Exhibit 99.3
                                                               [Logo for Exelon]

Exelon Corporation                  www.exeloncorp.com
P.O. Box 805398
Chicago, IL 60680-5398


TO OUR INVESTORS:

EXELON - ONE COMPANY, ONE VISION. The Energy Industry is both complex and
volatile, with one of its leaders collapsing and others losing most of their
market capitalization. Within this chaotic environment, the Exelon management
team and I have defined a course of action that focuses on real assets, real
operations, real service and real income. We reviewed this strategy with our
Board at its annual planning meeting in early June and would like to explain
what it means to those who invest in our work.

EXELON STRIVES TO BUILD EXCEPTIONAL VALUE - BY BECOMING THE BEST AND MOST
CONSISTENTLY PROFITABLE ELECTRICITY AND GAS COMPANY IN THE UNITED STATES. We are
serious about becoming both the best and the most consistently profitable. This
means extending, throughout our company, the benchmarking and continuous
improvement practices that have worked so well in our nuclear operations. This
also means coordinating our operations and our marketing and hedging efforts to
emphasize the quality and predictability of our earnings.

LIVE UP TO OUR COMMITMENTS. We have commitments to our shareholders, our
customers, our employees and to the larger society in which we operate. Meeting
them is essential to delivering consistent, superior financial performance.
These include keeping the lights on and assuring that our nuclear plants are
models of safe operation. These commitments also include doing a better and
better job of reporting our results, opportunities and challenges.

PERFORM AT WORLD-CLASS LEVELS. Every time we look, we are reminded that superior
operations are the best way to add superior value in a low-growth industry. The
success of our corporate-wide Cost Management Initiative, the improvements in
our Delivery business and the continued high performance of our nuclear fleet
show what can be done. Superior performance also requires skillful management of
the relationship between our businesses. The events of the last several years
have strongly reinforced the value of having generation, wires and customer
relationships in the same corporate family.

INVEST IN OUR CONSOLIDATING INDUSTRY. Longer-term growth must come from
participating in the consolidation of our industry. The merger of PECO and
UNICOM to form EXELON created substantial shareholder value. So have some of our
other acquisitions. But some have not. We are confining our acquisition
interests to our core activities, reviewing our past results with care and
sharpening our discipline so that we can take advantage of the opportunities
that will occur during a chaotic period. We will find acquisition opportunities
that add to our earnings in the short term and provide attractive returns over
time.

Sincerely,

John W. Rowe

Chairman and CEO




                           Exelon Investor Conference
                                  June 20, 2002
                               The Waldorf-Astoria
                                  New York City

                                     Agenda


7:30 a.m.-8:00 a.m.       Registration and
                          Continental Breakfast (Empire Room, Lobby Level)
8:00 a.m.-8:15 a.m.       John W. Rowe - Introduction
8:15 a.m.-8:35 a.m.       Elizabeth A. Moler - Federal Overview
8:35 a.m.-8:55 a.m.       Oliver D. Kingsley, Jr. - Generation
8:55 a.m.-9:15 a.m.       Ian P. McLean - Power Team
9:15 a.m.-9:45 a.m.       Q&A
9:45 a.m.-10:15 a.m.      Break
10:15 a.m.-10:35 a.m.     Pamela B. Strobel - Energy Delivery
10:35 a.m.-10:55 a.m.     George H. Gilmore - Enterprises
10:55 a.m.-11:15 a.m.     Ruth Ann M. Gillis - Financial Outlook
11:15 a.m.-12:00 p.m.     Q&A/Wrap-up
12:00 p.m.-12:30 p.m.     Break
12:30 p.m.-2:30 p.m.      Lunch/Informal Discussion (Louis XVI Suite, 4th Floor)