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Filed by EXELON CORPORATION Pursuant to Rule 425 Under the Securities Act of 1933 Subject Company: EXELON CORPORATION Commission File No.: 333-37082 Set forth below is the text of slides being used during discussions with shareholders, employees and annuitants of Unicom Corporation regarding the proposed merger of PECO Energy Company and Unicom Corporation to form Exelon Corporation. The following communications contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein. The forward-looking statements herein include statements about future financial and operating results and the proposed merger involving PECO Energy Company and Unicom Corporation. The following factors, among others, could cause actual results to differ materially from those described herein; inability to obtain, or meet conditions imposed for, governmental approvals for the merger, failure of the PECO Energy Company or Unicom Corporation stockholders to approve the merger; the risk that the PECO Energy Company and Unicom Corporation businesses will not be integrated successfully; and other economic, business, competitive and/or regulatory factors affecting PECO Energy Company's and Unicom's businesses generally. More detailing information about those factors is set forth in the joint proxy statement/prospectus regarding the proposed merger. Neither PECO Energy Company nor Unicom Corporation is under any obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result or new information, future events or otherwise. ******************** Investors and security holders are urged to read the joint proxy statement/proxy regarding the business combination transaction referenced in the foregoing information because it contains important information. The joint proxy statement/prospectus has been filed with the Securities and Exchange Commission by Execlon Corporation. The joint proxy statement/prospectus was declared effective by the Commission on May 15, 2000. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other documents filed by PECO Energy Company and Unicom Corporation with the Commission at the Commission's web site at www.secgov. The joint proxy statement/prospectus and these other documents may also be obtained for free from PECO Energy Company or form Unicom Corporation. [LOGO FOR PECO ENERGY] [LOGO FOR UNICOM] A Compelling Combination June, 2000 [LOGO FOR PECO ENERGY] [LOGO FOR UNICOM] Important Notice The following communications contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein. The forward-looking statements herein include statements about future financial and operating results and the proposed merger involving PECO Energy Company and Unicom Corporation. The following factors, among others, could cause actual results to differ materially from those described herein: inability to obtain, or meet conditions imposed for, governmental approvals for the merger; failure of the PECO Energy Company or Unicom Corporation stockholders to approve the merger; the risk that the PECO Energy Company and Unicom Corporation businesses will not be integrated successfully; and other economic, business, competitive and/or regulatory factors affecting PECO Energy Company's and Unicom's businesses generally. More detailed information about those factors is set forth in the joint proxy statement/prospectus regarding the proposed merger. PECO Energy Company and Unicom Corporation are under no obligation to (and expressly disclaim any such obligation to) update or alter their forward-looking statements whether as a result of new information, future events or otherwise. Investors and security holders are urged to read the joint proxy statement/prospectus regarding the business combination transaction referenced in the foregoing information because it contains important information. The joint proxy statement/prospectus has been filed with the Securities and Exchange Commission by PECO Energy Company and Unicom Corporation. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other documents filed by PECO Energy Company and Unicom Corporation with the Commission at the Commission's web site at www.sec.gov. The joint proxy statement/prospectus and these other documents may also be obtained for free from PECO Energy Company or from Unicom Corporation. [LOGO FOR PECO ENERGY] [LOGO FOR UNICOM] Agenda . Strategic Overview . Terms of the Deal . Exelon's Vision . Exelon's growth strategy . Generation and Power Marketing . Energy Delivery . Enterprises [LOGO OF PECO ENERGY] [LOGO OF UNICOM] Energy Industry Trends . Electric Industry Restructuring . 23 States, including Illinois, have passed some of restructuring legislation . Merger Announcements . 1997 14 Mergers Announced . 1998 11 Mergers Announced . 1999 37 Mergers Announced [LOGO OF PECO ENERGY] [LOGO OF UNICOM] A Compelling Combination [Slide depicts a map of the continental United States with stars at Chicago and Philadelphia] ComEd Electric Customers: 3.4M Sales: 83,500 GWH PECO Energy Electric Customers: 1.5M Gas Customers: 400K Sales: 35,300 GWH [LOGO for PECO Energy] [LOGO for Unicom] A Compelling Combination . National power marketing portfolio . Nation's largest low-cost nuclear fleet . Multi-regional distribution platform . Among the largest electric utility customer bases . Enterprises portfolio with proven value . Financial scale and resources to execute . Shareholder-driven management team [LOGO OF PECO ENERGY] [LOGO OF UNICOM] Terms of the Deal . Merger of Equals . Co-Ceo's . Corporate Headquarters: Chicago . Generating Headquarters: Pennsylvania . Equal Board Representation . Cost Savings . $100M in first year growing to $180M in third year . Exchange Ratio . 1:1 for PECO Energy . $3 Plus 0.875:1 for Unicom . $1.69 Annual Dividend [LOGO OF PECO ENERGY] [LOGO OF UNICOM] [Slide consists of a graph entitled "Unicom and PECO Stock Prices" The data points are as follows: Date PECO Unicom - ---- ---- ------ 1/1/99 $37.06 $33.74 2/1/99 34.81 33.68 3/1/99 45.19 35.00 4/1/99 46.35 37.16 5/1/99 48.06 40.51 6/1/99 41.12 37.29 7/1/99 41.61 37.96 8/1/99 40.13 37.35 9/1/99 37.04 36.11 10/1/99 37.72 37.45 11/1/99 32.76 31.22 12/1/99 34.56 33.15 1/1/00 41.52 38.71] [LOGO OF PECO ENERGY] [LOGO OF UNICOM] Unicom Stock Relative Price Performance Since September 15, 1999 [Slide consists of a graph of the daily indexed prices of Unicom, Peco Energy and the S&P Electric Utilities, from September 15, 1999 through June 1, 2000, highlighting the prices at September 23, 1999 (initial merger announcement) and January 7, 2000 (announcement of share repurchase and amended merger agreement)]. [The data points are the following:] Date PECO Energy Unicom S&P Electric Utilities 9/15/1999 100.0000 100.0000 100.0000 9/16/1999 97.8561 100.9740 99.3069 9/17/1999 100.4594 99.8377 100.0524 9/20/1999 98.7749 98.5390 99.2407 9/21/1999 95.4058 95.9416 97.6330 9/22/1999 93.4150 96.2662 97.3374 8/29/1999 89.2803 94.1589 95.5867 9/24/1999 92.8025 95.9416 94.9579 9/27/1999 90.9648 96.7532 94.7836 9/28/1999 87.9020 93.9935 93.6347 9/29/1999 88.6677 94.4805 94.1626 9/30/1999 91.8836 95.9416 95.7008 10/01/1999 93.2619 96.4286 96.9921 10/04/1999 95.0995 100.1623 99.0538 10/05/1999 92.4962 98.2143 97.0336 10/06/1999 93.5682 99.5130 97.3366 10/07/1999 92.0368 97.2403 95.4609 10/08/1999 91.8836 97.4026 95.5813 10/11/1999 90.6585 95.7792 94.1607 10/12/1999 91.1179 95.4545 93.5791 10/13/1999 91.8836 97.5649 93.7788 10/14/1999 92.8025 99.5130 95.4221 10/15/1999 90.9648 98.7013 93.9165 10/1811999 92.4962 100.3247 95.0005 10/19/1999 90.8116 98.5390 93.5469 10/20/1999 91.4242 99.8377 93.4281 10/21/1999 90.9648 99.1883 93.2588 10/22/1999 91.4242 98.2143 93.3000 10/25/1999 90.0459 97.5649 93.4929 10/26/1999 90.9648 97.7273 93.5521 10/27/1999 92.6493 99.6753 95.8728 10/28/1999 93.4150 99.5130 97.1896 10/29/1999 93.5682 99.5130 97.4206 11/01/1999 94.1807 100.3247 97.2393 11/02/1999 93.8744 101.4610 97.8091 11/03/1999 94.3339 101.7857 97.4567 11/04/1999 93.4150 101.1364 96.2872 11/05/1999 92.6493 99.5130 96.6780 11/08/1999 91.7305 98.3766 96.0040 11/09/1999 90.0459 96.2662 94.9406 11/10/1999 88.3614 94.9675 93.6919 11/11/1999 87.9020 94.3182 93.8137 11/12/1999 88.6677 94.6429 93.7909 11/15/1999 87.4426 94.6429 93.2309 11/16/1999 86.8300 94.1559 93.4666 11/17/1999 85.6049 93.3442 93.0446 11/18/1999 85.2986 92.2078 92.3450 11/19/1999 84.9923 91.2338 91.5329 11/22/1999 83.4610 89.2857 90.0580 11/23/1999 81.7764 86.8507 88.7615 11/24/1999 80.3982 85.7143 88.8515 11/25/1999 80.3982 85.7143 88.8515 11/26/1999 80.7044 85.2273 88.4905 11/29/1999 77.1822 82.3052 86.2544 11/30/1999 80.7044 82.9545 88.5320 12/01/1999 78.8668 85.5520 88.1400 12/02/1999 81.7764 85.8766 88.4632 12/03/1999 81.6233 87.5000 89.1174 12/06/1999 82.0827 85.8766 88.4153 12/07/1999 82.6953 83.4416 87.4509 12/08/1999 81.6233 81.6559 86.3744 12/09/1999 81.0107 82.6299 85.5109 12/10/1999 82.6953 82.7922 85.2339 12/13/1999 81.1639 81.6559 83.9638 12/14/1999 80.2450 81.9805 84.7155 12/15/1999 82.2358 81.9805 85.8209 12/16/1999 81.4701 82.1429 85.1039 12/17/1999 82.2358 82.3052 85.6152 12/20/1999 83.3078 84.9026 85.3316 12/21/1999 84.0735 84.9026 86.1010 12/22/1999 84.5329 85.8766 86.0144 12/23/1999 84.8392 88.7987 87.0504 12/24/1999 84.8392 88.7987 87.0504 12/27/1999 84.5329 87.6623 86.6556 12/28/1999 83.7672 86.6883 86.6754 12/29/1999 83.0015 85.3896 85.9533 12/30/1999 84.9923 86.5260 86.5329 12/31/1999 85.1455 87.0130 86.3017 1/03/2000 83.0015 85.7662 83.6473 1/04/2000 82.3890 84.2532 84.5097 1/05/2000 86.3706 87.6623 87.9530 1/06/2000 86.5237 87.3377 88.1807 1/07/2000 86.5237 91.3961 89.3833 1/10/2000 91.7305 93.8312 89.1083 1/11/2000 91.1179 94.1559 88.7769 1/12/2000 91.8836 94.8052 89.6693 1/13/2000 94.6401 96.9156 89.5363 1/14/2000 94.3339 95.6169 88.7951 1/18/2000 92.3430 94.4805 87.1726 1/19/2000 94.0276 96.5909 88.5817 1/20/2000 92 6493 94.6429 88.3019 1/21/2000 95.2527 94.9675 69.8849 1/24/2000 99 5406 99.0260 90.7879 1/25/2000 98.0092 96.2662 89.3052 1/26/2000 100.1531 98.3766 69.9852 1/27/2000 102.9096 100.6494 90.0521 1/28/2000 100.9188 100.4870 88.6809 1/31/2000 102.2971 101.6234 90.3754 2/01/2000 101.8377 105.1948 90.0521 2/02/2000 102.1440 106.4935 89.5616 2/03/2000 106.5850 107.3052 91.2004 2/04/2000 105.3599 106.3312 89.0377 2/07/2000 102.9096 101.9481 87.9786 2/08/2000 103.8285 102.7597 88.3577 2/09/2000 104.1348 102.4351 87.5550 2/10/2000 102.7565 100.0000 87.1202 2/11/2000 101.0720 97.8896 86.2396 2/14/2000 100.9188 97.0779 86.3065 2/15/2000 100.1531 98.0519 85.9274 2/16/2000 99.8469 97.4026 85.5038 2/17/2000 98.6217 100.0000 84.8907 2/18/2000 96.9372 96.7532 83.5084 2/22/2000 97.5498 97.7273 83.3969 2/23/2000 98.928 96.5909 82.0926 2/24/2000 93.1087 94.8052 79.3168 2/25/2000 94.487 94.8052 78.124 2/28/2000 96.325 99.513 80.186 2/29/2000 91.424 98.214 79.584 3/01/2000 92.496 98.864 78.670 3/02/2000 95.559 98.864 79.083 3/03/2000 96.784 98.701 79.495 3/06/2000 94.946 96.916 75.649 3/07/2000 92.496 96.104 75.047 3/08/2000 93.568 96.591 75.393 3/09/2000 93.874 96.429 75.716 3/10/2000 93.721 97.565 75.504 3/13/2000 93.415 99.351 75.638 3/14/2000 91.424 96.266 74.969 3/15/2000 94.640 97.565 78.614 3/16/2000 99.485 101.948 82.650 3/17/2000 94.334 98.214 80.733 3/20/2000 94.181 98.701 80.454 3/21/2000 94.946 99.026 79.874 3/22/2000 92.496 97.403 78.235 3/23/2000 91.730 97.890 79.484 3/24/2000 93.109 98.701 79.807 3/27/2000 91.424 98.214 80.476 3/28/2000 89.893 95.455 79.216 3/29/2000 91.118 95.942 80.197 3/30/2000 90.965 96.104 80.922 3/31/2000 90.352 94.805 81.134 4/03/2000 90.505 94.643 81.725 4/04/2000 96.478 97.403 83.896 4/05/2000 99.387 101.623 84.411 4/06/2000 97.090 99.026 82.862 4/07/2000 97.243 99.351 82.460 4/10/2000 101.378 102.760 84.802 4/11/2000 102.144 103.247 85.838 4/12/2000 104.135 103.896 87.655 4/13/2000 106.738 106.656 90.186 4/14/2000 105.262 104.708 87.722 4/17/2000 102.910 104.383 88.759 4/18/2000 100.306 100.974 88.268 4/19/2000 99.694 100.162 88.079 4/20/2000 101.991 102.597 89.472 4/24/2000 102.910 102.110 92.248 4/25/2000 105.819 104.708 94.690 4/26/2000 106.891 107.630 96.797 4/27/2000 105.513 105.032 94.567 4/28/2000 102.144 103.247 92.560 5/01/2000 102.297 103.896 92.560 5/02/2000 99.694 101.461 90.877 5/03/2000 101.838 102.273 90.643 5/04/2000 104.288 104.870 92.215 5/05/2000 105.360 104.058 91.089 5/08/2000 105.972 105.844 92.873 5/09/2000 107.198 105.682 92.716 5/10/2000 109.648 107.792 94.177 5/11/2000 111.485 111.201 95.927 5/12/2000 109.342 109.314 94.277 5/15/2000 109.801 110.227 95.459 5/16/2000 109.342 109.578 94.266 5/17/2000 105.972 106.169 92.081 5/18/2000 105.972 107.143 93.697 5/19/2000 106.432 107.468 94.400 5/22/2000 110.720 111.201 96.161 5/23/2000 110.720 111.688 94.812 5/24/2000 112.711 112.175 95.882 5/25/2000 110.720 111.364 94.868 5/28/2000 110.720 111.201 95.938 5/30/2000 108.423 109.091 94.701 5/31/2000 107.657 108.279 95.258 6/01/2000 106.891 106.331 95.169 6/02/2000 [LOGO for PECO Energy] [LOGO for Unicom] EXELON will be the most recognized and admired utility services company in the world. [LOGO OF PECO ENERGY] [LOGO OF UNICOM] Foundation for Growth [Slide contains a bar graph depicting actual earnings before special items for 1998 and 1999 and IBES projected earnings for 2000 for PECO and Unicom and projected earnings growth for Exelon for 2000 (pro forma annualized), 2001, 2002 and 2003. The Exelon graph indicates a 10% growth for 2001 to 2003.
PECO 1998 $2.66 1999 $3.17 2000 $3.60 Unicom 1998 $2.27 1999 $2.89 2000 $3.25 Exelon 2000(pro forma annualized) $3.70 2001 $4.20 2002 $4.60 2003 $5.10] [LOGO for PECO Energy] [LOGO for Unicom] Exelon's Business Structure Exelon Corporation Exelon Exelon Exelon Generation Energy Delivery Enterprises Power Team ComEd Energy Delivery Infrastructure Services Nuclear PECO Energy Delivery Operations Energy Services PECO Gas Distribution AmerGen Telecommunications Fossil/Hydro Energy Operations Thermal [LOGO OF PECO ENERGY] [LOGO OF UNICOM] Exelon Generation Strategy . Drive cost leadership through proven fleet management model and economies of scale . Grow asset portfolio through long term supply contracts, acquisitions, and development . Optimize portfolio through balanced generation mix and geographic presence [LOGO OF PECO ENERGY] [LOGO OF UNICOM] Extracting Additional Value Asset-Based Power Marketing . Geographic diversity of assets --reduces transmission costs --improves asset utilization --enables market expansion . Diversity of generation mix enhances portfolio of higher margin, custom products . Minimize supply costs through coordinated dispatch . Complementary skill sets within marketing organizations [LOGO OF PECO ENERGY] [LOGO OF UNICOM] Exelon Energy Delivery Strategy Achieve top quartile performance . improve reliability . enhance customer satisfaction and loyalty Improve financial performance . produce strong cash flows . maintain EPS while amortizing intangible asset Manage regulatory environment [LOGO OF PECO ENERGY] [LOGO OF UNICOM] Exelon Enterprises Strategy Leverage Enterprises': . physical assets . customer relationships . competencies: energy, energy services, infrastructure management, telecommunications to take advantage of industry trends: . outsourcing construction and maintenance . outsourcing energy risk management . rapid growth of voice, video and internet [logo of PECO ENERGY] [logo of Unicom] Exelon Enterprises Complementary Businesses and Skills PECO Unicom Businesses: Infrastructure Energy Services Services Telecom Energy Sales Energy Sales Thermal Skills: Infrastructure Management Customer Solutions Markets: National Multi-regional [logo of PECO ENERGY] [logo of Unicom] Exelon's Integrated Strategy [This slide is a Venn diagram which illustrates Exelon's integrated strategy. The three main business segments are shown as ovals: 1) Generation and Power Marketing, 2) Energy Delivery and 3) Enterprises. Where the ovals overlap there is a description of how the overlapping segments support each other. The overlap between Energy Delivery and Enterprises says "Infrastructure Services." The overlap between Energy Delivery and Generation and Power Marketing says "Wholesale Sales." Similarly, the overlap between the Generation and Power Marketing segment and the Enterprises segment says "Work management skills; commodity supply." Where all three segments overlap, the chart says "5 Million Customers."] [LOGO OF PECO ENERGY] [LOGO OF UNICOM] Annual Meetings . PECO Energy June 27, 2000 . Unicom June 28, 2000 Your Vote is Important. Please send in your proxy cards and support the creation of [logo of Exelon] [Exelon Logo] [LOGO OF PECO ENERGY] [LOGO OF UNICOM] Questions & Answers