4,215			2,014			(3,787	)		2,442
Fuel		373			1,227			(30	)		1,570
Operating and maintenance		1,010			1,748			46			2,804
Depreciation and amortization		739			188			76			1,003
Taxes other than income		421			122			17			560
Total operating expenses		6,758			5,299			(3,678	)		8,379
Operating income (loss)		1,725			1,537			(122	)		3,140
Other income and deductions
Interest expense		(435	)		(91	)		(89	)		(615	)
Distributions on preferred securities of subsidiaries		(3	)		—			—			(3	)
Equity in earnings (losses) of unconsolidated affiliates		(23	)		2			(86	)		(107	)
Other, net		14			82			15			111
Total other income and deductions		(447	)		(7	)		(160	)		(614	)
Income (loss) from continuing operations before income taxes		1,278			1,530			(282	)		2,526
Income taxes		473			595			(289	)		779
Income from continuing operations		805			935			7			1,747
Income (loss) from discontinued operations		—			16			(3	)		13
Net income	$	805		$	951		$	4		$	1,760

	Nine Months Ended September 30, 2004
	Energy									Exelon
	Delivery			Generation			Other			Consolidated
Operating revenues	$	7,853		$	5,978		$	(3,010	)	$	10,821
Operating expenses
Purchased power		3,271			1,863			(2,989	)		2,145
Fuel		368			1,276			(8	)		1,636
Operating and maintenance		1,056			1,605			35			2,696
Depreciation and amortization		704			212			58			974
Taxes other than income		400			134			14			548
Total operating expenses		5,799			5,090			(2,890	)		7,999
Operating income (loss)		2,054			888			(120	)		2,822
Other income and deductions
Interest expense		(517	)		(79	)		(37	)		(633	)
Distributions on preferred securities of subsidiaries		(3	)		—			—			(3	)
Equity in losses of unconsolidated affiliates		(32	)		(7	)		(58	)		(97	)
Other, net		(76	)		118			4			46
Total other income and deductions		(628	)		32			(91	)		(687	)
Income (loss) from continuing operations before income taxes and minority interest		1,426			920			(211	)		2,135
Income taxes		546			352			(237	)		661
Income from continuing operations before minority interest		880			568			26			1,474
Minority interest		—			3			—			3
Income from continuing operations		880			571			26			1,477
Income (loss) from discontinued operations		—			(4	)		5			1
Income from before cumulative effect of changes in accounting principles		880			567			31			1,478
Cumulative effect of changes in accounting principles, net of income taxes		—			32			(9	)		23
Net income	$	880		$	599		$	22		$	1,501

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EXELON CORPORATION
Business Segment Comparative Income Statements
(unaudited)
(in millions)

	Energy Delivery
	Three Months Ended September 30,								Nine Months Ended September 30,
	2005			2004			Variance		2005			2004			Variance
Operating revenues	$	3,270		$	2,844		$	426	$	8,483		$	7,853		$	630
Operating expenses
Purchased power		1,666			1,365			301		4,215			3,271			944
Fuel		42			35			7		373			368			5
Operating and maintenance		354			353			1		1,010			1,056			(46	)
Depreciation and amortization		270			248			22		739			704			35
Taxes other than income		155			132			23		421			400			21
Total operating expenses		2,487			2,133			354		6,758			5,799			959
Operating income		783			711			72		1,725			2,054			(329	)
Other income and deductions
Interest expense		(141	)		(162	)		21		(435	)		(517	)		82
Distributions on preferred securities of subsidiaries		(1	)		(1	)		—		(3	)		(3	)		—
Equity in losses of unconsolidated affiliates		(7	)		(10	)		3		(23	)		(32	)		9
Other, net		(8	)		(98	)		90		14			(76	)		90
Total other income and deductions		(157	)		(271	)		114		(447	)		(628	)		181
Income before income taxes		626			440			186		1,278			1,426			(148	)
Income taxes		237			178			59		473			546			(73	)
Net income	$	389		$	262		$	127	$	805		$	880		$	(75	)

	Generation
	Three Months Ended September 30,									Nine Months Ended September 30,
	2005			2004			Variance			2005			2004			Variance
Operating revenues	$	2,711		$	2,151		$	560		$	6,836		$	5,978		$	858
Operating expenses
Purchased power		1,047			757			290			2,014			1,863			151
Fuel		441			318			123			1,227			1,276			(49	)
Operating and maintenance		537			414			123			1,748			1,605			143
Depreciation and amortization		63			93			(30	)		188			212			(24	)
Taxes other than income		48			41			7			122			134			(12	)
Total operating expenses		2,136			1,623			513			5,299			5,090			209
Operating income		575			528			47			1,537			888			649
Other income and deductions
Interest expense		(33	)		(25	)		(8	)		(91	)		(79	)		(12	)
Equity in earnings (losses) of unconsolidated affiliates		(2	)		(5	)		3			2			(7	)		9
Other, net		13			4			9			82			118			(36	)
Total other income and deductions		(22	)		(26	)		4			(7	)		32			(39	)
Income from continuing operations before income taxes and minority interest		553			502			51			1,530			920			610
Income taxes		219			193			26			595			352			243
Income from continuing operations before minority interest		334			309			25			935			568			367
Minority interest		—			4			(4	)		—			3			(3	)
Income from continuing operations		334			313			21			935			571			364
Income (loss) from discontinued operations		1			6			(5	)		16			(4	)		20
Income before cumulative effect of a change in accounting principle		335			319			16			951			567			384
Cumulative effect of a change in accounting principle, net of income taxes		—			—			—			—			32			(32	)
Net income	$	335		$	319		$	16		$	951		$	599		$	352

3

EXELON CORPORATION
Business Segment Comparative Income Statements
(unaudited)
(in millions)

	Other (a)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2005			2004			Variance			2005			2004			Variance
Operating revenues	$	(1,508	)	$	(1,247	)	$	(261	)	$	(3,800	)	$	(3,010	)	$	(790	)
Operating expenses
Purchased power		(1,503	)		(1,235	)		(268	)		(3,787	)		(2,989	)		(798	)
Fuel		(12	)		(7	)		(5	)		(30	)		(8	)		(22	)
Operating and maintenance		20			11			9			46			35			11
Depreciation and amortization		25			21			4			76			58			18
Taxes other than income		8			4			4			17			14			3
Total operating expenses		(1,462	)		(1,206	)		(256	)		(3,678	)		(2,890	)		(788	)
Operating loss		(46	)		(41	)		(5	)		(122	)		(120	)		(2	)
Other income and deductions
Interest expense		(42	)		(13	)		(29	)		(89	)		(37	)		(52	)
Equity in losses of unconsolidated affiliates		(30	)		(27	)		(3	)		(86	)		(58	)		(28	)
Other, net		7			(8	)		15			15			4			11
Total other income and deductions		(65	)		(48	)		(17	)		(160	)		(91	)		(69	)
Loss from continuing operations before income taxes		(111	)		(89	)		(22	)		(282	)		(211	)		(71	)
Income taxes		(112	)		(92	)		(20	)		(289	)		(237	)		(52	)
Income from continuing operations before minority interest		1			3			(2	)		7			26			(19	)
Minority interest		—			(1	)		1			—			—			—
Income from continuing operations		1			2			(1	)		7			26			(19	)
Income (loss) from discontinued operations		—			(6	)		6			(3	)		5			(8	)
Income (loss) before cumulative effect of change in accounting principle		1			(4	)		5			4			31			(27	)
Cumulative effect of change in accounting principle, net of income taxes		—			(9	)		9			—			(9	)		9
Net income (loss)	$	1		$	(13	)	$	14		$	4		$	22		$	(18	)

(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)

	September 30,			December 31,
	2005			2004
Current assets
Cash and cash equivalents	$	153		$	499
Restricted cash and investments		32			60
Accounts receivable, net
Customers		1,834			1,649
Other		263			409
Mark-to-market derivative assets		1,240			403
Inventories — fossil fuel		262			230
Inventories — materials and supplies		336			312
Deferred income taxes		108			68
Other		495			296
Total current assets		4,723			3,926
Property, plant and equipment, net		21,613			21,482
Deferred debits and other assets
Regulatory assets		4,460			4,790
Nuclear decommissioning trust funds		5,455			5,262
Investments		811			804
Goodwill		4,696			4,705
Mark-to-market derivative assets		397			383
Pension asset		83			—
Other		914			1,418
Total deferred debits and other assets		16,816			17,362
Total assets	$	43,152		$	42,770
Liabilities and shareholders’ equity
Current liabilities
Notes payable	$	446		$	490
Long-term debt due within one year		218			427
Long-term debt to ComEd Transitional Funding Trust and PECO Energy Transition Trust due within one year		615			486
Accounts payable		1,434			1,255
Mark-to-market derivative liabilities		1,684			598
Accrued expenses		978			1,143
Other		670			483
Total current liabilities		6,045			4,882
Long-term debt		8,076			7,292
Long-term debt to ComEd Transitional Funding Trust and PECO Energy Transition Trust		3,542			4,311
Long-term debt to other financing trusts		545			545
Deferred credits and other liabilities
Deferred income taxes		4,753			4,488
Unamortized investment tax credits		265			275
Asset retirement obligations		3,872			3,981
Pension obligations		112			1,993
Non-pension postretirement benefits obligations		1,136			1,065
Spent nuclear fuel obligation		897			878
Regulatory liabilities		2,343			2,204
Mark-to-market derivative liabilities		482			323
Other		839			915
Total deferred credits and other liabilities		14,699			16,122
Total liabilities		32,907			33,152
Minority interest of consolidated subsidiaries		1			42
Preferred securities of subsidiaries		87			87
Shareholders’ equity
Common stock		7,939			7,664
Treasury stock, at cost		(344	)		(82	)
Retained earnings		4,309			3,353
Accumulated other comprehensive loss		(1,747	)		(1,446	)
Total shareholders’ equity		10,157			9,489
Total liabilities and shareholders’ equity	$	43,152		$	42,770

5

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

	Nine Months Ended
	September 30,
	2005			2004
Cash flows from operating activities
Net income	$	1,760		$	1,501
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel		1,477			1,449
Other decommissioning-related activities		18			65
Cumulative effect of changes in accounting principles (net of income taxes)		—			(23	)
Deferred income taxes and amortization of investment tax credits		487			314
Provision for uncollectible accounts		48			59
Equity in losses of unconsolidated affiliates		107			97
Gains on sales of investments and wholly owned subsidiaries		(19	)		(154	)
Net realized (gains) losses on nuclear decommissioning trust funds		(52	)		(9	)
Other non-cash operating activities		39			(24	)
Changes in assets and liabilities:
Accounts receivable		(213	)		(6	)
Inventories		(54	)		(20	)
Other current assets		(231	)		105
Accounts payable, accrued expenses and other current liabilities		125			(92	)
Income taxes		257			149
Net realized and unrealized mark-to-market and hedging transactions		(168	)		(6	)
Pension and non-pension postretirement benefit obligations		(1,893	)		(259	)
Other noncurrent assets and liabilities		(99	)		8
Net cash flows provided by operating activities		1,589			3,154
Cash flows from investing activities
Capital expenditures		(1,521	)		(1,295	)
Proceeds from sale of nuclear decommissioning trust fund assets		3,234			1,485
Investment in nuclear decommissioning trust funds		(3,387	)		(1,687	)
Collection of other notes receivable		—			58
Proceeds from sales of investments and wholly owned subsidiaries, net of $32 million of cash sold during the nine months ended September 30, 2005		105			238
Proceeds from sales of long-lived assets		2			50
Acquisition of Sithe Energies, Inc.		(97	)		—
Investment in synthetic fuel-producing facilities		(92	)		(32	)
Change in restricted cash		38			(18	)
Net cash increase from consolidation of Sithe Energies, Inc.		—			19
Other investing activities		(10	)		(25	)
Net cash flows used in investing activities		(1,728	)		(1,207	)
Cash flows from financing activities
Issuance of long-term debt		1,788			75
Retirement of long-term debt		(382	)		(973	)
Retirement of long-term debt to financing affiliates		(639	)		(547	)
Issuance of short-term debt		2,500			—
Retirement of short-term debt		(2,200	)		—
Change in other short-term debt		(344	)		(1	)
Payment on acquisition note payable to Sithe Energies, Inc.		—			(27	)
Dividends paid on common stock		(804	)		(565	)
Proceeds from employee stock plans		193			192
Purchase of treasury stock		(262	)		(75	)
Other financing activities		(57	)		36
Net cash flows used in financing activities		(207	)		(1,885	)
Increase (decrease) in cash and cash equivalents		(346	)		62
Cash and cash equivalents at beginning of period		499			493
Cash and cash equivalents at end of period	$	153		$	555

6

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

	Three Months Ended September 30, 2005									Three Months Ended September 30, 2004
							Adjusted									Adjusted
	GAAP (a)			Adjustments			Non-GAAP			GAAP (a)			Adjustments			Non-GAAP
Operating revenues	$	4,473		$	—		$	4,473		$	3,748		$	—		$	3,748
Operating expenses
Purchased power		1,210			(7	)(b)		1,203			887			43	(b)		930
Fuel		471			104	(b)		575			346			14	(b)		360
Operating and maintenance		911			(30	)(c),(d),(e)		881			778			(10	)(c),(d),(g)		768
Depreciation and amortization		358			(19	)(c),(e)		339			362			(13	)(c)		349
Taxes other than income		211			—			211			177			—			177
Total operating expenses		3,161			48			3,209			2,550			34			2,584
Operating income		1,312			(48	)		1,264			1,198			(34	)		1,164
Other income and deductions
Interest expense		(216	)		4	(c)		(212	)		(200	)		5	(c)		(195	)
Distributions on preferred securities of subsidiaries		(1	)		—			(1	)		(1	)					(1	)
Equity in losses of unconsolidated affiliates		(39	)		30	(c)		(9	)		(42	)		25	(c)		(17	)
Other, net		12			—			12			(102	)		106	(f)		4
Total other income and deductions		(244	)		34			(210	)		(345	)		136			(209	)
Income from continuing operations before income taxes and minority interest		1,068			(14	)		1,054			853			102			955
Income taxes		344			65	(b),(c),(d),(e)		409			279			97	(b),(c),(d),(f),(g)		376
Income from continuing operations before minority interest		724			(79	)		645			574			5			579
Minority interest		—			—			—			3			—			3
Income from continuing operations		724			(79	)		645			577			5			582
Income from discontinued operations		1			(1	)(f)		—			—			—			—
Income before cumulative effect of a change in accounting principle		725			(80	)		645			577			5			582
Cumulative effect of a change in accounting principle, net of income taxes		—			—			—			(9	)		—			(9	)
Net income	$	725		$	(80	)	$	645		$	568		$	5		$	573
Earnings per average common share
Basic:
Income from continuing operations	$	1.08		$	(0.12	)	$	0.96		$	0.87		$	0.01		$	0.88
Income from discontinued operations		—			—			—			—			—			—
Income before cumulative effect of changes in accounting principles		1.08			(0.12	)		0.96			0.87			0.01			0.88
Cumulative effect of changes in accounting principles, net of income taxes		—			—			—			(0.01	)		—			(0.01	)
Net income	$	1.08		$	(0.12	)	$	0.96		$	0.86		$	0.01		$	0.87
Diluted:
Income from continuing operations	$	1.07		$	(0.12	)	$	0.95		$	0.86		$	0.01		$	0.87
Income from discontinued operations		—			—			—			—			—			—
Income before cumulative effect of changes in accounting principles		1.07			(0.12	)		0.95			0.86			0.01			0.87
Cumulative effect of changes in accounting principles, net of income taxes		—			—			—			(0.01	)		—			(0.01	)
Net income	$	1.07		$	(0.12	)	$	0.95		$	0.85		$	0.01		$	0.86
Average common shares outstanding
Basic		670						670			661						661
Diluted		677						677			669						669
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Mark-to-market (b)				$	0.09								$	0.05
Investments in synthetic fuel-producing facilities (c)					0.03									0.03
Severance charges (d)					0.01									(0.03	)
PSEG merger costs (e)					(0.01	)								—
Losses associated with debt retirements (f)					—									(0.10	)
Settlement associated with the storage of spent fuel (g)					—									0.04
Total adjustments				$	0.12								$	(0.01	)

(a)	Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)	Adjustment to exclude the mark-to-market impact of Exelon’s non-trading activities (primarily at Generation).
(c)	Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities.
(d)	Adjustment to exclude severance charges.
(e)	Adjustment to exclude certain costs associated with Exelon’s anticipated merger with Public Service Enterprise Group Inc.
(f)	Adjustment to exclude the losses associated with debt retirements at ComEd.
(g)	Adjustment for a settlement gain related to the storage of spent nuclear fuel.

7

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

	Nine Months Ended September 30, 2005									Nine Months Ended September 30, 2004
							Adjusted									Adjusted
	GAAP (a)			Adjustments			Non-GAAP			GAAP (a)			Adjustments			Non-GAAP
Operating revenues	$	11,519		$	—		$	11,519		$	10,821		$	(248	)(g)	$	10,573
Operating expenses
Purchased power		2,442			(11	)(b)		2,431			2,145			6	(b),(g)		2,151
Fuel		1,570			163	(b)		1,733			1,636			(193	)(b),(g)		1,443
Operating and maintenance		2,804			(76	)(c),(d),(e)		2,728			2,696			(137	)(c),(d),(g),(i)		2,559
Depreciation and amortization		1,003			(56	)(c),(e)		947			974			(40	)(c),(g)		934
Taxes other than income		560			—			560			548			(9	)(g)		539
Total operating expenses		8,379			20			8,399			7,999			(373	)		7,626
Operating income		3,140			(20	)		3,120			2,822			125			2,947
Other income and deductions
Interest expense		(615	)		11	(c)		(604	)		(633	)		19	(c),(g)		(614	)
Distributions on preferred securities of subsidiaries		(3	)		—			(3	)		(3	)		—			(3	)
Equity in losses of unconsolidated affiliates		(107	)		86	(c)		(21	)		(97	)		48	(c)		(49	)
Other, net		111			—			111			46			16	(g),(h)		62
Total other income and deductions		(614	)		97			(517	)		(687	)		83			(604	)
Income from continuing operations before income taxes and minority interest		2,526			77			2,603			2,135			208			2,343
Income taxes		779			220	(b),(c),(d),(e)		999			661			230	(b),(c),(d),(g),(h),(i)		891
Income from continuing operations before minority interest		1,747			(143	)		1,604			1,474			(22	)		1,452
Minority interest		—			—			—			3			—			3
Income from continuing operations		1,747			(143	)		1,604			1,477			(22	)		1,455
Income (loss) from discontinued operations		13			(16	)(f)		(3	)		1			—			1
Income before cumulative effect of changes in accounting principles		1,760			(159	)		1,601			1,478			(22	)		1,456
Cumulative effect of changes in accounting principles, net of income taxes		—			—			—			23			(32	)(j)		(9	)
Net income	$	1,760		$	(159	)	$	1,601		$	1,501		$	(54	)	$	1,447
Earnings per average common share
Basic:
Income from continuing operations	$	2.61		$	(0.21	)	$	2.40		$	2.23		$	(0.03	)	$	2.20
Income from discontinued operations		0.02			(0.02	)		—			—			—			—
Income before cumulative effect of changes in accounting principles		2.63			(0.23	)		2.40			2.23			(0.03	)		2.20
Cumulative effect of changes in accounting principles, net of income taxes		—			—			—			0.04			(0.05	)		(0.01	)
Net income	$	2.63		$	(0.23	)	$	2.40		$	2.27		$	(0.08	)	$	2.19
Diluted:
Income from continuing operations	$	2.58		$	(0.21	)	$	2.37		$	2.21		$	(0.03	)	$	2.18
Income from discontinued operations		0.02			(0.02	)		—			—			—			—
Income before cumulative effect of changes in accounting principles		2.60			(0.23	)		2.37			2.21			(0.03	)		2.18
Cumulative effect of changes in accounting principles, net of income taxes		—			—			—			0.04			(0.05	)		(0.01	)
Net income	$	2.60		$	(0.23	)	$	2.37		$	2.25		$	(0.08	)	$	2.17
Average common shares outstanding
Basic		669						669			660						660
Diluted		676						676			668						668
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Mark-to-market (b)				$	0.14								$	0.03
Investments in synthetic fuel-producing facilities (c)					0.08									0.07
Severance charges (d)					0.01									(0.05	)
PSEG merger costs (e)					(0.02	)								—
2005 financial impact of Generation’s investment in Sithe Energies, Inc. (f)					0.02									—
2004 financial impact of Boston Generating, LLC (g)					—									0.04
Losses associated with debt retirements (h)					—									(0.10	)
Settlement associated with the storage of spent fuel (i)					—									0.04
Cumulative effect pursuant to FIN 46-R (j)					—									0.05
Total adjustments				$	0.23								$	0.08

(a)	Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)	Adjustment to exclude the mark-to-market impact of Exelon’s non-trading activities (primarily at Generation).
(c)	Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities.
(d)	Adjustment to exclude severance charges.
(e)	Adjustment to exclude certain costs associated with Exelon’s anticipated merger with Public Service Enterprise Group Inc.
(f)	Adjustment to exclude the 2005 financial impact of Generation’s investment in Sithe Energies, Inc.
(g)	Adjustment to exclude the 2004 financial impact of Boston Generating, LLC.
(h)	Adjustment to exclude the losses associated with debt retirements at ComEd.
(I)	Adjustment for a settlement gain related to the storage of spent nuclear fuel.
(j)	Adjustment for the cumulative effect of adopting FIN 46-R.

8

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings
Per Diluted Share to GAAP Earnings Per Diluted Share
Three Months Ended September 30, 2005 and 2004

2004 GAAP Earnings per Diluted Share	$	0.85
2004 Adjusted (non-GAAP) Operating Earnings Adjustments
Mark-to-Market (1)		(0.05	)
Investments in Synthetic Fuel-Producing Facilities (2)		(0.03	)
Severance Charges (3)		0.03
Losses Associated with Debt Retirements (4)		0.10
Settlement Associated with the Storage of Spent Fuel (5)		(0.04	)
2004 Adjusted (non-GAAP) Operating Earnings		0.86
Year Over Year Effects on Earnings:
Energy Margins:
Weather (6)		0.15
Other Energy Delivery (7)		(0.01	)
Transmission Revenue (SECA) (8)		(0.01	)
Ancillary PJM Costs (9)		(0.04	)
Generation, Excluding Mark-to-Market (10)		0.10
Other Operating and Maintenance Expense (11)		(0.03	)
Depreciation and Amortization (12)		(0.01	)
Interest Expense (13)		(0.02	)
Income and Other Taxes (14)		(0.02	)
Enterprises and All Other (15)		(0.01	)
Share Differential (16)		(0.01	)
2005 Adjusted (non-GAAP) Operating Earnings		0.95
2005 Adjusted (non-GAAP) Operating Earnings Adjustments:
Mark-to-Market (1)		0.09
Investments in Synthetic Fuel-Producing Facilities (2)		0.03
Severance Charges (3)		0.01
Charges Associated with Exelon’s Anticipated Merger with Public Service Enterprise Group Inc. (17)		(0.01	)
2005 GAAP Earnings per Diluted Share	$	1.07

(1)	Reflects the mark-to-market impact of Exelon’s non-trading activities (primarily at Generation).
(2)	Reflects the financial impact of Exelon’s investments in synthetic fuel-producing facilities.
(3)	For 2004, reflects severance charges recorded during the period; for 2005, reflects adjustments to previously recorded severance reserves.
(4)	Reflects losses associated with debt retirements at ComEd.
(5)	Reflects a settlement gain related to the storage of spent nuclear fuel.
(6)	Reflects favorable weather conditions in the Energy Delivery service territories.
(7)	Reflects decreased margins at Energy Delivery due to customer mix. Excludes the impact of ComEd’s purchase power agreement with Generation.
(8)	Reflects a decrease in net collections of through and out rates (prior to December 2004) and SECA rates.
(9)	Reflects ancillary service costs ComEd paid to PJM which, prior to January 1, 2005, were included in the purchase power agreement with Generation.
(10)	Reflects higher realized prices on market sales at Generation, net of higher costs to serve affiliates. Excludes the effects of Sithe, Sithe International, mark-to-market and the purchase power agreement with ComEd.
(11)	Reflects the impact on net income of increased operating and maintenance expense, primarily due to unplanned substation maintenance costs and increased contractor costs at Energy Delivery.
(12)	Reflects increased depreciation and amortization, including increased CTC amortization at PECO.
(13)	Reflects loss on settlement of interest rate swaps partially offset by lower interest expense at Energy Delivery due to debt retirements in 2004. Excludes the effects of Boston Generating, Sithe and investments in synthetic fuel-producing facilities.
(14)	Reflects the impact on net income of adjustments related to certain state tax matters.
(15)	Reflects the impact on net income of Enterprises’ results of operations.
(16)	Reflects dilution of earnings per share due to increased diluted common shares outstanding.
(17)	Reflects costs incurred in connection with Exelon’s proposed merger with Public Service Enterprise Group Inc.

9

EXELON CORPORATION
Reconciliation of Adjusted (non-GAAP) Operating Earnings
Per Diluted Share to GAAP Earnings Per Diluted Share
Nine Months Ended September 30, 2005 and 2004

2004 GAAP Earnings per Diluted Share	$	2.25
2004 Adjusted (non-GAAP) Operating Earnings Adjustments:
Mark-to-Market (1)		(0.03	)
Investments in Synthetic Fuel-Producing Facilities (2)		(0.07	)
Severance Charges (3)		0.05
Boston Generating, LLC 2004 Impact (4)		(0.04	)
Losses Associated with Debt Retirements (5)		0.10
Settlement Associated with the Storage of Spent Fuel (6)		(0.04	)
Cumulative Effect Pursuant to FIN 46-R		(0.05	)
2004 Adjusted (non-GAAP) Operating Earnings		2.17
Year Over Year Effects on Earnings:
Energy Margins:
Weather (7)		0.19
Other Energy Delivery (8)		(0.02	)
Transmission Revenue (SECA) (9)		(0.02	)
Ancillary PJM Costs (10)		(0.07	)
Generation, Excluding Mark-to-Market (11)		0.23
Asbestos Reserve (12)		(0.04	)
Planned Nuclear Refueling Outages (13)		(0.02	)
Pension Expense (14)		0.03
Other Operating and Maintenance Expense (15)		(0.03	)
Depreciation and Amortization (16)		(0.03	)
Interest Expense (17)		0.02
Nuclear Decommissioning Trust Fund Rebalancing (18)		0.03
Income and Other Taxes (19)		(0.02	)
Enterprises and All Other (20)		(0.02	)
Share Differential (21)		(0.03	)
2005 Adjusted (non-GAAP) Operating Earnings		2.37
2005 Adjusted (non-GAAP) Operating Earnings Adjustments:
Mark-to-Market (1)		0.14
Investments in Synthetic Fuel-Producing Facilities (2)		0.08
Exelon Way Severance and Severance-Related Charges (3)		0.01
Charges Associated with Exelon’s Anticipated Merger with Public Service Enterprise Group Inc. (22)		(0.02	)
2005 Financial Impact of Generation’s Investment in Sithe Energies, Inc. (23)		0.02
2005 GAAP Earnings per Diluted Share	$	2.60

(1)	Reflects the mark-to-market impact of Exelon’s non-trading activities (primarily at Generation).
(2)	Reflects the financial impact of Exelon’s investments in synthetic fuel-producing facilities.
(3)	For 2004, reflects severance charges recorded during the period; for 2005, reflects adjustments to previously recorded severance reserves.
(4)	Reflects the 2004 financial impact of Boston Generating.
(5)	Reflects losses associated with debt retirements at ComEd.
(6)	Reflects a settlement gain related to the storage of spent nuclear fuel.
(7)	Reflects favorable weather conditions in the Energy Delivery service territories.
(8)	Reflects decreased margins at Energy Delivery due to customer mix. Excludes the impact of ComEd’s purchase power agreement with Generation.
(9)	Reflects a decrease in net collections of through and out rates (prior to December 2004) and SECA rates.
(10)	Reflects ancillary service costs ComEd paid to PJM which, prior to January 1, 2005, were included in the purchase power agreement with Generation.
(11)	Reflects higher realized prices on market sales at Generation, net of higher costs to serve affiliates. Excludes the effects of Sithe, Sithe International, mark-to-market and the purchase power agreement with ComEd.
(12)	Reflects the impact on net income of a reserve recorded by Generation in 2005 for estimated future asbestos-related bodily injury claims.
(13)	Reflects the impact on net income of increased planned refueling outage days.
(14)	Reflects lower pension expense as a result of discretionary pension contributions of $2 billion made during the first quarter of 2005.
(15)	Reflects the impact on net income of increased operating and maintenance expense, primarily due to unplanned substation maintenance costs and increased contractor costs at Energy Delivery.
(16)	Reflects increased depreciation and amortization, including increased CTC amortization at PECO.
(17)	Reflects lower interest expense at Energy Delivery due to debt retirements in 2004 partially offset by loss on settlement of interest rate swaps. Excludes the effects of Boston Generating, Sithe and investments in synthetic fuel-producing facilities.
(18)	Reflects the impact on net income of the gains realized on AmerGen’s decommissioning trust fund investments.
(19)	Reflects the impact on net income of adjustments related to certain state tax matters.
(20)	Reflects the impact on net income of Enterprises’ results of operations.
(21)	Reflects dilution of earnings per share due to increased diluted common shares outstanding.
(22)	Reflects costs incurred in connection with Exelon’s proposed merger with Public Service Enterprise Group Inc.
(23)	Reflects the 2005 financial impact of Generation’s investment in Sithe Energies, Inc.

10

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

	Energy Delivery
	Three Months Ended September 30, 2005										Three Months Ended September 30, 2004
								Adjusted Non-										Adjusted Non-
	GAAP (a)			Adjustments				GAAP			GAAP (a)			Adjustments				GAAP
Operating revenues	$	3,270		$	—			$	3,270		$	2,844		$	—			$	2,844
Operating expenses
Purchased power		1,666			—				1,666			1,365			—				1,365
Fuel		42			—				42			35			—				35
Operating and maintenance		354			3		(b),(c)		357			353			(20	)	(b)		333
Depreciation and amortization		270			(3	)	(c)		267			248			—				248
Taxes other than income		155			—				155			132			—				132
Total operating expenses		2,487			—				2,487			2,133			(20	)			2,113
Operating income		783			—				783			711			20				731
Other income and deductions
Interest expense		(141	)		—				(141	)		(162	)		—				(162	)
Distributions on preferred securities of subsidiaries		(1	)		—				(1	)		(1	)		—				(1	)
Equity in losses of unconsolidated affiliates		(7	)		—				(7	)		(10	)		—				(10	)
Other, net		(8	)		—				(8	)		(98	)		106		(d)		8
Total other income and deductions		(157	)		—				(157	)		(271	)		106				(165	)
Income before income taxes		626			—				626			440			126				566
Income taxes		237			—		(b),(c)		237			178			50		(b),(d)		228
Net income	$	389		$	—			$	389		$	262		$	76			$	338

	Nine Months Ended September 30, 2005										Nine Months Ended September 30, 2004
								Adjusted Non-										Adjusted Non-
	GAAP (a)			Adjustments				GAAP			GAAP (a)			Adjustments				GAAP
Operating revenues	$	8,483		$	—			$	8,483		$	7,853		$	—			$	7,853
Operating expenses
Purchased power		4,215			—				4,215			3,271			—				3,271
Fuel		373			—				373			368			—				368
Operating and maintenance		1,010			4		(b),(c)		1,014			1,056			(40	)	(b)		1,016
Depreciation and amortization		739			(9	)	(c)		730			704			—				704
Taxes other than income		421			—				421			400			—				400
Total operating expenses		6,758			(5	)			6,753			5,799			(40	)			5,759
Operating income		1,725			5				1,730			2,054			40				2,094
Other income and deductions
Interest expense		(435	)		—				(435	)		(517	)		—				(517	)
Distributions on preferred securities of subsidiaries		(3	)		—				(3	)		(3	)		—				(3	)
Equity in losses of unconsolidated affiliates		(23	)		—				(23	)		(32	)		—				(32	)
Other, net		14			—				14			(76	)		106		(d)		30
Total other income and deductions		(447	)		—				(447	)		(628	)		106				(522	)
Income before income taxes		1,278			5				1,283			1,426			146				1,572
Income taxes		473			1		(b),(c)		474			546			58		(b),(d)		604
Net income	$	805		$	4			$	809		$	880		$	88			$	968

(a)	Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)	Adjustment to exclude severance charges and adjustments to previously recorded severance reserves.
(c)	Adjustment to exclude certain costs associated with Exelon’s anticipated merger with Public Service Enterprise Group Inc.
(d)	Adjustment to exclude the losses associated with debt retirements at ComEd.

11

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

	Generation
	Three Months Ended September 30, 2005										Three Months Ended September 30, 2004
								Adjusted Non-										Adjusted Non-
	GAAP (a)			Adjustments				GAAP			GAAP (a)			Adjustments				GAAP
Operating revenues	$	2,711		$	—			$	2,711		$	2,151		$	—			$	2,151
Operating expenses
Purchased power		1,047			(7	)	(b)		1,040			757			43		(b)		800
Fuel		441			93		(b)		534			318			14		(b)		332
Operating and maintenance		537			—		(c),(d)		537			414			31		(c),(f)		445
Depreciation and amortization		63			—				63			93			—				93
Taxes other than income		48			—				48			41			—				41
Total operating expenses		2,136			86				2,222			1,623			88				1,711
Operating income		575			(86	)			489			528			(88	)			440
Other income and deductions
Interest expense		(33	)		—				(33	)		(25	)		—				(25	)
Equity in losses of unconsolidated affiliates		(2	)		—				(2	)		(5	)		—				(5	)
Other, net		13			—				13			4			—				4
Total other income and deductions		(22	)		—				(22	)		(26	)		—				(26	)
Income from continuing operations before income taxes and minority interest		553			(86	)			467			502			(88	)			414
Income taxes		219			(33	)	(b),(c),(d)		186			193			(35	)	(b),(c),(f)		158
Income from continuing operations before minority interest		334			(53	)			281			309			(53	)			256
Minority interest		—			—				—			4			—				4
Income from continuing operations		334			(53	)			281			313			(53	)			260
Income from discontinued operations		1			(1	)	(e)		—			6			—				6
Net income	$	335		$	(54	)		$	281		$	319		$	(53	)		$	266

	Nine Months Ended September 30, 2005										Nine Months Ended September 30, 2004
								Adjusted Non-										Adjusted Non-
	GAAP (a)			Adjustments				GAAP			GAAP (a)			Adjustments				GAAP
Operating revenues	$	6,836		$	—			$	6,836		$	5,978		$	(248	)	(g)	$	5,730
Operating expenses
Purchased power		2,014			(11	)	(b)		2,003			1,863			6		(b),(g)		1,869
Fuel		1,227			135		(b)		1,362			1,276			(193	)	(b),(g)		1,083
Operating and maintenance		1,748			(4	)	(c),(d)		1,744			1,605			(28	)	(c),(f),(g)		1,577
Depreciation and amortization		188			—				188			212			(4	)	(g)		208
Taxes other than income		122			—				122			134			(9	)	(g)		125
Total operating expenses		5,299			120				5,419			5,090			(228	)			4,862
Operating income		1,537			(120	)			1,417			888			(20	)			868
Other income and deductions
Interest expense		(91	)		—				(91	)		(79	)		5		(g)		(74	)
Equity in earnings (losses) of unconsolidated affiliates		2			—				2			(7	)		—				(7	)
Other, net		82			—				82			118			(90	)	(g)		28
Total other income and deductions		(7	)		—				(7	)		32			(85	)			(53	)
Income from continuing operations before income taxes and minority interest		1,530			(120	)			1,410			920			(105	)			815
Income taxes		595			(46	)	(b),(c),(d)		549			352			(42	)	(b),(c),(f),(g)		310
Income from continuing operations before minority interest		935			(74	)			861			568			(63	)			505
Minority interest		—			—				—			3			—				3
Income from continuing operations		935			(74	)			861			571			(63	)			508
Income (loss) from discontinued operations		16			(16	)	(e)		—			(4	)		—				(4	)
Income before cumulative effect of a change in accounting principle		951			(90	)			861			567			(63	)			504
Cumulative effect of a change in accounting principle, net of income taxes		—			—				—			32			(32	)	(h)		—
Net income	$	951		$	(90	)		$	861		$	599		$	(95	)		$	504

(a)	Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)	Adjustment to exclude the mark-to-market impact of Generation’s non-trading activities, including, for fuel expense for the nine months ended September 30, 2005, $3 million in amortization of the premium on a hedge on tax credits generated from the operation of synthetic fuel-producing facilities.
(c)	Adjustment to exclude severance charges and adjustments to previously recorded severance reserves.
(d)	Adjustment to exclude certain costs associated with Exelon’s anticipated merger with Public Service Enterprise Group Inc.
(e)	Adjustment to exclude the 2005 financial impact of Generation’s investment in Sithe Energies, Inc.
(f)	Adjustment for a settlement gain related to the storage of spent nuclear fuel.
(g)	Adjustment to exclude the 2004 financial impact of Boston Generating, LLC.
(h)	Adjustment for the cumulative effect of adopting FIN 46-R.

12

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

	Other
	Three Months Ended September 30, 2005										Three Months Ended September 30, 2004
								Adjusted Non-										Adjusted Non-
	GAAP (a)			Adjustments				GAAP			GAAP (a)			Adjustments				GAAP
Operating revenues	$	(1,508	)	$	—			$	(1,508	)	$	(1,247	)	$	—			$	(1,247	)
Operating expenses
Purchased power		(1,503	)		—				(1,503	)		(1,235	)		—				(1,235	)
Fuel		(12	)		11		(b)		(1	)		(7	)		—				(7	)
Operating and maintenance		20			(33	)	(c),(d),(e)		(13	)		11			(21	)	(c)		(10	)
Depreciation and amortization		25			(16	)	(c)		9			21			(13	)	(c)		8
Taxes other than income		8			—				8			4			—				4
Total operating expenses		(1,462	)		(38	)			(1,500	)		(1,206	)		(34	)			(1,240	)
Operating loss		(46	)		38				(8	)		(41	)		34				(7	)
Other income and deductions
Interest expense		(42	)		4		(c)		(38	)		(13	)		5		(c)		(8	)
Equity in losses of unconsolidated affiliates		(30	)		30		(c)		—			(27	)		25		(c)		(2	)
Other, net		7			—				7			(8	)		—				(8	)
Total other income and deductions		(65	)		34				(31	)		(48	)		30				(18	)
Loss from continuing operations before income taxes		(111	)		72				(39	)		(89	)		64				(25	)
Income taxes		(112	)		98		(b),(c),(d),(e)		(14	)		(92	)		82		(c)		(10	)
Income (loss) from continuing operations before minority interest		1			(26	)			(25	)		3			(18	)			(15	)
Minority interest		—			—				—			(1	)		—				(1	)
Income (loss) from continuing operations		1			(26	)			(25	)		2			(18	)			(16	)
Loss from discontinued operations		—			—				—			(6	)		—				(6	)
Income (loss) before cumulative effect of change in accounting principle		1			(26	)			(25	)		(4	)		(18	)			(22	)
Cumulative effect of change in accounting principle, net of income taxes		—			—				—			(9	)		—				(9	)
Net income (loss)	$	1		$	(26	)		$	(25	)	$	(13	)	$	(18	)		$	(31	)

	Nine Months Ended September 30, 2005										Nine Months Ended September 30, 2004
								Adjusted Non-										Adjusted Non-
	GAAP (a)			Adjustments				GAAP			GAAP (a)			Adjustments				GAAP
Operating revenues	$	(3,800	)	$	—			$	(3,800	)	$	(3,010	)	$	—			$	(3,010	)
Operating expenses
Purchased power		(3,787	)		—				(3,787	)		(2,989	)		—				(2,989	)
Fuel		(30	)		28		(b)		(2	)		(8	)		—				(8	)
Operating and maintenance		46			(76	)	(c),(d),(e)		(30	)		35			(69	)	(c)		(34	)
Depreciation and amortization		76			(47	)	(c)		29			58			(36	)	(c)		22
Taxes other than income		17			—				17			14			—				14
Total operating expenses		(3,678	)		(95	)			(3,773	)		(2,890	)		(105	)			(2,995	)
Operating loss		(122	)		95				(27	)		(120	)		105				(15	)
Other income and deductions
Interest expense		(89	)		11		(c)		(78	)		(37	)		14		(c)		(23	)
Equity in losses of unconsolidated affiliates		(86	)		86		(c)		—			(58	)		48		(c)		(10	)
Other, net		15			—				15			4			—				4
Total other income and deductions		(160	)		97				(63	)		(91	)		62				(29	)
Loss from continuing operations before income taxes		(282	)		192				(90	)		(211	)		167				(44	)
Income taxes		(289	)		265		(b),(c),(d),(e)		(24	)		(237	)		214		(c)		(23	)
Income (loss) from continuing operations		7			(73	)			(66	)		26			(47	)			(21	)
Income (loss) from discontinued operations		(3	)		—				(3	)		5			—				5
Income (loss) before a cumulative effect of a change in accounting principle		4			(73	)			(69	)		31			(47	)			(16	)
Cumulative effect of a change in accounting principle, net of income taxes		—			—				—			(9	)		—				(9	)
Net income (loss)	$	4		$	(73	)		$	(69	)	$	22		$	(47	)		$	(25	)

(a)	Results reported in accordance with accounting principles generally accepted in the United States (GAAP).
(b)	Adjustment to exclude the mark-to-market impact of Exelon’s non-trading activities.
(c)	Adjustment to exclude the financial impact of Exelon’s investments in synthetic fuel-producing facilities.
(d)	Adjustment to exclude severance charges and adjustments to previously recorded severance reserves.
(e)	Adjustment to exclude certain costs associated with Exelon’s anticipated merger with Public Service Enterprise Group Inc.

13

EXELON CORPORATION
Electric Sales Statistics

	Three Months Ended September 30,
	2005			2004			% Change
(in GWhs)
Supply
Nuclear		35,584			35,303			0.8	%
Purchased Power — Generation (a)		15,393			13,563			13.5	%
Fossil and Hydro		4,321			3,068			40.8	%
Power Team Supply		55,298			51,934			6.5	%
Purchased Power — Other		182			155			17.4	%
Total Electric Supply Available for Sale		55,480			52,089			6.5	%
Less: Line Loss and Company Use		(3,022	)		(2,341	)		29.1	%
Total Supply		52,458			49,748			5.4	%
Energy Sales
Retail Sales		39,716			35,408			12.2	%
Power Team Market Sales (a)		17,617			20,234			(12.9	%)
Interchange Sales and Sales to Other Utilities		817			746			9.5	%
		58,150			56,388			3.1	%
Less: Distribution Only Sales		(5,692	)		(6,640	)		(14.3	%)
Total Energy Sales		52,458			49,748			5.4	%

	Nine Months Ended September 30,
	2005			2004			% Change
(in GWhs)
Supply
Nuclear		103,049			102,968			0.1	%
Purchased Power — Generation (a)		34,000			37,158			(8.5	%)
Fossil and Hydro		10,704			14,364			(25.5	%)
Power Team Supply		147,753			154,490			(4.4	%)
Purchased Power — Other		606			463			30.9	%
Total Electric Supply Available for Sale		148,359			154,953			(4.3	%)
Less: Line Loss and Company Use		(8,081	)		(6,756	)		19.6	%
Total Supply		140,278			148,197			(5.3	%)
Energy Sales
Retail Sales		104,584			99,434			5.2	%
Power Team Market Sales (a)		50,174			66,226			(24.2	%)
Interchange Sales and Sales to Other Utilities		2,085			1,900			9.7	%
		156,843			167,560			(6.4	%)
Less: Distribution Only Sales		(16,565	)		(19,363	)		(14.5	%)
Total Energy Sales		140,278			148,197			(5.3	%)

(a) Purchased power and market sales do not include trading volume of 6,757 GWhs and 7,132 GWhs for the three months ended September 30, 2005 and 2004, respectively, and 18,168 GWhs and 17,569 GWhs for the nine months ended September 30, 2005 and 2004, respectively.

14

EXELON CORPORATION
Energy Delivery Sales Statistics
Three Months Ended September 30, 2005 and 2004

	ComEd									PECO
Electric Deliveries (in GWhs)	2005			2004			% Change			2005		2004		% Change
Full Service(a)
Residential		9,847			7,434			32.5	%		4,075		2,906		40.2	%
Small Commercial & Industrial		5,872			5,596			4.9	%		2,175		1,790		21.5	%
Large Commercial & Industrial		2,024			1,808			11.9	%		4,214		3,949		6.7	%
Public Authorities & Electric Railroads		496			616			(19.5	%)		222		234		(5.1	%)
Total Full Service		18,239			15,454			18.0	%		10,686		8,879		20.4	%
PPO (ComEd Only)
Small Commercial & Industrial		1,667			1,292			29.0	%
Large Commercial & Industrial		1,524			1,483			2.8	%
		3,191			2,775			15.0	%
Delivery Only(b)
Residential		(d	)		(d	)					95		636		(85.1	%)
Small Commercial & Industrial		1,391			1,611			(13.7	%)		326		444		(26.6	%)
Large Commercial & Industrial		3,785			3,720			1.7	%		95		229		(58.5	%)
		5,176			5,331			(2.9	%)		516		1,309		(60.6	%)
Total PPO and Delivery Only		8,367			8,106			3.2	%		516		1,309		(60.6	%)
Total Retail Deliveries		26,606			23,560			12.9	%		11,202		10,188		10.0	%
Gas Deliveries (mmcf) (PECO only)											9,541		10,033		(4.9	%)
Revenue (in millions)
Full Service(a)
Residential	$	903		$	699			29.2	%	$	578	$	409		41.3	%
Small Commercial & Industrial		492			471			4.5	%		257		213		20.7	%
Large Commercial & Industrial		115			107			7.5	%		325		290		12.1	%
Public Authorities & Electric Railroads		31			38			(18.4	%)		19		20		(5.0	%)
Total Full Service		1,541			1,315			17.2	%		1,179		932		26.5	%
PPO (ComEd Only)(c)
Small Commercial & Industrial		120			89			34.8	%
Large Commercial & Industrial		94			91			3.3	%
		214			180			18.9	%
Delivery Only(b)
Residential		(d	)		(d	)					8		50		(84.0	%)
Small Commercial & Industrial		20			31			(35.5	%)		17		24		(29.2	%)
Large Commercial & Industrial		40			53			(24.5	%)		2		6		(66.7	%)
		60			84			(28.6	%)		27		80		(66.3	%)
Total PPO and Delivery Only		274			264			3.8	%		27		80		(66.3	%)
Total Retail Electric Revenue		1,815			1,579			14.9	%		1,206		1,012		19.2	%
Wholesale and Miscellaneous Revenue(e)		133			141			(5.7	%)		49		52		(5.8	%)
Gas Revenue (PECO only)		n/a			n/a						67		60		11.7	%
Total Revenues	$	1,948		$	1,720			13.3	%	$	1,322	$	1,124		17.6	%

Heating and Cooling Degree-Days	2005		2004		Normal		2005		2004		Normal
Heating Degree-Days		37		89		127		7		11		41
Cooling Degree-Days		808		424		603		1,178		854		900

(a)	Full service reflects deliveries to customers taking electric service under tariffed rates, which include the cost of energy and the cost of the transmission and distribution of the energy. PECO’s tariffed rates also include a competitive transition charge (CTC).
(b)	Delivery only service reflects customers electing to receive electric generation service from an alternative energy supplier. Revenue from customers choosing an alternative energy supplier includes a distribution charge and a CTC.
(c)	Revenue from customers choosing ComEd’s PPO includes an energy charge at market rates, transmission and distribution charges and a CTC.
(d)	All ComEd residential customers are eligible to choose their supplier of electricity. As of September 30, 2005, one alternative supplier was approved to serve residential customers in the ComEd service territory. However, no residential customers have selected this alternative supplier.
(e)	Wholesale and miscellaneous revenue includes transmission revenue from PJM.

n/a—not applicable

15

EXELON CORPORATION
Energy Delivery Sales Statistics
Nine Months Ended September 30, 2005 and 2004

	ComEd									PECO
Electric Deliveries (in GWhs)	2005			2004			% Change			2005		2004		% Change
Full Service(a)
Residential		23,193			20,240			14.6	%		10,030		7,922		26.6	%
Small Commercial & Industrial		16,083			16,305			(1.4	%)		5,637		5,160		9.2	%
Large Commercial & Industrial		5,907			5,008			18.0	%		11,429		11,270		1.4	%
Public Authorities & Electric Railroads		1,548			1,842			(16.0	%)		653		686		(4.8	%)
Total Full Service		46,731			43,395			7.7	%		27,749		25,038		10.8	%
PPO (ComEd Only)
Small Commercial & Industrial		4,126			3,189			29.4	%
Large Commercial & Industrial		4,642			3,822			21.5	%
		8,768			7,011			25.1	%
Delivery Only(b)
Residential		(d	)		(d	)					273		1,706		(84.0	%)
Small Commercial & Industrial		4,554			4,689			(2.9	%)		1,038		1,301		(20.2	%)
Large Commercial & Industrial		10,273			11,098			(7.4	%)		427		569		(25.0	%)
		14,827			15,787			(6.1	%)		1,738		3,576		(51.4	%)
Total PPO and Delivery Only		23,595			22,798			3.5	%		1,738		3,576		(51.4	%)
Total Retail Deliveries		70,326			66,193			6.2	%		29,487		28,614		3.1	%
Gas Deliveries (mmcf) (PECO only)											60,637		61,540		(1.5	%)
Revenue (in millions)
Full Service(a)
Residential	$	2,027		$	1,780			13.9	%	$	1,322	$	1,021		29.5	%
Small Commercial & Industrial		1,276			1,258			1.4	%		643		587		9.5	%
Large Commercial & Industrial		308			286			7.7	%		871		840		3.7	%
Public Authorities & Electric Railroads		96			119			(19.3	%)		59		60		(1.7	%)
Total Full Service		3,707			3,443			7.7	%		2,895		2,508		15.4	%
PPO (ComEd Only)(c)
Small Commercial & Industrial		285			213			33.8	%
Large Commercial & Industrial		265			221			19.9	%
		550			434			26.7	%
Delivery Only(b)
Residential		(d	)		(d	)					21		131		(84.0	%)
Small Commercial & Industrial		78			98			(20.4	%)		52		67		(22.4	%)
Large Commercial & Industrial		120			154			(22.1	%)		11		15		(26.7	%)
		198			252			(21.4	%)		84		213		(60.6	%)
Total PPO and Delivery Only		748			686			9.0	%		84		213		(60.6	%)
Total Retail Electric Revenue		4,455			4,129			7.9	%		2,979		2,721		9.5	%
Wholesale and Miscellaneous Revenue(e)		367			329			11.6	%		154		151		2.0	%
Gas Revenue (PECO only)		n/a			n/a						528		523		1.0	%
Total Revenues	$	4,822			4,458			8.2	%	$	3,661	$	3,395		7.8	%

Heating and Cooling Degree-Days	2005		2004		Normal		2005		2004		Normal
Heating Degree-Days		3,781		3,976		4,187		3,115		3,075		3,088
Cooling Degree-Days		1,123		600		820		1,505		1,270		1,216

(a)	Full service reflects deliveries to customers taking electric service under tariffed rates, which include the cost of energy and the cost of the transmission and distribution of the energy. PECO’s tariffed rates also include a competitive transition charge (CTC).
(b)	Delivery only service reflects customers electing to receive electric generation service from an alternative energy supplier. Revenue from customers choosing an alternative energy supplier includes a distribution charge and a CTC.
(c)	Revenue from customers choosing ComEd’s PPO includes an energy charge at market rates, transmission and distribution charges and a CTC.
(d)	All ComEd residential customers are eligible to choose their supplier of electricity. As of September 30, 2005, one alternative supplier was approved to serve residential customers in the ComEd service territory. However, no residential customers have selected this alternative supplier.
(e)	Wholesale and miscellaneous revenue includes transmission revenue from PJM and, prior to ComEd’s full integration into PJM on May 1, 2004, ComEd’s transmission charges received from alternative energy suppliers.

n/a—not applicable

16

EXELON CORPORATION
Exelon Generation Power Marketing Statistics

	Three Months Ended
	September 30, 2005		June 30, 2005		March 31, 2005		December 31, 2004		September 30, 2004
GWh Sales
Energy Delivery		35,773		28,582		28,453		26,828		30,040
Market and Retail Sales		19,525		18,410		17,010		21,281		21,894
Total Sales (a)		55,298		46,992		45,463		48,109		51,934
Average Margin ($/MWh)
Average Realized Revenue
Energy Delivery	$	41.48	$	39.64	$	39.29	$	30.75	$	40.55
Market and Retail Sales (b)		53.16		42.53		38.80		34.11		34.67
Total Sales — without trading		45.61		40.77		39.11		32.24		38.07
Average Purchased Power and Fuel Cost — without trading (c)	$	27.09	$	17.71	$	15.22	$	14.33	$	20.66
Average Margin — without trading (c)	$	18.52	$	23.06	$	23.89	$	17.91	$	17.41
Around-the-clock Market Prices ($/MWh)
PJM	$	75.33	$	47.30	$	47.18	$	38.84	$	41.38
MAIN		54.75		38.35		39.68		29.99		28.41

(a)	Total sales do not include trading volume of 6,757 GWhs, 5,660 GWhs, 5,751 GWhs, 6,432 GWhs and 7,132 GWhs for the three months ended September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively.
(b)	Market and retail sales exclude revenues related to tolling agreements of $52 million, $34 million and $58 million for the three months ended September 30, 2005, June 30, 2005 and September 30, 2004, respectively.
(c)	Adjustments have been made to historical periods for consistency with current year presentation, including the exclusion of mark-to-market adjustments from operating earnings and the classification of Sithe’s results as discontinued operations.

17

EXELON CORPORATION
Exelon Generation Power Marketing Statistics

	Nine Months Ended September 30,
	2005		2004
GWh Sales
Energy Delivery		92,808		83,637
Market and Retail Sales		54,945		70,853
Total Sales (a)		147,753		154,490
Average Margin ($/MWh)
Average Realized Revenue
Energy Delivery	$	40.24	$	34.96
Market and Retail Sales (b)		45.15		35.30
Total Sales — without trading		42.07		35.12
Average Purchased Power and Fuel Cost — without trading (c)	$	20.45	$	18.60
Average Margin — without trading (c)	$	21.62	$	16.52
Around-the-clock Market Prices ($/MWh)
PJM	$	56.60	$	43.50
MAIN		44.26		31.52
2005 Forward market prices — October through December
Around-the-clock Market Prices ($/MWh)
PJM	$	74.59
MAIN		51.16
Gas Prices ($/Mmbtu)
Henry Hub	$	14.09

(a)	Total sales do not include trading volume of 18,168 GWhs and 17,569 GWhs for the nine months ended September 30, 2005 and 2004, respectively.
(b)	Market and retail sales exclude revenues related to tolling agreements of $86 million and $97 million for the nine months ended September 30, 2005 and 2004, respectively.
(c)	Adjustments have been made to historical periods for consistency with current year presentation, including the exclusion of mark-to-market adjustments from operating earnings and the classification of Sithe’s results as discontinued operations.

18