Exhibit 99
<PAGE>
[LOGO OF EXELON]
NYSE: EXC
Excellence
Execution
Exelon
EEI Fall Financial Conference
October, 2000
Corbin A. McNeil, Jr.,
Chairman and Co-CEO
John W. Rowe,
President and Co-CEO
<PAGE>
[LOGO OF EXELON]
IMPORTANT NOTICE
This presentation contains certain forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based
on management's current expectations and are subject to
uncertainty and changes in circumstances. Actual results
may vary materially from the expectations contained herein.
The forward-looking statements herein include statements
about future financial and operating results of Exelon
Corporation. The following factors, among others, could
cause actual results to differ materially from those
described herein: economic, business, competitive and/or
regulatory factors affecting Exelon's businesses generally.
More detailed information about those factors is set forth
in the joint proxy statement/prospectus regarding the merger
and in the PECO Energy and Unicom Corporation reports filed
with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-
looking statements, which speak only as of the date of this
presentation. Exelon Corp. does not undertake any
obligation to publicly release any revisions to these
forward-looking statements to reflect events or
circumstances after the date of this presentation.
<PAGE>
[LOGO OF EXELON]
WHAT WE SAID WE WOULD ACHIEVE. . .
<PAGE>
[LOGO OF EXELON]
OUR COMMITMENTS
- Rapid closure of the merger
- Grow earnings per share 10% annually through 2003
- Capture merger synergies - $180M by 2003
- Consistent top quartile nuclear plant performance
- Lowest cost, national generation portfolio
- Consistent improvement in delivery systems
- Mutually productive relationships with regulators
- Bring new leadership and direction to Enterprises
- Leverage competencies into new market opportunities
<PAGE>
[LOGO OF EXELON]
WE'VE CREATED EXELON CORPORATION
- Generation portfolio of 36,000 MW*
- Relationships with over 5M customers
- Multi-regional distribution network
- Combined market capitalization of $18B
- Increased shareholder wealth
*Excludes Sithe acquisition (~10GW) which is pending final
regulatory approval
<PAGE>
[LOGO OF EXELON]
[Slide contains a graph of the daily indexed prices of
Unicom, PECO Energy and the S&P Electric Utilities, from
September 15, 2000 through October 20, 2000, highlighting
the prices at September 23, 1999 (initial merger
announcement), January 7, 2000 (announcement of share
repurchase & amended merger agreement) and June 27 & 28,
2000 (Shareholder approval of merger).]
PECO and Unicom -
Relative Stock Price Performance
<TABLE>
<CAPTION>
PECO S&P Electric
Energy Unicom Utilities
<S> <C> <C> <C>
9/15/1999 100.0000 100.0000 100.0000
9/16/1999 97.8561 100.9740 99.3069
9/17/1999 100.4594 99.8377 100.0524
9/20/1999 98.7749 98.5390 99.2407
9/21/1999 95.4058 95.9416 97.6330
9/22/1999 93.4150 96.2662 97.3374
9/23/1999 89.2803 94.1559 95.5967
9/24/1999 92.8025 95.9416 94.9579
9/27/1999 90.9648 96.7532 94.7836
9/28/1999 87.9020 93.9935 93.6347
9/29/1999 88.6677 94.4805 94.1626
9/30/1999 91.8836 95.9416 95.7108
10/01/199 93.2619 96.4286 96.9921
10/04/1999 95.0995 100.1623 99.0538
10/05/1999 92.4962 98.2143 97.0336
10/06/1999 93.5682 99.5130 97.3466
10/07/1999 92.0368 97.2403 95.4609
10/08/1999 91.8836 97.4026 95.5813
10/11/1999 90.6585 95.7792 94.1607
10/12/1999 91.1179 95.4545 93.5791
10/13/1999 91.8836 97.5649 93.7788
10/14/1999 92.8025 99.5130 95.4221
10/15/1999 90.9648 98.7013 93.9165
10/18/1999 92.4962 100.3247 95.0005
10/19/1999 90.8116 98.5390 93.5469
10/20/1999 91.4242 99.8377 93.4281
10/21/1999 90.9648 99.1883 93.2688
10/22/1999 91.4242 98.2143 93.3000
10/25/1999 90.0459 97.5649 93.4929
10/26/1999 90.9648 97.7273 93.5621
10/27/1999 92.6493 99.6753 95.8728
10/28/1999 93.4150 99.5130 97.1896
10/29/1999 93.5682 99.5130 97.4206
11/01/1999 94.1807 100.3247 97.2393
11/02/1999 93.8744 101.4610 97.8091
11/03/1999 94.3339 101.7857 97.4567
11/04/1999 93.4150 101.1364 96.2872
11/05/1999 92.6493 99.5130 96.6780
11/08/1999 91.7305 98.3766 96.0040
11/09/1999 90.0459 96.2662 94.9406
11/10/1999 88.3614 94.9675 93.6919
11/11/1999 87.9020 94.3182 93.8137
11/12/1999 88.6677 94.6429 93.7909
11/15/1999 87.4426 94.6429 93.2309
11/16/1999 86.8300 94.1559 93.4666
11/17/1999 85.6049 93.3442 93.0446
11/18/1999 85.2986 92.2078 92.3450
11/19/1999 84.9923 91.2338 91.5329
11/22/1999 83.4610 89.2857 90.0580
11/23/1999 81.7764 86.8507 88.7615
11/24/1999 80.3982 85.7143 88.8515
11/25/1999 80.3982 85.7143 88.8515
11/26/1999 80.7044 85.2273 88.4905
11/29/1999 77.1822 82.3052 86.2544
11/30/1999 80.7044 82.9545 88.5320
12/01/1999 78.8668 85.5520 88.1400
12/02/1999 81.7764 85.8766 88.4632
12/03/1999 81.6233 87.5000 89.1174
12/06/1999 82.0827 85.8766 88.4153
12/07/1999 82.6953 83.4416 87.4509
12/08/1999 81.6233 81.6559 86.3744
12/09/1999 81.0107 82.6299 85.5109
12/10/1999 82.6953 82.7922 85.2339
12/13/1999 81.1639 81.6559 83.9638
12/14/1999 80.2450 81.9805 84.7155
12/15/1999 82.2358 81.9805 85.8209
12/16/1999 81.4701 82.1429 85.1039
12/17/1999 82.2358 82.3052 85.6152
12/20/1999 83.3078 84.9026 85.3316
12/21/1999 84.0735 84.9026 86.1010
12/22/1999 84.5329 85.8766 86.0144
12/23/1999 84.8392 88.7987 87.0504
12/24/1999 84.8392 88.7987 87.0504
12/27/1999 84.5329 87.6623 86.6556
12/28/1999 83.7672 86.6883 86.6754
12/29/1999 83.0015 85.3896 85.9533
12/30/1999 84.9923 86.5260 86.5329
12/31/1999 85.1455 87.0130 86.3017
1/03/2000 83.0015 83.7662 83.6473
1/04/2000 82.3890 84.2532 84.5097
1/05/2000 86.3706 87.6623 87.9530
1/06/2000 86.5237 87.3377 88.1807
1/07/2000 86.5237 91.3961 89.3833
1/10/2000 91.7305 93.8312 89.1083
1/11/2000 91.1179 94.1559 88.7769
1/12/2000 91.8836 94.8052 89.6693
1/13/2000 94.6401 96.9156 89.5363
1/14/2000 94.3339 95.6169 88.7951
1/18/2000 92.3430 94.4805 87.1726
1/19/2000 94.0276 96.5909 88.5817
1/20/2000 92.6493 94.6429 88.3019
1/21/2000 95.2527 94.9675 89.8849
1/24/2000 99.5406 99.0260 90.7879
1/25/2000 98.0092 96.2662 89.3052
1/26/2000 100.1531 98.3766 89.9852
1/27/2000 102.9096 100.6494 90.0521
1/28/2000 100.9188 100.4870 88.6809
1/31/2000 102.2971 101.6234 90.3754
2/01/2000 101.8377 105.1948 90.0521
2/02/2000 102.1440 106.4935 89.5616
2/03/2000 106.5850 107.3052 91.2004
2/04/2000 105.3599 106.3312 89.0377
2/07/2000 102.9096 101.9481 87.9786
2/08/2000 103.8285 102.7597 88.3577
2/09/2000 104.1348 102.4351 87.5550
2/10/2000 102.7565 100.0000 87.1202
2/11/2000 101.0720 97.8896 86.2396
2/14/2000 100.9188 97.0779 86.3065
2/15/2000 100.1531 98.0519 85.9274
2/16/2000 99.8469 97.4026 85.5038
2/17/2000 98.6217 100.000 84.8907
2/18/2000 96.9372 96.7532 83.5084
2/22/2000 97.5498 97.7273 83.3969
2/23/2000 98.928 96.5909 82.0926
2/24/2000 93.1087 94.8052 79.3168
2/25/2000 94.487 94.8052 78.124
2/28/2000 96.325 99.513 80.186
2/29/2000 91.424 98.214 79.584
3/01/2000 92.496 98.864 78.670
3/02/2000 95.559 98.864 79.083
3/03/2000 96.784 98.701 79.495
3/06/2000 94.946 96.916 75.649
3/07/2000 92.496 96.104 75.047
3/08/2000 93.568 96.591 75.393
3/09/2000 93.874 96.429 75.716
3/10/2000 93.721 97.565 75.504
3/13/2000 93.415 99.351 75.638
3/14/2000 91.424 96.266 74.969
3/15/2000 94.640 97.565 78.614
3/16/2000 99.485 101.948 82.650
3/17/2000 94.334 98.214 80.733
3/20/2000 94.181 98.701 80.454
3/21/2000 94.946 99.026 79.874
3/22/2000 92.496 97.403 78.235
3/23/2000 91.730 97.890 79.484
3/24/2000 93.109 98.701 79.807
3/27/2000 91.424 98.214 80.476
3/28/2000 89.893 95.455 79.216
3/29/2000 91.118 95.942 80.197
3/30/2000 90.965 96.104 80.922
3/31/2000 90.352 94.805 81.134
4/03/2000 90.505 94.643 81.725
4/04/2000 96.478 97.403 83.899
4/05/2000 99.387 101.623 84.411
4/06/2000 97.090 99.026 82.862
4/07/2000 97.243 99.351 82.460
4/10/2000 101.378 102.760 84.802
4/11/2000 102.144 103.247 85.838
4/12/2000 104.135 103.896 87.655
4/13/2000 106.738 106.656 90.186
4/14/2000 105.262 104.708 87.722
4/17/2000 102.910 104.383 88.759
4/18/2000 100.306 100.974 88.268
4/19/2000 99.694 100.162 88.079
4/20/2000 101.991 102.597 89.472
4/24/2000 102.910 102.110 92.248
4/25/2000 105.819 104.708 94.690
4/26/2000 106.891 107.630 96.797
4/27/2000 105.513 105.032 94.567
4/28/2000 102.144 103.247 92.560
5/01/2000 102.297 103.896 92.560
5/02/2000 99.694 101.461 90.877
5/03/2000 101.838 102.273 90.643
5/04/2000 104.288 104.870 92.215
5/05/2000 105.360 104.058 91.089
5/08/2000 105.972 105.844 92.873
5/09/2000 107.198 105.682 92.716
5/10/2000 109.648 107.792 94.177
5/11/2000 111.485 111.201 95.927
5/12/2000 109.342 109.314 94.277
5/15/2000 109.801 110.227 95.459
5/16/2000 109.342 109.578 94.266
5/17/2000 105.972 106.169 92.081
5/18/2000 105.972 107.143 93.697
5/19/2000 106.432 107.468 94.400
5/22/2000 110.720 111.201 96.161
5/23/2000 110.720 111.688 94.812
5/24/2000 112.711 112.175 95.882
5/25/2000 110.720 111.364 94.868
5/26/2000 110.720 111.201 95.938
5/30/2000 108.423 109.091 94.701
5/31/2000 107.657 108.279 95.258
6/01/2000 106.891 106.331 95.169
6/02/2000 106.585 106.494 93.742
6/05/2000 103.216 103.247 91.156
6/06/2000 104.135 105.195 93.006
6/07/2000 102.450 104.058 92.828
6/08/2000 104.900 105.195 92.705
6/09/2000 108.576 109.740 94.244
6/12/2000 108.786 110.227 94.991
6/13/2000 108.270 109.740 95.158
6/14/2000 105.360 105.357 93.675
6/15/2000 105.513 105.682 95.247
6/16/2000 105.666 103.896 94.723
6/19/2000 104.900 104.221 93.564
6/20/2000 103.982 103.571 93.185
6/21/2000 103.828 103.896 93.229
6/22/2000 103.216 103.084 92.415
6/23/2000 103.675 104.221 92.861
6/26/2000 104.747 104.058 93.396
6/27/2000 100.919 100.649 90.777
6/28/2000 104.680 105.448 92.772
6/29/2000 103.216 102.273 90.922
6/30/2000 98.775 100.487 88.636
7/03/2000 101.991 100.325 90.632
7/05/2000 99.541 98.701 90.019
7/06/2000 100.766 99.675 90.911
7/07/2000 101.072 99.675 92.092
7/10/2000 102.910 101.623 93.486
7/11/2000 105.666 105.195 94.355
7/12/2000 104.594 102.922 93.787
7/13/2000 105.360 105.195 94.333
7/14/2000 104.594 103.409 93.631
7/17/2000 107.351 105.601 93.998
7/18/2000 108.116 107.305 94.389
7/19/2000 109.188 109.253 96.072
7/20/2000 106.585 106.818 95.503
7/21/2000 107.810 108.117 95.214
7/24/2000 106.585 108.117 94.734
7/25/2000 107.351 108.442 95.425
7/26/2000 105.092 106.696 93.932
7/27/2000 106.891 107.792 95.080
7/28/2000 106.891 108.117 95.035
7/31/2000 106.585 108.117 93.653
8/01/2000 107.657 109.091 98.201
8/02/2000 107.351 109.091 96.328
8/03/2000 110.605 111.891 100.052
8/04/2000 112.711 112.825 100.654
8/07/2000 115.658 115.300 102.683
8/08/2000 115.314 114.610 103.452
8/09/2000 114.395 113.961 102.114
8/10/2000 113.821 114.489 101.969
8/11/2000 115.964 116.396 103.084
8/14/2000 117.764 117.532 103.530
8/15/2000 119.908 120.151 104.254
8/16/2000 118.836 118.994 104.009
8/17/2000 119.449 121.266 104.288
8/18/2000 119.296 118.831 104.288
8/21/2000 118.530 117.857 103.675
8/22/2000 118.989 118.994 103.664
8/23/2000 120.061 120.130 104.377
8/24/2000 118.683 118.831 103.184
8/25/2000 117.152 117.695 102.348
8/28/2000 119.142 119.481 103.697
8/29/2000 116.998 118.344 102.939
8/30/2000 117.611 118.344 104.110
8/31/2000 118.118 118.719 105.313
9/01/2000 118.377 118.994 105.737
9/05/2000 119.755 121.104 108.257
9/06/2000 122.052 122.565 110.742
9/07/2000 124.196 124.675 111.289
9/08/2000 131.602 130.909 114.733
9/11/2000 136.648 135.116 117.398
9/12/2000 137.672 135.390 117.509
9/13/2000 139.969 135.065 116.127
9/14/2000 137.825 134.416 115.781
9/15/2000 143.386 138.519 117.175
9/18/2000 141.348 137.175 116.740
9/19/2000 135.681 132.468 112.024
9/20/2000 133.538 132.143 109.583
9/21/2000 133.384 132.955 108.546
9/22/2000 137.366 136.526 111.322
9/25/2000 136.294 135.714 112.136
9/26/2000 141.041 139.935 115.648
9/27/2000 145.224 143.557 116.417
9/28/2000 146.708 144.156 117.610
9/29/2000 148.440 145.992 118.735
10/02/2000 150.842 148.052 120.430
10/03/2000 144.870 143.019 117.052
10/04/2000 139.663 136.039 113.730
10/05/2000 136.294 134.253 111.222
10/06/2000 138.744 136.201 112.950
10/09/2000 138.591 136.201 112.950
10/10/2000 144.104 140.260 115.324
10/11/2000 142.726 137.825 116.105
10/12/2000 140.735 135.552 115.213
10/13/2000 141.960 138.799 117.008
10/16/2000 148.086 144.481 118.490
10/17/2000 150.995 147.403 118.657
10/18/2000 146.708 143.019 116.372
10/19/2000 147.167 143.669 115.692
10/20/2000 145.789 143.669 115.692
</TABLE>
<PAGE>
[LOGO OF EXELON]
Business Structure
Exelon Corporation
Exelon Exelon Exelon
Generation Energy Delivery Enterprises
Power Team ComEd Energy Delivery Infrastructure
Services
Exelon Nuclear PECO Energy Delivery Energy Services
AmerGen PECO Gas Distribution Telecommunications
Exelon Power Energy
Sithe Acquisition*
*pending final regulatory approvals
<PAGE>
[LOGO OF EXELON]
WHAT WE DELIVERED WHILE CLOSING THE MERGER...
<PAGE>
[LOGO OF EXELON]
GENERATION PORTFOLIO GROWTH
- Sithe Acquisition
- 10 GW of fossil generation in key markets
(3,800 MW operating; 2,500 MW under construction; 3,700
MW advanced development)
- world-class greenfield development capabilities
- 49.9% by year end '00; remaining 50.1% in '03-'05
- expected to close by year end 2000
- 500 MW of new combustion turbines
- on order; site selection in progress
- AmerGen
- closed on TMI, Clinton and Oyster Creek
<PAGE>
[LOGO OF EXELON]
Top-Tier Nuclear Fleet Production
- 9 of Exelon's 10 nuclear plants are in the industry's top
quartile thru Sept.
- 2000 target capacity factor 90.2%
- 8 refueling outages scheduled this fall
- 3 already complete
[Slide contains a bar graph depicting year-to-date* capacity
factor for Exelon Fleet, Industry Median, and Industry Top
Quartile.
*through September 2000]
<TABLE>
<CAPTION>
<S> <C>
Exelon Fleet 94.4%
Industry Median 86.7%
Industry Top Quart. 90.0%
</TABLE>
<PAGE>
[LOGO OF EXELON]
RESTRUCTURED DEAL TO DELIVER VALUE
- Restructured merger agreement to increase share buy-back
and reduce goodwill
- Repurchased 36 million shares
- Securitized an additional $1B of stranded costs
- Secured approvals to transfer generation assets to
unregulated entity
<PAGE>
[LOGO OF EXELON]
COMED DECOMMISSIONING PETITION
- ComEd Proposal
- Recover $121 MM for 6 years; thereafter collections cease and Genco
assumes all decommissioning risk
- PPA's with Genco for 6 years
- Excess funds (after decommissioning of all plants) returned to
rate payers
- Status
- Hearing Examiner Proposed Order (HEPO) issued October 25 recommends
rejection of ComEd proposal
- ComEd believes law provides for continued recovery of
decommissioning costs
- Revised HEPO expected November 13
- Commission decision expected by year-end
<PAGE>
[LOGO OF EXELON]
FINANCIAL PERFORMANCE
- Earnings per share growth through 3Q
- PE up 25% vs. '99
- UCM up 24% vs. '99
- Key Drivers:
- PE and UCM share repurchases
- Strong nuclear performance
[Slide contains a bar graph depicting Earnings per Share for
the 9 months ending September 30, 1999 and 2000 for PECO
Energy and Unicom Corporation.]
<TABLE>
<CAPTION>
PE
<S> <C>
1999 $2.44
2000 $3.06
Unicom
1999 $2.32
2000 $2.88
</TABLE>
<PAGE>
[LOGO OF EXELON]
IMPROVING COMED'S RELIABILITY
[Slide includes a line graph showing average number of
interruptions from December 1998 to September 2000. The
graph indicates a 33% improvement since December 1998.]
<TABLE>
<CAPTION>
12 Months ended Average number of interruptions
<S> <C>
Dec-98 2.18
Jan-99 2.17
Feb-99 2.21
Mar-99 1.82
Apr-99 1.82
May-99 1.76
Jun-99 1.72
Jul-99 1.83
Aug-99 1.74
Sep-99 1.69
Oct-99 1.66
Nov-99 1.49
Dec-99 1.49
Jan-00 1.41
Feb-00 1.44
Mar-00 1.43
Apr-00 1.48
May-00 1.60
Jun-00 1.52
Jul-00 1.35
Aug-00 1.40
Sep-00 1.46
</TABLE>
[Slide includes a line graph showing average duration of
interruptions from December 1998 to September 2000. The
graph indicates a 47% improvement since December 1998.]
<TABLE>
<CAPTION>
12 mos Average Duration
ending of Interruptions
<S> <C>
Dec-98 269
Jan-99 273
Feb-99 274
Mar-99 212
Apr-99 211
May-99 205
Jun-99 195
Jul-99 205
Aug-99 184
Sep-99 176
Oct-99 175
Nov-99 136
Dec-99 136
Jan-00 136
Feb-00 132
Mar-00 131
Apr-00 134
May-00 158
Jun-00 154
Jul-00 129
Aug-00 138
Sep-00 141
</TABLE>
<PAGE>
[LOGO OF EXELON]
ENTERPRISES GROWTH
EIS
---
- 10 companies with operations in 42 states
- 6500 employees
- Year 2000 Financial Performance:
- $700 M revenues
- EBITDA 8% of revenues
Energy Services (HVAC)
----------------------
- 8 companies with operations in Illinois, Minnesota, Ohio
- 2000 employees
- Year 2000 Financial Performance:
- $250 M revenues
- EBITDA 6% of revenues
<PAGE>
[LOGO OF EXELON]
TELECOM - BUILDING VALUE
- AT&T Wireless
---------------
- 283,000 subscribers
- $65 average rev/sub
- $234 M invested
- ~$600 M estimated value (based on AWE)
- PECO Adelphia
---------------
- 69,000 lines in service
- gross PPE/line $2,113
- 2000 Revenue $43 M
- EBITDA positive
- expect positive 2001 earnings
<PAGE>
[LOGO OF EXELON]
LOOKING AHEAD. . .
<PAGE>
[LOGO OF EXELON]
FOUNDATION FOR GROWTH
[Slide contains a bar graph depicting actual earnings before
special items for 1998 and 1999 and IBES projected earnings
for 2000 for PECO and Unicom and projected earnings growth
for Exelon for 2000 (pro forma annualized), 2001, 2002, and
2003. The Exelon graph indicates a 10% growth for 2001 to
2003.]
<TABLE>
<CAPTION>
PECO
<S> <C>
1998 $2.66
1999 $3.17
2000 $3.60
Unicom
1998 $2.27
1999 $2.89
2000 $3.25
Exelon
2000(proforma annualized) $3.70
2001 $4.20
2002 $4.60
2003 $5.10
</TABLE>
<PAGE>
[LOGO OF EXELON]
EXELON'S INTEGRATED STRATEGY
[This slide is a diagram which illustrates the integrated
strategy. The three main business segments are shown as
ovals: 1) Generation and Power Marketing, 2) Energy
Delivery, 3) Enterprises.]
- Generation and Power Marketing
------------------------------
- primary growth vehicle in the near-term
- Energy Delivery
---------------
- steady source of cash and earnings for reinvestment in
growth of the corporation
- Enterprises
-----------
- positioning to provide longer term growth prospects for
the corporation
<PAGE>
[LOGO OF EXELON]
COMMITTED TO
GROWTH AND VALUE
NYSE: EXC
<PAGE>
[LOGO OF EXELON]
Q & A
REMEMBER:
Exelon Analyst Conference
New York, November 15, 2000
See IR Team for details
