Exhibit 99.1

Contact:	Stacie Frank	FOR IMMEDIATE RELEASE
	Investor Relations
	312-394-3094
	Kathleen Cantillon
	Corporate Communications
	312-394-7417

Exelon Announces Fourth Quarter and Full Year 2010 Results;

Introduces Guidance Range for Full Year 2011 Earnings

Company projects 2011 operating earnings of $3.90 to $4.20 per share.

CHICAGO (January 26, 2011) – Exelon Corporation (NYSE: EXC) announced fourth quarter and full year 2010 consolidated earnings as follows:

Exelon Consolidated Earnings (unaudited)

	Full Year				Fourth Quarter
	2010		2009		2010		2009
Adjusted (non-GAAP) Operating Results:
Net Income ($ millions)	$	2,689	$	2,723	$	631	$	610
Diluted Earnings per Share	$	4.06	$	4.12	$	0.96	$	0.92
GAAP Results:
Net Income ($ millions)	$	2,563	$	2,707	$	524	$	581
Diluted Earnings per Share	$	3.87	$	4.09	$	0.79	$	0.88

“We delivered another exceptional year of financial and operating performance in 2010,” said John W. Rowe, chairman and chief executive officer. “We accomplished this with a keen focus on controlling operating and maintenance expenses across our businesses. At the same time, Exelon Generation attained its eighth consecutive year of nuclear fleet capacity factors that exceeded 93 percent, and ComEd and PECO demonstrated strong service reliability despite severe storms.”

Rowe added, “In 2011, Pennsylvania has fully transitioned to a competitive energy market, and along with our continued diligent focus on cost control and financial discipline, we are introducing full year operating earnings guidance of $3.90 to $4.20 per share.”

Fourth Quarter Operating Results

As shown in the table above, Exelon’s adjusted (non-GAAP) operating earnings increased to $0.96 per share in the fourth quarter of 2010 from $0.92 per share in the fourth quarter of 2009, primarily due to:

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• The impact at Exelon Generation Company, LLC (Generation) of favorable capacity pricing related to the Reliability Pricing Model (RPM) for the PJM Interconnection, LLC (PJM) market;

• Increased nuclear output at Generation primarily reflecting the effect of fewer nuclear outage days in 2010; and

• Decreased scheduled competitive transition charge (CTC) amortization expense at PECO Energy Company (PECO).

Higher fourth quarter 2010 earnings were partially offset by:

• Unfavorable market/portfolio conditions and higher nuclear fuel costs at Generation; and

• Increased depreciation expense across the operating companies largely due to ongoing capital expenditures.

Adjusted (non-GAAP) operating earnings for the fourth quarter of 2010 do not include the following items (after tax) that were included in reported GAAP earnings:

	(in millions)			(per diluted share)
Mark-to-market losses primarily from Generation’s economic hedging activities	$	(113	)	$	(0.17	)
Unrealized gains related to nuclear decommissioning trust (NDT) fund investments to the extent not offset by contractual accounting	$	26		$	0.04
Costs associated with the planned retirement of certain Generation fossil generating units	$	(17	)	$	(0.03	)
Decrease in costs related to adjustments to asset retirement obligations of Commonwealth Edison Company (ComEd) and PECO	$	7		$	0.01
External costs related to Exelon’s acquisition of John Deere Renewables, LLC (now known as Exelon Wind)	$	(6	)	$	(0.01	)
Costs associated with the 2007 Illinois electric rate settlement agreement	$	(4	)	$	(0.01	)

Adjusted (non-GAAP) operating earnings for the fourth quarter of 2009 did not include the following items (after tax) that were included in reported GAAP earnings:

	(in millions)			(per diluted share)
Costs associated with the planned retirement of certain Generation fossil generating units	$	(34	)	$	(0.05	)
Mark-to-market gains primarily from Generation’s economic hedging activities	$	26		$	0.04
Costs associated with the 2007 Illinois electric rate settlement agreement	$	(15	)	$	(0.02	)
Costs associated with early debt retirement	$	(15	)	$	(0.02	)
Unrealized gains related to NDT fund investments	$	14		$	0.02
Charge associated with ComEd’s 2007 settlement agreement with the City of Chicago	$	(5	)	$	(0.01	)

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2011 Earnings Outlook

Exelon introduced a guidance range for 2011 adjusted (non-GAAP) operating earnings of $3.90 to $4.20 per share. Operating earnings guidance is based on the assumption of normal weather.

The outlook for 2011 adjusted (non-GAAP) operating earnings for Exelon and its subsidiaries excludes the following items:

• Mark-to-market adjustments from economic hedging activities

• Unrealized gains and losses from NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements

• Significant impairments of assets, including goodwill

• Changes in decommissioning obligation estimates

• Costs associated with ComEd’s 2007 settlement with the City of Chicago

• Financial impacts associated with the planned retirement of fossil generating units

• Other unusual items

• Significant changes to GAAP

Fourth Quarter and Recent Highlights

• Oyster Creek Nuclear Station Retirement: On December 8, 2010, Exelon announced that the company will operate the Oyster Creek Generating Station in New Jersey until 2019, after which the plant will retire. The 625-megawatt (MW) nuclear plant is federally licensed to operate until 2029. Oyster Creek faces a unique set of adverse economic factors and changing environmental regulations that make ending operations in 2019 the best option. Potential additional environmental compliance costs based on evolving water cooling regulatory requirements at both the federal and state government levels created significant regulatory and economic uncertainty. Due to Exelon’s decision to retire the plant early, the New Jersey Department of Environmental Protection will not require the company to install cooling towers at Oyster Creek.

• John Deere Renewables (JDR) Acquisition: On December 9, 2010, Exelon completed its previously announced acquisition of JDR, a leading operator and developer of wind power, adding 735 MW of clean, renewable energy to Exelon’s generation portfolio. The acquisition of JDR marked Exelon’s entry into owning and operating wind projects. The 36 wind projects in eight states are now called Exelon Wind, a division of Exelon Power. The acquisition provides incremental earnings starting in 2012 and cash flows starting in 2013 and is a key part of Exelon 2020, the company’s business strategy to eliminate the equivalent of its 2001 carbon footprint by 2020. Exelon is now halfway to its goal and remains the least carbon-intensive of the large U.S. electric utilities. Approximately 75 percent of the Exelon Wind operating portfolio is already sold under long-term power purchase arrangements. In addition, Exelon has the opportunity to pursue approximately 1,400 MW of new wind projects that are in various stages of development, including 230 MW in advanced stages of development.

• Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station, produced 35,115 gigawatt-hours (GWh) in the fourth quarter of 2010, compared with 33,609 GWh in the fourth quarter of 2009. The Exelon-operated nuclear plants achieved a 93.1 percent capacity factor for the fourth quarter of 2010 compared with 89.8 percent for the fourth quarter of 2009. The Exelon-operated nuclear plants completed four

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scheduled refueling outages in the fourth quarter of 2010, compared with completing four and beginning a fifth scheduled refueling outage in the fourth quarter of 2009. Three Mile Island (TMI) Unit 1 was shut down from late October 2009 for an extended refueling outage which included the replacement of steam generators. The steam generator replacement increased the number of refueling outage days in the fourth quarter of 2009. As a result, the number of refueling outage days totaled 97 in the fourth quarter of 2010 versus 136 days in the fourth quarter of 2009. The number of non-refueling outage days at the Exelon-operated plants totaled 18 days in the fourth quarter of 2010 compared with 23 days in the fourth quarter of 2009.

For the full year 2010, the Exelon-operated nuclear plants achieved an average capacity factor of 93.9 percent, as compared with 93.6 percent for 2009. The average annual capacity factor for the Exelon-operated plants during the five years ended 2010 was 94.0 percent.

• Fossil and Hydro Operations: The equivalent demand forced outage rate for Generation’s fossil fleet was 4.6 percent in the fourth quarter of 2010, compared with 12.9 percent in the fourth quarter of 2009. The improvement was largely due to the impact of extended maintenance outages in 2009. The equivalent availability factor for the hydroelectric facilities was 99.8 percent in the fourth quarter of 2010, compared with 99.6 percent in the fourth quarter of 2009.

• Hedging Update: Exelon’s hedging program involves the hedging of commodity risk for Exelon’s expected generation, typically on a ratable basis over a three-year period. Expected generation represents the amount of energy estimated to be generated or purchased through owned or contracted-for capacity. The proportion of expected generation hedged as of December 31, 2010 is 90 to 93 percent for 2011, 67 to 70 percent for 2012 and 32 to 35 percent for 2013. The primary objectives of Exelon’s hedging program are to manage market risks and protect the value of its generation and its investment grade balance sheet while preserving its ability to participate in improving long-term market fundamentals.

• ComEd Electric Distribution Rate Case: On June 30, 2010, ComEd filed a rate increase request with the Illinois Commerce Commission (ICC) to allow the utility to continue modernizing its electric delivery system and recover the cost of substantial investments made since the last rate filing in 2007. In testimony submitted on January 3, 2011, ComEd revised its requested revenue increase to $326 million, reflecting certain adjustments made subsequent to its original request of $396 million. The ICC will determine any increase in rates after an 11-month proceeding with input from all stakeholders. The ICC is expected to issue its decision in late May 2011.

• PECO Electric and Gas Distribution Rate Cases: On December 16, 2010, the Pennsylvania Public Utility Commission (PAPUC) approved PECO’s settlements with all interested parties regarding the increase in electric and natural gas distribution rates for customers, which became effective on January 1, 2011. The PAPUC approved an increase of $20 million in annual natural gas distribution revenue, which is approximately 46 percent of the $44 million originally requested, and a $225 million increase in annual electric distribution revenue, which is approximately 71 percent of the $316 million originally requested. Reflecting this and the results of the company’s four competitive electric supply procurements, residential electric customer bills will increase on average about 5 percent, or about $5 a month,

beginning in

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January 2011. Overall bills for PECO residential natural gas customers will increase on average about 1 percent, or about $1 a month.

• Pension Plan Funding: As a result of accelerated cash benefits associated with recent Federal tax legislation, on January 3, 2011, Exelon announced that its board of directors had authorized contributions to the Exelon pension plans in the first quarter of 2011 totaling $2.1 billion. This amount includes contributions that Exelon was previously expected to make in 2011. Exelon expects to fund the contributions with $500 million from cash from operations, $850 million from the accelerated cash tax benefits, and $750 million from the tax benefits of making the pension contributions. Exelon expects that the pension funded status will increase from 71 percent at December 31, 2010, to 89 percent projected at December 31, 2011, subject to actual 2011 asset returns and final actuarial valuations.

• Financing Activities: On January 18, 2011, ComEd issued $600 million of 1.625 percent first mortgage bonds due 2014. The net proceeds of the bonds will be used as an interim source of liquidity for the contribution in the first quarter to the pension plans in which ComEd participates. ComEd anticipates receiving tax refunds as a result of both the pension contribution and the recent Federal tax legislation. As a result, the immediate use of the net proceeds to fund the planned contribution will allow those future cash receipts to be available to fund capital investment and for general corporate purposes.

On October 25, 2010, Exelon announced that it had entered into new credit agreements totaling $94 million with 29 minority and community banks located in the regions the company serves. The lead arranger banks for the credit agreements are Seaway Bank and Trust Company in Chicago, Riverside Community Bank in Rockford, Ill., and United Bank of Philadelphia. The new credit agreements replace a 2009 arrangement for $67 million. Exelon’s minority and community banking program – the only one of its kind in the energy industry – aims to increase the company’s business with local and diverse banks in its key markets.

OPERATING COMPANY RESULTS

Generation consists of owned and contracted electric generating facilities, wholesale energy marketing operations and competitive retail sales operations.

Fourth quarter 2010 net income was $424 million compared with $425 million in the fourth quarter of 2009. Fourth quarter 2010 net income included (all after tax) mark-to-market losses of $113 million from economic hedging activities, unrealized gains of $26 million related to NDT fund investments, costs of $17 million associated with the planned retirement of certain fossil generating units, a charge of $6 million for external costs associated with the acquisition of JDR and a charge of $4 million for costs associated with the 2007 Illinois electric rate settlement. Fourth quarter 2009 net income included (all after-tax) costs of $34 million associated with the retirement of the fossil generating units, mark-to-market gains of $26 million from economic hedging activities before the elimination of intercompany transactions, unrealized gains of $14 million related to NDT fund investments, costs of $13 million associated with the 2007 Illinois electric rate settlement and costs of $9 million associated with early debt retirements. Excluding the effects of these items, Generation’s net income in the fourth quarter of 2010 increased $97 million compared with the same quarter in 2009 primarily due to:

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• The impact on energy gross margin of higher energy prices under the power purchase agreement with PECO, favorable capacity pricing related to RPM and increased nuclear output largely reflecting fewer outage days.

The increase in net income was partially offset by:

• The impact on energy gross margin of unfavorable market/portfolio conditions and higher nuclear fuel costs; and

• Increased depreciation expense.

Generation’s average realized margin on all electric sales, including sales to affiliates and excluding trading activity, was $41.45 per MWh in the fourth quarter of 2010 compared with $38.36 per MWh in the fourth quarter of 2009.

ComEd consists of the electricity transmission and distribution operations in northern Illinois.

ComEd recorded net income of $91 million in the fourth quarter of 2010, compared with net income of $98 million in the fourth quarter of 2009. Fourth quarter net income in 2010 included an after-tax decrease in costs of $6 million associated with an adjustment to ComEd’s asset retirement obligation. Fourth quarter net income in 2009 included after-tax costs of $5 million for the City of Chicago settlement agreement and after-tax costs of $2 million associated with the 2007 Illinois electric rate settlement. Excluding the effects of these items, ComEd’s net income in the fourth quarter of 2010 was down $20 million from the same quarter in 2009 primarily reflecting:

• The effect of the September 2010 Illinois Appellate Court ruling;

• Increased operating and maintenance expense; and

• Lower load, partially offset by the effects of favorable weather conditions.

The decrease in net income was partially offset by lower uncollectible accounts expense.

In the fourth quarter of 2010, heating degree-days in the ComEd service territory were up 1.2 percent relative to the same period in 2009 and were 0.6 percent above normal. ComEd’s total retail electric deliveries increased by 0.6 percent quarter over quarter, primarily due to gains in deliveries to large commercial and industrial customers.

Weather-normalized retail electric deliveries decreased by 1.2 percent from the fourth quarter of 2009, primarily reflecting a decrease in deliveries to residential customers. For ComEd, weather had a favorable after-tax effect of $4 million on fourth quarter 2010 earnings relative to 2009 and a favorable after-tax effect of $1 million relative to normal weather that is incorporated in Exelon’s earnings guidance.

PECO consists of the electricity transmission and distribution operations and the retail natural gas distribution business in southeastern Pennsylvania.

PECO’s net income in the fourth quarter of 2010 was $21 million, down from $78 million in the fourth quarter of 2009. Fourth quarter net income in 2010 included an after-tax decrease in costs of $1 million associated with an adjustment to PECO’s asset retirement obligation. Excluding the effect of this item,

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PECO’s net income in the fourth quarter of 2010 was down $58 million from the same quarter in 2009 primarily reflecting:

• Decreased CTC revenue, as stranded costs were substantially recovered as of the end of the third quarter 2010, resulting in higher energy prices paid to Generation under the power purchase agreement; and

• Increased operating and maintenance expense, primarily reflecting higher contracting and employee benefits expenses.

The decrease in net income was partially offset by:

• Lower CTC amortization expense as scheduled in accordance with PECO’s 1998 Restructuring Settlement with the PAPUC;

• The effects of favorable weather conditions; and

• Lower interest expense on long-term debt.

In the fourth quarter of 2010, heating degree-days in the PECO service territory were up 7.6 percent from 2009 and were 3.2 percent above normal. Total retail electric deliveries were up 1.4 percent from last year, reflecting an increase in deliveries to residential and large commercial and industrial customers. On the retail gas side, deliveries in the fourth quarter of 2010 were up 11.7 percent from the fourth quarter of 2009, primarily driven by the effects of colder weather conditions.

Weather-normalized retail electric deliveries were flat to the fourth quarter of 2009, reflecting a decline in residential and small commercial and industrial deliveries, offset by an increase in large commercial and industrial deliveries. For PECO, weather had a favorable after-tax effect of $6 million on fourth quarter 2010 earnings relative to 2009 and a favorable after-tax effect of $2 million relative to normal weather that is incorporated in Exelon’s earnings guidance.

Adjusted (non-GAAP) Operating Earnings

Adjusted (non-GAAP) operating earnings, which generally exclude significant one-time charges or credits that are not normally associated with ongoing operations, mark-to-market adjustments from economic hedging activities and unrealized gains and losses from NDT fund investments, are provided as a supplement to results reported in accordance with GAAP. Management uses such adjusted (non-GAAP) operating earnings measures internally to evaluate the company’s performance and manage its operations. Reconciliation of GAAP to adjusted (non-GAAP) operating earnings for historical periods is attached. Additional earnings release attachments, which include the reconciliations on pages 7 and 8, are posted on Exelon’s Web site: www.exeloncorp.com and have been furnished to the Securities and Exchange Commission on Form 8-K on January 26, 2011.

Conference call information: Exelon has scheduled a conference call for 11:00 AM ET (10:00 AM CT) on January 26, 2011. The call-in number in the U.S. and Canada is 800-690-3108, and the international call-in number is 973-935-8753. If requested, the conference ID number is 34838808. Media representatives are invited to participate on a listen-only basis. The call will be web-cast and archived on Exelon’s Web site: www.exeloncorp.com. (Please select the Investors page.)

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Telephone replays will be available until February 9. The U.S. and Canada call-in number for replays is 800-642-1687, and the international call-in number is 706-645-9291. The conference ID number is 34838808.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as those discussed in (1) Exelon’s 2009 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 18; (2) Exelon’s Third Quarter 2010 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors, (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 13 and (3) other factors discussed in filings with the Securities and Exchange Commission (SEC) by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company and Exelon Generation Company, LLC (Companies). Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. None of the Companies undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

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Exelon Corporation is one of the nation’s largest electric utilities with more than $18 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to approximately 486,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.

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Earnings Release Attachments

Table of Contents

Consolidating Statements of Operations - Three Months Ended December 31, 2010 and 2009	1
Consolidating Statements of Operations - Twelve Months Ended December 31, 2010 and 2009	2
Business Segment Comparative Statements of Operations - Generation and ComEd - Three and Twelve Months Ended December 31, 2010 and 2009	3
Business Segment Comparative Statements of Operations - PECO and Other - Three and Twelve Months Ended December 31, 2010 and 2009	4
Consolidated Balance Sheets - December 31, 2010 and December 31, 2009	5
Consolidated Statements of Cash Flows - Twelve Months Ended December 31, 2010 and 2009	6
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Three Months Ended December 31, 2010 and 2009	7
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Exelon - Twelve Months Ended December 31, 2010 and 2009	8
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Three Months Ended December 31, 2010 and 2009	9
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Earnings By Business Segment - Twelve Months Ended December 31, 2010 and 2009	10
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Generation - Three and Twelve Months Ended December 31, 2010 and 2009	11
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - ComEd - Three and Twelve Months Ended December 31, 2010 and 2009	12
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - PECO - Three and Twelve Months Ended December 31, 2010 and 2009	13
Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations - Other - Three and Twelve Months Ended December 31, 2010 and 2009	14
Exelon Generation Statistics - Three Months Ended December 31, 2010, September 30, 2010, June 30, 2010, March 31, 2010 and December 31, 2009	15
Exelon Generation Statistics - Twelve Months Ended December 31, 2010 and 2009	16
ComEd Statistics - Three and Twelve Months Ended December 31, 2010 and 2009	17
PECO Statistics - Three and Twelve Months Ended December 31, 2010 and 2009	18

EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Three Months Ended December 31, 2010
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,596		$	1,372		$	1,299		$	(773	)	$	4,494
Operating expenses
Purchased power		602			671			652			(773	)		1,152
Fuel		418			—			123			—			541
Operating and maintenance		731			247			172			10			1,160
Operating and maintenance for regulatory required programs (a)		—			27			17			—			44
Depreciation and amortization		129			130			201			5			465
Taxes other than income		56			68			64			5			193
Total operating expenses		1,936			1,143			1,229			(753	)		3,555
Operating income (loss)		660			229			70			(20	)		939
Other income and deductions
Interest expense		(44	)		(86	)		(34	)		(19	)		(183	)
Other, net		118			10			2			5			135
Total other income and deductions		74			(76	)		(32	)		(14	)		(48	)
Income (loss) before income taxes		734			153			38			(34	)		891
Income taxes		310			62			17			(22	)		367
Net income (loss)	$	424		$	91		$	21		$	(12	)	$	524
	Three Months Ended December 31, 2009
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	2,278		$	1,357		$	1,266		$	(785	)	$	4,116
Operating expenses
Purchased power		375			692			532			(784	)		815
Fuel		300			—			126			(1	)		425
Operating and maintenance		727			232			159			2			1,120
Operating and maintenance for regulatory required programs (a)		—			19			—			—			19
Depreciation and amortization		110			123			225			16			474
Taxes other than income		55			67			64			1			187
Total operating expenses		1,567			1,133			1,106			(766	)		3,040
Operating income (loss)		711			224			160			(19	)		1,076
Other income and deductions
Interest expense		(36	)		(78	)		(42	)		(20	)		(176	)
Loss in equity method investments		—			—			(5	)		(1	)		(6	)
Other, net		50			11			5			(6	)		60
Total other income and deductions		14			(67	)		(42	)		(27	)		(122	)
Income (loss) before income taxes		725			157			118			(46	)		954
Income taxes		300			59			40			(26	)		373
Net income (loss)	$	425		$	98		$	78		$	(20	)	$	581

(a) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a rider. An equal and offsetting amount has been reflected in operating revenues.

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EXELON CORPORATION

Consolidating Statements of Operations

(unaudited)

(in millions)

	Twelve Months Ended December 31, 2010
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	10,025		$	6,204		$	5,519		$	(3,104	)	$	18,644
Operating expenses
Purchased power		1,853			3,307			2,361			(3,096	)		4,425
Fuel		1,610			—			401			(1	)		2,010
Operating and maintenance		2,812			975			680			(14	)		4,453
Operating and maintenance for regulatory required programs (a)		—			94			53			—			147
Depreciation and amortization		474			516			1,060			25			2,075
Taxes other than income		230			256			303			19			808
Total operating expenses		6,979			5,148			4,858			(3,067	)		13,918
Operating income (loss)		3,046			1,056			661			(37	)		4,726
Other income and deductions
Interest expense		(153	)		(386	)		(193	)		(85	)		(817	)
Other, net		257			24			8			23			312
Total other income and deductions		104			(362	)		(185	)		(62	)		(505	)
Income (loss) before income taxes		3,150			694			476			(99	)		4,221
Income taxes		1,178			357			152			(29	)		1,658
Net income (loss)	$	1,972		$	337		$	324		$	(70	)	$	2,563
	Twelve Months Ended December 31, 2009
	Generation			ComEd			PECO			Other			Exelon Consolidated
Operating revenues	$	9,703		$	5,774		$	5,311		$	(3,470	)	$	17,318
Operating expenses
Purchased power		1,338			3,065			2,274			(3,462	)		3,215
Fuel		1,594			—			472			—			2,066
Operating and maintenance		2,938			1,028			640			6			4,612
Operating and maintenance for regulatory required programs (a)		—			63			—			—			63
Depreciation and amortization		333			494			952			55			1,834
Taxes other than income		205			281			276			16			778
Total operating expenses		6,408			4,931			4,614			(3,385	)		12,568
Operating income (loss)		3,295			843			697			(85	)		4,750
Other income and deductions
Interest expense		(113	)		(319	)		(187	)		(112	)		(731	)
Loss in equity method investments		(3	)		—			(24	)		—			(27	)
Other, net		376			79			13			(41	)		427
Total other income and deductions		260			(240	)		(198	)		(153	)		(331	)
Income (loss) before income taxes		3,555			603			499			(238	)		4,419
Income taxes		1,433			229			146			(96	)		1,712
Net income (loss)	$	2,122		$	374		$	353		$	(142	)	$	2,707

(a) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a rider. An equal and offsetting amount has been reflected in operating revenues.

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EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	Generation
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2010			2009			Variance			2010			2009			Variance
Operating revenues	$	2,596		$	2,278		$	318		$	10,025		$	9,703		$	322
Operating expenses
Purchased power		602			375			227			1,853			1,338			515
Fuel		418			300			118			1,610			1,594			16
Operating and maintenance		731			727			4			2,812			2,938			(126	)
Depreciation and amortization		129			110			19			474			333			141
Taxes other than income		56			55			1			230			205			25
Total operating expenses		1,936			1,567			369			6,979			6,408			571
Operating income		660			711			(51	)		3,046			3,295			(249	)
Other income and deductions
Interest expense		(44	)		(36	)		(8	)		(153	)		(113	)		(40	)
Loss in equity method investments		—			—			—			—			(3	)		3
Other, net		118			50			68			257			376			(119	)
Total other income and deductions		74			14			60			104			260			(156	)
Income before income taxes		734			725			9			3,150			3,555			(405	)
Income taxes		310			300			10			1,178			1,433			(255	)
Net income	$	424		$	425		$	(1	)	$	1,972		$	2,122		$	(150	)
	ComEd
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2010			2009			Variance			2010			2009			Variance
Operating revenues	$	1,372		$	1,357		$	15		$	6,204		$	5,774		$	430
Operating expenses
Purchased power		671			692			(21	)		3,307			3,065			242
Operating and maintenance		247			232			15			975			1,028			(53	)
Operating and maintenance for regulatory required programs (a)		27			19			8			94			63			31
Depreciation and amortization		130			123			7			516			494			22
Taxes other than income		68			67			1			256			281			(25	)
Total operating expenses		1,143			1,133			10			5,148			4,931			217
Operating income		229			224			5			1,056			843			213
Other income and deductions
Interest expense		(86	)		(78	)		(8	)		(386	)		(319	)		(67	)
Other, net		10			11			(1	)		24			79			(55	)
Total other income and deductions		(76	)		(67	)		(9	)		(362	)		(240	)		(122	)
Income before income taxes		153			157			(4	)		694			603			91
Income taxes		62			59			3			357			229			128
Net income	$	91		$	98		$	(7	)	$	337		$	374		$	(37	)

(a) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues.

3

EXELON CORPORATION

Business Segment Comparative Statements of Operations

(unaudited)

(in millions)

	PECO
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2010			2009			Variance			2010			2009			Variance
Operating revenues	$	1,299		$	1,266		$	33		$	5,519		$	5,311		$	208
Operating expenses
Purchased power		652			532			120			2,361			2,274			87
Fuel		123			126			(3	)		401			472			(71	)
Operating and maintenance		172			159			13			680			640			40
Operating and maintenance for regulatory required programs (a)		17			—			17			53			—			53
Depreciation and amortization		201			225			(24	)		1,060			952			108
Taxes other than income		64			64			—			303			276			27
Total operating expenses		1,229			1,106			123			4,858			4,614			244
Operating income		70			160			(90	)		661			697			(36	)
Other income and deductions
Interest expense		(34	)		(42	)		8			(193	)		(187	)		(6	)
Loss in equity method investments		—			(5	)		5			—			(24	)		24
Other, net		2			5			(3	)		8			13			(5	)
Total other income and deductions		(32	)		(42	)		10			(185	)		(198	)		13
Income before income taxes		38			118			(80	)		476			499			(23	)
Income taxes		17			40			(23	)		152			146			6
Net income	$	21		$	78		$	(57	)	$	324		$	353		$	(29	)
	Other (b)
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2010			2009			Variance			2010			2009			Variance
Operating revenues	$	(773	)	$	(785	)	$	12		$	(3,104	)	$	(3,470	)	$	366
Operating expenses
Purchased power		(773	)		(784	)		11			(3,096	)		(3,462	)		366
Fuel		—			(1	)		1			(1	)		—			(1	)
Operating and maintenance		10			2			8			(14	)		6			(20	)
Depreciation and amortization		5			16			(11	)		25			55			(30	)
Taxes other than income		5			1			4			19			16			3
Total operating expenses		(753	)		(766	)		13			(3,067	)		(3,385	)		318
Operating loss		(20	)		(19	)		(1	)		(37	)		(85	)		48
Other income and deductions
Interest expense		(19	)		(20	)		1			(85	)		(112	)		27
Loss in equity method investments		—			(1	)		1			—			—			—
Other, net		5			(6	)		11			23			(41	)		64
Total other income and deductions		(14	)		(27	)		13			(62	)		(153	)		91
Loss before income taxes		(34	)		(46	)		12			(99	)		(238	)		139
Income taxes		(22	)		(26	)		4			(29	)		(96	)		67
Net loss	$	(12	)	$	(20	)	$	8		$	(70	)	$	(142	)	$	72

(a) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues.

(b) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities and other financing and investment activities.

4

EXELON CORPORATION

Consolidated Balance Sheets

(unaudited)

(in millions)

	December 31, 2010			December 31, 2009
ASSETS
Current assets
Cash and cash equivalents	$	1,612		$	2,010
Restricted cash and investments		30			40
Accounts receivable, net
Customer		1,932			1,563
Other		1,196			486
Mark-to-market derivative assets		487			376
Inventories, net
Fossil fuel		216			198
Materials and supplies		590			559
Other		335			209
Total current assets		6,398			5,441
Property, plant and equipment, net		29,941			27,341
Deferred debits and other assets
Regulatory assets		4,140			4,872
Nuclear decommissioning trust (NDT) funds		6,408			6,669
Investments		732			724
Goodwill		2,625			2,625
Mark-to-market derivative assets		409			649
Pledged assets for Zion Station decommissioning		824			—
Other		763			859
Total deferred debits and other assets		15,901			16,398
Total assets	$	52,240		$	49,180
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	—		$	155
Short-term notes payable — accounts receivable agreement		225			—
Long-term debt due within one year		599			639
Long-term debt to PECO Energy Transition Trust due within one year		—			415
Accounts payable		1,373			1,345
Mark-to-market derivative liabilities		38			198
Accrued expenses		1,040			923
Deferred income taxes		85			152
Other		880			411
Total current liabilities		4,240			4,238
Long-term debt		11,614			10,995
Long-term debt to financing trusts		390			390
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits		6,621			5,750
Asset retirement obligations		3,494			3,434
Pension obligations		3,658			3,625
Non-pension postretirement benefit obligations		2,218			2,180
Spent nuclear fuel obligation		1,018			1,017
Regulatory liabilities		3,555			3,492
Mark-to-market derivative liabilities		21			23
Payable for Zion Station decommissioning		659			—
Other		1,102			1,309
Total deferred credits and other liabilities		22,346			20,830
Total liabilities		38,590			36,453
Preferred securities of subsidiary		87			87
Shareholders’ equity
Common stock		9,006			8,923
Treasury stock, at cost		(2,327	)		(2,328	)
Retained earnings		9,304			8,134
Accumulated other comprehensive loss, net		(2,423	)		(2,089	)
Total shareholders’ equity		13,560			12,640
Noncontrolling interest		3			—
Total equity		13,563			12,640
Total liabilities and shareholders’ equity	$	52,240		$	49,180

5

EXELON CORPORATION

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

	Twelve Months Ended
	December 31,
	2010			2009
Cash flows from operating activities
Net income	$	2,563		$	2,707
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel amortization		2,943			2,601
Impairment of long-lived assets		—			223
Deferred income taxes and amortization of investment tax credits		981			756
Net fair value changes related to derivatives		(88	)		(95	)
Net realized and unrealized gains on NDT fund investments		(105	)		(207	)
Other non-cash operating activities		609			652
Changes in assets and liabilities:
Accounts receivable		(232	)		234
Inventories		(62	)		51
Accounts payable, accrued expenses and other current liabilities		472			(254	)
Options premiums paid, net		(124	)		(40	)
Counterparty collateral received (posted), net		(155	)		196
Income taxes		(543	)		(29	)
Pension and non-pension postretirement benefit contributions		(959	)		(588	)
Other assets and liabilities		(56	)		(113	)
Net cash flows provided by operating activities		5,244			6,094
Cash flows from investing activities
Capital expenditures		(3,326	)		(3,273	)
Proceeds from nuclear decommissioning trust fund sales		3,764			4,292
Investment in nuclear decommissioning trust funds		(3,907	)		(4,531	)
Acquisition of Exelon Wind		(893	)		—
Proceeds from sales of investments		28			41
Purchases of investments		(22	)		(28	)
Change in restricted cash		423			35
Other investing activities		39			6
Net cash flows used in investing activities		(3,894	)		(3,458	)
Cash flows from financing activities
Changes in short-term debt		(155	)		(56	)
Issuance of long-term debt		1,398			1,987
Retirement of long-term debt		(828	)		(1,773	)
Retirement of long-term debt of variable interest entity		(806	)		—
Retirement of long-term debt to financing affiliates		—			(709	)
Dividends paid on common stock		(1,389	)		(1,385	)
Proceeds from employee stock plans		48			42
Other financing activities		(16	)		(3	)
Net cash flows used in financing activities		(1,748	)		(1,897	)
Increase (decrease) in cash and cash equivalents		(398	)		739
Cash and cash equivalents at beginning of period		2,010			1,271
Cash and cash equivalents at end of period	$	1,612		$	2,010

6

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations

(unaudited)

(in millions, except per share data)

	Three Months Ended December 31, 2010									Three Months Ended December 31, 2009
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	4,494		$	6	(c)	$	4,500		$	4,116		$	32	(c),(i)	$	4,148
Operating expenses
Purchased power		1,152			(145	)(d)		1,007			815			(36	)(d)		779
Fuel		541			(41	)(d)		500			425			78	(d)		503
Operating and maintenance		1,160			(2	)(e),(f),(g)		1,158			1,120			(24	)(e)		1,096
Operating and maintenance for regulatory required programs (b)		44			—			44			19			—			19
Depreciation and amortization		465			(23	)(e)		442			474			(32	)(e)		442
Taxes other than income		193			—			193			187			—			187
Total operating expenses		3,555			(211	)		3,344			3,040			(14	)		3,026
Operating income		939			217			1,156			1,076			46			1,122
Other income and deductions
Interest expense		(183	)		—			(183	)		(176	)		—			(176	)
Loss in equity method investments		—			—			—			(6	)		—			(6	)
Other, net		135			(83	)(h)		52			60			(18	)(h),(j)		42
Total other income and deductions		(48	)		(83	)		(131	)		(122	)		(18	)		(140	)
Income before income taxes		891			134			1,025			954			28			982
Income taxes		367			27	(c),(d),(e),  (f),(g),(h)		394			373			(1)	(c),(d),(e),  (h),(i),(j)		372
Net income	$	524		$	107		$	631		$	581		$	29		$	610
Effective tax rate		41.2	%					38.4	%		39.1	%					37.9	%
Earnings per average common share
Basic	$	0.79		$	0.17		$	0.96		$	0.88		$	0.04		$	0.92
Diluted	$	0.79		$	0.17		$	0.96		$	0.88		$	0.04		$	0.92
Average common shares outstanding
Basic		662						662			660						660
Diluted		663						663			662						662
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
2007 Illinois electric rate settlement (c)				$	0.01								$	0.02
Mark-to-market impact of economic hedging activities (d)					0.17									(0.04	)
Retirement of fossil generating units (e)					0.03									0.05
Acquisition costs (f)					0.01									—
Asset retirement obligation reduction (g)					(0.01	)								—
Unrealized gains related to NDT fund investments (h)					(0.04	)								(0.02	)
City of Chicago Settlement with ComEd (i)					—									0.01
Costs associated with early debt retirements (j)					—									0.02
Total adjustments				$	0.17								$	0.04

(a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP).

(b) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues.

(c) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(d) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

(e) Adjustment to exclude costs associated with the planned retirement of fossil generating units.

(f) Adjustment to exclude external costs associated with Exelon’s acquisition of John Deere Renewables, LLC (JDR) (now known as Exelon Wind).

(g) Adjustment to exclude a decrease in 2010 in ComEd and PECO’s asset retirement obligations.

(h) Adjustment to exclude unrealized gains in 2010 and 2009 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.

(i) Adjustment to exclude costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.

(j) Adjustment to exclude costs associated with early debt retirements.

7

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to GAAP Consolidated Statements of Operations

(unaudited)

(in millions, except per share data)

	Twelve Months Ended December 31, 2010									Twelve Months Ended December 31, 2009
	GAAP (a)			Adjustments			Adjusted Non-GAAP			GAAP (a)			Adjustments			Adjusted Non-GAAP
Operating revenues	$	18,644		$	25	(c),(d)	$	18,669		$	17,318		$	114	(c),(d)	$	17,432
Operating expenses
Purchased power		4,425			(3	)(e)		4,422			3,215			94	(e)		3,309
Fuel		2,010			32	(e),(f)		2,042			2,066			87	(e)		2,153
Operating and maintenance		4,453			(4)	(g),(h),(i),  (j)		4,449			4,612			(265)	(c),(h),(i),(j),  (m),(n)		4,347
Operating and maintenance for regulatory required programs (b)		147			—			147			63			—			63
Depreciation and amortization		2,075			(80	)(h)		1,995			1,834			(32	)(h)		1,802
Taxes other than income		808			—			808			778			—			778
Total operating expenses		13,918			(55	)		13,863			12,568			(116	)		12,452
Operating income		4,726			80			4,806			4,750			230			4,980
Other income and deductions
Interest expense		(817	)		103	(k)		(714	)		(731	)		12	(k),(o)		(719	)
Loss in equity method investments		—			—			—			(27	)		—			(27	)
Other, net		312			(153	)(k),(l)		159			427			(324	)(k),(l),(o)		103
Total other income and deductions		(505	)		(50	)		(555	)		(331	)		(312	)		(643	)
Income before income taxes		4,221			30			4,251			4,419			(82	)		4,337
Income taxes		1,658			(96)	(c),(d),(e),  (f),(g),(h),  (i),(j),(k),(l)		1,562			1,712			(98)	(c),(d),(e),(h),  (i),(j),(k),(l),  (m),(n),(o)		1,614
Net income	$	2,563		$	126		$	2,689		$	2,707		$	16		$	2,723
Effective tax rate		39.3	%					36.7	%		38.7	%					37.2	%
Earnings per average common share
Basic	$	3.88		$	0.19		$	4.07		$	4.10		$	0.03		$	4.13
Diluted	$	3.87		$	0.19		$	4.06		$	4.09		$	0.03		$	4.12
Average common shares outstanding
Basic		661						661			659						659
Diluted		663						663			662						662
Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP:
2007 Illinois electric rate settlement (c)				$	0.02								$	0.10
City of Chicago settlement (d)					—									0.01
Mark-to-market impact of economic hedging activities (e)					(0.08	)								(0.16	)
Impairment of certain emissions allowances (f)					0.05									—
Charge resulting from health care legislation (g)					0.10									—
Retirement of fossil generating units (h)					0.08									0.05
Acquisition costs (i)					0.01									0.03
Asset retirement obligation reduction (j)					(0.01	)								(0.05	)
Remeasurement of income tax uncertainties (k)					0.10									(0.10	)
Unrealized gains related to NDT fund investments (l)					(0.08	)								(0.19	)
2009 restructuring charges (m)					—									0.03
Impairment of certain generating assets (n)					—									0.20
Costs associated with early debt retirements (o)					—									0.11
Total adjustments				$	0.19								$	0.03

(a) Results reported in accordance with GAAP.

(b) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues.

(c) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(d) Adjustment to exclude costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.

(e) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities.

(f) Adjustment to exclude a non-cash charge for the impairment of certain SO2 emission allowances as a result of declining market prices since the release of the EPA’s proposed Transport Rule in the third quarter of 2010.

(g) Adjustment to exclude a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

(h) Adjustment to exclude costs associated with the planned retirement of fossil generating units.

(i) Adjustment to exclude external costs associated with Exelon’s acquisition of JDR (now known as Exelon Wind) and the proposed acquisition of NRG, which was terminated in July 2009.

(j) Adjustment to exclude a decrease in 2010 in ComEd and PECO’s asset retirement obligations and a decrease in 2009 in Generation’s decomissioning obligation.

(k) Adjustment to exclude 2010 and 2009 remeasurements of income tax uncertainties and a 2009 change in state deferred income taxes.

(l) Adjustment to exclude unrealized gains in 2010 and 2009 associated with Generation’s NDT fund investments and the associated contractual accounting relating to income taxes.

(m) Adjustment to exclude 2009 charges associated with the elimination of management and staff positions.

(n) Adjustment to exclude a non-cash charge for the impairment of certain of Generation’s Texas plants.

(o) Adjustment to exclude costs associated with early debt retirements.

8

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Earnings (in millions)

Three Months Ended December 31, 2010 and 2009

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exelon
2009 GAAP Earnings (Loss)	$	0.88		$	425		$	98		$	78		$	(20	)	$	581
2009 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		0.02			13			2			—			—			15
Mark-to-Market Impact of Economic Hedging Activities		(0.04	)		(26	)		—			—			—			(26	)
Unrealized Gains Related to NDT Fund Investments (1)		(0.02	)		(14	)		—			—			—			(14	)
City of Chicago Settlement with ComEd		0.01			—			5			—			—			5
Costs Associated with Early Debt Retirements		0.02			9			—			—			6			15
Retirement of Fossil Generating Units (2)		0.05			34			—			—			—			34
2009 Adjusted (non-GAAP) Operating Earnings (Loss)		0.92			441			105			78			(14	)		610
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market:
Nuclear Output (3)		0.04			27			—			—			—			27
Nuclear Fuel Costs (4)		(0.02	)		(15	)		—			—			—			(15	)
Reliability Pricing Model (RPM) Capacity Pricing		0.07			48			—			—			—			48
Market and Portfolio Conditions (5)		(0.03	)		(22	)		—			—			—			(22	)
ComEd and PECO Margins:
Weather		0.02			—			4			6			—			10
Load		(0.01	)		—			(5	)		—			—			(5	)
Other Energy Delivery		0.01			—			—			5			—			5
Competitive Transition Charge (CTC) Recoveries (6)		—			75			—			(68	)		(7	)		—
Operating and Maintenance Expense:
Bad Debt (7)		0.01			(2	)		7			(1	)		—			4
Labor, Contracting and Materials (8)		(0.04	)		(14	)		(7	)		(7	)		—			(28	)
Planned Nuclear Refueling Outages		—			1			—			—			—			1
Other Operating and Maintenance (9)		—			7			(2	)		—			(3	)		2
Pension and Non-Pension Postretirement Benefits (10)		(0.01	)		(2	)		(2	)		—			(1	)		(5	)
Depreciation and Amortization Expense (11)		(0.03	)		(17	)		(4	)		(2	)		5			(18	)
Scheduled CTC Amortization Expense (12)		0.02			—			—			15			—			15
Income Taxes		—			8			(5	)		(13	)		8			(2	)
Interest Expense		—			(5	)		(4	)		7			1			(1	)
Other (13)		0.01			8			(2	)		—			(1	)		5
2010 Adjusted (non-GAAP) Operating Earnings (Loss)		0.96			538			85			20			(12	)		631
2010 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		(0.01	)		(4	)		—			—			—			(4	)
Mark-to-Market Impact of Economic Hedging Activities		(0.17	)		(113	)		—			—			—			(113	)
Unrealized Gains Related to NDT Fund Investments (1)		0.04			26			—			—			—			26
Retirement of Fossil Generating Units (2)		(0.03	)		(17	)		—			—			—			(17	)
JDR Acquisition Costs (14)		(0.01	)		(6	)		—			—			—			(6	)
Asset Retirement Obligation Reduction (15)		0.01			—			6			1			—			7
2010 GAAP Earnings (Loss)	$	0.79		$	424		$	91		$	21		$	(12	)	$	524

(1) Reflects the impact of unrealized gains in 2009 and 2010 on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(2) Reflects incremental accelerated depreciation, inventory write-downs and severance costs associated with the planned retirement of four fossil generating units.

(3) Primarily reflects the impact of decreased planned and unplanned nuclear outage days in 2010, including Salem.

(4) Reflects the impact of higher nuclear fuel prices.

(5) Primarily reflects the impact of a decrease in realized market prices for the sale of energy.

(6) Reflects decreased CTC revenues at PECO as scheduled in connection with the end of the transition period, which resulted in higher energy prices paid to Generation under the PPA. Generation and PECO’s marginal tax rate differences are reflected at Exelon Corporate.

(7) Primarily reflects increased collection activities at ComEd.

(8) Primarily reflects the impact of increased wages and incentive compensation benefits, as well as the impact of inflation related to contracting and materials expense.

(9) Primarily reflects the 2010 impact of a nuclear insurance credit at Generation.

(10) Primarily reflects the impact of a lower assumed discount rate used in 2010 as compared to 2009 to calculate the pension and other postretirement benefit obligations and costs.

(11) Primarily reflects increased depreciation expense across the operating companies due to ongoing capital expenditures and the impact of a first quarter 2010 depreciation study at Generation.

(12) Reflects decreased amortization expense of CTCs at PECO as scheduled in connection with the end of the transition period.

(13) Primarily reflects realized gains associated with NDT funds at Generation as a result of favorable market conditions in 2010.

(14) Reflects external costs incurred associated with Exelon’s acquisition of JDR (now known as Exelon Wind).

(15) Reflects a decrease in ComEd and PECO’s asset retirement obligations primarily related to transmission and distribution substation assets.

9

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating

Earnings to GAAP Earnings (in millions)

Twelve Months Ended December 31, 2010 and 2009

	Exelon Earnings per Diluted Share			Generation			ComEd			PECO			Other			Exelon
2009 GAAP Earnings (Loss)	$	4.09		$	2,122		$	374		$	353		$	(142	)	$	2,707
2009 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		0.10			62			4			—			—			66
Mark-to-Market Impact of Economic Hedging Activities		(0.16	)		(110	)		—			—			—			(110	)
Unrealized Gains Related to NDT Fund Investments (1)		(0.19	)		(132	)		—			—			—			(132	)
Asset Retirement Obligation Reduction (2)		(0.05	)		(32	)		—			—			—			(32	)
City of Chicago Settlement with ComEd		0.01			—			5			—			—			5
NRG Acquisition Costs (3)		0.03			—			—			—			20			20
Impairment of Certain Generating Assets (4)		0.20			135			—			—			—			135
2009 Restructuring Charges (5)		0.03			7			13			1			1			22
Non-Cash Remeasurement of Income Tax Uncertainties and Reassessment of State Deferred Income Taxes (6)		(0.10	)		(38	)		(40	)		—			12			(66	)
Costs Associated with Early Debt Retirements		0.11			44			—			—			30			74
Retirement of Fossil Generating Units (7)		0.05			34			—			—			—			34
2009 Adjusted (non-GAAP) Operating Earnings (Loss)		4.12			2,092			356			354			(79	)		2,723
Year Over Year Effects on Earnings:
Generation Energy Margins, Excluding Mark-to-Market:
Nuclear Output (8)		(0.02	)		(11	)		—			—			—			(11	)
Nuclear Fuel Costs (9)		(0.11	)		(70	)		—			—			—			(70	)
RPM Capacity Pricing		0.19			125			—			—			—			125
Market and Portfolio Conditions (10)		(0.13	)		(86	)		—			—			—			(86	)
ComEd and PECO Margins:
Weather		0.16			—			54			54			—			108
Load		—			—			(2	)		1			—			(1	)
Other Energy Delivery		(0.02	)		—			(4	)		(10	)		—			(14	)
CTC Recoveries (11)		—			(41	)		—			45			(4	)		—
Operating and Maintenance Expense:
Bad Debt (12)		0.04			—			24			2			—			26
Recovery of Prior Year Bad Debt Expense at ComEd (13)		0.06			—			36			—			—			36
Labor, Contracting and Materials (14)		(0.07	)		(33	)		5			(19	)		—			(47	)
Planned Nuclear Refueling Outages		(0.02	)		(11	)		—			—			—			(11	)
Other Operating and Maintenance (15)		(0.03	)		15			(9	)		(11	)		(17	)		(22	)
Pension and Non-Pension Postretirement Benefits (16)		(0.03	)		(14	)		(4	)		—			2			(16	)
Depreciation and Amortization Expense (17)		(0.09	)		(58	)		(12	)		(7	)		18			(59	)
Scheduled CTC Amortization Expense (18)		(0.10	)		—			—			(67	)		—			(67	)
Income Taxes (19)		0.05			34			(11	)		(8	)		18			33
Interest Expense (20)		0.03			(30	)		(1	)		36			15			20
Other (21)		0.03			16			20			(15	)		1			22
2010 Adjusted (non-GAAP) Operating Earnings (Loss)		4.06			1,928			452			355			(46	)		2,689
2010 Adjusted (non-GAAP) Operating Earnings (Loss) Adjustments:
2007 Illinois Electric Rate Settlement		(0.02	)		(12	)		(1	)		—			—			(13	)
Mark-to-Market Impact of Economic Hedging Activities		0.08			52			—			—			—			52
Unrealized Gains Related to NDT Fund Investments (1)		0.08			52			—			—			—			52
City of Chicago Settlement with ComEd		—			—			(2	)		—			—			(2	)
Asset Retirement Obligation Reduction (2)		0.01			—			6			1			—			7
Retirement of Fossil Generating Units (7)		(0.08	)		(50	)		—			—			—			(50	)
Non-Cash Charge Resulting From Health Care Legislation (22)		(0.10	)		(26	)		(12	)		(10	)		(17	)		(65	)
Non-Cash Remeasurement of Income Tax Uncertainties (6)		(0.10	)		70			(106	)		(22	)		(7	)		(65	)
Impairment of Certain Emissions Allowances (23)		(0.05	)		(35	)		—			—			—			(35	)
JDR Acquisition Costs (24)		(0.01	)		(7	)		—			—			—			(7	)
2010 GAAP Earnings (Loss)	$	3.87		$	1,972		$	337		$	324		$	(70	)	$	2,563

(1) Reflects the impact of unrealized gains in 2009 and 2010 on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(2) Reflects a decrease in 2009 of Generation’s decommissioning obligation liability primarily related to the former AmerGen nuclear plants and a decrease in 2010 of ComEd and PECO’s asset retirement obligations primarily related to transmission and distribution substation assets.

(3) Reflects external costs incurred in 2009 associated with Exelon’s proposed acquisition of NRG, which was terminated in July 2009.

(4) Reflects the impact of the impairment of certain of Generation’s Texas plants.

(5) Reflects severance expense associated with the elimination of management and staff positions in 2009.

(6) For 2009, reflects the impacts of a remeasurement of income tax uncertainties related to ComEd’s 1999 sale of fossil generating units and a reassessment of anticipated apportionment of Exelon’s income. For 2010, reflects the impact of a remeasurement of income tax uncertainties related to ComEd’s 1999 sale of fossil generating assets and related to CTCs received by PECO.

(7) Reflects incremental accelerated depreciation, inventory write-downs and severance costs associated with the planned retirement of four fossil generating units.

(8) Primarily reflects the impact of increased unplanned nuclear outage days in the Mid-Atlantic region in 2010, including Salem.

(9) Reflects the impact of higher nuclear fuel prices.

(10) Primarily reflects the impact of a decrease in realized market prices for the sale of energy.

(11) Reflects increased CTC revenues at PECO resulting in lower energy prices paid to Generation under the PPA. Generation and PECO’s marginal tax rate differences are reflected at Exelon Corporate.

(12) Primarily reflects increased collection activities at ComEd.

(13) Reflects a credit for the recovery of 2008 and 2009 bad debt expense pursuant to the ICC’s February 2010 approval of a bad debt rider, partially offset by a contribution mandated by Illinois legislation.

(14) Primarily reflects the impact of increased wages and incentive compensation, as well as the impact of inflation related to contracting and materials expense (exclusive of incremental storm costs as disclosed in number 15 below).

(15) Primarily reflects increased storm costs in the ComEd and PECO service territories and increased costs associated with Exelon Transmission Company at Corporate, partially offset by reduced stock-based compensation costs across the operating companies and the 2010 impact of a nuclear insurance credit at Generation.

(16) Primarily reflects the impact of a lower assumed discount rate used in 2010 as compared to 2009 to calculate the pension and other postretirement benefit obligations and costs.

(17) Primarily reflects increased depreciation expense across the operating companies due to ongoing capital expenditures and the impact of a first quarter 2010 depreciation study at Generation.

(18) Reflects increased scheduled amortization expense of CTCs at PECO, which became fully amortized at the end of the transition period on December 31, 2010.

(19) Primarily reflects an increase in Generation’s tax benefits associated with an increase in the manufacturing deduction rate, partially offset by the incremental impact on the 2010 manufacturing tax deduction associated with the pension contribution to be made in the first quarter of 2011.

(20) Primarily reflects lower interest expense at PECO and Exelon Corporate due to lower outstanding debt, partially offset by higher interest expense at Generation due to higher outstanding debt.

(21) Primarily reflects realized gains associated with NDT funds at Generation as a result of favorable market conditions in 2010 and projected refunds related to Illinois electric distribution taxes at ComEd, partially offset by increased gross receipts tax at PECO.

(22) Reflects a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

(23) Reflects the impairment of certain SO2 emission allowances as a result of declining market prices since the release of the EPA’s proposed Transport Rule during the third quarter of 2010.

(24) Reflects external costs incurred associated with Exelon’s acquisition of JDR (now known as Exelon Wind).

10

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	Generation
	Three Months Ended December 31, 2010									Three Months Ended December 31, 2009
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	2,596		$	6	(b)	$	2,602		$	2,278		$	20	(b)	$	2,298
Operating expenses
Purchased power		602			(145	)(c)		457			375			(36	)(c)		339
Fuel		418			(41	)(c)		377			300			78	(c)		378
Operating and maintenance		731			(13	)(d),(e)		718			727			(24	)(e)		703
Depreciation and amortization		129			(23	)(e)		106			110			(32	)(e)		78
Taxes other than income		56			—			56			55			—			55
Total operating expenses		1,936			(222	)		1,714			1,567			(14	)		1,553
Operating income		660			228			888			711			34			745
Other income and deductions
Interest expense		(44	)		—			(44	)		(36	)		—			(36	)
Other, net		118			(83	)(f)		35			50			(28	)(f),(g)		22
Total other income and deductions		74			(83	)		(9	)		14			(28	)		(14	)
Income before income taxes		734			145			879			725			6			731
Income taxes		310			31	(b),(c),(d),  (e),(f)		341			300			(10)	(b),(c),(e),(f),  (g)		290
Net income	$	424		$	114		$	538		$	425		$	16		$	441
	Twelve Months Ended December 31, 2010									Twelve Months Ended December 31, 2009
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	10,025		$	21	(b)	$	10,046		$	9,703		$	98	(b)	$	9,801
Operating expenses
Purchased power		1,853			(3	)(c)		1,850			1,338			94	(c)		1,432
Fuel		1,610			32	(c),(h)		1,642			1,594			87	(c)		1,681
Operating and maintenance		2,812			(18	)(d),(e),(i)		2,794			2,938			(207	)(e),(k),(l),(m)		2,731
Depreciation and amortization		474			(80	)(e)		394			333			(32	)(e)		301
Taxes other than income		230			—			230			205			—			205
Total operating expenses		6,979			(69	)		6,910			6,408			(58	)		6,350
Operating income		3,046			90			3,136			3,295			156			3,451
Other income and deductions
Interest expense		(153	)		—			(153	)		(113	)		2	(g)		(111	)
Loss in equity method investments		—			—			—			(3	)		—			(3	)
Other, net		257			(155	)(f)		102			376			(320	)(f),(g),(n)		56
Total other income and deductions		104			(155	)		(51	)		260			(318	)		(58	)
Income before income taxes		3,150			(65	)		3,085			3,555			(162	)		3,393
Income taxes		1,178			(21)	(b),(c),(d),(e),  (f),(h),(i),(j)		1,157			1,433			(132)	(b),(c),(e),  (f),(g),(k),(l),  (m),(n)		1,301
Net income	$	1,972		$	(44	)	$	1,928		$	2,122		$	(30	)	$	2,092

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(c) Adjustment to exclude the mark-to-market impact of Generation’s economic hedging activities.

(d) Adjustment to exclude costs associated with Exelon’s acquisition of JDR (now known as Exelon Wind).

(e) Adjustment to exclude costs associated with the planned retirement of fossil generating units.

(f) Adjustment to exclude unrealized gains in 2010 and 2009 associated with Generation’s NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements.

(g) Adjustment to exclude costs associated with early debt retirements.

(h) Adjustment to exclude a non-cash charge for the impairment of certain SO2 emission allowances as a result of declining market prices since the release of the EPA’s proposed Transport Rule in the third quarter of 2010.

(i) Adjustment to exclude a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

(j) Adjustment to exclude a 2010 remeasurement of income tax uncertainties.

(k) Adjustment to exclude a decrease in 2009 in Generation’s decommissioning obligation.

(l) Adjustment to exclude 2009 charges associated with the elimination of management and staff positions.

(m) Adjustment to exclude a non-cash charge for the impairment of certain of Generation’s Texas plants.

(n) Adjustment to exclude a change in state deferred income taxes.

11

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	ComEd
	Three Months Ended December 31, 2010									Three Months Ended December 31, 2009
	GAAP (a)			Adjustments			Adjusted  Non- GAAP			GAAP (a)			Adjustments			Adjusted  Non- GAAP
Operating revenues	$	1,372		$	—		$	1,372		$	1,357		$	12	(d),(e)	$	1,369
Operating expenses
Purchased power		671			—			671			692			—			692
Operating and maintenance		247			10	(c)		257			232			—			232
Operating and maintenance for regulatory required programs (b)		27			—			27			19			—			19
Depreciation and amortization		130			—			130			123			—			123
Taxes other than income		68			—			68			67			—			67
Total operating expenses		1,143			10			1,153			1,133			—			1,133
Operating income		229			(10	)		219			224			12			236
Other income and deductions
Interest expense		(86	)		—			(86	)		(78	)		—			(78	)
Other, net		10			—			10			11			—			11
Total other income and deductions		(76	)		—			(76	)		(67	)		—			(67	)
Income before income taxes		153			(10	)		143			157			12			169
Income taxes		62			(4	)(c)		58			59			5	(d),(e)		64
Net income	$	91		$	(6	)	$	85		$	98		$	7		$	105
	Twelve Months Ended December 31, 2010									Twelve Months Ended December 31, 2009
	GAAP (a)			Adjustments			Adjusted  Non- GAAP			GAAP (a)			Adjustments			Adjusted  Non- GAAP
Operating revenues	$	6,204		$	4	(d),(e)	$	6,208		$	5,774		$	16	(d),(e)	$	5,790
Operating expenses
Purchased power		3,307			—			3,307			3,065			—			3,065
Operating and maintenance		975			7	(c),(f)		982			1,028			(20	)(d),(h)		1,008
Operating and maintenance for regulatory required programs (b)		94						94			63			—			63
Depreciation and amortization		516			—			516			494			—			494
Taxes other than income		256			—			256			281			—			281
Total operating expenses		5,148			7			5,155			4,931			(20	)		4,911
Operating income		1,056			(3	)		1,053			843			36			879
Other income and deductions
Interest expense		(386	)		59	(g)		(327	)		(319	)		(6	)(g)		(325	)
Other, net		24			—			24			79			(60	)(g)		19
Total other income and deductions		(362	)		59			(303	)		(240	)		(66	)		(306	)
Income before income taxes		694			56			750			603			(30	)		573
Income taxes		357			(59	(c),(d),  )(e),(f),(g)		298			229			(12	(d),(e),  )(g),(h)		217
Net income	$	337		$	115		$	452		$	374		$	(18	)	$	356

(a) Results reported in accordance with GAAP.

(b) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues.

(c) Adjustment to exclude a decrease in 2010 in ComEd’s asset retirement obligation.

(d) Adjustment to exclude the impact of the 2007 Illinois electric rate settlement.

(e) Adjustment to exclude costs associated with ComEd’s 2007 settlement agreement with the City of Chicago.

(f) Adjustment to exclude a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

(g) Adjustment to exclude 2010 and 2009 remeasurements of income tax uncertainties.

(h) Adjustment to exclude 2009 charges associated with the elimination of management and staff positions.

12

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	PECO
	Three Months Ended December 31, 2010									Three Months Ended December 31, 2009
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	1,299		$	—		$	1,299		$	1,266		$	—		$	1,266
Operating expenses
Purchased power		652			—			652			532			—			532
Fuel		123			—			123			126			—			126
Operating and maintenance		172			1	(c)		173			159			—			159
Operating and maintenance for regulatory required programs (b)		17			—			17			—			—			—
Depreciation and amortization		201			—			201			225			—			225
Taxes other than income		64			—			64			64			—			64
Total operating expenses		1,229			1			1,230			1,106			—			1,106
Operating income		70			(1	)		69			160			—			160
Other income and deductions
Interest expense		(34	)		—			(34	)		(42	)		—			(42	)
Loss in equity method investments		—			—			—			(5	)		—			(5	)
Other, net		2			—			2			5			—			5
Total other income and deductions		(32	)		—			(32	)		(42	)		—			(42	)
Income before income taxes		38			(1	)		37			118			—			118
Income taxes		17			—	(c)		17			40			—			40
Net income	$	21		$	(1	)	$	20		$	78		$	—		$	78
	Twelve Months Ended December 31, 2010									Twelve Months Ended December 31, 2009
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	5,519		$	—		$	5,519		$	5,311		$	—		$	5,311
Operating expenses
Purchased power		2,361			—			2,361			2,274			—			2,274
Fuel		401			—			401			472			—			472
Operating and maintenance		680			(1	)(c),(d)		679			640			(3	)(f)		637
Operating and maintenance for regulatory required programs (b)		53			—			53			—			—			—
Depreciation and amortization		1,060			—			1,060			952			—			952
Taxes other than income		303			—			303			276			—			276
Total operating expenses		4,858			(1	)		4,857			4,614			(3	)		4,611
Operating income		661			1			662			697			3			700
Other income and deductions
Interest expense		(193	)		36	(e)		(157	)		(187	)		—			(187	)
Loss in equity method investments		—			—			—			(24	)		—			(24	)
Other, net		8			2	(e)		10			13			—			13
Total other income and deductions		(185	)		38			(147	)		(198	)		—			(198	)
Income before income taxes		476			39			515			499			3			502
Income taxes		152			8	(c),(d),(e)		160			146			2	(f)		148
Net income	$	324		$	31		$	355		$	353		$	1		$	354

(a) Results reported in accordance with GAAP.

(b) Includes amounts for various legislative and/or regulatory programs that are recoverable from customers on a full and current basis through a reconcilable automatic adjustment clause. An equal and offsetting amount has been reflected in operating revenues.

(c) Adjustment to exclude a decrease in 2010 PECO’s asset retirement obligation.

(d) Adjustment to exclude a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

(e) Adjustment to exclude a 2010 remeasurement of income tax uncertainties.

(f) Adjustment to exclude 2009 charges associated with the elimination of management and staff positions.

13

EXELON CORPORATION

Reconciliation of Adjusted (non-GAAP) Operating Earnings to

GAAP Consolidated Statements of Operations

(unaudited)

(in millions)

	Other
	Three Months Ended December 31, 2010									Three Months Ended December 31, 2009
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted  Non- GAAP
Operating revenues	$	(773	)	$	—		$	(773	)	$	(785	)	$	—		$	(785	)
Operating expenses
Purchased power		(773	)		—			(773	)		(784	)		—			(784	)
Fuel		—			—			—			(1	)		—			(1	)
Operating and maintenance		10			—			10			2			—			2
Depreciation and amortization		5			—			5			16			—			16
Taxes other than income		5			—			5			1			—			1
Total operating expenses		(753	)		—			(753	)		(766	)		—			(766	)
Operating loss		(20	)		—			(20	)		(19	)		—			(19	)
Other income and deductions
Interest expense		(19	)		—			(19	)		(20	)		—			(20	)
Loss in equity method investments		—			—			—			(1	)		—			(1	)
Other, net		5			—			5			(6	)		10	(b)		4
Total other income and deductions		(14	)		—			(14	)		(27	)		10			(17	)
Loss before income taxes		(34	)		—			(34	)		(46	)		10			(36	)
Income taxes		(22	)		—			(22	)		(26	)		4	(b)		(22	)
Net loss	$	(12	)	$	—		$	(12	)	$	(20	)	$	6		$	(14	)
	Twelve Months Ended December 31, 2010									Twelve Months Ended December 31, 2009
	GAAP (a)			Adjustments			Adjusted Non- GAAP			GAAP (a)			Adjustments			Adjusted Non- GAAP
Operating revenues	$	(3,104	)	$	—		$	(3,104	)	$	(3,469	)	$	—		$	(3,469	)
Operating expenses
Purchased power		(3,096	)		—			(3,096	)		(3,462	)		—			(3,462	)
Fuel		(1	)		—			(1	)		—			—			—
Operating and maintenance		(14	)		8	(c)		(6	)		6			(35	)(e),(f)		(29	)
Depreciation and amortization		25			—			25			55			—			55
Taxes other than income		19			—			19			16			—			16
Total operating expenses		(3,067	)		8			(3,059	)		(3,385	)		(35	)		(3,420	)
Operating loss		(37	)		(8	)		(45	)		(84	)		35			(49	)
Other income and deductions
Interest expense		(85	)		8	(d)		(77	)		(112	)		16	(b),(d)		(96	)
Other, net		23			—			23			(42	)		56	(b),(d)		14
Total other income and deductions		(62	)		8			(54	)		(154	)		72			(82	)
Loss before income taxes		(99	)		—			(99	)		(238	)		107			(131	)
Income taxes		(29	)		(24	)(c),(d)		(53	)		(96	)		44	(b),(d),(e),(f)		(52	)
Net loss	$	(70	)	$	24		$	(46	)	$	(142	)	$	63		$	(79	)

(a) Results reported in accordance with GAAP.

(b) Adjustment to exclude costs associated with early debt retirements.

(c) Adjustment to exclude a non-cash charge related to the passage of Federal health care legislation that reduces the deductibility of retiree prescription drug benefits for Federal income tax purposes to the extent they are reimbursed under Medicare Part D.

(d) Adjustment to exclude 2010 and 2009 remeasurements of income tax uncertainties.

(e) Adjustment to exclude external costs associated with Exelon’s proposed acquisition of NRG, which was terminated in July 2009.

(f) Adjustment to exclude 2009 charges associated with the elimination of management and staff positions.

14

EXELON CORPORATION

Exelon Generation Statistics

	Three Months Ended
	Dec. 31, 2010			Sept. 30, 2010			Jun. 30, 2010			Mar. 31, 2010			Dec. 31, 2009
Supply (in GWhs)
Nuclear Generation
Mid-Atlantic (a)		11,974			12,076			11,691			11,776			11,137
Midwest		23,141			23,675			23,344			22,333			22,472
Total Nuclear Generation		35,115			35,751			35,035			34,109			33,609
Fossil and Renewables
Mid-Atlantic (b)		2,115			2,582			2,175			2,564			1,986
Midwest		45			16			7			—			—
South and West		93			691			310			119			48
Total Fossil and Renewables		2,253			3,289			2,492			2,683			2,034
Purchased Power
Mid-Atlantic		442			599			414			463			342
Midwest		1,776			1,774			1,568			1,914			1,991
South and West		2,632			4,084			2,695			2,701			2,851
Total Purchased Power		4,850			6,457			4,677			5,078			5,184
Total Supply by Region
Mid-Atlantic		14,531			15,257			14,280			14,803			13,465
Midwest		24,962			25,465			24,919			24,247			24,463
South and West		2,725			4,775			3,005			2,820			2,899
		42,218			45,497			42,204			41,870			40,827
	Three Months Ended
	Dec. 31, 2010			Sept. 30, 2010			Jun. 30, 2010			Mar. 31, 2010			Dec. 31, 2009
Electric Sales (in GWhs)
ComEd (c)		—			—			1,895			3,428			3,439
PECO		9,756			11,976			10,044			10,228			9,588
Market and Retail (c)		32,462			33,521			30,265			28,214			27,800
Total Electric Sales (d)(e)		42,218			45,497			42,204			41,870			40,827
Average Margin ($/MWh) (f)(g)
Mid-Atlantic	$	51.75		$	36.97		$	40.83		$	41.41		$	43.15
Midwest		41.14			41.00			40.78			41.00			41.98
South and West		(10.64	)		(2.30	)		(14.31	)		(16.67	)		(14.49	)
Average Margin - Overall Portfolio	$	41.45		$	35.11		$	36.87		$	37.26		$	38.36
Around-the-clock Market Prices ($/MWh) (h)
PJM West Hub	$	43.65		$	52.25		$	43.21		$	44.54		$	37.31
NiHub		27.26			38.32			32.35			34.47			29.61
ERCOT North Spark Spread		(0.69	)		8.25			1.52			(0.02	)		(1.34	)

(a) Includes Generation’s proportionate share of the output of its nuclear generating plants, including Salem.

(b) Includes New England generation.

(c) ComEd line item represents sales under the 2006 ComEd Auction. Settlements of the ComEd swap and sales under the Request for Proposal (RFP) are included within Market and Retail sales. In addition, renewable energy credit sales to affiliates have been included within Market and Retail sales.

(d) Excludes retail gas activity, trading portfolio and other operating revenue.

(e) Total sales do not include trading volume of 740 GWhs, 1,077 GWhs, 889 GWhs, 920 GWhs and 1,599 GWhs for the three months ended December 31, 2010, September 30, 2010, June 30, 2010, March 31, 2010 and December 31, 2009, respectively.

(f) Excludes the mark-to-market impact of Generation’s economic hedging activities.

(g) Results of transactions with PECO and ComEd are included in the Mid-Atlantic and Midwest regions, respectively.

(h) Represents the average for the quarter.

15

EXELON CORPORATION

Exelon Generation Statistics

Twelve Months Ended December 31, 2010 and 2009

	December 31, 2010			December 31, 2009
Supply (in GWhs)
Nuclear Generation
Mid-Atlantic (a)		47,517			47,866
Midwest		92,493			91,804
Total Nuclear Generation		140,010			139,670
Fossil and Renewables
Mid-Atlantic (b)		9,436			8,938
Midwest		68			4
South and West		1,213			1,247
Total Fossil and Renewables		10,717			10,189
Purchased Power
Mid-Atlantic		1,918			1,747
Midwest		7,032			7,738
South and West		12,112			13,721
Total Purchased Power		21,062			23,206
Total Supply by Region
Mid-Atlantic		58,871			58,551
Midwest		99,593			99,546
South and West		13,325			14,968
		171,789			173,065
	December 31, 2010			December 31, 2009
Electric Sales (in GWhs)
ComEd (c)		5,323			16,830
PECO		42,003			39,897
Market and Retail (c)		124,463			116,338
Total Electric Sales (d)(e)		171,789			173,065
Average Margin ($/MWh) (f)(g)
Mid-Atlantic	$	42.67		$	44.03
Midwest		40.98			41.67
South and West		(9.83	)		(7.82	)
Average Margin - Overall Portfolio	$	37.62		$	38.20
Around-the-clock Market Prices ($/MWh) (h)
PJM West Hub	$	45.93		$	38.30
NiHub		33.09			28.85
ERCOT North Spark Spread		2.31			0.35

(a) Includes Generation’s proportionate share of the output of its nuclear generating plants, including Salem.

(b) Includes New England generation.

(c) ComEd line item represents sales under the 2006 ComEd Auction. Settlements of the ComEd swap and sales under the RFP are included within Market and Retail sales. In addition, renewable energy credit sales to affiliates have been included within Market and Retail sales.

(d) Excludes retail gas activity, trading portfolio and other operating revenue.

(e) Total sales do not include trading volume of 3,625 GWhs and 7,578 GWhs for the years ended December 31, 2010 and 2009, respectively.

(f) Excludes the mark-to-market impact of Generation’s economic hedging activities.

(g) Results of transactions with PECO and ComEd are included in the Mid-Atlantic and Midwest regions, respectively.

(h) Represents the average for the years ended December 31, 2010 and 2009, respectively.

16

EXELON CORPORATION

ComEd Statistics

Three Months Ended December 31, 2010 and 2009

	Electric Deliveries (in GWhs)										Revenue (in millions)
	2010		2009		% Change			Weather- Normal % Change			2010		2009		% Change
Retail Deliveries and Sales (a)
Residential		6,393		6,541		(2.3	)%		(4.1	)%	$	761	$	741		2.7	%
Small Commercial & Industrial		7,929		7,897		0.4	%		(1.5	)%		366		378		(3.2	)%
Large Commercial & Industrial		6,725		6,505		3.4	%		1.9	%		91		93		(2.2	)%
Public Authorities & Electric Railroads		346		329		5.2	%		2.9	%		14		15		(6.7	)%
Total Retail		21,393		21,272		0.6	%		(1.2	)%		1,232		1,227		0.4	%
Other Revenue (b)												140		130		7.7	%
Total Electric Revenue											$	1,372	$	1,357		1.1	%
Purchased Power											$	671	$	692		(3.0	)%

							% Change
Heating and Cooling Degree-Days	2010		2009		Normal		From 2009			From Normal
Heating Degree-Days		2,292		2,264		2,278		1.2	%		0.6	%
Cooling Degree-Days		15		—		7		n/a			114.3	%

Twelve Months Ended December 31, 2010 and 2009

	Electric Deliveries (in GWhs)										Revenue (in millions)
	2010		2009		% Change			Weather- Normal %  Change			2010		2009		% Change
Retail Deliveries and Sales (a)
Residential		29,171		26,621		9.6	%		(1.2	)%	$	3,549	$	3,115		13.9	%
Small Commercial & Industrial		32,904		32,234		2.1	%		(0.6	)%		1,639		1,660		(1.3	)%
Large Commercial & Industrial		27,717		26,668		3.9	%		2.6	%		397		387		2.6	%
Public Authorities & Electric Railroads		1,273		1,237		2.9	%		2.4	%		62		57		8.8	%
Total Retail		91,065		86,760		5.0	%		0.2	%		5,647		5,219		8.2	%
Other Revenue (b)												557		555		0.4	%
Total Electric Revenue											$	6,204	$	5,774		7.4	%
Purchased Power											$	3,307	$	3,065		7.9	%

							% Change
Heating and Cooling Degree-Days	2010		2009		Normal		From 2009			From Normal
Heating Degree-Days		5,991		6,429		6,362		(6.8	)%		(5.8	)%
Cooling Degree-Days		1,181		589		855		100.5	%		38.1	%
Number of Electric Customers	2010		2009
Residential		3,438,677		3,425,570
Small Commercial & Industrial		363,393		360,779
Large Commercial & Industrial		2,005		1,985
Public Authorities & Electric Railroads		5,078		5,008
Total		3,809,153		3,793,342

(a) Reflects delivery revenues and volumes from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenue also reflects the cost of energy.

(b) Other revenue primarily includes transmission revenue from PJM Interconnection, LLC (PJM).

17

EXELON CORPORATION

PECO Statistics

Three Months Ended December 31, 2010 and 2009

	Electric and Gas Deliveries										Revenue (in millions)
	2010		2009		% Change			Weather- Normal %  Change			2010		2009		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		3,124		3,088		1.2	%		(0.7	)%	$	444	$	429		3.5	%
Small Commercial & Industrial		1,958		1,965		(0.4	)%		(2.0	)%		233		232		0.4	%
Large Commercial & Industrial		3,975		3,878		2.5	%		1.5	%		327		312		4.8	%
Public Authorities & Electric Railroads		226		228		(0.9	)%		(0.3	)%		22		22		0.0	%
Total Retail		9,283		9,159		1.4	%		(0.0	)%		1,026		995		3.1	%
Other Revenue (b)												61		59		3.4	%
Total Electric Revenue												1,087		1,054		3.1	%
Gas (in mmcfs)
Retail Sales		19,730		17,659		11.7	%		0.7	%		205		202		1.5	%
Transportation and Other		7,253		7,078		2.5	%		2.2	%		7		10		(30.0	)%
Total Gas		26,983		24,737		9.1	%		1.1	%		212		212		0.0	%
Total Electric and Gas Revenues											$	1,299	$	1,266		2.6	%
Purchased Power											$	652	$	532		22.6	%
Fuel												123		126		(2.4	)%
Total Purchased Power and Fuel											$	775	$	658		17.8	%

							% Change
Heating and Cooling Degree-Days	2010		2009		Normal		From 2009			From Normal
Heating Degree-Days		1,686		1,567		1,634		7.6	%		3.2	%
Cooling Degree-Days		19		10		21		90.0	%		(9.5	%)

Twelve Months Ended December 31, 2010 and 2009

	Electric and Gas Deliveries										Revenue (in millions)
	2010		2009		% Change			Weather- Normal %  Change			2010		2009		% Change
Electric (in GWhs)
Retail Deliveries and Sales (a)
Residential		13,913		12,893		7.9	%		0.5	%	$	2,069	$	1,859		11.3	%
Small Commercial & Industrial		8,503		8,397		1.3	%		(1.9	)%		1,060		1,034		2.5	%
Large Commercial & Industrial		16,372		15,848		3.3	%		0.8	%		1,362		1,307		4.2	%
Public Authorities & Electric Railroads		925		930		(0.5	)%		(0.3	)%		89		90		(1.1	)%
Total Retail		39,713		38,068		4.3	%		0.1	%		4,580		4,290		6.8	%
Other Revenue (b)												255		259		(1.5	)%
Total Electric Revenue												4,835		4,549		6.3	%
Gas (in mmcfs)
Retail Sales		56,833		57,103		(0.5	)%		0.9	%		656		732		(10.4	)%
Transportation and Other		30,911		27,206		13.6	%		10.8	%		28		30		(6.7	)%
Total Gas		87,744		84,309		4.1	%		4.1	%		684		762		(10.2	)%
Total Electric and Gas Revenues											$	5,519	$	5,311		3.9	%
Purchased Power											$	2,361	$	2,274		3.8	%
Fuel												401		472		(15.0	)%
Total Purchased Power and Fuel											$	2,762	$	2,746		0.6	%

							% Change
Heating and Cooling Degree-Days	2010		2009		Normal		From 2009			From Normal
Heating Degree-Days		4,396		4,534		4,638		(3.0	)%		(5.2	)%
Cooling Degree-Days		1,817		1,246		1,292		45.8	%		40.6	%

Number of Electric Customers	2010		2009		Number of Gas Customers	2010		2009
Residential		1,411,643		1,404,416	Residential		448,391		444,923
Small Commercial & Industrial		156,865		156,305	Commercial & Industrial		41,303		40,991
Large Commercial & Industrial		3,071		3,094	Total Retail		489,694		485,914
Public Authorities & Electric Railroads		1,102		1,085	Transportation		838		778
Total		1,572,681		1,564,900	Total		490,532		486,692

(a) Reflects delivery revenues and volumes from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed delivery charges and a CTC. For customers purchasing electricity from PECO, revenue should also reflects the cost of energy.

(b) Other revenue includes transmission revenue from PJM and wholesale revenues.

18