Constellation Energy Market Performance

GAAP 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.

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