Baltimore Gas & Electric 8-K Exelon Announces Second Quarter 2014 Results

Exhibit 99.1

Contact: Ravi Ganti Investor Relations 312-394-2345   Paul Adams Corporate Communications 410-470-4167

EXELON ANNOUNCES SECOND QUARTER 2014 RESULTS

CHICAGO (Jul. 31, 2014) —Exelon Corporation (NYSE: EXC) announced second quarter 2014 consolidated earnings as follows:

	Second Quarter
	2014		2013
Adjusted (non-GAAP) Operating Results:
Net Income ($ millions)	$	440	$	454
Diluted Earnings per Share	$	0.51	$	0.53
GAAP Results:
Net Income ($ millions)	$	522	$	490
Diluted Earnings per Share	$	0.60	$	0.57

“Exelon achieved earnings above our guidance range this quarter, and all of our businesses continued to deliver strong operating performance,” said Christopher M. Crane, Exelon’s president and CEO. “With our year to date results, we are on track to meet our full-year financial targets and finish 2014 within our guidance range.”

Second Quarter Operating Results

As shown in the table above, Exelon’s adjusted (non-GAAP) operating earnings decreased to $0.51 per share in the second quarter of 2014 from $0.53 per share in the second quarter of 2013. Earnings in the second quarter of 2014 primarily reflected the following negative factors:

• Lower realized energy prices;

• Decreased nuclear and fossil output during 2014 primarily due to outage days; and

• Higher operating and maintenance (O&M) expenses reflecting increased nuclear generating outage days and inflation across all operating companies, offset in part by reduced other postretirement benefit costs.

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These factors were offset by:

• Increased capacity pricing related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC (PJM) market;

• Increased distribution revenue at BGE, due to the December 2013 rate case order for electric and natural gas, and higher distribution earnings at ComEd due to increased capital investment; and

• Decreased income tax expense as a result of an increase in Generation’s domestic production activities deduction and PECO’s electric tax repairs deduction.

Adjusted (non-GAAP) Operating Earnings for the second quarter of 2014 do not include the following items (after tax) that were included in reported GAAP earnings:

	(in millions)			(per diluted share)
Exelon Adjusted (non-GAAP) Operating Earnings	$	440		$	0.51
Mark-to-Market Impact of Economic Hedging Activities		(8	)		(0.01	)
Unrealized Gains Related to Nuclear Decommissioning Trust (NDT) Fund Investments		76			0.09
Merger and Integration Costs		(19	)		(0.02	)
PHI Acquisition Costs		(12	)		(0.01	)
Amortization of Commodity Contract Intangibles		(23	)		(0.03	)
Long-Lived Asset Impairment		(68	)		(0.08	)
Gain on CENG Integration		159			0.18
Non-Controlling Interest		(23	)		(0.03	)
Exelon GAAP Net Income	$	522		$	0.60

Adjusted (non-GAAP) Operating Earnings for the second quarter of 2013 do not include the following items (after tax) that were included in reported GAAP earnings:

	(in millions)			(per diluted share)
Exelon Adjusted (non-GAAP) Operating Earnings	$	454		$	0.53
Mark-to-Market Impact of Economic Hedging Activities		253			0.30
Unrealized Losses Related to NDT Fund Investments		(22	)		(0.03	)
Constellation Merger and Integration Costs		(15	)		(0.02	)
Amortization of Commodity Contract Intangibles		(115	)		(0.13	)
Amortization of the Fair Value of Certain Debt		4			—
Long-Lived Asset Impairment		(69	)		(0.08	)
Exelon GAAP Net Income	$	490		$	0.57

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Second Quarter and Recent Highlights

• Proposed Merger with Pepco Holdings, Inc.: On April 29, 2014, Exelon and Pepco Holdings, Inc. (PHI) signed an agreement and plan of merger to combine the two companies in an all-cash transaction. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to be completed in the second or third quarter of 2015.

• Integration of Constellation Energy Nuclear Group, LLC: On April 1, 2014, Generation and subsidiaries and Constellation Energy Nuclear Group, LLC (CENG) entered into a Nuclear Operating Services Agreement (NOSA) pursuant to which Generation will operate the CENG nuclear generation fleet owned by CENG subsidiaries and provide corporate and administrative services for the remaining life of the CENG nuclear plants as if they were a part of the Generation nuclear fleet. The execution of the NOSA requires Exelon to fully consolidate CENG into Exelon’s financial statements. Upon consolidation, Exelon recorded a pre-tax net gain on integration of CENG of $261 million, which is excluded from second quarter operating earnings.

• Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station and beginning April 1, 2014, 100 percent of the CENG units, produced 41,397 gigawatt-hours (GWh), of which 7,546 GWh were produced by CENG, in the second quarter of 2014, compared with 34,601 GWh in the second quarter of 2013. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 91.8 percent capacity factor for the second quarter of 2014, compared with 92.8 percent for the second quarter of 2013. The number of planned refueling outage days totaled 108, including 52 CENG planned outage days, in the second quarter of 2014, compared with 47 in the second quarter of 2013. There were 44 non-refueling outage days, including three CENG non-refueling outage days, in the second quarter of 2014, compared with 31 days in the second quarter of 2013.

• Fossil and Renewables Operations: The Dispatch Match rate for Generation’s gas/hydro fleet was 99.2 percent in the second quarter of 2014, compared with 99.1 percent in the second quarter of 2013. Energy Capture for the wind/solar fleet was 94.7 percent in the second quarter of 2014, compared with 92.4 percent in the second quarter of 2013. Energy Capture in the second quarter of 2014 reflects increased turbine availability. Construction of two 60.0 megawatt (MW) units at the Perryman Generating station in Hartford County, Md., began on July 1, with commercial operation scheduled to begin in 2015.

• Renewables Projects: The 50.4 MW Beebe 1B project in Gratiot, Mich., and 40.0 MW Fourmile Ridge project in Garrett County, Md., both began construction in the second quarter of 2014, with commercial operation expected by the fourth quarter. The remaining two blocks of the 230 MW Antelope Valley Solar Ranch project in California, Block 1 (28 MW) and Block 2 (20 MW) were officially turned over to Exelon on June 19, 2014.

• Spent Nuclear Fuel Obligation: In May 2014, the Department of Energy notified Generation that the spent nuclear fuel (SNF) disposal fee would be set to zero effective

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May 16, 2014. Through the effective date of the fee reduction, Generation incurred SNF disposal fees of $49 million, which includes Generation’s share of Salem and net of co-owner reimbursements (not including such fees incurred by CENG). Until a new fee structure is in effect, Generation will not accrue any further costs related to this fee.

• BGE Gas and Electric Distribution Rate Case: On July 2, 2014, BGE filed an application with the Maryland Public Service Commission (MDPSC) for increases of $118 million and $68 million to its electric and gas base rates, respectively. The requested rates of return on equity in the application were 10.65 percent for electric and 10.55 percent for gas. The MDPSC will determine any increase in rates after a proceeding with input from all interested parties. The new electric and gas distribution base rates are expected to take effect in late January 2015.

• Financing Activities:

• In April 2014, concurrently and in connection with entering into the agreement to acquire PHI, Exelon entered into a credit facility to which the lenders committed to provide Exelon a 364-day senior unsecured bridge credit facility of $7.2 billion to support the contemplated transaction and provide flexibility for timing of permanent financing. The bridge credit facility was subsequently reduced to $4.2 billion as a result of the June 2014 equity issuances.

• On June 11, 2014, Exelon executed a $2.0 billion equity offering of 57.5 million shares of common stock in connection with forward sales agreements and $1.2 billion of junior subordinated notes in the form of 23 million equity units.

• 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, 2014, was 92 percent to 95 percent for 2014, 75 percent to 78 percent for 2015, and 46 percent to 49 percent for 2016. 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.

Operating Company Results

Generation consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products, risk management services and natural gas exploration and production activities. Beginning April 1, 2014, 100 percent of CENG’s operations are included in Generation’s results in connection with the NOSA referenced in the Second Quarter and Recent Highlights.

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The second quarter 2014 GAAP net income was $340 million, compared with a net income of $330 million in the second quarter of 2013. Adjusted (non-GAAP) operating earnings for the second quarter of 2014 and 2013 do not include various items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is in the table below:

($ millions)	2Q14			2Q13
Generation Adjusted (non-GAAP) Operating Earnings	$	231		$	273
Mark-to-Market Impact of Economic Hedging Activities		(8	)		263
Net Unrealized Gains (Losses) Related to NDT Fund Investments		76			(22	)
Merger and Integration Costs		(19	)		(12	)
Amortization of Commodity Contract Intangibles		(23	)		(115	)
Amortization of Fair Value of Certain Debt		—			4
Long-Lived Asset Impairment		(53	)		(61	)
Gain on CENG Integration		159			—
Non-Controlling Interest		(23	)		—
Generation GAAP Net Income	$	340		$	330

Generation’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2014 decreased $42 million compared with the same quarter in 2013. This decrease primarily reflected:

• Lower realized energy prices;

• Higher O&M expenses reflecting increased nuclear generating outage days and inflation, offset in part by reduced OPEB costs; and

• Decreased nuclear and fossil output during 2014, primarily due to outage days.

These items were partially offset by favorable capacity pricing related to RPM for the PJM market.

ComEd consists of electricity transmission and distribution operations in Northern Illinois. ComEd recorded GAAP net income of $111 million in the second quarter of 2014, compared with net income of $96 million in the second quarter of 2013.

ComEd’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2014 were up $15 million from the same quarter in 2013, primarily reflecting higher distribution formula rate earnings due to increased capital investment.

For the second quarter of 2014, heating degree-days in the ComEd service territory were down 10.7 percent relative to the same period in 2013 and were 9.2 percent below normal. Meanwhile, cooling degree days were up 7.9 percent relative to the same period in 2013 and were 18.8 percent above normal. Total retail electric deliveries increased 0.4 percent in the second quarter of 2014 compared with the same period in 2013.

Weather-normalized retail electric deliveries remained flat in the second quarter of 2014 relative to 2013.

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

PECO’s GAAP net income in the second quarter of 2014 was $84 million, compared with $72 million in the second quarter of 2013. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2013 do not include various items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is in the table below:

($ millions)	2Q14		2Q13
PECO Adjusted (non-GAAP) Operating Earnings	$	84	$	74
Merger and Integration Costs		—		(2	)
PECO GAAP Net Income	$	84	$	72

PECO’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2014 increased $10 million from the same quarter in 2013, primarily due to a decreased income tax expense as a result of an increase in the electric tax repairs deduction.

For the second quarter of 2014, heating degree-days in the PECO service territory were down 6.7 percent relative to the same period in 2013 and were 15.1 percent below normal. Cooling degree-days were down 10.3 percent from prior year, but were 7.8 percent above normal. Total retail electric deliveries were down 1.8 percent compared with the second quarter of 2013. Natural gas deliveries (including both retail and transportation segments) in the second quarter of 2014 were up 4.3 percent compared with the second quarter of 2013.

Weather-normalized retail electric deliveries and gas deliveries increased 0.2 percent and 1.4 percent in the second quarter of 2014 relative to 2013, respectively. The variances are driven primarily by economic and customer growth (mainly in the residential classes), partially offset by energy efficiency and higher gas rates, respectively.

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

BGE’s GAAP net income in the second quarter of 2014 was $16 million, compared with $22 million in the second quarter of 2013. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2013 do not include various items (after tax) that were included in reported GAAP earnings. A reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Net Income is in the table below:

($ millions)	2Q14		2Q13
BGE Adjusted (non-GAAP) Operating Earnings	$	16	$	23
Merger and Integration Costs		—		(1	)
BGE GAAP Net Income	$	16	$	22

BGE’s Adjusted (non-GAAP) Operating Earnings in the second quarter of 2014 decreased $7 million from the same quarter in 2013, primarily due to increased operating and maintenance expense, partially offset by increased revenue as a result of the December 2013 electric and gas distribution rate order issued by the MDPSC. Due to revenue decoupling, BGE is not affected by actual weather with the exception of major storms.

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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 8 are posted on Exelon’s Web site:www.exeloncorp.com and have been furnished to the Securities and Exchange Commission on Form 8-K on July 31, 2014.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company and Exelon Generation Company, LLC (Registrants) include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2013 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 22; (2) Exelon’s Second Quarter 2014 Quarterly Report on Form 10-Q (to be filed on July 31, 2014) in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 18; and (3) other factors discussed in filings with the SEC by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

# # #

Exelon Corporation (NYSE: EXC) is the nation’s leading competitive energy provider, with 2013 revenues of approximately $24.9 billion. Headquartered in Chicago, Exelon has does business in 48 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with more than 35,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 100,000 business and public sector customers and approximately 1 million residential customers. Exelon’s utilities deliver electricity and natural gas to more than 7.8 million customers in Central Maryland (BGE), Northern Illinois (ComEd) and Southeastern Pennsylvania (PECO).

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Earnings Release Attachments

Table of Contents

Consolidating Statements of Operations - Three Months Ended June 30, 2014 and 2013	1
Consolidating Statements of Operations - Six Months Ended June 30, 2014 and 2013	2
Business Segment Comparative Statements of Operations - Generation and ComEd - Three and Six Months Ended June 30, 2014 and 2013	3
Business Segment Comparative Statements of Operations - PECO and BGE - Three and Six Months Ended June 30, 2014 and 2013	4
Business Segment Comparative Statements of Operations - Other - Three and Six Months Ended June 30, 2014 and 2013	5
Consolidated Balance Sheets - June 30, 2014 and December 31, 2013	6
Consolidated Statements of Cash Flows - Six Months Ended June 30, 2014 and 2013	7
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Three Months Ended June 30, 2014 and 2013	8
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Six Months Ended June 30, 2014 and 2013	9
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Three Months Ended June 30, 2014 and 2013	10
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Six Months Ended June 30, 2014 and 2013	11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Generation - Three and Six Months Ended June 30, 2014 and 2013	12
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - ComEd - Three and Six Months Ended June 30, 2014 and 2013	13
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - PECO - Three and Six Months Ended June 30, 2014 and 2013	14
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - BGE - Three and Six Months Ended June 30, 2014 and 2013	15
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Other - Three and Six Months Ended June 30, 2014 and 2013	16
Exelon Generation Statistics - Three Months Ended June 30, 2014, March 31, 2014, December 31, 2013, September 30, 2013 and June 30, 2013	17
Exelon Generation Statistics - Six Months Ended June 30, 2014 and 2013	18
ComEd Statistics - Three and Six Months Ended June 30, 2014 and 2013	19
PECO Statistics - Three and Six Months Ended June 30, 2014 and 2013	20
BGE Statistics - Three and Six Months Ended June 30, 2014 and 2013	21

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Three Months Ended June 30, 2014 (a)
	Generation			ComEd			PECO			BGE			Other (b)			Exelon Consolidated
Operating revenues	$	3,789		$	1,128		$	656		$	653		$	(202	)	$	6,024
Operating expenses
Purchased power and fuel		1,835			269			241			268			(201	)		2,412
Operating and maintenance		1,413			355			184			188			26			2,166
Depreciation and amortization		254			174			59			89			14			590
Taxes other than income		118			72			38			53			7			288
Total operating expenses		3,620			870			522			598			(154	)		5,456
Equity in losses of unconsolidated affiliates		(1	)		—			—			—			1			—
Gain on consolidation of CENG		261			—			—			—			—			261
Operating income (loss)		429			258			134			55			(47	)		829
Other income and (deductions)
Interest expense		(86	)		(80	)		(28	)		(27	)		(17	)		(238	)
Other, net		228			5			1			5			4			243
Total other income and (deductions)		142			(75	)		(27	)		(22	)		(13	)		5
Income (loss) before income taxes		571			183			107			33			(60	)		834
Income taxes		199			72			23			14			(31	)		277
Net income (loss)		372			111			84			19			(29	)		557
Net income attributable to noncontrolling interests and preference stock dividends		32			—			—			3			—			35
Net income (loss) attibutable to common shareholders	$	340		$	111		$	84		$	16		$	(29	)	$	522
	Three Months Ended June 30, 2013
	Generation			ComEd			PECO			BGE			Other (b)			Exelon Consolidated
Operating revenues	$	4,070		$	1,080		$	672		$	653		$	(334	)	$	6,141
Operating expenses
Purchased power and fuel		1,946			248			258			288			(321	)		2,419
Operating and maintenance		1,189			359			181			160			3			1,892
Depreciation and amortization		210			170			56			82			15			533
Taxes other than income		101			71			39			54			6			271
Total operating expenses		3,446			848			534			584			(297	)		5,115
Equity in losses of unconsolidated affiliates		(21	)		—			—			—			—			(21	)
Operating income (loss)		603			232			138			69			(37	)		1,005
Other income and (deductions)
Interest expense		(93	)		(76	)		(28	)		(32	)		(23	)		(252	)
Other, net		(33	)		6			—			4			6			(17	)
Total other income and (deductions)		(126	)		(70	)		(28	)		(28	)		(17	)		(269	)
Income (loss) before income taxes		477			162			110			41			(54	)		736
Income taxes		149			66			32			16			(24	)		239
Net income (loss)		328			96			78			25			(30	)		497
Net income attributable to noncontrolling interests, preferred security dividends and preference stock dividends		(2	)		—			6			3			—			7
Net income (loss) attributable to common shareholders	$	330		$	96		$	72		$	22		$	(30	)	$	490

(a) Includes the results of operations of Constellation Energy Nuclear Group, LLC beginning on April 1, 2014, the date the nuclear operating services agreement was executed.

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

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EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Six Months Ended June 30, 2014 (a)
	Generation			ComEd			PECO			BGE			Other (b)			Exelon Consolidated
Operating revenues	$	8,179		$	2,262		$	1,649		$	1,707		$	(536	)	$	13,261
Operating expenses
Purchased power and fuel		5,191			589			705			797			(530	)		6,752
Operating and maintenance		2,499			681			464			376			4			4,024
Depreciation and amortization		466			347			117			197			27			1,154
Taxes other than income		223			149			80			113			15			580
Total operating expenses		8,379			1,766			1,366			1,483			(484	)		12,510
Equity in losses of unconsolidated affiliates		(20	)		—			—			—			—			(20	)
Gain on consolidation of CENG		261															261
Operating income (loss)		41			496			283			224			(52	)		992
Other income and (deductions)
Interest expense		(172	)		(160	)		(56	)		(55	)		(22	)		(465	)
Other, net		318			10			3			9			8			348
Total other income and (deductions)		146			(150	)		(53	)		(46	)		(14	)		(117	)
Income (loss) before income taxes		187			346			230			178			(66	)		875
Income taxes		(1	)		137			57			72			(41	)		224
Net income (loss)		188			209			173			106			(25	)		651
Net income attributable to noncontrolling interests, preferred security dividends and redemption and preference stock dividends		33			—			—			6			—			39
Net income (loss) attributable to common shareholders	$	155		$	209		$	173		$	100		$	(25	)	$	612
	Six Months Ended June 30, 2013
	Generation			ComEd			PECO			BGE			Other (b)			Exelon Consolidated
Operating revenues	$	7,603		$	2,239		$	1,567		$	1,533		$	(719	)	$	12,223
Operating expenses
Purchased power and fuel		4,114			630			664			713			(721	)		5,400
Operating and maintenance		2,302			687			369			303			(5	)		3,656
Depreciation and amortization		424			337			113			175			27			1,076
Taxes other than income		194			145			80			109			20			548
Total operating expenses		7,034			1,799			1,226			1,300			(679	)		10,680
Equity in losses of unconsolidated affiliates		(30	)		—			—			—			—			(30	)
Operating income (loss)		539			440			341			233			(40	)		1,513
Other income and (deductions)
Interest expense		(176	)		(429	)		(57	)		(66	)		(148	)		(876	)
Other, net		95			11			3			9			37			155
Total other income and (deductions)		(81	)		(418	)		(54	)		(57	)		(111	)		(721	)
Income (loss) before income taxes		458			22			287			176			(151	)		792
Income taxes		148			8			87			70			(19	)		294
Net income (loss)		310			14			200			106			(132	)		498
Net income (loss) attributable to noncontrolling interests, preferred security dividends and preference stock dividends		(1	)		—			7			6			—			12
Net income (loss) attributable to common shareholders	$	311		$	14		$	193		$	100		$	(132	)	$	486

(a) Includes the results of operations of Constellation Energy Nuclear Group, LLC beginning on April 1, 2014, the date the nuclear operating services agreement was executed.

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

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EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

		Generation
	Three Months Ended June 30,									Six Months Ended June 30,
	2014 (a)			2013			Variance			2014 (a)			2013			Variance
Operating revenues	$	3,789		$	4,070		$	(281	)	$	8,179		$	7,603		$	576
Operating expenses
Purchased power and fuel		1,835			1,946			(111	)		5,191			4,114			1,077
Operating and maintenance		1,413			1,189			224			2,499			2,302			197
Depreciation and amortization		254			210			44			466			424			42
Taxes other than income		118			101			17			223			194			29
Total operating expenses		3,620			3,446			174			8,379			7,034			1,345
Equity in losses of unconsolidated affiliates		(1	)		(21	)		20			(20	)		(30	)		10
Gain on consolidation of CENG		261			—			261			261			—			261
Operating income		429			603			(174	)		41			539			(498	)
Other income and (deductions)
Interest expense		(86	)		(93	)		7			(172	)		(176	)		4
Other, net		228			(33	)		261			318			95			223
Total other income and (deductions)		142			(126	)		268			146			(81	)		227
Income before income taxes		571			477			94			187			458			(271	)
Income taxes		199			149			50			(1	)		148			(149	)
Net income		372			328			44			188			310			(122	)
Net income (loss) attributable to noncontrolling interests and preference stock dividends		32			(2	)		34			33			(1	)		34
Net income attributable to membership interest	$	340		$	330		$	10		$	155		$	311		$	(156	)
		ComEd
	Three Months Ended June 30,									Six Months Ended June 30,
	2014			2013			Variance			2014			2013			Variance
Operating revenues	$	1,128		$	1,080		$	48		$	2,262		$	2,239		$	23
Operating expenses
Purchased power		269			248			21			589			630			(41	)
Operating and maintenance		355			359			(4	)		681			687			(6	)
Depreciation and amortization		174			170			4			347			337			10
Taxes other than income		72			71			1			149			145			4
Total operating expenses		870			848			22			1,766			1,799			(33	)
Operating income		258			232			26			496			440			56
Other income and (deductions)
Interest expense		(80	)		(76	)		(4	)		(160	)		(429	)		269
Other, net		5			6			(1	)		10			11			(1	)
Total other income and (deductions)		(75	)		(70	)		(5	)		(150	)		(418	)		268
Income before income taxes		183			162			21			346			22			324
Income taxes		72			66			6			137			8			129
Net income	$	111		$	96		$	15		$	209		$	14		$	195

(a) Includes the results of operations of Constellation Energy Nuclear Group, LLC beginning on April 1, 2014, the date the nuclear operating services agreement was executed.

3

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

		PECO
	Three Months Ended June 30,									Six Months Ended June 30,
	2014			2013			Variance			2014			2013			Variance
Operating revenues	$	656		$	672		$	(16	)	$	1,649		$	1,567		$	82
Operating expenses
Purchased power and fuel		241			258			(17	)		705			664			41
Operating and maintenance		184			181			3			464			369			95
Depreciation and amortization		59			56			3			117			113			4
Taxes other than income		38			39			(1	)		80			80			—
Total operating expenses		522			534			(12	)		1,366			1,226			140
Operating income		134			138			(4	)		283			341			(58	)
Other income and (deductions)
Interest expense		(28	)		(28	)		—			(56	)		(57	)		1
Other, net		1			—			1			3			3			—
Total other income and (deductions)		(27	)		(28	)		1			(53	)		(54	)		1
Income before income taxes		107			110			(3	)		230			287			(57	)
Income taxes		23			32			(9	)		57			87			(30	)
Net income		84			78			6			173			200			(27	)
Preferred security dividends and redemption		—			6			(6	)		—			7			(7	)
Net income attributable to common shareholder	$	84		$	72		$	12		$	173		$	193		$	(20	)
		BGE
	Three Months Ended June 30,									Six Months Ended June 30,
	2014			2013			Variance			2014			2013			Variance
Operating revenues	$	653		$	653		$	—		$	1,707		$	1,533		$	174
Operating expenses
Purchased power and fuel		268			288			(20	)		797			713			84
Operating and maintenance		188			160			28			376			303			73
Depreciation and amortization		89			82			7			197			175			22
Taxes other than income		53			54			(1	)		113			109			4
Total operating expenses		598			584			14			1,483			1,300			183
Operating income		55			69			(14	)		224			233			(9	)
Other income and (deductions)
Interest expense		(27	)		(32	)		5			(55	)		(66	)		11
Other, net		5			4			1			9			9			—
Total other income and (deductions)		(22	)		(28	)		6			(46	)		(57	)		11
Income before income taxes		33			41			(8	)		178			176			2
Income taxes		14			16			(2	)		72			70			2
Net income		19			25			(6	)		106			106			—
Preference stock dividends		3			3			—			6			6			—
Net income attributable to common shareholders	$	16		$	22		$	(6	)	$	100		$	100		$	—

4

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

		Other (a)
	Three Months Ended June 30,									Six Months Ended June 30,
	2014			2013			Variance			2014			2013			Variance
Operating revenues	$	(202	)	$	(334	)	$	132		$	(536	)	$	(719	)	$	183
Operating expenses
Purchased power and fuel		(201	)		(321	)		120			(530	)		(721	)		191
Operating and maintenance		26			3			23			4			(5	)		9
Depreciation and amortization		14			15			(1	)		27			27			—
Taxes other than income		7			6			1			15			20			(5	)
Total operating expenses		(154	)		(297	)		143			(484	)		(679	)		195
Equity in earnings of unconsolidated affiliates		1			—			1			—			—			—
Operating loss		(47	)		(37	)		(10	)		(52	)		(40	)		(12	)
Other income and (deductions)
Interest expense		(17	)		(23	)		6			(22	)		(148	)		126
Other, net		4			6			(2	)		8			37			(29	)
Total other income and (deductions)		(13	)		(17	)		4			(14	)		(111	)		97
Loss before income taxes		(60	)		(54	)		(6	)		(66	)		(151	)		85
Income benefit		(31	)		(24	)		(7	)		(41	)		(19	)		(22	)
Net loss	$	(29	)	$	(30	)	$	1		$	(25	)	$	(132	)	$	107

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

5

EXELON CORPORATION

Consolidated Balance Sheets

(in millions)

	June 30, 2014			December 31, 2013
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	1,362		$	1,609
Restricted cash and investments		207			167
Accounts receivable, net
Customer		2,973			2,981
Other		1,005			1,175
Mark-to-market derivative assets		629			727
Unamortized energy contract assets		264			374
Inventories, net
Fossil fuel		409			276
Materials and supplies		1,041			829
Deferred income taxes		426			573
Regulatory assets		732			760
Other		775			666
Total current assets		9,823			10,137
Property, plant and equipment, net		51,747			47,330
Deferred debits and other assets
Regulatory assets		5,545			5,910
Nuclear decommissioning trust funds		10,437			8,071
Investments		839			1,165
Investments in affiliates		22			22
Investment in CENG		—			1,925
Goodwill		2,674			2,625
Mark-to-market derivative assets		482			607
Unamortized energy contracts assets		593			710
Pledged assets for Zion Station decommissioning		402			458
Other		1,092			964
Total deferred debits and other assets		22,086			22,457
Total assets (a)	$	83,656		$	79,924
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	621		$	341
Long-term debt due within one year		2,047			1,509
Accounts payable		2,633			2,484
Accrued expenses		1,382			1,633
Payables to affiliates		38			116
Deferred income taxes		17			40
Regulatory liabilities		368			327
Mark-to-market derivative liabilities		228			159
Unamortized energy contract liabilities		239			261
Other		994			858
Total current liabilities		8,567			7,728
Long-term debt		18,133			17,623
Long-term debt to financing trusts		648			648
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		13,192			12,905
Asset retirement obligations		7,054			5,194
Pension obligations		1,804			1,876
Non-pension postretirement benefit obligations		1,419			2,190
Spent nuclear fuel obligation		1,021			1,021
Regulatory liabilities		4,670			4,388
Mark-to-market derivative liabilities		262			300
Unamortized energy contract liabilities		260			266
Payable for Zion Station decommissioning		264			305
Other		2,133			2,540
Total deferred credits and other liabilities		32,079			30,985
Total liabilities (a)		59,427			56,984
Commitments and contingencies
Shareholders’ equity
Common stock		16,651			16,741
Treasury stock, at cost		(2,327	)		(2,327	)
Retained earnings		10,435			10,358
Accumulated other comprehensive loss, net		(1,906	)		(2,040	)
Total shareholders’ equity		22,853			22,732
BGE preference stock not subject to mandatory redemption		193			193
Noncontrolling interest		1,183			15
Total equity		24,229			22,940
Total liabilities and shareholders’ equity	$	83,656		$	79,924

(a) Exelon’s consolidated assets include $7,765 million and $1,755 million at June 30, 2014 and December 31, 2013, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Exelon’s consolidated liabilities include $3,111 million and $658 million at June 30, 2014 and December 31, 2013, respectively, of certain VIEs for which the VIE creditors do not have recourse to Exelon. See Note 3 – Variable Interest Entities.

6

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

	Six Months Ended
	June 30,
	2014			2013
Cash flows from operating activities
Net income	$	651		$	498
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization, depletion and accretion, including nuclear fuel and energy contract amortization		1,925			1,972
Gain on Consolidation of CENG		(268	)		—
Deferred income taxes and amortization of investment tax credits		133			(468	)
Net fair value changes related to derivatives		751			(28	)
Net realized and unrealized gains on nuclear decommissioning trust fund investments		(168	)		(27	)
Other non-cash operating activities		567			576
Changes in assets and liabilities:
Accounts receivable		48			131
Inventories		(150	)		(18	)
Accounts payable, accrued expenses and other current liabilities		(358	)		(583	)
Option premiums received (paid), net		21			(10	)
Counterparty collateral posted, net		(606	)		(259	)
Income taxes		(16	)		705
Pension and non-pension postretirement benefit contributions		(499	)		(284	)
Other assets and liabilities		(280	)		133
Net cash flows provided by operating activities		1,751			2,338
Cash flows from investing activities
Capital expenditures		(2,501	)		(2,518	)
Proceeds from termination of direct financing lease investment		335			—
Proceeds from nuclear decommissioning trust fund sales		4,219			1,448
Investment in nuclear decommissioning trust funds		(4,238	)		(1,565	)
Acquisition of business		(66	)		(3	)
Proceeds from sale of long-lived assets		32			4
Cash consolidated from CENG		129			—
Change in restricted cash		(40	)		22
Other investing activities		(57	)		63
Net cash flows used in investing activities		(2,187	)		(2,549	)
Cash flows from financing activities
Changes in short-term borrowings		293			662
Issuance of long-term debt		2,100			509
Retirement of long-term debt		(1,191	)		(616	)
Redemption of preferred securities		—			(93	)
Distributions to non-controlling interest of consolidated VIE		(415	)		—
Dividends paid on common stock		(533	)		(716	)
Proceeds from employee stock plans		18			32
Other financing activities		(83	)		(62	)
Net cash flows provided by (used in) financing activities		189			(284	)
Decrease in cash and cash equivalents		(247	)		(495	)
Cash and cash equivalents at beginning of period		1,609			1,486
Cash and cash equivalents at end of period	$	1,362		$	991

7

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, 2014									Three Months Ended June 30, 2013
							Adjusted									Adjusted
	GAAP (a)			Adjustments			Non-GAAP			GAAP (a)			Adjustments			Non-GAAP
Operating revenues	$	6,024		$	170	(b),(c)	$	6,194		$	6,141		$	(259	)(b),(c)	$	5,882
Operating expenses
Purchased power and fuel		2,412			108	(b),(c)		2,520			2,419			(9	)(b),(c)		2,410
Operating and maintenance		2,166			(137	)(d),(e),(f)		2,029			1,892			(133	)(d),(f)		1,759
Depreciation and amortization		590			—			590			533			(1	)(d)		532
Taxes other than income		288			—			288			271			—			271
Total operating expenses		5,456			(29	)		5,427			5,115			(143	)		4,972
Equity in losses of unconsolidated affiliates		—			—			—			(21	)		21	(c)		—
Gain on consolidation of CENG		261			(261	)(g)		—			—			—			—
Operating income		829			(62	)		767			1,005			(95	)		910
Other income and (deductions)
Interest expense		(238	)		8	(e)		(230	)		(252	)		4	(i)		(248	)
Other, net		243			(162	)(h)		81			(17	)		57	(d),(h),(i)		40
Total other income and (deductions)		5			(154	)		(149	)		(269	)		61			(208	)
Income before income taxes		834			(216	)		618			736			(34	)		702
Income taxes		277			(111	)(b),(c),(d),(e),(f),(g),(h),(j)		166			239			2	(b),(c),(d),(f),(h),(i),(k)		241
Net income		557			(105	)		452			497			(36	)		461
Net income attributable to noncontrolling interests and preference stock dividends		35			(23	)(j)		12			7			—			7
Net income attributable to common shareholders	$	522		$	(82	)	$	440		$	490		$	(36	)	$	454
Effective tax rate		33.2	%					26.9	%		32.5	%					34.3	%
Earnings per average common share
Basic	$	0.61		$	(0.10	)	$	0.51		$	0.57		$	(0.04	)	$	0.53
Diluted	$	0.60		$	(0.09	)	$	0.51		$	0.57		$	(0.04	)	$	0.53
Average common shares outstanding
Basic		860						860			856						856
Diluted		864						864			860						860
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Mark-to-market impact of economic hedging activities (b)				$	0.01								$	(0.30	)
Amortization of commodity contract intangibles (c)					0.03									0.13
Merger and integration costs (d)					0.02									0.02
PHI acquisition costs (e)					0.01									—
Long-lived asset impairment (f)					0.08									0.08
Gain on CENG Integration (g)					(0.18	)								—
Unrealized gains related to NDT fund investments (h)					(0.09	)								0.03
Non-controlling interest (j)					0.03									—
Total adjustments				$	(0.09	)							$	(0.04	)

For the three months ended June 30, 2014, includes the results of operations of Constellation Energy Nuclear Group, LLC beginning on April 1, 2014, the date the nuclear operating services agreement was executed.

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

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

(c) Adjustment to exclude the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the merger date.

(d) Adjustment to exclude certain costs incurred associated with the Constellation merger and at Generation the Constellation Energy Nuclear Group, LLC (CENG) transaction, including employee-related expenses (e.g. severance, retirement, relocation and retention bonuses), integration initiatives, and certain pre-acquisition contingencies.

(e) Adjustment to exclude certain costs incurred associated with the Pepco Holdings Inc. acquisition, including professional fees and upfront credit facility fees.

(f) Adjustment to exclude a 2014 charge to earnings primarily related to the impairment of certain wind generating assets and a 2013 charge to earnings primarily related to the cancellation of previously capitalized nuclear uprate projects.

(g) Adjustment to exclude the gain recorded upon consolidation of CENG resulting from the difference in the fair value of CENG’s net assets and the equity method investment previously recorded on Generation’s and Exelon’s books and the settlement of pre-existing commitments between Generation and CENG.

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

(i) Adjust to exclude the non-cash amortization of certain debt recorded at fair value at the Constellation merger date, which was retired in the second quarter of 2013.

(j) Adjustments to account for the CENG interest not owned by Generation, where applicable.

(k) Adjustment to exclude the non-cash impacts of the remeasurement of state deferred income taxes as a result of the merger.

8

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, 2014									Six Months Ended June 30, 2013
							Adjusted									Adjusted
	GAAP (a)			Adjustments			Non-GAAP			GAAP (a)			Adjustments			Non-GAAP
Operating revenues	$	13,261		$	1,020	(b),(c),(d)	$	14,281		$	12,223		$	552	(c),(d)	$	12,775
Operating expenses
Purchased power and fuel		6,752			187	(c),(d)		6,939			5,400			244	(c),(d)		5,644
Operating and maintenance		4,024			(149	)(b),(e),(f)		3,875			3,656			(170	)(b),(f)		3,486
Depreciation and amortization		1,154			—			1,154			1,076			(2	)(b)		1,074
Taxes other than income		580			—			580			548			—			548
Total operating expenses		12,510			38			12,548			10,680			72			10,752
Equity in earnings (loss) of unconsolidated affiliates		(20	)		12	(b),(c)		(8	)		(30	)		39	(c)		9
Gain on consolidation of CENG		261			(261	)(g)		—			—			—			—
Operating income		992			733			1,725			1,513			519			2,032
Other income and (deductions)
Interest expense		(465	)		8	(e)		(457	)		(876	)		371	(b),(j),(f),(k)		(505	)
Other, net		348			(205	)(h),(i)		143			155			(53	)(b),(h),(k),(l)		102
Total other income and (deductions)		(117	)		(197	)		(314	)		(721	)		318			(403	)
Income before income taxes		875			536			1,411			792			837			1,629
Income taxes		224			201	(b),(c),(d),(e),(f),(j),(g),(h),(i)		425			294			267	(b),(c),(d),(f),(h),(j),(k),(l)		561
Net income		651			335			986			498			570			1,068
Net income attributable to noncontrolling interests, preferred security dividends and redemption and preference stock dividends		39			(23	)(m)		16			12			—			12
Net income attributable to common shareholders	$	612		$	358		$	970		$	486		$	570		$	1,056
Effective tax rate		25.6	%					30.1	%		37.1	%					34.4	%
Earnings per average common share
Basic	$	0.71		$	0.42		$	1.13		$	0.57		$	0.67		$	1.23
Diluted	$	0.71		$	0.41		$	1.12		$	0.57		$	0.66		$	1.23
Average common shares outstanding
Basic		860						860			856						856
Diluted		863						863			859						859
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
Merger and integration costs (b)				$	0.03								$	0.05
Amortization of commodity contract intangibles (c)					0.06									0.27
Mark-to-market impact of economic hedging activities (d)					0.52									(0.02	)
PHI acquisition costs (e)					0.01									—
Long-lived asset impairment (f)					0.08									0.10
Gain on CENG Integration (g)					(0.18	)								—
Unrealized gains related to NDT fund investments (h)					(0.10	)								(0.02	)
Tax settlement (i)					(0.04	)								—
Remeasurement of like-kind exchange tax position (j)					—									0.31
Amortization of the fair value of certain debt (k)					—									(0.01	)
Plant retirements and divestitures (l)					—									(0.02	)
Non-controlling interest (m)					0.03									—
Total adjustments				$	0.41								$	0.66

For the six months ended June 30, 2014, includes the results of operations of Constellation Nuclear Energy Group, LLC beginning on April 1, 2014, the date the nuclear operating services agreement was executed.

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude certain costs incurred associated with the Constellation merger and at Generation the Constellation Energy Nuclear Group, LLC (CENG) transaction, including employee-related expenses (e.g. severance, retirement, relocation and retention bonuses), integration initiatives, and certain pre-acquisition contingencies.

(c) Adjustment to exclude the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the merger date.

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

(e) Adjustment to exclude certain costs incurred associated with the Pepco Holdings Inc. acquisition, including professional fees and upfront credit facility fees.

(f) Adjustment to exclude a 2014 charge to earnings primarily related to the impairment of certain wind generating assets and a 2013 charge to earnings primarily related to the cancellation of previously capitalized nuclear uprate projects.

(g) Adjustment to exclude the gain recorded upon consolidation of CENG resulting from the difference in the fair value of CENG’s net assets and the equity method investment previously recorded on Generation’s and Exelon’s books and the settlement of pre-existing commitments between Generation and CENG.

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

(i) Adjustment to account for a favorable tax settlement in 2014 of certain income tax positions on Constellation’s 2009-2012 tax returns.

(j) Adjustment to exclude the non-cash impacts of the remeasurement of state deferred income taxes as a result of the merger.

(k) Adjust to exclude the non-cash amortization of certain debt recorded at fair value at the Constellation merger date, which was retired in the second quarter of 2013.

(l) Adjustment to exclude the impacts associated with the sale or retirement of generating stations.

(m) Adjustments to account for the CENG interest not owned by Generation, where applicable.

9

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Earnings (in millions)

Three Months Ended June 30, 2014 and 2013

(unaudited)

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			BGE			Other (a)			Exelon
2013 GAAP Earnings (Loss)	$	0.57		$	330		$	96		$	72		$	22		$	(30	)	$	490
2013 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		(0.30	)		(263	)		—			—			—			10			(253	)
Unrealized Losses Related to NDT Fund Investments (1)		0.03			22			—			—			—			—			22
Merger and Integration Costs (2)		0.02			12			���			2			1			—			15
Amortization of Commodity Contract Intangibles (3)		0.13			115			—			—			—			—			115
Amortization of the Fair Value of Certain Debt (4)		—			(4	)		—			—			—			—			(4	)
Long-Lived Asset Impairment (5)		0.08			61			—			—			—			8			69
2013 Adjusted (non-GAAP) Operating Earnings (Loss)		0.53			273			96			74			23			(12	)		454
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market:
Volume Impacts for Generation Revenue (9)		0.14			126			—			—			—			—			126
Fuel Cost Impacts for Generation (10)		(0.05	)		(46	)		—			—			—			—			(46	)
Capacity Pricing (11)		0.09			78			—			—			—			—			78
Market and Portfolio Conditions (12)		(0.07	)		(62	)		—			—			—			—			(62	)
ComEd, PECO and BGE Margins:
Weather		—			—			1			(5	)		—	(b)		—			(4	)
Load		—			—			—			2			—	(b)		—			2
Other Energy Delivery (13)		0.04			—			15			4			12			3			34
Operating and Maintenance Expense:
Labor, Contracting and Materials (14)		(0.10	)		(77	)		(2	)		(3	)		(5	)		1			(86	)
Planned Nuclear Refueling Outages (15)		(0.05	)		(42	)		—			—			—			—			(42	)
Pension and Non-Pension Postretirement Benefits(16)		0.04			17			15			1			(1	)		2			34
Other Operating and Maintenance (17)		(0.07	)		(28	)		(10	)		(1	)		(11	)		(4	)		(54	)
Depreciation and Amortization Expense (18)		(0.04	)		(28	)		(2	)		(2	)		(3	)		(1	)		(36	)
Equity in Earnings of Unconsolidated Affiliates		—			(1	)		—			—			—			1			—
Income Taxes (19)		0.03			19			1			9			(2	)		2			29
Interest Expense, Net (20)		0.01			2			(2	)		—			3			7			10
CENG Non-Controlling Interest		(0.01	)		(11	)		—			—			—			(1	)		(12	)
Other (21)		0.02			11			(1	)		5			—			—			15
2014 Adjusted (non-GAAP) Operating Earnings		0.51			231			111			84			16			(2	)		440
2014 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		(0.01	)		(8	)		—			—			—			—			(8	)
Unrealized Gains Related to NDT Fund Investments (1)		0.09			76			—			—			—			—			76
Merger and Integration Costs (2)		(0.02	)		(19	)		—			—			—			—			(19	)
Amortization of Commodity Contract Intangibles (3)		(0.03	)		(23	)		—			—			—			—			(23	)
Long-Lived Asset Impairment (5)		(0.08	)		(53	)		—			—			—			(15	)		(68	)
Gain on CENG Integration (6)		0.18			159			—			—			—			—			159
PHI Acquisition Costs (7)		(0.01	)		—			—			—			—			(12	)		(12	)
Non-Controlling Interest (8)		(0.03	)		(23	)		—			—			—			—			(23	)
2014 GAAP Earnings (Loss)	$	0.60		$	340		$	111		$	84		$	16		$	(29	)	$	522

Notes:

* Beginning on April 1, 2014, each line item above includes 100% of CENG’s results of operations. Prior to April 1, 2014, CENG’s net results were included in equity in earnings (loss) on unconsolidated affiliates. Therefore, the results of operations from 2014 and 2013 for each line item above are not comparable for Generation and Exelon. The explanations below identify any other significant or unusual items affecting the results of operations.

* Effective in the fourth quarter of 2013 Exelon switched from applying a blended tax rate to applying a marginal tax rate to the drivers and exclusions presented above, resulting in minor changes when comparing to historical earnings release filings.

* Effective in the first quarter of 2014, ‘Nuclear Volume’ and ‘Nuclear Fuel Costs’ were changed to ‘Volume Impacts for Generation Revenue’ and ‘Fuel Cost Impacts for Generation,’ respectively, reflecting a full Generation perspective.

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

(b) As approved by the Maryland PSC, BGE records a monthly adjustment to rates for residential and the majority of its commercial and industrial customers to eliminate the effect of abnormal weather and usage patterns per customer on distribution volumes.

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

(2) Reflects certain costs incurred associated with the Constellation merger and at Generation the Constellation Energy Nuclear Group, LLC (CENG) integration, including employee-related expenses (e.g. severance, retirement, relocation and retention bonuses), integration initiatives and certain pre-acquisition contingencies.

(3) Represents the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the Constellation merger date and at the CENG integration date.

(4) Represents the non-cash amortization of certain debt recorded at fair value at the Constellation merger date, which was retired in the second quarter of 2013.

(5) Reflects a 2013 charge to earnings primarily related to the cancellation of previously capitalized nuclear uprate projects and a 2014 charge primarily related to the impairment of certain wind generating assets.

(6) Represents the gain recorded upon consolidation of CENG resulting from the difference in the fair value of CENG’s net assets as of April 1, 2014, and the equity method investment previously recorded on Generation’s and Exelon’s books and the settlement of pre-existing transactions between Generation and CENG.

(7) Reflects certain costs incurred associated with the Pepco Holdings Inc. (PHI) acquisition, including professional fees and upfront credit facility fees.

(8) Represents adjustments to account for the CENG interest not owned by Generation, where applicable.

(9) Primarily reflects the inclusion of CENG’s results for the second quarter in 2014 and increased fossil generation in the South region, partially offset by a reduction in revenue due to increased nuclear generating outage days in 2014, including Salem, and a decrease in fossil generation in New England as a result of optimizing favorable commodity pricing, which is partially offset within market and portfolio conditions.

(10) Primarily reflects the inclusion of CENG’s results for the second quarter in 2014, and an increase in fossil generation in the South region, partially offset by lower nuclear generation and the cancellation of the DOE spent nuclear fuel disposal fee.

(11) Primarily reflects the impact of increased capacity prices related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC (PJM) market in addition to the inclusion of CENG’s results for the second quarter in 2014.

(12) Primarily reflects the impact of lower realized energy prices, partially offset by optimizing favorable commodity pricing in New England and the South.

(13) For ComEd, primarily reflects higher distribution formula rate revenue due to increased capital investments and increased cost recovery associated with energy efficiency programs (offset in other operating and maintenance expenses), partially offset by lower distribution formula rate revenue due to decreased pension and non-pension postretirement expense (offset below). For BGE, includes increased distribution revenue pursuant to electric and natural gas distribution rate case orders issued by the Maryland PSC.

(14) Primarily reflects the inclusion of CENG’s results for the second quarter in 2014 at Generation, an increase in contracting costs as a result of increased unplanned nuclear outage days at Generation, and inflation across all operating companies.

(15) Primarily as a result of the inclusion of CENG’s results for the second quarter in 2014, and the impact of increased planned nuclear refueling outage days in 2014, excluding Salem.

(16) Primarily reflects cost savings from plan design changes for certain OPEB plans, and the favorable impact of higher actuarially assumed pension and OPEB discount rates for 2014, partially offset by the inclusion of CENG’s results for the second quarter in 2014.

(17) At Generation, primarily relates to the inclusion of CENG’s results for the second quarter in 2014, and an increase in the reserve for future asbestos-related bodily injury claims. At ComEd, primarily relates to increased spend on energy and efficiency programs, and increased uncollectible accounts expense (both offset in other energy and delivery revenue). At BGE, primarily relates to increased uncollectible accounts expense.

(18) Primarily reflects the inclusion of CENG’s results for the second quarter in 2014 at Generation, and increased depreciation expense across the operating companies for ongoing capital expenditures.

(19) At Generation, primarily reflects increase in domestic production activities deduction partially offset by a reduction in the investment tax credit benefits. At PECO, primarily reflects an increase in electric tax repairs deduction.

(20) Primarily relates to the unfavorable franchise tax settlement in 2013 at Exelon Corporate.

(21) For Generation, primarily reflects higher realized NDT fund gains.

10

EXELON CORPORATION (a)

Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Earnings (in millions)

Six Months Ended June 30, 2014 and 2013

(unaudited)

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			BGE			Other (a)			Exelon
2013 GAAP Earnings (Loss)	$	0.57		$	311		$	14		$	193		$	100		$	(132	)	$	486
2013 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		(0.02	)		(16	)		—			—			—			(2	)		(18	)
Unrealized Gains Related to NDT Fund Investments (1)		(0.02	)		(14	)		—			—			—			—			(14	)
Plant Retirements and Divestitures (2)		(0.02	)		(13	)		—			—			—			—			(13	)
Merger and Integration Costs (3)		0.05			41			—			3			(4	)		3			43
Amortization of Commodity Contract Intangibles (4)		0.27			232			—			—			—			—			232
Amortization of the Fair Value of Certain Debt (5)		(0.01	)		(7	)		—			—			—			—			(7	)
Remeasurement of Like-Kind Exchange Tax Position (6)		0.31			—			171			—			—			94			265
Long-Lived Asset Impairment (7)		0.10			75			—			—			—			7			82
2013 Adjusted (non-GAAP) Operating Earnings (Loss)		1.23			609			185			196			96			(30	)		1,056
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market:
Volume Impacts for Generation Revenue (12)		0.10			85			—			—			—			—			85
Fuel Cost Impacts for Generation (13)		(0.09	)		(82	)		—			—			—			—			(82	)
Capacity Pricing (14)		0.17			148			—			—			—			—			148
Market and Portfolio Conditions (15)		(0.16	)		(141	)		—			—			—			—			(141	)
ComEd, PECO and BGE Margins:
Weather		0.03			—			9			15			—	(b)		—			24
Load		0.01			—			4			5			—	(b)		—			9
Other Energy Delivery (16)		0.10			—			25			4			54			(1	)		82
Operating and Maintenance Expense:
Labor, Contracting and Materials (17)		(0.11	)		(74	)		(5	)		(3	)		(14	)		—			(96	)
Planned Nuclear Refueling Outages (18)		(0.06	)		(48	)		—			—			—			—			(48	)
Pension and Non-Pension Postretirement Benefits (19)		0.04			21			21			—			(2	)		3			43
Other Operating and Maintenance (20)		(0.13	)		(26	)		(12	)		(56	)		(24	)		3			(115	)
Depreciation and Amortization Expense (21)		(0.06	)		(28	)		(5	)		(2	)		(13	)		(2	)		(50	)
Equity in Earnings of Unconsolidated Affiliates (22)		(0.01	)		(10	)		—			—			—			—			(10	)
Income Taxes (23)		0.03			13			—			9			(1	)		5			26
Interest Expense, Net (24)		0.02			12			(10	)		—			7			12			21
Other (25)		0.03			22			(3	)		5			(3	)		8			29
CENG Non-Controlling Interest		(0.01	)		(11	)		—			—			—			—			(11	)
Share Differential		(0.01	)		—			—			—			—			—			—
2014 Adjusted (non-GAAP) Operating Earnings (Loss)		1.12			490			209			173			100			(2	)		970
2014 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
Mark-to-Market Impact of Economic Hedging Activities		(0.52	)		(455	)		—			—			—			4			(451	)
Unrealized Gains Related to NDT Fund Investments (1)		0.10			84			—			—			—			—			84
Merger and Integration Costs (3)		(0.03	)		(28	)		—			—			—			—			(28	)
Amortization of Commodity Contract Intangibles (4)		(0.06	)		(54	)		—			—			—			—			(54	)
Long-Lived Asset Impairment (7)		(0.08	)		(53	)		—			—			—			(15	)		(68	)
Tax Settlements (8)		0.04			35			—			—			—			—			35
Gain on CENG Integration (9)		0.18			159			—			—			—			—			159
PHI Acquisition Costs (10)		(0.01	)		—			—			—			—			(12	)		(12	)
Non-Controlling Interest (11)		(0.03	)		(23	)		—			—			—			—			(23	)
2014 GAAP Earnings (Loss)	$	0.71		$	155		$	209		$	173		$	100		$	(25	)	$	612

Note:

* Beginning on April 1, 2014, each line item above includes 100% of CENG’s results of operations. Prior to April 1, 2014, CENG’s net results were included in equity in earnings (loss) on unconsolidated affiliates. Therefore, the results of operations from 2014 and 2013 for each line item above are not comparable for Generation and Exelon. The explanations below identify any other significant or unusual items affecting the results of operations.

* Effective in the fourth quarter of 2013 Exelon switched from applying a blended tax rate to applying a marginal tax rate to the drivers and exclusions presented above, resulting in minor changes when comparing to historical earnings release filings.

* Effective in the first quarter of 2014, ‘Nuclear Volume’ and ‘Nuclear Fuel Costs’ were changed to ‘Volume Impacts for Generation Revenue’ and ‘Fuel Cost Impacts for Generation,’ respectively, reflecting a full Generation perspective.

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

(b) As approved by the Maryland PSC, BGE records a monthly adjustment to rates for residential and the majority of its commercial and industrial customers to eliminate the effect of abnormal weather and usage patterns per customer on distribution volumes.

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

(2) Reflects the impacts associated with the sale or retirement of generating stations.

(3) Reflects certain costs incurred associated with the Constellation merger and at Generation the Constellation Energy Nuclear Group, LLC (CENG) integration, including employee-related expenses (e.g. severance, retirement, relocation and retention bonuses), integration initiatives and certain pre-acquisition contingencies.

(4) Represents the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the Constellation merger date and at the CENG integration date.

(5) Represents the non-cash amortization of certain debt recorded at fair value at the Constellation merger date, which was retired in the second quarter of 2013.

(6) Represents a non-cash charge to earnings resulting from the first quarter 2013 remeasurement of a like-kind exchange tax position taken on ComEd’s 1999 sale of fossil generating assets.

(7) Reflects a 2013 charge to earnings primarily related to the cancellation of previously capitalized nuclear uprate projects and a 2014 charge primarily related to the impairment of certain wind generating assets.

(8) Reflects a benefit related to the favorable settlement in 2014 of certain income tax positions on Constellation’s 2009-2012 tax returns.

(9) Represents the gain recorded upon consolidation of CENG resulting from the difference in the fair value of CENG’s net assets as of April 1, 2014, and the equity method investment previously recorded on Generation’s and Exelon’s books and the settlement of pre-existing transactions between Generation and CENG.

(10) Reflects certain costs incurred associated with the Pepco Holdings Inc. (PHI) acquisition, including professional fees and upfront credit facility fees.

(11) Represents adjustments to account for the CENG interest not owned by Generation, where applicable.

(12) Primarily reflects the inclusion of CENG’s results for the second quarter in 2014 and an increase in revenue in the ERCOT region as a result of extreme cold weather in the first quarter of 2014, partially offset by a reduction in revenue given increased nuclear generating outage days in 2014, including Salem, and a decrease in fossil generation in New England as a result of optimizing favorable commodity pricing, which is partially offset within market and portfolio conditions.

(13) Primarily reflects the inclusion of CENG’s results for the second quarter in 2014, an increase in fossil fuel costs due to the extreme cold weather during the first quarter of 2014, and the increase in fossil generation in the South and Mid-Atlantic regions, partially offset by lower nuclear generation, decreased fossil generation in the New England region and the cancellation of the DOE spent nuclear fuel disposal fee.

(14) Primarily reflects the impact of increased capacity prices related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC (PJM) market in addition to the inclusion of CENG’s results for the second quarter in 2014.

(15) Primarily reflects the impact of lower realized energy prices, and higher procurement costs for replacement power as a result of the extreme cold weather in the first quarter of 2014, partially offset by optimizing favorable commodity pricing in New England and South.

(16) For BGE, includes increased distribution revenue pursuant to electric and natural gas distribution rate case orders issued by the Maryland PSC and increased cost recovery for energy efficiency and demand response programs (primarily offset in depreciation and amortization expense). For ComEd, primarily reflects higher distribution formula rate revenue due to increased capital investments, and increased cost recovery associated with energy efficiency programs (offset in other operating and maintenance expenses), partially offset by lower distribution formula rate revenue due to decreased pension and non-pension postretirement expense (offset below).

(17) Primarily reflects the inclusion of CENG’s results for the second quarter in 2014 at Generation, an increase in contracting costs as a result of increased unplanned nuclear outage days at Generation, an increase in maintenance related activities at BGE due to extreme cold temperatures, and inflation across all operating companies, partially offset at Generation by synergies realized in 2014.

(18) Primarily as a result of the inclusion of CENG, and the impact of increased planned nuclear refueling outage days in 2014, excluding Salem.

(19) Primarily reflects cost savings from plan design changes for certain OPEB plans, and the favorable impact of higher actuarially assumed pension and OPEB discount rates for 2014, partially offset by the inclusion of CENG’s results for the second quarter in 2014.

(20) For Generation, primarily reflects the inclusion of CENG’s results for the second quarter in 2014 and an increase in the reserve for future asbestos-related bodily injury claims. In the PECO and BGE service territories, primarily reflects increased storm costs, including the February 5, 2014 ice storm. For BGE, also reflects an increase in uncollectible accounts expense. For ComEd, primarily reflects increased spend on energy and efficiency programs, partially offset by decreased uncollectible accounts expense (both offset in other energy and delivery revenue).

(21) Primarily reflects the inclusion of CENG’s results for the second quarter in 2014 and increased depreciation expense across the operating companies for ongoing capital expenditures. At BGE, also reflects increased regulatory asset amortization related to higher energy efficiency and demand response program expenditures (primarily offset in other energy delivery revenue).

(22) Primarily reflects the second quarter 2013 non-cash amortization of the fair value basis difference recorded at the Constellation merger date, offset by equity in losses in CENG in 2013, which is now consolidated in 2014.

(23) At Generation, primarily reflects the favorable settlement of certain income positions and an increase in domestic production activities deduction, partially offset by a reduction in investment tax credit benefits. At PECO, primarily reflects an increase in electric tax repairs deduction.

(24) For Generation, primarily reflects a benefit recorded in 2014 related to the favorable settlement of certain income tax positions on Constellation’s 2009-2012 tax returns. For ComEd, primarily reflects a favorable adjustment recorded in the first quarter of 2013 related to the 1999-2001 IRS settlement. For BGE, primarily reflects the impact of favorable interest rates in 2014. For Corporate, includes the impacts of a 2013 unfavorable franchise tax case settlement.

(25) For Generation, primarily reflects higher realized NDT fund gains.

11

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	Generation
	Three Months Ended June 30, 2014									Three Months Ended June 30, 2013
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	3,789		$	170	(b),(c)	$	3,959		$	4,070		$	(270	)(b),(c)	$	3,800
Operating expenses
Purchased power and fuel		1,835			108	(b),(c)		1,943			1,946			(9	)(b),(c)		1,937
Operating and maintenance		1,413			(101	)(d),(i)		1,312			1,189			(113	)(d),(i)		1,076
Depreciation and amortization		254			—			254			210			(1	)(d)		209
Taxes other than income		118			—			118			101			—			101
Total operating expenses		3,620			7			3,627			3,446			(123	)		3,323
Equity in (losses) earnings of unconsolidated affiliates		(1	)		—			(1	)		(21	)		21	(c)		—
Gain on consolidation of CENG		261			(261	)(e)		—			—			—
Operating income		429			(98	)		331			603			(126	)		477
Other income and (deductions)
Interest expense		(86	)		—			(86	)		(93	)		4	(i),(j)		(89	)
Other, net		228			(162	)(f)		66			(33	)		57	(d),(f),(j)		24
Total other income and (deductions)		142			(162	)		(20	)		(126	)		61			(65	)
Income before income taxes		571			(260	)		311			477			(65	)		412
Income (benefit) taxes		199			(128	)(b),(c),(d),(e),(f),(i)		71			149			(8	)(b),(c),(d),(f),(i),(j)		141
Net income		372			(132	)		240			328			(57	)		271
Net loss attributable to noncontrolling interests		32			(23	)(h)		9			(2	)		—			(2	)
Net income attributable to membership interest	$	340		$	(109	)	$	231		$	330		$	(57	)	$	273
	Six Months Ended June 30, 2014									Six Months Ended June 30, 2013
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	8,179		$	1,020	(b),(c),(d)	$	9,199		$	7,603		$	558	(b),(c)	$	8,161
Operating expenses
Purchased power and fuel		5,191			187	(b),(c)		5,378			4,114			244	(b),(c)		4,358
Operating and maintenance		2,499			(114	)(d),(i)		2,385			2,302			(154	)(d),(i)		2,148
Depreciation, amortization, accretion and depletion		466			—			466			424			(2	)(d),(i)		422
Taxes other than income		223			—			223			194			—			194
Total operating expenses		8,379			73			8,452			7,034			88			7,122
Equity in earnings (loss) of unconsolidated affiliates		(20	)		12	(c),(d)		(8	)		(30	)		39	(c)		9
Gain on consolidation of CENG		261			(261	)(e)		—			—			—
Operating income		41			698			739			539			509			1,048
Other income and (deductions)
Interest expense		(172	)		—			(172	)		(176	)		2	(d),(i),(j)		(174	)
Other, net		318			(205	)(f),(g)		113			95			(53	)(d),(f),(j),(k)		42
Total other income and (deductions)		146			(205	)		(59	)		(81	)		(51	)		(132	)
Income before income taxes		187			493			680			458			458			916
Income taxes		(1	)		181	(b),(c),(d),(e),(f),(g),(h),(i)		180			148			160	(b),(c),(d),(f),(i),(j),(k)		308
Net income		188			312			500			310			298			608
Net loss attributable to noncontrolling interests		33			(23	)(h)		10			(1	)		—			(1	)
Net income attributable to membership interest	$	155		$	335		$	490		$	311		$	298		$	609

Note: Includes the results of operations of Constellation Energy Nuclear Group, LLC beginning on April 1, 2014, the date the nuclear operating services agreement was executed.

(a) Results reported in accordance with GAAP.

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

(c) Adjustment to exclude the non-cash amortization of intangible assets, net, related to commodity contracts recorded at fair value at the merger date.

(d) Adjustment to exclude certain costs incurred associated with the Constellation merger and Constellation Energy Nuclear Group, LLC (CENG) transaction, including employee-related expenses (e.g. severance, retirement, relocation and retention bonuses), integration initiatives, and certain pre-acquisition contingencies.

(e) Adjustment to exclude the gain recorded upon consolidation of CENG resulting from the difference in the fair value of CENG’s net assets and the equity method investment previously recorded on Generation’s and Exelon’s books and the settlement of pre-existing commitments between Generation and CENG.

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

(g) Adjustment to reflect a benefit related to the favorable settlement in 2014 of certain income tax positions on Constellation’s 2009-2012 tax returns.

(h) Adjustments for the non-cash amortization, net, related to commodity contracts recorded at fair value at the CENG integration date, costs incurred associated with the CENG integration, and the impact of unrealized gains and losses on NDT fund investments, to account for the CENG interest not owned by Generation.

(i) Adjustment to exclude a 2014 charge to earnings primarily related to the impairment of certain wind generating assets and a 2013 charge to earnings primarily related to the cancellation of previously capitalized nuclear uprate projects.

(j) Adjustment to exclude the non-cash amortization of certain debt recorded at fair value at the merger date, which was retired in the second quarter of 2013.

(k) Adjustment to exclude the impacts associated with the sale or retirement of generating stations.

12

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	ComEd
	Three Months Ended June 30, 2014								Three Months Ended June 30, 2013
	GAAP (a)			Adjustments		Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	1,128		$	—	$	1,128		$	1,080		$	—		$	1,080
Operating expenses
Purchased power		269			—		269			248			—			248
Operating and maintenance		355			—		355			359			—			359
Depreciation and amortization		174			—		174			170			—			170
Taxes other than income		72			—		72			71			—			71
Total operating expenses		870			—		870			848			—			848
Operating income		258			—		258			232			—			232
Other income and (deductions)
Interest expense		(80	)		—		(80	)		(76	)		—			(76	)
Other, net		5			—		5			6			—			6
Total other income and (deductions)		(75	)		—		(75	)		(70	)		—			(70	)
Income before income taxes		183			—		183			162			—			162
Income (benefit) taxes		72			—		72			66			—			66
Net income	$	111		$	—	$	111		$	96		$	—		$	96
	Six Months Ended June 30, 2014								Six Months Ended June 30, 2013
	GAAP (a)			Adjustments		Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	2,262		$	—	$	2,262		$	2,239		$	—		$	2,239
Operating expenses
Purchased power		589			—		589			630			—			630
Operating and maintenance		681			—		681			687			—			687
Depreciation and amortization		347			—		347			337			—			337
Taxes other than income		149			—		149			145			—			145
Total operating expenses		1,766			—		1,766			1,799			—			1,799
Operating income		496			—		496			440			—			440
Other income and (deductions)
Interest expense		(160	)		—		(160	)		(429	)		288	(b)		(141	)
Other, net		10			—		10			11			—			11
Total other income and (deductions)		(150	)		—		(150	)		(418	)		288			(130	)
Income before income taxes		346			—		346			22			288			310
Income taxes		137			—		137			8			117	(b)		125
Net income	$	209		$	—	$	209		$	14		$	171		$	185

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude a non-cash charge to earnings resulting from the first quarter 2013 remeasurement of a like-kind exchange tax position taken on ComEd’s 1999 sale of fossil generating assets.

13

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	PECO
	Three Months Ended June 30, 2014								Three Months Ended June 30, 2013
	GAAP (a)			Adjustments		Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	656		$	—	$	656		$	672		$	—		$	672
Operating expenses
Purchased power and fuel		241			—		241			258			—			258
Operating and maintenance		184			—		184			181			(3	)(b)		178
Depreciation and amortization		59			—		59			56			—			56
Taxes other than income		38			—		38			39			—			39
Total operating expenses		522			—		522			534			(3	)		531
Operating income		134			—		134			138			3			141
Other income and (deductions)
Interest expense		(28	)		—		(28	)		(28	)		—			(28	)
Other, net		1			—		1			—			—			—
Total other income and (deductions)		(27	)		—		(27	)		(28	)		—			(28	)
Income before income taxes		107			—		107			110			3			113
Income taxes		23			—		23			32			1	(b)		33
Net income		84			—		84			78			2			80
Preferred security dividends		—			—		—			6			—			6
Net income attributable to common shareholder	$	84		$	—	$	84		$	72		$	2		$	74
	Six Months Ended June 30, 2014								Six Months Ended June 30, 2013
	GAAP (a)			Adjustments		Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	1,649		$	—	$	1,649		$	1,567		$	—		$	1,567
Operating expenses
Purchased power and fuel		705			—		705			664			—			664
Operating and maintenance		464			—		464			369			(5	)(b)		364
Depreciation and amortization		117			—		117			113			—			113
Taxes other than income		80			—		80			80			—			80
Total operating expenses		1,366			—		1,366			1,226			(5	)		1,221
Operating income		283			—		283			341			5			346
Other income and (deductions)
Interest expense		—			—		—			(57	)		—			(57	)
Loss in equity method investments		(56	)		—		(56	)		—			—			—
Other, net		3			—		3			3			—			3
Total other income and (deductions)		(53	)		—		(53	)		(54	)		—			(54	)
Income before income taxes		230			—		230			287			5			292
Income taxes		57			—		57			87			2	(b)		89
Net income		173			—		173			200			3			203
Preferred security dividends and redemption		—			—		—			7			—			7
Net income attributable to common shareholder	$	173		$	—	$	173		$	193		$	3		$	196

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude certain costs incurred associated with the Constellation merger, including employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) and integration initiatives certain pre-acquisition contingencies.

14

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	BGE
	Three Months Ended June 30, 2014								Three Months Ended June 30, 2013
	GAAP (a)			Adjustments		Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	653		$	—	$	653		$	653		$	—		$	653
Operating expenses
Purchased power and fuel		268			—		268			288			—			288
Operating and maintenance		188			—		188			160			(1	)(b)		159
Depreciation and amortization		89			—		89			82			—			82
Taxes other than income		53			—		53			54			—			54
Total operating expenses		598			—		598			584			(1	)		583
Operating income		55			—		55			69			1			70
Other income and (deductions)
Interest expense		(27	)		—		(27	)		(32	)		—			(32	)
Other, net		5			—		5			4			—			4
Total other income and (deductions)		(22	)		—		(22	)		(28	)		—			(28	)
Income before income taxes		33			—		33			41			1			42
Income taxes		14			—		14			16			—	(b)		16
Net income		19			—		19			25			1			26
Preference stock dividends		3			—		3			3			—			3
Net income attributable to common shareholders	$	16		$	—	$	16		$	22		$	1		$	23
	Six Months Ended June 30, 2014								Six Months Ended June 30, 2013
	GAAP (a)			Adjustments		Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	1,707		$	—	$	1,707		$	1,533		$	—		$	1,533
Operating expenses
Purchased power and fuel		797			—		797			713			—			713
Operating and maintenance		376			—		376			303			6	(b)		309
Depreciation and amortization		197			—		197			175			—			175
Taxes other than income		113			—		113			109			—			109
Total operating expenses		1,483			—		1,483			1,300			6			1,306
Operating income (loss)		224			—		224			233			(6	)		227
Other income and (deductions)
Interest expense		(55	)		—		(55	)		(66	)		—			(66	)
Other, net		9			—		9			9			—			9
Total other income and (deductions)		(46	)		—		(46	)		(57	)		—			(57	)
Income before income taxes		178			—		178			176			(6	)		170
Income taxes		72			—		72			70			(2	)(b)		68
Net income		106			—		106			106			(4	)		102
Preference stock dividends		6			—		6			6			—			6
Net income attributable to common shareholders	$	100		$	—	$	100		$	100		$	(4	)	$	96

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude certain costs incurred associated with the merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies, partially offset in 2013 by a one-time benefit pursuant to the February 22, 2013 order for BGE’s 2012 Maryland electric and natural gas distribution rates case for the recovery of previously incurred integration costs.

15

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	Other (a)
	Three Months Ended June 30, 2014									Three Months Ended June 30, 2013
	GAAP (b)			Adjustments			Adjusted Non- GAAP			GAAP (b)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	(202	)	$	—		$	(202	)	$	(334	)	$	11	(e)	$	(323	)
Operating expenses
Purchased power and fuel		(201	)		—			(201	)		(321	)		—			(321	)
Operating and maintenance		26			(36	)(c),(d)		(10	)		3			(16	)(d),(f)		(13	)
Depreciation and amortization		14			—			14			15			—			15
Taxes other than income		7			—			7			6			—			6
Total operating expenses		(154	)		(36	)		(190	)		(297	)		(16	)		(313	)
Equity in earnings of unconsolidated affiliates		1			—			1			—			—			—
Operating loss		(47	)		36			(11	)		(37	)		27			(10	)
Other income and (deductions)
Interest expense		(17	)		8	(c)		(9	)		(23	)		—			(23	)
Other, net		4			—			4			6			—			6
Total other income and (deductions)		(13	)		8			(5	)		(17	)		—			(17	)
Loss before income taxes		(60	)		44			(16	)		(54	)		27			(27	)
Income (benefit) taxes		(31	)		17	(c),(d)		(14	)		(24	)		9	(d),(e),(f),(g)		(15	)
Net loss	$	(29	)	$	27		$	(2	)	$	(30	)	$	18		$	(12	)
	Six Months Ended June 30, 2014									Six Months Ended June 30, 2013 (b)
	GAAP (c)			Adjustments			Adjusted Non- GAAP			GAAP (c)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	(536	)	$	—		$	(536	)	$	(719	)	$	(6	)(e)	$	(725	)
Operating expenses
Purchased power and fuel		(530	)		—			(530	)		(721	)		—			(721	)
Operating and maintenance		4			(35	)(c),(d)		(31	)		(5	)		(17	)(d),(f)		(22	)
Depreciation and amortization		27			—			27			27			—			27
Taxes other than income		15			—			15			20			—			20
Total operating expenses		(484	)		(35	)		(519	)		(679	)		(17	)		(696	)
Operating loss		(52	)		35			(17	)		(40	)		11			(29	)
Other income and (deductions)
Interest expense		(22	)		8	(c)		(14	)		(148	)		81	(g)		(67	)
Other, net		8			—			8			37			—			37
Total other income and (deductions)		(14	)		8			(6	)		(111	)		81			(30	)
Loss before income taxes		(66	)		43			(23	)		(151	)		92			(59	)
Income taxes		(41	)		20	(c),(d),(e)		(21	)		(19	)		(10	)(d),(e),(f),(g)		(29	)
Net loss	$	(25	)	$	23		$	(2	)	$	(132	)	$	102		$	(30	)

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

(b) Results reported in accordance with GAAP.

(c) Adjustment to exclude certain costs incurred associated with the Pepco Holdings Inc. acquisition, including professional fees and upfront credit facility fees.

(d) Adjustment to exclude a charge to earnings related to the impairment of investement in long-term leases in both 2014 and 2013.

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

(f) Adjustment to exclude certain costs incurred associated with the Constellation merger, including transaction costs, employee-related expenses (e.g. severance, retirement, relocation and retention bonuses) integration initiatives and certain pre-acquisition contingencies.

(g) Adjustment to exclude a non-cash charge to earnings resulting from the first quarter 2013 remeasurement of a like-kind exchange tax position taken on ComEd’s 1999 sale of fossil generating assets.

16

EXELON CORPORATION

Exelon Generation Statistics

	Three Months Ended
	Jun. 30, 2014			Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013
Supply (in GWhs)
Nuclear Generation
Mid-Atlantic (a)		14,912			12,136		11,900		12,424		11,794
Midwest		22,719			23,125		23,429		23,741		22,807
New York (a)		3,766			—		—		—		—
Total Nuclear Generation		41,397			35,261		35,329		36,165		34,601
Fossil and Renewables (a)
Mid-Atlantic		3,165			3,207		2,951		2,808		2,796
Midwest		319			417		363		217		318
New England		1,299			1,734		1,763		3,609		3,132
New York		1			1		—		—		—
ERCOT		1,553			1,656		1,582		2,522		1,617
Other (c)		2,041			1,630		1,064		1,913		1,431
Total Fossil and Renewables		8,378			8,645		7,723		11,069		9,294
Purchased Power
Mid-Atlantic (b)		810			3,233		3,955		4,289		2,616
Midwest		520			711		498		707		1,503
New England		2,290			2,070		2,605		2,178		1,365
New York (b)		—	��		2,857		3,493		3,565		3,073
ERCOT		2,518			3,440		2,792		3,803		4,269
Other (c)		3,654			3,355		2,986		3,244		4,998
Total Purchased Power		9,792			15,666		16,329		17,786		17,824
Total Supply/Sales by Region (e)
Mid-Atlantic (d)		18,887			18,576		18,806		19,521		17,206
Midwest (d)		23,558			24,253		24,290		24,665		24,628
New England		3,589			3,804		4,368		5,787		4,497
New York		3,767			2,858		3,493		3,565		3,073
ERCOT		4,071			5,096		4,374		6,325		5,886
Other (c)		5,695			4,985		4,050		5,157		6,429
Total Supply/Sales by Region		59,567			59,572		59,381		65,020		61,719
	Three Months Ended
	Jun. 30, 2014			Mar. 31, 2014 (g)		Dec. 31, 2013 (g)		Sep. 30, 2013 (g)		Jun. 30, 2013 (g)
Outage Days (f)
Refueling		108			52		94		43		47
Non-refueling		44			20		33		5		31
Total Outage Days		152			72		127		48		78

(a) Includes the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and includes the total output of plants that are fully consolidated (e.g. CENG). Nuclear generation for three months ended June 30, 2014 includes physical volumes of 3,780 GWh in Mid-Atlantic and 3,766 GWh in New York for CENG.

(b) Purchased power includes physical volumes of 2,489 GWhs, 3,226 GWhs, 3,138 GWhs, and 3,114 GWhs in the Mid-Atlantic and 2,857 GWhs, 3,051 GWhs, 3,147 GWhs, and 2,655 GWhs in New York as a result of the PPA with CENG for the three months ended March 31, 2014, December 31, 2013, September 30, 2013, and June 30, 2013 respectively.

(c) Other Regions includes South, West and Canada, which are not considered individually significant.

(d) Includes affiliate sales to PECO and BGE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region.

(e) Total sales do not include physical trading volumes of 2,629 GWhs, 2,494 GWhs, 2,696 GWhs, 2,499 GWhs, and 1,995 GWhs for the three months ended June 30, 2014, March 31, 2014, December 31, 2013, September 30, 2013, and June 30, 2013 respectively.

(f) Outage days exclude Salem.

(g) Outage days exclude CENG

17

EXELON CORPORATION

Exelon Generation Statistics

Six Months Ended June 30, 2014 and 2013

	June 30, 2014		June 30, 2013
Supply (in GWhs)
Nuclear Generation
Mid-Atlantic (a)		27,048		24,556
Midwest		45,844		46,076
New York (a)		3,766		—
Total Nuclear Generation		76,658		70,632
Fossil and Renewables (a)
Mid-Atlantic		6,373		5,956
Midwest		736		899
New England		3,033		5,524
New York		2		—
ERCOT		3,208		2,350
Other (c)		3,670		3,685
Total Fossil and Renewables		17,022		18,414
Purchased Power
Mid-Atlantic (b)		4,043		5,849
Midwest		1,231		3,203
New England		4,360		2,872
New York (b)		2,857		6,584
ERCOT		5,958		8,468
Other (c)		7,009		8,701
Total Purchased Power		25,458		35,677
Total Supply/Sales by Region (e)
Mid-Atlantic (d)		37,464		36,361
Midwest (d)		47,811		50,178
New England		7,393		8,396
New York		6,625		6,584
ERCOT		9,166		10,818
Other (c)		10,679		12,386
Total Supply/Sales by Region		119,138		124,723

(a) Includes the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and includes the total output of plants that are fully consolidated (e.g. CENG). Nuclear generation for six months ended June 30, 2014 includes physical volumes of 3,780 GWh in Mid-Atlantic and 3,766 GWh in New York for CENG.

(b) Purchased power includes physical volumes of 2,489 GWh and 5,702 GWh in the Mid-Atlantic and 2,857 GWh and 5,966 GWh in New York as a result of the PPA with CENG for the six months ended June 30, 2014 and 2013, respectively.

(c) Other Regions includes South, West and Canada, which are not considered individually significant.

(d) Includes affiliate sales to PECO and BGE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region.

(e) Total sales do not include physical proprietary trading volumes of 5,123 GWh and 3,567 GWh for the six months ended June 30, 2014 and 2013, respectively.

18

EXELON CORPORATION

ComEd Statistics

Three Months Ended June 30, 2014 and 2013

	Electric Deliveries (in GWhs)										Revenue (in millions)
	2014		2013		% Change			Weather- Normal % Change			2014		2013		% Change
Retail Deliveries and Sales (a)
Residential		6,177		6,090		1.4	%		1.1	%	$	499	$	476		4.8	%
Small Commercial & Industrial		7,759		7,832		(0.9	)%		(1.3	)%		340		315		7.9	%
Large Commercial & Industrial		6,769		6,711		0.9	%		0.5	%		113		113		0.0	%
Public Authorities & Electric Railroads		304		294		3.4	%		5.7	%		12		12		0.0	%
Total Retail		21,009		20,927		0.4	%		0.0	%		964		916		5.2	%
Other Revenue (b)												164		164		0.0	%
Total Electric Revenue											$	1,128	$	1,080		4.4	%
Purchased Power											$	269	$	248		8.5	%

							% Change
Heating and Cooling Degree-Days	2014		2013		Normal		From 2013			From Normal
Heating Degree-Days		695		778		765		(10.7	)%		(9.2	)%
Cooling Degree-Days		259		240		218		7.9	%		18.8	%

Six Months Ended June 30, 2014 and 2013

	Electric Deliveries (in GWhs)										Revenue (in millions)
	2014		2013		% Change			Weather- Normal % Change			2014		2013		% Change
Retail Deliveries and Sales (a)
Residential		13,587		12,966		4.8	%		1.5	%	$	1,007	$	1,060		(5.0	)%
Small Commercial & Industrial		16,090		15,705		2.5	%		0.5	%		684		623		9.8	%
Large Commercial & Industrial		13,864		13,551		2.3	%		0.8	%		229		215		6.5	%
Public Authorities & Electric Railroads		701		667		5.1	%		5.5	%		24		24		0.0	%
Total Retail		44,242		42,889		3.2	%		0.9	%		1,944		1,922		1.1	%
Other Revenue (b)												318		317		0.3	%
Total Electric Revenue											$	2,262	$	2,239		1.0	%
Purchased Power											$	589	$	630		(6.5	)%

							% Change
Heating and Cooling Degree-Days	2014		2013		Normal		From 2013			From Normal
Heating Degree-Days		4,569		4,037		3,929		13.2	%		16.3	%
Cooling Degree-Days		259		240		218		7.9	%		18.8	%

Number of Electric Customers	2014		2013
Residential		3,487,337		3,465,712
Small Commercial & Industrial		367,354		366,153
Large Commercial & Industrial		2,025		2,006
Public Authorities & Electric Railroads		4,827		4,852
Total		3,861,543		3,838,723

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

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

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EXELON CORPORATION

PECO Statistics

Three Months Ended June 30, 2014 and 2013

	Electric and Gas Deliveries										Revenue (in millions)
	2014		2013		% Change			Weather- Normal % Change			2014		2013		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		2,801		2,888		(3.0	)%		1.6	%	$	338	$	354		(4.5	)%
Small Commercial & Industrial		1,947		1,960		(0.7	)%		0.7	%		101		109		(7.3	)%
Large Commercial & Industrial		3,741		3,784		(1.1	)%		(0.6	)%		54		61		(11.5	)%
Public Authorities & Electric Railroads		222		238		(6.8	)%		(6.8	)%		8		8		0.0	%
Total Retail		8,711		8,870		(1.8	)%		0.2	%		501		532		(5.8	)%
Other Revenue (b)												58		53		9.4	%
Total Electric Revenue												559		585		(4.4	)%
Gas (in mmcfs)
Retail Deliveries and Sales
Retail Sales (c)		7,424		6,919		7.3	%		3.9	%		88		78		12.8	%
Transportation and Other		6,005		5,956		0.8	%		(0.8	)%		9		9		0.0	%
Total Gas		13,429		12,875		4.3	%		1.4	%		97		87		11.5	%
Total Electric and Gas Revenues											$	656	$	672		(2.4	)%
Purchased Power and Fuel											$	241	$	258		(6.6	)%

							% Change
Heating and Cooling Degree-Days	2014		2013		Normal		From 2013			From Normal
Heating Degree-Days		393		421		463		(6.7	)%		(15.1	)%
Cooling Degree-Days		375		418		348		(10.3	)%		7.8	%

Six Months Ended June 30, 2014 and 2013

	Electric and Gas Deliveries										Revenue (in millions)
	2014		2013		% Change			Weather- Normal % Change			2014		2013		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		6,649		6,353		4.7	%		1.5	%	$	782	$	749		4.4	%
Small Commercial & Industrial		4,002		3,969		0.8	%		0.1	%		212		215		(1.4	)%
Large Commercial & Industrial		7,518		7,430		1.2	%		0.7	%		117		120		(2.5	)%
Public Authorities & Electric Railroads		481		493		(2.4	)%		(2.4	)%		16		16		0.0	%
Total Retail		18,650		18,245		2.2	%		0.8	%		1,127		1,100		2.5	%
Other Revenue (b)												109		108		0.9	%
Total Electric Revenue												1,236		1,208		2.3	%
Gas (in mmcfs)
Retail Deliveries and Sales
Retail Sales (c)		40,594		35,357		14.8	%		1.4	%		390		338		15.4	%
Transportation and Other		14,374		14,839		(3.1	)%		(4.5	)%		23		21		9.5	%
Total Gas		54,968		50,196		9.5	%		(1.6	)%		413		359		15.0	%
Total Electric and Gas Revenues											$	1,649	$	1,567		5.2	%
Purchased Power and Fuel											$	705	$	664		6.2	%

							% Change
Heating and Cooling Degree-Days	2014		2013		Normal		From 2013			From Normal
Heating Degree-Days		3,237		2,861		2,939		13.1	%		10.1	%
Cooling Degree-Days		375		418		348		(10.3	)%		7.8	%

Number of Electric Customers	2014		2013		Number of Gas Customers	2014		2013
Residential		1,428,080		1,419,977	Residential		459,407		455,518
Small Commercial & Industrial		149,259		148,723	Commercial & Industrial		42,042		41,648
Large Commercial & Industrial		3,108		3,109	Total Retail		501,449		497,166
Public Authorities & Electric Railroads		9,712		9,672	Transportation		882		903
Total		1,590,159		1,581,481	Total		502,331		498,069

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

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

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

20

EXELON CORPORATION

BGE Statistics

Three Months Ended June 30, 2014 and 2013

	Electric and Gas Deliveries							Revenue (in millions)
	2014		2013		% Change			2014		2013		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		2,639		2,757		(4.3	)%	$	293	$	302		(3.0	)%
Small Commercial & Industrial		704		716		(1.7	)%		64		60		6.7	%
Large Commercial & Industrial		3,593		3,610		(0.5	)%		120		112		7.1	%
Public Authorities & Electric Railroads		79		80		(1.3	)%		8		8		0.0	%
Total Retail		7,015		7,163		(2.1	)%		485		482		0.6	%
Other Revenue (b)									67		61		9.8	%
Total Electric Revenue									552		543		1.7	%
Gas (in mmcfs)
Retail Deliveries and Sales (c)
Retail Sales		14,834		14,951		(0.8	)%		92		100		(8.0	)%
Transportation and Other (d)		875		1,545		(43.4	)%		9		10		(10.0	)%
Total Gas		15,709		16,496		(4.8	)%		101		110		(8.2	)%
Total Electric and Gas Revenues								$	653	$	653		0.0	%
Purchased Power and Fuel								$	268	$	288		(6.9	)%

							% Change
Heating and Cooling Degree-Days	2014		2013		Normal		From 2013			From Normal
Heating Degree-Days		497		492		513		1.0	%		(3.1	)%
Cooling Degree-Days		233		263		252		(11.4	)%		(7.5	)%

Six Months Ended June 30, 2014 and 2013

	Electric and Gas Deliveries							Revenue (in millions)
	2014		2013		% Change			2014		2013		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		6,732		6,293		7.0	%	$	729	$	667		9.3	%
Small Commercial & Industrial		1,538		1,492		3.1	%		136		125		8.8	%
Large Commercial & Industrial		7,062		7,164		(1.4	)%		243		217		12.0	%
Public Authorities & Electric Railroads		157		161		(2.5	)%		16		15		6.7	%
Total Retail		15,489		15,110		2.5	%		1,124		1,024		9.8	%
Other Revenue (b)									138		124		11.3	%
Total Electric Revenue									1,262		1,148		9.9	%
Gas (in mmcfs)
Retail Deliveries and Sales (c)
Retail Sales		61,222		55,212		10.9	%		377		345		9.3	%
Transportation and Other (d)		7,204		7,195		0.1	%		68		40		70.0	%
Total Gas		68,426		62,407		9.6	%		445		385		15.6	%
Total Electric and Gas Revenues								$	1,707	$	1,533		11.4	%
Purchased Power and Fuel								$	797	$	713		11.8	%

							% Change
Heating and Cooling Degree-Days	2014		2013		Normal		From 2013			From Normal
Heating Degree-Days		3,358		2,943		2,900		14.1	%		15.8	%
Cooling Degree-Days		233		264		255		(11.7	)%		(8.6	)%

Number of Electric Customers	2014		2013		Number of Gas Customers	2014		2013
Residential		1,123,804		1,117,569	Residential		612,202		611,146
Small Commercial & Industrial		112,827		113,009	Commercial & Industrial		44,019		44,059
Large Commercial & Industrial		11,660		11,612	Total Retail		656,221		655,205
Public Authorities & Electric Railroads		290		294	Transportation		—		—
Total		1,248,581		1,242,484	Total		656,221		655,205

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

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

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

(d) Transportation and other gas revenue includes off-system revenue of 875 mmcfs ($5 million) and 1,545 mmcfs ($8 million) for the three months ended June 30, 2014 and 2013, respectively, and 7,204 mmcfs ($58 million) and 7,195 mmcfs ($32 million) for the six months ended June 30, 2014 and 2013, respectively.

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