Pepco Holdings Announces Key Executive Promotions

Business Wire, May 5, 2008

WASHINGTON -- Dennis R. Wraase, Chairman and Chief Executive Officer of Pepco Holdings, Inc. (NYSE:POM), today announced the promotion of four key executives to further advance the company's financial, reliability and customer satisfaction goals.

Charles R. Dickerson, currently Vice President, Strategic Planning and Chief Risk Officer, will assume the role of Vice President, Customer Care. Dickerson will be responsible for day-to-day operations in customer care and the customer experience. Dickerson has been with the company for 19 years and held several senior level positions, including Manager, Customer Operations Division, Director - Diversity and Human Resources Strategic Planning, and Vice President, Gas Delivery for PHI subsidiary, Delmarva Power.

Assuming the role of strategic planning is Kevin M. McGowan, currently Vice President, Financial Planning and Budgeting. His new title will be Vice President, Strategic and Financial Planning. In his new role, McGowan will be responsible for the company's strategic and financial planning in addition to his current responsibilities which include financial analysis and reporting of the Power Delivery group and the management of PHI Investments. McGowan joined the company in 1998 and has held several key positions including, Vice President and Treasurer and Senior Vice President and CFO of PHI subsidiary, Potomac Capital Investments.

Michael W. Maxwell, currently Vice President, Safety and Strategic Services, will assume the role of Vice President, Asset Management. Maxwell will be responsible for assuring the short and long term performance and reliability of the transmission, substation and distribution assets of PHI's regulated utility subsidiaries. Maxwell has been with the company for 21 years and has held several senior positions including, Manager, Overhead Maintenance and Construction, General Manager, System Operations and Vice President, Emergency Preparedness.

Mark W. Finfrock, currently Director, Risk Management, will add Chief Risk Officer to his title. Finfrock will be responsible for assuring that significant risks to the corporation are identified and managed on an ongoing basis and have a dotted line reporting relationship to Dennis Wraase, PHI Chairman and CEO. Finfrock joined PHI subsidiary Delmarva Power and Light in 1987 and has held several positions in strategic planning and risk management, including investment oversight of Conectiv's pension and benefit assets (prior to Conectiv's merger with Pepco), venture capital investments and management of the insurance and claims department.

"We're fortunate to have the depth of talent here at PHI that Charles, Kevin, Mike, and Mark bring as they move into their new roles," said Dennis Wraase. "These changes are a result of our succession planning and are critical to our financial planning and risk management efforts and our focus on transmission and delivery reliability and customer satisfaction."

These promotions come on the heels of the recent appointments of William M. Gausman, from Vice President, Asset Management, to Senior Vice President, Asset Management and Planning, for PHI's regulated utility subsidiaries and Michael J. Sullivan, from Vice President, Customer Care, to Senior Vice President, Operations, for PHI's regulated utility subsidiaries. Dickerson will report to Sullivan and Maxwell will report to Gausman. McGowan and Finfrock will report directly to Paul Barry, PHI Senior Vice President and Chief Financial Officer.

These promotions are effective May 15.

About PHI: Pepco Holdings, Inc., headquartered in Washington, D.C., delivers electricity and natural gas to about 1.9 million customers in Delaware, the District of Columbia, Maryland, and New Jersey, through its subsidiaries Pepco, Delmarva Power and Atlantic City Electric. PHI also provides competitive wholesale generation services through Conectiv Energy and retail energy products and services through Pepco Energy Services.