Commonwealth Edison 8-K Reaffirms Full Year 2009 Earnings Guidance

EXHIBIT 99.1

Contact:	Karie Anderson	FOR IMMEDIATE RELEASE
	Investor Relations
	312-394-4255
	Kathleen Cantillon
	Corporate Communications
	312-394-7417

Exelon Announces Second Quarter Results;

Reaffirms Full Year 2009 Earnings Guidance

CHICAGO(July 24, 2009) – Exelon Corporation (NYSE: EXC) today announced that its second quarter 2009 consolidated earnings prepared in accordance with GAAP were $657 million, or $0.99 per diluted share, compared with earnings of $748 million, or $1.13 per share, in the second quarter of 2008.

Exelon’s adjusted (non-GAAP) operating earnings for the second quarter of 2009 were $683 million, or $1.03 per diluted share, compared with $746 million, or $1.13 per diluted share, for the same period in 2008.

“We delivered very good earnings in the second quarter despite the weak economy and lower demand,” said John W. Rowe, Exelon’s chairman and CEO. “Not only did we continue to operate extremely well, but Exelon again showed its ability to deliver on its commitments by reducing expenses and setting additional cost reduction targets for 2010. Our performance allows me to reaffirm our full year operating earnings guidance range of $4.00 to $4.30 per share.”

The decrease in second quarter 2009 adjusted (non-GAAP) operating earnings to $1.03 per share from $1.13 per share in second quarter 2008 was primarily due to:

• Lower operating income at Exelon Generation Company, LLC (Generation) largely due to revenue in 2008 from certain long option gains in the proprietary trading portfolio and income recognized in 2008 related to a legal settlement of a uranium supply contract;

• Lower energy gross margins at Generation largely due to unfavorable portfolio and market conditions and higher nuclear fuel costs;

• Reduced load at Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO), primarily driven by current economic conditions and the impact of unfavorable weather conditions in the PECO service territory; and

• Increased depreciation and amortization expense primarily related to the higher scheduled competitive transition charge (CTC) amortization at PECO and increased depreciation across the operating companies due to ongoing capital expenditures.

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Lower second quarter 2009 earnings were partially offset by:

• Increased electric distribution revenue at ComEd resulting from the September 2008 distribution rate case order;

• Decreased operating and maintenance expense largely due to savings achieved through the ongoing cost management initiative and lower uncollectible accounts expense at PECO, partially offset by increased pension and other postretirement benefits (OPEB) expense; and

• Increased distribution revenue at PECO, partially reflecting new rates effective January 1, 2009, resulting from the 2008 gas distribution rate case.

Adjusted (non-GAAP) operating earnings for the second quarter of 2009 do not include the following items (after-tax) that were included in reported GAAP earnings:

• Mark-to-market losses of $106 million, or $0.16 per diluted share, primarily from Generation’s economic hedging activities;

• Federal and state income tax benefits of $66 million, or $0.10 per diluted share, primarily reflecting the non-cash remeasurement of income tax uncertainties and a reassessment of state deferred income taxes;

• Unrealized gains of $64 million, or $0.10 per diluted share, related to nuclear decommissioning trust (NDT) fund investments;

• A charge of $20 million, or $0.03 per diluted share, for the costs associated with the 2007 Illinois electric rate settlement agreement;

• A charge of $24 million, or $0.04 per diluted share, for severance costs as a result of headcount reductions as part of Exelon’s cost reduction program announced in June 2009; and

• External costs of $6 million, or $0.01 per diluted share, related to Exelon’s proposed acquisition of NRG Energy, Inc. (NRG).

Adjusted (non-GAAP) operating earnings for the second quarter of 2008 did not include the following items (after-tax) that were included in reported GAAP earnings:

• Mark-to-market gains of $62 million, or $0.09 per diluted share, primarily from Generation’s economic hedging activities;

• A charge of $45 million, or $0.07 per diluted share, for the costs associated with the 2007 Illinois electric rate settlement agreement; and

• Unrealized losses of $15 million, or $0.02 per diluted share, related to NDT fund investments.

2009 Earnings Outlook

Exelon reaffirmed its guidance range for 2009 adjusted (non-GAAP) operating earnings of $4.00 to $4.30 per share. Exelon expects adjusted (non-GAAP) operating earnings for the third quarter of 2009 to be in the range of $0.90 to $1.00 per share. Operating earnings guidance is based on the assumption of normal weather for the remainder of the year.

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The outlook for 2009 adjusted (non-GAAP) operating earnings for Exelon and its subsidiaries excludes the following items:

• Mark-to-market adjustments from economic hedging activities

• Unrealized gains and losses from NDT fund investments primarily related to the Clinton, Oyster Creek and Three Mile Island nuclear plants (the former AmerGen Energy Company, LLC units)

• Significant impairments of assets, including goodwill

• Changes in decommissioning obligation estimates

• Costs associated with the 2007 Illinois electric rate settlement agreement

• Costs associated with ComEd’s 2007 settlement with the City of Chicago

• Costs incurred for employee severance related to the cost reduction program announced in June 2009

• External costs associated with the proposed acquisition of NRG

• Non-cash remeasurement of income tax uncertainties and reassessment of state deferred income taxes

• Other unusual items

• Significant future changes to GAAP

Second Quarter and Recent Highlights

• Proposal to Acquire NRG:On July 21, 2009, Exelon announced that it terminated its pending offer to acquire all of the outstanding shares of NRG common stock. Exelon believes it could have been successful in completing the transaction but was unwilling to raise its price to a level that would undermine its own value proposition.

• First Anniversary of Exelon 2020:Exelon 2020 is the company’s comprehensive strategy announced one year ago to reduce, offset or displace more than 15 million metric tons of greenhouse gas (GHG) emissions per year by 2020 by greening its own operations, helping customers and the communities Exelon serves reduce their GHG emissions, and offering more low-carbon electricity in the marketplace. The 2009 update reports that Exelon so far has reduced more than one-third, or 6 million metric tons, of its GHG emissions.

Exelon has relied on greening its operations to achieve the bulk of its emissions reductions to date. It also has announced plans to offer substantial new low-carbon electricity in the marketplace by raising the output of Exelon nuclear plants and investing in new renewable energy projects. Going forward, the company will increase its investment in customer initiatives to continue progress toward its 2020 goal. ComEd and PECO will spend more than $350 million through 2011 on energy efficiency and demand response programs that will help residential and business customers reduce their energy consumption by more than 1.6 million megawatt-hours (MWhs) and reduce peak load by 226 megawatts (MWs).

• Nuclear Operations:Generation’s nuclear fleet, including its owned output from the Salem Generating Station operated by PSEG Nuclear LLC, produced 34,995 gigawatt-hours (GWhs) in the second quarter of 2009, compared with 35,069 GWhs in the second quarter of 2008. The Exelon-operated nuclear plants achieved a 93.9 percent capacity factor for the second quarter of 2009 compared with 95.8 percent for the second quarter of 2008. The Exelon-operated nuclear plants completed three scheduled refueling outages in the second quarter of 2009, compared with completing two scheduled refueling outages in the second quarter of 2008. The number of

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refueling outage days totaled 57 and 40, respectively, in the second quarter of 2009 and 2008. Also contributing to lower total nuclear output was a higher number of non-refueling outage days at the Exelon-operated plants, which totaled 21 days in the second quarter of 2009, compared to 3 days in the second quarter of 2008.

• Fossil and Hydro Operations: Generation’s fossil fleet commercial availability was 98.6 percent in the second quarter of 2009, compared with 92.8 percent in the second quarter of 2008, primarily reflecting the impact of recent capital investments and enhanced inspection programs across the fleet. The equivalent availability factor for the hydroelectric facilities was 98.8 percent in the second quarter of 2009, compared with 94.4 percent in the second quarter of 2008, primarily due to an earlier than planned annual inspection at Muddy Run in the first quarter of 2009 and the overhaul of Conowingo Unit 2 in 2008.

• Hedging Update: Exelon’s hedging program involves the hedging of commodity risk for Exelon’s expected generation typically on a ratable basis over a three-year period. Expected generation represents the amount of energy estimated to be generated or purchased through owned or contracted-for capacity. The proportion of expected generation hedged as of June 30, 2009 is 95-98 percent for 2009, 87-90 percent for 2010 and 59-62 percent for 2011. The primary objective of Exelon’s hedging program is to manage market risks and protect the value of its generation and its investment grade balance sheet while preserving its ability to participate in improving long-term market fundamentals.

• Nuclear Uprate Program:On June 12, 2009, Exelon announced the completion of an approximate 38-MW increase in output at its Quad Cities plant in Illinois and launched a series of planned power uprates across its nuclear fleet that will generate between 1,300 and 1,500 MWs of additional generation capacity within eight years through equipment upgrades and efficiency improvements. Exelon’s uprate projects use proven technologies and are overseen by the Nuclear Regulatory Commission. Uprate projects are already underway at a number of Exelon’s nuclear stations, which are expected to produce nearly a quarter of the new MWs. The remainder of uprate MWs will come from additional projects across Exelon’s nuclear fleet beginning in 2010 and ending in 2017.

• Cost Reduction Program: On June 18, 2009, Exelon announced a reorganization of its senior executive team and structure to reflect a leaner corporate management model. These and related changes are being driven by economic challenges confronting all parts of Exelon’s business and industry, including the need for continued focus on cost management through enhanced efficiency and productivity. The company announced major spending cuts which will achieve approximately $350 million in operations and maintenance expense savings in 2010. These savings are expected to result in a nearly 3.5 percent reduction in year-over-year operating and maintenance spending, from $4.5 billion in 2009 to $4.35 billion in 2010. The spending cuts include the elimination of approximately 500 positions, mostly in corporate support functions. The company expects over half of the $350 million in cost savings to be sustainable. Exelon incurred a second quarter 2009 after-tax severance charge of approximately $24 million associated with the elimination of the 500 positions.

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• ComEd Energy Procurement: On January 7, 2009, the Illinois Commerce Commission approved the Illinois Power Agency’s plan for procurement of ComEd’s expected energy requirements from June 2009 through May 2010. The procurement plan includes approximately 38 percent of ComEd’s expected energy requirements purchased through the spot market with a significant portion of the purchases hedged by the financial swap contract with Generation and 33 percent being met through existing supplier contracts. The remaining energy requirements were met through the standard products purchased as a result of the 2009 request for proposal (RFP) process completed in May 2009. Approximately 8 percent of ComEd’s energy requirements from June 2010 through May 2011 were also procured through the contracts entered into as a result of the 2009 RFP process.

• PECO Energy Procurement:On June 2, 2009, the Pennsylvania Public Utility Commission (PAPUC) approved the settlement of PECO’s default service provider program, under which PECO will provide default electric service following the expiration of electric generation rate caps on December 31, 2010.

During 2009 and 2010, PECO will conduct four procurements for the residential class and for full requirements fixed price products and block products for electric generation supply commencing in 2011. During 2009 and 2010, PECO will also conduct three procurements for the small commercial and medium commercial classes for full requirements fixed price products and one procurement for full requirements spot price products. For the large commercial and industrial class, PECO will conduct one procurement for full requirements fixed price products and one procurement for full requirements spot price products.

On June 17, 2009, the PAPUC approved the results of PECO’s first competitive procurement RFP. The June 2009 electric generation procurements were for service to the residential class and included full requirements fixed price contracts for 17-month and 29-month periods beginning January 1, 2011, and block contracts to procure electric generation for the 12-month period beginning January 1, 2011. On July 15, 2009, PECO announced the results of the first competitive procurements, which accounted for approximately 21 percent of the electricity needed for PECO’s residential customers. The purchases resulted in a price of 10.1 cents per kilowatt hour (kWh), indicating a 9 percent energy price increase for an average residential customer beginning in 2011. PECO’s next residential purchase and initial generation supply purchases for the small and medium commercial classes will take place in September 2009.

• Credit Rating Actions:Following the termination of Exelon’s proposed offer for NRG, the rating agencies took the following actions.

On July 21, 2009, Fitch Ratings, Ltd. removed Exelon Corp. and Generation from Ratings Watch Negative. The ratings for Exelon and Generation were affirmed and each entity was assigned a Stable Ratings Outlook.

On July 22, 2009, Standard & Poor’s Ratings Services (S&P) affirmed its corporate credit rating on Exelon Corp., Generation and PECO of “BBB” and removed their ratings from CreditWatch with negative implications. In addition, S&P raised the corporate credit rating of ComEd to “BBB” from “BBB-”, raised its debt and preferred stock ratings and removed its ratings from CreditWatch with negative implications. An S&P research report cited “improvement in both ComEd’s business risk profile and its financial measures”. The outlook for ratings of all the Exelon entities is stable.

On July 23, 2009, Moody’s Investors Service (Moody’s) confirmed the ratings of Exelon Corp. and Generation and assigned a stable outlook. Moody’s also confirmed the long-term debt rating of PECO but downgraded its short-term rating to “P-2” from “P-1” and changed the outlook on PECO’s long-term debt to negative.

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OPERATING COMPANY RESULTS

Exelon Generationconsists of owned and contracted electric generating facilities, wholesale energy marketing operations and competitive retail sales operations.

Second quarter 2009 net income was $512 million compared with $653 million in the second quarter of 2008. Second quarter 2009 net income included (all after tax) mark-to-market losses of $106 million from economic hedging activities before the elimination of intercompany transactions, unrealized gains of $64 million related to NDT fund investments, the benefit from a reassessment of state deferred income taxes of $38 million, a charge of $18 million for the costs associated with the 2007 Illinois electric rate settlement and a charge of $9 million for the costs incurred for severance. Second quarter 2008 net income included (all after tax) mark-to-market gains of $47 million from economic hedging activities, a charge of $44 million for the costs associated with the 2007 Illinois electric rate settlement and unrealized losses of $15 million related to NDT fund investments. Excluding the impact of these items, Generation’s net income in the second quarter of 2009 decreased $122 million compared with the same quarter last year primarily due to:

• Income recognized in the second quarter of 2008 related to certain long option gains in the proprietary trading portfolio and a uranium contract settlement;

• Lower energy gross margins, largely due to unfavorable portfolio and market conditions and higher nuclear fuel costs; and

• Higher operating and maintenance expense, primarily reflecting increased pension and OPEB expense.

Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $38.96 per MWh in the second quarter of 2009 compared with $40.53 per MWh in the second quarter of 2008.

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

ComEd recorded net income of $116 million in the second quarter of 2009, compared with net income of $35 million in the second quarter of 2008. Second quarter 2009 net income included (all after tax) the benefit from a non-cash remeasurement of income tax uncertainties of $40 million, a charge of $11 million for the costs incurred for severance, and $2 million for the costs associated with the Illinois electric rate settlement. Second quarter 2008 net income included an after-tax charge of $1 million for the costs associated with the Illinois electric rate settlement. Excluding the impact of these items, ComEd’s net income in the second quarter of 2009 increased $53 million from the same quarter last year primarily due to:

• Increased distribution revenue due to the September 2008 distribution rate case order; and

• Lower operating and maintenance expense, which primarily reflected the impact of the cost reduction initiative and decreased storm costs, partially offset by increased pension and OPEB expense.

The increase in net income was partially offset by:

• Reduced load, primarily driven by current economic conditions.

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In the second quarter of 2009, cooling degree-days in the ComEd service territory were down 7.8 percent relative to the same period in 2008, but were 21.0 percent below normal. ComEd’s total retail kilowatt-hour (kWh) deliveries decreased by 4.3 percent quarter over quarter, with declines in deliveries to all major customer classes. In addition, the number of residential customers being served in the ComEd region decreased 0.4 percent from the second quarter of 2008.

Weather-normalized retail kWh deliveries decreased by 4.1 percent from the second quarter of 2008. For ComEd, weather had an unfavorable after-tax impact of $1.2 million on second quarter 2009 earnings relative to 2008 and an unfavorable after-tax impact of $5.2 million relative to normal weather that was incorporated in earnings guidance.

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

PECO’s net income in the second quarter of 2009 was $71 million, up from $58 million in the second quarter of 2008. Second quarter 2009 net income included (after tax) a charge of $3 million for the costs incurred for severance. Excluding the impact of this item, PECO’s net income in the second quarter of 2009 increased by $16 million compared with the same quarter last year primarily due to:

• Lower uncollectible accounts expense; and

• Higher distribution revenue, partially reflecting new rates effective January 1, 2009, resulting from the 2008 gas distribution rate case.

The increase in net income was partially offset by:

• Reduced load, primarily driven by current economic conditions and the impact of unfavorable weather conditions; and

• Higher CTC amortization, which was in accordance with PECO’s 1998 restructuring settlement with the PAPUC. As expected, the increase in amortization expense exceeded the increase in CTC revenues.

In the second quarter of 2009, cooling degree-days in the PECO service territory were down 10.4 percent from 2008, but were 6.0 percent above normal. Heating degree-days were up 1.0 percent from 2008 and were 9.6 percent below normal. Total retail kWh deliveries were down 5.5 percent from last year, largely reflecting a decline in deliveries to residential and large commercial and industrial customers, primarily driven by current economic conditions and the impact of unfavorable weather conditions. The number of residential electric customers being served in the PECO region decreased 0.3 percent from the second quarter of 2008.

Weather-normalized retail kWh deliveries decreased by 2.6 percent from the second quarter of 2008, primarily reflecting decreased residential and large commercial and industrial deliveries. For PECO, weather had an unfavorable after-tax impact of $13 million on second quarter 2009 earnings relative to 2008 and an unfavorable after-tax impact of $8 million relative to normal weather that was incorporated in earnings guidance.

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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, mark-to-market adjustments from economic hedging activities and unrealized gains and losses from NDT fund investments, 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. Reconciliation of GAAP to adjusted (non-GAAP) operating earnings for historical periods is attached. Additional earnings release attachments, which include the reconciliation on page 7, are posted on Exelon’s Web site:www.exeloncorp.com and have been filed with the Securities and Exchange Commission on Form 8-K on July 24, 2009.

Conference call information: Exelon has scheduled a conference call for 11 AM ET (10 AM CT) on July 24, 2009. The call-in number in the U.S. and Canada is 800-690-3108, and the international call-in number is 973-935-8753. If requested, the conference ID number is 20118989. Media representatives are invited to participate on a listen-only basis. The call will be web-cast and archived on Exelon’s Web site:www.exeloncorp.com. (Please select the Investor Relations page.)

Telephone replays will be available until August 10. The U.S. and Canada call-in number for replays is 800-642-1687, and the international call-in number is 706-645-9291. The conference ID number is 20118989.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as those discussed in (1) Exelon’s 2008 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s Second Quarter 2009 Quarterly Report on Form 10-Q (to be filed on July 24, 2009) in (a) Part II, Other Information, ITEM 1A. Risk Factors and (b) Part I, Financial Information, ITEM 1. Financial Statements: Note 14; and (3) other factors discussed in filings with the Securities and Exchange Commission (SEC) by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company and Exelon Generation Company, LLC (Companies). Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press 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 press release.

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Exelon Corporation is one of the nation’s largest electric utilities with approximately 5.4 million customers and $19 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in Illinois and Pennsylvania and natural gas to approximately 485,000 customers in southeastern Pennsylvania. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.

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EXELON CORPORATION

Earnings Release Attachments

Table of Contents

Consolidating Statements of Operations - Three Months Ended June 30, 2009 and 2008	1
Consolidating Statements of Operations - Six Months Ended June 30, 2009 and 2008	2
Business Segment Comparative Statements of Operations - Generation and ComEd - Three and Six Months Ended June 30, 2009 and 2008	3
Business Segment Comparative Statements of Operations - PECO and Other - Three and Six Months Ended June 30, 2009 and 2008	4
Consolidated Balance Sheets - June 30, 2009 and December 31, 2008	5
Consolidated Statements of Cash Flows - Six Months Ended June 30, 2009 and 2008	6
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Three Months Ended June 30, 2009 and 2008	7
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Six Months Ended June 30, 2009 and 2008	8
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Three Months Ended June 30, 2009 and 2008	9
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Six Months Ended June 30, 2009 and 2008	10
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Generation - Three and Six Months Ended June 30, 2009 and 2008	11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - ComEd - Three and Six Months Ended June 30, 2009 and 2008	12
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - PECO - Three and Six Months Ended June 30, 2009 and 2008	13
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Other - Three and Six Months Ended June 30, 2009 and 2008	14
Exelon Generation Statistics - Three Months Ended June 30, 2009, March 31, 2009, December 31, 2008, September 30, 2008 and June 30, 2008	15
Exelon Generation Statistics - Six Months Ended June 30, 2009 and 2008	16
ComEd Statistics - Three and Six Months Ended June 30, 2009 and 2008	17
PECO Statistics - Three and Six Months Ended June 30, 2009 and 2008	18

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Three Months Ended June 30, 2009
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,378		$	1,389		$	1,204		$	(830	)	$	4,141
Operating expenses
Purchased power		485			715			547			(826	)		921
Fuel		406			—			55			(1	)		460
Operating and maintenance		689			270			149			2			1,110
Operating and maintenance for regulatory required programs (a)		—			14			—			—			14
Depreciation and amortization		72			124			230			13			439
Taxes other than income		50			57			69			4			180
Total operating expenses		1,702			1,180			1,050			(808	)		3,124
Operating income (loss)		676			209			154			(22	)		1,017
Other income and deductions
Interest expense, net		(24	)		(75	)		(49	)		(32	)		(180	)
Equity in losses of unconsolidated affiliates and investments		—			—			(6	)		—			(6	)
Other, net		215			55			3			(16	)		257
Total other income and deductions		191			(20	)		(52	)		(48	)		71
Income (loss) from continuing operations before income taxes		867			189			102			(70	)		1,088
Income taxes		355			73			31			(29	)		430
Income (loss) from continuing operations		512			116			71			(41	)		658
Loss from discontinued operations		—			—			—			(1	)		(1	)
Net income (loss)	$	512		$	116		$	71		$	(42	)	$	657
	Three Months Ended June 30, 2008
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,756		$	1,425		$	1,277		$	(836	)	$	4,622
Operating expenses
Purchased power		612			820			594			(860	)		1,166
Fuel		271			—			80			1			352
Operating and maintenance		615			274			196			(5	)		1,080
Operating and maintenance for regulatory required programs (a)		—			6			—			—			6
Depreciation and amortization		73			113			205			11			402
Taxes other than income		47			71			64			4			186
Total operating expenses		1,618			1,284			1,139			(849	)		3,192
Operating income		1,138			141			138			13			1,430
Other income and deductions
Interest expense, net		(38	)		(87	)		(58	)		(31	)		(214	)
Equity in losses of unconsolidated affiliates and investments		(1	)		(3	)		(4	)		—			(8	)
Other, net		(63	)		5			7			11			(40	)
Total other income and deductions		(102	)		(85	)		(55	)		(20	)		(262	)
Income (loss) from continuing operations before income taxes		1,036			56			83			(7	)		1,168
Income taxes		383			21			25			(10	)		419
Income from continuing operations		653			35			58			3			749
Loss from discontinued operations		—			—			—			(1	)		(1	)
Net income	$	653		$	35		$	58		$	2		$	748

(a) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

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EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Six Months Ended June 30, 2009
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	4,979		$	2,942		$	2,718		$	(1,776	)	$	8,863
Operating expenses
Purchased power		660			1,598			1,116			(1,770	)		1,604
Fuel		915			—			321			—			1,236
Operating and maintenance		1,617			522			327			6			2,472
Operating and maintenance for regulatory required programs (a)		—			25			—			—			25
Depreciation and amortization		149			246			455			25			875
Taxes other than income		100			136			135			9			380
Total operating expenses		3,441			2,527			2,354			(1,730	)		6,592
Operating income (loss)		1,538			415			364			(46	)		2,271
Other income and deductions
Interest expense, net		(52	)		(159	)		(99	)		(57	)		(367	)
Equity in losses of unconsolidated affiliates and investments		(1	)		—			(12	)		(1	)		(14	)
Other, net		133			87			6			(7	)		219
Total other income and deductions		80			(72	)		(105	)		(65	)		(162	)
Income (loss) from continuing operations before income taxes		1,618			343			259			(111	)		2,109
Income taxes		577			113			76			(26	)		740
Net income (loss)	$	1,041		$	230		$	183		$	(85	)	$	1,369
	Six Months Ended June 30, 2008
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	5,238		$	2,865		$	2,754		$	(1,718	)	$	9,139
Operating expenses
Purchased power		1,176			1,661			1,165			(1,763	)		2,239
Fuel		542			—			348			—			890
Operating and maintenance		1,399			523			365			(14	)		2,273
Operating and maintenance for regulatory required programs (a)		—			6			—			—			6
Depreciation and amortization		143			224			411			21			799
Taxes other than income		100			140			129			10			379
Total operating expenses		3,360			2,554			2,418			(1,746	)		6,586
Operating income		1,878			311			336			28			2,553
Other income and deductions
Interest expense, net		(74	)		(192	)		(116	)		(54	)		(436	)
Equity in losses of unconsolidated affiliates and investments		(1	)		(5	)		(7	)		—			(13	)
Other, net		(128	)		9			11			10			(98	)
Total other income and deductions		(203	)		(188	)		(112	)		(44	)		(547	)
Income (loss) from continuing operations before income taxes		1,675			123			224			(16	)		2,006
Income taxes		584			47			69			(24	)		676
Income from continuing operations		1,091			76			155			8			1,330
Loss from discontinued operations		(1	)		—			—			—			(1	)
Net income	$	1,090		$	76		$	155		$	8		$	1,329

(a) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

2

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	Generation
	Three Months Ended June 30,									Six Months Ended June 30,
	2009			2008			Variance			2009			2008			Variance
Operating revenues	$	2,378		$	2,756		$	(378	)	$	4,979		$	5,238		$	(259	)
Operating expenses
Purchased power		485			612			(127	)		660			1,176			(516	)
Fuel		406			271			135			915			542			373
Operating and maintenance		689			615			74			1,617			1,399			218
Depreciation and amortization		72			73			(1	)		149			143			6
Taxes other than income		50			47			3			100			100			—
Total operating expenses		1,702			1,618			84			3,441			3,360			81
Operating income		676			1,138			(462	)		1,538			1,878			(340	)
Other income and deductions
Interest expense, net		(24	)		(38	)		14			(52	)		(74	)		22
Equity in losses of investments		—			(1	)		1			(1	)		(1	)		—
Other, net		215			(63	)		278			133			(128	)		261
Total other income and deductions		191			(102	)		293			80			(203	)		283
Income from continuing operations before income taxes		867			1,036			(169	)		1,618			1,675			(57	)
Income taxes		355			383			(28	)		577			584			(7	)
Income from continuing operations		512			653			(141	)		1,041			1,091			(50	)
Loss from discontinued operations		—			—			—			—			(1	)		1
Net income	$	512		$	653		$	(141	)	$	1,041		$	1,090		$	(49	)
	ComEd
	Three Months Ended June 30,									Six Months Ended June 30,
	2009			2008			Variance			2009			2008			Variance
Operating revenues	$	1,389		$	1,425		$	(36	)	$	2,942		$	2,865		$	77
Operating expenses
Purchased power		715			820			(105	)		1,598			1,661			(63	)
Operating and maintenance		270			274			(4	)		522			523			(1	)
Operating and maintenance for regulatory required programs (a)		14			6			8			25			6			19
Depreciation and amortization		124			113			11			246			224			22
Taxes other than income		57			71			(14	)		136			140			(4	)
Total operating expenses		1,180			1,284			(104	)		2,527			2,554			(27	)
Operating income		209			141			68			415			311			104
Other income and deductions
Interest expense, net		(75	)		(87	)		12			(159	)		(192	)		33
Equity in losses of unconsolidated affiliates		—			(3	)		3			—			(5	)		5
Other, net		55			5			50			87			9			78
Total other income and deductions		(20	)		(85	)		65			(72	)		(188	)		116
Income before income taxes		189			56			133			343			123			220
Income taxes		73			21			52			113			47			66
Net income	$	116		$	35		$	81		$	230		$	76		$	154

(a) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

3

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

		PECO
	Three Months Ended June 30,									Six Months Ended June 30,
	2009			2008			Variance			2009			2008			Variance
Operating revenues	$	1,204		$	1,277		$	(73	)	$	2,718		$	2,754		$	(36	)
Operating expenses
Purchased power		547			594			(47	)		1,116			1,165			(49	)
Fuel		55			80			(25	)		321			348			(27	)
Operating and maintenance		149			196			(47	)		327			365			(38	)
Depreciation and amortization		230			205			25			455			411			44
Taxes other than income		69			64			5			135			129			6
Total operating expenses		1,050			1,139			(89	)		2,354			2,418			(64	)
Operating income		154			138			16			364			336			28
Other income and deductions
Interest expense, net		(49	)		(58	)		9			(99	)		(116	)		17
Equity in losses of unconsolidated affiliates		(6	)		(4	)		(2	)		(12	)		(7	)		(5	)
Other, net		3			7			(4	)		6			11			(5	)
Total other income and deductions		(52	)		(55	)		3			(105	)		(112	)		7
Income before income taxes		102			83			19			259			224			35
Income taxes		31			25			6			76			69			7
Net income	$	71		$	58		$	13		$	183		$	155		$	28
		Other (a)
	Three Months Ended June 30,									Six Months Ended June 30,
	2009			2008			Variance			2009			2008			Variance
Operating revenues	$	(830	)	$	(836	)	$	6		$	(1,776	)	$	(1,718	)	$	(58	)
Operating expenses
Purchased power		(826	)		(860	)		34			(1,770	)		(1,763	)		(7	)
Fuel		(1	)		1			(2	)		—			—			—
Operating and maintenance		2			(5	)		7			6			(14	)		20
Depreciation and amortization		13			11			2			25			21			4
Taxes other than income		4			4			—			9			10			(1	)
Total operating expenses		(808	)		(849	)		41			(1,730	)		(1,746	)		16
Operating income (loss)		(22	)		13			(35	)		(46	)		28			(74	)
Other income and deductions
Interest expense, net		(32	)		(31	)		(1	)		(57	)		(54	)		(3	)
Equity in losses of unconsolidated affiliates and investments		—			—			—			(1	)		—			(1	)
Other, net		(16	)		11			(27	)		(7	)		10			(17	)
Total other income and deductions		(48	)		(20	)		(28	)		(65	)		(44	)		(21	)
Loss from continuing operations before income taxes		(70	)		(7	)		(63	)		(111	)		(16	)		(95	)
Income taxes		(29	)		(10	)		(19	)		(26	)		(24	)		(2	)
Income (loss) from continuing operations		(41	)		3			(44	)		(85	)		8			(93	)
Loss from discontinued operations		(1	)		(1	)		—			—			—			—
Net income (loss)	$	(42	)	$	2		$	(44	)	$	(85	)	$	8		$	(93	)

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

4

EXELON CORPORATION

Consolidated Balance Sheets

(unaudited)

(in millions)

	June 30, 2009			December 31, 2008
Current assets
Cash and cash equivalents	$	1,838		$	1,271
Restricted cash and investments		46			75
Accounts receivable, net
Customer		1,536			1,928
Other		492			324
Mark-to-market derivative assets		627			410
Inventories, net
Fossil fuel		188			315
Materials and supplies		562			528
Other		536			517
Total current assets		5,825			5,368
Property, plant and equipment, net		26,305			25,813
Deferred debits and other assets
Regulatory assets		5,452			5,940
Nuclear decommissioning trust (NDT) funds		5,850			5,500
Investments		723			715
Goodwill		2,625			2,625
Mark-to-market derivative assets		663			507
Other		1,536			1,349
Total deferred debits and other assets		16,849			16,636
Total assets	$	48,979		$	47,817
Liabilities and equity
Current liabilities
Short-term borrowings	$	45		$	211
Long-term debt due within one year		413			29
Long-term debt to PECO Energy Transition Trust due within one year		390			319
Accounts payable		1,144			1,416
Mark-to-market derivative liabilities		294			214
Accrued expenses		1,045			1,151
Deferred income taxes		176			77
Other		659			663
Total current liabilities		4,166			4,080
Long-term debt		11,240			11,397
Long-term debt to PECO Energy Transition Trust		404			805
Long-term debt to other financing trusts		390			390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		5,260			4,939
Asset retirement obligations		3,841			3,734
Pension obligations		4,149			4,111
Non-pension postretirement benefits obligations		2,197			2,255
Spent nuclear fuel obligation		1,016			1,015
Regulatory liabilities		2,689			2,520
Mark-to-market derivative liabilities		74			24
Other		1,313			1,413
Total deferred credits and other liabilities		20,539			20,011
Total liabilities		36,739			36,683
Preferred securities of subsidiary		87			87
Shareholders’ equity
Common stock		8,870			8,816
Treasury stock, at cost		(2,338	)		(2,338	)
Retained earnings		7,494			6,820
Accumulated other comprehensive loss, net		(1,873	)		(2,251	)
Total shareholders’ equity		12,153			11,047
Total liabilities and shareholders’ equity	$	48,979		$	47,817

5

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

	Six Months Ended June 30,
	2009			2008
Cash flows from operating activities
Net income	$	1,369		$	1,329
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel amortization		1,253			1,096
Impairment of long-lived assets		223			—
Deferred income taxes and amortization of investment tax credits		149			99
Net fair value changes related to derivatives and NDT funds		(15	)		(149	)
Other non-cash operating activities		411			383
Changes in assets and liabilities:
Accounts receivable		286			94
Inventories		75			(40	)
Accounts payable, accrued expenses and other current liabilities		(404	)		(137	)
Counterparty collateral received (posted), net		246			(763	)
Income taxes		(177	)		277
Restricted cash		(2	)		11
Pension and non-pension postretirement benefit contributions		(68	)		(56	)
Other assets and liabilities		(299	)		(470	)
Net cash flows provided by operating activities		3,047			1,674
Cash flows from investing activities
Capital expenditures		(1,444	)		(1,511	)
Proceeds from NDT fund sales		10,150			10,515
Investment in NDT funds		(10,279	)		(10,679	)
Change in restricted cash		31			(22	)
Other investing activities		(4	)		(2	)
Net cash flows used in investing activities		(1,546	)		(1,699	)
Cash flows from financing activities
Issuance of long-term debt		485			1,969
Retirement of long-term debt		(255	)		(1,185	)
Retirement of long-term debt to financing affiliates		(330	)		(596	)
Change in short-term debt		(166	)		857
Dividends paid on common stock		(692	)		(659	)
Proceeds from employee stock plans		19			105
Purchase of treasury stock		—			(436	)
Purchase of forward contract in relation to certain treasury stock		—			(64	)
Other financing activities		5			55
Net cash flows (used in) provided by financing activities		(934	)		46
Increase in cash and cash equivalents		567			21
Cash and cash equivalents at beginning of period		1,271			311
Cash and cash equivalents at end of period	$	1,838		$	332

6

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations

(unaudited)

(in millions, except per share data)

	Three Months Ended June 30, 2009									Three Months Ended June 30, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	4,141		$	32	(c)	$	4,173		$	4,622		$	72	(c)	$	4,694
Operating expenses
Purchased power		921			(161	)(d)		760			1,166			(20	)(d)		1,146
Fuel		460			(13	)(d)		447			352			123	(d)		475
Operating and maintenance		1,110			(54	)(e),(f)		1,056			1,080			44	(h)		1,124
Operating and maintenance for regulatory required programs (b)		14			—			14			6			—			6
Depreciation and amortization		439			—			439			402			—			402
Taxes other than income		180			—			180			186			—			186
Total operating expenses		3,124			(228	)		2,896			3,192			147			3,339
Operating income		1,017			260			1,277			1,430			(75	)		1,355
Other income and deductions
Interest expense, net		(180	)		9	(g)		(171	)		(214	)		—			(214	)
Equity in losses of unconsolidated affiliates and investments		(6	)		—			(6	)		(8	)		—			(8	)
Other, net		257			(252	)(g),(h)		5			(40	)		95	(h)		55
Total other income and deductions		71			(243	)		(172	)		(262	)		95			(167	)
Income from continuing operations before income taxes		1,088			17			1,105			1,168			20			1,188
Income taxes		430			(9	)(c),(d),(e),(f),(g),(h)		421			419			22	(c),(d),(h)		441
Income from continuing operations		658			26			684			749			(2	)		747
Loss from discontinued operations		(1	)		—			(1	)		(1	)		—			(1	)
Net income	$	657		$	26		$	683		$	748		$	(2	)	$	746
Effective tax rate		39.5	%					38.1	%		35.9	%					37.1	%
Earnings per average common share
Basic:
Income from continuing operations	$	1.00		$	0.04		$	1.04		$	1.14		$	—		$	1.14
Income from discontinued operations		—			—			—			—			—			—
Net income	$	1.00		$	0.04		$	1.04		$	1.14		$	—		$	1.14
Diluted:
Income from continuing operations	$	0.99		$	0.04		$	1.03		$	1.13		$	—		$	1.13
Income from discontinued operations		—			—			—			—			—			—
Net income	$	0.99		$	0.04		$	1.03		$	1.13		$	—		$	1.13
Average common shares outstanding
Basic		659						659			657						657
Diluted		661						661			662						662
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
2007 Illinois electric rate settlement (c)				$	0.03								$	0.07
Mark-to-market impact of economic hedging activities (d)					0.16									(0.09	)
NRG acquisition costs (e)					0.01									—
2009 severance charges (f)					0.04									—
Non-cash income tax matters and state taxes (g)					(0.10	)								—
Unrealized losses related to NDT fund investments (h)					(0.10	)								0.02
Total adjustments				$	0.04								$	—

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

(b) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

(c) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(d) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

(e) Adjustment to exclude external costs in 2009 associated with Exelon’s proposed acquisition of NRG Energy, Inc. (NRG).

(f) Adjustment to exclude 2009 severance charges.

(g) Adjustment to exclude 2009 remeasurements of tax uncertainties and a change in state deferred income taxes.

(h) Adjustment to exclude the unrealized gains in 2009 and unrealized losses in 2008 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.

7

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations

(unaudited)

(in millions, except per share data)

	Six Months Ended June 30, 2009									Six Months Ended June 30, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	8,863		$	65	(c)	$	8,928		$	9,139		$	146	(c)	$	9,285
Operating expenses
Purchased power		1,604			40	(d)		1,644			2,239			(96	)(d)		2,143
Fuel		1,236			(28	)(d)		1,208			890			287	(d)		1,177
Operating and maintenance		2,472			(291	)(c),(e),(f),(g)		2,181			2,273			(4	)(c)		2,269
Operating and maintenance for regulatory required programs (b)		25			—			25			6			—			6
Depreciation and amortization		875			—			875			799			—			799
Taxes other than income		380			—			380			379			—			379
Total operating expenses		6,592			(279	)		6,313			6,586			187			6,773
Operating income		2,271			344			2,615			2,553			(41	)		2,512
Other income and deductions
Interest expense, net		(367	)		9	(h)		(358	)		(436	)		—			(436	)
Equity in losses of unconsolidated affiliates and investments		(14	)		—			(14	)		(13	)		—			(13	)
Other, net		219			(156	)(h),(i)		63			(98	)		165	(i)		67
Total other income and deductions		(162	)		(147	)		(309	)		(547	)		165			(382	)
Income before income taxes		2,109			197			2,306			2,006			124			2,130
Income taxes		740			87	(c),(d),(e),(f),(g),(h),(i)		827			676			87	(c),(d),(i)		763
Income from continuing operations		1,369			110			1,479			1,330			37			1,367
Loss from discontinued operations		—			—			—			(1	)		—			(1	)
Net Income	$	1,369		$	110		$	1,479		$	1,329		$	37		$	1,366
Effective tax rate		35.1	%					35.9	%		33.7	%					35.8	%
Earnings per average common share
Basic:
Income from continuing operations	$	2.08		$	0.17		$	2.25		$	2.02		$	0.06		$	2.08
Income from discontinued operations		—			—			—			—			—			—
Net income	$	2.08		$	0.17		$	2.25		$	2.02		$	0.06		$	2.08
Diluted:
Income from continuing operations	$	2.07		$	0.17		$	2.24		$	2.01		$	0.05		$	2.06
Income from discontinued operations		—			—			—			—			—			—
Net income	$	2.07		$	0.17		$	2.24		$	2.01		$	0.05		$	2.06
Average common shares outstanding
Basic		659						659			658						658
Diluted		661						661			663						663
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
2007 Illinois electric rate settlement (c)				$	0.06								$	0.14
Mark-to-market impact of economic hedging activities (d)					(0.01	)								(0.17	)
NRG acquisition costs (e)					0.03									—
Impairment of certain generating assets (f)					0.20									—
2009 Severance Charges (g)					0.04									—
Non-cash income tax matters and state taxes (h)					(0.10	)								—
Unrealized losses related to NDT fund investments (i)					(0.05	)								0.08
Total adjustments				$	0.17								$	0.05

(a) Results reported in accordance with GAAP.

(b) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

(c) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(d) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

(e) Adjustment to exclude external costs in 2009 associated with Exelon’s proposed acquisition of NRG.

(f) Adjustment to exclude the impairment of certain of Generation’s Texas plants recorded during the first quarter of 2009.

(g) Adjustment to exclude 2009 severance charges.

(h) Adjustment to exclude 2009 remeasurements of tax uncertainties and a change in state deferred income taxes.

(i) Adjustment to exclude the unrealized gains in 2009 and unrealized losses in 2008 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes. Beginning in the second quarter of 2008, reflects $66 million of an offsetting adjustment to other, net and income taxes related to the contractual elimination of unrealized gains and losses associated Generation’s NDT fund investments, including $44 million recast from the first quarter of 2008.

8

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings

to GAAP Earnings By Business Segment (in millions)

Three Months Ended June 30, 2009 and 2008

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exelon
2008 GAAP Earnings	$	1.13		$	653		$	35		$	58		$	2		$	748
2008 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		0.07			44			1			—			—			45
Mark-to-Market Impact of Economic Hedging Activities		(0.09	)		(47	)		—			—			(15	)		(62	)
Unrealized Losses Related to NDT Fund Investments		0.02			15			—			—			—			15
2008 Adjusted (non-GAAP) Operating Earnings (Loss)		1.13			665			36			58			(13	)		746
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (1)		(0.16	)		(109	)		—			—			—			(109	)
ComEd and PECO Margins:
Weather (2)		(0.02	)		—			(1	)		(13	)		—			(14	)
Other Energy Delivery (3)		0.07			—			39			13			—			52
Operating and Maintenance Expense:
Bad Debt (4)		0.05			—			(3	)		35			—			32
Labor, Contracting and Materials (5)		0.02			3			12			(3	)		—			12
Other Operating and Maintenance Expense (6)		0.05			11			14			5			8			38
Pension and Non-Pension Postretirement Benefits Expense (7)		(0.04	)		(14	)		(8	)		(1	)		(5	)		(28	)
Planned Nuclear Refueling Outages (8)		(0.01	)		(8	)		—			—			—			(8	)
Depreciation and Amortization (9)		(0.04	)		1			(7	)		(18	)		(1	)		(25	)
Income Taxes (10)		(0.02	)		(5	)		4			1			(10	)		(10	)
Other		—			(1	)		3			(3	)		(2	)		(3	)
2009 Adjusted (non-GAAP) Operating Earnings (Loss)		1.03			543			89			74			(23	)		683
2009 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		(0.03	)		(18	)		(2	)		—			—			(20	)
Mark-to-Market Impact of Economic Hedging Activities		(0.16	)		(106	)		—			—			—			(106	)
Unrealized Gains Related to NDT Fund Investments		0.10			64			—			—			—			64
NRG Acquisition Costs (11)		(0.01	)		—			—			—			(6	)		(6	)
2009 Severance Charges (12)		(0.04	)		(9	)		(11	)		(3	)		(1	)		(24	)
Non-Cash Remeasurement of Income Tax Uncertainties and Reassessment of State Deferred Income Taxes (13)		0.10			38			40			—			(12	)		66
2009 GAAP Earnings (Loss)	$	0.99		$	512		$	116		$	71		$	(42	)	$	657

(1) Primarily reflects revenue from certain long options in Generation’s proprietary trading portfolio in 2008, the impact of gains related to the settlement of uranium supply agreements in 2008 and, in 2009, unfavorable portfolio and market conditions and higher nuclear fuel costs.

(2) Primarily reflects the impact of unfavorable 2009 weather conditions, compared to favorable 2008 weather conditions, in the PECO service territory.

(3) Primarily reflects in 2009 the impact of increased distribution rates at ComEd effective September 2008 and increased gas distribution rates at PECO effective January 2009, partially offset by reduced load at ComEd and PECO.

(4) Primarily reflects the impact of PECO’s improved accounts receivable aging resulting from increased collection activities initiated by PECO in 2008.

(5) Primarily reflects Exelon’s ongoing cost savings initiative and lower planned outage costs at Generation’s non-nuclear generating plants, partially offset by inflation related to labor, contracting and materials expenses (exclusive of planned nuclear refueling outages as disclosed in number 8 below).

(6) Primarily reflects decreased storm costs in 2009 in the ComEd and PECO service territories and decreased nuclear refueling outage costs related to Generation’s ownership interest in Salem Generating Station.

(7) Reflects increased pension and non-pension postretirement benefits expense primarily due to lower than expected asset returns in 2008.

(8) Reflects increased operating and maintenance expense related to nuclear refueling outage costs associated with a higher number of planned refueling outage days during 2009 as compared to 2008, excluding Salem.

(9) Reflects increased amortization at PECO due to increased scheduled competitive transition charge (CTC) amortization and increased depreciation across the operating companies due to ongoing capital expenditures, partially offset at Generation by reduced depreciation associated with the impaired generating assets.

(10) Primarily reflects an increase in 2009 state income taxes due to an increase in the current portion of Pennsylvania state apportionment factors.

(11) Reflects external costs in 2009 associated with Exelon’s proposed acquisition of NRG.

(12) Reflects expenses associated with the elimination of management and staff positions pursuant to Exelon’s 2009 cost management plan to achieve sustainable cost savings.

(13) Reflects the impacts of the 2009 remeasurement of tax uncertainties related to ComEd’s 1999 sale of fossil generating assets and a change in state deferred tax rates resulting from a reassessment of anticipated apportionment of Exelon’s income.

9

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Earnings By Business Segment (in millions)

Six Months Ended June 30, 2009 and 2008

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exelon
2008 GAAP Earnings	$	2.01		$	1,090		$	76		$	155		$	8		$	1,329
2008 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		0.14			90			4			—			—			94
Mark-to-Market Impact of Economic Hedging Activities		(0.17	)		(84	)		—			—			(30	)		(114	)
Unrealized Losses Related to NDT Fund Investments		0.08			57			—			—			—			57
2008 Adjusted (non-GAAP) Operating Earnings (Loss)		2.06			1,153			80			155			(22	)		1,366
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market (1)		(0.06	)		(42	)		—			—			—			(42	)
ComEd and PECO Margins:
Weather		—			—			(3	)		2			—			(1	)
Other Energy Delivery (2)		0.16			—			79			26			—			105
Operating and Maintenance Expense:
Bad Debt (3)		0.04			—			(2	)		30			—			28
Labor, Contracting and Materials (4)		—			(7	)		13			(4	)		—			2
Other Operating and Maintenance Expense (5)		0.07			12			15			8			7			42
Pension and Non-Pension Postretirement Benefits Expense (6)		(0.07	)		(26	)		(16	)		(3	)		(3	)		(48	)
Planned Nuclear Refueling Outages (7)		0.05			31			—			—			—			31
Depreciation and Amortization (8)		(0.08	)		(4	)		(14	)		(31	)		(3	)		(52	)
NDT Activity (9)		0.01			9			—			—			—			9
Benefit From Illinois Tax Ruling (10)		0.06			8			36			—			(1	)		43
Income Taxes (11)		(0.03	)		(2	)		9			5			(37	)		(25	)
Other (12)		0.03			15			6			(2	)		2			21
2009 Adjusted (non-GAAP) Operating Earnings (Loss)		2.24			1,147			203			186			(57	)		1,479
2009 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		(0.06	)		(39	)		(2	)		—			—			(41	)
Mark-to-Market Impact of Economic Hedging Activities		0.01			7			—			—			—			7
Unrealized Gains Related to NDT Fund Investments		0.05			32			—			—			—			32
NRG Acquisition Costs (13)		(0.03	)		—			—			—			(15	)		(15	)
Impairment of Certain Generating Assets (14)		(0.20	)		(135	)		—			—			—			(135	)
2009 Severance Charges (15)		(0.04	)		(9	)		(11	)		(3	)		(1	)		(24	)
Non-Cash Remeasurement of Income Tax Uncertainties and Reassessment of State Deferred Income Taxes (16)		0.10			38			40			—			(12	)		66
2009 GAAP Earnings (Loss)	$	2.07		$	1,041		$	230		$	183		$	(85	)	$	1,369

(1) Primarily reflects revenue from certain long options in Generation’s proprietary trading portfolio in 2008, the impact of gains related to the settlement of uranium supply agreements in 2008 and higher nuclear fuel costs, partially offset by 2009 favorable portfolio and market conditions and increased nuclear output as a result of fewer refueling outage days in 2009.

(2) Primarily reflects in 2009 the impact of increased distribution rates at ComEd effective September 2008 and increased gas distribution rates at PECO effective January 2009, partially offset by reduced load at ComEd and PECO.

(3) Primarily reflects the impact of PECO’s improved accounts receivable aging resulting from increased collection activities initiated by PECO in 2008.

(4) Primarily reflects Exelon’s ongoing cost savings initiative and lower planned outage costs at Generation’s non-nuclear generating plants, partially offset by inflation related to labor, contracting and materials expenses (exclusive of planned nuclear refueling outages as disclosed in number 7 below).

(5) Primarily reflects decreased nuclear refueling outage costs related to Generation’s ownership interest in Salem Generating Station and the impact of decreased storm costs in 2009 in the ComEd and PECO service territories.

(6) Reflects increased pension and non-pension postretirement benefits expense primarily due to lower than expected asset returns in 2008.

(7) Reflects decreased operating and maintenance expense related to nuclear refueling outage costs associated with a lower number of planned refueling outage days during 2009 as compared to 2008, excluding Salem.

(8) Primarily reflects increased amortization at PECO due to increased scheduled CTC amortization and increased depreciation across the operating companies due to ongoing capital expenditures, partially offset at Generation by reduced depreciation associated with the impaired generating assets.

(9) Primarily reflects the impact of realized NDT fund losses related to a tax planning strategy in 2008, partially offset by realized NDT fund losses related to market conditions in 2009.

(10) Reflects benefits associated with an Illinois Supreme Court decision granting Illinois Investment Tax Credits to Exelon.

(11) Primarily reflects income from 2008 state tax settlements and an increase in 2009 state income taxes due to an increase in the current portion of Pennsylvania state apportionment factors, partially offset by 2009 tax planning opportunities.

(12) Primarily reflects decreased interest expense due to lower outstanding debt at ComEd and PECO (including to PECO Energy Transition Trust) and lower interest rates on Generation’s spent nuclear fuel obligation, partially offset by income in 2008 related to the termination of a gas supply guarantee at Generation and the impact of 2008 income tax benefits associated with Exelon’s tax method of capitalizing overhead costs.

(13) Reflects external costs in 2009 associated with Exelon’s proposed acquisition of NRG.

(14) Reflects the impairment of certain of Generation’s Texas plants recorded during the first quarter of 2009.

(15) Reflects expenses associated with the elimination of management and staff positions pursuant to Exelon’s 2009 cost management plan to achieve sustainable cost savings.

(16) Reflects the impacts of the 2009 remeasurement of tax uncertainties related to ComEd’s 1999 sale of fossil generating assets and a change in state deferred tax rates resulting from a reassessment of anticipated apportionment of Exelon’s income.

10

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

		Generation
	Three Months Ended June 30, 2009									Three Months Ended June 30, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	2,378		$	30	(b)	$	2,408		$	2,756		$	70	(b)	$	2,826
Operating expenses
Purchased power		485			(161	)(c)		324			612			(46	)(c)		566
Fuel		406			(13	)(c)		393			271			123	(c)		394
Operating and maintenance		689			(15	)(d)		674			615			44	(e)		659
Depreciation and amortization		72			—			72			73			—			73
Taxes other than income		50			—			50			47			—			47
Total operating expenses		1,702			(189	)		1,513			1,618			121			1,739
Operating income		676			219			895			1,138			(51	)		1,087
Other income and deductions
Interest expense, net		(24	)		—			(24	)		(38	)		—			(38	)
Equity in losses of investments		—			—			—			(1	)		—			(1	)
Other, net		215			(202	)(e),(f)		13			(63	)		95	(e)		32
Total other income and deductions		191			(202	)		(11	)		(102	)		95			(7	)
Income before income taxes		867			17			884			1,036			44			1,080
Income taxes		355			(14	)(b),(c),(d),(e),(f)		341			383			32	(b),(c),(e)		415
Net Income	$	512		$	31		$	543		$	653		$	12		$	665
	Six Months Ended June 30, 2009									Six Months Ended June 30, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	4,979		$	63	(b)	$	5,042		$	5,238		$	143	(b)	$	5,381
Operating expenses
Purchased power		660			40	(c)		700			1,176			(147	)(c)		1,029
Fuel		915			(28	)(c)		887			542			287	(c)		829
Operating and maintenance		1,617			(238	)(d),(g)		1,379			1,399			—			1,399
Depreciation and amortization		149			—			149			143			—			143
Taxes other than income		100			—			100			100			—			100
Total operating expenses		3,441			(226	)		3,215			3,360			140			3,500
Operating income		1,538			289			1,827			1,878			3			1,881
Other income and deductions
Interest expense, net		(52	)		—			(52	)		(74	)		—			(74	)
Equity in losses of investments		(1	)		—			(1	)		(1	)		—			(1	)
Other, net		133			(106	)(e),(f)		27			(128	)		166	(e)		38
Total other income and deductions		80			(106	)		(26	)		(203	)		166			(37	)
Income from continuing operations before income taxes		1,618			183			1,801			1,675			169			1,844
Income taxes		577			77	(b),(c),(d),(e),(f),(g)		654			584			106	(b),(c),(e)		690
Income from continuing operations		1,041			106			1,147			1,091			63			1,154
Loss from discontinued operations		—			—			—			(1	)		—			(1	)
Net income	$	1,041		$	106		$	1,147		$	1,090		$	63		$	1,153

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(c) Adjustment to exclude the mark-to-market impact of Generation’s economic hedging activities.

(d) Adjustment to exclude 2009 severance charges.

(e) Adjustment to exclude the unrealized gains in 2009 and unrealized losses in 2008 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes. Beginning in the second quarter of 2008, reflects $66 million of an offsetting adjustment to other, net and income taxes related to the contractual elimination of unrealized gains and losses associated Generation’s NDT fund investments, including $44 million recast from the first quarter of 2008.

(f) Adjustment to exclude a change in state deferred income taxes.

(g) Adjustment to exclude the impairment of certain of Generation’s Texas plants recorded during the first quarter of 2009.

11

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	ComEd
	Three Months Ended June 30, 2009									Three Months Ended June 30, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	1,389		$	2	(c)	$	1,391		$	1,425		$	2	(c)	$	1,427
Operating expenses
Purchased power		715			—			715			820			—			820
Operating and maintenance		270			(20	)(c),(d)		250			274			—			274
Operating and maintenance for regulatory required programs (b)		14			—			14			6			—			6
Depreciation and amortization		124			—			124			113			—			113
Taxes other than income		57			—			57			71			—			71
Total operating expenses		1,180			(20	)		1,160			1,284			—			1,284
Operating income		209			22			231			141			2			143
Other income and deductions
Interest expense, net		(75	)		(6	)(e)		(81	)		(87	)		—			(87	)
Equity in losses of unconsolidated affiliates		—			—			—			(3	)		—			(3	)
Other, net		55			(60	)(e)		(5	)		5			—			5
Total other income and deductions		(20	)		(66	)		(86	)		(85	)		—			(85	)
Income before income taxes		189			(44	)		145			56			2			58
Income taxes		73			(17	)(c),(d),(e)		56			21			1	(c)		22
Net income	$	116		$	(27	)	$	89		$	35		$	1		$	36

	Six Months Ended June 30, 2009									Six Months Ended June 30, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	2,942		$	2	(c)	$	2,944		$	2,865		$	3	(c)	$	2,868
Operating expenses
Purchased power		1,598			—			1,598			1,661			—			1,661
Operating and maintenance		522			(20	)(c),(d)		502			523			(4	)(c)		519
Operating and maintenance for regulatory required programs (b)		25			—			25			6						6
Depreciation and amortization		246			—			246			224			—			224
Taxes other than income		136			—			136			140			—			140
Total operating expenses		2,527			(20	)		2,507			2,554			(4	)		2,550
Operating income		415			22			437			311			7			318
Other income and deductions
Interest expense, net		(159	)		(6	)(e)		(165	)		(192	)		—			(192	)
Equity in losses of unconsolidated affiliates		—			—			—			(5	)		—			(5	)
Other, net		87			(60	)(e)		27			9			—			9
Total other income and deductions		(72	)		(66	)		(138	)		(188	)		—			(188	)
Income before income taxes		343			(44	)		299			123			7			130
Income taxes		113			(17	)(c),(d),(e)		96			47			3	(c)		50
Net income	$	230		$	(27	)	$	203		$	76		$	4		$	80

(a) Results reported in accordance with GAAP.

(b) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues during the period.

(c) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(d) Adjustment to exclude 2009 severance charges.

(e) Adjustment to exclude 2009 remeasurements of income tax uncertainties.

12

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	PECO
	Three Months Ended June 30, 2009									Three Months Ended June 30, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments		Adjusted Non-GAAP
Operating revenues	$	1,204		$	—		$	1,204		$	1,277		$	—	$	1,277
Operating expenses
Purchased power		547			—			547			594			—		594
Fuel		55			—			55			80			—		80
Operating and maintenance		149			(5	)(b)		144			196			—		196
Depreciation and amortization		230			—			230			205			—		205
Taxes other than income		69			—			69			64			—		64
Total operating expenses		1,050			(5	)		1,045			1,139			—		1,139
Operating income		154			5			159			138			—		138
Other income and deductions
Interest expense, net		(49	)		—			(49	)		(58	)		—		(58	)
Equity in losses of unconsolidated affiliates		(6	)		—			(6	)		(4	)		—		(4	)
Other, net		3			—			3			7			—		7
Total other income and deductions		(52	)		—			(52	)		(55	)		—		(55	)
Income before income taxes		102			5			107			83			—		83
Income taxes		31			2	(b)		33			25			—		25
Net income	$	71		$	3		$	74		$	58		$	—	$	58

	Six Months Ended June 30, 2009									Six Months Ended June 30, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments		Adjusted Non-GAAP
Operating revenues	$	2,718		$	—		$	2,718		$	2,754		$	—	$	2,754
Operating expenses
Purchased power		1,116			—			1,116			1,165			—		1,165
Fuel		321			—			321			348					348
Operating and maintenance		327			(5	)(b)		322			365			—		365
Depreciation and amortization		455			—			455			411			—		411
Taxes other than income		135			—			135			129			—		129
Total operating expenses		2,354			(5	)		2,349			2,418			—		2,418
Operating income		364			5			369			336			—		336
Other income and deductions
Interest expense, net		(99	)		—			(99	)		(116	)		—		(116	)
Equity in losses of unconsolidated affiliates		(12	)		—			(12	)		(7	)		—		(7	)
Other, net		6			—			6			11			—		11
Total other income and deductions		(105	)		—			(105	)		(112	)		—		(112	)
Income before income taxes		259			5			264			224			—		224
Income taxes		76			2	(b)		78			69			—		69
Net income	$	183		$	3		$	186		$	155		$	—	$	155

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude 2009 severance charges.

13

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	Other
	Three Months Ended June 30, 2009									Three Months Ended June 30, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	(830	)	$	—		$	(830	)	$	(836	)	$	—		$	(836	)
Operating expenses
Purchased power		(826	)		—			(826	)		(860	)		26	(f)		(834	)
Fuel		(1	)		—			(1	)		1			—			1
Operating and maintenance		2			(14	)(b),(c)		(12	)		(5	)		—			(5	)
Depreciation and amortization		13			—			13			11			—			11
Taxes other than income		4			—			4			4			—			4
Total operating expenses		(808	)		(14	)		(822	)		(849	)		26			(823	)
Operating income (loss)		(22	)		14			(8	)		13			(26	)		(13	)
Other income and deductions
Interest expense, net		(32	)		15	(d)		(17	)		(31	)		—			(31	)
Equity in losses of unconsolidated affiliates and investments		—			—			—			—			—			—
Other, net		(16	)		10	(d)		(6	)		11			—			11
Total other income and deductions		(48	)		25			(23	)		(20	)		—			(20	)
Loss from continuing operations before income taxes		(70	)		39			(31	)		(7	)		(26	)		(33	)
Income taxes		(29	)		20	(b),(c),(d),(e)		(9	)		(10	)		(11	)(f)		(21	)
Income (loss) from continuing operations		(41	)		19			(22	)		3			(15	)		(12	)
Loss from discontinued operations		(1	)		—			(1	)		(1	)		—			(1	)
Net income (loss)	$	(42	)	$	19		$	(23	)	$	2		$	(15	)	$	(13	)
	Six Months Ended June 30, 2009									Six Months Ended June 30, 2008
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	(1,776	)	$	—		$	(1,776	)	$	(1,718	)	$	—		$	(1,718	)
Operating expenses
Purchased power		(1,770	)		—			(1,770	)		(1,763	)		51	(f)		(1,712	)
Fuel		—			—			—			—			—			—
Operating and maintenance		6			(28	)(b),(c)		(22	)		(14	)		—			(14	)
Depreciation and amortization		25			—			25			21			—			21
Taxes other than income		9			—			9			10			—			10
Total operating expenses		(1,730	)		(28	)		(1,758	)		(1,746	)		51			(1,695	)
Operating income (loss)		(46	)		28			(18	)		28			(51	)		(23	)
Other income and deductions
Interest expense, net		(57	)		15	(d)		(42	)		(54	)		—			(54	)
Equity in losses of unconsolidated affiliates and investments		(1	)		—			(1	)		—			—			—
Other, net		(7	)		10	(d)		3			10			—			10
Total other income and deductions		(65	)		25			(40	)		(44	)		—			(44	)
Loss from continuing operations before income taxes		(111	)		53			(58	)		(16	)		(51	)		(67	)
Income taxes		(26	)		25	(b),(c),(d),(e)		(1	)		(24	)		(21	)(f)		(45	)
Net income (loss)	$	(85	)	$	28		$	(57	)	$	8		$	(30	)	$	(22	)

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude external costs associated with Exelon’s proposed acquisition of NRG.

(c) Adjustment to exclude 2009 severance charges.

(d) Adjustment to exclude 2009 remeasurements of income tax uncertainties.

(e) Adjustment to exclude a change in state deferred income taxes.

(f) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

14

EXELON CORPORATION

Exelon Generation Statistics

	Three Months Ended
	Jun. 30, 2009		Mar. 31, 2009		Dec. 31, 2008		Sept. 30, 2008		Jun. 30, 2008
Supply (in GWhs)
Nuclear		34,995		35,382		34,887		36,451		35,069
Purchased Power		5,276		6,077		6,100		8,761		5,575
Fossil and Hydro		2,701		2,765		2,162		2,685		2,910
Power Team Supply		42,972		44,224		43,149		47,897		43,554
	Three Months Ended
	Jun. 30, 2009		Mar. 31, 2009		Dec. 31, 2008		Sept. 30, 2008		Jun. 30, 2008
Electric Sales (in GWhs)
ComEd (a)		4,215		5,537		5,261		6,629		5,218
PECO (a)		9,277		10,223		9,760		11,333		9,761
Market and Retail (a)		29,480		28,464		28,128		29,935		28,575
Total Electric Sales (b) (c)		42,972		44,224		43,149		47,897		43,554
Average Margin ($/MWh)
Average Realized Revenue
ComEd (a)	$	63.58	$	63.21	$	63.30	$	64.41	$	63.82
PECO (a)		51.74		49.30		49.28		53.03		52.04
Market and Retail (a)		54.27		57.12		54.18		65.98		61.91
Total Electric Sales		54.64		56.08		54.18		62.70		59.93
Average Purchased Power and Fuel Cost (d)	$	15.68	$	16.82	$	15.90	$	26.16	$	19.40
Average Margin (d)	$	38.96	$	39.25	$	38.28	$	36.54	$	40.53
Around-the-clock Market Prices ($/MWh) (e)
PJM West Hub	$	33.70	$	49.18	$	52.62	$	77.37	$	75.65
NiHub		26.11		34.09		38.06		53.28		51.39

(a) $69 million, $31 million and $20 million of pre-tax revenue, and $15 million and $7 million of a pre-tax reduction in revenue, resulting from the settlement of the ComEd swap starting in June 2008, have been excluded from ComEd and included in Market and Retail sales for the quarters ended June 30, 2009, March 31, 2009, December 31, 2008, September, 30, 2008 and June 30, 2008, respectively. Additionally, $7 million (209 GWhs), $58 million (898 GWhs), and $29 million (486 GWhs) of pre-tax revenue, resulting from sales to ComEd under the RFP, which started in September 2008, have been excluded from ComEd and included in Market and Retail sales for the quarters ended June 30, 2009, March 31, 2009, and December 31, 2008, respectively. In addition, renewable energy credits sales to affiliates have been included within Market and Retail Sales.

(b) Excludes retail gas activity, trading portfolio and other operating revenue.

(c) Total sales do not include trading volume of 2,003 GWhs, 2,331 GWhs, 2,153 GWhs, 3,092 GWhs and 1,784 GWhs for the three months ended June 30, 2009, March 31, 2009, December 31, 2008, September 30, 2008, and June 30, 2008, respectively.

(d) Excludes the mark-to-market impact of Generation’s economic hedging activities.

(e) Represents the average for the quarter.

15

EXELON CORPORATION

Exelon Generation Statistics

Six Months Ended June 30, 2009 and 2008

	June 30, 2009		June 30, 2008
Supply (in GWhs)
Nuclear		70,377		68,003
Purchased Power		11,353		11,403
Fossil and Hydro		5,466		5,722
Power Team Supply		87,196		85,128
	June 30, 2009		June 30, 2008
Electric Sales (in GWhs)
ComEd (a)		9,752		11,310
PECO (a)		19,500		19,873
Market and Retail (a)		57,944		53,945
Total Electric Sales (b) (c)		87,196		85,128
Average Margin ($/MWh)
Average Realized Revenue
ComEd (a)	$	63.37	$	63.48
PECO (a)		50.46		50.37
Market and Retail (a)		55.64		59.69
Total Electric Sales		55.35		58.02
Average Purchased Power and Fuel Cost (d)	$	16.26	$	18.35
Average Margin (d)	$	39.09	$	39.67
Around-the-clock Market Prices ($/MWh)(e)
PJM West Hub	$	41.40	$	72.09
NiHub		30.07		52.37

(a) $100 million of pre-tax revenue, and $7 million of a pre-tax reduction in revenue, resulting from the settlement of the ComEd swap starting in June 2008, have been excluded from ComEd and included in Market and Retail sales for the six months ended June 30, 2009 and June 30, 2008, respectively. Additionally, $65 million (1,107 GWhs) of pre-tax revenue, resulting from sales to ComEd under the RFP, which started in September 2008, have been excluded from ComEd and included in Market and Retail sales for the six months ended June 30, 2009. In addition, renewable energy credits sales to affiliates have been included within Market and Retail Sales.

(b) Excludes retail gas sales, trading portfolio and other operating revenue.

(c) Total sales do not include trading volume of 4,334 GWhs and 3,646 GWhs for the six months ended June 30, 2009 and 2008, respectively.

(d) Excludes the mark-to-market impact of Generation’s economic hedging activities.

(e) Represents the average for the year.

16

EXELON CORPORATION

ComEd Statistics

Three Months Ended June 30, 2009 and 2008

	Electric Deliveries (in GWhs)				Revenue (in millions)
	2009	2008	% Change		2009		2008		% Change
Full Service(a)
Residential	6,032	6,119	(1.4	%)	$	731	$	732	(0.1	%)
Small Commercial & Industrial	3,272	3,543	(7.6	%)		328		379	(13.5	%)
Large Commercial & Industrial	258	174	48.3	%		14		18	(22.2	%)
Public Authorities & Electric Railroads	101	133	(24.1	%)		11		10	10.0	%
Total Full Service	9,663	9,969	(3.1	%)		1,084		1,139	(4.8	%)
Delivery Only(b)
Residential	—	—	n.	m.		—		—	n.	m.
Small Commercial & Industrial	4,467	4,522	(1.2	%)		83		72	15.3	%
Large Commercial & Industrial	6,210	6,830	(9.1	%)		79		71	11.3	%
Public Authorities & Electric Railroads	174	119	46.2	%		3		1	n.	m.
Total Delivery Only	10,851	11,471	(5.4	%)		165		144	14.6	%
Total Retail	20,514	21,440	(4.3	%)		1,249		1,283	(2.7	%)
Other Revenue(d)						140		142	(1.4	%)
Total Revenues					$	1,389	$	1,425	(2.5	%)
Purchased Power					$	715	$	820	(12.8	%)
Heating and Cooling Degree-Days (e)	2009	2008	Normal
Heating Degree-Days	768	755	766
Cooling Degree-Days	177	192	224

(a) Reflects deliveries to customers purchasing electricity from ComEd.

(b) Reflects customers electing to purchase electricity from an alternative electric generation supplier.

(c) There are a minimal number of residential customers being served by alternative suppliers with total activity of less than 1 GWh and $1 million.

(d) Other revenue primarily includes transmission revenue from PJM Interconnection, LLC (PJM). Other items include late payment charges and mutual assistance program revenues.

(e) Reflects the impact of the leap year day in 2008.

n.m. Not meaningful.

Six Months Ended June 30, 2009 and 2008

	Electric Deliveries (in GWhs)				Revenue (in millions)
	2009	2008	% Change		2009		2008		% Change
Full Service(a)
Residential	13,095	13,407	(2.3	%)	$	1,577	$	1,493	5.6	%
Small Commercial & Industrial	6,951	7,345	(5.4	%)		705		741	(4.9	%)
Large Commercial & Industrial	629	484	30.0	%		39		43	(9.3	%)
Public Authorities & Electric Railroads	207	313	(33.9	%)		22		27	(18.5	%)
Total Full Service	20,882	21,549	(3.1	%)		2,343		2,304	1.7	%
Delivery Only(b)
Residential	—	—	n.	m.		—		—	n.	m.
Small Commercial & Industrial	8,938	9,097	(1.7	%)		155		136	14.0	%
Large Commercial & Industrial	12,613	13,754	(8.3	%)		153		136	12.5	%
Public Authorities & Electric Railroads	414	286	44.8	%		7		3	n.	m.
Total Delivery Only	21,965	23,137	(5.1	%)		315		275	14.5	%
Total Retail	42,847	44,686	(4.1	%)		2,658		2,579	3.1	%
Other Revenue(d)						284		286	(0.7	%)
Total Revenues					$	2,942	$	2,865	2.7	%
Purchased Power					$	1,598	$	1,661	(3.8	%)
Heating and Cooling Degree-Days (e)	2009	2008	Normal
Heating Degree-Days	4,088	4,172	3,974
Cooling Degree-Days	177	192	224

(a) Reflects deliveries to customers purchasing electricity from ComEd.

(b) Reflects customers electing to purchase electricity from an alternative electric generation supplier.

(c) There are a minimal number of residential customers being served by alternative suppliers with total activity of less than 1 GWh and $1 million.

(d) Other revenue primarily includes transmission revenue from PJM Interconnection, LLC (PJM). Other items include late payment charges and mutual assistance program revenues.

(e) Reflects the impact of the leap year day in 2008.

n.m. Not meaningful.

17

EXELON CORPORATION

PECO Statistics

Three Months Ended June 30, 2009 and 2008

	Electric and Gas Deliveries				Revenue (in millions)
	2009	2008	% Change		2009		2008		% Change
Electric (in GWhs)
Full Service(a)
Residential	2,759	2,941	(6.2	%)	$	415	$	442	(6.1	%)
Small Commercial & Industrial	1,929	1,960	(1.6	%)		256		261	(1.9	%)
Large Commercial & Industrial	3,877	4,142	(6.4	%)		338		359	(5.8	%)
Public Authorities & Electric Railroads	222	226	(1.8	%)		22		22	0.0	%
Total Full Service	8,787	9,269	(5.2	%)		1,031		1,084	(4.9	%)
Delivery Only(b)
Residential	5	7	(28.6	%)		1		1	0.0	%
Small Commercial & Industrial	84	115	(27.0	%)		4		6	(33.3	%)
Large Commercial & Industrial	1	—	100.0	%		—		—	0.0	%
Total Delivery Only	90	122	(26.2	%)		5		7	(28.6	%)
Total Electric Retail	8,877	9,391	(5.5	%)		1,036		1,091	(5.0	%)
Other Revenue(c)						67		71	(5.6	%)
Total Electric Revenue						1,103		1,162	(5.1	%)
Gas (in mmcfs)
Retail Sales	7,136	6,838	4.4	%		95		109	(12.8	%)
Transportation and Other	6,105	6,158	(0.9	%)		6		6	0.0	%
Total Gas	13,241	12,996	1.9	%		101		115	(12.2	%)
Total Electric and Gas Revenues					$	1,204	$	1,277	(5.7	%)
Purchased Power					$	547	$	594	(7.9	%)
Fuel						55		80	(31.3	%)
Total Purchased Power and Fuel					$	602	$	674	(10.7	%)
Heating and Cooling Degree-Days (d)	2009	2008	Normal
Heating Degree-Days	414	410	458
Cooling Degree-Days	352	393	332
Six Months Ended June 30, 2009 and 2008
	Electric and Gas Deliveries				Revenue (in millions)
	2009	2008	% Change		2009		2008		% Change
Electric (in GWhs)
Full Service(a)
Residential	6,287	6,348	(1.0	%)	$	881	$	894	(1.5	%)
Small Commercial & Industrial	4,027	4,000	0.7	%		501		501	0.0	%
Large Commercial & Industrial	7,667	8,075	(5.1	%)		657		698	(5.9	%)
Public Authorities & Electric Railroads	469	460	2.0	%		45		44	2.3	%
Total Full Service	18,450	18,883	(2.3	%)		2,084		2,137	(2.5	%)
Delivery Only(b)
Residential	12	15	(20.0	%)		1		1	0.0	%
Small Commercial & Industrial	182	239	(23.8	%)		9		13	(30.8	%)
Large Commercial & Industrial	2	2	0.0	%		—		—	0.0	%
Total Delivery Only	196	256	(23.4	%)		10		14	(28.6	%)
Total Electric Retail	18,646	19,139	(2.6	%)		2,094		2,151	(2.6	%)
Other Revenue(c)						135		135	0.0	%
Total Electric Revenue						2,229		2,286	(2.5	%)
Gas (in mmcfs)
Retail Sales	35,750	33,185	7.7	%		475		452	5.1	%
Transportation and Other	13,983	14,351	(2.6	%)		14		16	(12.5	%)
Total Gas	49,733	47,536	4.6	%		489		468	4.5	%
Total Electric and Gas Revenues					$	2,718	$	2,754	(1.3	%)
Purchased Power					$	1,116	$	1,165	(4.2	%)
Fuel						321		348	(7.8	%)
Total Purchased Power and Fuel					$	1,437	$	1,513	(5.0	%)
Heating and Cooling Degree-Days (d)	2009	2008	Normal
Heating Degree-Days	2,948	2,732	2,968
Cooling Degree-Days	352	393	332

(a) Full service reflects deliveries to customers purchasing electricity directly from PECO. Revenue reflects the cost of energy, the cost of the transmission and the distribution of the energy and a CTC.

(b) Delivery only service reflects deliveries to customers electing to receive electric generation service from a competitive electric generation supplier. Revenue reflects a distribution charge and a CTC.

(c) Other revenue includes transmission revenue from PJM, wholesale revenue and other wholesale energy sales.

(d) Reflects the impact of the leap year day in 2008.

18