Constellation Energy Market Performance

(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.

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