Mayo A. Shattuck III Chairman, Board of Directors
Christopher M. Crane President and Chief Executive Officer

Dear Exelon Shareholders:

The story of Exelon in 2012 is one of success with a game-changing merger and continued strong generating and utility operations, limited by very difficult and disappointing financial and economic challenges. Our stock price suffered during the year due to those economic conditions, but Exelon continued to deliver value by focusing intently on the operational and financial discipline you have come to expect from your company. We are confident in our strength and value
going forward.

Merger Close and Integration

The merger of Exelon and Constellation in March 2012 gives us the scale, platform, and markets to effectively capitalize on a market recovery. The merger was transformational, making Exelon the leading competitive energy company in the U.S., operating from a truly national footprint. We have generating assets in 18 states and sell energy products and services in 47 states to more than 1.1 million commercial and residential customers. The merger closed in record time; the integration has been smooth; we have increased our synergies target; and we are on track with all merger commitments to our stakeholders. The Exelon team has followed through on the merger value proposition of matching generation to load; properly balancing assets, markets, and revenue streams; and capitalizing on the scale of our operations. The post-merger Exelon is better positioned to meet our current challenges than either predecessor company on a stand-alone basis.