Slide 1: Earnings Conference Call Third Quarter 2022
©) exelon” November 3, 2022 Earnings Conference Call Third Quarter 2022
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: Key Messages
Key Messages * GAAP Earnings of $0.68 per share in Q3 2022 + Adjusted Operating Earnings* of $0.75 per share in Q3 2022 + Narrowing 2022 Adjusted Operating Earnings* from $2.18 - $2.32 per share" to $2.21 - $2.29 per share?) * Continue to execute at high operational levels, with best-on-record relia
Slide 5: Operating Highlights
Operating Highlights Metric » Reliability remains strong: — ComEd and PECO achieved best-on-record SAIFI OSHA Recordable Rate!” performance, with ComEd attaining top decile and PECO and PHI scoring in the top quartile clectric | eae — ComEd continues to deliver best-on-record CAID! CREME O ucace pre
Slide 6: Q3 2022 QTD Adjusted Operating Earnings Waterfall
Q3 2022 QTD Adjusted Operating Earnings* Waterfall $0.08 BSC Allocations Adjustment for Discontinued Operations ($0.02) Interest Expense $0.02 Distribution Rates ($0.01) Other $0.01 Storm Costs $0.04 Distribution Rates!” $0.03 Other? S075 soa" = $0.02 Distribution Rates SODA DIAHbUT STR ($0.01). Dep
Slide 7: Exelon's Trailing Twelve Month Earned ROEs
Exelon’s Trailing Twelve Month Earned ROEs* Q32019 © Q42019»—Q12020. 22020 3.20; Q1 2022 Q2 2022 Q3 2022
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Slide 9: Reaffirming Our 6-8% EPS Growth Target from 2021-2025
Reaffirming Our 6-8% EPS* Growth Target from 2021-2025 Dr Implied CAGRY YOY Growth (%!2 PERS increase mp Flat EPS GEPS Decrease 5 52140) $2.21- $2.29) 2.06 - $2.10) e 2021E Revised Guidance 2022E $29B of capital investment drives exp 2022-2023 Growth Drivers!*: t ComEd: distribution and transmission
Slide 10: 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 %* * Completed a one-time common equity offering for gross proceeds 15% of $575M in August 2022 14% 13-14% - Proceeds were used to retire a portion of a term loan maturing in January 2023
Slide 11: 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 12: Additional Disclosures
Additional Di ures
Slide 13: Third Quarter Results and 2022 Earnings Guidance
Third Quarter Results and 2022 Earnings Guidance Third Quarter 2022 EPS Results 2022 Adjusted Operating EPS* Guidance” $0.75 $2.18 - $2.32) $2.21 - $2.29 $0.68 $0.07 BGE $0.03 PECO PHI — ComEd Corp Q3 GAAP Earnings Q3 Adjusted 2022 Original 2022 Revised Operating Earnings* Guidance Guidance frowing
Slide 14: Q3 2022 YTD Adjusted Operating Earnings Waterfall
Q3 2022 YTD Adjusted Operating Earnings* Waterfall $0.04 Distribution and Transmission Rates $0.01 Storm Costs (80.02) Depreciation and Amortization $0.24 BSC Allocations Adjustment for ($0.01) Credit Loss Expense Discontinued Operations!) ($0.01) Other ($0.04) Interest Expense $008 Distribution Rat
Slide 15: Debt Balances (as of 9/30/22)
Debt Balances (as of 9/30/22)"'2) Long-Term Debt Maturity Profile") BGE As of 9/30/2022 Comed (My PECO PHI Corp S38 Exelon $u7B 02 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2081 2042 2043 2044 2045 2046 2047 2048 2043 2050 2051 2052, MM EEXC Regulated"
Slide 16: Adjusted Operating Earnings Sensitivities
Adjusted Operating Earnings* Sensitivities Interest Rate S¢ ry to +50bp. 2022E 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 rates as presented at Anal
Slide 17: Rate Case Details
Rate Case Detai
Slide 18: Updates on Exelon's Open or Recently Completed Distribution Rate Cases
Updates on Exelon’s Open or Recently Completed Distribution Rate Cases Revel Requirement e ® oa sven seus oct 2, 2002 9 eo 6@ sa nr a spas 7%) Beck 289M" 9.60% / : ® ® § 08 San, | ae vec 202 Final commission order Settlement agreement @® itatonen Reply briefs B tare case rica BD terutaicccainony int
Slide 19: 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 Test ¥ i = est Yeor lanvary' 202) Decerber3:202 increase in gas distribution base rates Test Period 12 Months Actua
Slide 20: PECO (Gas) Distribution Rate Case Filing
PECO (Gas) Distribution Rate Case Filing Docket No. R-2022-3033 Test Year January 1, 2023 ~ December 31, 2023 Test Period 12 Months Budget Common Equity Ratio N/A Rate of Return ROE; N/A; ROR: N/A Rate Base (Adjusted) N/A Revenue Requirement Increase $54.8M"2) Residential Total Bill % Increase 9.0%
Slide 21: 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 22: 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 Test Year = ° January 1=December's1 Service Commission (MDPSC) seeking an increase in Te
Slide 23: Reconciliation of Non-GAAP Measures
Reconciliatio Measures
Slide 24: 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: — Asset impairments; — Costs related to the separation; - Adjustment to deferred income taxes as a result of the reduction in Pennsylvania corporat
Slide 25: Q3 QTD GAAP EPS Reconciliation
Q3 QTD GAAP EPS Reconciliation Three Months Ended September 30, 2022 2022 GAAP Earnings (Loss) from Continuing Operations Per Share $0.29 $0.14 $0.03 $0.29 ($0.07) $0.68 Asset Impairments - - 0.04 - - 0.04 Separation Costs i 8 - - (0.01) - Income Tax-Related Adjustments - 0.04 - : - 0.04 2022 Adjust
Slide 26: Q3 YTD GAAP EPS Reconciliation
Q3 YTD GAAP EPS Reconciliation Nine Months Ended September 30, 20220 ComEd PECO BGE PHI Other Exelon 2022 GAAP Earnings (Loss) from Continuing Operations Per Share $0.72 $0.48 $0.27 $0.53 ($0.35) $1.65 Asset Impairments : : 0.04 : : 0.04 Separation Costs 0.01 : 001 : 0.03 Income Tax-Related Adjustme
Slide 27: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations” S&P FFO/Debt” = ___FFO (a) Moody's CFO (Pre-WC)/Debt” = CFO (Pre-WC) (c) Adjusted Debt (b) Adjusted Debt (d) S&P FFO Calculation?) Moody's CFO (Pre-WC) Calculation?! GAAP Operating Income Cash Flow From Operations + Depreciation & Amortization +/- Working Capital Ad
Slide 28: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Exelon Operating TTM ROE Reconciliation ($M)! @12021 — Q22021 © Q32021 © Q42021-Q12022.--Q22022-—-Q3 2022 Net Income (GAAP) $1841 $2,214 $2,243 $2,225 $2,242 $2258 $2371 Operating Exclusions $249 $36 gaz $82 $88 $84 Adjusted Operating Earnings $2,090 $2,250 $2,284 $2
Slide 29: Thank you
©) exelon’ Thank you Please direct all questions to the Exelon Investor Relations team: DX] InvestorRelations@ExelonCorp.com 2 312-394-2345
Slide 30: () exelon’
() exelon’