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2 Forward
Looking Statements Disclosure Certain statements made in this presentation
are forward-looking statements and may contain words such as believes,
anticipates, expects, intends, plans, and other similar words. We
also disclose non-historical information that represents managements
expectations, which are based on numerous assumptions. These statements are
not guarantees of future performance and are subject to risks and
uncertainties that could cause actual results to be materially different from
projected results. These risks include, but are not limited to: the timing
and extent of changes in commodity prices for energy including coal, natural
gas, oil, electricity, nuclear fuel, freight and emissions allowances and the
impact of such changes on our liquidity requirements; the timing and extent
of deregulation of, and competition in, the energy markets, and the rules and
regulations adopted on a transitional basis in those markets; the conditions
of the capital markets, interest rates, availability of credit, liquidity and
general economic conditions, as well as Constellation Energys and BGEs
ability to maintain their current credit ratings; the ability to attract and
retain customers in our competitive supply activities and to adequately
forecast their energy usage; the effectiveness of Constellation Energys and
BGEs risk management policies and procedures and the ability and willingness
of our counterparties to satisfy their financial and other commitments; the
liquidity and competitiveness of wholesale markets for energy commodities;
uncertainties associated with estimating natural gas reserves, developing
properties and extracting gas; operational factors affecting the operations
of our generating facilities (including nuclear facilities) and BGEs
transmission and distribution facilities, including catastrophic
weather-related damages, unscheduled outages or repairs, unanticipated
changes in fuel costs or availability, unavailability of coal or gas
transportation or electric transmission services, workforce issues,
terrorism, liabilities associated with catastrophic events, and other events
beyond our control; the inability of BGE to recover all its costs associated
with providing customers service; the effect of weather and general economic
and business conditions on energy supply, demand, and prices; regulatory or
legislative developments that affect deregulation, transmission or
distribution rates, demand for energy, or that would increase costs,
including costs related to nuclear power plants, safety, or environmental
compliance; the ability of our regulated and non-regulated businesses to
comply with complex and/or changing market rules and regulations; the actual
outcome of uncertainties associated with assumptions and estimates using
judgment when applying critical accounting policies and preparing financial
statements, including factors that are estimated in applying mark-to-market
accounting, such as the ability to obtain market prices and in the absence of
verifiable market prices, the appropriateness of models and model impacts
(including, but not limited to, extreme contractual load obligations, unit
availability, forward commodity prices, interest rates, correlation and
volatility factors); changes in accounting principles or practices; losses on
the sale or write-down of assets due to impairment events or changes in
management intent with regard to either holding or selling certain assets;
our ability to successfully identify and complete acquisitions and sales of
businesses and assets; cost and other effects of legal and administrative
proceedings that may not be covered by insurance, including environmental
liabilities; the likelihood and timing of the completion of the pending
merger with MidAmerican Energy Holdings Company and the terms and conditions
of any regulatory approvals; and the ability to complete our strategic
initiatives to improve our liquidity. Given these uncertainties, you should
not place undue reliance on these forward-looking statements. Please see our
periodic reports filed with the SEC for more information on these factors.
These forward-looking statements represent estimates and assumptions only as
of the date of this presentation, and no duty is undertaken to update them to
reflect new information, events or circumstances.
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