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Pepco Holdings, Inc. Parent Balance Sheet (Dollars in Thousands) (Unaudited)
			Actual
			December 31, 2002
ASSETS
Current Assets
	Cash and cash equivalents		267,457
	Accounts receivable		1,531
	Notes receivable to associated companies		901,836
			1,170,824
Investments and Other Assets
	Investment in consolidated companies		3,703,203
	Deferred income taxes		42,271
	Other		12,764
			3,758,238
Property, Plant and Equipment
	Intangible assets		11,411
	Less accumulated amortization		2,397
			9,014
Total Assets			4,938,076
LIABILITIES AND OWNER'S EQUITY
Current Liabilities
	Short-term debt		410,923
	Accounts payable		6,354
	Accounts payable to associated companies		2,812
	Interest and taxes accrued		21,522
	Other		1,197
			442,808
Long-Term Debt			1,499,518
Capitalization
	Construction loan		-
	Common stock		1,698
	Additional paid-in capital		2,208,767
	Other comprehensive loss		(52,854)
	Retained earnings		838,139
		Total equity	2,995,750
	Total capitalization		2,995,750
Total Capitalization and Liabilities			4,938,076