Financial Astrology of Constellation Energy Group, Inc.

FINANCIAL ASTROLOGY

First Trade Date for Constellation Energy Group, Inc.

Company Name	First Trade Date (yyyy-mm-dd)
Constellation Energy Group, Inc.	1999-04-30

Company Name	Symbol
Constellation Energy Group, Inc.	CEG
History and Business of Company (this information may include date of incorporation)
Constellation Energy is a North American energy company which includes a merchant energy business and BGE, its regulated electric and gas public utility in central Maryland. Constellation Energy was incorporated in Maryland on September 25, 1995. On April 30, 1999, Constellation Energy became the holding company for BGE and its subsidiaries through a share exchange. References in this report to "we" and "our" are to Constellation Energy and its subsidiaries, collectively. References in this report to the "utility business" are to BGE. Our merchant energy business is a competitive provider of energy solutions for large customers in North America. It has electric generation assets located in various regions of the United States and provides energy solutions to meet customers' needs. Our merchant energy business focuses on serving the full energy and capacity requirements (load-serving) of, and providing other energy risk management services for various customers, such as utilities, municipalities, cooperatives, retail aggregators, and commercial and industrial customers. Our merchant energy business includes: • a generation operation that owns, operates, and maintains fossil, nuclear, and hydroelectric generating facilities and interests in qualifying facilities, fuel processing facilities and power projects in the United States, • a marketing and risk management operation that provides energy products and services to wholesale customers, • an electric and gas retail operation that provides energy services to commercial and industrial customers, and • a generation and consulting services operation. BGE is a regulated electric transmission and distribution utility company and a regulated gas distribution utility company with a service territory that covers the City of Baltimore and all or part of ten counties in central Maryland. BGE was incorporated in Maryland in 1906. Our other nonregulated businesses: • design, construct, and operate heating, cooling, and cogeneration facilities for commercial, industrial, and municipal customers throughout North America, and • provide home improvements, service heating, air conditioning, plumbing, electrical, and indoor air quality systems, and provide natural gas retail marketing to residential customers in central Maryland. In addition, we own several investments that we do not consider to be core operations. These include financial investments, real estate projects, and interests in a Latin American power distribution project and in a fund that holds interests in two South American energy projects. For a discussion of recent events that have impacted us, please refer to Item 7. Management's Discussion and Analysis-Significant Events of 2003 section. For a discussion of our strategy, please refer to Item 7. Management's Discussion and Analysis-Strategy section. For a discussion of the seasonality of our business, please refer to Item 7. Management's Discussion and Analysis-Business Environment section. Constellation Energy maintains a website at constellation.com where copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments may be obtained free of charge. These reports are posted on our website the same day they are filed with the SEC. The website address for BGE is bge.com. Both website addresses are inactive textual references and the contents of these websites are not part of this Form 10-K. In addition, the website for Constellation Energy includes copies of our Corporate Governance Guidelines, Principles of Business Integrity, Corporate Compliance Program and Insider Trading Policy, and the charters for the Audit, Compensation and Nominating and Corporate Governance Committees of the Board of Directors. Copies of each of these documents may be printed from the website or may be obtained from Constellation Energy upon written request to the Corporate Secretary. The Principles of Business Integrity is a code of ethics which applies to all of our directors, officers, and employees, including the chief executive officer, chief financial officer, and chief accounting officer. We will post any amendments to, or waivers from, the Principles of Business Integrity applicable to our chief executive officer, chief financial officer, or chief accounting officer on our website.

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