To that end, Exelon has been active in promoting wholesale and retail competitive markets. We have opposed legislative proposals that would ask either taxpayers or consumers to subsidize or otherwise give preferential treatment to specific generation providers. We are leading initiatives to examine and educate policy makers on the effects of energy subsidies on markets and customers.

Closing

Exelon delivered value in 2012 in the face of a very challenging pricing environment. Those economics remain the principal challenge in 2013. But with a sound financial strategy, a healthy balance sheet, a sustainable dividend, opportunities to grow, and our disciplined decision-making, we have a sound foundation on which to build and move forward.

We are grateful for the dedication and strength of Exelon employees and proud of Exelon's commitment to our communities. We are providing better service, cleaner generation, and more market choices to our customers than ever before. We are proud of this company, what it has done, and what it will accomplish going forward.

Mayo A. Shattuck III Chairman

Christopher M. Crane President and Chief Executive Officer