#1Constellation. Investor Presentation March 2022#22 Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as "could,” “may,” “expects," "anticipates," "will," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "predicts," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation (Constellation) include those factors discussed herein, as well as the items discussed in (1) Constellation's 2021 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; and (2) other filings made by Constellation with the SEC. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this presentation. Constellation undertakes no obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this presentation. Constellation.#33 Non-GAAP Financial Measures Constellation reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Constellation supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including: • . e 0 • Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, and excludes certain costs, expenses, gains and losses and other specified items, including mark-to-market adjustments from economic hedging activities, decommissioning related activity, asset impairments, certain amounts associated with plant retirements and divestitures, pension and OPEB non-service costs, separation related costs and other items as set forth in the Appendix. Includes nuclear fuel amortization expense. Adjusted operating and maintenance expense excludes direct cost of sales for certain Constellation and Power businesses, ARO accretion expense from unregulated units and decommissioning costs that do not affect profit and loss, the impact from operating and maintenance expense related to variable interest entities at Constellation, and other items as set forth in the reconciliation in the Appendix Total gross margin is defined as operating revenues less purchased power and fuel expense, excluding revenue related to decommissioning, gross receipts tax, JExel Nuclear JV, variable interest entities, and net of direct cost of sales for certain Constellation and Power businesses Adjusted cash flows from operations primarily includes net cash flows from operating activities and Collection of Deferred Purchase Price (DPP) related to the revolving accounts receivable arrangement, which is presented in cash flows from investing activities for GAAP Free cash flows before growth (FCFbg) is Adjusted cash flows from operations less capital expenditures for maintenance and nuclear fuel, non-recurring capital expenditures related to separation and ERP system implementation, changes in collateral, net merger and acquisitions, and equity investments and other items as forth in Appendix Adjusted operating revenues exclude the Mark-to-Market impact of economic hedging activities due to the volatility and unpredictability of the future changes in commodity prices Adjusted purchased power and fuel excludes the Mark-to-Market impact of economic hedging activities due to the volatility and unpredictability of the future changes in commodity prices Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available, as management is unable to project all of these items for future periods Constellation.#44 Non-GAAP Financial Measures Continued This information is intended to enhance an investor's overall understanding of period over period financial results and provide an indication of Constellation's baseline operating performance by excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this information is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting of future periods. These non-GAAP financial measures are not a presentation defined under GAAP and may not be comparable to other companies' presentations. Constellation has provided these non-GAAP financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These non-GAAP measures should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP measures provided in the materials presented. Non-GAAP financial measures are identified by the phrase "non-GAAP" or an asterisk (*). Reconciliations of these non-GAAP measures to the most comparable GAAP measures are provided in the appendices and attachments to this presentation, except for the reconciliation for total gross margin, which appears on slide 41 of this presentation. Constellation.#55 Constellation: America's Leading Clean Energy Company Carbon-Free Generation Fleet: ⚫ #1 provider of carbon-free 24/7 energy in the United States • Lowest carbon emissions and carbon intensity generator in the United States • 32,400 MWs of total generating capacity • ~78 million metric tonnes of Industry Leading Customer Business: ⚫ #1 in market share for C&I customers ⚫ #2 retail electricity provider ⚫ #3 in market share for mass market customers • Top 10 natural gas provider in the U.S • Serve 3/4 of the Fortune 100 carbon avoided through our fleet • 2 million total customers ⚫ 215 TWhs of load served • 94.3% capacity factor at nuclear plants • Ability to extend fleet to 80 years - providing 24/7 carbon-free power through 2050 and beyond Operate in 48 states and the District of Columbia Supporting our Communities: • Expected to be a Fortune 200 company, based on $17.6 billion in operating revenues in 2020 • Approximately 13,000 employees nationwide • Investing in local communities through $207 million in local property taxes and $87 million in state payroll taxes • Employees volunteered nearly 53,000 hours in 2020 • Increasingly diverse workforce, with strong diverse hiring and promotion rates and community workforce development partnerships Constellation.#6CO 6 Constellation's Value Proposition Enduring Businesses Ready to Meet the Climate Crisis • World-Class nuclear operator and largest generator of 24/7 carbon-free firm electricity with ability to extend asset lives • Largest provider of energy and solutions to commercial and industrial customers • Strong advocate for, and ideally situated to benefit from, energy policies that drive the transition to carbon-free energy Delivering Value for Our Shareholders • Strong free cash flows, optimized through industry-leading operations, support of carbon-free energy and focus on costs • Disciplined capital allocation strategy supports strong investment grade balance sheet, growth investment consistent with corporate strategy, and return of capital to owners Premier ESG Company • ~90% carbon-free energy growing to 100% carbon-free by 2040 • Committed to advancing diversity, equity and inclusion in our workplace and communities • Maintaining the highest standards of corporate governance Constellation.#77 Our Unique Businesses Give Us a Durable, Competitive Advantage Constellation is the largest producer of carbon-free electricity in the United States - nearly two times more than the next producer. Our plants provide firm, resilient, reliable, 24/7 power no matter the weather with 18-24 months of fuel on site. Two-thirds of our output is compensated for its carbon-free attributes, and we see bipartisan policy support for continued operation of these assets, which are essential to addressing the climate crisis. With continued supportive policy, we can extend the licenses of our plants to 80 years meaning they can provide reliable energy beyond 2050 while the U.S. rapidly scales up new renewable generation. Given their access to land, transmission and transportation, our plants can serve as flexible carbon-free generation centers where other clean energy production like hydrogen and behind the meter solutions for customers can help balance the grid. All of this is possible through our high-performing, specialized workforce and our world-class management model that drives industry leading operational performance. Our commercial business delivers nearly 1 in 4 MWhs of electricity to competitive C&I customers in the U.S. - including 3/4 of the Fortune 100. Our strong, long-standing relationships with our customers average 6 years, putting us in the best position to meet the growing demand for customer-driven carbon-free energy and products that allow our customers to meet their own carbon reduction goals. Constellation.#8Constellation is the Largest Producer of Carbon-Free Electricity in the United States Largest Producers of Carbon-Free Generation(1,2) million MWh Constellation (3) NextEra Energy (2) Lowest CO2 Emissions Among Major Investor-Owned Generators(2) million short tonnes Lowest Carbon Intensity Among Major Investor-Owned Generators (2) lb/ MWh 162.6 98.7 Duke (1) 82.8 Entergy (6) 61.2 Dominion (7) 53.6 Southern (4) 46.0 Berkshire Hathaway 35.8 Energy (8) FirstEnergy (12) 32.5 PSEG (13) 30.7 AEP (10) 21.6 Xcel (11) 21.4 Vistra Energy (5) 19.3 Riverstone (17) 18.8 DTE Energy (15) 11.5 Ameren (19) 11.2 NRG (14) 10.8 Evergy (18) 10.5 Energy Capital -9.2 Partners (9) ArcLight Capital (16) 1.7 PPL (20) 0.4 0 Constellation (3) 9 PSEG (13) 13 Riverstone (17) 17 Ameren (19) 26 ArcLight Capital (16) 28 Evergy (18) 29 DTE Energy (15) 31 First Energy (12) 32 PPL (20) 34 NRG (14) 34 Dominion (7) 35 Entergy (6) 38 Energy Capital 40 Partners (9) Xcel (11) 46 NextEra Energy (2) 49 Berkshire Hathaway 67 Energy (8) AEP (10) 70 Southern (4) 85 Duke (1) Vistra Energy (5) 94 109 50 100 150 200 0 20 40 60 80 100 120 Constellation (3) PSEG (13) NextEra Energy (2) 98 455 482 Entergy (6) 595 Dominion (7) 596 Energy Capital 766 Partners (9) Duke (1) 877 Riverstone (17) 879 Southern (4) 935 FirstEnergy (12) 1,043 Berkshire Hathaway 1,158 Energy (8) Xcel (11) 1,198 Vistra Energy (5) NRG (14) 1,227 1,478 ArcLight Capital (16) 1,485 Ameren (19) 1,491 DTE Energy (15) 1,496 AEP (10) 1,510 Evergy (18) 1,565 PPL (20) 1,967 0 500 1,000 1,500 2,000 8 Constellation produces 1 of every 10 MWh of carbon-free electricity in the United States (1) Reflects 2019 regulated and non-regulated generation. Source: M.J. Bradley & Associates Benchmarking Air Emissions, July 2021; https://www.mjbradley.com/sites/default/files/Presentation of Results 2021.pdf (2) Number in parentheses is the company's ranking among the 20 largest investor-owned producers (total MWh) in 2019, i.e. Constellation was the third largest generator in 2019 Constellation.#99 Firm Nuclear Power Plays a Unique Role in the Fight Against the Climate Crisis 24/7 5/A M 80 years Firm Carbon-Free Nuclear power provides firm carbon- free electricity while displacing fossil fuels in applications requiring a continuous power supply Resilient Nuclear power has onsite fuel for 18-24 months, providing resilient and reliable power every season, no matter the weather Variable Renewables Nuclear power can support higher deployment of variable wind and solar generation without the need for backup capacity from fossil fuel generation License Renewals Second license renewals will extend carbon-free production to 80- years - more than 3 times the useful life of renewables and 2 times the useful life of coal Constellation.#10Constellation's Generation is Essential for States to Meet Carbon-Free Energy Goals Constellation's Contribution to Carbon-Free Electricity by State (1) New York Illinois 100% carbon-free by 2040 (3) 100% carbon-free by 2045(3) Maryland Pennsylvania New Jersey 100% carbon-free by 2040 (3) 80% emission reduction by 2050 (3) 100% carbon-free by 2050 (3) Exelon Renewables(2) Other Nuclear Ginna 7% 57% 25% Nine Mile Point Quad Cities 14% Byron 13% 17% Clinton 8% 11% 13% Dresden Fitzpatrick 17% LaSalle 17% Braidwood ~43% ~86% Key Other Nuclear Other Renewables(2) 13% 84% Calvert Cliffs Exelon Renewables(2) 2% 43% 6% 38% 5% 23% 26% Limerick Peach Bottom 58% Salem -97% ~51% ~58% Note: may not sum due to rounding (1) Source: 2020 U.S. EIA data. Assumes whole unit output of CENG and other partially-owned generation. New York is adjusted to exclude Indian Point Units 2 and 3 to reflect retirements in April 2020 and 2021, respectively. Renewables include hydroelectric, solar and wind generation; excludes biomass (2) 10 (3) Reflects clean energy goals as outlined in the state's existing law or goal established by the state's Governor; Reflects Salem's full output and not ownership share Constellation.#1111 Constellation's Customer Platform Provides Tools to Help Communities, Families and Businesses Meet Their Sustainability and Carbon Reduction Targets Carbon Footprint இ Carbon-Free Power Carbon Reduction Renewable On-site Renewable Projects Energy Efficiency Measures customers' carbon footprint across all locations to develop a plan to lower emissions factors Reduce emissions with renewable energy certificates (RECs) from solar or wind generation and emission-free energy credits (EFECs) from nuclear power Reduce Greenhouse emissions through Renewable Natural Gas (RNG), Carbon offsets and Renewable Identification Number (RINS) Install renewable energy generation on-site to reduce energy costs and carbon emissions Off-site renewable energy and REC products for customers help them meet their clean energy goals Building automation, lighting improvements, electrification solutions, and water conservation Constellation.#12Best-in-Class Nuclear Operations Resulting in More Carbon-Free Energy Nuclear Capacity Factor (%) (1,2,3) Industry Average Average Nuclear Refueling Outage Days (3,5) Industry Average Ranking Among Major Operators (4) Ranking Among Major 94.1% 90.5% 94.6% 90.8% 95.7% 91.7% 95.4% 94.3% Operators (2-Yr) (4) 34 35 36 34 90.8% 2020 1 2020 1 2019 1 23 21 21 22 222 2019 1 22 2018 1 2018 1 2017 1 2017 2 2016 1 2016 1 2017 2018 2019 2020 2021E 2017 2018 2019 2020 2021 Nuclear Composite Operational Excellence (6) (Total of Rankings of 14 Indicators) Average Cost ($/ MWh) (7) Industry Average Industry Average 91.3% 84.9% 84.9% Ranking Among Major Operators (4) 78.6% 56.3% 56.2% iiiii 73.0% $36 2020 1 $34 55.9% 55.8% 55.9% $34 2019 1 $32 $30 $29 2018 2 2017 1 2016 1 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 Source: Constellation's internal benchmarking report (1) (2) (3) Reflects Constellation's ownership share of CENG and other partially-owned units. Includes 100% ownership of CENG following closure of EDF Put on August 6, 2021. 2021 reflects projected production and capacity factor as of November 30, 2021; 2021 Industry Averages were not available at the time of publication Excludes Salem. Includes FitzPatrick beginning in April 2017 for Capacity Factor and in 2018 for Refueling Outage Days. Constellation and Industry averages reflect Oyster Creek and TMI partial year operation in 2018 and 2019, respectively. (4) (5) Major nuclear operator is defined as one entity responsible for the operation of at least two sites and comprising of at least four units Refueling outage values are not ownership adjusted 12 (6) (7) Composite Operational Excellence Metric consisting of 14 indicators in Production, Cost, and Safety. Value represents the percentage of the maximum available score by ranking of Major Operators across the 14 indicators. Total Generating Cost ($/MWh) is Fuel Expense, Capital and Total Operating & Maintenance Cost divided by generation output Constellation.#1313 Leading Customer Operational Metrics Result in Consistent and Repeatable Load Leading Customer Operational Metrics Power New Customer Win Rate Power Customer Renewal Rate Natural Gas Customer Retention Rate Consistent Load(1) Wholesale Retail 92% 91% 91% 91% 90% 79% 79% 78% 77% 74% 215 210 210 210 200 60 55 60 60 60 155 36% 140 30% 28% 29% 24% 2016 2017 2018 2019 2020 150 150 150 155 55 2016 2017 2018 2019 2020 (1) Reflects retail load and wholesale load auction volumes as of December 31, 2020. Does not equate to annualized retail load volumes under contract as reported in DNV GL Market Share Landscape. Constellation.#142016 2017 % TWh De-risking Generation Platform through Hedging and Contracted Revenue 2018 2019 State or Federal Credits (1) No Program or Credits 2024 2022 93% 75% 52% 2023 Our generation supported by state programs will increase to 56% of total output by 2023... Such that the IL CMC program plus our ratable hedging program on the remaining fleet increases overall generation hedge levels, ultimately providing significant visibility to gross margins over the next 3 years (1) Includes IL, NY, and NJ ZEC programs, IL CMC program, and PTCs for renewables (2) Hedged percentages as of November 30, 2021 14 (3) Includes capacity revenues; 23/24 & 24/25 PJM capacity results are based on internal assumptions given PJM has not run the auctions to date % Generation Hedged including CMC(2) Gross margin visibility is supported by the IL CMC program, ZEC and capacity revenues, our strong customer supply business, and the ratable hedging program for non-contracted generation Constellation. 2024#15Cost Management Outpacing Inflation ($ in millions) $4,975 -1.5% 5,000 $4,775 4,500 $4,400 $4,450 $225 $4,475 $4,475 $4,375 $4,375 $225 $4,225 $4,150 0 2017 2018 20 19 2020 2021E(1) 2022E(4) 2023E(4) 2024E(4) Q4 2019 Disclosures (2) Adjusted O&M*(3) Focus on Efficiencies and Cost Management Constellation has a proven track record of effective cost management 15 Projected to save over $1.4B in inflation-adjusted costs by 2024(5) Constellation's focus on efficiencies and cost reduction, while ensuring safety and operational excellence, will support free cash flow generation Note: All amounts rounded to the nearest $25M and may not sum due to rounding (1) 2021 adjusted O&M* is estimated based on November 30, 2021 forecasts. Actual results may vary. (2) Represents the additional adjusted O&M* disclosed in Q4 20 19 Earnings call under normal conditions. 2020 and 2021 O&M spend is lower due to savings achieved to offset impacts of Covid-19 and Texas Weather Event, respectively. (3) 2017-2021 include adjustments for purposes of comparing to forward-looking measures. Adjustments include reflecting CENG at 100% ownership, ARO accretion expense of unregulated units, and reclass of pension and OPEB non-service costs from O&M in accordance with SEC reporting guidelines that will apply to Constellation post-separation. (4) Post-separation Constellation will apply single-employer pension accounting, which requires non-service costs to be reclassed out from O&M to Other, Net for SEC reporting purposes. Constellation's non-service costs are anticipated to be in a credit position of $100 M, $150 M, and $175M in 2022, 2023, and 2024, respectively. Impact is P&L neutral. (5) Calculated using 2017 actuals and adjusting for annual inflation through 2024 (Source: Federal Reserve Bank of Minneapolis); 2022-2024 assumes inflation rate of 2.5% Constellation.#16Carbon-Free Capital Investment Plans ($ in millions) $2,250 $2,150 $325 $300 $1,800 $75 $1,800 $1,675 $175 $100 $325 Γ $1,750 $125 $1,550 $225 $75 $50 $25 $25 $1,300 $900 $900 $875 $875 $675 $675 $725 $650 $1,025 $950 $850 $650 $675 $700 $675 $650 2017 2018 2019 2020 2021E 2022E 2023E 2024E Baseline Committed Growth Nuclear Fuel Separation & One-Time System Spend Deferred Spend (1) - IQ4 2019 Disclosure (2) ~90% of Capital will be Invested in Carbon-Free Over the Next 3 Years(3) (1) Represents capital expenditures that were deferred due to Covid-19, ERCOT, and Byron and Dresden announcements 16 (2) Represents the additional capital included in the plan as of Q4 20 19 Earnings call, which was prior to announcement of Byron and Dresden retirements (3) Reflects spend related to nuclear and renewable assets Constellation.#1717 Disciplined Capital Allocation Strategy Designed to Deliver Value for Our Shareholders Maintain Strong Investment Grade Credit Metrics Annual Dividend with Targeted 10% Annual Growth Delivering Value to Our Shareholders Organic and Inorganic Growth Consistent with Role as America's Leading Clean Energy Company Return Excess Cash to Shareholders Constellation.#18(1) (2) 18 Maintaining Strong Investment Grade Credit Ratings is a Top Financial Priority S&P FFO/ Debt (%) * (1) Moody's CFO Pre-WC/ Debt (%)*(2) 50% 40% 30% 20% 10% 0% 45% 2022E Debt/ Adjusted EBITDA Ratio*(3) 4.0 3.0 2.0x 2.0 1.5x 10 1.0 0.0 2022E 40% 30% Downgrade Threshold 20% 10% 0% 35% 2022E Constellation Credit Ratings Downgrade Threshold (2) S&P Moody's Book Issuer Rating BBB- Baa2 Excluding Non-Recourse Short-Term Rating A-3 P-2 S&P and Moody's anticipated downgrade thresholds post-separation based on their latest published reports for Exelon Generation Moody's metrics and thresholds account for nuclear fuel as a cash expense (3) Reflects net book debt (YE debt less cash on hand) / adjusted EBITDA* Constellation.#1919 Growth Opportunities Can Deliver Value for Our Shareholders We may pursue growth opportunities that provide additional value building on our core businesses or expanding our competitive advantages • • • Opportunistic carbon-free energy acquisitions, particularly nuclear plants with supportive policy Create new value from the existing fleet through repowering, co-location and other opportunities Grow sustainability products and services for our customers focused on clean energy, efficiency, storage and electrification; help our C&I customers develop and meet sustainability targets Produce clean hydrogen using our carbon-free fleet Engagement with the technology and innovation ecosystem through continued partnerships with national labs, universities, startups, and research institutions Explore advanced nuclear technology for investment and participation via advisory services to maintain our leadership position as stewards of a carbon-free energy future Constellation.#20Available Cash Flow Outlook ($ in billions) $4.6-$5.0 Opening Balance $1.8 Sheet Adjustment ($1.8) - ($2.2) FCFbg* $2.8 - $3.2 ($0.4) ($0.4) ($0.1)= ($1.8) - ($2.2) 2022 2023 Available Cash (1) Debt Reduction (2) Dividend Separation O&M / CapEx (3) Identified Growth Unidentified Growth / Return of Capital Available Cash is a midpoint of a range based on November 30, 2021 market prices (1) (2) Debt Reduction includes collateral activity 20 (3) Separation O&M / Cap Ex includes costs and investments related to separation and multi-year implementation of Enterprise Resource Program (ERP) system Constellation.#2121 Initiating 2022 Guidance 2022 Adjusted EBITDA $2,350M - $2,750M Constellation.#22ESG Principles are Core to Constellation's Strategy 22 22 Strong Corporate Governance and Risk Management Providing Carbon-Free Energy and Climate Mitigation C&I Customer Transformation Commitment to Diversity Equity and Inclusion Constellation's ESG Principles Innovation and Technology Enablement Equity and Community Empowerment Carbon-Free Policy Advocacy Constellation.#2323 23 Constellation's Emissions are Already Significantly Below Paris Climate Agreement Levels t CO₂e/ MWh 0.700 0.600 0.500 0.400 0.300 0.200 0.100 Below 2 Degrees Paris Pledges 2 Degrees Constellation(1) 0.000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Reflects Transition Pathway Initiative data as of January 20, 2021; https://www.transition pathwayinitiative.org/tpi/ sectors/ electricity-utilities (1) 2020-2030 reflects projected emission intensity adjusted for publicly announced fossil retirements Constellation.#2424 Constellation's Climate Commitment 100% 100% Of our owned generation will be carbon-free by 2040 Clean Energy Supply: Reduction of our operations- driven emissions by 2040 (1) 100% Of C&I customers provided with specific information about how to meet GHG reduction goals ■ Clean Electricity Supply: We commit that our owned generation supply will be 100% carbon-free by 2040; with an interim goal of 95% carbon- free by 2030 subject to policy support and technology advancements. Operational Emissions Reduction Goal: We aspire to reduce operations driven emissions by 100% by 2040 subject to technology and policy advancement ■ Interim target to reduce carbon emissions by 65% from 2020 levels by 2030 (through 100% 24/7 clean electric use at our owned facilities by 2030 and 100% electrification of our vehicle fleet) and reduce methane emissions 30% from 2020 by 2030. ■ Constellation commits to reducing methane emissions 30% from 2020 by 2030, aligned with the Administration's global methane pledge Supply Chain Engagement: Partner with our key energy suppliers on their GHG emissions and climate adaptation strategies Clean Customer Transformation: ■Commit to providing 100% of C&I customers with customer-specific information on their GHG impact for facilities contracting for power and gas supply from Constellation including mitigation opportunities that include 24/7 clean electric use ■ Commit to support reductions in customers' gas emissions and a transition to low carbon fuels Technology Enablement and Commercialization: 0 Commit to enable the future technologies and business models needed to drive the clean energy economy to improve the health and welfare of communities through venture investing and R&D. We will target 25% of these investments to minority and women led businesses and will require investment recipients to disclose how they engage in equitable employment and contracting practices, using performance as a factor when considering investments (1) Any emissions that cannot be technologically reduced by that time will be offset; includes all GHGs except methane which is addressed in separate methane reduction goal Constellation.#2525 Diversity, Equity and Inclusion is a Core Value at Constellation We center our DE&I strategy around three primary values: Integrating diversity, equity and inclusion as a business imperative, core value and moral obligation Attracting, retaining and advancing employees who will best serve and represent our customers, partners and communities Providing a workplace that ensures mutual respect and where each individual has the opportunity to grow and contribute at their greatest potential We commit to: Disclosing our EEO1 data Strengthen diversity recruiting, hiring, retention, development and promotion Conduct annual analysis through an independent third party on gender and racial pay equity Quarterly CEO review of DE&I dashboard for each business holds leaders accountable for their actions and progress Maintain, grow, and continue to invest in programs and partnerships to improve pipeline, support recruiting and retention Continue workforce development and internship and scholarship programs and support of 10 employee resource groups with multiple chapters Constellation.#26*4*4 wwww Constellation is Committed to Safe Operations and Environmental Performance 0 PE DOO J TARAON IN NO Best Safety Records in the Industry Nuclear plants have lowest recordable injury rates of any form of electricity INPO evaluates plant and industry safety and reliability Continuous improvement over life of fleet with current performance at highest industry levels NRC performance oversight All nuclear generating units operated by Constellation are in the highest performance group 0 Strong Safety Culture Multiple levels of oversight to ensure continued safety including Safety Peer Group and executive-level Safety Council Comprehensive Safety Management Systems (SMS) and targeted initiatives for high-risk areas Regular and rigorous training at each of our 12 operated sites, 3 centralized training facilities, and fire academy NRC licenses and INPO Instructor Certification Program Environmental Performance Focus on full compliance with legal requirements utilizing our Environmental Management System (EMS) Lowest NOx, SO2 and CO2 among large power producers Wildlife Habitat Council Certifications at 16 locations 100% of spent nuclear fuel is packaged, numbered, catalogued, tracked and isolated from the environment 26 Constellation.#27Constellation. Appendix#2828 Returning Value to Our Shareholders Through an Annual Dividend (1) ($ million) $180 +10% 2022 2023E 2024E (1) Dividend is subject to approval by Constellation's Board of Directors Constellation.#292027 2028 2029 2030 2031 29 (1) Maturity profile excludes non-recourse debt, securitized debt, capital leases, fair value adjustments, unamortized debt issuance costs and unamortized discount/premium (2) Long-term debt balances reflect 2021 10-K GAAP financials, which include items listed in footnote 1 (3) Excludes $258M intercompany loan and $62M FV adjustment from ExGen to Corporate (Legacy CEG notes maturing April 1, 2032), which were settled upon close 2032 2033 2034 2035 1,023 900 Constellation's weighted average LTD maturity is approximately 10 years(1) 2036 2037 2038 Constellation. 2039 2040 2041 350 2042 2043 2044 2045 2046 2047 2048 2049 2050 900 788 Long-Term Debt Maturity Profile Recourse (3) Non-Recourse Consolidated LT Debt Balances(2) $4.0B $1.8B $5.8B#3030 Positioned for Long-Term Success and Byproducts - Demand for Carbon-Free Electricity Electricity Demand Will Nearly Double and Carbon-Free Electricity Will Expand Five-fold to Meet Net Zero by 2050 Sources: 4,320 TWhs 37% 2019 +88% 8,140 TWhs 5,310 TWhs 70-85% 2030 98-100% 2050 Emitting Carbon-Free . Electricity must grow to -50% of energy used in industry, transport and buildings to meet net zero by 2050 up from 19% today ⚫ By 2050, electricity is a predominant transportation fuel Fossil fuels in the primary energy mix decline by 62% to 100% from 2020 to 2050 across scenarios. Oil and gas decline 56% to 100%. Up to 17% of light-duty vehicles will be electric in 2030 and 61-96% in 2050 16-23% of homes will be heated with electric heat pumps in 2030 and 54-80% in 2050 70-90% of commercial building energy use will be electric by 2050 https://www.mckinsey.com/ industries/ electric-power-and-natural-gas/ our-insights/ net-zero-by-2035-a-pathway-to-rapidly-decarbonize-the-us-power; https://netzeroamerica.princeton.edu/img/ Princeton NZA Interim Report 15 Dec 2020 FINAL.pdf; https://about.bnef.com/blog/getting-on-track-for-net-zero-by-2050-will-require-rapid- scaling-of-investment-in-the-energy-transition-over-the-next-ten-years/ Constellation.#31Constellation's Pathway to Flexible Clean Energy Centers 31 BEFORE 1-$ Nuclear Inflexible Grid Energy and Capacity with Advanced Nuclear Dispatch Clean Energy Center AFTER Power to X H2, e-methanol, e-ammonia 1/ Data Center Direct Air Capture Flexible Grid Energy and Capacity (24/7) 1 Nuclear energy sites will evolve to meet America's demand for flexible, clean energy Constellation.#3232 32 Zero-Emitting Nuclear is Prime Vehicle for Producing Hydrogen EA Superior Economics Green hydrogen from nuclear currently beats hydrogen production from renewables on a levelized cost basis Low barriers to implementation Nuclear plants require no siting or permitting and offer a secure and steady production source Scalable and iterative Electrolyzer capacity can be modularly ramped onto nuclear assets from pilot stage to at-scale production allowing iterative electrolyzer installation cost- downs and quick production scale-up with new offtakers - Advantageous end-uses Certain end-uses benefit from high heat industrial process such as synfuels - that create a synergistic relationship with nuclear sites Enhanced criticality of nuclear assets With increasing renewables intermittency, electrolyzers can also be used to add flexibility to nuclear assets to improve value in a decarbonizing world Constellation.#3333 Zero-Emission Credit (ZEC) Overview and Timelines Plant State Capacity (MW) (¹) 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Clinton IL 1,080 June '17 May '27 Quad Cities IL 1,403 June '17 May '27 Fitzpatrick NY 842 April '17 March '29 Ginna NY 576 April '17 March '29 Nine Mile Point NY 1,676 April '17 March '29 Salem NJ 995 June '22 May '25 Program Elements General Description ° Eligibility New York ZEC Program Under the state's clean energy standard, load serving entities must purchase Zero Emission Credits from NYSERDA who purchases them from the eligible nuclear plants. O PSC selects units based on: Impact on NY air quality based on PSC evaluation Financial distress Alternatives, customer impact, public interest Bidder Data provided Multi-year costs, risks and revenue projections Illinois ZEC Program Under Future Energy Jobs Act, utilities in the state contract with zero emission facilities to procure all of the Zero Emission Credits produced in a year by the facility. IPA selects units based on: • • Impact on IL air quality based on a formula Financial distress 6 year costs, risks and generation projection New Jersey ZEC Program Under the state's clean energy standard, utilities will purchase Zero Emission Certificates from certified nuclear plants in an amount equivalent to all of the output of the plant. BPU selects units based on: ° Impact on NJ air quality based on bidder input Financial distress • New application required for each 3-year period 3 year costs, risks and revenue projections. Air impacts. Term ZEC Price Price Adjustment(s) Program Budget Cap 12 years (six 2-year periods) $17.48/MWh for 1st period (additional $2.30/period thereafter) $39/MWh - Market Price Index RGGI price deduct $480M per year initially (1) Reflects partially-owned units at ownership (Quad Cities is owned at 75% and Salem at 42.59%) 10 years $16.50/MWh for 6 years (additional $1/ year thereafter) $31.40/MWh - Market Price Index $235M per year cost cap 3-year periods -$10/MWh for initial 3 years Determined by NJ BPU for 2nd 3-year period and beyond ~$270 M per year initially Constellation.#3434 Our C&I Concentration is a Core Strength Financial Stability Scalable Platform 血 اشا Strong Foundation for Growth Predictable load and stable unit margins ⚫ Repeatable business with high retention and win rates • Insulation from weather-driven volatility Better aligned to baseload fleet • Maximized cash flows from high customer satisfaction and win and renewal rates Broad suite of energy, sustainability, and analytics solutions for customers ⚫ Lower customer acquisition and services costs allows for scalability Curtailable load enables grid stability Best positioned to sell sustainability and carbon-free products due to our strong customer relationships Constellation.#3535 Nuclear Fuel Cycle Constellation.#36Nuclear Fuel Cycle Front End • Mining and Milling Conversion Enrichment Fabrication Uranium mining can be done through conventional methods (surface mining, open pits, underground) or non-conventional methods (in-situ recovery) Uranium milling process results in uranium concentrate (U308), commonly referred to as "yellowcake" U3O is then converted to uranium hexafluoride (UF) UF6 is a solid at room temperature but can be transformed to a gas at higher temperatures, which is required for enrichment • When uranium is mined, milled and converted, only approximately 0.7% is U235, the uranium isotope needed for most commercial nuclear fuel Enrichment is the process in which the concentration of the U235 isotope in the uranium hexafluoride is increased from 0.7% to 3%-5%, which is the level used by most nuclear reactors • Fabrication plants convert enriched uranium into uranium oxide (UO2) powder and form that into small ceramic pellets ⚫ These pellets are loaded into fuel rods and combined to form fuel bundles or assemblies, which are then shipped to reactors 36 (1) 95% represents <USD 130/kgU cost category as of 1 January 2019; Source: Uranium 2020: Resources, Production and Demand OECD 2020 NEA No 7551 Nuclear Energy Agency, Organization for Economic Co-operation and Development Constellation.#3737 Uranium is Relatively Abundant Global Distribution of Identified Resources (<USD 130/kgU as of 1 January 2019) Canada 9% United States" 1% *Secretariat estimate or partial estimate Brazil* 5% Russia 8% Kazakhstan* Ukraine 2% 15% Mongolia 2% ■ Uzbekistan* 2% Jordan* 1% China* 4% Niger 4% Tanzania+ Namibia 7% 1% Botswana* 1% 1,000 tu 1,400 1,200 1,000 800 600 400 200 Australia South Africa* 5% 28% 0 Austrailia Distribution of Reasonably Assured Resources (RAR) Canada Kazakhstan* Nambia* 95% of the global distribution of identified conventional resources are spread across 16 countries Source: Uranium 2020: Resources, Production and Demand OECD 2020 NEA No 7551 Nuclear Energy Agency, Organization for Economic Co-operation and Development Niger South Africa* Russia India* Brazil* China <USD 130-260/ kgU <USD 80-130/ kgU <USD 40-80/ kgU <USD 40/ kgU Ukraine United States Constellation.#38Conversion, Enrichment and Fabrication 2020 Conversion (% Total Capacity Utilization) (1) Enrichment (% Total Capacity) Orano (France) (2) 8% CNNC (China) (3) 25% Rosatom (Russia) 38% Tenex (Russia) 43% Fabrication (% U.S. Capacity) (6) CNNC (China) 16% Other (5) 11% Areva (France) Westinghouse 49% 22% 28% 7% Cameco (Canada) Urenco (U.S.) Note: ConverDyn (U.S.) (4) is not currently operating Urenco (Germany, Netherlands, UK) Framatome 28% 23% Global Nuclear Fuel - Americas Source: World Nuclear Association: https://www.world-nuclear.org/ information-library/nuclear-fuel-cycle/ conversion-enrichment-and-fabrication.aspx (1) Based on 2020 Total Capacity utilization (2) Orano's conversion facility is in the process of production ramp-up, which is expected to be finalized by 2023 (3) Estimated capacity according to the assumption that China will develop its conversion capacity to supply the needs of the domestic reactor fleet (4) ConverDyn (U.S.) reduced capacity of its Metropolis plant in 2016 and then subsequently closed in 2017. In January 2021, it announced plans to restart the plant after refurbishment in 2023. (5) Other includes JNFL (Japan), Resend (Brazil), Rattehallib (India), and Natanz (Iran) 38 (6) Represents capacity for assembling fuel rods of three U.S. fabricators; there is not substantial use of overseas fabricators Constellation.#3939 Nuclear Fuel Hedging Strategy Leads to Cost Stability Operational Risk Management Hedge well in advance to secure supply and avoid near-term costs variability ■ Promote supplier diversity and competition while managing levels of concentrated risk to our partners Appropriately size inventory holdings and forward contractual requirements to protect against supply disruptions and price shocks while allowing capital flexibility Financial Risk Management ■ Structure forward contracts to control price risk ■ Establish metrics to measure and forecast cost variability ■ Allow flexibility to pursue market opportunities and cost optimization Negotiate ceiling prices in market-related contracts and caps on references to inflation indexes ■ Amortize fuel cost over the time the fuel is in the core Constellation begins building contract book well in advance of refueling year 100% 80% 60% 40% 30% 20% 15% 68% 51% 100% 100% 100% Cost by Fuel Cycle Component New Fuel Cost Amortization Schedule U308 Contracting 40% 50% Conversion Contracting 10% Enrichment Contracting 30% 40% Fabrication Contracting 20% 10% 0% Refuel Year -6 Refuel Year -5 Refuel Year -4 Refuel Year -3 Refuel Year -2 Refuel Year -1 Refuel Year Refuel Year 1 2 3 4 56 Year in Core Nuclear fuel is ~20% of operating costs and uranium is 40% of fuel costs Constellation.#4010 40 Commercial Disclosures November 30, 2021 Constellation.#4141 Portfolio Management Strategy Strategic Policy Alignment • Our portfolio starts in a position of already partially hedged, via longer term state programs such as the CMC in IL ⚫ Aligns hedging program financial policies and financial outlook • • Establish minimum hedge targets to meet financial objectives of the company (dividend, credit rating) Hedge enough commodity risk to meet future cash requirements under a stress scenario Align Hedging & Financials Establishing Minimum Hedge Targets Three-Year Ratable Hedging Ensure stability in near-term cash flows and earnings Disciplined approach to hedging Tenor aligns with customer preferences and market liquidity Multiple channels to market that allow us to maximize margins Portfolio Management Over Time Bull Bear Program Ability to exercise fundamental market views to create value within the ratable framework Modified timing of hedges versus purely ratable Cross-commodity hedging (heat rate positions, options, etc.) Delivery locations, regional and zonal spread relationships Exercising Market Views Credit Rating Capital Structure Capital & Operating Expenditure Dividend Protect Balance Sheet % Hedged High End of Profit Low End of Profit Open Generation with LT Contracts Portfolio Management & Optimization Ensure Earnings Stability % Hedged Purely ratable Actual hedge% Market views on timing, product allocation and regional spreads reflected in actual hedge % Create Value Constellation.#4242 Components of Gross Margin* Categories Gross margin* linked to power production and sales Gross margin* from other business activities Open Gross Margin* Contracted Revenues •Generation Gross Margin at current market prices, including ancillary revenues, nuclear fuel amortization and fuel expense •Power Purchase Agreement (PPA) Costs and Revenues •Provided at a consolidated level for all regions (includes hedged gross margin* for South, West, New England and Canada(1)) •Expected contracted revenues from CMC payments to eligible IL plants •Expected capacity revenues for generation of electricity •Expected revenues from Zero Emissions Credits (ZEC) MtM of Hedges(2) •Mark-to-Market (MtM) of power, capacity and ancillary hedges, including cross commodity, retail and wholesale load transactions •Provided directly at a consolidated level for four major regions. Provided indirectly for each of the four major regions via Effective Realized Energy Price (EREP), reference price, hedge %, expected generation. "Power" New Business •Retail, Wholesale planned electric sales •Portfolio Management new business •Mid marketing new business Margins move from new business to MtM of hedges over the course of the year as sales are executed (5) "Non Power" Executed •Retail, Wholesale executed gas sales •Energy Efficiency (4) ⚫BGE Home(4) "Non Power" New Business •Retail, Wholesale planned gas sales •Energy Efficiency (3) ⚫BGE Home(3) •Portfolio Management / origination fuels new business •Proprietary trading (4) Margins move from "Non power new business" to "Non power executed" over the course of the year (1) Hedged gross margins* for South, West, New England & Canada region will be included with Open Gross Margin*; no expected generation, hedge %, EREP or reference prices provided for these regions (2) MtM of hedges provided directly for the four larger regions; MtM of hedges is not provided directly at the regional level but can be easily estimated using EREP, reference price and hedged MWh (3) Gross margin* for these businesses are net of direct "cost of sales" (4) Proprietary trading gross margins* will generally remain within "Non Power" New Business category and only move to "Non Power" Executed category upon management discretion (5) Margins for South, West, New England & Canada regions and optimization of fuel and PPA activities captured in Open Gross Margin* Constellation.#43Gross Margin* Gross Margin Category ($M) (1) November 30, 2021 2022 2023 Open Gross Margin (including South, West, New England & Canada hedged GM)* Contracted Revenues (Capacity, ZEC and IL CMC Plant Revenues) (3) * (2) $6,200 $4,450 $2,450 $2,850 Mark-to-Market of Hedges (4) $(2,150) $(600) Power New Business / To Go $450 $500 Non-Power Margins Executed Non-Power New Business / To Go *(5) Total Gross Margin* ( (5) Reference Prices (5 Henry Hub Natural Gas ($/ MMBtu) Midwest: NiHub ATC prices ($/ MWh) Mid-Atlantic: PJM-W ATC prices ($/MWh) ERCOT-N ATC Spark Spread ($/MWh) HSC Gas, 7.2HR, $2.50 VOM New York: NY Zone A ($/MWh) $150 $100 $250 $350 $7,350 $7,650 2022 2023 $4.12 $3.55 $41.18 $33.75 $49.23 $40.39 $11.79 $9.48 $37.83 $32.93 (1) Gross margin* categories rounded to nearest $50M (2) Includes gross margin for CMC plants through May 31, 2022 (3) Includes gross margin and CMC payments for CMC plants starting June 1, 2022. NY ZEC revenues reflect the expected NY ZEC payment as of current market forwards. Should market forwards exceed the ZEC reference index in New York, ZEC payments may decline. (4) Mark-to-Market of Hedges assumes mid-point of hedge percentages 43 (5) Based on November 30, 2021, market conditions Constellation.#44Generation and Hedges November 30, 2021 2023 Generation and Hedges 2022 Expected Generation (GWh) (¹). Midwest (2) 199,000 196,000 96,500 95,300 Mid-Atlantic 55,700 54,600 ERCOT 21,400 20,300 New York 25,400 25,800 % of Expected Generation Hedged (3) 91%-94% 74%-77% Midwest 95%-98% 86%-89% Mid-Atlantic 95%-98% 69%-72% ERCOT 78%-81% 54%-57% New York 78%-81% 54%-57% Effective Realized Energy Price ($/ MWh) (4) Midwest $27.00 $27.00 Mid-Atlantic $33.50 $34.00 ERCOT (5) $4.00 $4.00 New York $24.00 $24.50 (1) Expected generation is the volume of energy that best represents our commodity position in energy markets from owned or contracted for capacity based upon a simulated dispatch model that makes assumptions regarding future market conditions, which are calibrated to market quotes for power, fuel, load following products, and options. Expected generation assumes 11 refueling outages in 2022 and 14 in 2023 at Constellation-operated nuclear plants and Salem. Expected generation assumes capacity factors of 94.5% and 94.0% in 2022 and 2023, respectively at Constellation-operated nuclear plants, at ownership. These estimates of expected generation in 2022 and 2023 do not represent guidance or a forecast of future results as Constellation has not completed its planning or optimization processes for those years. (2) Midwest expected generation includes generation from CMC Plants of 31,600 GWh in 2022 and 54,000 GWh in 2023 (3) Percent of expected generation hedged is the amount of equivalent sales divided by expected generation. It includes all hedging products, such as wholesale and retail sales of power, options and swaps. The Midwest values in the table reflect IL plants receiving CMC payments as 100% hedged. To align with the Midwest EREP, however, one should exclude plant and hedge volumes associated with CMC payments. Excluding CMC plant and hedge volumes, the Midwest is 93% to 96% hedged in 2022 and 69% to 72% hedged in 2023. We will hedge the residual merchant generation in line with our three-year ratable program. (4) Effective realized energy price is representative of an all-in hedged price, on a per MWh basis, at which expected generation has been hedged. It is developed by considering the energy revenues and costs associated with our hedges and by considering the fossil fuel that has been purchased to lock in margin. It excludes uranium costs, RPM capacity, ZEC and CMC revenues, but includes the mark-to-market value of capacity contracted at prices other than RPM clearing prices including our load obligations. It can be compared with the reference prices used to calculate open gross margin* in order to determine the mark-to-market value of Exelon Generation's energy hedges. 44 (5) Spark spreads shown for ERCOT Constellation.#4545 Hedged Gross Margin* Sensitivities Gross Margin* Sensitivities (with existing hedges) (1) Henry Hub Natural Gas ($/ MMBtu) + $0.50/MMBtu - $0.50/MMBtu NiHub ATC Energy Price + $2.50/MWh -$2.50/MWh November 30, 2021 2022 2023 $65 $(45) $140 $(135) $30 $(30) PJM-W ATC Energy Price + $2.50/MWh -$2.50/MWh $5 $40 $(45) NYPP Zone A ATC Energy Price + $2.50/MWh $5 $25 -$2.50/MWh $(5) $(25) Nuclear Capacity Factor +/- 1% +/- $50 +/- $30 (1) Based on November 30, 2021 market conditions and hedged position; gas price sensitivities are based on an assumed gas-power relationship derived from an internal model that is updated periodically; power price sensitivities are derived by adjusting the power price assumption while keeping all other price inputs constant; due to correlation of the various assumptions, the hedged gross margin* impact calculated by aggregating individual sensitivities may not be equal to the hedged gross margin* impact calculated when correlations between the various assumptions are also considered; sensitivities based on commodity exposure which includes open generation and all committed transactions. Constellation.#4646 Illustrative Example of Modeling 2023 Total Gross Margin* Row (A) (B) Item Start with fleet-wide open gross margin* Contracted Revenues Midwest (2) Mid-Atlantic ERCOT New York $4.45 billion $2.85 billion (C) (D) (E=C*D) Expected Generation (TWh) Hedge % (assuming mid-point of range) Hedged Volume (TWh) 41.3 70.5% 29.1 54.6 70.5% 38.5 20.3 55.5% 11.3 25.8 55.5% 14.3 (F) (G) Effective Realized Energy Price ($/MWh) Reference Price ($/MWh) $27.00 $34.00 $4.00 $24.50 $33.75 $40.39 $9.48 $32.93 (H=F-G) Difference ($/ MWh) ($6.75) ($6.39) ($5.48) ($8.43) ($195) ($245) ($60) ($120) (I=E*H) (J=A+B+I) (K) (L) (M) Mark-to-Market value of hedges ($ million) (1) Hedged Gross Margin ($ million) Power New Business / To Go ($ million) Non-Power Margins Executed ($ million) Non-Power New Business / To Go ($ million) Total Gross Margin (1) (N=J+K+L+M) Mark-to-market rounded to the nearest $5M (2) Use the Midwest hedge ratio that excludes the CMC plant volume and hedges $6,700 $500 $100 $350 $7,650 million Constellation.#47Additional Constellation Modeling Data Total Gross Margin* Reconciliation (in $M) (1) 2022 2023 Adjusted Operating Revenues* (2) $ 19,075 $18,500 Adjusted Purchased Power and Fuel* (2) $(11,250) $(10,375) Other Revenues (3) $(175) $(175) Direct cost of sales incurred to generate revenues for certain Constellation and Power businesses $(300) $(300) Total Gross Margin* (Non-GAAP) $7,350 $7,650 Inputs 2022 Avg. Shares Outstanding (millions) (4) 326 Effective Tax Rate Cash Tax Rate(5) 25% 14% 47 (1) All amounts rounded to the nearest $25M (2) Excludes the Mark-to-Market impact of economic hedging activities due to the volatility and unpredictability of the future changes to power prices (3) Other Revenues primarily reflects revenues from variable interest entities, funds collected through revenues for decommissioning the former PECO nuclear plants through regulated rates and gross receipts tax revenues (4) Represents the estimated number of outstanding diluted shares of common stock upon consummation of the separation. The estimate is based on the number of shares of Exelon common stock outstanding on September 30, 2021 and applying the distribution ratio of one share of our common stock for every three shares of Exelon common stock. Cash tax rate excludes receivable from Exelon for tax credits. If receivable were to be included in calculation, cash tax rate would be 6%. (5) Constellation.#4848 Appendix Reconciliation of Non-GAAP Measures Constellation.#49GAAP to Non-GAAP Reconciliations(1) S&P FFO/ Debt (2) = S&P FFO Calculation (2) GAAP Operating Income + Depreciation & Amortization = EBITDA - Interest +/- Cash Taxes + Nuclear Fuel Amortization FFO (a) Adjusted Debt (b) +/- Mark-to-Market Adjustments (Economic Hedges) +/- Other S&P Adjustments = FFO (a) S&P Adjusted Debt (1) Long-Term Debt + Short-Term Debt + Purchase Power Agreement and Operating Lease Imputed Debt + Pension/ OPEB Imputed Debt (after-tax) + AR Securitization Imputed Debt - Off-Credit Treatment of Non-Recourse Debt - Cash on Balance Sheet +/- Other S&P Adjustments = Adjusted Debt (b) Moody's CFO Pre-WC/ Debt (3) = Moody's CFO Pre-WC Calculation (3) Cash Flow From Operations +/- Working Capital Adjustment - Nuclear Fuel Capital Expenditures +/- Other Moody's CFO Adjustments = CFO Pre-Working Capital (c) Moody's Adjusted Debt Calculation Long-Term Debt + Short-Term Debt + Underfunded Pension (pre-tax) +Operating Lease Imputed Debt +/- Other Moody's Debt Adjustments = Adjusted Debt (d) (1) Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available; therefore, management is unable to reconcile these measures CFO (Pre-WC) (c) Adjusted Debt (d) (2) Calculated using S&P Methodology 49 (3) Calculated using Moody's Methodology Constellation.#50GAAP to Non-GAAP Reconciliations(1) Net Debt (a) Debt/EBITDA = Adjusted EBITDA* (b) Net Debt Calculation Long-Term Debt (including current maturities) + Short-Term Debt - Cash on Balance Sheet = Net Debt (a) Debt/ EBITDA Excluding Non-Recourse Net Debt (c) Adjusted EBITDA* (d) Net Debt Calculation Excluding Non-Recourse Long-Term Debt (including current maturities) + Short-Term Debt - Cash on Balance Sheet - Non-Recourse Debt = Net Debt Excluding Non-Recourse (c) Adjusted EBITDA Calculation GAAP Operating Income + Depreciation & Amortization = EBITDA +/-GAAP to Operating Adjustments = Adjusted EBITDA* (b) Adjusted EBITDA Calculation Excluding Non-Recourse GAAP Operating Income + Depreciation & Amortization = EBITDA +/- GAAP to Operating Adjustments - EBITDA from Projects Financed by Non-Recourse Debt = Adjusted EBITDA* Excluding Non-Recourse Debt (d) 50 (1) Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable GAAP measure may not be currently available; therefore, management is unable to reconcile these measures Constellation.#51GAAP to Non-GAAP Reconciliation Adjusted EBITDA* Reconciliation (in $M) (1) GAAP Net Income Income Tax Expense Interest Expense Depreciation and Amortization Pension and OPEB Non-Service Costs Mark-to-Market Impact from Economic Hedging Activities ERP System Implementation Separation Costs Decommissioning Related Activity(2) Adjusted EBITDA* (Non-GAAP) Note: Items may not sum due to rounding 2022 $250 - $550 $125 $275 $1,100 $(100) $525 $25 $150 $50 $2,350 $2,750 (1) All amounts rounded to the nearest $25M 51 (2) Includes NDT earnings and accretion on asset retirement obligations for unregulated units, in addition to earnings neutral items associated with contractual offset for regulated units Constellation.#52GAAP to Non-GAAP Reconciliation Free Cash Flow before Growth* (in $M) (1) Adjusted Cash Flows from Operations* (Non-GAAP)(2) Base and Nuclear Fuel Capital Expenditures (3) Reinvestment in Nuclear Decommissioning Trust Funds (4) Collateral activity O&M related to Separation and ERP System Implementation Other Net Investing Activities Free Cash Flow before Growth* 2022 2023 $5,550 $5,950 $(3,100) $(550) $600 $200 $150 $2,800 $3,200 42 52 Note: Items may not sum due to rounding (1) All amounts rounded to the nearest $50M (2) Includes Collection of Deferred Purchase Price (DPP) related to the revolving accounts receivable arrangement, which is presented in cash flows from investing activities for GAAP. Cash flows from collection of DPP are not forecasted. (3) Includes $275M of deferred capital expenditures shown on page 64 (4) Reflects reinvestment of proceeds from nuclear decommissioning trust funds that are presented in Adjusted Cash Flows from Operations*. Impact is cash flow neutral. Constellation.#53GAAP to Non-GAAP Reconciliation Adjusted O&M* Reconciliation ($M) (1,2) GAAP O&M Decommissioning (3) Plant Retirements and Divestitures(4) 2017 $6,350 2018 $5,475 2019 $4,725 2020 2022 $(200) $(200) $ (100) $(100) Asset Impairments (5) $(450) 2021 2023 2024 $5,150 $4,600 $5,000 $5,050 $5,000 $(200) $(125) $(175) $(200) $(200) $(475) $575 $(525) Direct cost of sales incurred to generate revenues for certain Commercial and Power businesses (6) $(450) $(250) $(275) $(225) $(275) $(300) $(275) $(300) Separation costs $(50) ERP System Implementation $(150) $(25) $(50) $(25) Pension and OPEB Non-Service Costs (7) Other Adjusted O&M* (Non-GAAP) $(25) $50 $50 $50 $(150) $(125) $(75) $(125) $(100) $4,975 $4,775 $4,400 $4,225 $4,150 $4,375 $4,475 $4,475 53 Note: Items may not sum due to rounding (1) All amounts rounded to the nearest $25M. 2021 adjusted O&M* is estimated based on November 30, 2021 forecasts. Actual results may vary. (2) Reflects CENG at 100% ownership in all years (3) Includes earnings neutral O&M and accretion of asset retirement obligation on unregulated units; 20 19 includes ARO update for TMI (4) Reflects retirements of TMI in 2017 and Oyster Creek in 20 18. 2020 includes ($500M) of impairment and ($25M) of one-time charges associated with retirement of Mystic 8/9.2020 and 2021 include $325M and $500 M, respectively, of accelerated earnings neutral O&M associated with the decision to early retire Byron and Dresden that cannot be reversed. The remaining amount primarily reflects the reversal of one-time charges resulting from the previous decision to retire Byron and Dresden. (5) 2017 reflects an impairment of EGTP, 2021 reflects an impairment in the New England asset group, an impairment recorded as a result of the agreement to sell the Albany Green Energy biomass facility, and an impairment of a wind project (6) Reflects the direct cost of sales of certain businesses, which are included in Total Gross Margin* (7) Reflects impact from reclassing pension non-service costs from O&M to Other, Net consistent with future GAAP classification post-separation. Impact is earnings neutral. Constellation.