BROKER DEALER LETTER
                         EXELON GENERATION COMPANY, LLC
           OFFER TO EXCHANGE $700,000,000 6.95% SENIOR NOTES DUE 2011
                  REGISTERED UNDER THE SECURITIES ACT OF 1933
            FOR ALL OUTSTANDING $700,000,000 SENIOR NOTES DUE 2011.

                                                                  April   , 2002

To: Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees:

    Exelon Generation Company, LLC (the "Company") is offering to exchange (the
"Exchange Offer"), upon and subject to the terms and conditions set forth in the
prospectus, dated April   , 2002 (the "Prospectus"), and the enclosed Letter of
Transmittal (the "Letter of Transmittal"), its $700,000,000 6.95% Senior Notes
due 2011 which have been registered under the Securities Act of 1933, as amended
(the "Exchange Notes"), for its outstanding $700,000,000 6.95% Senior Notes due
2011 (the "Original Notes"). The Exchange Offer is being made in order to
satisfy certain obligations of the Company contained in the Registration Rights
Agreement, dated as of June 14, 2001, between the Company and the initial
purchasers referred to therein.

    We are requesting that you contact your clients for whom you hold Original
Notes regarding the Exchange Offer. For your information and for forwarding to
your clients for whom you hold Original Notes registered in your name or in the
name of your nominee, or who hold Original Notes registered in their own names,
we are enclosing the following documents:

        1.  Prospectus, dated April   , 2002;

        2.  The Letter of Transmittal for your use and for the information of
    your clients;

        3.  A Notice of Guaranteed Delivery to be used to accept the Exchange
    Offer if time will not permit all required documents to reach the Exchange
    Agent prior to the Expiration Date (as defined below), or if the procedure
    for book-entry transfer cannot be completed on a timely basis;

        4.  A form of letter which may be sent to your clients for whose account
    you hold Original Notes registered in your name or the name of your nominee,
    with space provided for obtaining such clients' instructions with regard to
    the Exchange Offer;

        5.  Guidelines for Certification of Taxpayer Identification Number on
    Substitute Form W-9; and

        6.  Return envelopes addressed to Wachovia Bank, National Association,
    the Exchange Agent for the Original Notes.

    YOUR PROMPT ACTION IS REQUESTED. THE EXCHANGE OFFER WILL EXPIRE AT
5:00 P.M., EASTERN STANDARD TIME, ON             , 2002, UNLESS EXTENDED BY THE
COMPANY ("THE EXPIRATION DATE"). THE ORIGINAL NOTES TENDERED PURSUANT TO THE
EXCHANGE OFFER MAY BE WITHDRAWN AT ANY TIME BEFORE 5:00 P.M., EASTERN STANDARD
TIME, ON THE EXPIRATION DATE.

    The Company will not pay any fee or commission to any broker or dealer or to
any other person (other than the Exchange Agent for the Exchange Offer). The
Company will pay all transfer taxes, if any, applicable to the exchange of
Original Notes pursuant to the Exchange Offer, on the transfer of Original Notes
to it, except as otherwise provided in instruction 7 of the enclosed Letter of
Transmittal. The Company may reimburse brokers, dealers, commercial banks, trust
companies and other nominees for their reasonable out-of-pocket expenses
incurred in forwarding copies of the Prospectus, Letter of Transmittal and
related documents to the beneficial owners of the Original Notes and in handling
or forwarding tenders for exchange.

    To participate in the Exchange Offer, a duly executed and properly completed
Letter of Transmittal (or facsimile thereof), with any required signature
guarantees and any other required documents, should be sent to the Exchange
Agent, all in accordance with the instructions set forth in the Letter of
Transmittal and the Prospectus.

    If holders of Original Notes wish to tender, but it is impracticable for
them to comply with the book-entry transfer procedures on a timely basis, a
tender may be effected by following the guaranteed delivery procedures described
in the Prospectus under "The Exchange Offer--Guaranteed Delivery Procedures."

    Any inquiries you may have with respect to the Exchange Offer, or requests
for additional copies of the enclosed materials should be directed to the
Exchange Agent for the Original Notes, at its address and telephone number set
forth on the front of the Letter of Transmittal.

                                          Very truly yours,

                                          Exelon Generation Company, LLC

Enclosures

  NOTHING HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU OR ANY
  OTHER PERSON AS AN AGENT OF THE COMPANY OR THE EXCHANGE AGENT, OR AUTHORIZE
  YOU OR ANY OTHER PERSON TO USE ANY DOCUMENT OR MAKE ANY STATEMENTS ON BEHALF
  OF EITHER OF THEM WITH RESPECT TO THE EXCHANGE OFFER, EXCEPT FOR STATEMENTS
  EXPRESSLY MADE IN THE PROSPECTUS OR THE LETTER OF TRANSMITTAL.

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