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The summary below was generated by an AI language model and may contain errors or omissions. All other content on this page is deterministically extracted from the original SEC EDGAR filing.

Exelon removed a risk related to its resolved Deferred Prosecution Agreement and SEC investigation, reflecting the closure of these legacy compliance matters. Two of the three substantively modified risks involved heightened exposure to collateral requirements affecting liquidity and costs, and expanded vulnerability to supply chain disruptions including labor shortages and tariff increases. The overall risk profile remained stable with 24 unchanged risks across the two filings.

Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

🔴 No Match in Current Filing

The activities associated with the past Deferred Prosecution Agreement and the now resolved associated SEC investigation could have a material adverse effect on Exelon’s and ComEd’s reputation and relationship with legislators, regulators, and customers that could affect their ability to achieve actions and approvals (Exelon and ComEd).

This section from the 2025 filing does not have a high-confidence textual match in the 2026 filing. It may have been removed, merged, or substantially reworded.

On July 17, 2020, ComEd entered into a Deferred Prosecution Agreement with the USAO for the Northern District of Illinois to resolve the USAO’s investigation into Exelon’s and ComEd’s lobbying activities in the State of Illinois. Exelon was not made a party to the DPA and no…

View 2025 text

On July 17, 2020, ComEd entered into a Deferred Prosecution Agreement with the USAO for the Northern District of Illinois to resolve the USAO’s investigation into Exelon’s and ComEd’s lobbying activities in the State of Illinois. Exelon was not made a party to the DPA and no charges were brought against Exelon. Under the DPA, the USAO filed a single charge alleging that ComEd improperly gave and offered to give jobs, vendor subcontracts, and payments associated with those jobs and subcontracts for the benefit of the Speaker of the Illinois House of Representatives and the Speaker’s associates, with the intent to influence the Speaker’s action regarding legislation affecting ComEd’s interests. The DPA provided that the USAO would defer any prosecution of such charge and any other criminal or civil case against ComEd in connection with the matters identified therein for a three-year period. That period expired, and the pending charge was dismissed, in July 2023. In October 2019, the SEC notified Exelon and ComEd that it had opened an investigation into their lobbying activities in the state of Illinois. On September 28, 2023, Exelon and ComEd reached a settlement with the SEC to fully resolve the matter. The DPA and the settlement with the SEC could have a material adverse impact on Exelon’s and ComEd’s reputation or relationships with regulatory and legislative authorities, customers, and other stakeholders. Those impacts could affect, or make more difficult, their efforts to achieve actions or approvals associated with operations. See Note 18 — Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for more information regarding the DPA and SEC settlement. 24 24 24 Table of Contents Table of Contents

🟡 Modified amounts of collateral that could affect its liquidity and could experience higher borrowing costs (All Registrants). 🔒

🟡 Modified The Registrants’ businesses are capital intensive, and their assets could require significant expenditures to maintain, are subject to operational failure and could be impacted by disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs which could result in potential liability (All Registrants). 🔒

🟡 Modified The Utility Registrants' respective ability to deliver electricity, their operating costs, and their capital expenditures could be negatively impacted by the insufficiency of generation or energy storage resources to meet demand, transmission congestion, and failures of neighboring transmission systems (All Registrants). 🔒

3 more changes in this filing

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