Milberg Weiss Announces The Filing Of A Class Action Suit on Behalf of Purchasers of the Securities of Exelon Corporation

Business Wire, May 8, 2002

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--May 8, 2002

The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on May 8, 2002, on behalf of purchasers of the securities of Exelon Corporation, ("Exelon" or the "Company") (NYSE: EXC) between April 24, 2001 and September 27, 2001 inclusive (the "Class Period').

A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/exelon/

The action, numbered 02 C 3316 (RC), is pending in the United States District Court for the Northern District of Illinois, Eastern Division, located at 219 S. Dearborn Street, Illinois, against defendants Corbin A. McNeill, Jr. (Co-CEO and Chairman), John W. Rowe (Co-CEO and President) and Ruth Ann Gillis (CFO). The Honorable Ruben Castillo is the Judge presiding over this action.

The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between April 24, 2001 and September 27, 2001. The complaint alleges that Exelon repeatedly issued statements concerning the strength of its operations and repeatedly assured the market that it would meet or beat its $4.50 per share earnings figure for 2001. The complaint alleges that these statements were materially false and misleading because they failed to disclose, among other things: (a) that the investments in telecommunications companies held by Exelon's Enterprises segment were plummeting in value at a rapid pace. Accordingly, Enterprises could not and would not meaningfully contribute to the Company's results and, in fact, the Company was carrying tens of millions of dollars of impaired investments on its financial statements; and (b) that InfraSource, Exelon's infrastructure subsidiary, was experiencing declining demand for its products as its primary customers, telecommunications companies, were facing severe industry-wide problems, such as mounting debt and over-capacity, and were significantly cutting back on their capital expenditures. On September 27, 2001, Exelon issued a press release announcing that it would not meet its earnings commitment of $4.50 for 2001, blaming the economy, poor weather and write-downs for failed investments made by the Enterprises unit. In reaction to the announcement, Exelon's common stock price plunged by 22%, falling to a low of $38.85 per share on September 27, 2001, after closing at $50.45 the previous day, on extremely heavy trading volume.

If you bought the securities of Exelon between April 24, 2001 and September 27, 2001 you may, no later than July 8, 2002, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.

Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a 190-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Philadelphia and Seattle, and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:

Steven G. Schulman or Samuel H. Rudman
One Pennsylvania Plaza, 49th fl.
New York, NY, 10119-0165

Phone number: (800) 320-5081
Email: exeloncase@milbergNY.com
Website: http://www.milberg.com