Slide 1: Second Quarter 2022 Earnings Conference Call
©) exelon” August 3, 2022 Earnings Confefe Second Quar
Slide 2: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “w
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Historical results were revised from amounts previously reported to reflect anly Exelon continuing operations, Exelon supplements the reporting of
Slide 4: Second Quarter Results
Second Quarter Results Second Quarter 2022 EPS Results Financial Highlights GAAP Earnings of $0.47 per share in Q2 2022 vs. $0.33") per share in Q2 2021 Adjusted Operating Earnings* of $0.44 per share in Q2 2022 vs. $0.36" per share in Q2 2021 Reaffirming 2022 Adjusted Operating Earnings* of $2.18 -
Slide 5: Operating Highlights
Operating Highlights bese les OSHA Recordable Rate!” Electri 25 Beta SAIFI eet (Outage Frequency) 25 Beta CAIDI (Outage Duration)” Customer MRM Customer Satisfaction” Gas Odor Response’) Note: quartiles are calculated using results Reflects the number of work-related in Reflects the average number o
Slide 6: Q2 2022 QTD Adjusted Operating Earnings Waterfall
Q2 2022 QTD Adjusted Operating Earnings* Waterfall $0.09 BSC Allocations Adjustment for Discontinued Operations\*) ($0.01) Interest Expense $0.01 Distribution Rates ($0.01) Depreciation and Amortization ($0.01) Other $0.03 Distribution Rates”? $0.44 ee S036) [5003 ©6005) $0.03 Distribution Rates. 4
Slide 7: Exelon's Trailing Twelve Month Earned ROEs
Exelon’s Trailing Twelve Month Earned ROEs* Q22019 932019» Q4.2019 = Q12020- Q2.20 € 9942020 Q12021 «= Q22021 GB Q4 2021 Q12022»——-Q2.2022 exelon 7
Slide 8: Exelon Distribution Rate Case Updates
Exelon Distribution Rate Case Updates Revenue | Requested ROE/ ! Requirement | EquityRatio | 0a 1030% / : suasmi peel 12023 a 1095% / Bo 821M mae 4.2022 [cr] Bo eH) @ $2002M"" ion! Dec 2022 375M" 10.25% / i] oa @ @ 3Year MYP 50.50% Dec 2022 G Bate case filed Rebuttal testimony 5 Initial briefs s Fin
Slide 9: Connecting Our Customers with Financial Energy Assistance
Connecting Our Customers with Financial Energy Assistance NERGIZE! 0 MAKE | ‘lg na Poymer Advancing Policy Changes Exploring Innovative Solutions Advocating for Our Customers Connecting Customers at the State and Federal levels to engage eligible customers to secure financial assistance in our servi
Slide 10: Featured Capital Investment
Featured Capital Investment BGE’s Key Crossing Reliability Initiative + Forecasted project cost: $155 million + Inservice date: Construction of overhead transmission system completed in Q2 2022 Decommissioning of underground circuit and removal of terminal stations to be completed by Q4 2022 Proacti
Slide 11: Maintaining a Strong Balance Sheet is a Top Financial Priority
Maintaining a Strong Balance Sheet is a Top Financial Priority S&P FFO / Debt %* and Moody's CFO (Pre-WC) / Debt %* + Plan to issue $1B of equity at the holding company by 2025 as part of 3 balanced funding strategy 15% Exelon will be establishing a $18 ATM program 14% gale - Anticipate issuing $500
Slide 12: Delivering Sustainable Value as the Premier T&D Utility
Delivering Sustainable Value as the Premier T&D Utility SUSTAINABLE VALUE ¥ Strong Growth Outlook: ~$298 of T&D capital from 2022-2025 to meet customer needs, resulting in expected rate base growth of 8.1% and fully regulated operating EPS* growth of 6-8% from 2021-2025!) ¥ Shareholder Returns: Targ
Slide 13: Additional Disclosures
Additional Di ures
Slide 14: Q2 2022 YTD Adjusted Operating Earnings Waterfall
Q2 2022 YTD Adjusted Operating Earnings* Waterfall $0.02 Distribution and Transmission Rates $0.16 BSC Allocations Adjustment for ($0.02) Depreciation and Amortization Discontinued Operations! ($0.01) Credit Loss Expense ($0.02) Interest Expense ($0.01) Other ($0.01) Other $0.04 Distribution Rates!
Slide 15: Exelon Long-Term Debt Maturity Profile
Exelon Long-Term Debt Maturity Profile") As of 6/30/2022 (My fo Fees Ay 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 +2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2052 MM EXCReguiated® ml Corp Exelo weighted average LTD maturity is approximately
Slide 16: Adjusted Operating Earnings Sensitivities
Adjusted Operating Earnings* Sensitivities ComEd Distribution ROE” $0.04 $0.04 Cost of Debt” ${0.01) $(0.01) Exelon Consolidated Effective Tax Rate 136% 15.1% Exelon Consolidated Cash Tax Rate 03% 41% Note: reflects sensitivities and tax (0) Reflects full year impact to a +50bp incre (2) Reflects fu
Slide 17: Rate Case Detail
Rate Case Detai
Slide 18: Delmarva DE (Gas) Distribution Rate Case Filing
Delmarva DE (Gas) Distribution Rate Case Filing Docket No. 22-0002 + January 14, 2022, Delmarva Power filed an application with the Delaware Public Service Commission (DPSC) seeking an increase in gas distribution base rates, Test Period 12 Months Actual + Size of ask is driven by continued investme
Slide 19: PECO (Gas) Distribution Rate Case Filing
PECO (Gas) Distribution Rate Case Filing Docket No. R-2022-30313 + March 31, 2022, PECO filed a general base rate filing with Tener jm 20 -eerbe a Pe lo Pa a Test Period 12 Months Budget + This rate increase will support significant investments in Proposed Comimon Eaulyihatia nam infrastructure to f
Slide 20: ComEd Distribution Rate Case Filing
ComEd Distribution Rate Case Filing Docket No. 22-0302 + April 15, 2022, ComEd filed its final annual distribution formula rate update with the Illinois Commerce Commission (ICC) seeking an increase in electric Test Period 2021 Actual Costs + 2022 Projected Plant Additions distribution base rates +
Slide 21: Delmarva MD Distribution Rate Case Filing
Delmarva MD Distribution Rate Case Filing Multi-Year Plan Case Filing Details Formal Case No. 9681 + May 19, 2022, Delmarva Power filed its first three-year multi-year plan (MYP) request with the Maryland Public Service Commission (MOPSC) seeking an increase in Test Period 2023, 2024, 2025 electric
Slide 22: Reconciliation of Non-GAAP Measures
Reconciliatio Measures
Slide 23: Projected GAAP to Operating Adjustments
Projected GAAP to Operating Adjustments + Exelon’s projected 2022 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: — Costs related to the separation; - Adjustment to deferred income taxes in connection with the separation, including an income tax expense primari
Slide 24: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations” S&P FFO/Debt” = __FFO (a) Adjusted Debt (b) Moody's CFO (Pre-WC)/Debt” = CFO (Pre-WC) (c) Adjusted Debt (d) S&P FFO Calculation? GAAP Operating Income + Depreciation & Amortization = EBITDA - Cash Paid for Interest +/- Cash Taxes +/- Other S&P FFO Adjustments = FFO
Slide 25: Q2 QTD GAAP EPS Reconciliation
Q2 QTD GAAP EPS Reconciliation Three Months Ended June 30, 2022 ComEd PECO BGE PHI Other Exelon 2022 GAAP Earnings (Loss) from Continuing Operations Per Share $0.23 $0.14 $0.04 $0.10 ($0.04) $0.47 Separation costs : : : : : 0.01 Income Tax-Related Adjustments : 3 = 2 (0.04) (0.04) 2022 Adjusted (non
Slide 26: Q2 YTD GAAP EPS Reconciliation
Q2 YTD GAAP EPS Reconciliation ‘Six Months Ended June 30, 2022" ComEd PECO BGE PHI Other Exelon 2022 GAAP Earnings (Loss) from Continuing Operations Per Share $0.42 $0.35 $0.24 $0.23 ($0.28) $0.96 Separation costs 0.01 : : 0.01 001 0.03 Income tax-related adjustments : : = 2 0.09 0.09 2022 Adjusted
Slide 27: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Exelon Operating TTM ROE Reconciliation ($M)! 12021 Q22021 32021 Q42021 Q12022 22022 Net Income (GAAP) $1,841 $2,214 $2,243 $2,225 $2,242 $2,258 Operating Exclusions $249 $36 saz $82 $88 $84 Adjusted Operating Earnings $2090 $2250 $2284 © $2,307 «$2,331 $2342 Average
Slide 28: Thank you
©) exelon” Thank you Please direct all questions to the Exelon Investor Relations team: DX) InvestorRelations@ExelonCorp.com 2 312-394-2345
Slide 29: () exelon’
() exelon’