Exhibit 99.1
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Exelon Corporation -
A Measure of Our Strength
John W. Rowe
Chairman and CEO
Merrill Lynch Global Power and Gas Leaders Conference
New York City
September 18, 2002
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Forward-Looking Statements
This presentation contains certain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances. Actual results may vary materially from the
expectations contained herein. The forward-looking statements herein include
statements about future financial and operating results of Exelon. Economic,
business, competitive and/or regulatory factors affecting Exelon's businesses
generally could cause actual results to differ materially from those described
herein. For a discussion of the factors that could cause actual results to
differ materially, please see Exelon's filings with the Securities and Exchange
Commission, particularly those discussed in "Management's Discussion and
Analysis of Financial Condition and Results of Operations -- Outlook" in
Exelon's 2001 Annual Report and those discussed in "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in Exelon Generation Company, LLC's Registration Statement on Form
S-4, Reg. No. 333-85496. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of this
presentation. Exelon does not undertake any obligation to publicly release any
revisions to these forward-looking statements to reflect events or circumstances
after the date of this presentation.
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What Is Exelon?
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US Electric Companies US Companies
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Retail Electric Customers 5.1 Million 1st -
Nuclear Capacity 15K MWs* 1st -
US Generating Capacity 41K MWs** 1st -
2001 Revenue $15.1 Billion 9th 135th
2001 Net Income $1.4 Billion 2nd 53rd
Market Cap $14.2 Billion (9/12/02) 4th (9/12/02) 106th (8/27/02)
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* Includes AmerGen investment
** Includes AmerGen and Sithe investments
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Strategic Initiatives Update
- Cost Management Initiative
- Sithe Energies Investment
- Midwest Generation contract
- Provider of Last Resort (POLR) filing
- Enterprises Path to Value
- FERC Goodwill Issue
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Exelon Consolidated Financial Outlook
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($ millions) 2001A 2002E
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Revenue 15,140 14,200-14,600
Gross Margin (Rev. net Fuel) 9,827 9,300-9,700
Other Operating Exp. 4,922 4,775-4,900
Depr. & Amort. 1,449 1,200-1,250
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EBIT 3,456 3,325-3,550
Interest and Pref. 1,109 930-1,000
Income Taxes 931 925-975
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Net Income before Cum. Effect Chg. in
Accounting 1,416 1,470-1,575
Cum. Effect Chg. in Accounting 12
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Net Income* 1,428
Avg. Shares (millions) 322 325
EPS ($) $4.43 $4.55-$4.85
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* Net income as reported for 2001. Net operating income excludes one-time
items for 2002.
A = Actual; E = Estimate
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Our Vision = Value Creation
- - Capitalize on Strengths
- - Focus on Fundamentals and Discipline
- - Committed to Performance