EXHIBIT 99.2
Page 1
[Exelon logo]
Income Statement
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($ millions) 2002 2001
Revenues 14,955 14,918
Revenue Net Fuel 9,693 9,828
EBIT 3,679 3,503
Net Income 1,440 1,428
Avg. Shares (millions) 325 322
EPS ($) 4.44 4.43
One-Time Adjustments 0.39 0.06
EPS from Operations ($) 4.83 4.49
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Page 2
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Cash Flow
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($ millions) 2002 2001
Cash from Operations 3,614 3,615
Capital Expenditures (2,150) (2,088)
Acquisitions (445) (30)
Proceeds - Nuclear Decomm. Trust 1,612 1,624
Investment - Nuclear Decomm. Trust (1,824) (1,863)
Other 269 (35)
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Cash Used in Investing (2,538) (2,392)
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Issuance of Long-Term Debt 1,223 2,270
Retirement of Long-Term Debt (2,134) (1,860)
Change in Short-Term Debt 321 (1,013)
Common Dividends Paid (563) (583)
Other 61 (78)
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Cash Used in Financing (1,092) (1,264)
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Change in Cash and Cash Equiv. (16) (41)
Cash and Cash Equiv. - Beginning 485 526
Cash and Cash Equiv. - Ending 469 485
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Page 3
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Balance Sheet
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($ millions) 2002 2001
Total Long-Term Debt 13,127 12,879
Notes Payable 681 360
Notes Payable - Related Party 534 -
Long-Term Debt Due within 1 Year 1,402 1,406
Total Debt 15,744 14,645
Transition Bonds Included in Total Debt 6,296 6,962
Preferred Securities of Subs. 595 613
Total Shareholders' Equity 7,742 8,102
Total Capital 24,081 23,360
ROE 18.2% 18.6%
Total Debt/Total Capital 65% 63%
Total Debt/Total Cap. ex Trans. Bonds 53% 47%
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Page 4
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Overview of Generation Assets and Investments
Our generation assets and investments at 1/1/03 consist of the following:
Type of Capacity Capacity (MW)
Owned Generation Assets (1)
Nuclear ...................................................... 14,547
Fossil ....................................................... 8,210
Hydro ........................................................ 1,584
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24,341
Long-Term Contracts ............................................. 13,900
AmerGen (2) ..................................................... 1,241
Sithe (2) ....................................................... 659
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Available Resources ............................................. 40,141
Under Construction or in Advanced Development (1) ............... 2,536
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Total Resources .................................... 42,677
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(1)Based on Generation's ownership, includes Exelon New England plants.
(2)Based on Generation's ownership.
Page 5
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The Exelon Way
Exelon will continue to find ways to "Live Up To Our Commitments" while
"Performing at World-Class Levels"
o Process Improvement
o Capital and Operating Efficiencies
o Revenue Enhancements
o Cost Control
that will position us to "Invest In Our Consolidating Industry."
Page 6
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The Exelon Way
Definition -> As Is Analysis -> To Be Design -> Implement -> Track Results
An Exelon approach to create value and improve competitive position:
o Pursue change at all levels across Exelon
o Changes will be deeper and longer term than recent successes in Cost
Management Initiative
o Will involve participation for all levels
Goal: $300 to $600 million annually in cash beginning 2004