Constellation Energy Market Performance

Available 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.

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