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•	GAAP Net Income of $0.56 per share and Adjusted (non-GAAP) Operating Earnings of $0.71 per share for the second quarter of 2018

•	Reaffirming full year 2018 Adjusted Operating Earnings guidance of $2.90 to $3.20 per share

•	Strong utility operations with every utility achieving top decile CAIDI performance

•	Legislation passed in Pennsylvania and Delaware will support investment in the Utility of the Future

•	Customer savings from the Tax Cuts & Jobs Act (TCJA) are now projected to exceed $675 million annually across Exelon's electric and gas distribution and transmission customers

•	New Jersey zero emissions certificate (ZEC) legislation signed by Gov. Phil Murphy on May 23, 2018

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Tax Cuts and Jobs Act Tax Savings: The Utility Registrants have made filings with their respective regulators to begin passing back to customers the ongoing annual tax savings resulting from the TCJA. In total, the Utility Registrants project total annual savings of over $675 million across their electric and gas distribution customers and electric transmission customers. There were the following developments related to these filings in the second quarter of 2018:

◦	Pursuant to a Pennsylvania Public Utility Commission (PAPUC) order issued on May 17, 2018, to all Pennsylvania utilities without an existing base rate case, PECO began passing back annual tax savings of $4 million to its natural gas distribution customers through a negative surcharge mechanism beginning July 1, 2018.

◦

On May 31, 2018, Pepco received an order from the Maryland Public Service Commission (MDPSC) approving a settlement agreement for its 2018 electric distribution rate case, which included the annual ongoing TCJA tax savings and provides a one-time bill credit to customers of approximately $10 million representing the TCJA tax savings from January 1, 2018, through the effective date of June 1, 2018.

◦	On June 27, 2018, DPL entered into a settlement agreement with parties in Delaware for its pending electric distribution rate case, which includes the annual ongoing TCJA tax savings and provides a one-time bill credit to customers of approximately $3 million representing the TCJA tax savings from February 1, 2018, through March 17, 2018, when full interim rates were put into effect.

◦	ComEd’s, PECO’s, BGE’s, Pepco’s, DPL’s and ACE’s electric transmission formula rate updates effective June 1, 2018, reflect the annual benefit of lower income tax rates from TCJA of $69 million, $20 million, $18 million, $13 million, $12 million and $11 million, respectively.

•	New Jersey Clean Energy Legislation: On May 23, 2018, Governor Murphy of New Jersey signed new legislation, which became effective immediately, that will establish a ZEC program providing compensation for nuclear plants that demonstrate to the NJBPU that they meet certain requirements,

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DPL Delaware Electric Distribution Base Rates: On June 27, 2018, DPL entered into a non-unanimous settlement agreement with the majority of the parties in the proceeding related to its pending electric distribution base rate case. The settlement agreement provides for a net decrease to annual electric distribution base rates of $7 million, which includes annual ongoing TCJA tax savings, and reflects a ROE of 9.7 percent. A decision is expected on the matter in the third quarter of 2018, with a rate refund expected to be issued in the fourth quarter of 2018 if the Delaware Public Service Commission (DPSC) approves the settlement agreement as filed.

•	BGE Maryland Natural Gas Distribution Base Rates: On June 8, 2018, BGE filed an application with the MDPSC to increase its annual natural gas distribution base rates by $63 million, reflecting a requested ROE of 10.5 percent. BGE expects a decision in the first quarter of 2019 but cannot predict what increase the MDPSC will approve.

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Delaware Distribution System Investment Charge Legislation: On June 14, 2018, Governor Carney of Delaware signed new Distribution System Investment Charge (DSIC) legislation, which establishes a system improvement charge that provides a mechanism to recover infrastructure investments, allowing for gradual rate increases and limiting frequency of distribution base rate cases. DPL expects to make its first filing in Delaware in the fourth quarter of 2018, with the new charge effective in the first quarter of 2019. While this legislation is expected to support needed infrastructure investment and allow for more timely recovery of those investments, Exelon, PHI and DPL cannot predict the potential financial impact on Exelon, PHI or DPL.

•

Pennsylvania Alternative Ratemaking Legislation: On June 28, 2018, Governor Wolf of Pennsylvania signed new legislation, which authorized the PAPUC to review and approve utility-proposed alternative rate designs, including options such as decoupling mechanisms, formula rates, multi-year rate plans, and performance based rates. Exelon and PECO cannot predict the outcome or the potential financial impact, if any, on Exelon or PECO.

•	PJM Transmission Order: On June 15, 2016, a number of parties, including the Utility Registrants, filed a proposed settlement with FERC to resolve outstanding issues related to cost responsibility for charges to transmission customers for certain transmission facilities that operate at or above 500 kV.

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FirstEnergy Solutions: On July 9, 2018, Generation entered into an agreement to purchase FirstEnergy Solutions Corporation's retail electricity and wholesale load serving contracts and certain other related commodity contracts for an all cash purchase price of $140 million. The transaction is expected to close in the fourth quarter of 2018. The closing of the transaction is subject to certain conditions, including Generation being the winning bidder after a court-supervised Section 363 bankruptcy auction, the approval of the Purchase Agreement by the United States Bankruptcy Court for the Northern District of Ohio following the auction, and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Either party may terminate the Purchase Agreement if the transaction has not been consummated by December 31, 2018.

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Agreement for Sale and Decommissioning of Oyster Creek: On July 31, 2018, Generation entered into an agreement with Holtec International (Holtec) and its indirect wholly owned subsidiary, Oyster Creek Environmental Protection, LLC (OCEP), for the sale and decommissioning of Oyster Creek. Generation will transfer to OCEP substantially all the assets associated with Oyster Creek, including assets held in nuclear decommissioning trust (NDT) funds valued at approximately $980 million as of June 30, 2018, along with the assumption of liability for all responsibility for the site, including full decommissioning and ongoing management of spent fuel until the spent fuel is moved offsite. In addition to the assumption of liability for the full decommissioning and ongoing management of spent fuel, other consideration to be received in the transaction is contingent on several factors, including a requirement that Generation deliver a minimum NDT fund balance at closing, subject to adjustment for specific terms that include income taxes that would be imposed on any net unrealized built-in gains and certain decommissioning activities to be performed during the pre-close period after the unit shuts down in the fall of 2018 and prior to the anticipated close of the transaction. Completion of the transaction contemplated by the sale agreement is subject to the satisfaction of several closing conditions, including approval of the license transfer from the NRC and other regulatory approvals, and the receipt of a private letter ruling from the IRS. Generation currently anticipates satisfaction of the closing conditions to occur in the second half of 2019.

•

Mystic Generating Station Early Retirement: On March 29, 2018, Generation announced it had formally notified grid operator ISO-NE of its plans to early retire its Mystic Generating Station assets on June 1, 2022, absent any interim and long-term solutions for reliability and regional fuel security. On May 1, 2018, ISO-NE made a filing with FERC requesting waiver of certain tariff provisions to allow it to retain Mystic units 8 and 9 for fuel security for the 2022 - 2024 planning years. On May 16, 2018, Generation made a filing with FERC to establish cost-of-service compensation and terms and conditions of service for Mystic units 8 and 9 for the period between June 1, 2022 - May 31,

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Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station and 100 percent of the CENG units, produced 45,723 gigawatt-hours (GWhs) in the second quarter of 2018, compared with 44,065 GWhs in the second quarter of 2017. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 93.2 percent capacity factor for the second quarter of 2018, compared with 90.9 percent for the second quarter of 2017. The number of planned refueling outage days in the second quarter of 2018 totaled 94, compared with 125 in the second quarter of 2017. There were 2 non-refueling outage days in the second quarter of 2018, compared with 12 in the second quarter of 2017.

•	Fossil and Renewables Operations: The Dispatch Match rate for Generation’s gas and hydro fleet was 97.8 percent in the second quarter of 2018, compared with 99.0 percent in the second quarter of 2017. The lower performance in the quarter was primarily due to outages at gas cycle units in Massachusetts and Texas.

•	Financing Activities:

◦	On May 23, 2018, ACE entered into two term loan agreements in the aggregate amount of $125 million, which expire on May 22, 2019. Pursuant to the term loan agreements, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.55 percent and all indebtedness thereunder is unsecured.

◦	On June 21, 2018, Pepco issued $100 million aggregate principal amount of its First Mortgage Bonds, 4.27 percent due June 15, 2048. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.

◦	On June 21, 2018, DPL issued $200 million in aggregate principal amount of its First Mortgage Bonds, 4.27 percent due June 15, 2048. DPL used the proceeds to repay indebtedness and for general corporate purposes.

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(a)	PHI includes the consolidated results of Pepco, DPL and ACE.

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

(c)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

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(a)	PHI consolidated results includes Pepco, DPL and ACE.

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

(c)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

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(a)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

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(a)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

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(a)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(b)	PHI consolidated results includes Pepco, DPL and ACE.

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

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(a)	Certain immaterial prior year amounts in the Registrants' Consolidated Balance Sheets have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

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(a)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Cash Flows have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

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(a)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

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

(c)	Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.

(d)	Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.

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(e)	Adjustment to exclude the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the ConEdison Solutions and FitzPatrick acquisitions.

(f)	Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. In 2017, reflects costs related to the PHI and FitzPatrick acquisitions, and in 2018, reflects costs related to the PHI acquisition.

(g)	Adjustment to exclude costs incurred as part of the settlement orders approving the PHI acquisition.

(h)	Adjustment to exclude charges to earnings related to the impairment of the ExGen Texas Power, LLC (EGTP) assets held for sale in 2017, and in 2018 the impairment of certain wind projects at Generation.

(i)

Adjustment to exclude, in 2017, primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Three Mile Island nuclear facility. In 2018, primarily reflects accelerated depreciation and amortization expense associated with Generation's decision to early retire the Oyster Creek and Three Mile Island nuclear facilities and a loss associated with Generation's sale of Residential Solar Holding, LLC, partially offset by a gain associated with Generation's sale of its electrical contracting business.

(j)	Adjustment to exclude severance and reorganization costs related to a cost management program.

(k)	Adjustment to exclude charges to adjust the environmental reserve associated with Cotter.

(l)	Adjustment to exclude an adjustment to the remeasurement of deferred income taxes as a result of the Tax Cuts and Jobs Act (TCJA).

(m)	Adjustment to exclude adjustments to income tax, penalties and interest expenses in the second quarter of 2017 as a result of the finalization of the IRS tax computation related to Exelon's like-kind exchange tax position.

(n)	Adjustment to exclude elimination from Generation’s results of the noncontrolling interest related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.

(o)	The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is 20.9% and 36.2% for the three months ended June 30, 2018 and June 30, 2017, respectively.

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(a)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

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

(c)	Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.

(d)	Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.

(e)	Adjustment to exclude the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the ConEdison Solutions and FitzPatrick acquisitions.

(f)

Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. In 2017, reflects costs related to the PHI and FitzPatrick acquisitions, offset at PHI by the anticipated recovery of previously incurred PHI acquisition costs, and in 2018, reflects costs related to the PHI acquisition.

(g)	Adjustment to exclude a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2012 CEG and 2016 PHI acquisitions.

(h)	Adjustment to exclude charges to earnings related to the impairment of the ExGen Texas Power, LLC (EGTP) assets held for sale in 2017, and in 2018 the impairment of certain wind projects at Generation.

(i)

Adjustment to exclude accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Three Mile Island nuclear facility in 2017. In 2018, primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Oyster Creek nuclear facility, as well as accelerated depreciation and amortization expenses associated with the 2017 decision to early retire the Three Mile Island nuclear facility and a loss associated with Generation's sale of Residential Solar Holding, LLC, partially offset by a gain associated with Generation's sale of its electrical contracting business.

(j)	Adjustment to exclude severance and reorganization costs related to a cost management program.

(k)	Adjustment to exclude the excess of the fair value of assets and liabilities acquired over the purchase price for the FitzPatrick acquisition.

(l)	Adjustment to exclude charges to adjust the environmental reserve associated with Cotter.

(m)	Adjustment to exclude adjustments to income tax, penalties and interest expenses in the second quarter of 2017 as a result of the finalization of the IRS tax computation related to Exelon’s like-kind exchange tax position.

(n)	Adjustment to exclude the change in the District of Columbia statutory tax rate in 2017, and in 2018, an adjustment to the remeasurement of deferred income taxes as a result of the Tax Cuts and Jobs Act (TCJA).

(o)	Adjustment to exclude benefits related to the favorable settlement in 2017 of certain income tax positions related to PHI's unregulated business interests.

(p)	Adjustment to exclude elimination from Generation’s results of the noncontrolling interest related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.

(q)	The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is 18.7% and 35.6% for the six months ended June 30, 2018 and June 30, 2017, respectively.

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(a)	PHI consolidated results includes Pepco, DPL and ACE.

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

(c)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(d)	For ComEd, BGE, Pepco and DPL Maryland, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.

(e)	For regulatory recovery mechanisms, including ComEd’s distribution formula rate, ComEd, PECO, BGE and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).

(1)	Reflects the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.

(2)	Represents the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the ConEdison Solutions and FitzPatrick acquisitions.

(3)	Reflects certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. In 2017, reflects costs related to the PHI and FitzPatrick acquisitions, and in 2018, reflects costs related to the PHI acquisition.

(4)	Represents costs incurred as part of the settlement orders approving the PHI acquisition.

(5)	Primarily reflects charges to earnings related to the impairment of the ExGen Texas Power, LLC (EGTP) assets held for sale in 2017, and in 2018 the impairment of certain wind projects at Generation.

(6)

In 2017, primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Three Mile Island nuclear facility. In 2018, primarily reflects accelerated depreciation and amortization expense associated with Generation's decision to early retire the Oyster Creek and Three Mile Island nuclear facilities and a loss associated with Generation's sale of Residential Solar Holding, LLC, partially offset by a gain associated with Generation's sale of its electrical contracting business.

(7)	Represents severance and reorganization costs related to a cost management program.

(8)	Represents adjustments to income tax, penalties and interest expenses in the second quarter of 2017 as a result of the finalization of the IRS tax computation related to Exelon's like-kind exchange tax position.

(9)	Represents elimination from Generation’s results of the noncontrolling interest related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.

(10)	Represents charges to adjust the environmental reserve associated with Cotter.

(11)	Reflects an adjustment to the remeasurement of deferred income taxes as a result of the Tax Cuts and Jobs Act (TCJA).

(12)

For all utilities, primarily reflects lower revenues resulting from the anticipated pass back of TCJA tax savings through customer rates. Additionally, for ComEd, reflects decreased revenues resulting from the change to defer and recover over time energy efficiency costs pursuant to the Illinois Future Energy Jobs Act (FEJA), partially offset by increased electric distribution revenues due to higher rate base. For BGE and PHI, reflects increased revenue as a result of rate increases.

(13)	Primarily reflects a decrease in nuclear outage days.

(14)	Primarily reflects a decrease in fuel prices, partially offset by increased nuclear output.

(15)	Primarily reflects increased capacity prices in the New England, Mid-Atlantic and Midwest regions.

(16)	Primarily reflects the impact of the Illinois Zero Emission Standard.

(17)	Primarily reflects lower realized energy prices, lower energy efficiency revenues, partially offset by the impacts of Generation's natural gas portfolio.

(18)	For Generation, primarily reflects decreased spending related to energy efficiency projects and decreased costs related to the sale of Generation's electrical contracting business.

(19)	Primarily reflects a decrease in the number of nuclear outage days in 2018, excluding Salem.

(20)	For Generation, primarily reflects fewer outages at Salem. For ComEd, primarily reflects the change to defer and recover over time energy efficiency costs pursuant to FEJA. For PHI, reflects a decrease in uncollectible accounts expense.

(21)

Reflects ongoing capital expenditures across all operating companies. In addition, for ComEd, reflects the amortization of deferred energy efficiency costs pursuant to FEJA. For BGE, reflects an offset due to certain regulatory assets that became fully amortized as of December 31, 2017. For PHI, reflects increased amortization of Pepco's DC PLUG regulatory asset, which is offset in Other Energy and Delivery.

(22)	Reflects the benefit of lower federal income tax rates and the settlement of a portion of the deferred income tax regulatory liabilities established upon enactment of the TCJA, which is predominantly offset at the utilities in Other Energy Delivery as these tax benefits are anticipated to be passed back through customer rates.

(23)	For Generation, primarily reflects a one-time tax adjustment.

(24)	Reflects elimination from Generation’s results of activity attributable to noncontrolling interests, primarily for CENG and the Renewables Joint Venture.

(25)	For Generation, primarily reflects higher realized NDT fund gains.

(26)	Reflects the impact on earnings per share due to the increase in Exelon’s average diluted common shares outstanding as a result of the June 2017 common stock issuance.

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(a)	PHI consolidated results includes Pepco, DPL and ACE.

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

(c)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(d)	For ComEd, BGE, Pepco and DPL Maryland, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.

(e)	For regulatory recovery mechanisms, including ComEd’s distribution formula rate, ComEd, PECO, BGE and PHI utilities transmission formula rates, and riders across all utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).

(1)	Reflects the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.

(2)	Represents the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the ConEdison Solutions and FitzPatrick acquisitions.

(3)	Reflects certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. In 2017, reflects costs related to the PHI and FitzPatrick acquisitions, offset at PHI by the anticipated recovery of previously incurred PHI acquisition costs, and in 2018, reflects costs related to the PHI acquisition.

(4)	Primarily reflects a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2012 CEG and 2016 PHI acquisitions.

(5)	Primarily reflects charges to earnings related to the impairment of the ExGen Texas Power, LLC (EGTP) assets held for sale in 2017, and in 2018 the impairment of certain wind projects at Generation.

(6)

Primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's previous decision to early retire the Three Mile Island nuclear facility in 2017. In 2018, primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Oyster Creek nuclear facility, as well as accelerated depreciation and amortization expenses associated with the 2017 decision to early retire the Three Mile Island nuclear facility and a loss associated with Generation's sale of Residential Solar Holding, LLC, partially offset by a gain associated with Generation's sale of its electrical contracting business.

(7)	Represents severance and reorganization costs related to a cost management program.

(8)	Represents the excess of the fair value of assets and liabilities acquired over the purchase price for the FitzPatrick acquisition.

(9)	Represents adjustments to income tax, penalties and interest expenses in the second quarter of 2017 as a result of the finalization of the IRS tax computation related to Exelon’s like-kind exchange tax position.

(10)	Reflects the change in the District of Columbia statutory tax rate in 2017, and in 2018, an adjustment to the remeasurement of deferred income taxes as a result of the Tax Cuts and Jobs Act (TCJA).

(11)	Reflects benefits related to the favorable settlement in 2017 of certain income tax positions related to PHI's unregulated business interests.

(12)	Represents elimination from Generation’s results of the noncontrolling interest related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.

(13)	Represents charges to adjust the environmental reserve associated with Cotter.

(14)

For all utilities, primarily reflects lower revenues resulting from the anticipated pass back of TCJA savings through customer rates, partially offset by higher mutual assistance revenues. Additionally, for ComEd, reflects decreased revenues resulting from the change to defer and recover over time energy efficiency costs pursuant to the Illinois Future Energy Jobs Act (FEJA), partially offset by increased electric distribution revenues due to higher rate base. For BGE and PHI, reflects increased revenue as a result of rate increases.

(15)	Primarily reflects the acquisition of the FitzPatrick nuclear facility and decreased nuclear outage days.

(16)	Primarily reflects increased nuclear output as a result of the FitzPatrick acquisition, partially offset by a decrease in fuel prices.

(17)	Primarily reflects increased capacity prices in the New England, Mid-Atlantic and Midwest regions.

(18)	Reflects the impact of the New York Clean Energy and Illinois Zero Emission Standards, including the impact of zero emission credits generated in Illinois from June 1, 2017 through December 31, 2017.

(19)	Primarily reflects lower realized energy prices, lower energy efficiency revenues, the impact of the deconsolidation of EGTP in 2017 and the conclusion of the Ginna Reliability Support Services Agreement, partially offset by the impacts of Generation's natural gas portfolio and the addition of two combined-cycle gas turbines in Texas.

(20)	For Generation, primarily reflects decreased spending related to energy efficiency projects and decreased costs related to the sale of Generation's electrical contracting business. Additionally, for the utilities, primarily reflects increased mutual assistance expenses.

(21)	Primarily reflects a decrease in the number of nuclear outage days in 2018, excluding Salem.

(22)

For Generation, primarily reflects the impact of a supplemental NEIL insurance distribution and fewer outage days at Salem, partially offset by increased expenses related to the acquisition of FitzPatrick. For ComEd, primarily reflects the change to defer and recover over time energy efficiency costs pursuant to the FEJA. For PECO and BGE, primarily reflects increased storm costs related to the March 2018 winter storms. For PHI, primarily reflects an increase in uncollectible accounts expense. Additionally, for the utilities, reflects increased mutual assistance expenses.

(23)

Reflects ongoing capital expenditures across all operating companies. In addition, for ComEd, reflects the amortization of deferred energy efficiency costs pursuant to FEJA. For BGE, reflects an offset due to certain regulatory assets that became fully amortized as of December 31, 2017. For PHI, reflects increased amortization of Pepco's DC PLUG regulatory asset, which is offset in Other Energy and Delivery.

(24)	Reflects the benefit of lower federal income tax rates and the settlement of a portion of the deferred income tax regulatory liabilities established upon enactment of TCJA, which is predominantly offset at the utilities in Other Energy Delivery as these tax benefits are anticipated to be passed back through customer rates.

(25)	For Generation, primarily reflects one-time tax adjustment and renewable tax credit benefits.

(26)	Reflects elimination from Generation’s results of activity attributable to noncontrolling interests, primarily for CENG and the Renewables Joint Venture.

(27)	For Generation, primarily reflects higher realized NDT fund gains.

(28)	Reflects the impact on earnings per share due to the increase in Exelon’s average diluted common shares outstanding as a result of the June 2017 common stock issuance.

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(a)	Results reported in accordance with GAAP.

(b)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(c)	Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations.

(d)	Adjustment to exclude the impact of net unrealized gains and losses on Generation’s NDT fund investments for Non-Regulatory and Regulatory Agreement Units. The impacts of the Regulatory Agreement Units, including the associated income taxes, are contractually eliminated, resulting in no earnings impact.

(e)	Adjustment to exclude the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the ConEdison Solutions and FitzPatrick acquisitions.

(f)	Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. In 2017, reflects costs related to the PHI and FitzPatrick acquisitions.

(g)	Adjustment to exclude a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2012 CEG and 2016 PHI acquisitions.

(h)	Adjustment to exclude charges to earnings related to the impairment of the ExGen Texas Power, LLC (EGTP) assets held for sale in 2017, and in 2018 the impairment of certain wind projects.

(i)

Adjustment to exclude accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Three Mile Island nuclear facility in 2017. In 2018, primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Oyster Creek nuclear facility, as well as accelerated depreciation and amortization expenses associated with the 2017 decision to early retire the Three Mile Island nuclear facility and a loss associated with Generation's sale of Residential Solar Holding, LLC, partially offset by a gain associated with Generation's sale of its electrical contracting business.

(j)	Adjustment to exclude severance and reorganization costs related to a cost management program.

(k)	Adjustment to exclude the excess of the fair value of assets and liabilities acquired over the purchase price for the FitzPatrick acquisition.

(l)	Adjustment to exclude the change in the District of Columbia statutory tax rate in 2017, and in 2018, an adjustment to the remeasurement of deferred income taxes as a result of the Tax Cuts and Jobs Act (TCJA).

(m)	Adjustment to exclude benefits related to the favorable settlement in 2017 of certain income tax positions related to PHI's unregulated business interests.

(n)	Adjustment to exclude charges to adjust the environmental reserve associated with Cotter.

(o)	Adjustment to exclude the elimination from Generation’s results of the noncontrolling interest related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG.

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(a)	Results reported in accordance with GAAP.

(b)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(c)	Adjustment to exclude adjustments to income tax, penalties and interest expenses in the second quarter of 2017 as a result of the finalization of the IRS tax computation related to Exelon’s like-kind exchange tax position.

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(a)	Results reported in accordance with GAAP.

(b)	Adjustment to exclude reorganization costs related to a cost management program.

(c)	Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities related to the PHI acquisition.

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(a)	Results reported in accordance with GAAP.

(b)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(c)	Adjustment to exclude reorganization costs related to a cost management program.

(d)	Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses, integration activities, and upfront credit facilities fees related to the PHI acquisition.

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(a)	Results reported in accordance with GAAP.

(b)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(c)	PHI consolidated results includes Pepco, DPL and ACE.

(d)	Adjustment to exclude severance and reorganization costs related to a cost management program.

(e)	Adjustment to exclude the change in the District of Columbia statutory tax rate in 2017, and in 2018, an adjustment to the remeasurement of deferred income taxes as a result of the Tax Cuts and Jobs Act (TCJA).

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(f)	Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities. In 2017, reflects costs related to the PHI acquisition, partially offset at PHI by the anticipated recovery of previously incurred PHI acquisition costs.

(g)	Adjustment to exclude a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2016 PHI acquisition.

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

(b)	Certain immaterial prior year amounts in the Registrants' Consolidated Statements of Operations and Comprehensive Income have been recasted to reflect new accounting standards issued by the FASB and adopted as of January 1, 2018.

(c)	Results reported in accordance with GAAP.

(d)	Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities related to the PHI acquisition.

(e)	Adjustment to exclude charges to earnings related to the impairment of the ExGen Texas Power, LLC (EGTP) assets held for sale in 2017, and in 2018 the impairment of certain wind projects at Generation.

(f)

Adjustment to exclude accelerated depreciation and amortization expenses and one-time charges associated with Generation's previous decision to early retire the Three Mile Island nuclear facility in 2017. In 2018, primarily reflects accelerated depreciation and amortization expenses and one-time charges associated with Generation's decision to early retire the Oyster Creek nuclear facility, as well as accelerated depreciation and

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(g)	Adjustment to exclude the change in the District of Columbia statutory tax rate in 2017, and in 2018, an adjustment to the remeasurement of deferred income taxes as a result of the Tax Cuts and Jobs Act (TCJA).

(h)	Adjustment to exclude adjustments to income tax, penalties and interest expenses in the second quarter of 2017 as a result of the finalization of the IRS tax computation related to Exelon’s like-kind exchange tax position.

(i)	Adjustment to exclude benefits related to the favorable settlement in 2017 of certain income tax positions related to PHI's unregulated business interests.

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(a)	Includes the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and includes the total output of plants that are fully consolidated (e.g. CENG).

(b)	Other Power Regions includes, South, West and Canada.

(c)	Includes affiliate sales to PECO, BGE, Pepco, DPL and ACE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region.

(d)	Outage days exclude Salem.

(e)	Includes the ownership of the FitzPatrick nuclear facility from March 31, 2017.

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(a)	Includes the proportionate share of output where Generation has an undivided ownership interest in jointly-owned generating plants and includes the total output of plants that are fully consolidated (e.g. CENG).

(b)	Includes affiliate sales to PECO, BGE, Pepco, DPL and ACE in the Mid-Atlantic region and affiliate sales to ComEd in the Midwest region.

(c)	Includes the ownership of the FitzPatrick nuclear facility from March 31, 2017.

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(a)	Reflects delivery volumes and revenues 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 and transmission.

(b)	Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c)	Includes operating revenues from affiliates totaling $5 million and $3 million for the three months ended June 30, 2018 and 2017, respectively, and $19 million and $9 million for the six months ended June 30, 2018 and 2017, respectively.

(d)	Includes alternative revenue programs and late payment charges.

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

(b)	Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c)	Includes operating revenues from affiliates totaling $2 million for both the three months ended June 30, 2018 and 2017 and $3 million for both the six months ended June 30, 2018 and 2017.

(d)	Includes alternative revenue programs and late payment charges.

(e)	Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.

(f)	Includes revenues primarily from off-system sales.

(g)	Includes operating revenues from affiliates totaling less than $1 million for both the three and six months ended June 30, 2018 and 2017.

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

(b)	Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c)	Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended June 30, 2018 and 2017, respectively, and $3 million for both the six months ended June 30, 2018 and 2017.

(d)	Includes alternative revenue programs and late payment charges.

(e)	Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.

(f)	Includes revenues primarily from off-system sales.

(g)	Includes operating revenues from affiliates totaling $4 million and $2 million for the three months ended June 30, 2018 and 2017, respectively, and $9 million and $5 million for the six months ended June 30, 2018 and 2017, respectively.

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

(b)	Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c)	Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended June 30, 2018 and 2017, respectively, and $3 million for both six months ended June 30, 2018 and 2017.

(d)	Includes alternative revenue programs and late payment charges.

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

(b)	Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c)	Includes operating revenues from affiliates totaling $2 million for both three months ended June 30, 2018 and 2017 and $4 million for both six months ended June 30, 2018 and 2017.

(d)	Includes alternative revenue programs and late payment charges.

(e)	Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.

(f)	Includes revenues primarily from off-system sales.

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

(b)	Includes revenues from transmission revenue from PJM, wholesale electric revenue and revenue from other utilities for mutual assistance programs.

(c)	Includes operating revenues from affiliates totaling $1 million both the three months ended June 30, 2018 and 2017 and $2 million and $1 million for the six months ended June 30, 2018 and 2017 respectively.

(d)	Includes alternative revenue programs and late payment charges.