Earnings Conference Call 4 th Quarter 2013 February 6 th , 2014 - PowerPoint PPT Presentation

Earnings Conference Call 4 th Quarter 2013 February 6 th , 2014

Cautionary Statements Regarding Forward-Looking Information This presentation contains certain 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 the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company and Exelon Generation Company, LLC (Registrants) include those factors discussed herein, as well as the items discussed in (1) Exelon’s 2012 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 19; (2) Exelon’s Third Quarter 2013 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 18; and (3) other factors discussed in filings with the SEC by the Registrants. Readers are cautioned not to place undue reliance on these forward- looking statements, which apply only as of the date of this presentation. None of the Registrants undertakes any obligation to publicly release any revision to its forward- looking statements to reflect events or circumstances after the date of this presentation. 1 2013 4Q Earnings Release Slides

2013 In Review • Utilities • Top quartile and best ever customer satisfaction index scores; top • 2013 adjusted operating results of quartile in SAIFI (outage frequency) $2.50/share (1) • ExGen • Strong balance sheet and free cash • Nuclear capacity factor over 94% flow metrics • Power dispatch match over 99% • Achieved lower than forecasted O&M Operational Financial and renewables energy capture Excellence Discipline over 93% Growth Regulatory Investments Advocacy • Utilities • Utilities • SB9 • Successful installation of 1.3M • ComEd and BGE rate cases smart meters • ExGen • ExGen • Successful court outcomes • Added 158 MW of clean generation, against subsidized generation primarily from our AVSR solar • Continued effort to achieve market project reforms to protect competition • Delivered solid 2013 results in the middle of our guidance range • Providing initial 2014 adjusted operating earnings guidance of $2.25-$2.55/share (2 ) (1) Represents adjusted (non-GAAP) operating EPS. Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS. (2) 2014 earnings guidance based on expected average outstanding shares of ~860M. Refer to the Appendix for a reconciliation of adjusted (non-GAAP) operating EPS guidance to GAAP EPS. 2 2013 4Q Earnings Release Slides

Exelon Utilities Adjusted Operating EPS Contribution (1) Key Driv y Drivers ers – – 4Q1 Q13 vs. 4Q12 3 vs. 4Q12 : BGE PECO ComEd BGE (+0.0 BGE (+0.04): ): Decreased storm costs: $0.02 • $0.3 $0.31 $0.31 $0.3 Distribution revenue due to rate cases: $0.02 • $0.02 $0.06 PECO (+0.02 PECO (+0.02): ): $0.10 Decreased storm costs: $0.03 • Income taxes: $(0.01) $0.12 • ComEd (-0.06): Com (-0.06): Discrete impacts of the 2012 distribution formula rate • $0.19 order (2) : $(0.09) $0.13 Weather, load and customer mix (3) : $0.02 • 4Q 2012 4Q 2013 Numbers may not add due to rounding. (1) Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS. (2) The discrete impacts include $(0.05) related to the reinstatement of the 2011 return on pension asset and $(0.04) related to 2012 pension asset costs recorded in the fourth quarter of 2012. (3) Due to the distribution formula rate, changes in ComEd’s earnings are driven primarily by changes in 30-year U.S. Treasury rates (allowed ROE), rate base and capital structure in addition to weather, load and changes in customer mix. 3 2013 4Q Earnings Release Slides

ExGen Adjusted Operating EPS Contribution (1) $0. $0.33 33 Key Driv y Driver ers – s – 4Q1 4Q13 3 vs. 4Q12 vs. 4Q12 • Lower gross margin, primarily due to lower realized energy prices, partially offset by increased capacity pricing: $(0.11) $0.2 $0.21 • Higher other expense, primarily due to lower realized NDT fund gains: $(0.02) • Lower O&M costs, primarily due to merger synergies: $0.02 4Q (excludes Salem and CENG) 4Q12 Actu 4Q1 Actual 4Q13 Actu 4Q1 Actual Pl Planne anned Refuelin Refueling Outag Outage Days Days 113 94 2012 2013 Non-refu refueling Ou eling Outage Da ge Days ys 1 33 Nuclear Capac Nuclear Ca pacity Fa ty Factor ctor 93.0% 92.3% (1) Refer to the Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non-GAAP) operating EPS to GAAP EPS. 4 2013 4Q Earnings Release Slides

2014 Adjusted Operating Earnings Guidance $2.50 (1) $2.25 - $2.55 (2) BGE $0.23 BGE $0.20 - $0.30 Key Year-Over-Year Drivers PECO Lower ExGen Total Gross Margin $0.46 • PECO $0.40 - $0.50 primarily due to lower energy prices, partially offset by higher capacity revenue: $(0.17) ComEd $0.49 Higher ComEd RNF primarily from DST • ComEd $0.50 - $0.60 revenues due primarily to increasing rate base and higher expected treasury yields impact on ROE: $0.09 Higher BGE RNF: $0.05 • Higher O&M, mainly at the utilities, • driven primarily by inflation and storm ExGen costs offset by synergies and lower $1.40 ExGen $1.10 - $1.30 pension/OPEB expense: $(0.07) Higher D&A: $(0.04) • Other expense, primarily lower ExGen • interest: $0.04 HoldCo HoldCo 2013 Actual 2014 Guidance Expect Q1 2014 Adjusted Operating Earnings of $0.60 - $0.70 per share (1) 2013 results based on 2013 average outstanding shares of 860M. Refer to Earnings Release Attachments for additional details and to the Appendix for a reconciliation of adjusted (non- GAAP) operating EPS to GAAP EPS. (2) 2014 earnings guidance based on expected average outstanding shares of ~860M. Earnings guidance for OpCos may not add up to consolidated EPS guidance. Refer to the Appendix for a reconciliation of adjusted (non-GAAP) operating EPS guidance to GAAP EPS. 5 2013 4Q Earnings Release Slides