EXHIBIT 99.1
Slide 1
[Exelon logo]
Exelon Corporation
Positioned for Success
John W. Rowe
Chairman, President and CEO
Berenson & Company and The Williams Capital Group Midwest Utilities Seminar
April 3, 2003
Slide 2
[Exelon logo]
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 factors discussed in "Management's Discussion and
Analysis of Financial Condition and Results of Operations - Business Outlook and
the Challenges in Managing Our Business" in Exelon's 2002 Annual Report included
in current report on Form 8-K filed on 2/21/03, those discussed in "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition and
Results of Operations" in Exelon Generation Company's Registration Statement on
Form S-4, Reg. No. 333-85496, those discussed in "Risk Factors" in PECO Energy
Company's Registration Statement on Form S-3, Reg. No. 333-99361, and those
discussed in "Risk Factors" in Commonwealth Edison Company's Registration
Statement on Form S-3, Reg. No. 333-99363. 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.
Slide 3
[Exelon logo]
What Is Exelon?
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2002
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U.S. Electric
Exelon Companies
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Retail Electric Customers 5.1 million 1st
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Nuclear Capacity 15.8K MWs* 1st
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U.S. Capacity Resources 42.7K MWs** Among largest
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Revenues $15.0 billion 2nd
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Net Income $1.4 billion 1st
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Market Cap (as of 3/31/03) $16.3 billion 3rd
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<FN>
*Includes AmerGen investment.
**Includes AmerGen and Sithe investments.
Note: Data based on results reported through 3/31/03.
</FN>
Slide 4
[Exelon logo]
Accomplishments - Creating Real Value
Since Exelon was created in 2000
o Provided average annual growth of 12% in operating EPS, excluding one-time
items, and 4.3% in dividends
o Retired $1.2 billion of transition debt and refinanced $2.8 billion of
debt, resulting in total interest expense reduction of about $120 million
o Achieved 93.5% average annual nuclear capacity factor
o Improved energy delivery reliability by 26% in Outage Duration and 18% in
Outage Frequency
Slide 5
[Exelon logo]
Opportunities and Challenges for 2003
o Enterprises (rationalize investment)
o Exelon New England plants (operate, integrate and optimize)
o Sithe Energies investment (buy, sell, restructure)
o Variable gas and wholesale market prices
o The Exelon Way
Slide 6
[Exelon logo]
Power Team Strategy in Variable Markets
o Optimize value of generation supply portfolio
o Reduce earnings risk and volatility
o Prepared to capture benefit of long-term price recovery
Slide 7
[Exelon logo]
Far-reaching Illinois Regulatory Agreement
1.Constructively concludes ComEd Residential Delivery Services rate case
2.Modifies calculation of CTC revenue for shopping customers
3.Facilitates extension of full-requirements PPA between ComEd and Generation
through 2006
4.Facilitates continued collection of decommissioning charge revenue through
2006
5. Supports Provider of Last Resort (POLR) provisions
6.Provides funding for energy-related programs in Illinois
Slide 8
Positioned for Success
- - Well positioned for growth in depressed energy market
o Low-cost generation portfolio
o Large, stable retail customer base
o No material trading or international exposure
o Strong balance sheet
o Positioned to deliver 5% annual earnings growth and commensurate
dividend growth
o without recovery in energy margins or growth in sales
- - Well positioned for upside when markets recover
Slide 9
[Exelon logo]
Valuation Measures
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P/E Earnings per Share Dividends Yield
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2004E 2-Yr CAGR 2-Yr CAGR 5-Yr CAGR
(X) 2000-2002A 2002-2004E 1997-2002A
(%) (%) (%) (%)
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Exelon 9.8 11.9 3.0 2.2 3.7
Entergy 12.5 10.5 3.5 -5.5 2.9
FPL Group 11.6 4.7 3.1 3.8 4.1
DTE Energy 9.7 7.4 3.0 0 5.3
Southern 14.7 10.6 2.1 0.8 4.8
Dominion Res. 11.1 20.4 1.6 0 4.7
Cinergy 12.3 1.3 1.5 0.1 5.5
Progress Energy 10.2 12.5 0.7 3.0 5.7
Duke 9.9 -5.4 -12.2 0.2 7.6
Average 11.3 8.2 0.7 0.5 4.9
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Sources: Thomson First Call, Bloomberg
Note: P/W and yield statistics as of 3/31/03
A=Actual; E=Estimate; CAGR=Compound annual growth rate