Commonwealth Edison 8-K Results of Operations and Financial Condition

Exhibit 99.2

Earnings Conference Call

4th Quarter 2008

January 22, 2009

2

Forward-Looking Statements

This presentation includes forward-looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties.  The factors

that could cause actual results to differ materially from these forward-looking statements

include

those

discussed

herein

as

well

as

those

discussed

in

(1)

Exelon’s

2007

Annual

Report

on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and

Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial

Statements and Supplementary Data: Note 19; (2) Exelon’s Third Quarter 2008 Quarterly

Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I,

Financial Information, ITEM 1. Financial Statements: Note 12; and (3) other factors discussed

in

filings

with

the

Securities

and

Exchange

Commission

by

Exelon

Corporation,

Exelon

Generation Company, LLC, Commonwealth Edison Company, and PECO Energy Company

(Companies).  Readers are cautioned not to place undue reliance on these forward-looking

statements, which apply only as of the date of this presentation.  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 presentation.

This presentation includes references to adjusted (non-GAAP) operating earnings and non-

GAAP cash flows that exclude the impact of certain factors. We believe that these adjusted

operating earnings and cash flows are representative of the underlying operational results of

the Companies. Please refer to the attachments to the earnings release and the appendix to

this presentation for a reconciliation of adjusted (non-GAAP) operating earnings to GAAP

earnings and non-GAAP cash flows to GAAP cash flows.

3

Key Financial Messages

Q4

operating

results

of

$1.07/share

powered

by

strong

Generation

performance:

4Q08 nuclear capacity factor of 93.7%

7% increase in average realized energy margins in 4Q08 compared to 4Q07

Reaffirming 2009 operating earnings guidance of $4.00-$4.30/share

Challenged by higher pension and OPEB expense and lower load growth

Committed to cost reduction initiatives

Well-positioned in these challenging times

Strong

cash

flow

from

operations

–

forecasted

at

$4.75

billion

in

2009

(1)

Sufficient

liquidity

–

$6.9

billion

available

under

credit

facilities

as

of

January

16

th

Minimal

near-term

debt

maturities

–

$29

million

in

total

in

2009

(2)

Refer

to

Earnings

Release

Attachments

for

additional

details

and

to

the

Appendix

for

a

reconciliation

of

adjusted

(non-GAAP)

operating

EPS

to

GAAP

EPS.

(1)  Primarily includes net cash flows provided by operating activities, excluding counterparty collateral activity, and including net cash flows used in investing activities other

than capital expenditures.

(2) Excludes securitization debt and includes capital leases.

4

$3.45

$3.46

$0.75

$0.49

$0.30

$0.33

2007

2008

$0.78

$0.80

$0.17

$0.12

$0.16

$0.13

2007

2008

Exelon Operating EPS

$1.07

HoldCo/Other

ExGen

PECO

ComEd

4th Quarter (Q4)

$4.20

$1.02

Full Year (FY)

ExGen and ComEd reported higher quarter-over-quarter earnings, partially offset by lower

earnings at PECO, as expected

Refer

to

Earnings

Release

Attachments

for

additional

details

and

to

the

Appendix

for

a

reconciliation

of

adjusted

(non-GAAP)

operating

EPS

to

GAAP EPS.

$0.84

$1.07

$4.05

$4.13

$4.32

GAAP EPS

5

Exelon Generation Operating EPS

Contribution

4Q

YTD

$0.78

$0.80

$3.46

$3.45

2008

2007

Key Drivers –

Q4 ’08 vs. Q4 ’07*

Favorable portfolio/market conditions:

+$0.02

Nuclear

volume:

+$0.02

Costs associated with possible

nuclear construction project:

+$0.04

Higher nuclear fuel costs:

($0.02)

Higher O&M costs, reflecting both

inflationary pressures and other O&M

costs:

($0.05)

’07 rebalancing of nuclear

decommissioning trust funds:

($0.06)

’07 tax method change:

+$0.06

*Refer to the Earnings Release Attachments for additional details and

to the Appendix for a reconciliation of adjusted (non-GAAP)

operating EPS to GAAP EPS

241

80

195

91

Refueling

59

22

59

27

Non-refueling

YTD

4Q

YTD

4Q

2008

2007

Outage Days

6

4Q

YTD

Key Drivers –

Q4 ’08 vs. Q4 ’07*

Distribution

rates:

+$0.06

’08 tax method change:

+$0.02

’07 tax method change:

($0.06)

ComEd Operating EPS Contribution

2008

2007

*Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP)

operating EPS to GAAP EPS

$0.13

$0.16

$0.30

$0.33

7

ComEd Load Growth Trends

Weather-Normalized Load Growth

Q4 2008

FY 2008

2009e

Customer Growth

0.1%

0.5%

0.3%

Average Use-Per-Customer

(0.6%)

0.0%

(0.9%)

Total Residential

(0.5%)

0.5%

(0.6%)

Small C&I

(2.9%)

(0.3%)

(0.9%)

Large C&I

(1.0%)

(0.4%)

(2.1%)

All Customer Classes

(1.6%)

(0.1%)

(1.1%)

ComEd Customer Usage by Revenue Class

Chicago

US

Unemployment rate 

6.7%

7.2%

4

th

Qtr

‘08

annualized

growth

in

gross

domestic/metro

product

(6.8%)

(4.5%)

10/08

Home

price

index

(10.8%)

(18.0%)

Key Economic Indicators

Other

2%

Other Large

C&I

13%

380 Large

C&I

18%

Small C&I

36%

Residential

31%

Top 380 Customer Usage by Segment

3%

Leisure & Hospitality

9%

Trade, Transportation & Utilities

10%

Finance, Professional &

Business Services

12%

Health & Educational Services

13%

Government

53%

Manufacturing

(1)  Source:  Illinois Department of Employment Security and U.S. Department of Labor

(2)  Source:  Moody’s Economy.com

(3)  Source:

S&P

Case-Shiller

index

(2)

(1)

(3)

8

4Q

YTD

PECO Operating EPS Contribution

Key Drivers –

Q4 ’08 vs. Q4 ’07*

CTC amortization:

($0.02)

Weather:

($0.01)

Bad debt expense:

+$0.01

’07 tax method change:

($0.05)

2008

2007

*Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP)

operating EPS to GAAP EPS

$0.17

$0.12

$0.49

$0.75

9

PECO Load Growth Trends

Other

2%

Other Large

C&I

21%

150 Large

C&I

21%

Small C&I

22%

Residential

34%

Weather-Normalized Electric Load Growth

Q4 2008

FY 2008

2009e

Customer Growth

0.5%

0.7%

0.1%

Average Use-Per-Customer

(0.9%)

1.1%

(0.6%)

Total Residential

(0.4%)

1.8%

(0.5%)

Small C&I

0.7%

(0.2%)

(0.8%)

Large C&I

(2.4%)

0.1%

(1.9%)

All Customer Classes

(1.1%)

0.6%

(1.1%)

PECO Customer Usage by Revenue Class

Philadelphia

US

12/08

Unemployment

rate

(1)

6.3%

7.2%

4   Qtr ‘08 annualized growth in

gross

domestic/metro

product

(2)

(4.0%)

(4.5%)

Key Economic Indicators

Top 150 Customer Usage by Segment

18%

Health & Educational Services

19%

Manufacturing

21%

Petroleum

3%

Retail Trade

4%

Other

9%

Transportation, Communication

& Utilities

13%

Finance, Insurance & Real

Estate

13%

Pharmaceuticals

(1)  Source:  Moody’s Economy.com and U.S. Department of Labor

(2)  Source:  Moody’s Economy.com

th

10

2009 Operating Earnings Guidance

2009E

2008A

$0.49

$3.46

$4.20

ComEd

PECO

Exelon

Generation

ComEd distribution revenue

PECO gas revenue

O&M and other

Pension/OPEB

Inflation

Cost reduction initiatives

Bad debt expense

Nuclear fuel costs

Depreciation and amortization

PECO CTC

2009 Earnings Drivers

ComEd

PECO

Exelon

Generation

Holdco

Holdco

Exelon

$0.33

Exelon

$4.00 -

$4.30

(1)

$0.45 -

$0.55

$0.45 -

$0.55

$3.10 -

$3.35

(1)  Operating Earnings Guidance.  Excludes the earnings impact of certain items as disclosed in the Appendix.

Reaffirming

2009

operating

earnings

guidance

of

$4.00-$4.30/share

(1)

–

expect

1Q09

results between $1.10 to $1.20/share

11

Cash Contributions

$0

$50

$100

$150

$200

$250

Pension

OPEB

Pre-Tax Expense

$0

$50

$100

$150

$200

$250

Pension

OPEB

2009 Pension and OPEB Expense and

Contributions

Pension

and

OPEB

Plans

Key

Metrics

–

12/31/08e

(in

millions)

Pension

Assets

$6,650

Obligations

$10,800

2009e

2008

Estimate as

of 11/08

Estimate as

of 11/08

$85

$200

$160

$225

$80

$175

$163

$155

2009e

2008

1

2

3

OPEB

Assets

$1,200

Obligations

$3,500

Key Metrics

2008 asset return

-26%

12/31/08 discount rate

6.09%

2009 L-T EROA

8.50%

(1)  

Excludes settlement charges.

(2)  

Management has not yet made a definitive decision regarding its 2009 pension contributions and may make additional discretionary contributions based upon final

interpretations of the Worker, Retiree and Employer Recovery Act of 2008.

(3)  

Management has not yet made a definitive decision regarding its 2009 OPEB contributions.  Approximately $100 million of the estimated 2009 OPEB contributions is

discretionary.

12

Exelon Cost and Capital Management

•

Clearly define governance and oversight model

•

Optimize the Exelon operational structure to drive efficiency and accountability,

reducing complexity and cost

•

Provide better visibility on cost drivers and productivity

•

Process improvement and elimination of low value work

•

Drive productivity focus in business planning process

•

Continue to manage capital spending

Exelon’s 2009 earnings guidance contemplates over $100 million

of forecasted O&M reductions due to cost management

Drive productivity and cost reduction (with continued superior operations)

Continue to align spending plans with market conditions

$4,500

(2)

$4,500

Exelon Consolidated

$700

$750

PECO

$1,100

$1,100

ComEd

$2,750

$2,700

Exelon Generation

2009e

2008a

O&M Expense

(1)

(in millions)

$3,400

$3,200

Exelon Consolidated

$400

$400

PECO

$1,000

$950

ComEd

$1,950

$1,750

Exelon Generation

2009e

2008a

CapEx

(in millions)

(1)  Reflects Operating O&M data and excludes Decommissioning impact.

(2)  Reflects ~$180 million increase in O&M expense from 2008a to 2009e due to higher pension and OPEB expense.

13

Well-Positioned in These Challenging

Times

Nuclear remains a low-cost generation source and Exelon Generation is the

lowest-cost nuclear fleet operator in the US

Hedging program largely protects against commodity movements in the near term

–

over

90%

financially

hedged

in

2009

and

~90%

financially

hedged

in

2010

Hedged Against

Short-Term Volatility

in Commodities

$7.3 billion in aggregate credit facility commitments that extend largely through

2012 –

$6.9

billion available as of 1/16/09

23

banks

committed

to

the

facility

–

with

each

bank

having

less

than

10%

of

the aggregate commitments at Exelon

$29

million

of

debt

maturities,

in

total,

in

FY2009

(1)

Sufficient Liquidity

Power

marketing

activities

are

governed

by

tight

risk

management

policies –

proprietary trading activities are minimal

Diversified, high quality counterparties

Daily monitoring of positions, exposure and financial condition of counterparties

Collateral required from non-investment grade counterparties

Financially

Disciplined

World-class

nuclear

operations

–

93.9%

capacity

factor

FY

2008

with

10

refueling

outages at Exelon-operated units and 2 outages at Salem

Constructive rate cases at ComEd and PECO

Final ComEd rate order provides for $273.6 million increase in annual

distribution revenues

PAPUC approval of PECO gas rate agreement provides for $76.5 million

increase in annual gas revenues

Strong Operations

Exelon Position

(1) Excludes securitization debt, which is repaid through customer-collected revenues, and includes capital leases.

14

Appendix

45

55

65

75

85

95

105

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

50

60

70

80

90

100

110

120

130

140

150

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

6.5

7.5

8.5

9.5

10.5

11.5

12.5

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

Forward NYMEX Natural Gas

PJM-West and Ni-Hub On-Peak Forward Prices

PJM-West and Ni-Hub Wrap Forward Prices

2010

2011

Market Price Snapshot

Rolling 12 months, as of January 16, 2009. Source: OTC quotes and electronic trading system. Quotes are daily.

Forward NYMEX Coal

$6.70

$7.12

2010

2011

$61.38

$62.50

15

2010 Ni-Hub

2011 Ni-Hub

2011 PJM-West

2010 PJM-West

2010 Ni-Hub

2011 Ni-Hub

2011 PJM-West

2010 PJM-West

$64.43

$67.15

$47.38

$34.00

$47.54

$49.00

$30.74

$52.00

25

30

35

40

45

50

55

60

65

70

75

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

7.5

8.5

9.5

10.5

11.5

12.5

13.5

14.5

15.5

16.5

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

8

8.2

8.4

8.6

8.8

9

9.2

9.4

9.6

9.8

10

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

55

60

65

70

75

80

85

90

95

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

6

7

8

9

10

11

1/08

2/08

3/08

4/08

5/08

6/08

7/08

8/08

9/08

10/08

11/08

12/08

1/09

16

2011

2010

2010

2011

2010

2011

Houston Ship Channel Natural Gas

Forward Prices

ERCOT North On-Peak Forward Prices

ERCOT North On-Peak v. Houston Ship Channel

Implied Heat Rate

2010

2011

ERCOT North On Peak Spark Spread

Assumes a 7.2 Heat Rate, $1.50 O&M, and $.15 adder

Market Price Snapshot

Rolling 12 months, as of January 16, 2009. Source: OTC quotes and electronic trading system. Quotes are daily.

$6.37

$6.80

$60.98

$56.52

$8.88

$8.96

$8.09

$9.43

17

Hedging Targets

(1)

Percent financially hedged is our estimate of the gross margin that is hedged at a 95% confidence level given the current assessment of market volatility.  The

formula

is

the

gross

margin

at

the

5 

percentile

/

expected

gross

margin.

Power Team utilizes various products and

channels to market in order to optimize

Exelon Generation’s earnings:

•

Block product sales in power

•

Options in power and natural gas

•

Full requirements sales via retail channel and

wholesale load procurement processes

•

Supplement the portfolio with structured

transactions

•

Use physical and financial fuel products to

manage variability in fossil generation output

Target Ranges

90% -

98%

70% -

90%

60% -

80%

>90%

Current Position

~90%

Near top end of

range

Prompt Year

(2009)

Second Year

(2010)

Third Year

(2011)

Financial

Hedging

Range

(1)

Flexibility in our targeted financial hedge ranges allows us to be opportunistic while

mitigating downside risk

Financial hedge ratios reflect a range of

revenue net fuel based on observed

market prices and volatility

•

Generally, hedges are executed on a ratable

basis over a three-year window; therefore, the

position is well hedged in the front year and

significantly open in the outer years

•

Utilize options to hedge risk and preserve

upside

th

18

Exelon Generation Has Limited

Counterparty Exposure

Net

Exposure

After

Credit

Collateral

(1)

(in millions)

Investment grade

$1,113

Non-investment grade

3

No external ratings

27

Total

$1,143

(1)

As of December 31, 2008.  Does not include credit risk exposure from uranium procurement contracts or exposure through Regional Transmission Organizations,

Independent System Operators and New York Mercantile Exchange and Intercontinental Exchange commodity exchanges.  Additionally, does not include

receivables related to the supplier forward agreements with ComEd and the PPA with PECO. 

Exelon Generation transacts with a diverse group of counterparties, predominantly all

investment grade, and has ample liquidity to support its operations

Exelon Generation

–

Sufficient Liquidity

Aggregate credit facility commitments of $4.8

billion

that

extend

through

2012

–

$4.7

billion

available as of 1/16/09

Strong

balance

sheet

–

A3/BBB/BBB+

Senior

Unsecured Rating

Net

Exposure

by

Type

of

Counterparty

(1)

Coal

Producers

1%

Financial Institutions

34%

Investor-Owned Utilities,

Marketers, and

Power Producers

62%

Other

3%

19

2009 Projected Sources and Uses of Cash

150

0

300

50

Other

150

350

(250)

250

Net

Financing

(excluding

Dividend):

(2)

750

350

200

200

Planned Debt Issuances

Net

Financing

(excluding

Dividend):

(2)

(750)

0

(750)

0

Planned

Debt

Retirements

(3)

$4,750

$2,800

$950

$1,000

Cash

Flow

from

Operations

(1)

(3,400)

(1,950)

(400)

(1,000)

Capital Expenditures

$1,500

$1,200

$300

$250

Cash Available before Dividend

(1,400)

Dividend

(4)

$100

Cash Available after Dividend

Exelon

(5)

($ in Millions)

Numbers are rounded and may not add.

(1)

Cash Flow from Operations = Primarily includes net cash flows provided by operating activities, excluding counterparty collateral activity, and including net cash flows used in

investing activities other than capital expenditures.  

(2)

Net Financing (excluding Dividend) = Net cash flows used in financing activities excluding dividends paid on common and preferred stock.

(3)

Planned Debt Retirements are $17M, $728M, and $12M for ComEd, PECO, and ExGen, respectively.  Includes securitized debt.

(4)

Assumes

2009

Dividend

of

$2.10

per

share.

Dividends

are

subject

to

declaration

by

the

board

of

directors.

(5)

Includes cash flow activity from Holding Company, eliminations, and other corporate entities.

20

Sufficient Liquidity

(1) Excludes previous commitment from Lehman Brothers Bank.

(2) Available Capacity Under Facility represents the unused bank commitments under the borrower’s  credit agreements net of outstanding letters of credit.  The amount of

commercial paper outstanding does not reduce the available capacity under the credit agreements.

(3)  Includes cash flow activity from Holding Company, eliminations, and other corporate entities.

--

--

--

--

Outstanding Facility Draws

(396)

(157)

(93)

(141)

Outstanding Letters of Credit

$7,317

$4,834

$574

$952

Aggregate

Bank

Commitments

(1)

6,921

4,677

481

811

Available

Capacity

Under

Facility

(2)

(140)

--

(125)

--

Outstanding Commercial Paper

$6,781

$4,677

$356

$811

Available Capacity Less Outstanding

Commercial Paper

Exelon

(3)

($ in Millions)

We have minimal commercial paper outstanding and our bank facility is largely untapped

Available Capacity Under Bank Facility as of January 16, 2009

21

Projected 2009 Key Credit Measures

BBB

A-

BBB+

BBB-

S&P Credit

Ratings

(3)

BBB+

A

BBB

BBB+

Fitch Credit

Ratings

(3)

A3

A2

Baa2

Baa1

Moody’s Credit

Ratings

(3)

3.6x

3.8x

FFO / Interest

ComEd:

18%

14%

FFO / Debt

55%

62%

Rating Agency Debt Ratio

6.3x

3.0x

FFO / Interest

PECO:

36%

10%

FFO / Debt

52%

54%

Rating Agency Debt Ratio

30%

51%

Rating Agency Debt Ratio

108%

46%

FFO / Debt

21.3x

8.6x

FFO / Interest

Exelon

Generation:

54%

39%

7.0x

Without PPA &

Pension / OPEB

(2)

64%

Rating Agency Debt Ratio

23%

FFO / Debt

5.2x

FFO / Interest

Exelon

Consolidated:

With PPA & Pension /

OPEB

(1)

Notes: Projected credit measures reflect impact of Illinois electric rates and policy settlement.  Exelon, ComEd and PECO metrics exclude securitization debt.  See following slide for

FFO

(Funds

from

Operations)/Interest,

FFO/Debt

and

Adjusted

Book

Debt

Ratio

reconciliations

to

GAAP.

(1)

Reflects S&P updated guidelines, which include imputed debt and interest related to purchased power agreements (PPA), unfunded pension and other postretirement benefits

(OPEB) obligations, capital adequacy for energy trading, operating lease obligations, and other off-balance sheet debt.  Debt is imputed for estimated pension and OPEB

obligations by operating company.

(2)

Excludes items listed in note (1) above.

(3)

Current senior unsecured ratings for Exelon and Generation and senior secured ratings for ComEd and PECO as of January 16, 2009.  On October 21, 2008, S&P put Exelon,

ComEd, PECO and Exelon Generation on Credit Watch with negative implications. On November 12, 2008, Moody’s placed the ratings of Exelon, Exelon Generation and PECO

under review for possible downgrade.

22

FFO Calculation and Ratios

FFO Calculation

= FFO

-

PECO Transition Bond Principal Paydown

+ Gain on Sale, Extraordinary Items and Other Non-Cash Items

+ Change in Deferred Taxes

+ Depreciation, amortization (including nucl fuel amortization),

AFUDC/Cap. Interest

Add back non-cash items:

Net Income

Adjusted Interest

FFO + Adjusted Interest

= Adjusted Interest

+ 7% of Present Value (PV) of Operating Leases

+ Interest on imputed debt related to PV of Purchased Power Agreements

(PPA), unfunded Pension and Other Postretirement Benefits (OPEB)

obligations, and Capital Adequacy for Energy Trading

,

as applicable

-

PECO Transition Bond Interest Expense

Net Interest Expense (Before AFUDC & Cap. Interest)

FFO Interest Coverage

+ Capital Adequacy for Energy Trading

(2)

FFO

= Adjusted Debt

+ PV of Operating Leases

+ 100% of PV of Purchased Power Agreements

+ Unfunded Pension and OPEB obligations

+ A/R Financing

Add off-balance sheet debt equivalents:

-

PECO Transition Bond Principal Balance

+ STD

+ LTD

Debt:

Adjusted Debt

(1)

FFO Debt Coverage

Rating Agency Capitalization

Rating Agency Debt

Total Adjusted Capitalization

Adjusted Book Debt

= Total Rating Agency Capitalization

+ Off-balance sheet debt equivalents

(2)

-

Goodwill

Total Adjusted Capitalization

= Rating Agency Debt

+ ComEd Transition Bond Principal Balance

+ Off-balance sheet debt equivalents

(2)

Adjusted Book Debt

= Total Adjusted Capitalization

+ Adjusted Book Debt

+ Preferred Securities of Subsidiaries

+ Total Shareholders' Equity

Capitalization:

= Adjusted Book Debt

-

Transition Bond Principal Balance

+ STD

+ LTD

Debt:

Debt to Total Cap

Note: Reflects S&P guidelines and company forecast.  FFO and Debt related to non-recourse debt are excluded from the calculations.

(1) Uses current year-end adjusted debt balance.

(2) Metrics are calculated in presentation unadjusted and adjusted for debt equivalents and related interest for PPAs, unfunded Pension and OPEB obligations, and Capital

Adequacy for Energy Trading.

(3) Reflects depreciation adjustment for PPAs and decommissioning interest income and contributions.

(2)

(2)

(2)

(2)

23

Q4 GAAP EPS Reconciliation

(0.11)

-

-

-

(0.11)

Georgia Power tolling agreement

0.19

-

-

-

0.19

Termination of State Line PPA

0.03

0.03

-

-

-

Investments in synthetic fuel-producing facilities

(0.03)

-

-

-

(0.03)

Mark-to-market adjustments from economic hedging activities

(0.28)

-

-

(0.01)

(0.27)

2007 Illinois Electric

Rate

Settlement

(0.02)

-

-

(0.02)

-

City of Chicago settlement with ComEd

0.04

0.08

-

-

(0.04)

Non-cash deferred tax items

$0.84

$0.05

$0.17

$0.10

$0.52

Q4 2007 GAAP Earnings Per Share

$1.02

($0.06)

$0.17

$0.13

$0.78

2007 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

Exelon

Other

PECO

ComEd

ExGen

Three Months Ended December 31, 2007

NOTE:  All amounts shown are per Exelon share and represent contributions to Exelon's EPS.

(0.10)

-

-

-

(0.10)

Unrealized gains and  losses related to nuclear decommissioning trust

funds

0.15

-

-

-

0.15

Mark-to-market adjustments from economic hedging activities

0.03

0.03

Settlement of tax matter at Generation related to Sithe

(0.02)

(0.02)

-

-

-

NRG acquisition costs

$1.07

($0.03)

$0.12

$0.14

$0.84

Q4 2008 GAAP Earnings (Loss) Per Share

$1.07

($0.01)

$0.12

$0.16

$0.80

2008 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

(0.04)

-

-

-

(0.04)

2007 Illinois Electric Rate Settlement

(0.02)

-

-

(0.02)

-

City of Chicago settlement with ComEd

Exelon

Other

PECO

ComEd

ExGen

Three Months Ended December 31, 2008

24

YTD GAAP EPS Reconciliation

0.04

0.08

-

-

(0.04)

Non-cash deferred tax items

(0.11)

-

-

-

(0.11)

Georgia Power tolling agreement

0.19

-

-

-

0.19

Termination of State Line PPA

0.14

0.14

-

-

-

Investments in synthetic fuel-producing facilities

(0.15)

-

-

-

(0.15)

Mark-to-market adjustments from economic hedging activities

0.01

-

-

-

0.01

Settlement of a tax matter at Generation related to Sithe

0.01

-

-

-

0.01

Sale of Generation's investments in TEG and TEP

(0.02)

-

-

(0.02)

-

City of Chicago settlement with ComEd

$4.05

$0.04

$0.75

$0.25

$3.01

YTD 2007 GAAP Earnings Per Share

$4.32

($0.18)

$0.75

$0.30

$3.45

2007 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

0.03

-

-

-

0.03

Decommissioning obligation reduction

(0.41)

-

-

(0.03)

(0.38)

2007 Illinois Electric Rate Settlement

Exelon

Other

PECO

ComEd

ExGen

Twelve Months Ended December 31, 2007

(0.02)

(0.02)

-

-

-

NRG acquisition costs

(0.27)

-

-

-

(0.27)

Unrealized gains & losses related to nuclear decommissioning trust funds

(0.22)

-

-

(0.01)

(0.21)

2007 Illinois Electric Rate Settlement

0.03

0.03

Settlement of tax matter at Generation related to Sithe

(0.02)

-

-

(0.02)

-

City of Chicago settlement with ComEd

$4.13

($0.10)

$0.49

$0.30

$3.44

YTD 2008 GAAP Earnings (Loss) Per Share

$4.20

($0.08)

$0.49

$0.33

$3.46

2008 Adjusted (non-GAAP) Operating Earnings (Loss) Per Share

0.41

-

-

-

0.41

Mark-to-market adjustments from economic hedging activities

0.02

-

-

-

0.02

Decommissioning obligation reduction

Exelon

Other

PECO

ComEd

ExGen

Twelve Months Ended December 31, 2008

NOTE:  All amounts shown are per Exelon share and represent contributions to Exelon's EPS.