EXHIBIT 99.2
Page 1
[Exelon logo]
Income Statement
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($ millions except per share data) 2002 2001
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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 - Diluted (millions) 325 322
EPS - Diluted ($) 4.44 4.43
One-Time Adjustments 0.39 0.06
EPS from Operations ($) 4.83 4.49
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Page 2
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Balance Sheet
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($ millions) 2002 2001
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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 6,237 6,880
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 3
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Cash Flow
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($ millions) 2002 2001
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Net Cash Flows 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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Net Cash Flows 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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Net Cash Flows 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 4
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Cash Flow - 2003 Forecast
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($ millions) 2003 Estimate*
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Net Income** 1,600
Pension Contribution (350)
Non-cash adjustments, Working Cap. changes, Decomm., etc. 2,050
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Net Cash Flows from Operations 3,300
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Cap Ex including Nuclear Fuel
ComEd (720)
PECO (270)
Genco (960)
Enterprises (30)
Corporate and Other (30)
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Net Cash Flows Used in Investing Activities (2,010)
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Transition Bond Payments (580)
Common Dividends (600)
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Net Cash Flows Used in Financing Activities (1,180)
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Increase in Cash 110
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*Excludes impact of potential asset transactions
**Excludes cumulative effect of change in accounting principle (FAS 143).
Page 5
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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)
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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 6
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2003 EPS Guidance: $4.80-$5.00
[This slide is a waterfall chart entitled "Expected EPS Drivers" starts with
"2002 Actual" EPS of $4.44, adds a net EPS gain of $0.39 from "AT&T Wireless
Sale/SFAS 142/Severance", and illustrates that Exelon expects the following
drivers to add or subtract from EPS, as indicated, to reach $4.94-$4.99:
$4.44 (2002 Actual) + $0.39 (AT&T Wireless Sale/SFAS 142/Severance) - $0.08
(Weather) + $0.25 (Midwest Gen) + $0.11 (Fewer Nuclear Refueling Outages) -
$0.07 (FAS 143) - $0.20 (Exelon New England / Sithe Energies) - $0.24
(Pension/Other Post-Retirement Benefit Costs) + $0.16 (Enterprises Breakeven) +
$0.13 (Interest Savings) + $0.05-$0.10 (Delivery Sales Growth) = $4.94-$4.99.
On the right side of the chart, the chart identifies additional "Risks and
Opportunities" that Exelon expects may affect EPS as follows:]
Cost Management Initiative Carryover +
Higher Market Prices +
Economic/Political Environment -
The Exelon Way +