<SEC-DOCUMENT>0001104659-22-090867.txt : 20220815
<SEC-HEADER>0001104659-22-090867.hdr.sgml : 20220815
<ACCEPTANCE-DATETIME>20220815114100
ACCESSION NUMBER:		0001104659-22-090867
CONFORMED SUBMISSION TYPE:	S-4/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20220815
DATE AS OF CHANGE:		20220815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EXELON CORP
		CENTRAL INDEX KEY:			0001109357
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				232990190
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-266488
		FILM NUMBER:		221163746

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 805398
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60680-5398
		BUSINESS PHONE:		3123947399

	MAIL ADDRESS:	
		STREET 1:		PO BOX 805398
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60680-5398

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXELON Corp
		DATE OF NAME CHANGE:	20180928

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXELON CORP
		DATE OF NAME CHANGE:	20000315
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4/A
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    <title>tm2222068-7_s4a - block - 2.3437646s</title>
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          <div style="text-align:center; width:541.31pt; line-height:10.5pt;font-weight:bold;">
            <font style="letter-spacing:-0.17pt;">As filed with the Securities and Exchange Commission on August&#160;15, 2022</font><font style="font-weight:normal;letter-spacing:0.17pt;"> </font>
          </div>


          <div style="margin-top:1pt; text-align:right; width:541.31pt; line-height:9.5pt;font-weight:bold;">
            <font style="letter-spacing:-0.17pt;">No. 333-266488</font>&#8203;</div>

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        <div style="margin-top:3.7pt; text-align:center; width:541.31pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">SECURITIES AND EXCHANGE COMMISSION </font>
        </div>
        <div style="margin-top:0.7pt; text-align:center; width:541.31pt; line-height:12pt;font-weight:bold;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">Washington, D.C. 20549</font>
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          <div style="margin-top:1.7pt; text-align:center; width:541.31pt; line-height:10.5pt;font-weight:bold;font-size:10pt;">
            <font style="letter-spacing:-0.2pt;">Pre-Effective </font>
            <br >
            <font style="letter-spacing:-0.2pt;">Amendment No. 1 </font>
            <br >
            <font style="letter-spacing:-0.2pt;">to</font>
          </div>

        <div style="margin-top:1pt; text-align:center; width:541.31pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">FORM S-4</font>
        </div>
        <div style="margin-top:-1.3pt; text-align:center; width:541.31pt; line-height:11.5pt;font-weight:bold;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">REGISTRATION STATEMENT</font>
          <br >
          <font style="letter-spacing:-0.2pt;">UNDER</font>
          <br >
          <font style="letter-spacing:-0.2pt;">THE SECURITIES ACT OF 1933</font>
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        <div style="margin-top:7.71pt; text-align:center; width:541.31pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">EXELON CORPORATION</font>
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        <div style="margin-top:1.7pt; text-align:center; width:541.31pt; line-height:9pt;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Exact name of registrant as specified in its charter) </font>
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          <tr style="line-height:10.2pt;white-space:normal;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:172.44pt;">
              <div style="text-align:center;font-weight:bold;font-size:8.5pt;">
                <font style="letter-spacing:-0.17pt;">Pennsylvania</font>
              </div>
              <div style="margin-top:1.7pt; text-align:center; line-height:8pt;">
                <font style="letter-spacing:0.16pt;">(State or other jurisdiction of incorporation</font>
                <br >
                <font style="letter-spacing:0.16pt;">or organization) </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <div style="text-align:center;font-weight:bold;font-size:8.5pt;">
                <font style="letter-spacing:-0.17pt;">4931</font>
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              <div style="margin-top:1.7pt; text-align:center; line-height:8pt;">
                <font style="letter-spacing:0.16pt;">(Primary Standard Industrial</font>
                <br >
                <font style="letter-spacing:0.16pt;">Classification Code Number) </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <div style="text-align:center;font-weight:bold;font-size:8.5pt;">
                <font style="letter-spacing:-0.17pt;">23-2990190</font>
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              <div style="margin-top:1.7pt; text-align:center;">
                <font style="letter-spacing:0.16pt;">(I.R.S. Employer Identification No.)</font>
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        <div style="margin-top:9.7pt; text-align:center; width:541.31pt; line-height:10pt;font-weight:bold;">
          <font style="letter-spacing:-0.17pt;">10 South Dearborn Street </font>
          <br >
          <font style="letter-spacing:-0.17pt;">P.O. Box 805379 </font>
          <br >
          <font style="letter-spacing:-0.17pt;">Chicago, Illinois 60680-5379 </font>
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          <font style="letter-spacing:-0.17pt;">(800) 483-3220</font><font style="font-weight:normal;letter-spacing:0.17pt;"> </font>
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        <div style="margin-top:1.7pt; text-align:center; width:541.31pt; line-height:9pt;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices) </font>
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        <div style="margin-top:3.2pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 3.19999999999999pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:4.7pt; text-align:center; width:541.31pt; line-height:10pt;font-weight:bold;">
          <font style="letter-spacing:-0.17pt;">Joseph Nigro </font>
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          <font style="letter-spacing:-0.17pt;">Senior Executive Vice President and Chief Financial Officer</font>
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          <font style="letter-spacing:-0.17pt;">Exelon Corporation</font>
          <br >
          <font style="letter-spacing:-0.17pt;">10 South Dearborn Street</font>
          <br >
          <font style="letter-spacing:-0.17pt;">P.O. Box 805379</font>
          <br >
          <font style="letter-spacing:-0.17pt;">Chicago, Illinois 60603</font>
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          <font style="letter-spacing:-0.17pt;">800-483-3220</font><font style="font-weight:normal;letter-spacing:0.17pt;"> </font>
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          <font style="letter-spacing:0.16pt;">(Name, address, including zip code, and telephone number, including area code, of agent for service) </font>
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        <div style="margin-top:5.21pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 5.20999999999998pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:6.7pt; text-align:center; width:541.31pt; line-height:10pt;font-style:italic;font-size:9pt;">
          <font style="letter-spacing:0.18pt;">Copies of all communications, including communications sent to agent for service, should be sent to:</font><font style="font-style:normal;letter-spacing:0.18pt;"> </font>
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            <td style="padding:0pt 0pt 1pt 0pt; width:264.66pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.17pt;">Carter C. Culver, Esquire</font>
                <br >
                <font style="letter-spacing:-0.17pt;">Senior Vice President and Deputy General Counsel</font>
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                <font style="letter-spacing:-0.17pt;">Exelon Corporation</font>
                <br >
                <font style="letter-spacing:-0.17pt;">10 South Dearborn Street</font>
                <br >
                <font style="letter-spacing:-0.17pt;">P.O. Box 805379</font>
                <br >
                <font style="letter-spacing:-0.17pt;">Chicago, Illinois 60603</font>
                <br >
                <font style="letter-spacing:-0.17pt;">800-483-3220</font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:264.65pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.17pt;">Patrick R. Gillard, Esquire</font>
                <br >
                <font style="letter-spacing:-0.17pt;">Ballard Spahr LLP</font>
                <br >
                <font style="letter-spacing:-0.17pt;">1735 Market Street, 51st Floor</font>
                <br >
                <font style="letter-spacing:-0.17pt;">Philadelphia, Pennsylvania 19103</font>
                <br >
                <font style="letter-spacing:-0.17pt;">215-665-8500</font>
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            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
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        <div style="text-indent:20pt; margin-top:6.7pt; width:541.31pt; line-height:9.5pt;font-size:9pt;">
          <font style="font-weight:bold;letter-spacing:-0.18pt;">Approximate date of commencement of proposed sale to the public</font><font style="letter-spacing:0.18pt;">: As soon as practicable after this Registration Statement becomes effective.</font>
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        <div style="margin-top:2.2pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 2.19999999999999pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <font style="letter-spacing:0.18pt;">If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box. &#9744; </font>
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        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:9.5pt;font-size:9pt;">
          <font style="letter-spacing:0.18pt;">If this Form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744; </font>
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        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:9.5pt;font-size:9pt;">
          <font style="letter-spacing:0.18pt;">If this Form is a post-effective amendment filed pursuant to Rule&#160;462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744; </font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:253.57pt;">
              <font style="letter-spacing:0.17pt;">Large accelerated filer &#9746; </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:223.74pt;">
              <font style="letter-spacing:0.17pt;">Accelerated filer &#9744; </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
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          <tr style="line-height:8.5pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8.5pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.49pt 0pt 0.96pt 0pt; width:253.57pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.17pt;">Non-accelerated filer &#9744; (do not check if a smaller reporting company) </font>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.49pt 0pt 0.96pt 0pt; width:223.74pt;">
              <font style="letter-spacing:0.17pt;">Smaller reporting company &#9744; </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
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          <tr style="line-height:8.5pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8.5pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:253.57pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.49pt 0pt 0.96pt 0pt; width:223.74pt;">
              <font style="letter-spacing:0.17pt;">Emerging growth company &#9744; </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
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        <div style="text-indent:20pt; margin-top:3.8pt; width:541.31pt; line-height:9.5pt;font-size:9pt;">
          <font style="letter-spacing:0.18pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;7(a)(2)(B) of the Exchange Act. &#9744; </font>
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        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:10pt;font-size:9pt;">
          <font style="letter-spacing:0.18pt;">If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction: </font>
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        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:10pt;font-size:9pt;">
          <font style="letter-spacing:0.18pt;">Exchange Act Rule&#160;13e-4(i) (Cross-Border Issuer Tender Offer) &#9744; </font>
        </div>
        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:10pt;font-size:9pt;">
          <font style="letter-spacing:0.18pt;">Exchange Act Rule&#160;14d-1(d) (Cross-Border Third-Party Tender Offer) &#9744; </font>
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        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:9.5pt;font-weight:bold;font-size:9pt;">
          <font style="letter-spacing:-0.18pt;">The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&#160;8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section&#160;8(a), may determine.</font><font style="font-weight:normal;letter-spacing:0.18pt;"> </font>
        </div>
        <div style="margin-top:5.3pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 5.29999999999995pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:1.8pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 1.80000000000007pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
      </div>
      <hr >
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">

          <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <font style="letter-spacing:-0.2pt;">Explanatory Note</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <font style="letter-spacing:0.2pt;">This Amendment No. 1 to the Registration Statement on Form S-4 is being filed solely for the purpose of filing exhibits as indicated in Part&#160;II of this Amendment No. 1. Accordingly, this Amendment No. 1 consists only of the facing page, this explanatory note, Part&#160;II of the Registration Statement, the signature pages to the Registration Statement and the filed exhibits. The prospectus&#8201;&#8212;&#8201;Offer to Exchange is unchanged and has been omitted.</font>
          </div>

      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PART II</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INFORMATION NOT REQUIRED IN PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;20.&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Chapter 17, Subchapter D of the Pennsylvania Business Corporation Law of 1988, as amended (the &#8220;PBCL&#8221;), contains provisions permitting indemnification of officers and directors of a business corporation incorporated in Pennsylvania. Sections&#160;1741 and 1742 of the PBCL provide that a business corporation may indemnify directors and officers against liabilities and expenses he or she may incur in connection with a threatened, pending or completed civil, administrative or investigative proceeding by reason of the fact that he or she is or was a representative of the corporation or was serving at the request of the corporation as a representative of another enterprise, provided that the particular person acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal proceeding, had no reasonable cause to believe his or her conduct was unlawful. In general, the power to indemnify under these sections does not exist in the case of actions against a director or officer by or in the right of the corporation if the person otherwise entitled to indemnification shall have been adjudged to be liable to the corporation, unless it is judicially determined that, despite the adjudication of liability but in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnification for the expenses the court deems proper. Section&#160;1743 of the PBCL provides that the corporation is required to indemnify directors and officers against expenses they may incur in defending these actions if they are successful on the merits or otherwise in the defense of such actions. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Section&#160;1746 of the PBCL provides that indemnification under the other sections of Subchapter D is not exclusive of other rights that a person seeking indemnification may have under any by-law, agreement, vote of shareholders or disinterested directors or otherwise, whether or not the corporation would have the power to indemnify the person under any other provision of law. However, Section&#160;1746 prohibits indemnification in circumstances where the act or failure to act giving rise to the claim for indemnification is determined by a court to have constituted willful misconduct or recklessness. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Section&#160;1747 of the PBCL permits a corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a representative of another enterprise, against any liability asserted against such person and incurred by him or her in that capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify the person against such liability under Subchapter D. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Exelon&#8217;s Bylaws provide that it is obligated to indemnify directors and officers and other persons designated by the board of directors against any liability, including any damage, judgment, amount paid in settlement, fine, penalty, cost or expense (including, without limitation, attorneys&#8217; fees and disbursements) including in connection with any proceeding. Exelon&#8217;s Bylaws provide that no indemnification shall be made where the act or failure to act giving rise to the claim for indemnification is determined by arbitration or otherwise to have constituted willful misconduct or recklessness or attributable to receipt from Exelon of a personal benefit to which the recipient is not legally entitled. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">As permitted by PBCL Section&#160;1713, Exelon&#8217;s Bylaws provide that directors generally will not be liable for monetary damages in any action, whether brought by shareholders directly or in the right of Exelon or by third parties, unless they fail in the good faith performance of their duties as fiduciaries (the standard of care established by the PBCL), and such failure constitutes self-dealing, willful misconduct or recklessness. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Exelon has entered into indemnification agreements with each of its directors. Exelon also currently maintains liability insurance for its directors and officers. In addition, the directors, officers and employees of Exelon are insured under policies of insurance, within the limits and subject to the limitations of the policies, against claims made against them for acts in the discharge of their duties, and Exelon is insured to the extent that it is required or permitted by law to indemnify the directors, officers and employees for such loss. The premiums for such insurance are paid by Exelon. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;21.&nbsp;&nbsp;&nbsp;Exhibits.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The &#8220;Exhibit&#160;Index&#8221; on page II-6 is hereby incorporated by reference. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">II-1</font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;22.&nbsp;&nbsp;&nbsp;Undertakings.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The undersigned registrant hereby undertakes: </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: (i)&#160;to include any prospectus required by Section&#160;10(a)(3) of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;); (ii)&#160;to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement (notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&#160;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement); and (iii)&#160;to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the registrant is subject to Rule&#160;430C, each prospectus filed pursuant to Rule&#160;424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule&#160;430B or other than prospectuses filed in reliance on Rule&#160;430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </font>
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        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&#160;424; </font>
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        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; </font>
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        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and </font>
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        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">II-2</font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:120pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:20pt; text-indent:20pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(6) That, for purposes of determining any liability under the Securities Act, each filing of the registrant&#8217;s annual report pursuant to Section&#160;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section&#160;15(d) of the Securities Exchange Act of 1934, as amended) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(7) That prior to any public reoffering of the securities registered hereunder through use of a prospectus which is a part of this registration statement, by any person or party who is deemed to be an underwriter within the meaning of Rule&#160;145(c), the registrant undertakes that such reoffering prospectus will contain the information called for by the applicable registration form with respect to reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(8) That every prospectus (i)&#160;that is filed pursuant to paragraph (7)&#160;above, or (ii)&#160;that purports to meet the requirements of Section&#160;10(a)(3) of the Securities Act and is used in connection with an offering of securities subject to Rule&#160;415, will be filed as a part of an amendment to this registration statement and will not be used until such amendment has become effective, and that for the purpose of determining liabilities under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(9) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(10) To respond to requests for information that is incorporated by reference into the prospectus pursuant to Items&#160;4, 10(b), 11 or 13 of this form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information contained in documents filed subsequent to the effective date of the registration statement through the date of responding to the request. </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(11) To supply by means of a post-effective amendment all information concerning a transaction, and the company being acquired involved therein, that was not the subject of and included in this registration statement when it became effective.</font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">II-3</font>
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          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act, the registrant has duly caused this Amendment No.&#160;1 to Registration Statement on Form S-4 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois, on August&#160;15, 2022. </font>
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        <div style="margin-left:220pt; margin-top:8pt; width:236pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXELON CORPORATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">By:</font>
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        <div style=" margin-top:15.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:240pt;">
          <font style="letter-spacing:0.2pt;">/s/ Joseph Nigro </font>
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          <div style="margin-left:240pt; margin-top:1.9pt; width:216pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Joseph Nigro </font>
            <br >
            <font style="letter-spacing:0.2pt;">Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer) </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated. </font>
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                  <font style="letter-spacing:-0.16pt;">Signature </font>
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                  <font style="letter-spacing:-0.16pt;">Date </font>
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                  <font style="letter-spacing:0.2pt;">*</font>
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                  <div style="margin-left: 0pt; width: 144pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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                <div style="margin-top:2pt; text-align:center;">
                  <font style="letter-spacing:0.2pt;">Christopher M. Crane </font>
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                  <font style="letter-spacing:0.2pt;">President and Chief Executive Officer and Director</font> <br ><font style="letter-spacing:0.2pt;">(Principal Executive Officer) </font></div>
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                  <font style="letter-spacing:0.2pt;">August&#160;15, 2022 </font>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:14.167pt 0pt 0.5pt 0pt; width:144pt;white-space:normal;">
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              <td style="padding:14.167pt 0pt 0.5pt 0pt; width:72pt;">
                <div style="white-space:nowrap; text-align:center;">
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                <div style="margin-top:2pt; text-align:center;">
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                <font style="letter-spacing:0.2pt;">Director </font>
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                  <font style="letter-spacing:0.2pt;">Carlos Gutierrez </font>
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                <font style="letter-spacing:0.2pt;">Director </font>
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                  <font style="letter-spacing:0.2pt;">Linda Jojo </font>
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              <td style="padding:14.167pt 0pt 0.5pt 0pt; width:216pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Director </font>
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              <td style="padding:14.167pt 0pt 0.5pt 0pt; width:72pt;">
                <div style="white-space:nowrap; text-align:center;">
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                <div style="margin-top:2pt; text-align:center;">
                  <font style="letter-spacing:0.2pt;">Paul L. Joskow </font>
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              <td style="padding:14.167pt 0pt 0.5pt 0pt; width:216pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Director </font>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:222pt;">
                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
                <div style=" float:left; line-height:10pt; text-align:left; width:24pt;white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">*By:</font>
                  <br >
                </div>
                <div style=" line-height:10pt; text-align:left; margin-left:24pt;">
                  <font style="letter-spacing:0.2pt;">/s/ Joseph Nigro</font>
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                <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
                <div style="margin-left:24pt; margin-top:2.5pt; line-height:0pt;">
                  <div style="margin-left: 0pt; width: 198pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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                <div style="margin-left:24pt; margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">Joseph Nigro</font>
                  <br >
                  <font style="letter-spacing:0.2pt;">Attorney-in-Fact</font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:222pt;white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
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      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-4</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style=" width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INDEX TO EXHIBITS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:456pt;height:380.47pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
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              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.2pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Exhibit&#160;No. </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
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                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Description </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.617pt 0pt 0.533pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.617pt 0pt 0.533pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">3.1</td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.617pt 0pt 0.533pt 0pt; width:403pt;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000162828018009698/exc2018072731.htm">Amended and Restated Articles of Incorporation of Exelon Corporation, as amended July&#160;24, </a>
                <br >
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000162828018009698/exc2018072731.htm">2018 (incorporated herein by reference to Exhibit&#160;3.1 to Exelon Corporation&#8217;s Current Report </a>
                <br >
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000162828018009698/exc2018072731.htm">on Form 8-K, filed on July&#160;27, 2018)</a>
              </td>
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            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.867pt 0pt 0.533pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.867pt 0pt 0.533pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">3.2</td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.867pt 0pt 0.533pt 0pt; width:403pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/8192/000110935722000092/exc-ex3.htm">Exelon Corporation Amended and Restated Bylaws, as amended on August&#160;3, 2022 (incorporated herein by reference to Exhibit&#160;3.1 to Exelon Corporation&#8217;s Form 10-Q for the quarter ended June&#160;30, 2022, filed on August&#160;3, 2022)</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.857pt 0pt 0.543pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.857pt 0pt 0.543pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">4.1</td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.857pt 0pt 0.543pt 0pt; width:403pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000119312515220476/d941488dex41.htm">Indenture, dated as of June&#160;11, 2015, among Exelon Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated herein by reference to Exhibit&#160;4.1 to Exelon Corporation&#8217;s Current Report on Form 8-K, filed on June&#160;11, 2015)</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.857pt 0pt 0.543pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.857pt 0pt 0.543pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">4.2</td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.857pt 0pt 0.543pt 0pt; width:403pt;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110935722000044/exc-20220307ex42.htm">Fifth Supplemental Indenture, dated as of March&#160;7, 2022, among Exelon Corporation and The </a>
                <br >
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110935722000044/exc-20220307ex42.htm">Bank of New York Mellon Trust Company, N.A., as trustee (incorporated herein by reference </a>
                <br >
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110935722000044/exc-20220307ex42.htm">to Exhibit&#160;4.2 to Exelon Corporation&#8217;s Current Report on Form 8-K, filed on March&#160;7, 2022)</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.857pt 0pt 0.543pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.857pt 0pt 0.543pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">4.3</td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.857pt 0pt 0.543pt 0pt; width:403pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110935722000044/exc-20220307ex11.htm">Registration Rights Agreement, dated as of March&#160;7, 2022, among Exelon Corporation, Barclays Capital Inc., BoA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (incorporated herein by reference to Exhibit&#160;1.1 to Exelon Corporation&#8217;s Current Report on Form 8-K, filed on March&#160;7, 2022)</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.19pt 0pt 1.21pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.19pt 0pt 1.21pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">5.1<font style="position:absolute;">*</font></td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.19pt 0pt 1.21pt 0pt; width:403pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="tm2222068d8_ex5-1.htm">Opinion of Ballard Spahr LLP</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.18pt 0pt 1.22pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.18pt 0pt 1.22pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">23.1<font style="position:absolute;">*</font></td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.18pt 0pt 1.22pt 0pt; width:403pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="tm2222068d8_ex5-1.htm">Consent of Ballard Spahr LLP (included in Exhibit&#160;5.1)</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.18pt 0pt 1.22pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.18pt 0pt 1.22pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">23.2<font style="position:absolute;">** </font></td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.18pt 0pt 1.22pt 0pt; width:403pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110465922085613/tm2222068d6_ex23-2.htm">Consent of PricewaterhouseCoopers LLP</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.18pt 0pt 1.22pt 0pt;" colspan="4">
                <font style="letter-spacing:0.2pt;">24.1*</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.18pt 0pt 1.22pt 0pt; width:403pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110465922085613/tm2222068-1_s4.htm#tSIGN">Powers of Attorney (included on signature pages hereof)</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.847pt 0pt 0.553pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.847pt 0pt 0.553pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">25.1<font style="position:absolute;">** </font></td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1.847pt 0pt 0.553pt 0pt; width:403pt;white-space:normal;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110465922085613/tm2222068d6_ex25-1.htm">Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of The Bank of New York Mellon Trust Company, N.A. for the Indenture dated as of June&#160;11, 2015</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.18pt 0pt 1.22pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.18pt 0pt 1.22pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">99.1<font style="position:absolute;">** </font></td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.18pt 0pt 1.22pt 0pt; width:403pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110465922085613/tm2222068d1_ex99-1.htm">Form of Letter of Transmittal</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.17pt 0pt 1.23pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.17pt 0pt 1.23pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">99.2<font style="position:absolute;">** </font></td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.17pt 0pt 1.23pt 0pt; width:403pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110465922085613/tm2222068d1_ex99-2.htm">Form of Notice of Guaranteed Delivery</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.17pt 0pt 1.23pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.17pt 0pt 1.23pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">99.3<font style="position:absolute;">** </font></td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.17pt 0pt 1.23pt 0pt; width:403pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110465922085613/tm2222068d1_ex99-3.htm">Form of Letter to DTC Participants</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.17pt 0pt 1.23pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.17pt 0pt 1.23pt 0pt; min-width:13.5pt; white-space:nowrap;text-align:right;">99.4<font style="position:absolute;">** </font></td>
              <td style="padding:0pt;padding-left:23.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.17pt 0pt 1.23pt 0pt; width:403pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110465922085613/tm2222068d1_ex99-4.htm">Form of Letter to Clients</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.17pt 0pt 1.23pt 0pt;" colspan="4">
                <font style="letter-spacing:0.2pt;">107+**</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.17pt 0pt 1.23pt 0pt; width:403pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1109357/000110465922085613/tm2222068d6_ex-filingfees.htm">Filing Fee Table</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:12.5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Filed herewith </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">**</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Filed previously</font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-5</font>
          <br >
        </div>
      </div>
      <hr >
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2222068d8_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2222068d8_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2222068d8_ex5-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 15, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exelon Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10 South Dearborn Street,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">49th Floor,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago,&nbsp;Illinois 60603-3005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">RE:</TD><TD>Registration Statement on Form&nbsp;S-4</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as counsel to Exelon Corporation (the &ldquo;Company&rdquo;),
in connection with the exchange of: (i)&nbsp;up to $650,000,000 aggregate principal amount of the Company&rsquo;s outstanding 2.750% Notes
due 2027 (CUSIP Nos. 30161NAZ4 and US30161NAZ42) (the &ldquo;original 2027 notes&rdquo;) for a like principal amount of the Company&rsquo;s
2.750% Notes due 2027 that will be issued in a transaction registered under the Securities Act (CUSIP No.&nbsp;30161NBB64) (the &ldquo;exchange
2027 notes&rdquo;), (ii)&nbsp;up to $650,000,000 aggregate principal amount of the Company&rsquo;s outstanding 3.350% Notes due 2032 (CUSIP
Nos. 30161NBC4 and US30161NBC48) (the &ldquo;original 2032 notes&rdquo;) for a like principal amount of the Company&rsquo;s 3.350% Notes
due 2032 that will be issued in a transaction registered under the Securities Act (CUSIP No.&nbsp;30161NBE0) (the &ldquo;exchange 2032
notes&rdquo;) and (iii)&nbsp;up to $700,000,000 aggregate principal amount of the Company&rsquo;s outstanding 4.100% Notes due 2052 (CUSIP
Nos. 30161NBF7 and US30161NBF78) (the &ldquo;original 2052 notes&rdquo; and, together with the original 2027 notes and the original 2032
notes, the &ldquo;Original Notes&rdquo;) for a like principal amount of the Company&rsquo;s 4.100% Notes due 2052 that will be issued
in a transaction registered under the Securities Act (CUSIP No.&nbsp;30161BH35) (the &ldquo;exchange 2052 notes&rdquo; and, together with
the exchange 2027 notes and the exchange 2032 notes, the &ldquo;Exchange Notes&rdquo; and, together with the Original Notes, the &ldquo;Notes&rdquo;).
The Exchange Notes are covered by the Registration Statement on Form&nbsp;S-4, No.&nbsp;333-266488 (the &ldquo;Registration Statement&rdquo;),
filed by the Company with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) on August&nbsp;3, 2022, and as amended on the
date hereof, under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes were issued under the terms of the Indenture, dated as of
June&nbsp;11, 2015 (the &ldquo;Base Indenture&rdquo;) between the Company and The Bank of New York Mellon Trust Company, N. A., as trustee
(the &ldquo;Trustee&rdquo;), as supplemented and amended by the First Supplemental Indenture, dated as of June&nbsp;11, 2015 (the &ldquo;First
Supplemental Indenture&rdquo;), the Second Supplemental Indenture, dated as of December&nbsp;2, 2015 (the &ldquo;Second Supplemental Indenture&rdquo;),
the Third Supplemental Indenture, dated as of April&nbsp;7, 2016 (the &ldquo;Third Supplemental Indenture&rdquo;), the Fourth Supplemental
Indenture, dated as of April&nbsp;1, 2020 (the &ldquo;Fourth Supplemental Indenture&rdquo;), and the Fifth Supplemental Indenture, dated
as of March&nbsp;7, 2022 (the &ldquo;Fifth Supplemental Indenture&rdquo; and, together with the First Supplemental Indenture, the Second
Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, and the Base Indenture, the &ldquo;Indenture&rdquo;),
which Indenture is governed under the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exelon Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;15, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have examined originals or copies, certified or otherwise identified
to our satisfaction, of (i)&nbsp;the Registration Statement and all exhibits thereto, (ii)&nbsp;the Prospectus Supplement, (iii)&nbsp;the
Amended and Restated Articles of Incorporation of the Company, and (iv)&nbsp;the Amended and Restated Bylaws of the Company. We have also
examined such corporate records and other agreements, documents and instruments, such certificates or comparable documents of public officials
and officers and representatives of the Company, have made such inquiries of such officers and representatives and have considered such
matters of law as we have deemed appropriate as the basis for the opinions hereinafter set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In delivering this opinion, we have assumed the genuineness of all
signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to originals
of all documents submitted to us as certified, photostatic or conformed copies, the authenticity of originals of all such latter documents,
and the accuracy and completeness of all records, information and statements submitted to us by officers and representatives of the Company.
In making our examination of documents executed by parties other than the Company, we have assumed that such parties had the power, corporate
or other, to enter into and perform all obligations thereunder and have also assumed the due authorization of all requisite action, corporate
or other, and execution and delivery by such parties of such documents and the validity and binding effect thereof with respect to such
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon and subject to the limitations and assumptions set forth
herein, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The Company is a corporation duly organized and validly subsisting under the laws of the Commonwealth of Pennsylvania; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>When the Exchange Notes have been duly authorized, executed, and authenticated in accordance with the provisions of the Indenture,
the Exchange Notes will be legally issued and binding obligations of the Company enforceable against the Company in accordance with their
respective terms (except to the extent enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer or other similar laws affecting the enforcement of creditors&rsquo; rights generally and by the effect of general
principles of equity, regardless of whether considered in a proceeding in equity or at law).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We express no opinion as to the law of any jurisdiction other than
the Commonwealth of Pennsylvania, the State of New York and the federal laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the filing of this letter as Exhibit&nbsp;5.1
to the Registration Statement, and to the use therein of this firm&rsquo;s name therein under the caption &ldquo;Legal Matters.&rdquo;
In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of
the Securities Act or the rules&nbsp;and regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ballard Spahr LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
