Exelon 2004 Annual Report Download - page 10

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nuclear fleet, while dramatically improving its performance and reducing
its operating costs. We have placed that fleet in a market-based generation
company that operates in competitive states. We have sold the ComEd coal
fleet, thereby creating a competitive market in Northern Illinois. By joining
ComEd with PECO in PJM, we have ensured that both our retail affiliates, and
much of our generation business, operate in a common, highly successful
competitive market.
We are dramatically extending our platform through the recently announced
PSEG merger. Acquiring PSEG satisfies both our near-term financial criteria
and our longer term strategic objectives. Once completed, the merger will
afford us greater scope, scale and cost synergies. It will assure greater diversity
of regulation and markets. Most importantly, it has the potential to deliver
years of continued growth, much as the original PECO/Unicom merger has
done. My sincere thanks to Randy Mehrberg and his Exelon team for their
efforts in putting this deal together, to Jim Ferland and the PSEG management
team for their hard work and courage, and to the Boards of both companies
for both their questions and confidence.
We do not foresee a clean, or simple future. But we would not trade our
platform with any other utility. We are Exelon, one company, with one vision,
striving to deliver exceptional service to our customers, and extraordinary
value to our shareholders.
John W. Rowe
Chairman, President and CEO
Exelon Corporation
April 4, 2005
This communication is not a solicitation of a proxy from any security holder of Exelon Corporation or
Public Service Enterprise Group Incorporated. Exelon has filed a Registration Statement on Form S-4
with the SEC (Registration No. 333-122704) containing a preliminary joint proxy statement/prospectus
regarding the proposed transaction involving Exelon Corporation and Public Service Enterprise
Group Incorporated. We urge investors and security holders to read the definitive joint proxy
statement/prospectus regarding the proposed transaction and any other relevant documents
when they become available, because they will contain important information about Exelon, PSEG
and the proposed merger. Investors and security holders will be able to obtain these materials
(when they are available) and other documents filed with the SEC free of charge at the SEC's
website www.sec.gov. In addition, a copy of the definitive joint proxy statement/prospectus
(when it becomes available) may be obtained free of charge from Exelon Shareholder Services,
10 South Dearborn Street, P.O. Box 805398, Chicago, Illinois 60680-5398, or from PSEG, Investor
Relations, 80 Park Plaza, P.O. Box 1171, Newark, New Jersey 07101-1171.
The respective directors and executive officers of Exelon and PSEG and other persons may be
deemed to be participants in the solicitation of proxies in respect of the proposed transaction.
Information regarding Exelon’s and PSEG’s directors and executive officers and other participants
in the solicitation and a description of their direct and indirect interests, by security holdings or
otherwise, is available in the preliminary joint proxy statement/prospectus contained in the
above-referenced Registration Statement on Form S-4.