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Wewereverysuccessfulincontrollingtheelementswecancontrol:ouroperations,costsandhuman
capital.Asfortheelementswecouldnotcontrol–thepowermarkets,economy,weatherandpolitics–
wehavebeenstrategic,thoughtfulanddisciplined.While2009wasnotasgoodasweoncehopedit
wouldbe,ourresultsdemonstrateExelon’sabilitytobuildsustainableperformance.
OURFINANCIALPERFORMANCE
Ouroperating(non-GAAP)earnings*were$4.12perdilutedshare,nearthemiddleoftheinitialguidance
rangeweissuedinlate2008andabovetherevisedrangeweofferedinOctober2009.TheExelonteam
performedexceptionallywellgiventheadverseeconomicforcesthatwefaced.OurGAAPearningswere
$4.09perdilutedsharecomparedto$4.13in2008.
Exelon’sstockmarketvaluationcontinuestobehigherthanthatofanyotherU.S.utility.Ouryear-end
marketcapitalizationof$32.2billionmadeus20%largerthanournextclosestcompetitor.Andsince
themergerthatcreatedExelon,ourtotalreturn–measuredasstockpriceappreciationplusreinvested
dividends–was120.6%.Thiscomparestototalreturnsof63.8%and-5.3%forthePhiladelphiaUtility
IndexandS&P500,respectively.Nevertheless,Exelon’ssharepriceonDecember31was$48.87,down
12.1%fromtheyear-end2008priceof$55.61.Incontrast,thePhiladelphiaUtilityIndexincreased4.9%
in2009andtheS&P500increased23.5%.Thisperformancedisappointsmeasmuchasitdoesyou,
andwehaveexperiencedfurtherdeclinesinthenewyear.Theearningsofourlargestsubsidiary,
ExelonGeneration,aredrivenbyelectricitydemandandthepricesofcoalandnaturalgas,allofwhich
declinedlargelyasaresultoftherecession.Exelon’sfutureearningsandsharepriceappreciationare
dependenttoalargeextentonthosefactors.Butasgrowthreturns,marketstightenandvariousforms
ofregulationimpactourcompetitors,Exelonwillbeasuperiorinvestment.
Ourachievementsgarneredtheattentionofavarietyofstakeholders.Wewereoneofthreecorporations
tobenamedbyForbesasoneof“America’sBestCompanies.”WewererankedseventhonBusinessWeek’s
“Top50”companies,andElectricLight&PowernamedExelonits“UtilityoftheYear.”Forthefourth
straightyear,wewerenamedtotheDowJonesSustainabilityNorthAmericaIndexinrecognitionof
*Forareconciliationofadjusted(non-GAAP)operatingearningstoGAAP(accountingprinciplesgenerallyacceptedintheUnitedStates),
seeExelon’sfourthquarterearningsreleaseissuedJanuary22,2010,postedontheInvestorRelationspageatwww.exeloncorp.com
andincludedinthe8-KledwiththeSEConthatdate.