Exelon Corporation U 5S

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM U5S

ANNUAL REPORT

For the Year Ended December 31, 2004

Filed pursuant to the Public Utility Holding Company Act of 1935

by

EXELON CORPORATION
10 South Dearborn Street
37th Floor
Chicago, Illinois 60603


EXELON VENTURES COMPANY, LLC
10 South Dearborn Street
37th Floor
Chicago, Illinois 60603


EXELON ENERGY DELIVERY COMPANY, LLC
10 South Dearborn Street
37th Floor
Chicago, Illinois 60603




 

1









Table of Contents

ITEM NUMBER
DESCRIPTION
PAGE
NUMBER
     
1
System Companies and Investments therein
5
 
as of December 31, 2004.
  
     
2
Acquisitions or Sales of Utility Assets
16
     
3
Issue, Sale, Pledge, Guarantee or Assumptions
16
 
of System Securities
  
     
4
Acquisition, Redemption, or Retirement of
16
 
System Securities
  
     
5
Investments in Securities of Nonsystem Companies
18
     
6
Officers and Directors
18
     
7
Contributions and Public Relations
164
     
8
Service, Sales and Construction Contracts
164
     
9
Wholesale Generators and Foreign Utility Companies
170
     
10
Financial Statements and Exhibits
179
 

2

Glossary of Defined Terms

AmerGen
AmerGen Energy Company, L.L.C.
   
AOG # 1 LP
Exelon AOG Holding # 1, Inc.
   
AOG # 2 GP
Exelon AOG Holding # 2, Inc
   
ComEd
Commonwealth Edison Company
   
Commission
Securities and Exchange Commission
   
EBSC
Exelon Business services Company
   
ExCapPtrs
Exelon Capital Partners
   
Exelon
Exelon Corporation
   
Exelon Delivery
Exelon Energy Delivery Company, LLC
   
Enterprises
Exelon Enterprises Company, LLC
   
ExInvInc
Exelon Enterprises Investment, Inc.
   
ExTel
ExTel Corporation, LLC
   
ExTex
ExTex LaPorte Limited Partnership
   
EWG
Exempt Wholesale Generator
   
Financing U-1
The Form U-1 Application/Declaration filed by Exelon Corporation in File No. 70-10189
   
Fossil Holding
Exelon (Fossil) Holdings, Inc.
   
Genco
Exelon Generation Company, LLC
   
GP
General partner
   
LP
Limited partner
   
Merger U-1
The Form U-1 Application/Declaration filed by Exelon Corporation in File No. 70-9645
   
N/A
Not applicable or not available
   
NEDI
National Energy Development, Inc.
   
Peaker GP
Exelon Peaker Development General, LLC
   
Peaker LP
Exelon Peaker Development Limited, LLC
   
PECO
PECO Energy Company
   
 
 
3
 
PEPCO
PECO Energy Power Company
   
Power Holdings
Exelon Power Holdings, LP
   
PETT
PECO Energy Transition Trust (a subsidiary of PECO)
   
Sithe
Sithe Energies, Inc.
   
SECO
Susquehanna Electric Company
   
Spruce GP
Spruce Holdings, GP 2000, LLC
   
Spruce LP
Spruce Holdings, LP 2000, LLC
   
Unicom
Unicom Corporation
   
Ventures
Exelon Ventures Company, LLC
   
 
4
 
ITEM 1.  SYSTEM COMPANIES AND INVESTMENTS THEREIN as of December 31, 2004.

Issuer Book Value and Owner’s Book Value for the System Companies and Investments Therein is filed herewith confidentially pursuant to 17 CFR ss. 250.104 under the Public Utility Holding Company Act of 1935.

Exelon Corporation Subsidiaries and Investments
        
December 31, 2004
        
   
Common
Parent
Other
PUHCA
   
Shares
Voting
Voting
Type of Business
Tier
Company name
Owned
Power
Power
And Authority
 
Exelon Corporation
      
Public Utility Holding Company
  1  Exelon Business Services Company
1
100.00%
  
Subsidiary Service Company
  1  Unicom Assurance Company, Ltd. *
NA
100.00%
  
Approved in Merger Order (Captive Insurance Company)
  1  Exelon Investment Holdings, LLC
NA
100.00%
  
Intermediate Subsidiary
  1  Exelon Capital Trust I *
N/A
100.00%
  
Financing company
  1  Exelon Capital Trust II *
N/A
100.00%
  
Financing company
  1  Exelon Capital Trust III *
N/A
100.00%
  
Financing company
  1  UII, LLC
100
100.00%
  
Approved in Merger Order (Tax advantaged transactions)
     2  Scherer Holdings 1, LLC
NA
100.00%
  
Approved in Merger Order (Tax advantaged transactions)
     2  Scherer Holdings 2, LLC
NA
100.00%
  
Approved in Merger Order (Tax advantaged transactions)
     2  Scherer Holdings 3, LLC
NA
100.00%
  
Approved in Merger Order (Tax advantaged transactions)
     2  Spruce Holdings G.P. 2000, LLC
NA
100.00%
  
Approved in Merger Order (Tax advantaged transactions)
     2  Spruce Holdings L.P. 2000, LLC
NA
100.00%
  
Approved in Merger Order (Tax advantaged transactions)
         3  Spruce Equity Holdings, L.P.
NA
99.00%
Spruce LP
Approved in Merger Order (Tax advantaged transactions)
 
  
NA
1.00%
Spruce GP
  
               4  Spruce Holdings Trust
NA
100.00%
  
Approved in Merger Order (Tax advantaged transactions)
     2  Wansley Holdings 1, LLC
NA
100.00%
  
Approved in Merger Order (Tax advantaged transactions)
     2  Wansley Holdings 2, LLC
NA
100.00%
  
Approved in Merger Order (Tax advantaged transactions)
  1  Exelon Ventures Company, LLC
NA
100.00%
  
Public Utility Holding Company First Tier
     2  URI, LLC
NA
100.00%
  
Financing
     2  Exelon Synfuel I, LLC
NA
100.00%
  
Rule 58
        3  DTE Buckeye, LLC
NA
59.00%
Voting limited to tax credit activities
Rule 58
     2  Exelon Synfuel II, LLC
NA
100.00%
  
Rule 58
        3  DTE Belews Creek, LLC
NA
99.00%
Voting limited to tax credit activities
Rule 58
     2  Exelon Synfuel III, LLC
NA
100.00%
  
Rule 58
        3  Carbontronics Synfuels Investors, L.P.
NA
16.65%
Voting limited to tax credit activities
Rule 58
     2  Exelon Generation Company, LLC
NA
100.00%
  
Utility Company
        3  Exelon Generation Finance Company, LLC
NA
100.00%
  
Approved in Financing Order (Financing)
        3  NuStart Energy Development, LLC
NA
8.00%
  
Development company
        3  ExTex Retail Services Company, LLC
NA
100.00%
  
Rule 58
        3  Penesco Company, LLC
NA
100.00%
  
Rule 58
        3  Port City Power, LLC *
NA
100.00%
  
Approved in Investment Order (Development Company)
 
 
5
 
 
        3  Southeast Chicago Energy Project, LLC
NA
100.00%
  
Exempt Wholesale Generator
        3  Concomber, Ltd.
NA
100.00%
  
Approved in Merger Order (Captive Insurance Company)
        3  Cenesco Company, LLC
NA
100.00%
  
Rule 58
        3  Exelon Allowance Management Company, LLC
NA
100.00%
  
Rule 58
        3  Susquehanna Electric Company
1,000
100.00%
  
Exempt Wholesale Generator
        3  Exelon SHC, Inc.
NA
85.00%
Genco - LP
Intermediate Subsidiary
   
NA
14.00%
Peaker DG - GP
  
   
NA
1.00%
Ventures - LP
  
              4  Keystone Fuels, LLC
NA
20.99%
  
Rule 58
              4  Conemaugh Fuels, LLC
NA
20.72%
  
Rule 58
              4  EXRES SHC, Inc.
NA
50.00%
  
Intermediate Subsidiary
                     5  ExRES Power Holdings, Inc.
  
100.00%
  
Intermediate Subsidiary
                          6  Sithe Energies, Inc.
 
100.00%
  
Combination Exempt Wholesale Generator and Rule 58
         3  Nuclear US Holdings, Inc.
73,000
100.00%
  
Intermediate Subsidiary
              4  Nuclear US Investments, LLC
NA
100.00%
  
Intermediate Subsidiary
              4  Nuclear, Limited Partnership
NA
99.00%
Nuclear US Holdings, Inc. as LP
Intermediate Subsidiary
   
NA
1.00%
Nuclear US Investments LLC, as GP
  
                     5  AmerGen Energy Company, LLC
NA
50.00%
Genco
Exempt Wholesale Generator
 
 
NA
50.00%
Nuclear, Limited Partnership
  
                          6  AmerGen Consolidation, LLC
NA
100.00%
  
Intermediate Subsidiary
                          6  AmerGen TMI NQF, LLC
NA
100.00%
  
Decommissioning Trust
                          6  AmerGen Oyster Creek NQF, LLC
NA
100.00%
  
Decommissioning Trust
                          6  AmerGen Clinton NQF, LLC
NA
100.00%
  
Decommissioning Trust
        3  TEG Holdings, LLC
NA
100.00%
  
Intermediate Subsidiary
              4  Sithe International, Inc.
 
100.00%
  
Intermediate Subsidiary
                     5  North America Power Services, Inc.
  
100.00%
  
Rule 58
                     5  Sithe Overseas Power Services, Ltd.
  
100.00%
  
Rule 58
                     5  Sithe International Finance, LLC
  
100.00%
  
Financing
                     5  Sithe International Finance II, LLC
  
100.00%
  
Financing
                     5  Sithe Energy Management Services, Inc.
  
100.00%
  
Rule 58
                     5  Sithe Energy Management Services II, Inc.
  
100.00%
  
Rule 58
                     5  Sithe Latin American Holdings, Ltd.
  
100.00%
  
Intermediate Subsidiary
                          6  Sithe PARDO Holdings, Ltd.
  
100.00%
  
Intermediate Subsidiary
                               7  Sithe Tamuin Holdings A, LLC
  
100.00%
  
Financing
                                   8  Sithe Tamuin Energy Services II, S. de R.L. de C.V.
  
100.00%
  
EWG
                                   8  Sithe Tamuin Holdings III, LLC
  
100.00%
  
Financing
                                       9  Sithe Tamuin Investments II, S. de R.L. de C.V.
  
100.00%
  
Intermediate Subsidiary
                                            10  Tamuin Mexican Business Trust II
  
49.50%
Third parties
EWG
                                                 11  Termoelectrica Penoles, S. de R.L. de C.V.
  
98.00%
Third parties
EWG
                              7  Sithe Tamuin Holdings, LLC
  
100.00%
  
Financing
                                  8  Sithe Tamuin Energy Services, S. de R.L. de C.V.
  
100.00%
  
EWG
                                  8  Sithe Tamuin Holdings II, LLC
  
100.00%
  
Financing
                                       9  Sithe Tamuin Investments, S. de R.L. de C.V.
  
100.00%
  
Intermediate Subsidiary
                                            10  Sithe Tamuin Development Services, S. de R.L. de C.V.
  
50.00%
Third parties
Rule 58
                                            10  Tamuin Mexican Business Trust
  
49.50%
Third parties
EWG
                                                11  Termoelectrica del Golfo, S. de RL. de
C.V.
  
98.00%
Third parties
EWG
        3  PECO Energy Power Company
984,000
100.00%
  
Exempt Wholesale Generator
              4  Susquehanna Power Company
1,273,000
100.00%
  
Exempt Wholesale Generator
                     5  The Proprietors of the Susquehanna Canal*
NA
100.00%
  
Inactive
        3  Exelon Generation International, Inc. *
NA
100.00%
  
Intermediate Subsidiary
        3  Exelon Peaker Development General, LLC
NA
100.00%
  
Intermediate Subsidiary
        3  Exelon Peaker Development Limited, LLC
NA
100.00%
  
Intermediate Subsidiary
              4  ExTex LaPorte Limited Partnership
NA
99.00%
Peaker DL - LP
Exempt Wholesale Generator
 
 
6
 
 
   
NA
1.00%
Peaker DG - GP
  
        3  ExTex Marketing, LLC
NA
100.00%
  
Rule 58
              4  ExTex Power, LP
NA
99.00%
ExTex Marketing, LLC - LP
Rule 58
 
 
NA
1.00%
Genco - GP
  
        3  Exelon AOG Holding # 1, Inc.
  
100.00%
  
Intermediate Subsidiary
        3  Exelon AOG Holding # 2, Inc.
  
100.00%
  
Intermediate Subsidiary
              4  Exelon New England Power Marketing, Limited Partnership
NA
99.00%
AOG # 2, LP
Rule 58
   
NA
1.00%
AOG # 1, GP
  
        3  Exelon New England Holdings, LLC
NA
100.00%
  
Intermediate Subsidiary
              4  ENEH Services, LLC
NA
100.00%
  
Rule 58
              4  Exelon New England Development, LLC
NA
100.00%
  
Development Company
              4  Exelon Wyman, LLC
NA
100.00%
  
Exempt Wholesale Generator
              4  Exelon Edgar, LLC
NA
100.00%
  
Exempt Wholesale Generator
              4  Exelon Framingham, LLC
NA
100.00%
  
Exempt Wholesale Generator
              4  Exelon Framingham Development, LLC
NA
100.00%
  
Development Company
              4  Exelon West Medway, LLC
NA
100.00%
  
Exempt Wholesale Generator
              4  Exelon West Medway Expansion, LLC *
NA
100.00%
  
Development Company
              4  Exelon West Medway Development, LLC
NA
100.00%
  
Development Company
              4  Exelon New Boston, LLC
NA
100.00%
  
Exempt Wholesale Generator
              4  Exelon Hamilton, LLC
NA
100.00%
  
Rule 58
        3  Exelon PowerLabs, LLC
NA
100.00%
  
Rule 58
        3  Exelon Generation Consolidation, LLC
NA
100.00%
  
Intermediate Subsidiary
              4  Braidwood 1 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Braidwood 2 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Byron 1 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Byron 2 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Dresden 1 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Dresden 2 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Dresden 3 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  LaSalle 1 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  LaSalle 2 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Limerick 1 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Limerick 2 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  PeachBottom 1 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  PeachBottom 2 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  PeachBottom 3 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Quad Cities 1 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Quad Cities 2 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Salem 1 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Salem 2 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Zion 1 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
              4  Zion 2 NQF, LLC
NA
100.00%
  
Successor to trusts approved in the merger order.
        3  Exelon Energy Company
100
100.00%
  
Rule 58
              4  AllEnergy Gas & Electric Marketing Company, LLC
NA
100.00%
  
Rule 58
                     5  Texas Ohio Gas, Inc.
100
100.00%
  
Rule 58
 
 
7
 
 
     2  Exelon Enterprises Company, LLC
NA
100.00%
  
Non-Utility Holding Company Second Tier
        3  Exelon Enterprises Management, Inc.
 100 
100.00%
  
Approved in Merger Order (investments in Rule 58 and Telecommunications)
              4  CIC Global, LLC
NA
50.00%
  
ETC
              4  UniGrid Energy, LLC*
NA
50.00%
  
ETC - Inactive
              4  ECPH, LLC
NA
100.00%
  
Hold ETC investments
                     5  UTECH Climate Challenge Fund, L.P.
 NA
24.30%
  
Approved in Merger Order (energy related - venture capital Rule 58)
                     5  ECP Telecommunications Holdings, LLC
NA
100.00%
  
Holds ETCs
                          6  Everest Broadband Networks*
  
15.50%
  
ETC
                          6  SoftComp, Inc (PermitsNow)*
  
15.51%
  
Inactive
                          6  VITTS Network Group, Inc.*
  
20.26%
  
ETC
                          6  OmniChoice.com, Inc.
  
30.10%
  
ETC
                     5  Exelon Enterprises Investments, Inc.
100
100.00%
  
Approved in Merger Order (investments in Rule 58 and telecommunications)
                          6  EEI Telecommunications Holdings, LLC
NA
100.00%
  
ETC
                              7  Exelon Communications Holdings, LLC
NA
100.00%
  
ETC
                                   8  PHT Holdings, LLC
NA
100.00%
  
Held by ETC
                                   8  Exelon Communications Company, LLC
NA
100.00%
  
Held by ETC
        3  F & M Holdings Company, LLC
NA
100.00%
  
Rule 58
              4  Oldco VSI, Inc.
100
100.00%
  
Rule 58
                     5  EGW Meter Services, LLC *
NA
100.00%
  
Rule 58
              4  II Services, Inc.
 100
100.00%
  
Rule 58
                     5  EIS Engineering, Inc.
 100
100.00%
  
Rule 58
                          6  InfraSource Field Services LLC *
NA
100.00%
  
Rule 58
              4  NEWCOSY, Inc.
1
100.00%
  
Rule 58
              4  Fischbach and Moore Electric, Inc.
1
100.00%
  
Rule 58
              4  NEWCOTRA, Inc.*
1
100.00%
  
Rule 58
                     5  Fischbach and Moore, Inc.
1
100.00%
  
Rule 58
                          6  Fischbach and Moore Electrical Contracting, Inc.*
1
100.00%
  
Rule 58
                          6  T.H. Green Electric Co., Inc.*
1
100.00%
  
Rule 58
                     5  Rand-Bright Corporation
1
100.00%
  
Rule 58
              4  OSP Servicios S.A. de C.V.*
 100
100.00%
  
Rule 58
              4  EIS Investments, LLC*
NA
100.00%
  
Rule 58
        3  Exelon Services, Inc.
100
100.00%
  
Rule 58
        3  Unicom Power Marketing, Inc.
100
100.00%
  
Rule 58
        3  Adwin Equipment Company
 100
100.00%
  
Rule 58
        3  Exelon Thermal Holdings, Inc.
100
100.00%
  
Rule 58
              4  ETT North America, Inc.
10
100.00%
  
Rule 58
                     5  Northwind Thermal Technologies Canada, Inc.
10
100.00%
  
Merger Order Reserved Jurisdiction; Investment U-1 in Docket 70-9691 (Rule 58 operating outside the U.S.)
                          6  ETT Canada, Inc.
10
100.00%
  
Merger Order Reserved Jurisdiction; Investment U-1 in Docket 70-9691 (Rule 58 operating outside the U.S.)
              4  Exelon Thermal Development, Inc.
100
100.00%
  
Rule 58
              4  ETT Boston, Inc.
100
100.00%
  
Rule 58
              4  Northwind Boston, LLC
NA
25.00%
  
Rule 58
  1  Exelon Energy Delivery Company, LLC
NA
100.00%
  
Intermediate public utility holding company
     2  PECO Energy Company
170,478,507
100.00%
  
Electric and Gas Utility Company
        3  East Coast Natural Gas Cooperative, LLP
NA
73.14%
  
Rule 58
        3  Horizon Energy Company*
1,000
100.00%
  
Rule 58 - inactive.
        3  Adwin Realty Company
1,000
100.00%
  
Merger Order Reserved Jurisdiction (Real Estate) (2)
              4  Ambassador II Joint Venture
NA
50.00%
  
Merger Order Reserved Jurisdiction (Real Estate) (2)
              4  Bradford Associates
NA
50.00%
  
Merger Order Reserved Jurisdiction (Real Estate) (2)
              4  Henderson Ambassador Associates
NA
50.00%
  
Merger Order Reserved Jurisdiction (Real Estate) (2)
        3  PECO Energy Transition Trust
NA
100.00%
  
Approved in Merger Order (Financing)
 
 
8
 
        3  PECO Energy Capital Corp.
1,000
100.00%
  
Approved in Merger Order (Financing)
              4  PECO Energy Capital Trust III*
NA
100.00%
  
Approved in Merger Order (Financing)
              4  PECO Energy Capital, LP
NA
3.00%
  
Approved in Merger Order (Financing)
        3  PECO Energy Capital Trust IV
NA
100.00%
  
Financing
        3  PECO Energy Capital Trust V*
NA
100.00%
  
Financing
        3  PECO Energy Capital Trust VI*
NA
100.00%
  
Financing
        3  ExTel Corporation, LLC
NA
100.00%
  
Intermediate Subsidiary
              4  PECO Wireless, LP
NA
99.00%
PECO
Intermediate Subsidiary
     
1.00%
ExTel
  
                     5  ATNP Finance Company
100
100.00%
  
Approved in Merger Order (Financing)
                     5  PEC Financial Services, LLC
NA
100.00%
  
Approved in Merger Order (Financing)
        3  Adwin (Schuylkill) Cogeneration, Inc. *
 100
50.00%
  
ERC
     2  Commonwealth Edison Company
127,002,904
99.90%
 
Public Utility Holding Company, Second Tier; 
    0.01% 3rd parties  Electric Utility Company 
        3  Commonwealth Edison Company of Indiana, Inc.
908,084
100.00%
  
Electric Utility Company
        3  ComEd Financing II
NA
100.00%
  
Approved in Merger Order (Financing)
        3  ComEd Financing III
NA
100.00%
  
Financing
        3  ComEd Funding, LLC
NA
100.00%
  
Approved in Merger Order (Financing)
              4  ComEd Transitional Funding Trust
NA
100.00%
  
Approved in Merger Order (Financing)
        3  Edison Development Canada Inc.
15,158
100.00%
  
Merger Order reserved jurisdiction; Investment U-1 in Docket 70-9691 (economic and community development)
              4  Edison Finance Partnership
NA
100.00%
  
Merger Order reserved jurisdiction; Investment U-1 in Docket 70-9691 (Financing)
* Inactive

Note 1 - Changes in System Companies

Companies Dissolved During the Year
New IP Company - Dissolved 2/24/2004
 
Northwind Las Vegas, LLC - Dissolved 2/25/2004.
 
ComEd Financing 1 - Dissolved 5/13/2004.
 
Unicom Power Holdings, LLC - Dissolved on 9/23/2004.
 
ETT Houston, Inc. - Dissolved on 7/19/2004.
 
Unicom Resources, Inc. - Dissolved on December 10, 2004.
 
Unicom Investment, Inc. - Dissolved on November 19, 2004.
 
Edison Development Company - Dissolved on December 16, 2004.
 
Commonwealth Research Corporation - Dissolved on December 14, 2004.
 
National Energy Development, Inc. - Dissolved November 23, 2004.
 
NEON Communications, Inc. - Dissolve November 13, 2004.
 
Dearborn Park Corporation - Dissolved in 2004.
 
 
9
 
 
I.L.P. Fund C/O Chicago Capital Fund - Dissolved in 2004.
 
WCB Services, LLC - Dissolved on September 24, 2004
 
Subsidiaries Added During the Year
ECPH, LLC
Hold ETC investments
Formation in Delaware, 1/21/2004.
 
ENEH Services, LLC
Rule 58
Formation in Delaware, 4/1/2004.
 
Solution Holdings, LLC
Intermediate company
Formation in Delaware, 5/13/2004.
 
Exelon Synfuel III, LLC
Rule 58
Organized in Delaware, 6/17/2004.
 
Carbontronics Synfuels Investors, L.P.
Rule 58
Acquired by Synfuel III on 7/1/2004, 16.65% interest.
 
TEG Holdings, LLC
To hold the Mexican power plants
Incorporated in Delaware on 7/19/2004
 
UII, LLC
Successor to approved in merger order (tax advantaged transactions)
Formed in Illinois, November 10, 2004
 
URI, LLC
Financing company
Formed in Illinois, November 17, 2004
 
Sithe International, Inc.
Intermediate Subsidiary
Acquired October 13, 2004.
 
 
10
 
 
North America Power Services, Inc.
Rule 58 company
Acquired October 13, 2004.
 
Sithe Overseas Power Services, Ltd.
Rule 58 company
Acquired October 13, 2004.
 
Sithe International Finance, LLC
Financing company
Acquired October 13, 2004.
 
Sithe International Finance II, LLC
Financing company
Acquired October 13, 2004.
 
Sithe Energy Management Services, Inc.
Rule 58 company
Acquired October 13, 2004.
 
Sithe Energy Management Services II, Inc.
Rule 58 company
Acquired October 13, 2004.
 
Sithe Latin American Holdings, Ltd.
Intermediate Subsidiary
Acquired October 13, 2004.
 
Sithe PARDO Holdings, Ltd.
Intermediate Subsidiary
Acquired October 13, 2004.
 
Sithe Tamuin Holdings A, LLC
Financing company
Acquired October 13, 2004.
 
Sithe Tamuin Energy Services II, S. de R.L. de C.V.
EWG
Acquired October 13, 2004.
 
Sithe Tamuin Holdings III, LLC
Financing company
Acquired October 13, 2004.
 
Sithe Tamuin Investments II, S. de R.L. de C.V.
Intermediate Subsidiary
Acquired October 13, 2004.
 
Tamuin Mexican Business Trust II
EWG
Acquired October 13, 2004.
 
Termoelectrica Penoles, S. de R.L. de C.V.
EWG
Acquired October 13, 2004.
 
 
11
 
 
 
Sithe Tamuin Holdings, LLC
Financing company
Acquired October 13, 2004.
 
Sithe Tamuin Energy Services, S. de R.L. de C.V.
EWG
Acquired October 13, 2004.
 
Sithe Tamuin Holdings II, LLC
Financing company
Acquired October 13, 2004.
 
Sithe Tamuin Investments, S. de R.L. de C.V.
Intermediate Subsidiary
Acquired October 13, 2004.
 
Sithe Tamuin Development Services, S. de R.L. de C.V.
Rule 58 company
Acquired October 13, 2004.
 
Tamuin Mexican Business Trust
EWG
Acquired October 13, 2004.
 
Termoelectrica del Golfo, S. de RL. de C.V.
EWG
Acquired October 13, 2004.
 
NuStart  Development, LLC 
Organized in Delaware, 4/19/2004. 
 
Name Changes During the year
Exelon Boston Generating, LLC name change to
Boston Generating, LLC on 1/21/2004.
 
Exelon Mystic, LLC name change to
Mystic 1, LLC on 1/21/2004
 
Exelon Mystic Development, LLC name change to
Mystic Development, LLC on 1/21/2004
 
Exelon Fore River Development, LLC name change to
Fore River Development, LLC on 1/21/2004
 
Exelon (Fossil) Holdings, Inc., name change to
ExRES Power Holdings, Inc. on 2/18/2004
 
British Energy US Holdings, Inc. name change to
Nuclear US Holdings, Inc. on 3/1/2004
 
 
12
 
 
British Energy US Investments, LLC name change to
Nuclear Investments, LLC on 3/11/2004
 
British Energy, LP name change to
Nuclear, Limited Partnership on 3/1/2004
 
Exelon Boston Services, LLC name change to
BG Boston Services, LLC, 8/3/2004.
 
Exelon New England Power Services, Inc. name change to
BG New England Power Services, Inc., 8/3/2004.
 
Dispositions During the Year
Exelon Capital Partners, Inc.
Sold, 4/16/2004.
 
Boston Generating, LLC
Completed sale, transfer and assignment of ownership.
May 25, 2004
 
Mystic 1, LLC
Completed sale, transfer and assignment of ownership.
May 25, 2004
 
Mystic Development, LLC
Completed sale, transfer and assignment of ownership.
May 25, 2004
 
Fore River Development, LLC
Completed sale, transfer and assignment of ownership.
May 25, 2004
 
Solution Holdings, LLC
Sold on 6/25/2004.
 
Exelon Services Federal Group, Inc.
Sold on 6/25/2004.
 
PECO TelCove
Sold on 6/30/2004.
 
Thermal Chicago Corporation
Sold on 6/30/2004.
 
 
13
 
 
 
Northwind Chicago, LLC
Sold on 6/30/2004.
 
Exelon Thermal Technologies, Inc.
Sold on 6/30/2004.
 
Northwind Midway, LLC
Sold on 6/30/2004.
 
ETT National Power, Inc.
Sold on 6/30/2004.
 
Planalytics, Inc.
Sold 6/29/2004.
 
Pantellos Corporation
Sold 6/30/2004.
 
BG Boston Services, LLC transferred to the lenders
of Exelon Boston Generating on 9/1/2004.
 
BG New England Power Services, Inc. transferred to the
lenders of Exelon Boston Generating on 9/1/2004.
 
ETT Nevada, Inc.
Sold 9/29/2004.
 
Northwind Aladdin, LLC
Sold on 9/29/2004.
 
Boston Financial Institutional Tax Credit Fund X
Sold November 12, 2004.
 
Boston Financial Institutional Tax Credit Fund XIV
Sold November 12, 2004.
 
Boston Financial Institutional Tax Credit Fund XIX
Sold November 12, 2004.
 
Boston Financial Institutional Tax Credit Fund XXI
Sold November 12, 2004.
 
Related Corporate Partners XII, L.P.
Sold November 12, 2004.
 
Related Corporate Partners XIV, L.P.
Sold November 12, 2004.
 
Related Corporate Partners IV, L.P.
Sold November 12, 2004.
 
 
14
 
 
 
Summit Corporate Tax Credit Fund II
Sold November 12, 2004.
 
USA Institutional Tax Credit Fund XXII
Sold November 12, 2004.
 
EnerTech Capital Partners II, L.P.
Sold December 1, 2004.
 
Kinetic Venture Fund I, LLC
Sold December 1, 2004.
 
Kinetic Venture Fund II, LLC
Sold December 1, 2004.
 
Automated Power Exchange
Sold, April 2004.
 
 
Note 2 - Investments in Unsecured Debt

Intercompany Loan From
Intercompany Loan To
Interest Rate
  
Loan Balance
Exelon Generation Finance Co.
Exelon Generation Company, LLC
5.23%
  
$ 702,500,000
         
Exelon Generation Finance Co.
Exelon Generation Company, LLC
LIBOR plus 0.5%
  
129,000,000
         
Exelon Generation Finance Co.
Nuclear LP
LIBOR plus 0.55%
  
132,289,666
         
Exelon Generation Finance Co.
ExTex LaPorte Ltd. Partnership
LIBOR plus 2.25%
  
445,172,159
         
Exelon Corporation
Exelon Enterprises Company, LLC
2.07%
  
33,936,188
         
Exelon Corporation
Exelon Business Service Company
2.071%
  
18,000,000
         
Exelon Enterprises Company, LLC
F&M Holdings Company, LLC
LIBOR plus 50 basis points
  
9,944,326
         
Exelon Enterprises Company, LLC
Exelon Services Inc.
LIBOR plus 50 basis points
  
5,283,467
         
Commonwealth Edison Company
Exelon Business Service Company
2.071%
  
25,000,000
         
PECO Energy Company
Exelon Business Service Company
2.071%
  
34,000,000
         
PECO Energy Company
Exelon Generation Company, LLC
2.31%
  
45,711,303
         
Sithe Energies Inc.
Exelon Generation Company, LLC
LIBOR plus 0.875%
  
63,000,665
 
 
15
 
 
         
Exelon Generation Company, LLC
Exelon Energy Company
2.31%
  
6,000,000
         
Exelon New England Holdings
Exelon Generation Company, LLC
LIBOR plus 0.5%
  
16,062,123
         
Edison Finance Partnership
Exelon Thermal Holdings, Inc.
                                                                                   8.00%
  
21,421,740
         
URI, LLC
Unicom Investment, Inc.
6.50%
  
419,500,000


ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS

None.


ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES

All issues and sales of system securities were reported in Exelon’s Rule 24. 

ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES
(in millions)

Name of Issuer and Title of Issuer
Name of Company Acquiring, Redeeming or Retiring Securities
Consideration (in thousands)
Extinguishment (EXT) or Held (H) for Further Disposition
Authorization or Exemption
ComEd Notes 9.20%
ComEd
$56
EXT
Rule 42
ComEd Notes 6.40%
ComEd
128
EXT
Rule 42
ComEd Notes 6.95%
ComEd
85
EXT
Rule 42
ComEd Notes 7.38%
ComEd
150
EXT
Rule 42
ComEd Notes 7.63%
ComEd
5
EXT
Rule 42
ComEd Pollution Control Revenue Bonds 5.30%
ComEd
26
EXT
Rule 42
ComEd Pollution Control Revenue Bonds 5.70%
ComEd
4
EXT
Rule 42
ComEd Pollution Control Revenue Bonds 5.85%
ComEd
3
EXT
Rule 42
ComEd Sinking Fund Debentures 3.13%
ComEd
2
EXT
Rule 42
ComEd Sinking Fund Debentures 3.88%
ComEd
1
EXT
Rule 42
ComEd Sinking Fund Debentures 4.63%
ComEd
1
EXT
Rule 42
 
 
16
 
 
 
ComEd Sinking Fund Debentures 4.75%
ComEd
1
EXT
Rule 42
ComEd First Mortgage Bonds 3.70%
ComEd
55
EXT
Rule 42
ComEd First Mortgage Bonds 4.70%
ComEd
135
EXT
Rule 42
ComEd First Mortgage Bonds 4.74%
ComEd
38
EXT
Rule 42
ComEd First Mortgage Bonds 5.88%
ComEd
96
EXT
Rule 42
ComEd First Mortgage Bonds 6.15%
ComEd
150
EXT
Rule 42
ComEd First Mortgage Bonds 7.00%
ComEd
62
EXT
Rule 42
ComEd First Mortgage Bonds 7.50%
ComEd
20
EXT
Rule 42
ComEd First Mortgage Bonds 7.63%
ComEd
94
EXT
Rule 42
ComEd First Mortgage Bonds 8.00%
ComEd
20
EXT
Rule 42
ComEd First Mortgage Bonds 3.70%
ComEd
5
EXT
Rule 42
ComEd First Mortgage Bonds 8.38%
ComEd
94
EXT
Rule 42
PECO Pollution Control Revenue Bonds 5.20%
PECO
51
EXT
Rule 42
PECO Pollution Control Revenue Bonds 5.20%
PECO
92
EXT
Rule 42
PECO Pollution Control Revenue Bonds 5.30%
PECO
14
EXT
Rule 42
PECO First Mortgage Bonds 6.38%
PECO
75
EXT
Rule 42
Enterprises Note 7.68%
Enterprises
11
EXT
Rule 42
Enterprises Note 7.68%
Enterprises
26
EXT
Rule 42
Generation Note 6.33%
Generation
10
EXT
Rule 42
Generation Note 6.20%
Generation
16
EXT
Rule 42
Generation Note 8.50%
Generation
32
EXT
Rule 42
Exelon Notes 7.980% to 8.875%
Exelon
63
EXT
Rule 42


17
 
ITEM 5.  INVESTMENTS IN SECURITIES OF NON-SYSTEM COMPANIES AS OF DECEMBER 31, 2004.

Part 1.
There were no investments in persons operating in the retail service area of Exelon, or its subsidiaries.

Part 2.

Issuer
Securities
Quantity
% of
Business
Book Value
     
Voting
    
Phoenix Foods, LLC
Partnership
interest
N/A
5%
Aquaponic inner
city farm.
$  -0-
Exotrope, Inc.
Convertible
debentures.
N/A
< 10%
Communication
carrier network.
$  -0-
Media Station, Inc.
Preferred shares
plus warrants.
214,286
48,702
2.48%
On-line interactive
Software.
$  -0-
WorldWide Web
Networx Corp.
(WWWX)
Common shares.
73,450
< 10%
Ecommerce, auctions
and supply chain
$  -0-


ITEM 6. OFFICERS AND DIRECTORS - PART 1.

The positions of officers and directors of system companies as of December 31, 2004 were as follows:

 

Adwin (Schuylkill) Cogeneration, Inc.
  
Directors
  
John R. Heller
Director
   
James A. Muntz
Director
   
Gerald R. Rainey
Director
   
Officers
  
   
Gerald R. Rainey
Chairman, President
   
William J. Brady III
Vice President
   
George R. Shicora
Treasurer
   
Katherine K. Combs
Secretary
   
John C. Halderman
Assistant Secretary
   
John C. Halderman
General Counsel


18


Adwin Equipment Company
  
Directors
  
George H. Gilmore Jr.
Director
   
John C. Halderman
Director
   
Ronald S. Rooth
Director
   
Officers
  
   
George H. Gilmore Jr.
President
   
J. Barry Mitchell
Vice President and Treasurer
   
John C. Halderman
Corporate Secretary
   
Todd D. Cutler
Assistant Secretary
   
Scott N. Peters
Assistant Corporate Secretary
   
Adwin Realty Company
  
Directors
  
Craig L. Adams
Director
   
J. Barry Mitchell
Director
   
Denis P. O'Brien
Director
Officers
  
   
Denis P. O'Brien
Chairman, President
   
Michael A. Williams
Vice President
   
J. Barry Mitchell
Treasurer
   
John C. Halderman
Secretary
   
Thomas R. Miller
Assistant Treasurer
   
George R. Shicora
Assistant Treasurer
   
Charles S. Walls
Assistant Treasurer


19


Todd D. Cutler
Assistant Secretary
   
Scott N. Peters
Assistant Secretary
   
AllEnergy Gas & Electric Marketing Company, LLC
  
Officers
  
   
Laura V. Raymond
President
   
Barbara A. Fatina
Vice President
   
Ian P. McLean
Vice President
   
Thomas D. Terry Jr.
Vice President, Taxes
   
J. Barry Mitchell
Treasurer
   
Edward J. Cullen Jr.
Secretary
   
Thomas R. Miller
Assistant Treasurer
George R. Shicora
Assistant Treasurer
   
Charles S. Walls
Assistant Treasurer
   
Todd D. Cutler
Assistant Secretary
   
Scott N. Peters
Assistant Secretary
   
Bruce G. Wilson
Assistant Secretary
   
Ronald L. Zack
Assistant Secretary
   
Ambassador II Joint Venture
  
Officers
  
Partnership
Does Not Have Officers
   
AmerGen Clinton NQF, LLC
  
Officers
  
   
J. Barry Mitchell
President
   
Phillip S. Barnett
Vice President


20


   
J. Barry Mitchell
Treasurer
   
Richard G Gilmore
Secretary
   
Thomas R. Miller
Assistant Treasurer
   
Charles S. Walls
Assistant Treasurer
   
Edward J. Cullen Jr.
Assistant Secretary
   
Scott N. Peters
Assistant Secretary
   
Kevin D. Stepanuk
Assistant Secretary
   
AmerGen Consolidation, LLC
  
Officers
  
   
J. Barry Mitchell
President
   
Phillip S. Barnett
Vice President
   
J. Barry Mitchell
Treasurer
   
Richard G Gilmore
Secretary
   
Thomas R. Miller
Assistant Treasurer
   
Charles S. Walls
Assistant Treasurer
   
Edward J. Cullen Jr.
Assistant Secretary
   
Scott N. Peters
Assistant Secretary
   
Kevin D. Stepanuk
Assistant Secretary
   
Managers
  
   
Phillip S. Barnett
Manager
   
Richard G Gilmore
Manager
   
Charles S. Walls
Manager
   
J. Barry Mitchell
Manager


21


AmerGen Energy Company, LLC
    
Officers
    
     
Christopher M. Crane
Chief Executive Officer
  
     
Christopher M. Crane
President
  
     
Charles G. Pardee
Senior Vice President
  
     
Robert S Bement
Site Vice President - Clinton Nuclear Power Station
  
     
Jeffrey A. Benjamin
Vice President, Licensing and Regulatory Affairs
  
     
Martin J. Coveney
Vice President
  
     
Gerald A. Ellis
Vice President - Human Resources
  
     
William Levis
Vice President of Operations, Mid-Atlantic
  
     
Richard P. Lopriore
Vice President of Operations, Midwest BWRs
  
     
Clair N. Swenson
Site Vice President - Oyster Creek
  
     
Bruce C. Williams
Site Vice President - TMI
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Thomas S. O'Neill
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Christopher M. Crane
Chief Nuclear Officer
  
     
AmerGen Oyster Creek NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  


22


     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
AmerGen TMI NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
ATNP Finance Company
    
Directors
    
Gavin R. Arton
Director
  
     
Thomas M. Baglini
Director
  
     
J. Michael Collier Jr.
Director
  


23


     
Yolanda F. Pagano
Director
  
Officers
    
     
John M. Wadson
President
  
     
John M. Wadson
Treasurer
  
     
John M. Wadson
Secretary
  
     
Bradford Associates
    
Officers
    
     
Partnership
Does Not Have Officers
  
     
Braidwood 1 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  


24


     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Braidwood 2 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  


25


     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Byron 1 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Byron 2 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  


26


     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Cenesco Company, LLC
    
Officers
    
     
James P. Malone
President
  
     
Kevin P. Donovan
Vice President
  
     
Rod Krich
Vice President
  
     
Kenneth S. Petersen
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
ComEd Financing II
    
Trustees
    
     
Wilmington Trust Company
Trustee
  
     
Duane M. DesParte
Trustee
  


27


     
J. Barry Mitchell
Trustee
  
     
ComEd Financing III
    
Trustees
    
     
Wilmington Trust Company
Trustee
  
     
Duane M. DesParte
Trustee
  
     
Thomas R. Miller
Trustee
  
     
J. Barry Mitchell
Trustee
  
     
ComEd Funding, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Charles S. Walls
Treasurer
  
Managers
    
     
Duane M. DesParte
Manager
  
     
ComEd Transitional Funding Trust
    
Officers
    
     
J. Barry Mitchell
Trustee
  
Trustees
    
     
First Union Trust Company, National
Trustee
  
Association
    
     
Duane M. DesParte
Trustee
  
     
Charles S. Walls
Trustee
  
     
Commonwealth Edison Company
    
Directors
    
Frank M. Clark
Director
  
     
John W. Rowe
Director
  


28


     
Robert S. Shapard
Director
  
     
John L. Skolds
Director
  
     
S. Gary Snodgrass
Director
  
Officers
    
     
John W. Rowe
Chairman
  
     
John L. Skolds
Chief Executive Officer
  
     
Frank M. Clark
President
  
     
J. Barry Mitchell
Chief Financial Officer
  
     
Ruth Ann M. Gillis
Executive Vice President
  
     
John T. Costello
Senior Vice President, Technical Services
  
     
John T. Hooker
Senior Vice President, EED Property Management,
  
 
Legislative and External Affairs
  
     
J. Barry Mitchell
Senior Vice President
  
     
Denis P. O'Brien
Senior Vice President
  
     
M. Bridget Reidy
Senior Vice President, Customer and Marketing
  
 
Services
  
Preston D. Swafford
Senior Vice President, Operations
  
     
Mark Alden
Vice President, Project and Contract Management
  
     
Doyle N. Beneby
Vice President, Engineering and System Performance
  
     
Ellen M. Cavanaugh
Vice President, Transmission Strategy and Business
  
 
Operations
  
     
Celia David
Vice President, Transmission Policy and Planning
  
     
David G. DeCampli
Vice President, Integration
  
     
Duane M. DesParte
Vice President, Business Operations
  


29


     
Terence R. Donnelly
Vice President, Transmission and Substations
  
     
Dorothy M Hawkins
Vice President, Quality Services
  
     
Stephanie J. Hickman
Vice President, Human Resource Services
  
     
Matthew F. Hilzinger
Vice President, Controller and Comptroller
  
     
Kathryn M. Houtsma
Vice President, Finance
  
     
Susan O. Ivey
Vice President, Transmission Operations
  
     
Frank J. Jiruska
Vice President, Energy and Marketing Services
  
     
Arlene A. Juracek
Vice President, Load Forecasting and Energy
  
 
Acquisition
  
     
Gregory K. Kiraly
Vice President, Construction and Maintenance
  
     
George W. Lofton
Vice President, Claims
  
     
George W. Lofton
Vice President, External Affairs and Claims
  
     
Fidel Marquez Jr.
Vice President, External Affairs
  
     
Jerrold Martin
Vice President, Information Technology
  
     
Michael McMahan
Vice President, Work Management
  
     
Anne R. Pramaggiore
Vice President, Regulatory and Strategic Services
  
     
Bruce A. Renwick
Vice President, Dispatch and Operations
  
     
Carl L Segneri Jr.
Vice President, Strategic Initiatives
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Robert A. Kleczynski
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  


30


     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Joseph R. Trpik Jr.
Assistant Controller
  
     
Adrienne M. Levatino
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Commonwealth Edison Company of
Indiana, Inc.
    
Directors
    
Frank M. Clark
Director
  
     
Ruth Ann M. Gillis
Director
  
     
John L. Skolds
Director
  
Officers
    
     
Frank M. Clark
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin J. Waden
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
Other
    
     
Kevin J. Waden
Auditor
  


31


     
Concomber, Ltd.
    
Directors
    
C.F.A. Cooper
Director
  
     
Odyssefs Drosou
Director
  
     
Robert K. McDonald
Director
  
     
J. Barry Mitchell
Director
  
Officers
    
     
Robert K. McDonald
President
  
     
Odyssefs Drosou
Vice President
  
     
J. Barry Mitchell
Vice President
  
     
Glenn D. Newman
Vice President
  
     
Richard E. Martin
Treasurer
  
     
Dawna Ferguson
Secretary
  
     
Michael Ashford
Assistant Secretary
  
Other
    
     
D. H. Malcolm
Alternate Director
  
     
N. Clayton Price
Alternate Director
  
     
Conemaugh Fuels, LLC
    
Does not have officers
    
     
Dresden 1 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  


32


     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Dresden 2 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Dresden 3 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  


33


     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
East Coast Natural Gas Cooperative, LLP
    
Does not have officers
    
     
ECP Telecommunications Holdings, LLC
    
Officers
    
     
George H. Gilmore Jr.
President
  
     
Ronald S. Rooth
Senior Vice President and Chief Financial Officer
  
     
J. Barry Mitchell
Vice President and Treasurer
  
     
John C. Halderman
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
ECPH, LLC
    
Officers
    
     
George H. Gilmore Jr.
President
  
     
Ronald S. Rooth
Chief Financial Officer
  
     
Ronald S. Rooth
Senior Vice President
  


34


     
Donald J. Bromley
Vice President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
John C. Halderman
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Edison Development Canada Inc.
    
Directors
    
Frank M. Clark
Director
  
     
Ruth Ann M. Gillis
Director
  
     
Robert M. Granatstein
Director
  
     
Gail Lilley
Director
  
     
John L. Skolds
Director
  
Officers
    
     
Frank M. Clark
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  


35


     
Charles S. Walls
Assistant Treasurer
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Edison Finance Partnership
    
Officers
    
     
Thomas D. Terry Jr.
President
  
     
EGW Meter Services, LLC
    
Does not have officers
    
     
EIS Engineering, Inc.
    
Directors
    
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
Chairman
  
     
George H. Gilmore Jr.
Chairman
  
     
Carter C. Culver
Chief Executive Officer
  
     
George H. Gilmore Jr.
Chief Executive Officer
  
     
Ronald S. Rooth
Vice President - Finance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  


36


     
Bruce G. Wilson
Assistant Treasurer
  
     
Harvey B. Dikter
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
EIS Investments, LLC
    
Managers
    
     
George H. Gilmore Jr.
Manager
  
     
Ronald S. Rooth
Manager
  
     
ENEH Services, LLC
    
Officers
    
     
Mark A. Schiavoni
President
  
     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  


37


     
ETT Boston, Inc.
    
Directors
    
Carter C. Culver
Director
  
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
President
  
     
George H. Gilmore Jr.
President
  
     
J. Barry Mitchell
Vice President
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
ETT Canada, Inc.
    
Directors
    
Carter C. Culver
Director
  
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  


38


Officers
    
Carter C. Culver
President
  
     
George H. Gilmore Jr.
President
  
     
J. Barry Mitchell
Vice President
  
     
Scott D. Payant
Vice President
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
ETT North America, Inc.
    
Directors
    
Carter C. Culver
Director
  
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
President
  
     
George H. Gilmore Jr.
President
  
     
J. Barry Mitchell
Vice President
  


39


     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon Allowance Management Company, LLC
    
Officers
    
     
John F. Young
President
  
     
Edward J. Cullen Jr.
Vice President and Secretary
  
     
Ian P. McLean
Vice President
  
     
J. Barry Mitchell
Vice President and Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  


40


     
Exelon AOG Holding #1, Inc.
    
Directors
    
Kenneth W. Cornew
Director
  
     
Ian P. McLean
Director
  
     
John F. Young
Director
  
Officers
    
     
Ian P. McLean
President
  
     
Kenneth W. Cornew
Vice President
  
     
James S. Jablonski
Vice President
  
     
Mark A. Schiavoni
Vice President
  
     
J. Barry Mitchell
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Christopher J. Bernard
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon AOG Holding #2, Inc.
    
Directors
    
Kenneth W. Cornew
Director
  
     
Ian P. McLean
Director
  
     
John F. Young
Director
  


41


Officers
    
     
Ian P. McLean
President
  
     
Kenneth W. Cornew
Vice President
  
     
James S. Jablonski
Vice President
  
     
Mark A. Schiavoni
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Christopher J. Bernard
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon Business Services Company
    
Directors
    
John W. Rowe
Director and Chair
  
     
Randall E. Mehrberg
Director
  
     
Robert S. Shapard
Director
  
     
Pamela B. Strobel
Director
  
Officers
    
     
Pamela B. Strobel
President
  


42


     
Craig L. Adams
Chief Supply Officer
  
     
Daniel C. Hill
Chief Information Officer
  
     
Craig L. Adams
Senior Vice President
  
     
William Arndt
Senior Vice President
  
     
Daniel C. Hill
Senior Vice President
  
     
Richard J. Landy
Senior Vice President, Human Resources &
  
 
Administration, BSC HR Operations
  
     
William A. VonHoene Jr.
Senior Vice President
  
     
Paul R. Bonney
Vice President
  
     
Darryl Bradford
Vice President & Associate General Counsel
  
     
Thomas A. Clewett
Vice President Projects & Enterprise Solutions - IT
  
     
Katherine K. Combs
Vice President
  
     
Edward J. Cullen Jr.
Vice President
  
     
Joseph Dominguez
Vice President & Associate General Counsel
  
     
James D. Guerra
Vice President - Finance
  
     
Shelley S. Keller
Vice President, Corporate Strategy
  
     
Joseph A. Lasky
Vice President, IT Operations & Infrastructure
  
 
Services
  
     
Ralph E. Loomis
Vice President and Special Assistant to the Chairman
  
     
Mary E. Ludford
Vice President, BSC Support Services
  
     
Jerrold Martin
Vice President, Information Technology, Energy
  
 
Delivery Solutions (EDS)
  
     
J. Barry Mitchell
Vice President and Treasurer
  


43


     
Glenn D. Newman
Vice President
  
     
David M. O'Brien
Vice President, Supply Operations
  
     
Thomas S. O'Neill
Vice President & Associate General Counsel
  
     
Karen J. Peery
Vice President, IT Genco
  
     
Delia W. Stroud
Vice President, Supply Business Operations &
  
 
Governance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
Katherine K. Combs
Corporate Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
Paul R. Bonney
Deputy General Counsel
  
     
Katherine K. Combs
Deputy General Counsel
  
     
Edward J. Cullen Jr.
Deputy General Counsel
  
     
Glenn D. Newman
Deputy General Counsel
  
     
William A. VonHoene Jr.
Deputy General Counsel
  
     
Exelon Capital Trust I
    
Does not have officers
    
     
Exelon Capital Trust II
    
Does not have officers
    
     
Exelon Capital Trust III
    
Does not have officers
    


44


     
Exelon Corporation
    
Directors
    
Edward A. Brennan
Director
  
     
M. Walter D'Alessio
Director
  
     
Nicholas DeBenedictis
Director
  
     
Bruce DeMars
Director
  
     
Nelson A. Diaz
Director
  
     
G. Fred DiBona Jr.
Director
  
     
Sue L. Gin
Director
  
     
Rosemarie B. Greco
Director
  
     
Edgar D. Jannotta
Director
  
     
John M. Palms
Director
  
     
John W Rogers Jr.
Director
  
     
John W. Rowe
Director
  
     
Ronald Rubin
Director
  
     
Richard L. Thomas
Director
  
Officers
    
     
John W. Rowe
Chairman of the Board
  
     
John W. Rowe
Chief Executive Officer
  
     
John W. Rowe
President
  
     
Robert S. Shapard
Chief Financial Officer
  
     
Frank M. Clark
Executive Vice President
  
     
Ian P. McLean
Executive Vice President
  
     
Randall E. Mehrberg
Executive Vice President and General Counsel
  


45


     
Elizabeth A. Moler
Executive Vice President, Government Affairs &
  
 
Public Policy
  
     
Robert S. Shapard
Executive Vice President
  
     
John L. Skolds
Executive Vice President
  
     
S. Gary Snodgrass
Chief Human Resources Officer
  
     
S. Gary Snodgrass
Executive Vice President
  
     
Pamela B. Strobel
Executive Vice President
  
     
Pamela B. Strobel
Chief Administrative Officer
  
     
John F. Young
Executive Vice President
  
     
William Arndt
Senior Vice President
  
     
Christopher M. Crane
Senior Vice President
  
     
Ruth Ann M. Gillis
Senior Vice President
  
     
George H. Gilmore Jr.
Senior Vice President
  
     
Richard H. Glanton
Senior Vice President, Corporate Planning
  
     
J. Barry Mitchell
Senior Vice President
  
     
David W. Woods
Senior Vice President, Communications,
  
 
Governmental & Public Affairs
  
     
Virginia A. Brown
Vice President, Human Resources Planning and
  
 
Development
  
     
Ellen D. Caya
Vice President, Audit
  
     
Katherine K. Combs
Vice President and Corporate Secretary
  
     
Victor Fonseca
Vice President, Compensation
  
     
Reynold B. Gonzalez
Vice President, Diversity
  


46


     
Sharon M. Hillman
Vice President, Mergers & Acquisitions, and
  
 
Divestitures
  
     
Matthew F. Hilzinger
Vice President and Corporate Controller
  
     
Helen A. Howes
Vice President, Environmental Affairs
  
     
Donald P. Kirchoffner
Vice President, Communications
  
     
Patrick J. Laird
Vice President, Corporate Security
  
     
Robert K. McDonald
Vice President, Risk Management
  
     
Michael Metzner
Vice President, Investor Relations & Shareholder
  
 
Services
  
     
Thomas R. Miller
Vice President, Finance
  
     
John R. Samolis
Vice President, Labor and Employee Relations
  
     
Carole Schecter
Vice President, Employee Health and Benefits
  
     
Thomas D. Terry Jr.
Vice President and General Tax Officer
  
     
J. Barry Mitchell
Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon Edgar, LLC
    
Officers
    
     
Mark A. Schiavoni
President
  
     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  


47


     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon Energy Company
    
Directors
    
Phillip S. Barnett
Director
  
     
Ian P. McLean
Director
  
     
Laura V. Raymond
Director
  
Officers
    
     
Laura V. Raymond
President
  
     
J. Barry Mitchell
Chief Financial Officer
  
     
Barbara A. Fatina
Vice President
  
     
J. Barry Mitchell
Vice President
  
     
Thomas D. Terry Jr.
Vice President - Taxes
  
     
James Llende
Assistant Vice President - Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  


48


     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Christopher J. Bernard
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
Exelon Energy Delivery Company, LLC
    
Officers
    
     
John L. Skolds
President
  
     
David G. DeCampli
Chief Integration Officer
  
     
Ruth Ann M. Gillis
Executive Vice President
  
     
John T. Hooker
Senior Vice President, Property Management
  
     
Frank M. Clark
Senior Vice President
  
     
John T. Costello
Senior Vice President, Technical Services
  
     
Denis P. O'Brien
Senior Vice President
  
     
M. Bridget Reidy
Senior Vice President, Customer and Marketing
  
 
Services
  
     
Preston D. Swafford
Senior Vice President, Operations
  
     
Doyle N. Beneby
Vice President, Engineering and System Performance
  
     
Ellen M. Cavanaugh
Vice President, Transmission Strategy and Business
  
 
Operations
  


49


     
David G. DeCampli
Vice President, Integration
  
     
Duane M. DesParte
Vice President, Business Operations
  
     
Terence R. Donnelly
Vice President, Transmission and Substation
  
 
Operations
  
     
Dorothy M Hawkins
Vice President, Quality Services
  
     
Stephanie J. Hickman
Vice President, Human Resources
  
     
Matthew F. Hilzinger
Vice President, Controller
  
     
Kathryn M. Houtsma
Vice President, Finance
  
     
Susan O. Ivey
Vice President, Transmission Operations
  
     
Frank J. Jiruska
Vice President, Energy and Marketing Services
  
     
Arlene A. Juracek
Vice President Load Forecasting and Energy
  
 
Acquisition
  
     
Gregory K. Kiraly
Vice President, Construction and Maintenance/West
  
     
George W. Lofton
Vice President, Claims
  
     
Fidel Marquez Jr.
Vice President, External Affairs - Chicago Operations
  
     
Jerrold Martin
Vice President, Information Technology
  
     
Michael McMahan
Vice President, Work Management
  
     
J. Barry Mitchell
Vice President
  
     
Bruce A. Renwick
Vice President, Dispatch and Operations
  
     
Carl L Segneri Jr.
Vice President, Strategic Initiatives
  
     
Kimberly L. Smith
Vice President, Construction and Maintenance/East
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
Robert A. Kleczynski
Assistant Vice President, Taxes
  


50


     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Corporate Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Joseph R. Trpik Jr.
Assistant Controller
  
     
Todd D. Cutler
Assistant Corporate Secretary
  
     
Scott N. Peters
Assistant Corporate Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon Enterprises Company, LLC
    
Officers
    
     
Carter C. Culver
Chief Executive Officer
  
     
George H. Gilmore Jr.
Chief Executive Officer
  
     
Carter C. Culver
President
  
     
George H. Gilmore Jr.
President
  
     
J. Barry Mitchell
Chief Financial Officer
  
     
J. Barry Mitchell
Senior Vice President
  
     
Ronald S. Rooth
Vice President - Finance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  


51


     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Exelon Enterprises Investments, Inc.
    
Directors
    
Gavin R. Arton
Director
  
     
J. Michael Collier Jr.
Director
  
     
John C. Halderman
Director
  
     
Yolanda F. Pagano
Director
  
Officers
    
     
John M. Wadson
President
  
     
John M. Wadson
Treasurer
  
     
John M. Wadson
Secretary
  
     
Exelon Enterprises Management, Inc.
    
Directors
    
     
George H. Gilmore Jr.
Director
  
     
John C. Halderman
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
George H. Gilmore Jr.
President
  
     
Ronald S. Rooth
Senior Vice President and Chief Financial Officer
  
     
J. Barry Mitchell
Treasurer
  


52


     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Exelon Framingham Development, LLC
    
Officers
    
     
Mark A. Schiavoni
President
  
     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  


53


     
Exelon Framingham, LLC
    
Officers
    
     
Mark A. Schiavoni
President
  
     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon Generation Company, LLC
    
Officers
    
     
John F. Young
Chief Executive Officer
  
     
Ian P. McLean
President, Exelon Power Team
  
     
Mark A. Schiavoni
President, Exelon Power
  
     
John F. Young
President
  
     
Christopher M. Crane
President and Chief Nuclear Officer, Exelon Nuclear
  
     
J. Barry Mitchell
Chief Financial Officer
  
     
William H. Bohlke
Senior Vice President, Exelon Nuclear
  
     
Kenneth W. Cornew
Senior Vice President, Power Transactions &
  
 
Wholesale Delivery, Exelon Power Team
  


54


     
J. Barry Mitchell
Senior Vice President
  
     
Charles G. Pardee
Senior Vice President, Nuclear Services, Exelon
  
 
Nuclear
  
     
Mark A. Schiavoni
Senior Vice President, Exelon Generation
  
     
David W. Woods
Senior Vice President, Communications,
  
 
Governmental & Public Affairs
  
     
J. Tyler Anthony
Vice President, Project Management, Exelon Nuclear
  
     
George P. Barnes Jr.
Site Vice President - LaSalle County Station
  
     
Phillip S. Barnett
Vice President - Finance
  
     
Robert S Bement
Site Vice President - Clinton Nuclear Power Station
  
     
Jeffrey A. Benjamin
Vice President, Licensing and Regulatory, Exelon
  
 
Nuclear
  
     
Danny G. Bost
Site Vice President - Dresden Nuclear Power Station
  
     
Robert C. Braun
Site Vice President - Peach Bottom Atomic Power
  
 
Station
  
     
Kevin Cellars
Vice President, Business Operations, Exelon Power
  
     
Martin J. Coveney
Vice President, Finance, Exelon Nuclear
  
     
Edward J. Cullen Jr.
Vice President, Legal and Secretary
  
     
Ronald J. DeGregorio
Site Vice President - Limerick Generating Station
  
     
Gerald A. Ellis
Vice President, Human Resources, Exelon Nuclear
  
     
David Ellsworth
Vice President, Fuels, Power Team
  
     
Meg Evangelist
Vice President, Human Resources, Exelon Power
  
     
Jan H. Freeman
Vice President, Public Affairs, Exelon Generation
  
     
Lester J. Guthrie
Vice President, Outage Planning & Services, Exelon
  
 
Nuclear
  


55


     
Ernest J. Harkness
Vice President, Special Projects, Mid-Atlantic
  
 
Operations, Exelon Nuclear
  
     
Robert J. Hovey
Vice President, Operations Support, Exelon Nuclear
  
     
Christopher Hughes
Vice President, Exelon Power
  
     
Theodore E. Jennings
Vice President, Engineering & Operation Support,
  
 
Exelon Power
  
     
Thomas P. Joyce
Site Vice President - Braidwood Station
  
     
Marilyn C. Kray
Vice President, Project Development, Exelon Nuclear
  
     
Rod Krich
Vice President, Licensing Projects, Exelon Nuclear
  
     
Stephen E. Kuczynski
Site Vice President - Byron Station
  
     
William Levis
Vice President, Mid-Atlantic Operations, Exelon
  
 
Nuclear
  
     
Richard P. Lopriore
Vice President, Business Operations, Mid-West BWR Operations, Exelon Nuclear
  
     
James P. Malone
Vice President, Fuels Management, Exelon Nuclear
  
     
Robert K. McDonald
Vice President, Generation
  
     
Mark McFarland
Vice President, Commercial Transactions & Pricing,
  
 
Power Team
  
     
James R. Meister
Vice President, Nuclear Services, Exelon Nuclear
  
     
Joellen Burns Muntz
Vice President, Operations, Exelon Power
  
     
Michael Pacilio
Vice President, Business Operations, Mid-West PWR
  
 
Operations, Exelon Nuclear
  
     
Laura V. Raymond
Vice President, Marketing & Business Development,
  
 
Exelon Power
  
     
Amir Shahkarami
Vice President, Engineering, Exelon Nuclear
  


56


     
Clair N. Swenson
Site Vice President - Oyster Creek
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
Timothy Tulon
Site Vice President - Quad Cities Nuclear Power
  
 
Station
  
     
Jon D. Veurink
Vice President and Corporate Controller
  
     
Sue E. Wallace
Vice President, Management Projects, Exelon
  
 
Generation
  
     
Russell G. West
Vice President, Nuclear Oversight, Exelon Nuclear
  
     
Bruce C. Williams
Site Vice President - TMI
  
     
J. Barry Mitchell
Treasurer
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Christopher J. Bernard
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
Exelon Generation Consolidation, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  


57


     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
Managers
    
     
Phillip S. Barnett
Manager
  
     
Richard G Gilmore
Manager
  
     
J. Barry Mitchell
Manager
  
     
Charles S. Walls
Manager
  
     
Exelon Generation Finance Company, LLC
    
Officers
    
     
John M. Wadson
President, Treasurer and Secretary
  
Managers
    
     
Gavin R. Arton
Manager
  
     
J. Michael Collier Jr.
Manager
  
     
Yolanda F. Pagano
Manager
  
     
Michael Ricciardi
Manager
  
     
Exelon Generation International, Inc.
    
Officers
    
     
No Officers
Organizational Meeting Not Yet Held
  
     
Exelon Hamilton LLC
    
Officers
    
     
Mark A. Schiavoni
President
  


58


     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon Investment Holdings, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Thomas R. Miller
Vice President and Treasurer
  
     
Thomas D. Terry Jr.
Vice President
  
     
Charles S. Walls
Vice President
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  


59


     
Exelon New Boston, LLC
    
Officers
    
     
Mark A. Schiavoni
President
  
     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon New England Development, LLC
    
Officers
    
     
Mark A. Schiavoni
President
  
     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  


60


     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon New England Holdings, LLC
    
Officers
    
     
Mark A. Schiavoni
President
  
     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon New England Power Marketing, Limited Partnership
    
Other
    
Partnership
Does Not Have Officers
  


61


     
Exelon Peaker Development General, LLC
    
Officers
    
     
Ian P. McLean
President
  
     
Edward J. Cullen Jr.
Vice President and Secretary
  
     
J. Barry Mitchell
Vice President and Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
Exelon Peaker Development Limited, LLC
    
Officers
    
     
Ian P. McLean
President
  
     
Donald J. Bromley
Vice President
  
     
Edward J. Cullen Jr.
Vice President and Secretary
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  


62


     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
Exelon PowerLabs, LLC
    
Officers
    
     
Frank Cebular
President
  
     
Scott Giacobbe
Vice President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
Exelon Services, Inc.
    
Directors
    
     
Carter C. Culver
Director
  
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
George H. Gilmore Jr.
Chairman of the Board
  
     
Carter C. Culver
Chief Executive Officer
  


63


     
George H. Gilmore Jr.
Chief Executive Officer
  
     
John T. Kennedy
Vice President
  
     
J. Barry Mitchell
Vice President
  
     
Scott D. Payant
Vice President - Finance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Louis P. Maltezos
General Manager
  
     
Exelon SHC, Inc.
    
Directors
    
     
Ian P. McLean
Director
  
     
Mark A. Schiavoni
Director
  
     
John F. Young
Director
  
Officers
    
     
John F. Young
Chairman of the Board
  
     
John F. Young
Chief Executive Officer
  


64


     
John F. Young
President
  
     
Mark A. Schiavoni
Senior Vice President
  
     
Edward J. Cullen Jr.
Vice President
  
     
Ian P. McLean
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Donald J. Bromley
Secretary
  
     
Edward J. Cullen Jr.
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Exelon Synfuel I, LLC
    
Officers
    
     
Robert A. Kleczynski
President
  
     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  


65


     
Exelon Synfuel II, LLC
    
Officers
    
     
Robert A. Kleczynski
President
  
     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Exelon Synfuel III, LLC
    
Officers
    
     
Robert A. Kleczynski
President
  
     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
Exelon Thermal Development, Inc.
    
Directors
    
     
Carter C. Culver
Director
  
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  


66


Officers
    
     
Carter C. Culver
President
  
     
George H. Gilmore Jr.
President
  
     
J. Barry Mitchell
Vice President
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon Thermal Holdings, Inc.
    
Directors
    
     
Carter C. Culver
Director
  
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
President
  
     
George H. Gilmore Jr.
President
  
     
J. Barry Mitchell
Vice President
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  


67


     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon Ventures Company, LLC
    
Officers
    
     
John W. Rowe
President and Chief Executive Officer
  
     
John F. Young
Executive Vice President
  
     
J. Barry Mitchell
Senior Vice President
  
     
Robert K. McDonald
Vice President, Ventures
  
     
Randall E. Mehrberg
Vice President and General Counsel
  
     
Robert S. Shapard
Vice President and Chief Financial Officer
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  


68


     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
Exelon West Medway Development, LLC
    
Officers
    
     
Mark A. Schiavoni
President
  
     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon West Medway Expansion, LLC
    
Officers
    
     
Mark A. Schiavoni
President
  
     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  
     
J. Barry Mitchell
Treasurer
  


69


     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Exelon West Medway, LLC
    
Officers
    
     
Mark A. Schiavoni
President
  
     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Corporate Secretary
  
     
John C. Halderman
Assistant Corporate Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  


70


     
Exelon Wyman, LLC
    
Officers
    
     
Mark A. Schiavoni
President
  
     
John Castro
Vice President
  
     
Joellen Burns Muntz
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
ExTel Corporation, LLC
    
Officers
    
     
Duane M. DesParte
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  


71


     
ExTex LaPorte Limited Partnership
    
Partnership
Does Not Have Officers
  
     
ExTex Marketing, LLC
    
Officers
    
     
Ian P. McLean
President
  
     
Donald J. Bromley
Vice President
  
     
Kenneth W. Cornew
Vice President
  
     
Charles A. Mannix
Vice President, Taxes
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Christopher J. Bernard
Assistant Secretary
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
ExTex Power, LP
    
Partnership
Does Not Have Officers
  
     
ExTex Retail Services Company, LLC
    
Officers
    
     
Ian P. McLean
President
  
     
Kenneth W. Cornew
Vice President
  


72


     
J. Barry Mitchell
Vice President and Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Christopher J. Bernard
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
F & M Holdings Company LLC
    
Officers
    
     
George H. Gilmore Jr.
President
  
     
J. Barry Mitchell
Vice President
  
     
Ronald S. Rooth
Vice President - Finance
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  


73


     
Fischbach and Moore Electric, Inc.
    
Directors
    
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
Chairman
  
     
George H. Gilmore Jr.
Chairman
  
     
Carter C. Culver
Chief Executive Officer
  
     
George H. Gilmore Jr.
Chief Executive Officer
  
     
Ken Podolack
Chief Financial Officer
  
     
Harvey B. Dikter
Executive Vice President
  
     
Ronald S. Rooth
Vice President - Finance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Ken Podolack
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Carter C. Culver
Assistant Secretary
  
     
Harvey B. Dikter
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  


74


     
William Conner
Vice President - Pittsburgh
  
     
William Greene
Vice President - Boston
  
     
Fischbach and Moore Electrical Contracting, Inc.
    
Directors
    
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
Chairman
  
     
George H. Gilmore Jr.
Chairman
  
     
Carter C. Culver
Chief Executive Officer
  
     
George H. Gilmore Jr.
Chief Executive Officer
  
     
Ken Podolack
Chief Financial Officer
  
     
Jack McHugh
Executive Vice President
  
     
William Greene
Vice President - Boston
  
     
Bob Meyer
Vice President - New Jersey
  
     
Ronald S. Rooth
Vice President - Finance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Ken Podolack
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  


75


     
Charles S. Walls
Assistant Treasurer
  
     
Harvey B. Dikter
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Fischbach and Moore, Inc.
    
Directors
    
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
Chairman
  
     
George H. Gilmore Jr.
Chairman
  
     
Carter C. Culver
Chief Executive Officer
  
     
George H. Gilmore Jr.
Chief Executive Officer
  
     
Ken Podolack
Chief Financial Officer
  
     
Ronald S. Rooth
Vice President - Finance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Ken Podolack
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  


76


Harvey B. Dikter
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Henderson Ambassador Associates
    
Officers
    
- Partnership
Does Not Have Officers
  
     
Horizon Energy Company
    
Directors
    
Duane M. DesParte
Director
  
     
J. Barry Mitchell
Director
  
     
Denis P. O'Brien
Director
  
Officers
    
     
Denis P. O'Brien
President
  
     
Katherine K. Combs
Vice President and Corporate Secretary
  
     
J. Barry Mitchell
Vice President and Treasurer
  
     
Scott N. Peters
Assistant Corporate Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
II Services, Inc.
    
Directors
    
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
Chairman
  
     
George H. Gilmore Jr.
Chairman
  


77


Carter C. Culver
Chief Executive Officer
  
     
George H. Gilmore Jr.
Chief Executive Officer
  
     
Ronald S. Rooth
Vice President - Finance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Harvey B. Dikter
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Infrasource Field Services, LLC
    
Officers
    
     
Harvey B. Dikter
Senior Vice President, General Counsel and Secretary
  
     
David R. Helwig
Chairman
  
     
Terence R. Montgomery
Senior Vice President and Treasurer
  
     
Keystone Fuels, LLC
    
     
Managers
    
     
Fred Humphrey
Manager
  


78


     
La Salle 1 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
La Salle 2 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Limerick 1 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  


79


Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Limerick 2 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
NEWCOSY, Inc.
    
Directors
    
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  


80


Officers
    
     
Carter C. Culver
Chairman
  
     
George H. Gilmore Jr.
Chairman
  
     
Carter C. Culver
Chief Executive Officer
  
     
George H. Gilmore Jr.
Chief Executive Officer
  
     
Ronald S. Rooth
Vice President - Finance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Harvey B. Dikter
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
NEWCOTRA, Inc.
    
Directors
    
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
Chairman
  
     
George H. Gilmore Jr.
Chairman
  


81


     
Carter C. Culver
Chief Executive Officer
  
     
George H. Gilmore Jr.
Chief Executive Officer
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Harvey B. Dikter
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
North America Power Services, Inc.
    
Directors
    
     
Kevin Cellars
Director
  
     
Darren Olagues
Director
  
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  


82


George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Northwind Boston, LLC
    
Officers
    
     
Richard S. Hahn
President
  
     
Northwind Thermal Technologies Canada Inc.
    
Directors
    
     
Carter C. Culver
Director
  
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
President
  
     
George H. Gilmore Jr.
President
  
     
J. Barry Mitchell
Vice President
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  


83


     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Nuclear US Holdings, Inc.
    
Directors
    
     
Christopher M. Crane
Director
  
     
John W. Rowe
Director
  
     
John F. Young
Director
  
Officers
    
     
John W. Rowe
Chairman of the Board
  
     
Christopher M. Crane
President
  
     
Charles G. Pardee
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Nuclear US Investments, LLC
    
Officers
    
     
Christopher M. Crane
President
  
     
Charles G. Pardee
Vice President
  


84


     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Kevin D. Stepanuk
Assistant Secretary
  
Managers
    
     
Christopher M. Crane
Manager
  
     
Edward J. Cullen Jr.
Manager
  
     
Charles G. Pardee
Manager
  
     
Nuclear, Limited Partnership
    
Other
    
     
Christopher M. Crane
President
  
     
Charles G. Pardee
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
NuStart Energy Development, LLC
    
Officers
    
     
Marilyn C. Kray
President
  
     
George R. Shicora
Treasurer
  


85


     
Brian Fuller
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
OldcoVSI, Inc.
    
Directors
    
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
Chairman
  
     
George H. Gilmore Jr.
Chairman
  
     
Carter C. Culver
Chief Executive Officer
  
     
George H. Gilmore Jr.
Chief Executive Officer
  
     
Ronald S. Rooth
Vice President - Finance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Harvey B. Dikter
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  


86


     
OSP Servicios, S.A. de C.V.
    
Does not have officers
    
     
Peach Bottom 1 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Peach Bottom 2 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  


87


     
Peach Bottom 3 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
PEC Financial Services, LLC
    
Officers
    
     
Yolanda F. Pagano
President
  
     
Thomas M. Baglini
Vice President
  
     
George R. Shicora
Treasurer
  
     
Todd D. Cutler
Secretary
  
     
Maria D. Conway
Assistant Treasurer
  
     
Yolanda F. Pagano
Assistant Secretary
  
Managers
    
     
J. Barry Mitchell
Manager
  
     
Yolanda F. Pagano
Manager
  
     
George R. Shicora
Manager
  


88


     
PECO Energy Capital Corp.
    
Directors
    
Suzanne Hay
Director
  
     
Thomas R. Miller
Director
  
Officers
    
     
Thomas R. Miller
Vice President
  
     
J. Barry Mitchell
Director
  
     
J. Barry Mitchell
Chairman, President
  
     
George R. Shicora
Treasurer
  
     
Bruce G. Wilson
Secretary
  
     
Suzanne Hay
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
PECO Energy Capital Trust III
    
Officers
    
Formed - Not Yet Organized
Organizational Meeting Not Yet Held
  
     
PECO Energy Capital Trust IV
    
Officers
    
Formed - Not Yet Organized
Organizational Meeting Not Yet Held
  
     
PECO Energy Capital Trust V
    
Officers
    
Formed - Not Yet Organized
Organizational Meeting Not Yet Held
  
     
PECO Energy Capital Trust VI
    
Officers
    
Formed - Not Yet Organized
Organizational Meeting Not Yet Held
  
     
PECO Energy Capital, LP
    
Partnership
Does Not Have Officers
  
     
PECO Energy Company
    
Directors
    
Denis P. O'Brien
Director
  


89


     
John W. Rowe
Director
  
     
Robert S. Shapard
Director
  
     
John L. Skolds
Director
  
Officers
    
     
Denis P. O'Brien
President
  
     
John T. Costello
Senior Vice President, Technical Services
  
     
John T. Hooker
Senior Vice President, Real Estate and Claims
  
     
J. Barry Mitchell
Senior Vice President
  
     
M. Bridget Reidy
Senior Vice President, Customer and Marketing
  
 
Services
  
     
Preston D. Swafford
Senior Vice President, Operations
  
     
David W. Woods
Senior Vice President, Government Affairs
  
     
J. Barry Mitchell
Chief Financial Officer
  
     
Mark Alden
Vice President, Project and Contract Management
  
     
Doyle N. Beneby
Vice President, Engineering and System Performance
  
     
Ellen M. Cavanaugh
Vice President, Transmission Strategy and Business
  
 
Operations
  
     
Lisa Crutchfield
Vice President, Regulatory and External Affairs
  
     
David G. DeCampli
Vice President, Asset Investment Strategy and
  
 
Development
  
     
Duane M. DesParte
Vice President, Business Operations
  
     
Terence R. Donnelly
Vice President, Transmission and Substation
  
 
Operations
  
     
Dorothy M Hawkins
Vice President, Quality Services
  
     
Stephanie J. Hickman
Vice President, Human Resources
  


90


     
Reed R. Horting
Vice President, Gas
  
     
Susan O. Ivey
Vice President, Transmission Operations
  
     
Frank J. Jiruska
Vice President, Energy and Marketing Services
  
     
Arlene A. Juracek
Vice President, Energy Acquisition
  
     
Jerrold Martin
Vice President, Information Technology, Energy
  
 
Delivery Solutions (EDS)
  
     
Michael McMahan
Vice President, Work Management
  
     
Bruce A. Renwick
Vice President, Dispatch and Operations
  
     
Carl L Segneri Jr.
Vice President, Strategic Initiatives
  
     
Kimberly L. Smith
Vice President, Construction and Maintenance/East
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
Robert A. Kleczynski
Assistant Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Corporate Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Joseph Dominguez
Assistant Corporate Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  


91


     
PECO Energy Power Company
    
Directors
    
John F. Young
Chairman
  
     
Phillip S. Barnett
Director
  
     
Mark A. Schiavoni
Director
  
     
John F. Young
Director
  
Officers
    
     
Mark A. Schiavoni
President
  
     
Edward J. Cullen Jr.
Vice President - Legal
  
     
Joellen Burns Muntz
Vice President
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Vice President and Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
PECO Energy Transition Trust
    
Trustees
    
     
Thomas R. Miller
Trustee
  
     
George R. Shicora
Trustee
  


92


     
PECO Wireless, LP
    
Partnership
Does Not Have Officers
  
     
Penesco Company, LLC
    
Officers
    
     
James P. Malone
President
  
     
Kevin P. Donovan
Vice President
  
     
Rod Krich
Vice President
  
     
Kenneth S. Petersen
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
Port City Power, LLC
    
Officers
    
     
Edward J. Cullen Jr.
Vice President - Legal
  
     
Charles P. Lewis
Vice President
  
     
Preston D. Swafford
Vice President
  
     
J. Barry Mitchell
Vice President and Treasurer
  


93


     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Quad Cities 1 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Quad Cities 2 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  


94


     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Rand-Bright Corporation
    
Directors
    
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
     
Officers
    
     
Carter C. Culver
Chairman
  
     
George H. Gilmore Jr.
Chairman
  
     
Carter C. Culver
Chief Executive Officer
  
     
George H. Gilmore Jr.
Chief Executive Officer
  
     
Ronald S. Rooth
Vice President - Finance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Harvey B. Dikter
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  


95


     
Bruce G. Wilson
Assistant Secretary
  
     
Salem 1 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Salem 2 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  


96


     
Scherer Holdings 1, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Thomas R. Miller
Vice President
  
     
Thomas D. Terry Jr.
Vice President
  
     
Charles S. Walls
Vice President
  
     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
Managers
    
     
J. Barry Mitchell
Member of Management Committee
  
     
Andrew L Stidd
Member of Management Committee
  
     
Thomas D. Terry Jr.
Member of Management Committee
  
     
Charles S. Walls
Member of Management Committee
  
     
Scherer Holdings 2, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Thomas R. Miller
Vice President
  
     
Thomas D. Terry Jr.
Vice President
  
     
Charles S. Walls
Vice President
  


97


     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
Managers
    
     
J. Barry Mitchell
Member of Management Committee
  
     
Andrew L Stidd
Member of Management Committee
  
     
Thomas D. Terry Jr.
Member of Management Committee
  
     
Charles S. Walls
Member of Management Committee
  
     
Scherer Holdings 3, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Thomas R. Miller
Vice President
  
     
Thomas D. Terry Jr.
Vice President
  
     
Charles S. Walls
Vice President
  
     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  


98


Managers
    
     
J. Barry Mitchell
Member of Management Committee
  
     
Andrew L Stidd
Member of Management Committee
  
     
Thomas D. Terry Jr.
Member of Management Committee
  
     
Charles S. Walls
Member of Management Committee
  
     
Sithe Latin America Holdings, Ltd.
    
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
Other
    
     
Kevin Cellars
Director
  
     
Darren Olagues
Director
  


99


     
Sithe Overseas Power Services, Ltd.
    
Directors
    
     
Kevin Cellars
Director
  
     
Darren Olagues
Director
  
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
Sandra J. Manilla
Vice President
  
     
Hyun Park
Secretary
  
     
Sithe Pardo Holdings, Ltd.
    
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  


100


     
Bruce G. Wilson
Assistant Secretary
  
Other
    
     
Kevin Cellars
Director
  
     
Darren Olagues
Director
  
     
Sithe Tamuin Energy Services II, S. de R.L. de C.V.
    
Directors
    
     
Kevin Cellars
Director
  
Officers
    
     
Kevin Cellars
Chairman
  
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
Hyun Park
Senior Vice President
  
     
Rafael S. Herz
Vice President
  
     
Sandra J. Manilla
Vice President
  
     
Sandra J. Manilla
Treasurer
  
     
Hyun Park
Secretary
  
     
Sithe Tamuin Energy Services, S. de R.L. de C.V.
    
Directors
    
Kevin Cellars
Director
  
Officers
    
     
Kevin Cellars
Chairman
  
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
Hyun Park
Senior Vice President
  


101


     
Rafael S. Herz
Vice President
  
     
Sandra J. Manilla
Vice President
  
     
Sandra J. Manilla
Treasurer
  
     
Hyun Park
Secretary
  
     
Sithe Tamuin Investments II, S. de R.L. de C.V.
    
Directors
    
     
Kevin Cellars
Director
  
     
Darren Olagues
Manager
  
     
Officers
    
     
Kevin Cellars
Chairman
  
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
Hyun Park
Senior Vice President
  
     
Rafael S. Herz
Vice President
  
     
Sandra J. Manilla
Vice President
  
     
Sandra J. Manilla
Treasurer
  
     
Hyun Park
Secretary
  
     
Sithe Tamuin Investments, S. de R.L. de C.V.
    
Directors
    
     
Kevin Cellars
Director
  
     
Darren Olagues
Manager
  
Officers
    
     
Kevin Cellars
Chairman
  
     
Kevin Cellars
Chief Executive Officer
  


102


     
Darren Olagues
President
  
     
Hyun Park
Senior Vice President
  
     
Rafael S. Herz
Vice President
  
     
Sandra J. Manilla
Vice President
  
     
Sandra J. Manilla
Treasurer
  
     
Hyun Park
Secretary
  
     
Southeast Chicago Energy Project, LLC
    
Does not have officers
    
     
Spruce Equity Holdings, LP
    
Attorney
    
Partnership
Does Not Have Officers
  
     
Spruce Holdings G.P. 2000, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Thomas R. Miller
Vice President
  
     
Thomas D. Terry Jr.
Vice President
  
     
Charles S. Walls
Vice President
  
     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  


103


Managers
    
     
J. Barry Mitchell
Member of Management Committee
  
     
Andrew L. Stidd
Member of Management Committee
  
     
Thomas D. Terry Jr.
Member of Management Committee
  
     
Charles S. Walls
Member of Management Committee
  
     
Spruce Holdings L.P. 2000, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Thomas R. Miller
Vice President
  
     
Thomas D. Terry Jr.
Vice President
  
     
Charles S. Walls
Vice President
  
     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
Managers
    
     
J. Barry Mitchell
Member of Management Committee
  
     
Andrew L. Stidd
Member of Management Committee
  
     
Thomas D. Terry Jr.
Member of Management Committee
  
     
Charles S. Walls
Member of Management Committee
  


104


     
Spruce Holdings Trust
    
Trustees
    
     
Wilmington Trust Company
Trustee
  
     
Susquehanna Electric Company
    
Directors
    
     
John F. Young
Chairman
  
     
Phillip S. Barnett
Director
  
     
Mark A. Schiavoni
Director
  
     
John F. Young
Director
  
Officers
    
     
Mark A. Schiavoni
President
  
     
Edward J. Cullen Jr.
Vice President - Legal
  
     
Joellen Burns Muntz
Vice President
  
     
Thomas D. Terry Jr.
Vice President - Taxes
  
     
Jon D. Veurink
Vice President and Corporate Controller
  
     
J. Barry Mitchell
Vice President and Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  


105


     
Susquehanna Power Company
    
Directors
    
John F. Young
Chairman
  
     
Phillip S. Barnett
Director
  
     
Mark A. Schiavoni
Director
  
     
John F. Young
Director
  
Officers
    
     
Mark A. Schiavoni
President
  
     
Edward J. Cullen Jr.
Vice President - Legal
  
     
Joellen Burns Muntz
Vice President
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Vice President and Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Ronald L. Zack
Assistant Secretary
  
     
T.H. Green Electric Co., Inc.
    
Directors
    
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
Chairman
  


106


     
George H. Gilmore Jr.
Chairman
  
     
Carter C. Culver
Chief Executive Officer
  
     
George H. Gilmore Jr.
Chief Executive Officer
  
     
Ronald S. Rooth
Vice President - Finance
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
James Llende
Assistant Vice President, Taxes
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Harvey B. Dikter
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Tamuin Development Services de R.L. de C.V.
    
Officers
    
     
Hyun Park
Secretary
  
     
Mark Dibble
Assistant Secretary
  
     
John Heightley
Manager
  
     
Rafael S. Herz
Manager
  
     
Tamuin Energy Management Services II, Inc.
    
Directors
    
Kevin Cellars
Director
  


107


     
Darren Olagues
Director
  
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Tamuin Energy Management Services, Inc.
    
Directors
    
     
Kevin Cellars
Director
  
     
Darren Olagues
Director
  
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  


108


     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Tamuin Holdings A, LLC
    
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  


109


     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Tamuin Holdings II, LLC
    
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Tamuin Holdings III, LLC
    
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  


110


     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Tamuin Holdings, LLC
    
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
John C. Halderman
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  


111


     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Tamuin International Finance II, LLC
    
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Tamuin International Finance, LLC
    
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  


112


     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Tamuin International, Inc.
    
Directors
    
     
Kevin Cellars
Director
  
     
Darren Olagues
Director
  
Officers
    
     
Kevin Cellars
Chief Executive Officer
  
     
Darren Olagues
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  


113


     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Tamuin Mexican Business Trust
    
Does not have officers
    
     
Tamuin Mexican Business Trust II
    
Does not have officers
    
     
TEG Holdings, LLC
    
Officers
    
     
Mark A. Schiavoni
Chief Executive Officer
  
     
Mark A. Schiavoni
President
  
     
Donald J. Bromley
Vice President
  
     
Kevin Cellars
Vice President
  
     
Thomas D. Terry Jr.
Vice President, Taxes
  
     
J. Barry Mitchell
Treasurer
  
     
Edward J. Cullen Jr.
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Donald J. Bromley
Assistant Secretary
  
     
Todd D. Cutler
Assistant Secretary
  
     
John C. Halderman
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  


114


     
Bruce G. Wilson
Assistant Secretary
  
     
Termoelectrica Del Golfo S. de R.L. de C.V.
    
Does not have officers
    
     
Termoelectrica Penoles S. de R.L. de C.V.
    
Does not have officers
    
     
Texas Ohio Gas, Inc.
    
Directors
    
     
Carter C. Culver
Director
  
     
George H. Gilmore Jr.
Director
  
Officers
    
     
Barbara A. Fatina
Vice President
  
     
Barbara A. Fatina
Treasurer
  
     
Barbara A. Fatina
Secretary
  
     
The Proprietors of the Susquehanna Canal
    
Other
    
     
Gerald R. Rainey
Governor
  
     
UII, LLC
    
Officers
    
     
J. Barry Mitchell
Chief Executive Officer
  
     
J. Barry Mitchell
President
  
     
Thomas R. Miller
Vice President
  
     
Thomas D. Terry Jr.
Vice President
  
     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  


115


     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Unicom Assurance Company, Ltd.
    
Officers
    
     
Ruth Ann M. Gillis
Director and President
  
     
Robert K. McDonald
Vice President
  
     
May Coye
Secretary
  
     
E. John Thompson
Assistant Secretary
  
Other
    
     
C.F.A. Cooper
Director
  
     
Odyssefs Drosou
Director
  
     
Ruth Ann M. Gillis
Director
  
     
Robert K. McDonald
Director
  
     
Unicom Power Marketing Inc.
    
Directors
    
     
Carter C. Culver
Director
  
     
George H. Gilmore Jr.
Director
  
     
Ronald S. Rooth
Director
  
Officers
    
     
Carter C. Culver
President
  
     
George H. Gilmore Jr.
President
  
     
J. Barry Mitchell
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Katherine K. Combs
Secretary
  


116


     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
James Llende
Vice President - Taxes
  
     
UniGridEnergy, LLC
    
Does not have officers
    
     
URI, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Thomas R. Miller
Vice President
  
     
Thomas D. Terry Jr.
Vice President
  
     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Scott N. Peters
Assistant Secretary
  
     
Bruce G. Wilson
Assistant Secretary
  
     
Wansley Holdings 1, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Thomas R. Miller
Vice President
  
     
Thomas D. Terry Jr.
Vice President
  


117


     
Charles S. Walls
Vice President
  
     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
Managers
    
     
J. Barry Mitchell
Member of Management Committee
  
     
Andrew L Stidd
Member of Management Committee
  
     
Thomas D. Terry Jr.
Member of Management Committee
  
     
Charles S. Walls
Member of Management Committee
  
     
Wansley Holdings 2, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Thomas R. Miller
Vice President
  
     
Thomas D. Terry Jr.
Vice President
  
     
Charles S. Walls
Vice President
  
     
Thomas R. Miller
Treasurer
  
     
Katherine K. Combs
Secretary
  
     
George R. Shicora
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Todd D. Cutler
Assistant Secretary
  


118


     
Scott N. Peters
Assistant Secretary
  
Managers
    
     
J. Barry Mitchell
Member of Management Committee
  
     
Andrew L Stidd
Member of Management Committee
  
     
Thomas D. Terry Jr.
Member of Management Committee
  
     
Charles S. Walls
Member of Management Committee
  
     
Zion 1 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  
     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  
     
Zion 2 NQF, LLC
    
Officers
    
     
J. Barry Mitchell
President
  
     
Phillip S. Barnett
Vice President
  
     
J. Barry Mitchell
Treasurer
  
     
Richard G Gilmore
Secretary
  
     
Thomas R. Miller
Assistant Treasurer
  


119


     
Charles S. Walls
Assistant Treasurer
  
     
Edward J. Cullen Jr.
Assistant Secretary
  
     
Scott N. Peters
Assistant Secretary
  
     
Kevin D. Stepanuk
Assistant Secretary
  

 
ITEM 6. OFFICERS AND DIRECTORS - PART II.

Financial Connections - The following is a list, as of December 31, 2004, of all officers and directors of each system company who have financial connections within the provisions of Section 17(c) of the Public Utility Holding Company Act of 1935.

 
1.
Edgar D. Jannotta: Member of Board of Directors of Exelon since the merger closing in 2000, and Chairman of William Blair & Co., L.L.C., investment banker and brokerage company, Chicago, Illinois. Authorized pursuant to Rule 70(b).
     
 
2.
John W. Rowe: Member of Board of Directors of Exelon since the merger closing in 2000, and member of Board of Directors of The Northern Trust Company, commercial banking institution, Chicago, Illinois. Authorized pursuant to Rule 70(a).
     
  3.  Edward A. Brennan:  Member of Board of Directors of Exelon Corporation since the merger closing in 2000, and member of Board of Directors of Morgan Stanley, investment banker, New York, New York, since December 13, 2004. Authorized pursuant to Rule 70(b). 
 

ITEM 6. OFFICER AND DIRECTORS - PART III.

(a)
Compensation of Directors and Officers of System Companies

Exelon
Board Compensation

In December 2004, based upon a review conducted by a leading external compensation consultant, the Exelon board of directors approved an increase in directors’ compensation, effective January 1, 2005, to bring Exelon’s program in line with its peer group, which is composed of other utilities and general industrial companies. The increase also recognizes the increased time commitment required of the directors. With the approved increases, Exelon’s total compensation program for directors is between the 50th percentile and the mean of its peer group. Directors are paid in cash and deferred stock units as set forth below and are reimbursed for expenses, if any, for attending meetings.
 
 
120

 
·
$35,000 Annual board retainer;

 
·
$1,500 Meeting fee or per diem fee;

 
·
$5,000 Annual retainer for committee chair;

 
·
$5,000 Annual retainer for members of the audit and Exelon generation oversight committees; and

 
·
$60,000 Annual grant of deferred stock units (dollar value).

Directors are required to own at least 6,000 shares of Exelon common stock or deferred stock units within three years after their election to the Exelon board of directors.

Directors can elect to defer receiving their cash compensation until age 65 or until retirement from the Exelon board of directors. Deferred compensation is put into an unfunded account and credited with interest, equal to the amount that would have been earned had the compensation been invested in a variety of mutual funds, including one fund composed exclusively of shares of Exelon common stock. The deferred amounts and accrued interest are unfunded obligations of Exelon.



Executive Compensation


Summary Compensation Table
   
Annual Compensation
  
Long Term Compensation
  
 
Name and
Principal Position
 
 
Year
 
Salary
 
 
Bonus
Other
Annual
Compensation
(See Note 1)
  
Restricted Stock
Award
(See Notes 2 and 3)
Number
of
Options
(See Note 4)
 
Payouts
(See Notes 2 and 5)
All
Other
Compensation
(See Notes 2 and 6)
                   
                   
John W. Rowe
Chairman, President
& Chief Executive Officer, Exelon Corp.
2004
$ 1,241,346
$ 1,675,000
$ 357,431
  
$ 1,480,279
400,000
$ 1,666,322
$ 2,153,432
2003
1,185,289
1,400,000
342,341
  
2,733,360
350,000
--
191,851
2002
1,104,000
1,550,000
185,121
  
1,909,985
400,000
--
184,189
                 
                   
Robert S. Shapard
Executive Vice President & Chief Financial Officer, Exelon Corp.
2004
531,538
501,830
2,268
  
404,218
80,000
426,400
513,859
2003
512,404
411,362
2,727
  
634,530
72,000
--
64,319
2002
96,154
83,609
72,344
  
837,742
40,000
--
5,148
   
 
            
                   
John L. Skolds
Executive Vice President, Exelon Corp.
2004
571,154
462,239
3,472
  
739,118
80,000
426,400
514,883
2003
530,673
393,837
2,762
  
634,530
80,000
--
64,276
2002
492,423
499,800
121,510
  
416,724
90,000
--
62,363
                 
 
 
 
121
 
 
                   
Pamela B. Strobel
Executive Vice President, Exelon Corp.
2004
521,538
492,450
7,563
  
404,218
80,000
426,400
503,632
2003
500,673
403,374
7,349
  
634,530
72,000
--
54,006
2002
474,923
470,400
6,811
  
520,905
120,000
--
52,718
                 
                   
Randall E. Mehrberg
Executive Vice President & General Counsel, Exelon Corp.
2004
494,807
469,000
6,159
  
404,218
80,000
426,400
499,737
2003
466,538
375,418
6,248
  
634,530
72,000
--
49,741
2002
435,288
389,639
6,218
  
418,740
90,000
--
48,582
                 
                   
Oliver D. Kingsley, Jr.
President & Chief Operating Officer, Exelon Corp. through 10/31/2004
2004
768,269
1,139,000
218,497
  
--
140,000
2,238,570
12,105,852 (6)   
2003
824,038
969,924
185,294
  
1,164,737
120,000
--
180,591
2002
728,634
823,680
102,387
  
2,373,140
160,000
--
175,821
                 
                   

Notes to Summary Compensation Table
 
1.
The amounts shown under the column labeled "Other Annual Compensation" include perquisites and other personal benefits if the aggregate amount exceeds $50,000, and/or amounts reimbursed for the payment of taxes. Executive officers receive certain perquisites commensurate with their position. These include an allowance for a company provided automobile and parking, memberships in certain dining, health, and airline clubs, access to financial, estate, and tax planning services, reimbursement for spousal travel to company or industry events at which it is customary to bring spouses or guests, and one comprehensive physical examination per year. Mr. Rowe, through his initial relocation agreement negotiated separately with Unicom Corporation is also entitled to company provided storage costs for certain personal items. Mr. Rowe and Mr. Kingsley were also entitled to limited use of a company chauffer for commuting and limited personal use of corporate jet aircraft. For Mr. Rowe, the amount shown for 2004 includes $266,877 for personal use of corporate jet aircraft, and $26,040 for the reimbursement of taxes. For Mr. Kingsley, the amount shown for 2004 includes $149,631 for personal use of corporate jet aircraft and $15,408 for the reimbursement of taxes. For Messrs. Shapard, Skolds, Mehrberg and Ms. Strobel, the value of all perquisites received does not exceed $50,000, and the amounts shown represent payments for the reimbursement of taxes.

2. Exelon has a performance share award program under its Long Term Incentive Plan. Awards made prior to January 2005 were made in restricted stock that vested one-third upon the grant date and one-third upon each of the first and second anniversaries of the grant date. Beginning with awards made in January 2005 and for amounts vesting in 2005, if the participant has achieved 125% of the participant’s stock ownership requirement, the performance shares are settled approximately one-half in cash and one half in stock, with the same vesting schedule as before. For the 3 year performance period ended December 31, 2004, Mr. Rowe was granted 116,662 shares, Messrs. Shapard, Skolds, and Mehrberg and Ms. Strobel were each granted 29,853 shares, and Mr. Kingsley was granted 52,242 shares. These shares were valued at $42.85 per share. The amount of these grants that vested immediately is shown in the column headed “Long Term Compensation—Payouts”, while the amount that will be settled in stock and will vest on the first and second anniversaries of the award is shown in the column headed “Restricted Stock Award” and the amount that may be settled in stock or cash (depending on the participant’s stock ownership on the first and second anniversaries of the grant) is shown in the column headed “All Other Compensation.”

3. This column reports the value of the restricted stock portion of performance share awards as well as other restricted awards granted to individuals during the preceding year by the Compensation Committee and the Board of Directors in recognition of specific accomplishments and/or significant increases in job responsibilities. Mr. Skolds received a grant of 20,000 shares on February 1, 2004, valued at $33.49 per share, which will all vest on February 1, 2009. During that time Mr. Skolds will receive the dividends payable on these shares. The number of shares and the share price has been adjusted to reflect the 2 for 1 stock split on May 5, 2004.

The named executive officers held the amounts of restricted shares, including unvested performance shares granted with respect to the 3-year performance periods ending December 31, 2003 and December
 
 
122
 
31, 2002, as shown in the following table. Unvested restricted and performance shares continue to receive dividends. The value of restricted shares and unvested performance shares shown below in columns [A] and [B] is based on the December 31, 2004 closing price of Exelon stock, $44.07 except for Mr. Kingsley’s shares which are valued at $39.62 as of October 31, 2004, the last day of his employment.

Columns [C], [D] and [E] in the following table include the amounts and value of restricted and unvested performance shares after the grant and vesting of performance shares on January 24, 2005. Column [C] shows the number of restricted shares and unvested performance shares that will be settled in stock, column [D] shows the number of performance shares that may be settled in cash or stock, depending on the participant’s stock ownership at the date of vesting, and column [E] shows the total value of the restricted shares and performance shares shown in columns [C] and [D] as of January 24, 2005, when the closing price of Exelon stock was $42.85.

           
Restricted & Unvested
Performance Shares Remaining
After Vesting on 01/24/2005
  
   
 
[A]
Number of
Restricted
and Unvested
Performance
Shares as of
12/31/2004
  
[B]
Value of
Restricted
and Unvested
Performance
Shares as of
12/31/2004
  
[C]
Number of
Shares That
Will Be Settled
in Stock
  
[D]
Number of
Shares That
May Be Settled
in Cash or
Stock
  
[E}
Total Value of
Shares in
Columns
[C] + [D]
as of
01/24/2005
  
                       
John W. Rowe
    
85,380
  
$
3,762,699
    
49,029
    
57,712
  
$
4,573,852
  
Robert S. Shapard
    
44,925
    
1,979,840
    
42,795
    
13,831
    
2,426,424
  
John L. Skolds
    
47,947
    
2,113,031
    
41,305
    
13,831
    
2,362,578
  
Pamela B. Strobel
    
20,934
    
922,577
    
12,795
    
13,831
    
1,140,924
  
Randall E. Mehrberg
    
19,437
    
856,595
    
12,795
    
13,831
    
1,140,924
  
Oliver D. Kingsley, Jr.
    
76,339
    
3,024,571
    
--
    
--
    
--
  


4. Options granted prior to May 5, 2004 reflect the effect of a 2 for 1 stock split as of that date.

5. The amounts shown under the column labeled “Long Term Compensation - Payouts” represent the value of the one third of the total performance share award granted with respect to the three year performance period ending December 31, 2004, which vested immediately on the date of grant. Officers who had reached 125% of their stock ownership requirement received a portion of their vested shares in cash. Mr. Kingsley’s entire award vested upon grant because of his retirement. The amount of cash and the value of the vested shares of stock are as follows:
 
   
 
 
Cash
Payout
  
Value of
Vested
Shares
  
           
John W. Rowe
  
$
927,060
  
$
739,262
  
Robert S. Shapard
    
--
    
426,400
  
John L. Skolds
    
224,277
    
202,123
  
Pamela B. Strobel
    
224,277
    
202,123
  
Randall E. Mehrberg
    
--
    
426,400
  
Oliver D. Kingsley, Jr.
    
1,177,518
    
1,061,052
  
 

 
123

6. The amounts shown under the column labeled “All Other Compensation” include company paid matching contributions to qualified and non-qualified savings plans, the amounts paid as premiums for term life insurance policies for certain executives (for Mr. Rowe, a term life policy and a whole life policy), and the value of the unvested two-thirds of the performance share award granted with respect to the three-year performance period ending December 31, 2004 which will be paid out in cash or stock at the time of vesting in 2006 and 2007, depending upon the participants’ stock ownership at that time.
 
   
 
 
Value of
Company
Contributions
to Savings Plans
  
Value of
Unvested
Performance
Shares From
Current Grant
  
Company Paid Term Life Insurance Premiums
  
 
 
 
Other
Items
  
                   
John W. Rowe
  
$
62,067
  
$
1,852,366
  
$
238,999
  
$
--
  
Robert S. Shapard
    
26,577
    
448,583
    
38,699
    
--
  
John L. Skolds
    
28,558
    
448,583
    
37,742
    
--
  
Pamela B. Strobel
    
26,077
    
448,583
    
28,972
    
--
  
Randall E. Mehrberg
    
24,740
    
448,583
    
26,414
    
--
  
Oliver D. Kingsley, Jr.
    
35,962
    
--
    
139,389
    
11,930,501
  


Pursuant to Mr. Kingsley’s employment agreement, he is entitled to an enhanced supplemental retirement benefit calculated as if he had 32 years of service. He elected to receive a lump sum of $10,430,500 which was paid to him as of his retirement date, in accordance with his previous payment election.

Also, Exelon will reimburse Mr. Kingsley up to $100,000 in any year for his daughter’s medical care expenses not otherwise covered by insurance for a 15 year period which commenced on the date of his retirement. The estimated value of this benefit is $1,500,000.

Pursuant to Mr. Kingsley’s employment agreement, his outstanding restricted shares and outstanding performance shares vested upon his retirement. Mr. Kingsley and Exelon entered into a share repurchase agreement through which Exelon purchased from Mr. Kingsley a total of 360,000 shares in two transactions at the weighted average market price over a ten-day period prior to the repurchase date. Exelon paid Mr. Kingsley $7,032,387 for 172,765 shares repurchased on November 17, 2004. Exelon also paid Mr. Kingsley $8,297,933 for 187,235 shares of Exelon common stock repurchased on February 9, 2005. The amounts paid to Mr. Kingsley for repurchase of his shares of Exelon common stock are not included in the above table.
 
 
124


 
Option Grants for 2004
  
   
Individual Grants
  
   
Number of
Securities
Underlying
Options Granted
(See Note 1)
  
Percentage of
Total Options
Granted to
Employees in
2004
  
 
Exercise
or
Base Price
(See Note 1)
($/Share)
  
 
 
Options
Expiration
Date
  
 
Grant Date
Present
Value
(See Note 2)
  
                       
John W. Rowe
    
400,000
    
5.72
%
$
32.54
    
01/15/2014
  
$
2,228,000
  
Robert S. Shapard
    
80,000
    
1.14
%
  
32.54
    
01/15/2014
    
445,600
  
John L. Skolds
    
80,000
    
1.14
%
  
32.54
    
01/15/2014
    
445,600
  
Pamela B. Strobel
    
80,000
    
1.14
%
  
32.54
    
01/15/2014
    
445,600
  
Randall E. Mehrberg
    
80,000
    
1.14
%
  
32.54
    
01/15/2014
    
445,600
  
Oliver D. Kingsley, Jr.
    
140,000
    
2.00
%
  
32.54
    
01/15/2014
    
779,800
  

 
1.
The number of options granted and the exercise or base price have been adjusted to reflect the 2 for 1 stock split which was effective on May 5, 2004.

 
2.
The “grant date present values” indicated in the Option Grants Table are estimates based on the Black-Scholes option pricing model. Although executives risk forfeiting these options in some circumstances, these risks are not factored into the calculated values. The actual value of these options will be determined by the excess of the stock price over the exercise price of the option on the date that the options are exercised. There is no certainty that the value realized will be at or near the value estimated by the Black-Scholes option pricing model.

The assumptions used for the Black-Scholes model are as of the date of grants, January 26, 2004, and are as follows: Risk free interest rate: 3.26%; Volatility: 22.84%; Dividend Yield: 3.30%; and time of exercise: 5 years.
 
 
 
125

Option Exercises & Year End Value
  
   
As of December 31, 2004 (See Note 1)
  
   
Number of
Shares
Acquired by
Exercise
  
Dollar Value
Realized
From
Exercise
  
Number of Securities
Underlying Remaining
Options
  
Dollar Value of
In-the-Money
Options
  
           
Exercisable
  
Unexercisable
  
Exercisable
  
Unexercisable
  
                           
John W. Rowe
(See Note 2)
    
206,256
  
$
3,853,893
    
1,894,111
    
795,833
  
$
33,102,690
  
$
12,417,056
  
Robert S. Shapard
    
--
    
--
    
44,668
    
147,332
    
868,663
    
2,223,617
  
John L. Skolds
    
--
    
--
    
240,000
    
170,000
    
3,913,100
    
2,696,600
  
Pamela B. Strobel
    
40,000
    
501,460
    
302,500
    
174,000
    
5,195,370
    
2,787,110
  
Randall E. Mehrberg
    
78,000
    
755,010
    
126,000
    
164,000
    
1,489,320
    
2,581,010
  
Oliver D. Kingsley, Jr.
(See Note 3)
    
218,500
    
3,066,112
    
724,000
    
--
    
11,576,280
    
--
  

 
1.
This table shows the number and value of exercisable and unexercisable stock options for the named executive officers during 2004. The value is determined using the closing market price of Exelon common stock on December 31, 2004, which was $44.07, less the exercise price of the options. All options whose exercise price exceeded the market price at the day of determination are valued at zero. For all data above, the number of shares and exercise prices have been adjusted to reflect the 2 for 1 stock split of May 5, 2004.

 
2.
All options exercised by Mr. Rowe during 2004 were done in accordance with a Rule 10b5-1 Trading Plan, which was entered into on February 3, 2004 when Mr. Rowe was unaware of any material adverse information in regard to current and prospective operations of Exelon which had not been publicly disclosed. The dates of the sales were set at the time the Trading Plan was established.

 
3.
All of Mr. Kingsley’s options vested upon his retirement.




Long-Term Incentive Plans - Awards in Last Fiscal Year
  
           
Estimated future payouts under non-stock price-based plans
(See Note 2)
  
   
 
Number
of Shares,
Units or Other
Rights
(See Note 1)
  
Performance
Period until
Maturation or
Payout.
  
 
 
Threshold
  
 
 
Target
  
 
 
Maximum
  
   
(#)
      
(#)
  
(#)
  
(#)
  
                       
John W. Rowe
    
N/A
    
3 years
    
33,000
    
66,000
    
132,000
  
Robert S. Shapard
    
N/A
    
3 years
    
8,000
    
16,000
    
32,000
  
John L. Skolds
    
N/A
    
3 years
    
8,000
    
16,000
    
32,000
  
Pamela B. Strobel
    
N/A
    
3 years
    
8,000
    
16,000
    
32,000
  
Randall E. Mehrberg
    
N/A
    
3 years
    
8,000
    
16,000
    
32,000
  
Oliver D. Kingsley, Jr.
    
N/A
    
3 years
    
14,000
    
28,000
    
56,000
  


 
1.
Exelon’s Long Term Performance Share Award program under the Long-Term Incentive Plan provides incentives to key executives in the form of restricted stock and cash. Awards are determined upon the successful completion of strategic goals designed to achieve long term business success and increased shareholder value. These goals include Exelon’s Total Shareholder Return (TSR) over the previous three years relative to established benchmarks including a peer group of companies listed on the Dow Jones Utility Index and the Standard & Poor’s 500 Index (weighted 70%) and a quantifiable cash savings goal aligned with The Exelon Way initiative (weighted 30%). Grants under the Long Term Performance Share Award Program for 2004 are reflected in the Summary Compensation Table. See note 2 to that table.
 
 
2.
A target number of performance shares is established for each participant which is commensurate with the participant’s base salary. Based on measured performance as described above, participants may earn up to 200% of their target and may earn nothing if thresholds are not met. Shares listed under the Threshold, Target and Maximum columns have been adjusted to reflect the 2 for 1 stock split effective on May 5, 2004.


ComEd, PECO and Generation
Board Compensation

Since the Merger Date, the boards of directors of ComEd and PECO have been comprised solely of employees of ComEd, PECO, Exelon or its subsidiaries. These individuals receive no additional compensation for serving as directors of ComEd or PECO. 

Generation operates a limited liability company and has no board of directors.


126

Executive Compensation

ComEd

Summary Compensation Table
 
   
Annual Compensation
  
Long Term Compensation
  
 
Name and
Principal Position
 
 
Year
 
 
Salary
 
 
Bonus
Other
Annual
Compensation
(See Note 1)
  
Restricted Stock
Award
(See Notes 2 and 3)
Number
of
Options
(See Note 4)
 
Payouts
(See Notes 2 and 5)
All
Other
Compensation
(See Notes 2 and 6)
                   
Michael B. Bemis
Former President, Exelon Energy Delivery, and CEO, ComEd
(See Note 7)
2004
$ 93,480
$ --
$ 5,771
  
$ --
$ --
$ --
$ 333,526
2003
414,687
292,346
177,294
  
423,020
--
--
1,616,569
2002
121,195
121,347
--
  
--
--
--
31,813
                 
                   
John L. Skolds
Executive Vice President, Exelon Corp.
2004
571,154
462,239
3,472
  
739,118
80,000
426,400
514,883
2003
530,673
393,837
2,762
  
634,530
80,000
--
64,276
2002
492,423
499,800
121,510
  
416,724
90,000
--
62,363
                 
                   
John W. Rowe
Chairman, President
& Chief Executive Officer, Exelon Corp.
2004
1,241,346
1,675,000
357,431
  
1,480,279
400,000
1,666,322
2,153,432
2003
1,185,289
1,400,000
342,341
  
2,733,360
350,000
--
191,851
2002
1,104,000
1,550,000
185,121
  
1,909,985
400,000
--
184,189
                 
                   
Robert S. Shapard
Executive Vice President & Chief Financial Officer, Exelon Corp.
2004
531,538
501,830
2,268
  
404,218
80,000
426,400
513,859
2003
512,404
411,362
2,727
  
634,530
72,000
--
64,319
2002
96,154
83,609
72,344
  
837,742
40,000
--
5,148
                 
                   
Ruth Ann M. Gillis
Senior Vice President, Exelon Corp.; Executive Vice President, ComEd
2004
388,029
321,158
6,612
  
277,927
54,000
293,151
344,872
2003
364,471
263,123
7,230
  
444,171
54,000
--
35,319
2002
346,615
265,360
4,298
  
347,270
70,000
--
34,426
                 
                   
Frank M. Clark
Executive Vice President, Exelon Corp.; President, ComEd
2004
402,596
275,367
8,355
  
626,927
54,000
293,151
377,067
2003
377,404
227,880
9,427
  
444,171
54,000
--
67,432
2002
352,500
274,827
5,981
  
604,470
70,000
--
66,187
                 
                   
Oliver D. Kingsley, Jr.
President & Chief Operating Officer, Exelon Corp. through 10/31/2004
2004
768,269
1,139,000
218,497
  
--
140,000
2,238,570
12,105,852 (B)   
2003
824,038
969,924
185,294
  
1,164,737
120,000
--
180,591
2002
728,634
823,680
102,387
  
2,373,140
160,000
--
175,821
                 
 
 

 
127
Notes to Summary Compensation Table

 
1.
The amounts shown under the column labeled “Other Annual Compensation” include perquisites and other personal benefits if the aggregate amount exceeds $50,000, and/or amounts reimbursed for the payment of taxes. For Mr. Rowe, the amount shown for 2004 includes $266,877 for personal use of corporate jet aircraft, and $26,040 for the reimbursement of taxes. For Mr. Kingsley, the amount shown for 2004 includes $149,631 for personal use of corporate jet aircraft and $15,408 for the reimbursement of taxes. For Messrs. Bemis, Skolds, Shapard, Clark and Ms. Gillis, the amount shown is for the reimbursement of taxes.

 
2.
Exelon has a performance share award program under its Long Term Incentive Plan. Awards made prior to January 2005 were made in restricted stock that vested one-third upon the grant date and one-third upon each of the first and second anniversaries of the grant date. Beginning with awards made in January 2005 and for amounts vesting in 2005, if the participant has achieved 125% of the participant’s stock ownership requirement, the performance shares are settled approximately one-half in cash and one half in stock, with the same vesting schedule as before. For the 3 year performance period ended December 31, 2004, Mr. Rowe was granted 116,662 shares, Messrs. Shapard and Skolds were each granted 29,853 shares, Ms. Gillis and Mr. Clark were each granted 20,524 shares Mr. Kingsley was granted 52,242 shares. These shares were valued at $42.85 per share. The amount of these grants that vested immediately is shown in the column headed “Long Term Compensation—Payouts”, while the amount that will be settled in stock and will vest on the first and second anniversaries of the award is shown in the column headed “Restricted Stock Awards” and the amount that may be settled in stock or cash (depending on the participant’s stock ownership on the first and second anniversaries of the grant) is shown in the column headed “All Other Compensation.”

 
3.
This column reports the value of the restricted stock portion of performance share awards as well as other restricted awards granted to individuals during the preceding year by the Compensation Committee and the Board of Directors in recognition of specific accomplishments and/or significant increases in job responsibilities. Mr. Skolds received a grant of 20,000 shares on February 1, 2004, valued at $33.49 per share, which will all vest on February 1, 2009. Mr. Clark received a grant of 10,00 shares on July 26, 2004. 5,000 shares will vest on July 26, 2007 and 5,000 will vest on July 26, 2009. Dividends will be paid on these shares. The number of shares and the share price has been adjusted to reflect the 2 for 1 stock split on May 5, 2004.

The named executive officers held the amounts of restricted shares, including unvested performance shares granted with respect to the 3-year performance periods ending December 31, 2003 and December 31, 2002, as shown in the following table. Unvested restricted and performance shares continue to receive dividends. The value of restricted shares and unvested performance shares shown below in columns [A] and [B] is based on the December 31, 2004 closing price of Exelon stock, $44.07 except for Mr. Kingsley’s shares which are valued at $39.62 as of October 31, 2004 and Mr. Bemis’s shares which are valued at $33.49 as of January 31, 2004 respectively, the last day of employment for each officer. Mr. Bemis’s share total and value have been adjusted to reflect the 2 for 1 stock split of May 5, 2004.

Columns [C], [D] and [E] in the following table include the amounts and value of restricted and unvested performance shares after the grant and vesting of performance shares on January 24, 2005. Column [C] shows the number of restricted shares and unvested performance shares that will be settled in stock, column [D] shows the number of performance shares that may be settled in cash or stock, depending on the participant’s stock ownership at the date of vesting, and column [E] shows the total value of the restricted shares and performance shares shown in columns [C] and [D] as of January 24, 2005, when the closing price of Exelon stock was $42.85.
 
 
128
 
 
           
Restricted & Unvested
Performance Shares Remaining
After Vesting on 01/24/2005
  
   
 
[A]
Number of
Restricted
and Unvested
Performance
Shares as of
12/31/2004
  
[B]
Value of
Restricted
and Unvested
Performance
Shares as of
12/31/2004
  
[C]
Number of
Shares That
Will Be Settled
in Stock
  
[D]
Number of
Shares That
May Be Settled
in Cash or
Stock
  
[E}
Total Value of
Shares in
Columns
[C] + [D]
as of
01/24/2005
  
                       
Michael B. Bemis
    
8,666
  
$
290,224
    
--
    
--
  
$
--
  
John L. Skolds
    
47,947
    
2,113,031
    
41,305
    
13,831
    
2,362,578
  
John W. Rowe
    
85,380
    
3,762,699
    
49,029
    
57,712
    
4,573,852
  
Robert S. Shapard
    
44,925
    
1,979,840
    
42,795
    
13,831
    
2,426,424
  
Ruth Ann M. Gillis
    
14,405
    
634,807
    
8,840
    
9,550
    
788,012
  
Frank M. Clark
    
34,405
    
1,516,207
    
28,840
    
9,550
    
1,645,012
  
Oliver D. Kingsley, Jr.
    
76,339
    
3,024,571
    
--
    
--
    
--
  
 

 
4.
Options granted prior to May 5, 2004 reflect the effect of a 2 for 1 stock split as of that date.


 
5.
The amounts shown under the column labeled “Long Term Compensation - Payouts” represent the value of the one third of the total performance share award granted with respect to the three year performance period ending December 31, 2004, which vested immediately on the date of grant. Officers who had reached 125% of their stock ownership requirement received a portion of their vested shares in cash. Mr. Kingsley’s entire award vested upon grant because of his retirement. The amount of cash and the value of the vested shares of stock are as follows:

   
 
 
Cash
Payout
  
Value of
Vested
Shares
  
           
Michael B. Bemis
 
$
--
  
$
--
  
John L. Skolds
    
224,277
    
202,123
  
John W. Rowe
    
927,060
    
739,262
  
Robert S. Shapard
    
--
    
426,400
  
Ruth Ann M. Gillis
    
154,217
    
138,934
  
Frank M. Clark
    
154,217
    
138,934
  
Oliver D. Kingsley, Jr.
    
1,177,518
    
1,061,052
  


 
6.
The amounts shown under the column labeled “All Other Compensation” include company paid matching contributions to qualified and non-qualified savings plans, the amounts paid as premiums for term life insurance policies for certain executives (for Mr. Rowe, a term life policy and a whole life policy), and the value of the unvested two-thirds of the performance share award granted with respect to the three-year performance period ending December 31, 2004 which will be paid out in cash or stock at the time of vesting in 2006 and 2007, depending upon the participants’ stock ownership at that time.

129

   
 
 
Value of
Company
Contributions
to Savings Plans
  
Value of
Unvested
Performance
Shares From
Current Grant
  
Company Paid Term Life Insurance Premiums
  
 
 
 
Other
Items
  
                   
Michael B. Bemis
  
$
3,029
  
$
--
  
$
44,152
  
$
286,345
  
John L. Skolds
    
28,558
    
448,583
    
37,742
    
-
  
John W. Rowe
    
62,067
    
1,852,366
    
238,999
    
-
  
Robert S. Shapard
    
26,577
    
448,583
    
38,699
    
-
  
Ruth Ann M. Gillis
    
19,402
    
308,375
    
17,095
    
-
  
Frank M. Clark
    
20,130
    
308,375
    
48,562
    
-
  
Oliver D. Kingsley, Jr.
    
35,962
    
--
    
139,389
    
11,930,501
  


Pursuant to Mr. Kingsley’s employment agreement, he is entitled to an enhanced supplemental retirement benefit calculated as if he had 32 years of service. He elected to receive a lump sum of $10,430,500 which was paid to him as of his retirement date, in accordance with his previous payment election.

Also, Exelon will reimburse Mr. Kingsley up to $100,000 in any year for his daughter’s medical care expenses not otherwise covered by insurance for a 15 year period which commenced on the date of his retirement. The estimated value of this benefit is $1,500,000.

Pursuant to Mr. Kingsley’s employment agreement, his outstanding restricted shares and outstanding performance shares vested upon his retirement. Mr. Kingsley and Exelon entered into a share repurchase agreement through which Exelon purchased from Mr. Kingsley a total of 360,000 shares in two transactions at the weighted average market price over a ten-day period prior to the repurchase date. Exelon paid Mr. Kingsley $7,032,387 for 172,765 shares repurchased on November 17, 2004. Exelon also paid Mr. Kingsley $8,297,933 for 187,235 shares of Exelon common repurchased on February 9, 2005. The amounts paid to Mr. Kingsley for repurchase of his shares of Exelon common stock are not included in the above table.

 
7.
Mr. Bemis received a sign-on bonus when hired in August 2002, payable in January 2003. As reported in the 2004 Form 10-K, in connection with his resignation as of February 1, 2004, Mr. Bemis received a lump sum severance payment of $450,000 and a fully vested award of 15,000 shares, worth $1,004,700, representing final payment of his special incentive award program with respect to the Sithe Transaction, and $9,936 to terminate an apartment lease. In 2004, Mr. Bemis was entitled to coverage under the term life insurance policy for certain executives for the full year and also received a distribution from his deferred compensation account in accordance with his previous payment election.
 
 
130
 
 
Option Grants for 2004
  
   
Individual Grants
  
   
Number of
Securities
Underlying
Options Granted
(See Note 1)
  
Percentage of
Total Options
Granted to
Employees in
2004
  
Exercise
or
Base Price
(See Note 1)
 
 
 
Options
Expiration
Date
  
 
Grant Date
Present
Value
(See Note 2)
  
                       
Michael B. Bemis
    
--
    
--
  
$
--
    
--
  
$
--
  
John L. Skolds
    
80,000
    
1.14
%
  
32.54
    
01/15/2014
    
445,600
  
John W. Rowe
    
400,000
    
5.72
%
  
32.54
    
01/15/2014
    
2,228,000
  
Robert S. Shapard
    
80,000
    
1.14
%
  
32.54
    
01/15/2014
    
445,600
  
Ruth Ann M. Gillis
    
54,000
    
0.77
%
  
32.54
    
01/15/2014
    
300,780
  
Frank M. Clark
    
54,000
    
0.77
%
  
32.54
    
01/15/2014
    
300,780
  
Oliver D. Kingsley, Jr.
    
140,000
    
2.00
%
  
32.54
    
01/15/2014
    
779,800
  
                                 
 
 
1.
The number of options granted and the exercise or base price have been adjusted to reflect the 2 for 1 stock split which was effective on May 5, 2004.

 
2.
The “grant date present values” indicated in the Option Grants Table are estimates based on the Black-Scholes option pricing model. Although executives risk forfeiting these options in some circumstances, these risks are not factored into the calculated values. The actual value of these options will be determined by the excess of the stock price over the exercise price of the option on the date that the options are exercised. There is no certainty that the value realized will be at or near the value estimated by the Black-Scholes option pricing model.

The assumptions used for the Black-Scholes model are as of the date of grants, January 26, 2004, and are as follows: Risk free interest rate: 3.26%; Volatility: 22.84%; Dividend Yield: 3.30%; and time of exercise: 5 years.
 
 
131

Option Exercises & Year End Value
  
   
As of December 31, 2004 (See Note 1)
  
   
Number of
Shares
Acquired by
Exercise
  
Dollar Value
Realized
From
Exercise
  
Number of Securities
Underlying Remaining
Options
  
Dollar Value of
In-the-Money
Options
  
           
Exercisable
  
Unexercisable
  
Exercisable
  
Unexercisable
  
                           
Michael B. Bemis
    
--
  
$
--
    
--
    
--
  
$
--
  
$
--
  
John L. Skolds
    
--
    
--
    
240,000
    
170,000
    
3,913,100
    
2,696,600
  
John W. Rowe
(See Note 2)
    
206,256
    
3,853,893
    
1,894,111
    
795,833
    
33,102,690
    
12,417,056
  
Robert S. Shapard
    
--
    
--
    
44,668
    
147,332
    
868,663
    
2,223,617
  
Ruth Ann M. Gillis
    
28,500
    
405,319
    
281,167
    
117,833
    
5,392,180
    
1,883,746
  
Frank M. Clark
    
--
    
--
    
162,833
    
117,833
    
2,545,291
    
1,883,746
  
Oliver D. Kingsley, Jr.
(See Note 3)
    
218,500
    
3,066,112
    
724,000
    
--
    
11,576,280
    
--
  
                                       
 
 
1.
This table shows the number and value of exercisable and unexercisable stock options for the named executive officers during 2004. The value is determined using the closing market price of Exelon common stock on December 31, 2004, which was $44.07, less the exercise price of the options. All options whose exercise price exceeded the market price at the day of determination are valued at zero. For all data above, the number of shares and exercise prices have been adjusted to reflect the 2 for 1 stock split of May 5, 2004.

 
2.
All options exercised by Mr. Rowe during 2004 were done in accordance with a Rule 10b5-1 Trading Plan, which was entered into on February 3, 2004 when Mr. Rowe was unaware of any material adverse information in regard to current and prospective operations of Exelon which had not been publicly disclosed. The dates of the sales were set at the time the Trading Plan was established.

 
3.
All of Mr. Kingsley’s options vested upon his retirement.


132


Long-Term Incentive Plans - Awards in Last Fiscal Year
  
           
Estimated future payouts under non-stock price-based plans
(See Note 2)
  
   
 
Number
of Shares,
Units or Other
Rights
(See Note 1)
  
Performance
Period until
Maturation or
Payout
  
 
 
Threshold
  
 
 
Target
  
 
 
Maximum
  
                       
Michael B. Bemis
    
N/A
    
3 years
    
--
    
--
    
--
  
John L. Skolds
    
N/A
    
3 years
    
8,000
    
16,000
    
32,000
  
John W. Rowe
    
N/A
    
3 years
    
33,000
    
66,000
    
132,000
  
Robert S. Shapard
    
N/A
    
3 years
    
8,000
    
16,000
    
32,000
  
Ruth Ann M. Gillis
    
N/A
    
3 years
    
5,500
    
11,000
    
22,000
  
Frank M. Clark
    
N/A
    
3 years
    
5,500
    
11,000
    
22,000
  
Oliver D. Kingsley, Jr.
    
N/A
    
3 years
    
14,000
    
28,000
    
56,000
  


 
1.
Exelon’s Long Term Performance Share Award program under the Long-Term Incentive Plan provides incentives to key executives in the form of restricted stock and cash. Awards are determined upon the successful completion of strategic goals designed to achieve long term business success and increased shareholder value. These goals include Exelon’s Total Shareholder Return (TSR) over the previous three years relative to established benchmarks including a peer group of companies listed on the Dow Jones Utility Index and the Standard & Poor’s 500 Index (weighted 70%) and a quantifiable cash savings goal aligned with The Exelon Way initiative (weighted 30%). Grants under the Long Term Performance Share Award Program for 2004 are reflected in the Summary Compensation Table. See note 2 to that table.

 
2.
A target number of performance shares is established for each participant which is commensurate with the participant’s base salary. Based on measured performance as described above, participants may earn up to 200% of their target and may earn nothing if thresholds are not met. Shares listed under the Threshold, Target and Maximum columns have been adjusted to reflect the 2 for 1 stock split effective on May 5, 2004.

133

PECO

Summary Compensation Table

   
Annual Compensation
  
Long Term Compensation
  
Name and
Principal Position
Year
Salary
Bonus
Other
Annual
Compensation
(See Note 1)
  
Restricted Stock
Award
(See Notes 2 and 3)
Number
of
Options
(See Note 4)
Payouts
(See Notes 2
and 5)
All
Other
Compensation
(See Notes 2 and 6)
                   
                   
Michael B. Bemis
Former President, Exelon Energy Delivery, and CEO, PECO Energy
(See Note 7)
2004
$ 93,480
$            --
$ 5,771
 
$              --
--
$             --
$ 333,526
2003
414,687
292,346
177,294
  
423,020
-
--
1,616,569
2002
121,195
121,347
--
  
--
--
--
31,813
                 
                   
John L. Skolds
Executive Vice President, Exelon Corp.
2004
571,154
462,239
3,472
  
739,118
80,000
426,400
514,883
2003
530,673
393,837
2,762
  
634,530
80,000
--
64,319
2002
492,423
499,800
121,510
  
416,724
90,000
--
62,363
                 
                   
John W. Rowe
Chairman, President
& Chief Executive Officer, Exelon Corp.
2004
1,241,346
1,675,000
357,431
  
1,480,279
400,000
1,666,322
2,153,432
2003
1,185,289
1,400,000
342,341
  
2,733,360
350,000
--
191,851
2002
1,104,000
1,550,000
185,121
  
1,909,985
400,000
--
184,189
                 
                   
Robert S. Shapard
Executive Vice President & Chief Financial Officer, Exelon Corp.
2004
531,538
501,830
2,268
  
404,218
80,000
426,400
513,859
2003
512,404
411,362
2,727
  
634,530
72,000
--
64,276
2002
96,154
83,609
72,344
  
837,742
40,000
--
5,148
                 
                   
Denis P. O’Brien
President, PECO Energy Co.
2004
344,498
238,873
5,570
  
202,106
40,000
213,193
260,141
2003
296,154
194,897
450
  
285,896
30,000
--
33,462
2002
208,896
186,491
3
  
129,681
27,000
--
29,099
                 
                   
J. Barry Mitchell
Senior Vice President, Exelon Corp.; CFO & Treasurer, PECO
2004
343,058
223,110
3,269
  
176,853
30,000
186,555
250,532
2003
305,288
164,317
2,884
  
222,053
30,000
--
52,386
2002
263,635
164,847
1,028
  
520,417
30,000
--
43,429
                 
                   
Oliver D. Kingsley, Jr.
President & Chief Operating Officer, Exelon Corp. through 10/31/2004
2004
768,269
1,139,000
218,497
  
--
140,000
2,238,570
12,105,852 (6)   
2003
824,038
969,924
185,294
  
1,164,737
120,000
--
180,591
2002
728,634
823,680
102,387
  
2,373,140
160,000
--
175,821
                 
 
 
134
 
Notes to Summary Compensation Table

 
1.
The amounts shown under the column labeled “Other Annual Compensation” include perquisites and other personal benefits if the aggregate amount exceeds $50,000, and/or amounts reimbursed for the payment of taxes. For Mr. Rowe, the amount shown for 2004 includes $266,877 for personal use of corporate jet aircraft, and $26,040 for the reimbursement of taxes. For Mr. Kingsley, the amount shown for 2004 includes $149,631 for personal use of corporate jet aircraft and $15,408 for the reimbursement of taxes. For Messrs. Bemis, Skolds, Shapard, O’Brien and Mitchell the amount shown is for the reimbursement of taxes.

 
2.
Exelon has a performance share award program under its Long Term Incentive Plan. Awards made prior to January 2005 were made in restricted stock that vested one-third upon the grant date and one-third upon each of the first and second anniversaries of the grant date. Beginning with awards made in January 2005 and for amounts vesting in 2005, if the participant has achieved 125% of the participant’s stock ownership requirement, the performance shares are settled approximately one-half in cash and one half in stock, with the same vesting schedule as before. For the 3 year performance period ended December 31, 2004, Mr. Rowe was granted 116,662 shares, Messrs. Shapard and Skolds were each granted 29,853 shares, Mr. O’Brien was granted 14,926 shares, Mr. Mitchell was granted 13,061 shares and Mr. Kingsley was granted 52,242 shares. These shares were valued at $42.85 per share. The amount of these grants that vested immediately is shown in the column headed “Long Term Compensation—Payouts”, while the amount that will be settled in stock and will vest on the first and second anniversaries of the award is shown in the column headed “Restricted Stock Awards” and the amount that may be settled in stock or cash (depending on the participant’s stock ownership on the first and second anniversaries of the grant) is shown in the column headed “All Other Compensation.”

 
3.
This column reports the value of the restricted stock portion of performance share awards as well as other restricted awards granted to individuals during the preceding year by the Compensation Committee and the Board of Directors in recognition of specific accomplishments and/or significant increases in job responsibilities. Mr. Skolds received a grant of 20,000 shares on February 1, 2004, valued at $33.49 per share, which will all vest on February 1, 2009. Dividends will be paid on these shares. The number of shares and the share price has been adjusted to reflect the 2 for 1 stock split on May 5, 2004.

The named executive officers held the amounts of restricted shares, including unvested performance shares granted with respect to the 3-year performance periods ending December 31, 2003 and December 31, 2002, as shown in the following table. Unvested restricted and performance shares continue to receive dividends. The value of restricted shares and unvested performance shares shown below in columns [A] and [B] is based on the December 31, 2004 closing price of Exelon stock, $44.07 except for Mr. Kingsley’s shares which are valued at $39.62 as of October 31, 2004 and Mr. Bemis’s shares which are valued at $33.49 as of January 31, 2004 respectively, the last day of employment for each officer. Mr. Bemis’s share total and value have been adjusted to reflect the 2 for 1 stock split of May 5, 2004.

Columns [C], [D] and [E] in the following table include the amounts and value of restricted and unvested performance shares after the grant and vesting of performance shares on January 24, 2005. Column [C] shows the number of restricted shares and unvested performance shares that will be settled in stock, column [D] shows the number of performance shares that may be settled in cash or stock, depending on the participant’s stock ownership at the date of vesting, and column [E] shows the total value of the restricted shares and performance shares shown in columns [C] and [D] as of January 24, 2005, when the closing price of Exelon stock was $42.85.
 
 
135


           
Restricted & Unvested
Performance Shares Remaining
After Vesting on 01/24/2005
  
   
 
[A]
Number of
Restricted
and Unvested
Performance
Shares as of
12/31/2004
  
[B]
Value of
Restricted
and Unvested
Performance
Shares as of
12/31/2004
  
[C]
Number of
Shares That
Will Be Settled
in Stock
  
[D]
Number of
Shares That
May Be Settled
in Cash or
Stock
  
[E}
Total Value of
Shares in
Columns
[C] + [D]
as of
01/24/2005
  
                       
Michael B. Bemis
    
8,666
  
$
290,224
    
--
    
--
  
$
--
  
John L. Skolds
    
47,947
    
2,113,031
    
41,305
    
13,831
    
2,362,578
  
John W. Rowe
    
85,380
    
3,762,699
    
49,029
    
57,712
    
4,573,852
  
Robert S. Shapard
    
44,925
    
1,979,840
    
42,795
    
13,831
    
2,426,424
  
Denis P. O’Brien
    
7,923
    
349,167
    
6,231
    
6,749
    
556,193
  
J. Barry Mitchell
    
21,503
    
947,632
    
20,304
    
5,757
    
1,116,714
  
Oliver D. Kingsley, Jr.
    
76,339
    
3,024,571
    
--
    
--
    
--
  
 

 
4.
Options granted prior to May 5, 2004 reflect the effect of a 2 for 1 stock split as of that date.


 
5.
The amounts shown under the column labeled “Long Term Compensation - Payouts” represent the value of the one third of the total performance share award granted with respect to the three year performance period ending December 31, 2004, which vested immediately on the date of grant. Officers who had reached 125% of their stock ownership requirement received a portion of their vested shares in cash. Mr. Kingsley’s entire award vested upon grant because of his retirement. The amount of cash and the value of the vested shares of stock are as follows:

   
 
 
Cash
Payout
  
Value of
Vested
Shares
  
           
Michael B. Bemis
  
$
--
  
$
--
  
John L. Skolds
    
224,277
    
202,123
  
John W. Rowe
    
927,060
    
739,262
  
Robert S. Shapard
    
--
    
426,400
  
Denis P. O’Brien
    
--
    
213,193
  
J. Barry Mitchell
    
98,127
    
88,428
  
Oliver D. Kingsley, Jr.
    
1,177,518
    
1,061,052
  
 
 

 
136

 
6.
The amounts shown under the column labeled “All Other Compensation” include company paid matching contributions to qualified and non-qualified savings plans along with the value of the unvested two-thirds of the performance share award granted with respect to the three-year performance period ending December 31, 2004 which will be paid out in cash or stock at the time of vesting in 2006 and 2007, depending upon the participants’ stock ownership at that time.


 
   
 
 
Value of
Company
Contributions
to Savings Plans
  
Value of
Unvested
Performance
Shares From
Current Grant
  
Company Paid Term Life Insurance Premiums
  
 
 
 
Other
Items
  
                   
Michael B. Bemis
  
$
3,029
  
$
--
  
$
44,152
  
$
286,345
  
John L. Skolds
    
28,558
    
448,583
    
37,742
    
--
  
John W. Rowe
    
62,067
    
1,852,366
    
238,999
    
--
  
Robert S. Shapard
    
26,577
    
448,583
    
38,699
    
--
  
Denis P. O’Brien
    
17,207
    
224,280
    
18,654
    
--
  
J. Barry Mitchell
    
17,153
    
196,257
    
37,122
    
--
  
Oliver D. Kingsley, Jr.
    
35,962
    
--
    
139,389
    
11,930,501
  


Pursuant to Mr. Kingsley’s employment agreement, he is entitled to an enhanced supplemental retirement benefit calculated as if he had 32 years of service. He elected to receive a lump sum of $10,430,501 which was paid to him as of his retirement date, in accordance with his previous payment election.

Also, Exelon will reimburse Mr. Kingsley up to $100,000 in any year for his daughter’s medical care expenses not otherwise covered by insurance for a 15 year period which commenced on the date of his retirement. The estimated value of this benefit is $1,500,000.

Pursuant to Mr. Kingsley’s employment agreement, his outstanding restricted shares and outstanding performance shares vested upon his retirement. Mr. Kingsley and Exelon entered into a share repurchase agreement through which Exelon purchased from Mr. Kingsley a total of 360,000 shares in two transactions at the weighted average market price over a ten-day period prior to the repurchase date. Exelon paid Mr. Kingsley $7,032,387 for 172,765 shares repurchased on November 17, 2004. Exelon also paid Mr. Kingsley $8,297,933 for 187,235 shares of Exelon common stock repurchased on February 9, 2005. The amounts paid to Mr. Kingsley for repurchase of his shares of Exelon common stock are not included in the above table.
 

 
7.
Mr. Bemis received a sign-on bonus when hired in August 2002, payable in January 2003. As reported in the 2004 Information Statement, in connection with his resignation as of February 1, 2004, Mr. Bemis received a lump sum severance payment of $450,000 and a fully vested award of 15,000 shares, worth $1,004,700, representing final payment of his special incentive award program with respect to the Sithe Transaction, and $9,936 to terminate an apartment lease. In 2004, Mr. Bemis was entitled to coverage under the term life insurance policy for certain executives for the full year and also received a distribution from his deferred compensation account in accordance with his previous payment election.
 
 
137
 
Option Grants for 2004
  
   
Individual Grants
  
   
Number of
Securities
Underlying
Options Granted
(See Note 1)
  
Percentage of
Total Options
Granted to
Employees in
2004
  
 
Exercise
or
Base Price
(See Note 1)
  
 
 
Options
Expiration
Date
  
 
Grant Date
Present
Value
(See Note 2)
  
           
($ / Share)
          
                       
Michael B. Bemis
    
-
    
--
  
$
--
    
--
  
$
--
  
John L. Skolds
    
80,000
    
1.14
%
  
32.54
    
01/15/2014
    
445,600
  
John W. Rowe
    
400,000
    
5.72
%
  
32.54
    
01/15/2014
    
2,228,000
  
Robert S. Shapard
    
80,000
    
1.14
%
  
32.54
    
01/15/2014
    
445,600
  
Denis P. O’Brien
    
40,000
    
0.57
%
  
32.54
    
01/15/2014
    
222,800
  
J. Barry Mitchell
    
30,000
    
0.43
%
  
32.54
    
01/15/2014
    
167,100
  
Oliver D. Kingsley, Jr.
    
140,000
    
2.00
%
  
32.54
    
01/15/2014
    
779,800
  
                                 

 
1.
The number of options granted and the exercise or base price have been adjusted to reflect the 2 for 1 stock split which was effective on May 5, 2004.

 
2.
The “grant date present values” indicated in the Option Grants Table are estimates based on the Black-Scholes option pricing model. Although executives risk forfeiting these options in some circumstances, these risks are not factored into the calculated values. The actual value of these options will be determined by the excess of the stock price over the exercise price of the option on the date that the options are exercised. There is no certainty that the value realized will be at or near the value estimated by the Black-Scholes option pricing model.

The assumptions used for the Black-Scholes model are as of the date of grants, January 26, 2004, and are as follows: Risk free interest rate: 3.26%; Volatility: 22.84%; Dividend Yield: 3.30%; and time of exercise: 5 years.
 
 
138

Option Exercises & Year End Value
  
   
As of December 31, 2004 (See Note 1)
  
   
Number of
Shares
Acquired by
Exercise
  
Dollar Value
Realized
From
Exercise
  
Number of Securities
Underlying Remaining
Options
  
Dollar Value of
In-the-Money
Options
  
           
Exercisable
  
Unexercisable
  
Exercisable
  
Unexercisable
  
                           
                           
Michael B. Bemis
    
--
  
$
--
    
--
    
--
  
$
--
  
$
--
  
John L. Skolds
    
--
    
--
    
240,000
    
170,000
    
3,913,100
    
2,696,600
  
John W. Rowe
(See Note 2)
    
206,256
  
$
3,853,893
    
1,894,111
    
795,833
    
33,102,690
    
12,417,056
  
Robert S. Shapard
    
--
    
--
    
44,668
    
147,332
    
868,663
    
2,223,617
  
Denis P. O’Brien
    
--
    
--
    
98,500
    
71,500
    
2,219,422
    
1,080,153
  
J. Barry Mitchell
    
64,000
  
$
1,249,600
    
100,100
    
62,500
    
2,130,414
    
985,463
  
Oliver D. Kingsley, Jr.
(See Note 3)
    
218,500
  
$
3,066,112
    
724,000
    
--
    
11,576,280
    
--
  
                                     
 
 
 
 
1.
This table shows the number and value of exercisable and unexercisable stock options for the named executive officers during 2004. The value is determined using the closing market price of Exelon common stock on December 31, 2004, which was $44.07, less the exercise price of the options. All options whose exercise price exceeded the market price at the day of determination are valued at zero. For all data above, the number of shares and exercise prices have been adjusted to reflect the 2 for 1 stock split of May 5, 2004.

 
2.
All options exercised by Mr. Rowe during 2004 were done in accordance with a Rule 10b5-1 Trading Plan, which was entered into on February 3, 2004 when Mr. Rowe was unaware of any material adverse information in regard to current and prospective operations of Exelon which had not been publicly disclosed. The dates of the sales were set at the time the Trading Plan was established.

 
3.
All of Mr. Kingsley’s options vested upon his retirement.

 

 
139

Long-Term Incentive Plans - Awards in Last Fiscal Year
  
           
Estimated future payouts under non-stock price-based plans
(See Note 2)
  
   
 
Number
of Shares,
Units or Other
Rights
(See Note 1)
  
Performance
Period until
Maturation or
Payout
  
 
 
Threshold
  
 
 
Target
  
 
 
Maximum
  
                       
Michael B. Bemis
    
N/A
    
3 years
    
N/A
    
N/A
    
N/A
  
John L. Skolds
    
N/A
    
3 years
    
8,000
    
16,000
    
32,000
  
John W. Rowe
    
N/A
    
3 years
    
33,000
    
66,000
    
132,000
  
Robert S. Shapard
    
N/A
    
3 years
    
8,000
    
16,000
    
32,000
  
Denis P. O’Brien
    
N/A
    
3 years
    
4,000
    
8,000
    
16,000
  
J. Barry Mitchell
    
N/A
    
3 years
    
3,500
    
7,000
    
14,000
  
Oliver D. Kingsley, Jr.
    
N/A
    
3 years
    
14,000
    
28,000
    
56,000
  


 
1.
Exelon’s Long Term Performance Share Award program under the Long-Term Incentive Plan provides incentives to key executives in the form of restricted stock and cash. Awards are determined upon the successful completion of strategic goals designed to achieve long term business success and increased shareholder value. These goals include Exelon’s Total Shareholder Return (TSR) over the previous three years relative to established benchmarks including a peer group of companies listed on the Dow Jones Utility Index and the Standard & Poor’s 500 Index (weighted 70%) and a quantifiable cash savings goal aligned with The Exelon Way initiative (weighted 30%). Grants under the Long Term Performance Share Award Program for 2004 are reflected in the Summary Compensation Table. See note 2 to that table.

 
2.
A target number of performance shares is established for each participant which is commensurate with the participant’s base salary. Based on measured performance as described above, participants may earn up to 200% of their target and may earn nothing if thresholds are not met. Shares listed under the Threshold, Target and Maximum columns have been adjusted to reflect the 2 for 1 stock split effective on May 5, 2004.

140

Generation

Summary Compensation Table

   
Annual Compensation
  
Long Term Compensation
  
 
Name and
Principal Position
 
 
Year
 
 
Salary
 
 
Bonus
Other
Annual
Compensation
(See Note 1)
  
Restricted Stock
Award
(See Notes 2
and 3)
Number
of
Options
(See Note 4)
 
Payouts
(See Notes 2 and 5)
All
Other
Compensation
(See Notes 2 and 6)
                   
Oliver D. Kingsley, Jr.
President & Chief Operating Officer, Exelon Corp. through 10/31/2004
2004
$ 768,269
$ 1,139,000
$ 218,497
  
$ --
$ 140,000
$ 2,238,570
$12,105,852 (6)   
2003
824,038
969,924
185,294
  
1,164,737
120,000
--
180,591
2002
728,634
823,680
102,387
  
2,373,140
160,000
--
175,821
                 
                   
John F. Young.
Executive Vice President, Exelon Corp.; President, Genco
2004
435,807
505,680
5,066
  
330,695
54,000
348,842
415,106   
2003
311,923
214,159
144,943
  
494,236
30,000
--
185,973
2002
--
--
--
  
--
--
--
--
                 
                   
John W. Rowe
Chairman, President
& Chief Executive Officer, Exelon Corp.
2004
1,241,346
1,675,000
357,431
  
1,480,279
400,000
1,666,322
2,153,432
2003
1,185,289
1,400,000
342,341
  
2,733,360
350,000
--
191,851
2002
1,104,000
1,550,000
185,121
  
1,909,985
400,000
--
184,189
                 
                   
Robert S. Shapard
Executive Vice President & Chief Financial Officer, Exelon Corp.
2004
531,538
501,830
2,268
  
404,218
80,000
426,400
513,859
2003
512,404
411,362
2,727
  
634,530
72,000
--
64,319
2002
96,154
83,609
72,344
  
837,742
40,000
--
5,148
                 
                   
Christopher M. Crane
Senior Vice President, Exelon Corp.
2004
458,269
420,654
1,738
  
961,827
54,000
293,151
348,425
2003
387,788
219,489
277
  
317,265
40,000
--
36,525
2002
360,769
325,078
0
  
277,816
70,000
--
62,174
                 
                   
Ian P. McLean
Executive Vice President, Exelon Corp.
2004
427,438
407,705
3,076
  
404,218
80,000
426,400
506,844
2003
411,827
273,607
9,657
  
634,530
72,000
--
57,511
2002
385,462
187,176
15,842
  
--
99,288
1,000,000
40,766
                 
                   
John L. Skolds
Executive Vice President, Exelon Corp.
2004
571,154
462,239
3,472
  
739,118
80,000
426,400
514,883
2003
530,673
393,837
2,762
  
634,530
80,000
--
64,276
2002
492,423
499,800
121,510
  
416,724
90,000
--
62,363
                 



141

Notes to Summary Compensation Table

 
1.
The amounts shown under the column labeled “Other Annual Compensation” include perquisites and other personal benefits if the aggregate amount exceeds $50,000, and/or amounts reimbursed for the payment of taxes. For Mr. Rowe, the amount shown for 2004 includes $266,877 for personal use of corporate jet aircraft, and $26,040 for the reimbursement of taxes. For Mr. Kingsley, the amount shown for 2004 includes $149,631 for personal use of corporate jet aircraft and $15,408 for the reimbursement of taxes. For Messrs. Young, Shapard, Crane, McLean and Skolds the amount shown is for the reimbursement of taxes.

 
2.
Exelon has a performance share award program under its Long Term Incentive Plan. Awards made prior to January 2005 were made in restricted stock that vested one-third upon the grant date and one-third upon each of the first and second anniversaries of the grant date. Beginning with awards made in January 2005 and for amounts vesting in 2005, if the participant has achieved 125% of the participant’s stock ownership requirement, the performance shares are settled approximately one-half in cash and one half in stock, with the same vesting schedule as before. For the 3 year performance period ended December 31, 2004, Mr. Rowe was granted 116,662 shares, Messrs. Shapard, Skolds, and McLean were each granted 29,853 shares, Mr. Young was granted 24,423 shares, Mr. Crane was granted 20,524 shares, and Mr. Kingsley was granted 52,242 shares. These shares were valued at $42.85 per share. The amount of these grants that vested immediately is shown in the column headed “Long Term Compensation—Payouts”, while the amount that will be settled in stock and will vest on the first and second anniversaries of the award is shown in the column headed “Restricted Stock Awards” and the amount that may be settled in stock or cash (depending on the participant’s stock ownership on the first and second anniversaries of the grant) is shown in the column headed “All Other Compensation.”

 
3.
This column reports the value of the restricted stock portion of performance share awards as well as other restricted awards granted to individuals during the preceding year by the Compensation Committee and the Board of Directors in recognition of specific accomplishments and/or significant increases in job responsibilities. Mr. Skolds received a grant of 20,000 shares on February 1, 2004, valued at $33.49 per share, which will all vest on February 1, 2009. Mr. Crane received 10,000 shares on February 1, 2004 and 10,000 shares on July 26, 2004. Both grants will fully vest on their respective anniversary dates in 2009. Dividends are payable on these shares. The number of shares and the share price has been adjusted to reflect the 2 for 1 stock split on May 5, 2004.

The named executive officers held the amounts of restricted shares, including unvested performance shares granted with respect to the 3-year performance periods ending December 31, 2003 and December 31, 2002, as shown in the following table. Unvested restricted and performance shares continue to receive dividends. The value of restricted shares and unvested performance shares shown below in columns [A] and [B] is based on the December 31, 2004 closing price of Exelon stock, $44.07 except for Mr. Kingsley’s shares which are valued at $39.62 as of October 31, 2004, the last day of his employment.

Columns [C], [D] and [E] in the following table include the amounts and value of restricted and unvested performance shares after the grant and vesting of performance shares on January 24, 2005. Column [C] shows the number of restricted shares and unvested performance shares that will be settled in stock, column [D] shows the number of performance shares that may be settled in cash or stock, depending on the participant’s stock ownership at the date of vesting, and column [E] shows the total value of the restricted shares and performance shares shown in columns [C] and [D] as of January 24, 2005, when the closing price of Exelon stock was $42.85.


 


142






           
Restricted & Unvested
Performance Shares Remaining
After Vesting on 01/24/2005
  
   
 
[A]
Number of
Restricted
and Unvested
Performance
Shares as of
12/31/2004
  
[B]
Value of
Restricted
and Unvested
Performance
Shares as of
12/31/2004
  
[C]
Number of
Shares That
Will Be Settled
in Stock
  
[D]
Number of
Shares That
May Be Settled
in Cash or
Stock
  
[E}
Total Value of
Shares in
Columns
[C] + [D]
as of
01/24/2005
  
                       
Oliver D. Kingsley, Jr.
    
76,339
  
$
3,024,571
    
-
    
-
  
$
--
  
John F. Young
    
12,865
    
566,955
    
14,684
    
10,531
    
1,080,463
  
John W. Rowe
    
85,380
    
3,762,699
    
49,029
    
57,712
    
4,573,852
  
Robert S. Shapard
    
44,925
    
1,979,840
    
42,795
    
13,831
    
2,426,424
  
Christopher M. Crane
    
30,717
    
1,353,685
    
28,167
    
8,878
    
1,587,378
  
Ian P. McLean
    
17,458
    
769,378
    
12,795
    
13,831
    
1,140,924
  
John L. Skolds
    
47,947
    
2,113,031
    
41,305
    
13,831
    
2,362,578
  
                                 
 

 
4.
Options granted prior to May 5, 2004 reflect the effect of a 2 for 1 stock split as of that date.
 
 
5.
 The amounts shown under the column labeled “Long Term Compensation - Payouts” represent the value of the one third of the total performance share award granted with respect to the three year performance period ending December 31, 2004, which vested immediately on the date of grant. Officers who had reached 125% of their stock ownership requirement received a portion of their vested shares in cash. Mr. Kingsley’s entire award vested upon grant because of his retirement. The amount of cash and the value of the vested shares of stock are as follows:

 

   
 
 
Cash
Payout
  
Value of
Vested
Shares
  
           
Oliver D. Kingsley, Jr.
  
$
1,177,518
  
$
1,061,052
  
John F. Young
    
--
    
348,842
  
John W. Rowe
    
927,060
    
739,262
  
Robert S. Shapard
    
--
    
426,400
  
Christopher M. Crane
    
154,217
    
138,934
  
Ian P. McLean
    
224,277
    
202,123
  
John L. Skolds
    
224,277
    
202,123
  
               



143
 
 
 
6.
 The amounts shown under the column labeled “All Other Compensation” include company paid matching contributions to qualified and non-qualified savings plans along with the value of the unvested two-thirds of the performance share award granted with respect to the three-year performance period ending December 31, 2004 which will be paid out in cash or stock at the time of vesting in 2006 and 2007, depending upon the participants’ stock ownership at that time.



 
   
 
 
Value of
Company
Contributions
to Savings Plans
  
Value of
Unvested
Performance
Shares From
Current Grant
  
Company Paid Term Life Insurance Premiums
  
 
 
 
Other
Items
  
                   
Oliver D. Kingsley, Jr.
  
$
35,962
  
$
--
  
$
139,389
  
$
11,930,501
  
John F. Young
    
21,779
    
366,989
    
26,338
    
--
  
John W. Rowe
    
62,067
    
1,852,366
    
238,999
    
--
  
Robert S. Shapard
    
26,577
    
448,583
    
38,699
    
--
  
Christopher M. Crane
    
22,914
    
308,375
    
17,136
    
--
  
Ian P. McLean
    
21,341
    
448,583
    
36,920
    
--
  
John L. Skolds
    
28,558
    
448,583
    
37,742
    
--
  


Pursuant to Mr. Kingsley’s employment agreement, he is entitled to an enhanced supplemental retirement benefit calculated as if he had 32 years of service. He elected to receive a lump sum of $10,430,501 which was paid to him as of his retirement date, in accordance with his previous payment election.

Also, Exelon will reimburse Mr. Kingsley up to $100,000 in any year for his daughter’s medical care expenses not otherwise covered by insurance for a 15 year period which commenced on the date of his retirement. The estimated value of this benefit is $1,500,000.

Pursuant to Mr. Kingsley’s employment agreement, his outstanding restricted shares and outstanding performance shares vested upon his retirement. Mr. Kingsley and Exelon entered into a share repurchase agreement through which Exelon purchased from Mr. Kingsley a total of 360,000 shares in two transactions at the weighted average market price over a ten-day period prior to the repurchase date. Exelon paid Mr. Kingsley $7,032,387 for 172,765 shares repurchased on November 17, 2004. Exelon also paid Mr. Kingsley $8,297,933 for 187,235 shares of Exelon common stock repurchased on February 9, 2005. The amounts paid to Mr. Kingsley for repurchase of his shares of Exelon common stock are not included in the above table.
 
 
144


 
Option Grants for 2004
  
   
Individual Grants
  
   
Number of
Securities
Underlying
Options Granted
(See Note 1)
  
Percentage of
Total Options
Granted to
Employees in
2004
  
 
Exercise
or
Base Price
(See Note 1)
  
 
 
Options
Expiration
Date
  
 
Grant Date
Present
Value
(See Note 2)
  
                       
Oliver D. Kingsley, Jr.
    
140,000
    
2.00
%
$
32.54
    
01/15/2014
  
$
779,800
  
John F. Young
    
54,000
    
0.77
%
  
32.54
    
01/15/2014
    
300,780
  
John W. Rowe
    
400,000
    
5.72
%
  
32.54
    
01/15/2014
    
2,228,000
  
Robert S. Shapard
    
80,000
    
1.14
%
  
32.54
    
01/15/2014
    
445,600
  
Christopher M. Crane
    
54,000
    
0.77
%
  
32.54
    
01/15/2014
    
300,780
  
Ian P. McLean
    
80,000
    
1.14
%
  
32.54
    
01/15/2014
    
445,600
  
John L. Skolds
    
80,000
    
1.14
%
  
32.54
    
01/15/2014
    
445,600
  
                                 
 
 
1.
The number of options granted and the exercise or base price have been adjusted to reflect the 2 for 1 stock split which was effective on May 5, 2004.

 
2.
The “grant date present values” indicated in the Option Grants Table are estimates based on the Black-Scholes option pricing model. Although executives risk forfeiting these options in some circumstances, these risks are not factored into the calculated values. The actual value of these options will be determined by the excess of the stock price over the exercise price of the option on the date that the options are exercised. There is no certainty that the value realized will be at or near the value estimated by the Black-Scholes option pricing model.

The assumptions used for the Black-Scholes model are as of the date of grants, January 26, 2004, and are as follows: Risk free interest rate: 3.26%; Volatility: 22.84%; Dividend Yield: 3.30%; and time of exercise: 5 years.
 
 
145

Option Exercises & Year End Value
  
   
As of December 31, 2004 (See Note 1)
  
   
Number of
Shares
Acquired by
Exercise
  
Dollar Value
Realized
From
Exercise
  
Number of Securities
Underlying Remaining
Options
  
Dollar Value of
In-the-Money
Options
  
           
Exercisable
  
Unexercisable
  
Exercisable
  
Unexercisable
  
                           
Oliver D. Kingsley, Jr.
(See Note 2)
    
218,500
  
$
3,066,112
    
724,000
    
--
  
$
11,576,280
  
$
--
  
John F. Young
    
--
    
--
    
7,500
    
76,500
    
145,000
    
1,060,020
  
John W. Rowe
(See Note 3)
    
206,256
    
3,853,893
    
1,894,111
    
795,833
    
33,102,690
    
12,417,056
  
Robert S. Shapard
    
--
    
--
    
44,668
    
147,332
    
868,663
    
2,223,617
  
Christopher M. Crane
    
--
    
--
    
164,667
    
107,333
    
2,701,017
    
1,681,463
  
Ian P. McLean
    
20,000
    
282,150
    
210,192
    
167,096
    
5,135,419
    
3,458,488
  
John L. Skolds
    
--
    
--
    
240,000
    
170,000
    
3,913,100
    
2,696,600
  
                                     
 
 
 
1.
This table shows the number and value of exercisable and unexercisable stock options for the named executive officers during 2004. The value is determined using the closing market price of Exelon common stock on December 31, 2004, which was $44.07, less the exercise price of the options. All options whose exercise price exceeded the market price at the day of determination are valued at zero. For all data above, the number of shares and exercise prices have been adjusted to reflect the 2 for 1 stock split of May 5, 2004.

 
2.
All of Mr. Kingsley’s options vested upon his retirement.

 
3.
All options exercised by Mr. Rowe during 2004 were done in accordance with a Rule 10b5-1 Trading Plan, which was entered into on February 3, 2004 when Mr. Rowe was unaware of any material adverse information in regard to current and prospective operations of Exelon which had not been publicly disclosed. The dates of the sales were set at the time the Trading Plan was established.



146

Long-Term Incentive Plans - Awards in Last Fiscal Year
  
           
Estimated future payouts under non-stock price-based plans
(See Note 2)
  
   
 
Number
of Shares,
Units or Other
Rights
(See Note 1)
  
Performance
Period until
Maturation or
Payout.
  
 
 
Threshold
  
 
 
Target
  
 
 
Maximum
  
                       
Oliver D. Kingsley, Jr.
    
N/A
    
3 years
    
14,000
    
28,000
    
56,000
  
John F. Young
    
N/A
    
3 years
    
6,545
    
13,090
    
26,180
  
John W. Rowe
    
N/A
    
3 years
    
33,000
    
66,000
    
132,000
  
Robert S. Shapard
    
N/A
    
3 years
    
8,000
    
16,000
    
32,000
  
Christopher M. Crane
    
N/A
    
3 years
    
5,500
    
11,000
    
22,000
  
Ian P. McLean
    
N/A
    
3 years
    
8,000
    
16,000
    
32,000
  
John L. Skolds
    
N/A
    
3 years
    
8,000
    
16,000
    
32,000
  


 
1.
Exelon’s Long Term Performance Share Award program under the Long-Term Incentive Plan provides incentives to key executives in the form of restricted stock and cash. Awards are determined upon the successful completion of strategic goals designed to achieve long term business success and increased shareholder value. These goals include Exelon’s Total Shareholder Return (TSR) over the previous three years relative to established benchmarks including a peer group of companies listed on the Dow Jones Utility Index and the Standard & Poor’s 500 Index (weighted 70%) and a quantifiable cash savings goal aligned with The Exelon Way initiative (weighted 30%). Grants under the Long Term Performance Share Award Program for 2004 are reflected in the Summary Compensation Table. See note 2 to that table.

 
2.
A target number of performance shares is established for each participant which is commensurate with the participant’s base salary. Based on measured performance as described above, participants may earn up to 200% of their target and may earn nothing if thresholds are not met. Shares listed under the Threshold, Target and Maximum columns have been adjusted to reflect the 2 for 1 stock split effective on May 5, 2004.


(b)
Directors and Officers interest in securities of system companies including options or other rights to acquire securities.

Exelon
The following table shows the ownership of Exelon common stock as of December 31, 2004 by (1) any person or entity that has publicly disclosed ownership of more than five percent of Exelon’s outstanding stock, (2) any director, (3) each executive officer named in the Summary Compensation Table, and (4) all directors and executive officers as a group.
 
 
147

 
Beneficial Ownership Table
  
   
   
[A]
Beneficially
Owned
Shares
(See Note 1)
  
[B]
Shares
Held in
Company
Plans
(See Note 2)
  
[C] = [A] + [B]
Total
Shares
Held
  
[D]
Share
Equivalents
to be Settled
in Cash or Stock
(See Note 3)
  
[E] = [C] + [D]
Total
Share
Interest
  
 
Five Percent Owners
                      
Wellington Management Company,
LLP (See Note 4)
   
42,937,621
                      
42,937,621
  
Barclays Global Investors, NA
(See Note 5)
    
47,021,765
                      
47,021,765
  
Capital Research and Management
Company (See Note 6)
    
37,541,800
                      
37,541,800
  
Directors
                                
Edward A. Brennan
    
7,999
   
11,308
   
19,307
   
9,909
   
29,216
 
M. Walter D’Alessio
    
12,565
   
29,742
   
42,307
   
--
   
42,307
 
Nicholas DeBenedictis
    
--
   
4,740
   
4,740
   
--
   
4,740
 
Bruce DeMars
    
9,146
   
8,799
   
17,945
   
--
   
17,945
 
Nelson A. Diaz
    
500
   
1,291
   
1,791
   
422
   
2,213
 
G. Fred DiBona, Jr.
    
1,600
   
15,260
    
16,860
   
--
   
16,860
 
Sue L. Gin
    
25,895
   
10,296
   
36,191
   
5,488
   
41,679
 
Rosemarie B. Greco
    
2,000
   
13,006
   
15,006
   
4,631
   
19,637
 
Edgar D. Jannotta
    
13,240
   
19,830
   
33,070
   
7,632
   
40,702
 
John M. Palms
    
2,603
   
24,454
   
27,057
   
--
   
27,057
 
John W. Rogers, Jr.
    
11,374
   
10,732
   
22,106
   
5,276
   
27,382
 
Ronald Rubin
    
14,726
   
29,630
   
44,356
   
737
   
45,093
 
Richard L. Thomas
    
21,256
   
15,858
   
37,114
   
9,095
   
46,209
 
Named Officers
                                
John W. Rowe
   
2,260,708
   
313,646
   
2,574,354
   
86,942
   
2,661,296
 
Robert S. Shapard
    
96,000
   
69,702
   
165,702
   
14,813
   
180,515
 
John L. Skolds
    
327,160
   
94,252
   
421,412
   
20,329
   
441,741
  
Pamela B. Strobel
    
391,112
   
92,713
   
483,825
   
17,911
   
501,736
 
Randall E. Mehrberg
    
194,000
   
63,437
   
257,437
   
15,397
   
272,834
 
Oliver D. Kingsley, Jr.
    
740,041
   
--
   
740,041
   
6,499
   
746,540
 
Directors, Named & Executive Officers
as a group, 25 people.
(See Note 7)
    
5,227,878
    
1,050,793
    
6,278,671
    
278,015
    
6,556,686
  
                               
 
 
1.
The shares listed above under Beneficially Owned Shares, Column [A], include shares that may be acquired from non-qualified stock options that are fully vested or that vest within 60 days of January 31, 2005.
2.
The shares listed above under Shares Held in Company Plans, Column [B], include restricted shares, deferred shares, shares held in the 401(k) plan, and shares that may be acquired from all unvested, non-qualified stock options that are not included in Column [A].
 
 
148
 
3.
The shares listed above under Equivalent Shares to be Settled in Cash or Stock, Column [D], include the unvested portion of performance shares which may be settled in either cash or stock depending on whether the officer has achieved 125% of their stock ownership requirement, and phantom shares held in a non-qualified deferred compensation plan which will be settled in cash on a 1 for 1 basis upon retirement or termination.
4.
In a Schedule 13G filed with the SEC on February 14, 2005, an investment adviser, Wellington Management Company, LLP, 75 State Street, Boston, MA 02109, disclosed that as of December 31, 2004, it was the beneficial owner of 42,937,621 shares, or approximately 6.481% of Exelon’s issued and outstanding shares. Wellington disclosed that it shared power to vote 24,094,410 shares and shared power to dispose of 42,937,621 shares.
5.
In a Schedule 13G filed with the SEC on February 14, 2005, a bank, Barclays Global Investors, NA, 45 Fremont Street, San Francisco, CA 94105, and its affiliates, including banks, investment advisers and broker/dealers, disclosed that as of December 31, 2004, they were the beneficial owners of an aggregate of 47,021,765 shares, or approximately 7.09% of Exelon’s issued and outstanding shares. Barclays disclosed that it had the sole power to vote 41,789,460 shares and sole power to dispose of 47,021,765 shares.
6.
In a Schedule 13G filed with the SEC on February 11, 2005, an investment adviser, Capital Research and Management Company, 333 South Hope Street, Los Angeles, CA 90071, disclosed that as of December 31, 2004, it is deemed to be the beneficial owner of 37,541,800 shares, or approximately 5.7% of Exelon’s issued and outstanding shares, although it disclaimed beneficial ownership pursuant to Rule 13d-4. Capital Research disclosed that it had sole dispositive power of 37,541,800 shares.
7.
Beneficial ownership, shown in Column [A], of directors and executive officers as a group represents less than 1% of the outstanding shares of Exelon common stock.


Securities Authorized for Issuance under Equity Compensation Plans
 

Plan Category
 
Number of securities
to be issued
upon exercise of utstanding options
 
Weighted-average
price of outstanding
options
 
Number of securities
remaining available
for future issuance
compensation
plans (a)
  
Equity compensation
                    
   plans approved by
                   
   security holders
    
14,777,078
  
$
26.94
    
24,759,308
  
                     
Equity compensation
                    
   plans not approved
                    
   by security holders (b)
    
660,808
    
20.56
    
--
  
                     
Total
    
25,420,116
  
$
26.78
    
14,770,078
  
 
(a)  Excludes securities to be issued upon exercise of outstanding options.
(b)  Amount shown represents options issued under a broad based incentive plan available to all employees of PECO Energy Company. Options were issued beginning in November 1998 and no further grants were made after October 20, 2000.
 
 
149

 
ComEd
Exelon indirectly owns 127,002,904 shares of ComEd common stock, more than 99% of all outstanding shares. Accordingly, the only beneficial holder of more than five percent of ComEd’s voting securities is Exelon, and none of the directors or executive officers of ComEd hold any ComEd voting securities.

The following table shows the ownership of Exelon common stock as of December 31, 2004 by (1) any director of ComEd, (2) each executive officer of ComEd named in the Summary Compensation Table, and (3) all directors and executive officers of ComEd as a group.

Beneficial Ownership Table
  
   
   
[A]
Beneficially
Owned
Shares
(See Note 1)
  
[B]
Shares
Held in
Company
Plans
(See Note 2)
  
[C] = [A] + [B]
Total
Shares
Held
 
  
[D]
Share
Equivalents
to be Settled
in Cash or Stock
(See Note 3)
  
[E] = [C] + [D]
Total
Share
Interest
 
  
                       
                       
Directors Named Officers
                      
S. Gary Snodgrass (Director)
    
265,114
    
25,034
    
290,148
    
12,441
    
302,589
  
Michael B. Bemis (see Note 4)
    
33,499
    
11,396
    
44,895
    
130
    
45,025
  
John L. Skolds (Director)
    
327,160
   
94,252
   
421,412
   
20,329
   
441,741
  
John W. Rowe (Director)
    
2,260,708
   
313,646
   
2,574,354
   
86,942
   
2,661,296
 
Robert S. Shapard (Director)
    
96,000
   
69,702
   
165,702
   
14,813
   
180,515
 
Ruth Ann M. Gillis
    
353,301
    
46,811
    
400,112
    
21,739
    
421,851
  
Frank M. Clark (Director)
    
228,799
    
53,420
    
282,219
    
19,324
    
301,543
  
Oliver D. Kingsley, Jr.
    
740,041
   
-
   
740,041
   
6,499
   
746,540
 
                                 
Directors, Named & Executive Officers
as a group, 10 people.
(See Note 5)
    
4,472,266
    
674,214
    
5,146,480
    
196,933
    
5,343,413
  
                                 
 
 
 
1.   The shares listed above under Beneficially Owned Shares, Column [A], include shares that may be acquired from non-qualified stock options that are fully vested or that vest within 60 days of January 31, 2005.
 
2.
The shares listed above under Shares Held in Company Plans, Column [B], include restricted shares, deferred shares, shares held in the 401(k) plan, and shares that may be acquired from all unvested, non-qualified stock options that are not included in Column [A].
 
3.
The shares listed above under Equivalent Shares to be Settled in Cash or Stock, Column [D], include the unvested portion of performance shares which may be settled in either stock or cash depending on whether the officer has achieved 125% of their stock ownership requirement, and phantom shares held in a non-qualified deferred compensation plan which will be settled in cash on a 1 for 1 basis upon retirement or termination.
 
4. Mr. Bemis’s share totals are as of January 31, 2004, the last day of his employment.
 
5.
Beneficial ownership, shown in Column [C], of directors and executive officers as a group represents less than 1% of the outstanding shares of Exelon common stock. Exelon indirectly owns all 170,478,507 shares of PECO preferred stock outstanding. Accordingly, the only beneficial owner of more than five percent of PECO’s voting securities is Exelon, and none of the directors or executive officer or PECO hold any preferred stock.

No ComEd securities are authorized for issuance under equity compensation plans. For information about Exelon Securities authorized for issuance to ComEd employees under Exelon equity compensation plans, see above under “Exelon-Securities Authorized Under Equity Compensation Plans.”   
 
 
150

 
PECO
Exelon indirectly owns all 170,478,507 shares of PECO common stock. As of December 31, 2004, there were 874,720 shares of PECO preferred stock outstanding. Accordingly, the only beneficial owner of more than five percent of PECO’s voting securities is Exelon, and none of the directors or executive officers of PECO hold any preferred stock.

The following table shows the ownership of Exelon common stock as of December 31, 2004 by (1) any director of PECO, (2) each executive officer of PECO named in the Summary Compensation Table, and (3) all directors and executive officers of PECO as a group.

Beneficial Ownership Table
 
[A]
 
Beneficially
Owned
Shares
(See Note 1)
[B]
Shares
Held in
Company
Plans
(See Note 2)
[C] = [A] + [B]
 
Total
Shares
Held
 
[D]
Share
Equivalents
to be Settled
in Cash or Stock
(See Note 3)
[E] = [C] + [D]
 
Total
Share
Interest
 
           
           
Directors and Named Officers
          
Michael B. Bemis (see Note 4)
33,499
11,396
44,895
130
45,025
John L. Skolds (Director)
327,160
94,252
421,412
20,329
441,741
John W. Rowe (Director)
2,260,708
313,646
2,574,354
86,942
2,661,296
Robert S. Shapard (Director)
96,000
69,702
165,702
14,813
180,515
Denis P. O’Brien (Director)
140,737
11,853
152,590
8,013
160,603
J. Barry Mitchell
138,156
39,531
177,687
10,593
188,280
Oliver D. Kingsley, Jr.
740,085
-
740,085
6,499
746,584
           
Directors, Named & Executive Officers
as a group, 8 people.
(See Note 5)
3,765,788
560,803
4,326,591
151,442
4,478,033
           
 
1.
The shares listed above under Beneficially Owned Shares, Column [A], include shares that may be acquired from non-qualified stock options that are fully vested or that vest within 60 days of January 31, 2005.
 
2.
The shares listed above under Shares Held in Company Plans, Column [B], include restricted shares, deferred shares, shares held in the 401(k) plan, and shares that may be acquired from all unvested, non-qualified stock options that are not included in Column [A].
 
3.
The shares listed above under Equivalent Shares to be Settled in Cash or Stock, Column [D], include the unvested portion of performance shares which may be settled in either stock or cash depending on whether the officer has achieved 125% of their stock ownership requirement, and phantom shares held in a non-qualified deferred compensation plan which will be settled in cash on a 1 for 1 basis upon retirement or termination.
 
4.
Mr. Bemis’s share totals are as of January 31, 2004, the last day of his employment.
 
5.
Beneficial ownership, shown in Column [C], of directors and executive officers as a group represents less than 1% of the outstanding shares of Exelon common stock.

No PECO securities are authorized for issuance under equity compensation plans. For information about Exelon securities authorized for issuance to PECO employees under Exelon equity compensation plans, see above under “Exelon - Securities Authorized Under Equity Compensation Plans.”
 
 
151

 
Generation

Generation is a wholly owned indirect subsidiary of Exelon and has no voting securities. The following table presents the beneficial ownership as of December 31, 2004 of Exelon’s common stock by (1) Generation’s executive officers named in the Summary Compensation Table, and (2) all named officers and executive officers of Generation as a group.


Beneficial Ownership Table
 
 
[A]
 
Beneficially
Owned Shares
(See Note 1)
[B]
 
Shares Held in
Company Plans
(See Note 2)
[C] = [A] + [B]
 
Total Shares
Held
 
[D]
Share
Equivalents
to be Settled
in Cash or Stock
(See Note 3)
[E] = [C] + [D]
 
Total
Share
Interest
 
           
           
Named Officers
          
Oliver D. Kingsley, Jr.
740,085
-
740,085
6,499
746,584
John F. Young
39,390
14,684
54,074
10,943
65,017
John W. Rowe
2,260,708
313,646
2,574,354
86,942
2,661,296
Robert S. Shapard
96,000
69,702
165,702
14,813
180,515
Christopher M. Crane
237,047
57,219
294,266
11,352
305,618
Ian P. McLean
290,135
16,464
306,599
14,488
321,087
John L. Skolds
327,160
94,252
421,412
20,329
441,741
           
Directors, Named & Executive Officers
as a group, 9 people.
(See Note 4)
3,824,277
530,030
4,354,307
164,021
4,518,328
           
 
1.
The shares listed above under Beneficially Owned Shares, Column [A], include shares that may be acquired from non-qualified stock options that are fully vested or that vest within 60 days of January 31, 2005.
 
2.
The shares listed above under Shares Held in Company Plans, Column [B], include restricted shares, deferred shares, shares held in the 401(k) plan, and shares that may be acquired from all unvested, non-qualified stock options that are not included in Column [A].
 
3.
The shares listed above under Equivalent Shares to be Settled in Cash or Stock, Column [D], include the unvested portion of performance shares which may be settled in either stock or cash depending on whether the officer has achieved 125% of their stock ownership requirement, and phantom shares held in a non-qualified deferred compensation plan which will be settled in cash on a 1 for 1 basis upon retirement or termination.
 
4.
Beneficial ownership, shown in Column [C], of named and executive officers as a group represents less than 1% of the outstanding shares of Exelon common stock.
 
 
152

 
No Generation securities are authorized for issuance under equity compensation plans. For information about Exelon securities authorized for issuance to Generation employees under Exelon equity compensation plans, see above under “Exelon - Securities Authorized Under Equity Compensation Plans.”
 
(c)
Directors and Officers contracts and transactions with system companies.
 

Employment Agreements

Employment Agreement with Mr. Rowe  
Under the amended and restated employment agreement between Exelon and Mr. Rowe, Mr. Rowe has been serving as Chief Executive Officer of Exelon, Chairman of the Board and a member of the Exelon board of directors since the 2002 annual meeting of shareholders.
 
Under the employment agreement, which continues in effect until Mr. Rowe's termination, Mr. Rowe's annual base salary is determined by Exelon's compensation committee. He is eligible to participate in the annual incentive award program, long-term incentive plan and all savings, deferred compensation, retirement and other employee benefit plans generally available to other senior executives of Exelon on the same basis as other senior executives of Exelon. His life insurance coverage will be at least three times his base salary.
 
In addition, Mr. Rowe is entitled to receive a special supplemental executive retirement plan, the "SERP," benefit upon termination of employment for any reason other than for cause. The special SERP benefit, when added to all other retirement benefits provided to Mr. Rowe by Exelon, will equal Mr. Rowe's SERP benefit, calculated under the terms of the SERP in effect on March 10, 1998 as if:

• he had attained age 60 (or his actual age, if greater);
• he had earned 20 years of service on March 16, 1998 and one additional year of service on each anniversary after that date and prior to termination; and
• his annual incentive awards for each of 1998 and 1999 had been $300,000 greater than the annual incentive awards he actually received for those years.

On February 19, 1999, Mr. Rowe was granted a right to receive, on termination of employment, 24,688 shares of Exelon common stock, increased by the number of shares that could have been acquired with dividends on such number of shares after that date and subject to adjustment for events such as recapitalization, merger, or stock splits.
 
Except as provided below, if Exelon terminates Mr. Rowe's employment for reasons other than cause, death or disability or if he terminates employment for good reason, he would be entitled to the following benefits:

• a lump sum payment of Mr. Rowe's accrued but unpaid base salary and annual incentive, and a prorated annual bonus for the year in which his employment terminates;
• for a two-year severance period following the termination of employment, continued payment of base salary and continued payment of an annual incentive equal to either the annual incentive for the last year ending prior to termination or the average of the annual incentives payable with respect to Mr. Rowe's last three full years of employment, whichever is greater;
• for the two-year severance period, continuation of life, disability, accident, health and other welfare benefits for him and his family, plus post-retirement health care coverage for him and his wife for the remainder of their respective lives;
• all exercisable options remain exercisable until the applicable option expiration date; and
• unvested options continue to become exercisable during the two-year severance period and thereafter remain exercisable until the applicable option expiration date.
 
 

 
153
 
The term "good reason" means any material breach of the employment agreement by Exelon, including:

• a failure to provide compensation and benefits required under the employment agreement;
• causing Mr. Rowe to report to someone other than the Exelon board of directors;
• any material adverse change in Mr. Rowe's status, responsibilities or perquisites; or
• any announcement by the Exelon board of directors without Mr. Rowe's consent that Exelon is seeking a replacement for Mr. Rowe.

The term "cause" means any of the following, unless cured within the time period specified in the agreement:

• conviction of a felony or a misdemeanor involving moral turpitude, fraud or dishonesty;
• willful misconduct in the performance of duties intended to personally benefit the executive; or
• material breach of the agreement (other than as a result of incapacity due to physical or mental illness).

In connection with Exelon's entry into the merger agreement, Mr. Rowe's employment agreement was amended to provide that Mr. Ferland's service as non-executive Chairman of the Exelon board of directors for the periods described in the Amended and Restated By-laws of Exelon to be adopted upon completion of the merger will not constitute "good reason." Therefore, Mr. Rowe is not entitled to any severance payments as a result of the merger with PSEG.
Mr. Rowe would receive the termination benefits described under "—Other Change in Control Employment Agreements and Severance Plan" below rather than the benefits described in the previous paragraph, if Exelon terminates Mr. Rowe without cause or he terminates with good reason, and

• the termination occurs within 24 months after a change in control of Exelon or within 18 months after a Significant Acquisition (as each is described under "—Other Change in Control Employment Agreements and Severance Plan"); or
• Mr. Rowe resigns before normal retirement because of the failure to be appointed or elected as the sole Chief Executive Officer and Chairman of the Board and as a member of the Exelon board of directors,

except that:

• instead of receiving the target annual incentive for the year in which termination occurs, Mr. Rowe will receive an annual incentive award for the year in which termination occurs, based on the higher of the prior year's annual incentive payment or the average annual incentives paid over the prior three years;
• in determining the severance payment for Mr. Rowe, the average incentive awards for three years preceding the termination will be used rather than a two year average;
• following the three-year period during which welfare benefits are continued, Mr. Rowe and his wife will be eligible to receive post-retirement health care coverage; and
• change in control benefits are not provided to Mr. Rowe for a termination of employment in the event of a Disaggregation (see "—Other Change in Control Employment Agreements and Severance Plan" for a discussion of this term).

With respect to a termination of employment during the change in control or Significant Acquisition periods described above, the following events will constitute additional grounds for termination for good reason:
 
 
154

• a good faith determination by Mr. Rowe that he is substantially unable to perform, or that there has been a material reduction in, any of his duties, functions, responsibilities or authority;
• the failure of any successor to assume his employment agreement;
• a relocation of Exelon's office by more than 50 miles; or
• a 20% increase in the amount of time that Mr. Rowe must spend traveling for business outside of the Chicago area.

Mr. Rowe is subject to confidentiality restrictions and to non-competition, non-solicitation and non-disparagement restrictions continuing in effect for two years following his termination of employment.

Employment Agreement and Share Purchase Agreement with Mr. Oliver D. Kingsley    
 
Mr. Kingsley retired on November 1, 2004 as President and Chief Operating Officer of Exelon.
 
The terms of Mr. Kingsley's employment agreement with Exelon prior to his retirement are described below.
 
Exelon and Exelon Generation entered into an amended employment agreement with Mr. Kingsley as of September 5, 2002, which restated his employment agreement with Commonwealth Edison Company in effect at the time of the merger forming Exelon and under which Mr. Kingsley agreed to serve as senior executive vice president of Exelon. Mr. Kingsley's employment agreement was further amended as of April 28, 2003, at which time he agreed to serve as President and Chief Operating Officer of Exelon.
 
Under the amended employment agreement, Mr. Kingsley's annual base salary was $850,000, and his target performance award under the annual incentive plan was 85% of his base salary, with a maximum payout of 170% of his base salary. Mr. Kingsley was eligible to participate in long-term incentive, stock option, and other equity incentive plans, savings and retirement plans and welfare plans, and to receive fringe benefits on the same basis as peer executives of Exelon. Mr. Kingsley was also entitled to 30 days of paid vacation per year.
 
In addition, Exelon will reimburse Mr. Kingsley for his daughter's medical care expenses for a 15-year period (up to $100,000 in any year) that commenced upon his retirement.
 
Mr. Kingsley received a grant of 35,000 shares of restricted stock on September 5, 2002, which accelerated upon his retirement on October 31, 2004.
 
Mr. Kingsley became eligible to elect retiree health coverage on the same terms as peer employees eligible for early retirement benefits at the time of his retirement. All restricted stock and all his stock options fully vested at the time of his retirement. Options remain exercisable until (1) the option expiration date for options granted before January 1, 2002 or (2) the earlier of the fifth anniversary of his retirement or the option's expiration date, for options granted after that date.
 
Mr. Kingsley's amended employment agreement provides for an enhanced supplemental retirement benefit determined by treating him under the SERP as if he had 30 years of service as of October 31, 2002, plus (1) one additional year each October 31 during his employment and (2) an additional year for each year during the severance period described below. Severance payments will be included in compensation under the SERP. The enhanced SERP benefits were paid to Mr. Kingsley upon his retirement.
 
Mr. Kingsley's amended employment agreement contains confidentiality requirements and also non-competition, non-solicitation and non-disparagement provisions, which are effective for two years following his retirement.
 
On November 8, 2004, Exelon entered into a share repurchase agreement with Mr. Kingsley with respect to certain shares of Exelon common stock that Mr. Kingsley held or had the right to acquire. Under the agreement, Exelon repurchased 172,765 shares of Exelon common stock held by Mr. Kingsley on November 17, 2004 for $7,032,387 and 187,235 shares of Exelon common stock held by Mr. Kingsley on February 9, 2005 for $8,297,933.
 
 
155
 
Mr. Kingsley has agreed that he will not transfer any of his remaining shares of Exelon common stock prior to May 1, 2005, that he may transfer up to 360,000 shares of Exelon common stock between May 1, 2005 and December 31, 2005, and may freely transfer any other shares after January 1, 2006. During the transfer restriction periods, the agreement does permit transfers of shares to two specified Kingsley family trusts, which would be bound by the provisions of the agreement following any such transfer.
      
(d)
Directors and Officers indebtedness to system companies.

None.

 
(e)
Directors and Officers participation in bonus and profit sharing arrangements and other benefits.

Retirement Benefit Plans

 The following tables show the estimated annual retirement benefits payable on a straight-life annuity basis to participating employees, including officers, in the earnings and year of service classes indicated, under Exelon's non-contributory retirement plans. The amounts shown in the table are not subject to any reductions for social security or other offset amounts.
 
Exelon sponsors the Exelon Corporation Retirement Program, a traditional defined benefit pension plan that covers certain management employees who commenced employment prior to January 1, 2001 and certain collective bargaining unit employees. Effective January 1, 2001, Exelon also established two cash balance defined benefit pension plans which cover management employees and certain collective bargaining unit employees hired on or after such date, as well as certain management employees hired prior to such date who elected to transfer to a cash balance plan. Each of these plans is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code.
 
Covered compensation under the plans generally includes salary and bonus which is disclosed in the Summary Compensation Table under "—Executive Compensation" for the named executive officers. The calculation of retirement benefits under the Exelon Corporation Retirement Program is based upon average earnings for the highest consecutive five-year period under the PECO Energy Company Service Annuity Benefit Formula and for the highest four-year period (three-year for certain represented employees) under the ComEd Service Annuity Benefit Formula.
 
The Internal Revenue Code limits the individual annual compensation that may be taken into account under tax-qualified retirement plan to $205,000 as of January 1, 2004 and the amount that an individual may accrue in one year under such a defined benefit plan to $165,000 as of January 1, 2004. As permitted by the Employee Retirement Income Security Act of 1974, as amended, Exelon sponsors supplemental pension plans which allow the payment to certain individuals out of its general assets of any benefits calculated under provisions of the applicable qualified pension plan which may be above these limits.
Service Annuity System Benefit Table - PECO (applicable to employees of Exelon, PECO and Generation)
 

 
 Annual normal retirement benefits based on specified years of service and earnings
  
Highest 5-year
annual earnings
 
10
years
 
15
years
 
20
years
 
25
years
 
30
years
 
35
years
 
40
years
  
$100,000
  
$
18,960
    
25,940
 
$
32,921
  
$
39,901
  
$
46,881
  
$
53,861
  
$
60,841
  
200,000
    
39,460
    
54,190
    
68,921
    
83,651
    
98,381
    
113,111
    
127,841
  
300,000
    
59,960
    
82,440
    
104,921
    
127,401
    
149,881
    
172,361
    
194,841
  
400,000
    
80,460
    
110,690
    
140,921
    
171,151
    
201,381
    
231,611
    
261,841
  
500,000
    
100,960
    
138,940
    
176,921
    
214,901
    
252,881
    
290,861
    
328,841
  
600,000
    
121,460
    
167,190
    
212,921
    
258,651
    
304,381
    
350,111
    
395,841
  
700,000
    
141,960
    
195,440
    
248,921
    
302,401
    
355,881
    
409,361
    
462,841
  
800,000
    
162,460
    
223,690
    
284,921
    
346,151
    
407,381
    
468,611
    
529,841
  
900,000
    
182,960
    
251,940
    
320,921
    
389,901
    
458,881
    
527,861
    
596,841
  
1,000,000
    
203,460
    
280,190
    
356,921
    
433,651
    
510,381
    
587,111
    
663,841
  
 
156

Service Annuity System Benefit Table - ComEd (applicable to employees of Exelon, ComEd and Generation)
 

 
 Annual normal retirement benefits based on specified years of service and earnings
  
 Highest 5-year
annual earnings
 
 10
years
 
 15
 years
 
 20
 years
  
 25
 years
  
 30
years
  
 35
 years
  
 40
years
  
$100,000
  
$
16,914
  
$
28,699
  
$
39,599
  
$
49,808
  
$
59,490
  
$
68,776
  
$
77,761
  
200,000
    
33,978
    
58,237
    
80,680
    
101,694
    
121,601
    
140,652
    
159,043
  
300,000
    
51,041
    
87,775
    
121,760
    
153,580
    
183,711
    
212,528
    
240,324
  
400,000
    
68,103
    
117,312
    
162,841
    
205,466
    
245,822
    
284,404
    
321,604
  
500,000
    
85,169
    
146,849
    
203,921
    
257,352
    
307,933
    
356,281
    
402,886
  
600,000
    
102,233
    
176,387
    
245,002
    
309,238
    
370,043
    
428,157
    
484,167
  
700,000
    
119,296
    
205,924
    
286,082
    
361,124
    
432,153
    
500,034
    
565,447
  
800,000
    
136,360
    
235,462
    
327,163
    
413,011
    
494,263
    
571,910
    
646,728
  
900,000
    
153,424
    
264,999
    
368,243
    
464,897
    
556,374
    
643,786
    
728,009
  
1,000,000
    
170,488
    
294,537
    
409,324
    
516,783
    
618,484
    
715,662
    
809,290
  

Credited Years of Service 
The executive officers who are named in the Summary Compensation Tables have the following credited years of service as of December 31, 2004 (partial years are not included):

Exelon
    
ComEd
  
John W. Rowe
26 years
  
John L. Skolds
4 years
John L. Skolds
4 years
  
John W. Rowe
26 years
Pamela B. Strobel
20 years
  
Ruth Ann Gillis
7 years
Randall E. Mehrberg
4 years
 
Frank M. Clark
39 years
Oliver D. Kingsley, Jr.
32 years
  
Oliver D. Kingsley, Jr.
32 years
         
         
GENERATION
    
PECO
  
Oliver D. Kingsley, Jr.
32 years
  
John L. Skolds
4 years
John W. Rowe
26 years
  
John W. Rowe
26 years
Christopher M. Crane
12 years
 
J. Barry Mitchell
33 years
Ian P. McLean
5 years
  
Oliver D. Kingsley, Jr.
32 years
John L. Skolds
4 years
      

With respect to executive officers’ credited years of service: Mr. Skolds will receive an additional 7 1/2 years of service upon his 5th anniversary of employment and 7 1/2 years upon his 10th anniversary; Mr. Mehrberg will receive an additional 10 years upon his 5th anniversary; and Mr. Crane will receive an additional year for each year until his 10th anniversary.

Cash Balance Pension Plan 
Mr. Shapard, Mr. Young and Mr. O’Brien participate in the Exelon Corporation Cash Balance Pension Plan. Mr. Bemis also participated in this plan. Under this plan, a notional account is established for each participant. For each active participant, the account balance grows as a result of annual benefit credits and annual investment credits.
 
Currently, the benefit credit under the plan is 5.75% of base pay and annual incentive award (subject to applicable Internal Revenue Code limit). The annual investment credit is the greater of 4% or the average for the year of the S&P 500 Index and the applicable interest rate used under Section 417(e) of the Internal Revenue Code to determine lump sums, determined as of November of such year.
 
 
157
 
Benefits are vested and nonforfeitable after completion of at least five years of service, and are payable following termination of employment. Apart from the benefit credits and vesting requirement, and as described above, years of service are not relevant to a determination of accrued benefits under the Cash Balance Pension Plan.

Other Change in Control Employment Agreements and Severance Plan   
 
Exelon has entered into change in control employment agreements with the named executive officers other than Mr. Rowe, which generally protect such executives' position and compensation levels for two years after a change in control of Exelon. Those agreements were restated and generally became effective May 1, 2004 for a period of two years, subject to an annual extension each subsequent May 1 if there has not been a change in control. Under the restated change in control employment agreements, the circumstances under which an executive can terminate employment for "good reason" are narrower and the circumstances under which Exelon can terminate the executive's employment for "cause" are broader than under the prior agreements. However, the definition of a change in control was not changed and the level of severance benefits was not reduced under the restated agreements.
 
During the 24-month period following a change in control (or during the 18-month period following another significant corporate transaction affecting the executive's business unit in which Exelon shareholders retain between 60% and 662/3% control (a "Significant Acquisition")) if a named executive officer resigns for good reason or if the executive's employment is terminated by Exelon other than for cause or disability, the executive is entitled to the following:

• the executive's target annual incentive for the year in which termination occurs;
• severance payments equal to three times the sum of (1) the executive's base salary plus (2) the higher of the executive's target annual incentive for the year of termination or the executive's average annual incentive award payments for the two years preceding the termination;
• a benefit equal to the amount payable under the SERP determined as if (1) the SERP benefit were fully vested, (2) the executive had three additional years of age and years of service (two years for executives who entered into such agreements after 2003) and (3) the severance pay constituted covered compensation for purposes of the SERP;
• a cash payment equal to the actuarial equivalent present value of the unvested portion of the executive's accrued benefits under Exelon's defined benefit retirement plan;
• all options, performance shares or units, deferred stock units, restricted stock, or restricted share units become fully vested, and options remain exercisable until (1) the option expiration date, for options granted before January 1, 2002 or (2) the earlier of the fifth anniversary of his termination date or the option's expiration date, for options granted after that date;
• life, disability, accident, health and other welfare benefit coverage continues for three years, followed by retiree health coverage if the executive has attained at least age 50 and completed at least ten years of service (or any lesser eligibility requirement then in effect for regular employees); and
• outplacement services for at least twelve months.

The change in control benefits are also provided if the executive is terminated other than for cause or disability, or terminates for good reason (1) after a tender offer or proxy contest commences, or after Exelon enters into an agreement which, if consummated, would cause a change in control, and within one year after such termination a change in control does occur, or (2) within two years after a sale or spin-off of the executive's business unit in contemplation of a change in control that actually occurs within 60 days after such sale or spin-off (a "Disaggregation").
 
 
158
 
A change in control generally occurs:

• when any person acquires 20% of Exelon's voting securities;
• when the incumbent members of the Exelon board of directors (or new members nominated by a majority of incumbent directors) cease to constitute at least a majority of the members of the Exelon board of directors;
• upon consummation of a reorganization, merger or consolidation, or sale or other disposition of at least 50% of Exelon's operating assets (excluding a transaction where Exelon shareholders retain at least 60% of the voting power); or
• upon shareholder approval of a plan of complete liquidation or dissolution.
 
"Good reason," under the change in control employment agreements generally includes any of the following occurring within 2 years after a change in control or Disaggregation or within 18 months after a Significant Acquisition:

• a material adverse reduction in salary, incentive compensation opportunity or aggregate benefits, unless such reduction is part of a policy, program or arrangement applicable to peer executives;
• failure of a successor to assume the agreement;
• a material breach of the agreement by Exelon; or
• any of the following, but only after a change in control or Disaggregation: (1) a material adverse reduction in the executive's position, duties or responsibilities (other than a change in the position or level of officer to whom the executive reports or a change that is part of a policy, program or arrangement applicable to peer executives) or (2) a required relocation by more than 50 miles.

"Cause" under the change in control employment agreements generally includes any of the following:

• refusal to perform or habitual neglect in the performance of duties or responsibilities or of specific directives of the officer to whom the executive reports which are not materially inconsistent with the scope and nature of the executive's duties and responsibilities;
• willful or reckless commission of acts or omissions which have resulted in or are likely to result in a material loss or material damage to the reputation of Exelon or any of its affiliates, or that compromise the safety of any employee;
• commission of a felony or any crime involving dishonesty or moral turpitude;
• material violation of the code of business conduct which would constitute grounds for immediate termination of employment, or of any statutory or common-law duty of loyalty; or
• any breach of the executive's restrictive covenants.

The mere occurrence of a Disaggregation is not "good reason."
 
Executives who have entered into change in control employment agreements will be eligible to receive an additional payment to cover excise taxes imposed under Section 4999 of the Internal Revenue Code on "excess parachute payments" or under similar state or local law if the after-tax amount of payments and benefits subject to these taxes exceeds 110% of the "safe harbor" amount that would not subject the employee to these excise taxes. If the after-tax amount, however, is less than 110% of the safe harbor amount, payments and benefits subject to these taxes would be reduced or eliminated to equal the safe harbor amount.
 
If a named executive officer other than Mr. Rowe resigns for good reason or is terminated by Exelon other than for cause or disability, in each case under circumstances not covered by an individual change in control employment agreement, the named executive officer may be eligible for the following non-change in control benefits under the Exelon Corporation Senior Management Severance Plan:
 
 
159

• pro-rated payment of the executive's target annual incentive for the year in which termination occurs;
• for a two-year severance period, continued payment of base salary and continued payment of annual incentive equal to the executive's target incentive for the year in which the termination occurs;
• a benefit equal to the amount payable under the SERP determined as if the severance payments were paid as ordinary base salary and annual incentive;
• for the two-year severance period, continuation of health, basic life and other welfare benefits the executive was receiving immediately prior to the severance period, followed by retiree health coverage if the executive has attained at least age fifty and completed at least ten years of service (or any lesser eligibility requirement then in effect for regular employees); and
• outplacement services for at least six months.

Payments are subject to reduction by Exelon to the extent necessary to avoid imposition of excise taxes imposed by Section 4999 of the Internal Revenue Code on "excess parachute payments" or under similar state or local law.
 
Consummation of the Merger is not a change in control and is not expected to be a Significant Acquisition under the change in control employment agreements or the Exelon Corporation Senior Management Severance Plan. However, the Exelon compensation committee recently considered changes to the Senior Management Severance Plan that would provide the following benefits to participating executives whose employment terminates in connection with the merger: (1) the executive's target annual incentive, rather than a pro-rated target annual incentive, for the year in which termination occurs, (2) use of the higher of the executive's target annual incentive in the year of termination or the executive's average annual incentives for the two years preceding termination, for purposes of determining the amount of continued annual incentive during the severance period, and (3) accelerated vesting of outstanding stock options and restricted stock awards. No such changes have been formally adopted to date, but it is currently anticipated that such changes may be adopted on or before the closing of the Merger.
 
"Good reason" is defined under the Senior Management Severance Plan as either of the following:

• a material reduction of the executive's salary, incentive compensation opportunity or aggregate benefits unless such reduction is part of a policy, program or arrangement applicable to peer executives of Exelon or of the business unit that employs the executive; or
• a material adverse reduction in the executive's position or duties (other than a change in the position or level of officer to whom the executive reports) that is not applicable to peer executives of Exelon or of the business unit that employs the executive, but excluding any change (1) resulting from a reorganization or realignment of all or a significant portion of the business, operations or senior management of Exelon or of the business unit that employs the executive or (2) that generally places the executive in substantially the same level of responsibility.

The definition of "cause" under the Senior Management Severance Plan is the same as the definition of such term under the restated individual change in control employment agreements.


Report of the Exelon Compensation Committee
 
ComEd, PECO and Generation are controlled subsidiaries of Exelon and as such do not have compensation committees. Instead, that function is fulfilled for ComEd, PECO and Generation by the compensation committee of the Exelon board of directors. The following is the report of the Exelon compensation committee.
 
 
160
 
Compensation Philosophy   
 
Exelon's executive compensation program is designed to motivate and reward senior management for achieving high levels of business performance and outstanding financial results. In 2004, Exelon continued to reward executives on the basis of compensation that is benchmarked with the best practices of high performing energy services companies and general industry firms. This philosophy reflects a commitment to attracting and retaining key executives to ensure continued focus on achieving long-term growth in shareholder value.
 
The Exelon compensation committee (the "Committee"), composed entirely of independent directors, is responsible for administering executive compensation programs, policies and practices. Exelon's executive compensation program comprises three elements:
 
 
•
base salary;
 
•
annual incentives; and
 
•
long-term incentives.
 
These components balance short-term and longer range business objectives and align executive financial rewards with those of Exelon's shareholders.

Factors Considered in Determining Overall Compensation  
  
The Committee commissioned a study of compensation programs in the fall of 2004. This analysis was conducted by a leading independent management compensation consulting firm and included an assessment of business plans, strategic goals, peer companies and competitive compensation levels benchmarked with the external market.
 
The study results indicated that the mix of compensation components (i.e., salary, annual and long-term incentives) is effectively aligned with the best practices of the external market. Exelon's pay-for-performance philosophy places an emphasis on pay-at-risk. Pay will exceed market levels when excellent performance is achieved. Failure to achieve target goals will result in below market pay.
 
How Base Salary is Determined    
 
Base salaries for Exelon's executives are determined based on individual performance with reference to the salaries of executives in similar positions in general industry, and where appropriate, the energy services sector. Executive salaries are targeted to approximate the median (50th percentile) salary levels of the companies identified and surveyed.

Mr. Rowe's 2004 Base Salary    
 
The independent directors of the Exelon board of directors, on the recommendations of the Committee and the Exelon corporate governance committee, determined Mr. Rowe's base salary for serving as the Chief Executive Officer by considering:
 
 
•
a review of benchmark levels of base pay, which were provided by independent consulting firms;
 
•
performance achieved against financial and operational goals; and
 
•
the implementation of Exelon's strategic plans.
 
Mr. Rowe's annualized base salary was increased to $1,250,000 effective March 1, 2004.

Other Named Executives' 2004 Base Salaries    
 
The base salaries of the other named executive officers listed in the Summary Compensation Table under "—Executive Compensation" were determined based upon individual performance and by considering comparable compensation data from the industry surveys referred to above.
 
 
161

How 2004 Annual Incentives are Determined    
 
Exelon establishes corporate and business unit measures each year which are based on factors necessary to achieve strategic business objectives. These measures are incorporated into financial, customer and internal indicators designed to measure corporate and business unit performance.
 
The annual incentive awards paid to Exelon executives for 2004 were determined in accordance with the Exelon incentive programs. Generally, annual incentives were paid to executives based on a combination of the achievement of pre-determined corporate and business unit-specific measures and individual performance. The incentive plan was designed to tie executive annual incentives to the achievement of key goals of Exelon and, as applicable, the executive's particular business unit.
 
For 2004, the annual incentive payments to Mr. Rowe and each of nine other senior executives was funded from a hypothetical incentive pool established by the Exelon board of directors under a shareholder-approved plan which is intended to comply with Section 162(m) of the Internal Revenue Code. The incentive pool was funded with 1.5% of Exelon's operating income. The Exelon board of directors determined a lesser award based on the achievement of earnings per share for Mr. Rowe in the amount of $1,675,000.

Mr. Rowe's 2004 Annual Incentive   
 
The Committee and the Exelon board of directors exercised negative discretion to approve an annual incentive of $1,675,000 for Mr. Rowe consistent with the methodology used to determine the awards payable to other employees based on Exelon's earnings per share.
 
In evaluating Mr. Rowe's performance, the directors also considered the leadership demonstrated in positioning Exelon for the future.

Other Named Executive Officers' 2004 Annual Incentives   
 
The final 2004 incentive plan payouts as approved by the Committee for the other named executive officers listed in the Summary Compensation Table under "—Executive Compensation" also reflect the Committee's exercise of negative discretion and were determined consistent with the methodology used to determine the awards payable to other employees based on Exelon's earnings per share and also reflect each individual's performance.

How Compensation is Used to Focus Management in Long-Term Value Creation    
 
Exelon established a long-term incentive program that includes a combination of non-qualified stock options (60%) and performance shares (40%). Exelon granted long-term incentives in the form of stock options to key management employees, including the named executive officers, effective January 26, 2004. The purpose of stock options is to align compensation directly to increases in shareholder value. Individuals receiving stock options are provided the right to buy a fixed number of shares of Exelon common stock at the closing price of such stock on the grant date. Options typically vest over a four-year period and have a term of ten years.

Stock Option Awards   
 
Mr. Rowe received a grant of 400,000 non-qualified stock options on January 26, 2004. Other senior executives received grants on January 26, 2004 to motivate them to achieve stock appreciation in support of shareholder value.

Exelon Performance Share Awards   
 
Long-term incentives were awarded in the form of restricted stock to retain key executives engaged in positioning Exelon. Awards were determined based upon the successful completion of strategic goals designed to achieve long-term business success and increased shareholder value. Depending on Exelon's performance each year, the Committee could award performance shares with prohibitions on sale or transfer until the restrictions lapse.
 
 
162
 
Performance shares are paid in shares of Exelon common stock: 33% vest upon the award date, 33% vest the following year and 33% vest the year after that.
The 2004 Long-Term Performance Share Program was based on Total Shareholder Return ("TSR"), comparing Exelon to companies listed on the Dow Jones Utility Index and the Standard and Poor's 500 Index using a three-year TSR compounded monthly. The other component in determining the award was 2004 cash savings from The Exelon Way initiative.
 
The Exelon board of directors approved Mr. Rowe's Performance Share Award of 116,662 shares. Beginning in 2004, executives were permitted to receive earned awards in stock and cash if they achieved 125% of their stock ownership requirement. Mr. Rowe exceeded the 125% of stock ownership (five times base salary) and opted for the payment in stock and cash. All other executives named also received Performance Share Awards in a similar manner.
 
Senior management recommended and the Exelon board of directors approved a modest reduction to the 2004 Long-Term Performance Share Award Program of 10% for the Chairman and Chief Executive Officer and 5% for all other participants. This award reduction partially offset the expense associated with a one-time payment made to non-executive employees to assist them with the cost of medical plan charges in 2005.

Ability to Deduct Executive Compensation    
 
Under Section 162(m) of the Internal Revenue Code, executive compensation in excess of $1 million paid to a chief executive officer or other person among the four other highest compensated officers is generally not deductible for purposes of corporate Federal income taxes. However, "qualified performance-based compensation" within the meaning of Section 162(m) of the Internal Revenue Code and applicable regulations remains deductible. The Committee intends to continue reliance on performance-based compensation programs, consistent with sound executive compensation policy. Such programs will be designed to fulfill, in the best possible manner, future corporate business objectives. The Committee's policy has been to seek to cause executive incentive compensation to qualify as "performance-based" in order to preserve its deductibility for Federal income tax purposes to the extent possible without sacrificing flexibility in designing appropriate compensation programs.
 
For 2004, the Committee approved an annual incentive award plan design that provided for the final awards paid to named executive officers to qualify as performance-based compensation under Section 162(m) of the Internal Revenue Code.

Exelon Compensation Committee
Edward A. Brennan, Chair
M. Walter D'Alessio
Rosemarie B. Greco
Ronald Rubin
Richard L. Thomas


(f)
Directors and Officers rights to indemnity. The state laws under which each of the companies is incorporated provide broadly for indemnification of directors and officers against claims and liabilities against them in their capacities as such. Each of the companies' charters or by-laws also provides for indemnification of directors and officers. In addition, directors and executive officers of Exelon and all subsidiary companies are insured under directors' and officers' liability policies.


163


ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS
 

Item 1.
Political Contributions.
   
 
None
   
 
Several System Companies have established separate segregated funds known as political action committees, established pursuant to the Federal Election Campaign Act, in soliciting employee participation in Federal, state and local elections.
   
Item 2.
Citizens Groups and Public Relations.
   
 
Contributions were made to various chambers of commerce, industry groups, and other groups for civic purposes.
 

ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS

Part I. INTERCOMPANY SALES AND SERVICE


Company
Company
      
In Effect
Providing
Receiving
   
Date of
At End
Services
Services
Services
Amount
Contract
Of Year
Commonwealth Edison Company
AmerGen, LLC
Claims Services
$ 2,889
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Business Services Company
Claims Services
12,806
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Business Services Company
Legislative Services
25,556
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Business Services Company
Office of the President / Other Support Services
26,048
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Business Services Company
Communications Services
46,291
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Business Services Company
Financial Services
64,327
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Business Services Company
Fleet Services
91,448
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Business Services Company
Offsite Facility Usage Rental
302,153
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Business Services Company
Information Technology Services
404,335
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Business Services Company
Real Estate & Facility Services
450,732
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Business Services Company
Printing, mail, copying etc
1,208,086
01/01/04
Yes
 
 
 
164
 
 
 
           
Commonwealth Edison Company
Exelon Corporation
PSEG merger
214,912
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Delivery Shared Service
Claims Services
1,196
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Delivery Shared Service
Fleet Services
38,043
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Delivery Shared Service
Real Estate & Facility Services
46,206
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Delivery Shared Service
Offsite Facility Usage Rental
74,511
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Delivery Shared Service
Financial Services
127,559
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Enterprises Company, LLC
Real Estate & Facility Services
2,142
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Enterprises Company, LLC
Offsite Facility Usage Rental
13,196
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Enterprises Company, LLC
Office of the President / Other Support Services
27,579
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Financial Services
10,094
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Real Estate & Facility Services
19,721
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Legislative Services
29,379
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Engineering Services
45,005
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Marketing Services/Tech Services
79,707
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Claims Services
105,547
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Offsite Facility Usage Rental
130,618
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Central Mapping (Blueprints)
170,840
01/01/04
Yes
 
 
165
 
 
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Information Technology Services
226,587
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Printing, mail, copying etc
355,420
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Interconnection Installation
383,974
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Fleet Services
386,187
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Interconnection Maintenance
3,861,781
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Generation Company, LLC
Equipment Maintenance
5,464,349
01/01/04
Yes
           
Commonwealth Edison Company
Exelon PowerLabs, LLC
Fleet Services
4,701
01/01/04
Yes
           
Commonwealth Edison Company
Exelon Services Federal Group, Inc.
Management fee
124,000
01/01/04
Yes
           
Commonwealth Edison Company
PECO Energy Company
Engineering Services
4,536
01/01/04
Yes
           
Commonwealth Edison Company
PECO Energy Company
Central Mapping (Blueprints)
5,428
01/01/04
Yes
           
Commonwealth Edison Company
PECO Energy Company
Office of the President / Other Support Services
6,447
01/01/04
Yes
           
Commonwealth Edison Company
PECO Energy Company
Marketing Services
8,353
01/01/04
Yes
           
Commonwealth Edison Company
PECO Energy Company
Research & Development Services
111,994
01/01/04
Yes
           
Commonwealth Edison Company
PECO Energy Company
Engineering Services - Transmission Study
133,289
01/01/04
Yes
           
Commonwealth Edison Company
PECO Energy Company
Information Technology Services
420,263
01/01/04
Yes
           
Commonwealth Edison Company
PECO Energy Company
Engineering Services - Material Condition Assessment
1,030,747
01/01/04
Yes
 
 
 
166
 
 
           
Commonwealth Edison Company
Susquehanna Electric Company
Fleet Services
5,024
01/01/04
Yes
           
Commonwealth Edison Company
Susquehanna Electric Company
Financial Services
8,669
01/01/04
Yes
           
Exelon Enterprises Company, LLC.
Exelon Services, Inc.
Administrative and general
13,926
01/01/01 
Yes
           
Exelon Enterprises Company, LLC.
Exelon Services, Inc.
Executive salaries
757,912
01/01/01 
Yes
           
Exelon Enterprises Company, LLC.
Exelon Thermal Development Inc.
Administrative and general
27,901
01/01/01 
No
           
Exelon Enterprises Company, LLC.
Exelon Thermal Development Inc.
Executive salaries
328,307
01/01/01 
No
           
Exelon Generation Company, LLC
AmerGen Energy Company
Operational and back-office support
101,025,931
12/11/03
Yes
           
Exelon Generation Company, LLC
Commonwealth Edison Company
Zion U-1 and U-2 synchronous condensers
2,165,080
01/01/04
Yes
           
Exelon Generation Company, LLC
PECO Energy Company
Operation and maintenance of 25 cycle frequency converters
2,110,745
01/01/04
Yes
           
Exelon Services Federal Group
Commonwealth Edison Company
Maintenance & Construction Services
405,116
01/01/04
No
           
Exelon Services Federal Group
PECO Energy Company
Construction Project Mgmt
2,606,266
01/01/04
No
           
Exelon Services, Inc.
Commonwealth Edison Company
Maintenance & Construction Services
17,203
01/01/04
No
           
Exelon Services, Inc.
Commonwealth Edison Company
Security System
42,464
01/01/04
No
 
 
 
167
 
 
           
Exelon Services, Inc.
Exelon Business Services Company
Construction Services
240,154
04/01/01 
No
           
Exelon Services, Inc.
Exelon Energy Company
Facility and IT Charges
361,103
05/01/01
No
           
Exelon Services, Inc.
Exelon Enterprises, Company, LLC
Facility and IT Charges
84,217
9/25/2002
No
           
Exelon Services, Inc.
PECO Energy Company
Security System
27,376
01/01/04
No
           
Exelon Services, Inc.
Exelon Business Services Company
Security System
94,194
04/01/01
No
           
Exelon Thermal Development Inc.
Northwind Aladdin, LLC
Plant Operators
148,000
01/01/2001
No
           
Exelon Thermal Technologies Inc.
Northwind Aladdin, LLC
Administrative and general
10,000
03/18/1998
No
           
Exelon Thermal Technologies Inc.
Northwind Aladdin, LLC
Plant operators
148,000
03/18/1998
No
           
Exelon Thermal Technologies Inc.
Northwind Chicago, LLC
Administrative and general
3,000
05/19/2000
No
           
Exelon Thermal Technologies Inc.
Northwind Chicago, LLC
Rent
53,500
05/19/2000
No
           
Exelon Thermal Technologies Inc.
Northwind Chicago, LLC
Plant operators
230,000
05/19/2000
No
           
Exelon Thermal Technologies Inc.
Northwind Chicago, LLC
District cooling
510,000
05/19/2000
No
           
Exelon Thermal Technologies Inc.
Northwind Midway, LLC
Administrative and general
1,000
6/25/1999
No
           
Exelon Thermal Technologies Inc.
Northwind Midway, LLC
Plant operators
320,000
06/25/1999
No
           
Northwind Chicago LLC
Exelon Thermal Technologies Inc.
Chilled water
2,328,000
10/01/1999
No
           
PECO Energy
Exelon Corporate
PSE&G Merger
27,259
01/01/04
Yes
           
PECO Energy Company
Adwin Realty Company
Real Estate Purchase and Lease Trans
18,774
01/01/04
Yes
           
PECO Energy Company
Commonwealth Edison Company
Environmental & Lab Services
21,638
01/01/04
Yes
           
PECO Energy Company
Commonwealth Edison Company
IT Services - Shared services
230,953
01/01/04
Yes
           
PECO Energy Company
Exelon Business Services Company
Purchase of Materials / Logistics
3,150
01/01/04
Yes
           
PECO Energy Company
Exelon Business Services Company
Purchase / Lease / Maintain Vehicles
39,651
01/01/04
Yes
 
 
 
168
 
 
           
PECO Energy Company
Exelon Business Services Company
Real Estate Purchase & Lease Trans
2,088,452
01/01/04
Yes
           
PECO Energy Company
Exelon Enterprises Company, LLC
Purchase of Materials / Logistics
373
01/01/04
Yes
           
PECO Energy Company
Exelon Enterprises Company, LLC
Purchase / Lease / Maintain Vehicles
6,622
01/01/04
Yes
           
PECO Energy Company
Exelon Enterprises Company, LLC
Real Estate Purchase & Lease Trans
94,764
01/01/04
Yes
           
PECO Energy Company
Exelon Generation Company
Transmission Planning Consulting Services
5,538
01/01/04
Yes
           
PECO Energy Company
Exelon Generation Company
Legislative Services
17,959
01/01/04
Yes
           
PECO Energy Company
Exelon Generation Company
Meter work performed at various site locations
21,010
01/01/04
Yes
           
PECO Energy Company
Exelon Generation Company
Environmental & Lab Services
48,612
01/01/04
Yes
           
PECO Energy Company
Exelon Generation Company
Purchase of Materials / Logistics
106,207
01/01/04
Yes
           
PECO Energy Company
Exelon Generation Company
Real Estate Purchase & Lease Trans
147,216
01/01/04
Yes
           
PECO Energy Company
Exelon Generation Company
Claims Processing
218,963
01/01/04
Yes
           
PECO Energy Company
Exelon Generation Company
Purchase / Lease / Maintain Vehicles
358,571
01/01/04
Yes
           
PECO Energy Company
Exelon Generation Company
Technical Support
518,000
01/01/04
Yes
           
PECO Energy Company
Exelon Power Labs
Rubber Testing Services
4,686
01/01/04
Yes
           
PECO Energy Company
Exelon Services Federal Group, Inc.
Design study
7,000
01/01/04
Yes

 
 
169
 


Part II.
The System companies had no contracts to purchase services or goods during 2003 from any affiliate (other than a System company) or from a company, in which any officer or director of the receiving company is a partner or owns 5 percent of more of any class of equity securities, except as reported in Item 6.
   
Part III.
The System companies do not employ any other person for the performance on a continuing basis of management, supervisory or financial advisory services.

ITEM 9.
WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES

Required information for investment in wholesale generation and foreign utility
companies as of December 31, 2004.

PART I  
(a)
Company name, business address, facilities and interest held.
(b)
Capital invested, recourse debt, guarantees and transfer of assets and affiliates.
(c)
Ratio of debt to common equity and earnings.
(d)
Contracts for services, sales or construction with affiliates.

Exelon does not have any investments in foreign utility companies. Investments in EWGs are addressed below.

1
a)
Sithe Energies, Inc. (Sithe).
   
335 Madison Avenue, 28th Fl. New York, New York 10017.
   
Owns and operates power generators in North America with a net generation capacity of 638 MWs.
   
Genco indirectly owned 50% of Sithe at December 31, 2004. On January 31, 2005, Exelon disposed of its interest in Sithe.
     
 
b)
Capital invested -
     
   
Information on the capital investment is filed herewith confidentially on Form SE.
     
   
Sithe debt for which there is recourse to Exelon or the system companies None.
     
   
Guarantees by the registered holding company: $145 million for equity and letters of credit.
     
   
Transfer of assets from an affiliate to Sithe - None.
     
 
c)
Ratio of debt to common equity - .5 to 1.
 
 
170
 
     
   
Earnings - Information on earnings is filed herewith confidentially on Form SE.
     
 
d)
Contracts with affiliates -
   
Under a service agreement dated December 18, 2000, Genco provides certain engineering and environmental services for fossil facilities owned by Sithe and for certain developmental projects. Generation is compensated for these services at cost. In 2004, these services amounted to $1 million.
     
   
Under a service agreement dated December 18, 2000, Sithe provides Generation certain fuel and project development services. Sithe is compensated for these services at cost. In 2004, Sithe did not provide these services to Genco.
     
    Power purchase sales agreement with Genco, as amended. Value of sales at cost, $13 million. 
     
2
a)
AmerGen Energy Company, L.L.C. (AmerGen)
     
   
200 Exelon Way, Suite 345 Kennett Square, Pennsylvania 19348.
   
Owns and operates Clinton Nuclear Power Station, Three Mile Island Unit No. 1 Nuclear Generating Facility, and Oyster Creek Nuclear Generation Facility with an aggregate capacity of 2,492 MW.
     
   
Genco owns 100% of AmerGen.
     
 
b)
Capital invested - Information on the capital investment is filed herewith confidentially on Form SE.
     
   
AmerGen debt for which there is recourse to Exelon or the system companies - $33 million.
     
   
Guarantees by the registered holding company - Genco has agreed to provide up to $200 million to AmerGen at any time for operating expenses. Exelon anticipates that Genco’s capital expenditures will be funded by internally generated funds, Genco borrowings or capital contributions from Exelon.
   
Transfer of assets from an affiliate to AmerGen - None.
     
 
c)
Ratio of debt to common equity - 0.04 to 1.
     
   
Earnings - Information on earnings is filed herewith confidentially on Form SE.
 
 
171
 
     
   
Contracts with affiliates -
     
 
d)
AmerGen receives services from Exelon Generation including engineering, regulatory support, systems integration, accounting and general services. Exelon Generation provides operation and support services to the nuclear facilities owned by AmerGen pursuant to a Service Agreement dated as of March 1, 1999. This service agreement has an indefinite term and may be terminated by Genco or by AmerGen on 90 days notice. Generation is compensated for these services at cost. Genco provided AmerGen with services valued at $20 million, pursuant to the Service Agreement.
     
   
Generation entered into PPAs dated June 26, 2003, December 18, 2001 and November 22, 1999 with AmerGen. Generation agreed to purchase 100% of the energy generated by Oyster Creek through April 9, 2009. Generation agreed to purchase from AmerGen all the energy from Unit No. 1 at Three Mile Island Nuclear Station from January 1, 2002 through December 31, 2014. Generation agreed to purchase all of the residual energy from Clinton not sold to Illinois Power through December 31, 2004. Currently, the residual output is approximately 31% of the total output of Clinton. Value of sales at cost, $446 million.
     
3
a)
ExTex LaPorte Limited Partnership (ExTex)
     
   
300 Exelon Way, Kennett Square, PA 19348.
     
   
ExTex owns a 160-MW peaking plant in LaPorte, Texas, which commenced operation in 2001.
     
   
Exelon Peaker Development Limited, LLC and Exelon Peaker Development General, LLC. own 99% and 1%, respectively, of ExTex.
     
   
On April 25, 2002, Genco acquired two natural-gas and oil-fired plants from TXU Corp. (TXU) for an aggregate purchase price of $443 million. The purchase included the 893-megawatt Mountain Creek Steam Electric Station in Dallas and the 1,441-megawatt Handley Steam Electric Station in Fort Worth.
     
 
b)
Capital invested - Information on the capital investment is filed herewith confidentially on Form SE.
 
 
172
 
 
     
   
ExTex debt for which there is recourse to Exelon or the system companies - None.
     
   
Guarantees by the registered holding company - None.
     
   
Transfer of assets from an affiliate to ExTex - None.
     
 
c)
Ratio of debt to common equity: 3.2 to 1.
     
   
Earnings - Information on earnings is filed herewith confidentially on Form SE.
     
 
d)
Contracts with affiliates -
     
   
ExTex receives from Genco engineering, management and general services. These services, $3 million, were provided at cost.
     
4
a)
Exelon Wyman, LLC
     
   
300 Exelon Way, Kennett Square, PA 19348.
   
Owns and operates a 36MW power station in Yarmouth, ME.
     
 
b)
Capital invested - Information on the capital investment is filed herewith confidentially on Form SE.
   
Debt for which there is recourse to Exelon or the system companies - None.
     
   
Guarantees by the registered holding company - None.
     
 
c)
Ratio of debt to common equity:
   
Exelon Wyman, LLC has no debt
     
 
d)
Earnings - Information on earnings is filed herewith confidentially on Form SE.
     
   
Exelon Wyman, LLC receives services from Exelon Generation including administrative, management, and power marketing and procurement services pursuant to a Master Services Agreement dated as of November 1, 2002 ("Master Services Agreement"). Exelon Generation is compensated for these services at cost.
     
   
Pursuant to a series of Operating and Maintenance Agreements, ENEH Services, LLC provide various operating and maintenance services.
     
    Purchase power sales agreement with Genco. Value of sales at cost: $2 million. 
     
5
a)
Exelon Framingham, LLC
     
   
300 Exelon Way, Kennett Square, PA 19348.
 
 
173
 
     
   
Owns and operates a 30 MW power station in Framingham, MA.
     
 
b)
Capital invested - Information on the capital investment is filed herewith confidentially on Form SE.
   
Debt for which there is recourse to Exelon or the system companies - None.
     
   
Guarantees by the registered holding company - None.
     
 
c)
Ratio of debt to common equity:
   
Exelon Framingham, LLC has no debt
     
 
d)
Earnings - Information on earnings is filed herewith confidentially on Form SE.
     
   
Exelon Framingham, LLC receives services from Exelon Generation including administrative, management, and power marketing and procurement services pursuant to a Master Services Agreement dated as of November 1, 2002 ("Master Services Agreement"). Exelon Generation is compensated for these services at cost.
     
   
Pursuant to a series of Operating and Maintenance Agreements, ENEH Services, LLC provide various operating and maintenance services.
     
    Purchase power sales agreement with Genco. Value of sales at cost: $1 million. 
     
6
a)
Exelon West Medway, LLC
     
   
300 Exelon Way, Kennett Square, PA 19348.
     
   
Owns and operates a 110 MW power station in West Medway, MA.
     
 
b)
Capital invested - Information on the capital investment is filed herewith confidentially on Form SE.
   
Debt for which there is recourse to Exelon or the system companies - None.
     
   
Guarantees by the registered holding company - None.
     
 
c)
Ratio of debt to common equity:
   
Exelon West Medway, LLC has no debt.
     
 
d)
Earnings - Information on earnings is filed herewith confidentially on Form SE.
 
 
174
 
 
     
   
Exelon West Medway, LLC receives services from Exelon Generation including administrative, management, and power marketing and procurement services pursuant to a Master Services Agreement dated as of November 1, 2002 ("Master Services Agreement"). Exelon Generation is compensated for these services at cost.
     
   
Pursuant to a series of Operating and Maintenance Agreements, ENEH Services, LLC provide various operating and maintenance services.
     
    Purchase power sales agreement with Genco. Value of sales at cost: $4 million. 
     
7
a)
Exelon New Boston, LLC
     
   
300 Exelon Way, Kennett Square, PA 19348.
     
   
Owns and operates two power stations with a total of 366MWs in South Boston, MA.
     
 
b)
Capital invested - Information on the capital investment is filed herewith confidentially on Form SE.
     
   
Debt for which there is recourse to Exelon or the system companies - None.
     
   
Guarantees by the registered holding company - None.
     
 
c)
Ratio of debt to common equity:
     
   
Exelon New Boston, LLC has no debt.
     
 
d)
Earnings - Information on earnings is filed herewith confidentially on Form SE.
     
   
Exelon New Boston, LLC receives services from Exelon Generation including administrative, management, and power marketing and procurement services pursuant to a Master Services Agreement dated as of November 1, 2002 ("Master Services Agreement"). Exelon Generation is compensated for these services at cost.
     
   
Pursuant to a series of Operating and Maintenance Agreements, ENEH Services, LLC provide various operating and maintenance services.
     
    Purchase power sales agreement with Genco. Value of sales at cost: $41 million. 
     
8
a)
Exelon Edgar, LLC
     
   
300 Exelon Way, Kennett Square, PA 19348.
     
   
Inactive.
 
 
175
 
 
     
 
b)
Capital invested - NA.
     
   
Debt for which there is recourse to Exelon or the system companies - NA.
     
   
Guarantees by the registered holding company - NA.
     
 
c)
Ratio of debt to common equity: NA.
     
 
d)
Earnings - Information on earnings is filed herewith confidentially on Form SE.
     
9
a)
Southeast Chicago Energy Project, LLC
     
   
300 Exelon Way, Kennett Square, PA 19348.
     
   
Owns and operates gas peaking units in Chicago Illinois with a net generation capacity of 222 MW.
     
   
Genco owns 100 % of Southeast Chicago.
     
 
b)
Capital invested - Information on the capital investment is filed herewith confidentially on Form SE.
     
   
Debt for which there is recourse to Exelon or the system companies - None.
     
   
Guarantees by the registered holding company - None.
     
   
Transfer of assets from an affiliate - None.
     
 
c)
Ratio of debt to common equity - No debt.
     
   
Earnings - Information on earnings is filed herewith confidentially on Form SE.
     
 
d)
Contracts with affiliates. Power purchase sales agreement with Genco, as amended. Value of sales at cost: $32 million.
     
10
a)
Susquehanna Power Company
     
   
300 Exelon Way, Kennett Square, PA 19348.
     
   
Owns Maryland part of the 514 MW Conowingo Hydroelectric Project, a generating facility located on the Susquehanna River in Pennsylvania and Maryland.
 
 
176
 
 
     
   
PECO Energy Power Company owns 100 % of Susquehanna Power Company.
     
 
b)
Capital invested - Information on the capital investment is filed herewith confidentially on Form SE.
   
Debt for which there is recourse to Exelon or the system companies - None.
     
   
Guarantees by the registered holding company - None.
     
   
Transfer of assets from an affiliate - None.
     
 
c)
Ratio of debt to common equity - No debt.
     
   
Earnings - Information on earnings is filed herewith confidentially on Form SE.
     
 
d)
Contracts with affiliates - Under the terms of contract dating from 1926 with Susquehanna Power Company ("SPCo"), PECO Energy Power Company ("PEPCo") committed to make available its portion of the Conowingo Reservoir to SPCo for the development and operation of the Conowingo Hydroelectric Project ("Project"). The ownership of the Project is divided between SPCo and PEPCo, and both companies are co-licensees of the Project's hydro license. Pursuant to a lease executed in 1926 with SPCo, Susquehanna Electric Company ("SECo") operates the dam and powerhouse. Value of sales at cost was $23 million.
     
11
a)
Susquehanna Electric Company
     
   
300 Exelon Way, Kennett Square, PA 19348.
     
   
Leases and operates the Conowingo hydroelectric project; sells bulk power only to Genco; does not serve the public.
     
   
Genco owns 100 % of Susquehanna Electric Company.
     
 
b)
Capital invested - Information on the capital investment is filed herewith confidentially on Form SE.
     
   
Debt for which there is recourse to Exelon or the system companies - None.
     
   
Guarantees by the registered holding company - None.
     
   
Transfer of assets from an affiliate - None.
     
 
c)
Ratio of debt to common equity - No debt.
     
   
Earnings - Information on earnings is filed herewith confidentially on Form SE.
     
 
d)
Contracts with affiliates - Under a series of interrelated agreements executed concurrently in 1926, SPCo has leased to SECo that portion of the Project that is located in Maryland, as well as the rights that SPCo has to that portion of the Project lying in Pennsylvania. The Project is jointly owned by SPCo and PEPCo. Pursuant to the terms of a 1926 operating agreement, SECo operates the Project's generating facilities, maintains the reservoir and shoreline; and sells the energy produced therefrom at wholesale to Exelon Generation. Value of sales at cost was $34 million.
 
 
177
 
 
 
     
12
a)
PECO Energy Power Company
     
   
300 Exelon Way, Kennett Square, PA 19348.
     
   
Owns Pennsylvania part of Conowingo project. See Susquehanna Power Company.
     
   
Genco owns 100 % of Susquehanna Electric Company.
     
 
b)
Capital invested - Information on the capital investment is filed herewith confidentially on Form SE.
   
Debt for which there is recourse to Exelon or the system companies - None.
     
   
Guarantees by the registered holding company - None.
     
   
Transfer of assets from an affiliate - None.
     
 
c)
Ratio of debt to common equity - No debt.
     
   
Earnings - Information on earnings is filed herewith confidentially on Form SE.
     
 
d)
Contracts with affiliates - Under the terms of one of a series of agreements dating from 1926 and relating to the Project, PEPCo committed to make its portion of the Conowingo Reservoir available to SPCo for the development and operation of the Project. Pursuant to a lease between SPCo and SECo, and an operating agreement between SECo and a predecessor company to Exelon Generation, SECo operates the dam and powerhouse, maintains the reservoir and shoreline, and sells the Project's electrical output exclusively at wholesale to Exelon Generation. Value of sales at cost $24 million.
     
13
a)
Sithe International, Inc.
     
   
300 Exelon Way, Kennett Square, PA 19348.
     
   
Owns an indirect interest in two 230 MW power plants located in Mexico.
     
   
TEG Holdings, LLC owns 100 % of Sithe International, Inc. TEG Holdings is owned 100% by Generation.
     
 
b)
Capital invested - Information on the capital investment is filed herewith confidentially on Form SE.
   
Debt for which there is recourse to Exelon or the system companies - None.
     
   
Guarantees by the registered holding company - None.
     
   
Transfer of assets from an affiliate - None.
     
 
c)
Ratio of debt to common equity - No debt.
 
 
 
178
 
 
     
   
Earnings - Information on earnings is filed herewith confidentially on Form SE.
     
 
d)
Contracts with affiliates - None.
 
Part II
 
See Exhibit G for an organization chart showing the relationship of each EWG to other system companies.
 
Part III
 
Registered holding company's aggregate investment in EWGs: $2,178 million.
 
Registered holding company's aggregate investment in foreign utility companies: $-0-.
 
Ratio of aggregate investment to the aggregate investment of the registered holding company in its domestic public utility subsidiary companies: .25 to 1.

 ITEM 10.
FINANCIAL STATEMENTS AND EXHIBITS

Consolidating income statements, balance sheets, cash flows and changes in retained earnings are filed herewith confidentially pursuant to 17 CFR ss. 250.104 under the Public Utility Holding Company Act of 1935.

FINANCIAL STATEMENTS

Exelon Corporation and Subsidiaries

Notes to Financial Statements
Reference is made to "Notes to Consolidated Financial Statements" contained in Exelon's 2004 10-K, which information is incorporated by reference.
 
 

 
179
 
EXHIBITS

The following exhibits are incorporated by reference to the indicated SEC file number, unless an asterisk appears next to the exhibit reference. A single asterisk indicates exhibits which are filed herewith.

EXHIBIT
NUMBER             DESCRIPTION

A.   ANNUAL REPORTS FILED UNDER THE SECURITIES AND EXCHANGE ACT OF 1934
 
A.1
2004 Annual Report on Form 10-K for Exelon, ComEd, PECO and Generation File Nos. 01-16169, 01-1839, 01-01401 and 333-85496 respectively.
   

B.   CHARTERS, ARTICLES OF INCORPORATION, TRUST AGREEMENTS, BY-LAWS, AND OTHER FUNDAMENTAL DOCUMENTS OF ORGANIZATION

 

180


 
Exelon 10-K
Exhibit No. 
Description
   
3-1
Articles of Incorporation of Exelon Corporation (Registration Statement No. 333-37082, Form S-4, Exhibit 3-1).
   
3-2
Amendment to Articles of Incorporation of Exelon Corporation (File No. 1-16169, Form 10-Q for the quarter ended June 30, 2004, Exhibit 3-1).
   
3-3
Amended and Restated Bylaws of Exelon Corporation, adopted January 27, 2004 (File No. 1-16169, 2003 Form 10-K Exhibit 3-2).
   
3-4
Amended and Restated Articles of Incorporation of PECO Energy Company (File No. 1-01401, 2000 Form 10-K, Exhibit 3-3).
   
3-5
Bylaws of PECO Energy Company, adopted February 26, 1990 and amended January 26, 1998 (File No. 1-01401, 1997 Form 10-K, Exhibit 3-2).
   
3-6
Restated Articles of Incorporation of Commonwealth Edison Company effective February 20, 1985, including Statements of Resolution Establishing Series, relating to the establishment of three new series of Commonwealth Edison Company preference stock known as the “$9.00 Cumulative Preference Stock,” the “$6.875 Cumulative Preference Stock” and the “$2.425 Cumulative Preference Stock” (File No. 1-1839, 1994 Form 10-K, Exhibit 3-2).
   
3-7
Bylaws of Commonwealth Edison Company, effective September 2, 1998, as amended through October 20, 2000 (File No. 1-1839, 2000 Form 10-K, Exhibit 3-6).
   
3-8
Certificate of Formation of Exelon Generation Company, LLC (Registration Statement No. 333-85496, Form S-4, Exhibit 3-1).
   
3-9
First Amended and Restated Operating Agreement of Exelon Generation Company, LLC executed as of January 1, 2001 (File No. 333-85496, 2003 Form 10-K, Exhibit 3-8). 
   
   
C. (a)
The indentures or other fundamental documents defining the rights of holders of funded debt listed below are incorporated by reference:
   
Exelon 10-K
  
Exhibit No.
Description
   
4-1
First and Refunding Mortgage dated May 1, 1923 between The Counties Gas and Electric Company (predecessor to PECO Energy Company) and Fidelity Trust Company, Trustee (First Union National Bank, successor), (Registration No. 2-2281, Exhibit B-1).
 
 
181
 
 
   
4-1-1
Supplemental Indentures to PECO Energy Company’s First and Refunding Mortgage:
       
 
Dated as of
File Reference
Exhibit No.
 
May 1, 1927
2-2881
B-1(c)
 
March 1, 1937
2-2881
B-1(g)
 
December 1, 1941
2-4863
B-1(h)
 
November 1, 1944
2-5472
B-1(i)
 
December 1, 1946
2-6821
7-1(j)
 
September 1, 1957
2-13562
2(b)-17
 
May 1, 1958
2-14020
2(b)-18
 
March 1, 1968
2-34051
2(b)-24
 
March 1, 1981
2-72802
4-46
 
March 1, 1981
2-72802
4-47
 
December 1, 1984
1-01401, 1984 Form 10-K
4-2(b)
 
April 1, 1991
1-01401, 1991 Form 10-K
4(e)-76
 
December 1, 1991
1-01401, 1991 Form 10-K
4(e)-77
 
June 1, 1992
1-01401, June 30, 1992
Form 10-Q
4(e)-81
 
March 1, 1993
1-01401, 1992 Form 10-K
4(e)-86
 
May 1, 1993
1-01401, March 31, 1993
Form 10-Q
4(e)-88
 
May 1, 1993
1-01401, March 31, 1993
Form 10-Q
4(e)-89
 
August 15, 1993
1-01401, Form 8-A dated
August 19, 1993
4(e)-92
 
May 1, 1995
1-01401, Form 8-K dated
May 24, 1995
4(e)-96
 
September 15, 2002
1-01401, September 30, 2002
Form 10-Q
4-1
 
October 1, 2002
 
April 15, 2003
 
April 15, 2004
1-01401, September 30, 2002
Form 10-Q
0-16844, March 31, 2003
Form 10-Q
0-16844, September 30, 2004
Form 10-Q
4-2
 
4.1
 
4-1-1
       
4-2
Exelon Corporation Dividend Reinvestment and Stock Purchase Plan (Registration Statement No. 333-84446, Form S-3, Prospectus).
   
4-3
Mortgage of Commonwealth Edison Company to Illinois Merchants Trust Company, Trustee (BNY Midwest Trust Company, as current successor Trustee), dated July 1, 1923, as supplemented and amended by Supplemental Indenture thereto dated August 1, 1944. (File No. 2-60201, Form S-7, Exhibit 2-1).
 
 
182
 
 
   
4-3-1
Supplemental Indentures to aforementioned Commonwealth Edison Mortgage.
   
 
Dated as of
File Reference
Exhibit No.
August 1, 1946
2-60201, Form S-7
2-1
April 1, 1953
2-60201, Form S-7
2-1
March 31, 1967
2-60201, Form S-7
2-1
April 1,1967
2-60201, Form S-7
2-1
February 28, 1969
2-60201, Form S-7
2-1
May 29, 1970
2-60201, Form S-7
2-1
June 1, 1971
2-60201, Form S-7
2-1
April 1, 1972
2-60201, Form S-7
2-1
May 31, 1972
2-60201, Form S-7
2-1
June 15, 1973
2-60201, Form S-7
2-1
May 31, 1974
2-60201, Form S-7
2-1
June 13, 1975
2-60201, Form S-7
2-1
May 28, 1976
2-60201, Form S-7
2-1
June 3, 1977
2-60201, Form S-7
2-1
May 17, 1978
2-99665, Form S-3
4-3
August 31, 1978
2-99665, Form S-3
4-3
June 18, 1979
2-99665, Form S-3
4-3
June 20, 1980
2-99665, Form S-3
4-3
April 16, 1981
2-99665, Form S-3
4-3
April 30, 1982
2-99665, Form S-3
4-3
April 15, 1983
2-99665, Form S-3
4-3
April 13, 1984
2-99665, Form S-3
4-3
April 15, 1985
2-99665, Form S-3
4-3
April 15, 1986
33-6879, Form S-3
4-9
June 15, 1990
33-38232, Form S-3
4-12
October 1, 1991
33-40018, Form S-3
4-13
October 15, 1991
33-40018, Form S-3
4-14
May 15, 1992
33-48542, Form S-3
4-14
September 15, 1992
33-53766, Form S-3
4-14
February 1, 1993
1-1839, 1992 Form 10-K
4-14
April 1, 1993
33-64028, Form S-3
4-12
April 15, 1993
33-64028, Form S-3
4-13
June 15, 1993
1-1839, Form 8-K dated May 21, 1993
4-1
 
July 15, 1993
1-1839, Form 10-Q for
quarter ended June 30, 1993.
4-1
January 15, 1994
1-1839, 1993 Form 10-K
4-15
December 1, 1994
1-1839, 1994 Form 10-K
4-16
June 1, 1996
1-1839, 1996 Form 10-K
4-16
March 1, 2002
May 20, 2002
June 1, 2002
October 7, 2002
January 13, 2003
 
March 14, 2003
 
August 13, 2003
1-1839, 2001 Form 10-K
 
 
 
1-1839, Form 8-K dated
January 22, 2003
1-1839, Form 8-K dated
April 7, 2003
1-1839, Form 8-K dated
August 25, 2003
4-4-1
 
 
 
4-4
 
4-4
 
4-4
     
 
 
183
 
 
4-3-2
Instrument of Resignation, Appointment and Acceptance dated as of February 20, 2002, under the provisions of the Mortgage dated July 1, 1923, and Indentures Supplemental thereto, regarding corporate trustee (File No. 1-1839, 2001 Form 10-K, Exhibit 4-4-2).
   
4-3-3
Instrument dated as of January 31, 1996, under the provisions of the Mortgage dated July 1, 1923 and Indentures Supplemental thereto, regarding individual trustee (File No. 1-1839, 1995 Form 10-K, Exhibit 4-29).
   
4-4
Indenture dated as of September 1, 1987 between Commonwealth Edison Company and Citibank, N.A., Trustee relating to Notes (File No. 1-1839, Form S-3, Exhibit 4-13).
   
4-4-1
Supplemental Indentures to aforementioned Indenture.
 
Dated as of
File Reference
Exhibit No.
September 1, 1987
33-32929, Form S-3
4-16
January 1, 1997
1-1839, 1999 Form 10-K
4-21
September 1, 2000
1-1839, 2000 Form 10-K
4-7-3
   
4-5
Indenture dated June 1, 2001 between Generation and First Union National Bank (now Wachovia Bank, National Association) (Registration Statement No. 333-85496, Form S-4, Exhibit 4.1).
   
4-6
Indenture dated December 19, 2003 between Generation and Wachovia Bank, National Association (File No. 333-85496, 2003 Form 10-K, Exhibit 4-6).
   
4-7
Indenture to Subordinated Debt Securities dated as of June 24, 2003 between PECO Energy Company, as Issuer, and Wachovia Bank National Association, as Trustee (File No. 0-16844, PECO Energy Company Form 10-Q for the quarter ended June 30, 2003, Exhibit 4.1).
   
4-8
Preferred Securities Guarantee Agreement between PECO Energy Company, as Guarantor, and Wachovia Trust Company, National Association, as Trustee, dated as of June 24, 2003 (File No. 0-16844, PECO Energy Company Form 10-Q for the quarter ended June 30, 2003, Exhibit 4.2).
   
4-9
PECO Energy Capital Trust IV Amended and Restated Declaration of Trust among PECO Energy Company, as Sponsor, Wachovia Trust Company, National Association, as Delaware Trustee and Property Trustee, and J. Barry Mitchell, George R. Shicora and Charles S. Walls as Administrative Trustees dated as of June 24, 2003 (File No. 0-16844, PECO Energy Company Form 10-Q for the quarter ended June 30, 2003, Exhibit 4.3).


184

Exelon Generation Company, LLC Form S-4, April 4, 2002, Indenture dated June 1, 2001 between registrant and First Union National Bank (now Wachovia Bank, National Association)(Registration Statement No. 333-85496, Form S-4, Exhibit 4.1).


C.     (b)    Outstanding and Uncompleted Contract or Agreement Entered by the Parent Holding Company or
 any Subsidiary Thereof Relating to the Acquisition of any Securities:
 
Public Service Enterprise Group Incorporated
 
         See Form S-4/A, filed April 14, 2005. 
 
 
185
 
Sithe Energies, Inc. (Sithe)
 
On January 31, 2005, subsidiaries of Generation completed a series of transactions that resulted in Generation’s exit from its investment in Sithe. Specifically, subsidiaries of Generation closed on the acquisition of Reservoir’s 50% interest in Sithe and the sale of 100% of Sithe to Dynegy. Prior to closing on the sale to Dynegy, subsidiaries of Generation received from Sithe approximately $65 million in cash distributions. As a result of the sale, Exelon will deconsolidate from its balance sheet approximately $820 million of debt and will be released from approximately $125 million of credit support associated with the Independence project. Additionally, Exelon issued certain guarantees to Dynegy that will be taken into account in the final determination of the gain or loss on the sale.

D. TAX ALLOCATION AGREEMENT PURSUANT TO RULE 45(c)

 
TAX SHARING AGREEMENT
 
THIS AGREEMENT, dated as of the 1st day of January, 2004, by and between Exelon Corporation, a Pennsylvania corporation (“Parent”) and each of the companies listed on Schedule A attached hereto (each a “Subsidiary”).
 
WITNESSETH
 
WHEREAS, Parent is the common parent corporation of an affiliated group of corporations within the meaning of Section 1504(a) of the Internal Revenue Code of 1986, as amended (the “Code”);

WHEREAS, the Subsidiaries are each members of that affiliated group or otherwise have taxable income included directly on the tax return of a member of the group;

WHEREAS, the members of the affiliated group anticipate filing a consolidated federal income tax return and combined, consolidated or unitary state income tax returns where required or where elections to so file have or will be made;

WHEREAS, Parent and the Subsidiaries wish to agree upon a fair and equitable method for determining the share of the group’s consolidated federal income tax burdens and benefits properly attributable to each Subsidiary; and

WHEREAS, Parent and the Subsidiaries wish to agree upon a fair and equitable method for determining the share of any state taxes to he borne by any members of the Parent Group who file state and local income tax returns (or other state returns) on a combined, unitary, consolidated or similar basis;
 
 
186

 
WHEREAS, Parent and Subsidiaries entered into a Tax Sharing Agreement effective as of January 1, 2003 and wish to replace it and to compensate parties to such agreement for uncompensated benefits under that agreement;

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements set forth below, the parties, intending to be legally bound, agree as follows:

Section One: Definitions

For purposes of this Agreement, the terms set forth below shall have the following meanings:

(a) Affiliated Group: The affiliated group of corporations (within the meaning Section 1504(a) of the Code) of which Parent is the common parent.
 
(b) Carryback Period - The Consolidated Return Years to which Uncompensated Benefits can be carried back pursuant to the Code.
 
(c) Code: The Internal Revenue Code of 1986, as amended.
 
(d) Computation Period: All Consolidated Return Years to which this agreement applies.

(e) Consolidated Return: The consolidated federal income tax return of the Affiliated Group.

(f) Consolidated Return Year: Any tax return period for which Parent or any Subsidiary is or may be included in a Consolidated Return filed by Parent.

(g) Consolidated Tax: The aggregate tax liability of the Affiliated Group for a tax year, being the tax shown on the Consolidated Return and any adjustments thereto thereafter determined.

(h) Consolidated Taxable Income - The taxable income of the Affiliated Group for a tax year, being the taxable income shown on the Consolidated Return and any adjustments thereto thereafter determined.

(i) Corporate Taxable Income: The amount of taxable income or loss of Subsidiary for a tax year, computed as though such Subsidiary had filed a separate return on the same basis as used in the Consolidated Return, except that dividend income from Subsidiaries shall be disregarded, and other intercompany transactions eliminated in the Consolidated Return shall be given appropriate effect. If a Subsidiary is a member of the Affiliated Group for only part of a tax year, that period will be deemed to be its tax year for all purposes under this Agreement.

(j) Holding Company: Any member of the Affiliated Group considered a Holding Company within the meaning of Title 15, Section 79b(a)(7) of the Code of Federal Regulations.
 
 
187

 
(k) Old Tax Sharing Agreement: The Tax Sharing Agreement of the Affiliated Group in effect from January 1, 2003 until the Effective Time of this Agreement.

(l) Holding Company Tax Benefit: If a Holding Company’s Separate Return Tax is positive or zero, the excess of any Holding Company’s positive Separate Return Tax over the amounts allocated to such Holding Company pursuant to Section 4 (other than paragraph (c) or (d) thereof), or, if a Holding Company’s Separate Return Tax is negative, the amount of negative Separate Return Tax allocated to such Holding Company pursuant to Section 4 (other than paragraph (c) or (d) thereof).

(m) Regulations: The Treasury Regulations promulgated under the Code.

(n) Separate Return Tax: The tax (net of allowable credits) on the Corporate Taxable Income of Parent or any Subsidiary computed as though such entity were not a member of a consolidated group. Separate Return Tax can be a negative amount if such entity has a negative Corporate Taxable Income or if the amount of allowable credits exceeds the tax on Corporate Taxable Income of such Subsidiary. In the event of negative Corporate Taxable Income, the Separate Return Tax will be the sum of: (i) the negative Corporate Taxable Income multiplied by the highest applicable rate under Section 11 (and the Regulations thereunder) to which the Affiliated Group’s taxable income was subject to tax in computing the Consolidated Tax, and (ii) such Subsidiary’s (or Parent’s) allowable tax credits.

Section Two: Consolidated Return Election

(a)  Parent shall file a Consolidated Return for each taxable period in respect of which this Agreement is in effect and for which Parent and one or more of the Subsidiaries are required or permitted to file a consolidated federal income tax return.

(b) Each Subsidiary hereby irrevocably designates Parent as its agent for the purpose of taking any and all actions necessary or incidental to the filing of any Consolidated Return, and further agrees to furnish Parent with any and all information and to take any and all actions as Parent may reasonably request that is necessary or appropriate for the proper filing of a Consolidated Return or for implementing the provisions of this Agreement.

(c) Each Subsidiary agrees that it will join in the Consolidated Returns to the extent that such Subsidiary is required or permitted to do so by the Code.

(d) Entities that are disregarded for federal income tax purposes pursuant to Section 7701 of the Code and Treas. Reg. § 301.7701-2 shall be treated for all purposes of the Agreement as if they were separate incorporated subsidiaries and each such entity is included as a “Subsidiary” as that term is used in this Agreement.


Section Three: Liability for Consolidated Federal Income Tax

As between the parties hereto, Parent agrees to pay the Consolidated Tax for Consolidated Return Years and to make any payments to Subsidiaries as shall be required pursuant to Section 5 and each Subsidiary agrees to make such payments to Parent as shall be required pursuant to Sections 5 and 6 hereof. The Parent shall at all times be responsible to pay its Separate Return Tax.
 
 
188

 
Section Four: Allocation of Consolidated Federal Income Tax Liability
(a) The Consolidated Tax (other than alternative minimum tax) shall be allocated among the members of the Affiliated Group in accordance with Separate Return Tax as provided below. The allocation of the Consolidated Tax pursuant to this section is intended to comply with Title 17, Section 250.45(c)(5) of the Code of Federal Regulation, Section 1552(a)(2) of the Code and Treasury Regulation Sections 1.1552-1(a)(2) and 1.1502-33(d)(2). In general, such method allocates Consolidated Tax (other than alternative minimum tax) among Subsidiaries in accordance with Separate Return Tax. Generally, Subsidiaries having positive allocations pay the amount of such allocations and Subsidiaries having negative allocations receive payment for their allocation. Uncompensated Benefits (as such term is defined below) can be carried over or carried back by the Subsidiaries to the extent permissible had the Subsidiaries filed separate returns. Such Uncompensated Benefits potentially serve to reduce allocations of Consolidated Tax to such Subsidiaries in subsequent taxable years in which the Subsidiaries have positive Separate Return Taxes, or to reduce allocations of Consolidated Tax in prior years in which the Subsidiaries had positive Separate Return Taxes. Consistently therewith, Consolidated Tax (other than alternative minimum tax) shall be allocated as follows:

Step 1 - Negative Separate Return Tax Allocations.

(a) If the Consolidated Taxable Income is zero or negative, each subsidiary with a negative Separate Return Tax shall be allocated an amount equal to (A) the aggregate sum of the positive Separate Return Taxes for the entities with a positive Separate Return Tax; multiplied by (B) the ratio that the negative Separate Return Tax of the Subsidiary bears to the aggregate Separate Return Tax of all Subsidiaries with a negative Separate Return Tax.

(b) If the Consolidated Taxable Income is positive, each Subsidiary with a negative Separate Return Tax shall be allocated an amount equal to its negative Separate Return Tax.

(c) To the extent the benefit allocated to a Subsidiary pursuant to Step 1(a) above is less than the Subsidiary’s Separate Return Tax (the “Uncompensated Benefit”), as a result of the consolidated loss, the Uncompensated Benefit shall be available to carry over to other tax periods.

Step 2 - Positive Separate Return Tax Allocations. Each Subsidiary with a positive Separate Return Tax shall be allocated an amount equal to its Separate Return Tax.

Step 3 - Adjusting for Net Operating Loss Carrybacks. If a Subsidiary has Uncompensated Benefits for the taxable year that, had it filed separate returns, under the rules of the Code could have been carried back to a prior Consolidated Return Year in which it had positive Corporate Taxable Income (the “Carryback Year”), the Separate Return Tax of such Subsidiary for the Carryback Year (and, to the extent required, for subsequent years) shall be recalculated taking such Uncompensated Benefits into account. Consolidated Tax for the Carryback Year (and, to the extent required, for subsequent years) shall be reallocated in accordance with the provisions of this Section 4.
 
 
189

 
Step 4 - Allocation Cap. A Subsidiary’s allocation of Consolidated Tax under Step 3 may not exceed the excess, if any, of (a) the aggregate Separate Return Tax of the Subsidiary for the Carryback Period (including the current year), determined as if the Subsidiary had filed separate returns, over (b) the total amount of Consolidated Tax allocated to the Subsidiary for the Carryback Period (except the current year).

Step 5 - Reallocation of Capped Amounts. To the extent that the Consolidated Tax allocated to a Subsidiary under Step 3 exceeds the limitation under Step 4, the excess shall be allocated among the remaining Subsidiaries in proportion to (but not to exceed the amount of) each Subsidiary’s excess, if any, of (a) the aggregate Separate Return Tax of the Subsidiary for the Computation Period (including the current year), determined as if the Subsidiary had filed separate returns, over (b) the total amount of Consolidated Tax allocated to the Subsidiary for the Computation Period (including for the current year only the amount allocated under Step 1).

Step 6 - Reallocation of Excess Capped Amounts. Consolidated Tax that is allocated away from a Subsidiary under Step 4 and is not allocated to other Subsidiaries under Step 5 shall be allocated to the Parent.
 
(b) Any net operating losses or tax credits for which a Subsidiary has not been compensated under the Old Tax Sharing Agreement shall be utilized to reduce the Separate Return Tax of such Subsidiary in the first tax year for which this Agreement is effective. Reductions pursuant to this Section 4(b) can result in a negative Separate Return Tax allocation for such Subsidiary under Section 4(a) and payment for such negative allocation under Section 5(a) of this Agreement.

(c) If a consolidated current alternative minimum tax liability exists, such liability (as well as any associated minimum tax credit) will be allocated to the members by multiplying the consolidated alternative minimum tax by a fraction, the numerator of which is the separate tentative minimum tax of the member for the year, and the denominator of which is the sum of each member’s separate tentative minimum tax for the year. The allocation of alternative minimum tax provided for in this paragraph is intended to comply with the principles set forth in Proposed Regulation Section 1.1502-55.

(d) To the extent there is a Holding Company Tax Benefit, the amount of such Holding Company Tax Benefit shall be allocated to those Subsidiaries who have positive Separate Return Tax liabilities and correspondingly allocated away from such Holding Company. Any such allocation to the Subsidiaries’ shall be made among the Subsidiaries in proportion to the amount of the Subsidiaries’ positive Separate Return Tax liabilities.

(e) All recapture of previously claimed tax credits shall be assessed against the member that generated the credits.

(f) Each Subsidiary will be allocated the material effects of any particular features of the tax laws applicable to them.
 
 
190

 
Section Five: Payments of Taxes

(a) All Subsidiaries with negative allocations pursuant to Section 4 shall be paid the amount allocated to them pursuant to Section 4 by the Parent.

(b) All Subsidiaries with positive allocations pursuant to Section 4 shall pay to the Parent the amount allocated to them pursuant to Section 4.

(c) All payments under Paragraphs (a) and (b) of this Section shall be made before thirty days following the earlier of (i) the date on which the Consolidated Return is filed or (ii) the date, following the close of such taxable year, on which Parent notifies a Subsidiary of Parent’s final determination of the allocation to such Subsidiary.

Section Six: Estimated Tax Payments

(a) For purposes of making estimated tax payments under Section 6655 of the Code (or any applicable state or local tax provision), the Parties shall treat such due date as if an applicable return were due on the estimated tax payment date and the principles of this Agreement shall be followed with respect to allocation and payment of taxes with respect to each such estimated tax payment.

(b) Notwithstanding any other provision of this document, to the extent the application of Paragraph (a) of this Section results in a payment due to the Parent, such Subsidiary shall remit such amount to the Parent within forty-five (45) days of the due date for payments of estimated tax under Section 6655 of the Code (or any applicable state or local tax provision).

(c) Notwithstanding any other provision of this document, to the extent the application of Paragraph (a) of this Section results in a payment due to a Subsidiary, Parent shall remit such amount to such Subsidiary within forty-five (45) days of the due date for payments of estimated tax under Section 6655 of the Code (or any applicable state or local tax provision).

(d) Any payments made by a Subsidiary to Parent (or by Parent to a Subsidiary) under this Section 6 for any taxable year shall be applied to reduce the amount, if any, owing by such Subsidiary to Parent (or by Parent to Subsidiary) for purposes of future estimated tax payment to which Section 6 will apply and under Section 5 with respect to the final returns for that year. If the sum of the payments made by a Subsidiary under this Section 6 for any taxable year exceeds the amount owing by such Subsidiary to Parent under Section 5 for that taxable year, Parent shall repay the excess to Subsidiary within thirty days after the Parent Group’s consolidated federal income return for that year is filed. Likewise, If the sum of the payments made by Parent under this Section 6 for any taxable year exceeds the amount owing by such Parent to such Subsidiary under Section 5 for that taxable year, Subsidiary shall repay the excess to Parent within thirty days after the Parent Group’s consolidated federal income return for that year is filed. The same rules shall apply with respect to estimated tax payments for state and local income taxes for which the Parent Group or any member of the Parent Group files income tax returns on a combined, unitary, consolidated or similar basis, taking into account the provisions of Section Eleven of this Agreement with respect to determining any Subsidiaries state tax liability for the applicable period.
 
 

 
191
 
Section Seven: Recomputations

(a) In the event that the Consolidated Return shows consolidated net operating loss (as that term is defined in Section 1.1502-21(f) of the Treasury Regulations) or a credit against federal income tax for any taxable year and that consolidated net operating loss or tax credit is carried back to and absorbed in a prior taxable year of Parent or any member of the Affiliated Group, then the allocable share of such tax liability for the prior taxable year shall be recomputed pursuant to Section 4 accordingly, and the amount of the liabilities and payments determined under this Agreement shall be adjusted to conform to those recomputations. The determination as to whether a net operating loss or credit is carried back shall be entirely within the discretion of Parent.

(b) In the event the Consolidated Tax or any Subsidiary’s Separate Return Tax for any Consolidated Return Year is changed as a result of the filing of an amended return or as the result of a final determination by a taxing authority, the allocable share of Consolidated Tax shall be recomputed pursuant to Section 4 of this Agreement (or applicable provisions of the Old Tax Sharing Agreement) and corrective payments to and from the Parent shall be made to reflect the revised allocations.

(c) Recomputations under Section 7(a) and 7(b) and adjustments to Section 4(a) Step 3 shall be coordinated to prevent duplication of benefits to otherwise incur proper application of the principles of this document and compliance with Title 17, Section 250.45(c)(5) of the Code of Federal Regulations.

(d) Parent shall be responsible for carrying out any recomputations required by Section Seven and shall promptly give each Subsidiary notice of any conforming adjustment of affected liabilities under Section Four of this Agreement. Within 10 days following the giving of that notice, each Subsidiary shall pay Parent or Parent shall pay such Subsidiary, as the case may be, the amount of any payment due in accordance with Section Five of this Agreement resulting from any recomputations done in accordance with Section Seven, as reflected in the notice.

(e) This Agreement shall have no application to the carryback of a net operating loss or credit from a separate return year (within the meaning of Section 1.1502-1(e) of the Treasury Regulations) of a Subsidiary or another affiliated group of which a Subsidiary is a member, as the case may be, to any taxable year of the Parent group.

Section Eight: Responsibility for Tax Calculations and Disputes

The tax department of Parent shall be responsible for preparing all calculations required under this Agreement. The office of the Vice President and General Tax Officer of Exelon shall review and approve each calculation prepared by the tax department. The Vice President and General Tax Office shall be responsible for resolving any disputes regarding such calculations.

Section Nine: Effective Time

This Agreement shall be effective for taxable years of the Parent Group beginning after 2003.
 
 
192

 
Section Ten: State Taxes

(a) State and local income taxes (and all other income taxes) shall be borne by the entity (including entities that are “disregarded entities” for federal income tax purposes) that incurs such taxes, except as provided below.

(b) For those state and local jurisdictions in which the Parent or any member of the Parent Group files income tax returns on a combined, unitary, consolidated or similar basis, (i) the total liability shown on each such return shall be paid in full by Parent or such member of the Parent Group filing such combined, unitary or consolidated return; (ii) the tax liability pursuant to each combined, consolidated or unitary return shall be allocated in a manner that is consistent with the manner set forth in Section 4, provided however, that allocations shall be made only to those entities which have nexus to the applicable state for whom tax is being allocated; and (iii) payments among members included in any such combined, consolidated or unitary filings of amounts so allocated shall be made consistently with the provisions of Section Five. For purposes of this Section 11 only, the terms “Separate Return Tax”, “Consolidated Tax”, and “Parent Tax Benefit” as well as any terms used herein to define such terms shall be interpreted to refer to the applicable combined, consolidated or unitary tax return for which tax is being allocated.

Section Eleven: Penalties & Interest

(a) Any penalties incurred by the Parent relating to filing the Consolidated Return shall be specifically assigned to the member(s) of the Parent Group to whom such penalty is directly attributable (and shall become part of the Subsidiary’s allocable share of the Consolidated Tax liability), provided however, that penalties shall not be specifically assigned to any particular Subsidiary if the imposition of such penalty is not directly attributable to the acts, errors, or omissions of the Subsidiary. Penalties not specifically assigned pursuant to the previous sentence shall be allocated between the Parent and Subsidiaries on a pro rata basis in accordance with their Separate Return Tax liabilities.

(b) Any interest incurred by the Parent related to filing the Consolidated Return shall be specifically allocated to the Subsidiary to whom such interest is directly attributable (and shall become part of the Subsidiary’s allocable share of the Consolidated Tax), provided however, that interest shall not be specifically allocated to any Subsidiary if the imposition of such interest is not directly attributable to the acts, errors, or omissions of the Subsidiary. Interest not specifically allocated pursuant to the previous sentence shall be allocated among the Parent and the Subsidiaries on a pro rata basis in accordance with their separate tax liabilities.

Section Twelve: Additional Provisions

(a) New direct or indirect subsidiaries, affiliates and associates of Parent, which may come into existence after the effective date of this Agreement, may become additional “Subsidiaries,” and become subject to this Agreement. In addition, entities which are, as of the effective date of this Agreement, direct or indirect subsidiaries, affiliates and associates of Parent, may thereafter leave the holding company system, in which case they will no longer be subject to this Agreement for tax years after their departure.
 
 

 
193
 
(b) The addition of a new direct or indirect subsidiary, affiliate or associate company is intended to be evidenced by the signing of a written joinder to this Agreement but, notwithstanding the failure of a new subsidiary, affiliate or associate company to sign a written joinder, the new subsidiary, affiliate or associate company shall be conclusively deemed to have accepted and agreed to the terms of this Agreement by reason of its inclusion in Parent’s consolidated Federal income tax return and/or any state and local income tax returns filed on a combined, unitary, consolidated or similar basis with other members of the Parent group.

Section Thirteen: Miscellaneous Administrative Provisions

(a) This Agreement contains the entire understanding of the parties with respect to the subject matter of this Agreement. No alteration, amendment, or modification of any of the terms of this Agreement shall be valid unless made by an instrument signed in writing by an authorized officer of each party.

(b) Alterations, amendment, or modification of this agreement will be filed with the Securities and Exchange Commission (SEC) and the Illinois Commerce Commission (ICC).

(c) This Agreement has been made in and shall be construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania from time to time in effect.

(d) Notwithstanding any provision of this Agreement to the contrary, income tax shall be allocated among the parties in a manner consistent with Title 17, Section 250.45(c)(5) of the Code of Federal Regulations. Under no circumstances shall the amount of tax liability allocated to or paid by a Subsidiary under this Agreement during the Computation Period exceed the aggregate Separate Return Tax for the Subsidiary for the Computation Period determined as if the Subsidiary had filed separate returns.

(e) This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

(f) All notices and other communications hereunder shall be deemed to have been duly given if delivered by hand or mailed by certified or registered mail, postage prepaid:

 
(i)
if to Parent:
   
10 S. Dearborn Street,
   
Chicago, Illinois 60603
     
 
(ii)
if to any other Subsidiary to the address listed for such Subsidiary on Schedule A.

(g) The headings of the Sections of this Agreement are included for convenience only and shall not constitute a part of the Agreement.
 
 

 
194
 
        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the date and year first above written.

Exelon Corporation


By:_________________________
Scott N. Peters,
Assistant Secretary


Adwin (Schuylkill) Cogeneration, Inc.


By:________________________
Katherine K. Combs
Secretary

Adwin Equipment Company


By:_________________________
Scott N. Peters
Assistant Secretary

Adwin Realty Company


By:_________________________
Scott N. Peters
Assistant Secretary

AllEnergy Gas & Electric Marketing
Company, LLC


By:________________________
Scott N. Peters
Assistant Secretary
 
 
195

 
AmerGen Energy Company


By:_______________________
J. Barry Mitchell
Treasurer

AmerGen Clinton NQF, LLC


By:_______________________
Scott N. Peters
Assistant Secretary
AmerGen Consolidation, LLC


By:________________________
Scott N. Peters
Assistant Secretary

AmerGen Oyster Creek NQF, LLC


By:_________________________
Scott N. Peters
Assistant Secretary

AmerGen TMI NQF, LLC


By:_________________________
Scott N. Peters
Assistant Secretary

ATNP Finance Company


By:_________________________
John M. Wadson
President

Braidwood 1 NQF, LLC


By:_________________________
Scott N. Peters
Assistant Secretary

Braidwood 2 NQF, LLC


By:_________________________
Scott N. Peters
Assistant Secretary


196

Byron 1 NQF, LLC


By:_________________________
Scott N. Peters
Assistant Secretary

Byron 2 NQF, LLC


By:_________________________
Scott N. Peters
Assistant Secretary

Cenesco Company, LLC


By:_________________________
Scott N. Peters
Assistant Secretary

ComEd Financing II


By:_________________________
J. Barry Mitchell
(Trustee)

ComEd Financing III


By:_________________________
J. Barry Mitchell
(Trustee)

ComEd Funding, LLC


By:_________________________
J. Barry Mitchell
President


197

ComEd Transitional Funding Trust


By:_________________________
J. Barry Mitchell
(Trustee)

Commonwealth Edison Company


By:_________________________
Scott N. Peters
Assistant Secretary

Commonwealth Edison Company of
Indiana, Inc.


By:_________________________
Scott N. Peters
Assistant Secretary

Dresden 1 NQF, LLC


By:_______________________
Scott N. Peters
Assistant Secretary

Dresden 2 NQF, LLC


By:_______________________
Scott N. Peters
Assistant Secretary

Dresden 3 NQF, LLC


By:_______________________
Scott N. Peters
Assistant Secretary


198

ECP Telecommunications Holdings, LLC


By:_______________________
Scott N. Peters
Assistant Secretary

ECPH, LLC


By:_______________________
Scott N. Peters
Assistant Secretary

EEI Telecommunications Holdings, LLC


By:_______________________
John C. Halderman
Manager

EGW Meter Services, LLC


By:_______________________
Scott N. Peters
Assistant Secretary,
OldcoVSI, Inc. (Sole Member)

EIS Engineering, Inc.


By:_______________________
Scott N. Peters
Assistant Secretary

EIS Investments, LLC


By:_______________________
Ronald S. Rooth
Manager


199

ENEH Services, LLC


By:_______________________
Scott N. Peters
Assistant Secretary

Energy Trading Company


By:_______________________
Scott N. Peters
Assistant Secretary

ETT Boston


By:_______________________
Scott N. Peters
Assistant Secretary

ETT North America


By:_______________________
Scott N. Peters
Assistant Secretary

Exelon Allowance Management Company, LLC


By:_______________________
Scott N. Peters
Assistant Secretary

Exelon AOG Holding #1, Inc.


By:_______________________
Scott N. Peters
Assistant Secretary


200

Exelon AOG Holding #2, Inc.


By:_______________________
Scott N. Peters
Assistant Secretary

Exelon Business Services Company


By:_______________________
Scott N. Peters
Assistant Secretary

Exelon Capital Trust I


By:_______________________
Scott N. Peters
Assistant Secretary, Exelon Corporation
(Trustee)

Exelon Capital Trust II


By:______________________
Scott N. Peters
Assistant Secretary, Exelon Corporation
(Trustee)

Exelon Capital Trust III


By:______________________
Scott N. Peters
Assistant Secretary, Exelon Corporation
(Trustee)

Exelon Communications Company, LLC


By:_____________________
Scott N. Peters
Assistant Secretary


201

Exelon Edgar, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Energy Company


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Energy Delivery Company, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Enterprises Company, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Enterprises Investments, Inc.


By:_____________________
John M. Wadson
President

Exelon Enterprises Management, Inc.


By:_____________________
Scott N. Peters
Assistant Secretary


202

Exelon Framingham Developments, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Framingham, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Generation Company, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Generation Consolidation, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Generation Finance Company, LLC


By:_____________________
John M. Wadson
President

Exelon Generation International, Inc.


By:_____________________
Scott N. Peters
Assistant Secretary


203

Exelon Hamilton LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Investment Holdings, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon New Boston, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon New England Development, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon New England Holdings, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon New England Power Marketing, Limited Partnership


By:_____________________
Scott N. Peters,
Assistant Secretary
Exelon AOG #2 , Inc. (Partner)


204

Exelon Peaker Development General, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Peaker Development Limited, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon PowerLabs, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Services, Inc.


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon SHC, Inc.


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Synfuel I, LLC


By:_____________________
Scott N. Peters
Assistant Secretary


205

Exelon Synfuel II, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Synfuel III, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Thermal Development, Inc.


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Thermal Holdings, Inc.


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon Ventures Company, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon West Medway Development, LLC


By:_____________________
Scott N. Peters
Assistant Secretary


206

Exelon West Medway Expansion, LLC


By:_____________________
Scott N. Peters
Assistant Secretary

Exelon West Medway, LLC


By:____________________
Scott N. Peters
Assistant Secretary

Exelon Wyman, LLC


By:____________________
Scott N. Peters
Assistant Secretary

ExTel Corporation, LLC


By:____________________
J. Barry Mitchell
Vice President and Treasurer

ExTex Marketing, LLC


By:___________________
Scott N. Peters
Assistant Secretary

ExTex Power, LP


By:___________________
Scott N. Peters
Assistant Secretary,
Exelon Generation Company, LLC
(Partner)


207

ExTex Retail Services Company, LLC


By:___________________
Scott N. Peters
Assistant Secretary

F & M Holdings Company LLC


By:___________________
Scott N. Peters
Assistant Secretary

Fisbach and Moore Electric, Inc.


By:___________________
Scott N. Peters
Assistant Secretary

Fisbach and Moore Electrical Contracting, Inc.


By:___________________
Scott N. Peters
Assistant Secretary

Fishbach and Moore, Inc.


By:___________________
Scott N. Peters
Assistant Secretary

Horizon Energy Company


By:___________________
Scott N. Peters
Assistant Secretary


208

II Services, Inc.



By:___________________
Scott N. Peters
Assistant Secretary

Infrasource Field Services, LLC


By:___________________
Harvey B. Dikter
Senior Vice President, General Counsel and
Secretary

La Salle 1 NQF, LLC


By:___________________
Scott N. Peters
Assistant Secretary

La Salle 2 NQF, LLC


By:___________________
Scott N. Peters
Assistant Secretary

Limerick 1 NQF, LLC


By:___________________
Scott N. Peters
Assistant Secretary

Limerick 2 NQF, LLC


By:___________________
Scott N. Peters
Assistant Secretary


209

NEWCOSY, Inc.


By:___________________
Scott N. Peters
Assistant Secretary

NEWCOTRA, Inc.


By:___________________
Scott N. Peters
Assistant Secretary

North America Power Services, Inc.


By:___________________
J. Barry Mitchell
Vice President and Treasurer

Nuclear US Holdings, Inc.


By:___________________
J. Barry Mitchell
Treasurer

Nuclear US Investments, LLC


By:___________________
J. Barry Mitchell
Treasurer

Nuclear Limited Partnership


By:___________________
J. Barry Mitchell
Treasurer (Partner)


210

NuStart Energy Development, LLC


By:___________________
Thomas R. Miller
Assistant Treasurer

OldcoVSI, Inc.


By:___________________
Scott N. Peters
Assistant Secretary

Peach Bottom 1 NQF, LLC


By:___________________
Scott N. Peters
Assistant Secretary

Peach Bottom 2 NQF, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Peach Bottom 3 NQF, LLC


By:__________________
Scott N. Peters
Assistant Secretary

PEC Financial Services, LLC


By:__________________
Todd D. Cutler
Secretary


211

PECO Energy Capital Corp.


By:__________________
Bruce G. Wilson
Secretary

PECO Energy Capital Trust III


By:__________________
Scott N. Peters
Assistant Secretary, PECO Energy Co.
(Trustee)

PECO Energy Capital Trust IV


By:__________________
Scott N. Peters
Assistant Secretary, PECO Energy Co.
(Trustee)

PECO Energy Capital Trust V


By:__________________
Scott N. Peters
Assistant Secretary, PECO Energy Co.
(Trustee)
 
PECO Energy Capital Trust VI


By:__________________
Scott N. Peters
Assistant Secretary, PECO Energy Co.
(Trustee)

PECO Energy Company


By:__________________
Scott N. Peters
Assistant Secretary

212

PECO Energy Power Company


By:__________________
Scott N. Peters
Assistant Secretary

PECO Energy Transition Trust


By:__________________
Scott N. Peters
Assistant Secretary, PECO Energy Co.
(Trustee)

PECO Wireless, LP


By:__________________
Scott N. Peters
Assistant Secretary, PECO Energy Co.
(Partner)

Penesco Company, LLC


By:__________________
Scott N. Peters
Assistant Secretary

PHT Holdings, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Port City Power, LLC


By:__________________
Scott N. Peters
Assistant Secretary


213

Quad Cities 1 NQF, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Quad Cities 2 NQF, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Rand-Bright Corporation


By:__________________
Scott N. Peters
Assistant Secretary

Salem 1 NQF, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Salem 2 NQF, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Scherer Holdings 1, LLC


By:__________________
Scott N. Peters
Assistant Secretary


214

Scherer Holdings 2, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Scherer Holdings 3, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Sithe International Finance II, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Sithe International Finance, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Sithe Latin America Holdings, Ltd.


By:__________________
Scott N. Peters
Assistant Secretary

Sithe Overseas Power Services, Ltd.


By:__________________
Todd D. Cutler
President


215

Sithe Prado Holdings, Ltd.


By:__________________
Scott N. Peters
Assistant Secretary

Sithe Tamuin Energy Services II, S. de R.L. de C.V.


By:__________________
Todd D. Cutler
President

Sithe Tamuin Energy Services, S. de R.L. de C.V.


By:__________________
Todd D. Cutler
President

Sithe Tamuin Holdings A, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Sithe Tamuin Holdings, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Sithe Tamuin Investments II, S. de R.L. de C.V.


By:__________________
Todd D. Cutler
President


216

Sithe Tamuin Investments, S. de R.L. de C.V.


By:__________________
Todd D. Cutler
President
 
Spruce Equity Holdings, LP


By:__________________
Scott N. Peters
Assistant Secretary
Spruce Holdings L.P. 2000, LLC
(Partner)

Spruce Holdings G.P. 2000, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Spruce Holdings L.P. 2000, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Spruce Holding Trust


By:__________________
Scott N. Peters
Assistant Secretary
Spruce Holdings L.P. 2000, LLC,
Partner of Spruce Equity Holdings L.P.
(Trustee)

Susquehanna Electric Company

By:__________________
Scott N. Peters
Assistant Secretary

217

Susquehanna Power Company


By:__________________
Scott N. Peters
Assistant Secretary

T.H. Green Electric Co., Inc.


By:__________________
Scott. N. Peters
Assistant Secretary

Tamuin Energy Management Services II, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Tamuin Energy Management Services, Inc.


By:__________________
Scott N. Peters
Assistant Secretary

Tamuin Holdings II, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Tamuin Holdings III, LLC


By:__________________
Scott N. Peters
Assistant Secretary


218

Tamuin International, Inc.


By:__________________
Scott N. Peters
Assistant Secretary

TEG Holdings, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Texas Ohio Gas, Inc.


By:__________________
Barbara A. Fatina
Vice President

The Proprietors of the Susquehanna Canal


By:__________________
Scott N. Peters
Assistant Secretary,
Susquehanna Power Company
(Sole Shareholder)

UII, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Unicom Power Marketing Inc.


By:__________________
Scott N. Peters
Assistant Secretary


219

UniGridEnergy, LLC



By:__________________
Scott N. Peters
Assistant Secretary
Exelon Enterprises Management, Inc.
(Sole Member)

URI, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Wansley Holdings 1, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Wansley Holdings 2, LLC


By:__________________
Scott N. Peters
Assistant Secretary

Zion 1 NQF, LLC


By:_________________
Scott N. Peters,
Assistant Secretary

Zion 2 NQF, LLC


By:_________________
Scott N. Peters,
Assistant Secretary


220

Exelon Braidwood Unit 1
Non-Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:__________________
Amy S. Pera, Vice President

Exelon Braidwood Unit 2
Non-Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President

Exelon Byron Unit 1 Non-
Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President

Exelon Byron Unit 2 Non-
Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President

Exelon Dresden Unit 1
Non-Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President


221

Exelon Dresden Unit 2 Non-
Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President

Exelon Dresden Unit 3 Non-
Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President

Exelon LaSalle Unit 1 Non-
Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President

Exelon LaSalle Unit 2 Non-
Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President

Exelon Quad Cities Unit 1
Non-Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President


222

Exelon Quad Cities Unit 2
Non-Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President

Exelon Zion Unit 1 Non-
Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President

Exelon Zion Unit 2 Non-
Tax Qualified Trust
By: The Northern Trust Company, as Trustee


By:_________________
Amy S. Pera, Vice President

Exelon Peach Bottom Unit 1
Nonqualified Fund


By:_________________
___________________
Mellon Bank, N.A.
(Trustee)

Exelon Peach Bottom Unit 2
Nonqualified Fund


By:_________________
___________________
Mellon Bank, N.A.
(Trustee)

Exelon Peach Bottom Unit 3
Nonqualified Fund


By:_________________
___________________
Mellon Bank, N.A.
(Trustee)

Exelon Salem Unit 1
Nonqualified Fund


By:_________________
___________________
Mellon Bank, N.A.
(Trustee)

Exelon Salem Unit 2
Nonqualified Fund


By:_________________
___________________
Mellon Bank, N.A.
(Trustee)


223

Exelon Limerick Unit 1
Nonqualified Fund


By:_________________
___________________
Mellon Bank, N.A.
(Trustee)

Exelon Limerick Unit 2
Nonqualified Fund


By:_________________
___________________
Mellon Bank, N.A.
(Trustee)

Schedule A - Tax Sharing Agreement

Adwin (Schuylkill) Cogeneration, Inc.
Adwin Equipment Company
Adwin Realty Company
AllEnergy Gas & Electric Marketing
Company, LLC
AmerGen Energy Company
AmerGen Clinton NQF, LLC
AmerGen Consolidation, LLC
AmerGen Oyster Creek NQF, LLC
AmerGen TMI NQF, LLC
ATNP Finance Company
Braidwood 1 NQF, LLC
Braidwood 2 NQF, LLC
Byron 1 NQF, LLC
Byron 2 NQF, LLC
Cenesco Company, LLC
ComEd Financing II
ComEd Financing III
ComEd Funding, LLC
ComEd Transitional Funding Trust
Commonwealth Edison Company
Commonwealth Edison Company of
Indiana, Inc.
Dresden 1 NQF, LLC
Dresden 2 NQF, LLC
Dresden 3 NQF, LLC
ECP Telecommunications Holdings, LLC
ECPH, LLC
EEI Telecommunications Holdings, LLC
EGW Meter Services, LLC
EIS Engineering, Inc.
EIS Investments, LLC
 
 
224
 
 
ENEH Services, LLC
Energy Trading Company
ETT Boston
ETT North America
Exelon Allowance Management Company, LLC
Exelon AOG Holding #1, Inc.
Exelon AOG Holding #2, Inc.
Exelon Business Services Company
Exelon Capital Trust I
Exelon Capital Trust II
Exelon Capital Trust III
Exelon Communications Company, LLC
Exelon Corporation
Exelon Edgar, LLC
Exelon Energy Company
Exelon Energy Delivery Company, LLC
Exelon Enterprises Company, LLC
Exelon Enterprises Investments, Inc.
Exelon Enterprises Management, Inc.
Exelon Framingham Developments, LLC
Exelon Framingham, LLC
Exelon Generation Company, LLC
Exelon Generation Consolidation, LLC
Exelon Generation Finance Company, LLC
Exelon Generation International, Inc.
Exelon Hamilton LLC
Exelon Investment Holdings, LLC
Exelon New Boston, LLC
Exelon New England Development, LLC
Exelon New England Holdings, LLC
Exelon New England Power Marketing, Limited Partnership
Exelon Peaker Development General, LLC
Exelon Peaker Development Limited, LLC
Exelon PowerLabs, LLC
Exelon Services, Inc.
Exelon SHC, Inc.
Exelon Synfuel I, LLC
Exelon Synfuel II, LLC
Exelon Synfuel III, LLC
Exelon Thermal Development, Inc.
Exelon Thermal Holdings, Inc.
Exelon Ventures Company, LLC
Exelon West Medway Development, LLC
Exelon West Medway Expansion, LLC
Exelon West Medway, LLC
Exelon Wyman, LLC
ExTel Corporation, LLC
ExTex Marketing, LLC
ExTex Power, LP
ExTex Retail Services Company, LLC
F & M Holdings Company LLC
Fisbach and Moore Electric, Inc.
Fisbach and Moore Electrical Contracting, Inc.
Fishbach and Moore, Inc.
Horizon Energy Company
II Services, Inc.
 
 
225
 
 
Infrasource Field Services, LLC
La Salle 1 NQF, LLC
La Salle 2 NQF, LLC
Limerick 1 NQF, LLC
Limerick 2 NQF, LLC
NEWCOSY, Inc.
NEWCOTRA, Inc.
North America Power Services, Inc.
Nuclear US Holdings, Inc.
Nuclear US Investments, LLC
Nuclear Limited Partnership
NuStart Energy Development, LLC
OldcoVSI, Inc.
Peach Bottom 1 NQF, LLC
Peach Bottom 2 NQF, LLC
Peach Bottom 3 NQF, LLC
PEC Financial Services, LLC
PECO Energy Capital Corp.
PECO Energy Capital Trust III
PECO Energy Capital Trust IV
PECO Energy Capital Trust V
PECO Energy Capital Trust VI
PECO Energy Company
PECO Energy Power Company
PECO Energy Transition Trust
PECO Wireless, LP
Penesco Company, LLC
PHT Holdings, LLC
Port City Power, LLC
Quad Cities 1 NQF, LLC
Quad Cities 2 NQF, LLC
Rand-Bright Corporation
Salem 1 NQF, LLC
Salem 2 NQF, LLC
Scherer Holdings 1, LLC
Scherer Holdings 2, LLC
Scherer Holdings 3, LLC
Sithe International Finance II, LLC
Sithe International Finance, LLC
Sithe Latin America Holdings, Ltd.
Sithe Overseas Power Services, Ltd.
Sithe Parado Holdings, Ltd.
Sithe Tamuin Energy Services II, S. de R.L. de C.V.
Sithe Tamuin Energy Services, S. de R.L. de C.V.
Sithe Tamuin Holdings A, LLC
Sithe Tamuin Holdings, LLC
Sithe Tamuin Investments II, S. de R.L. de C.V.
Sithe Tamuin Investments, S. de R.L. de C.V.
Spruce Equity Holdings, LP
Spruce Holdings G.P. 2000, LLC
Spruce Holdings L.P. 2000, LLC
Spruce Holding Trust
Susquehanna Electric Company
Susquehanna Power Company
T.H. Green Electric Co., Inc.
Tamuin Energy Management Services II, LLC
 
 
226
 
Tamuin Energy Management Services, Inc.
Tamuin Holdings II, LLC
Tamuin Holdings III, LLC
Tamuin International, Inc.
TEG Holdings, LLC
Texas Ohio Gas, Inc.
The Proprietors of the Susquehanna Canal
UII, LLC
Unicom Power Marketing Inc.
UniGridEnergy, LLC
URI, LLC
Wansley Holdings 1, LLC
Wansley Holdings 2, LLC
Zion 1 NQF, LLC
Zion 2 NQF, LLC
Exelon Braidwood Unit 1
Non-Tax Qualified Trust
Exelon Braidwood Unit 2
Non-Tax Qualified Trust
Exelon Byron Unit 1 Non-
Tax Qualified Trust
Exelon Byron Unit 2 Non-
Tax Qualified Trust
Exelon Dresden Unit 1
Non-Tax Qualified Trust
Exelon Dresden Unit 2 Non-
Tax Qualified Trust
Exelon Dresden Unit 3 Non-
Tax Qualified Trust
Exelon LaSalle Unit 1 Non-
Tax Qualified Trust
Exelon LaSalle Unit 2 Non-
Tax Qualified Trust
Exelon Quad Cities Unit 1
Non-Tax Qualified Trust
Exelon Quad Cities Unit 2
Non-Tax Qualified Trust
Exelon Zion Unit 1 Non-
Tax Qualified Trust
Exelon Zion Unit 2 Non-
Tax Qualified Trust
Exelon Peach Bottom Unit 1
Nonqualified Fund
Exelon Peach Bottom Unit 2
Nonqualified Fund
Exelon Peach Bottom Unit 3
Nonqualified Fund
Exelon Salem Unit 1
Nonqualified Fund
Exelon Salem Unit 2
Nonqualified Fund
Exelon Limerick Unit 1
Nonqualified Fund
Exelon Limerick Unit 2
Nonqualified Fund
 
 
227
 

E.
COPIES OF OTHER DOCUMENTS PRESCRIBED BY RULE OR ORDER.
 
None.
  
     
F.
SCHEDULES SUPPORTING ITEMS OF THE REPORT.
     
 
*F.1
The consent of the independent accountants as to their opinion on Exelon's consolidated financial statements and the footnotes is included in Exhibit F.1.
     
 
*F.2
Supporting plant, depreciation and reserve schedules for Commonwealth Edison Company and Commonwealth Edison Company of Indiana, Inc. from FERC Form No. 1 - Annual Report of Major Electric Utilities, Licensees, and Others as follows, filed herewith of Form SE:
     
   
Summary of Utility Plant and Accumulated Provisions for Depreciation, Amortization and Depletion
     
   
Nuclear Fuel Materials
     
   
Electric Plant in Service
     
   
Electric Plant Held for Future Use
     
   
Construction Work in Progress - Electric
     
   
Accumulated Provision for Depreciation of Electric Utility Plant
     
   
Non-utility Property
     
 
*F.3
Supporting plant, depreciation and reserve schedules for and SECO from FERC Form No. 1 - Annual Report of Major Electric Utilities, Licensees, and Others and the Annual Report to the Pennsylvania Public Utility Commission filed herewith on Form SE.
     
   
Summary of Utility Plant and Accumulated Provisions for Depreciation, Amortization and Depletion
     
   
Nuclear Fuel Materials
     
   
Electric Plant in Service
     
   
Electric Plant Held for Future Use
     
   
Construction Work in Progress - Electric
     
   
Accumulated Provision for Depreciation of Electric Utility Plant
     
   
Non-utility Property
     
   
Utility Plant and Adjustments
     
   
Completed Construction not Classified
     
   
Preliminary Retirement Estimates
 
 
228
 
 
   
Accumulated Provision for Depreciation, Amortization, and Depletion of Plant and Adjustments
     
*G.
ORGANIZATION CHART
 
     
 
(Filed on Form SE)
  
     
H.
EWG OR FOREIGN UTILITY COMPANY FINANCIAL STATEMENTS
     
 
*H.1
AmerGen Energy Company, LLC Financial Statements
     
   
Filed confidentially on Form SE.
     
 
*H.2
Sithe Energies, Inc. and Subsidiaries Consolidated Financial Statements
     
   
Filed confidentially on Form SE.
     
 
*H.3
ExTex LaPorte
     
   
Filed confidentially on Form SE, See Item 10, FINANCIAL STATEMENTS.
     
 
*H.
4 Southeast Chicago Energy Project, LLC
     
   
Filed confidentially on Form SE, See Item 10, FINANCIAL STATEMENTS.
     
 
*H.5
Exelon Edgar, LLC
     
   
Filed confidentially on Form SE, See Item 10, FINANCIAL STATEMENTS.
     
 
*H.6
Susquehanna Electric Company
     
   
Filed confidentially on Form SE, See Item 10, FINANCIAL STATEMENTS.
     
 
*H.7
Susquehanna Power Company
     
   
Filed confidentially on Form SE, See Item 10, FINANCIAL STATEMENTS.
     
 
*H.8
Exelon Wyman, LLC
     
   
Filed confidentially on Form SE, See Item 10, FINANCIAL STATEMENTS.
     
 
*H.9
Exelon Framingham, LLC
     
   
Filed confidentially on Form SE, See Item 10, FINANCIAL STATEMENTS.
     
 
*H.10
Exelon West Medway, LLC
     
   
Filed confidentially on Form SE, See Item 10, FINANCIAL STATEMENTS.
     
 
*H.11
Exelon New Boston, LLC
     
   
Filed confidentially on Form SE, See Item 10, FINANCIAL STATEMENTS.
     
 
*H.12.
PECO Energy Power Company
     
   
Filed confidentially on Form SE, See Item 10, FINANCIAL STATEMENTS.
     
 
*H.13
Sithe International, Inc.
     
   
Filed confidentially on Form SE, See Item 10, FINANCIAL STATEMENTS
 
    

229

SIGNATURE
 
Exelon Corporation, a registered holding company, has duly caused this annual report for the year ended December 31, 2004 to be signed on its behalf by the undersigned thereunto duly authorized, pursuant to the requirements of the Public Utility Holding Company Act of 1935.

 
EXELON CORPORATION
  
     
     
 
By: /S/ J. Barry Mitchell
  
 
J. Barry Mitchell
  
 
Senior Vice President, Treasurer and Chief Financial Officer
 
 
 
  


April 28, 2005

230

 
 
Exhibit F.1
CONSENT OF INDEPENDENT REGISTERED ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this 2004 Annual Report on Form U-5S of Exelon Corporation of our report dated February 22, 2005 relating to the financial statements, financial statement schedule, management's assessment of the effectiveness of internal control over financial reporting and the effectiveness of internal control over financial reporting, which appears in Exelon Corporation's 2004 Annual Report on Form 10-K for the year ended December 31, 2004. We also consent to the incorporation by reference in such Form U-5S of our reports dated February 22, 2005 relating to the financial statements and financial statement schedules of Commonwealth Edison Company, PECO Energy Company, and Exelon Generation Company, LLC (collectively, the Subsidiaries), which appear in the respective Subsidiaries’ Annual Report on Form 10-K for the year ended December 31, 2004.

PricewaterhouseCoopers LLP

Chicago, Illinois
April 29, 2005