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Approved by Exelon Board of Directors 06-27-06

CONCLUSION

Ethical Decision Making

One of the primary goals of the Code is to enable employees to make ethical business decisions. The Code establishes a set of

common expectations for behavior in areas that are vital to the Company’s reputation and that pose ethical or legal concerns.

Employees may find it helpful to ask the following questions before taking action in specific situations:

In judging the appropriateness of any action, employees should be able to answer yes to each of these questions. If you are still unsure

or uncomfortable with your course of action, please seek assistance.

The Company relies on the personal judgment and thoughtful behavior of each employee in conducting Company business.

Ultimately, employees are personally accountable for their decisions and should discuss ethical questions with a supervisor, manager,

or any of the other resources identified in this Code, or call the Ethics and Compliance Office Help Line at 1-800-23-ETHIC.

Employees who feel uncomfortable discussing ethical questions with a supervisor or manager are encouraged to contact the Ethics

and Compliance Office or call the Help Line at 1-800-23-ETHIC.

Accountability

Each employee is accountable for understanding and complying with the Code and compliance is a condition of employment.

Managers have the additional accountability to create an environment that encourages ethical conduct and a commitment to

compliance with the law.

•

Is your action honest in every respect?

•

Will your action comply with the intent and purpose of the Code?

•

Does it conform to Exelon’s policy?

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Could you defend your action in front of supervisors, fellow employees, the general public and your family?

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Do you feel comfortable taking the action?

•

Managers, in collaboration with the Ethics and Compliance Office, are accountable for the following

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Knowing and communicating the laws and regulations that affect their respective areas of operation

•

Assessing the potential for unethical or illegal conduct in their respective areas of operation and taking action to

mitigate it