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Business Description
Pepco Holdings, Inc. (PHI) is a diversified energy company that, through its operating subsidiaries, is engaged in three principal areas of business operations: regulated power delivery, non-regulated competitive energy generation, marketing and supply, and other non-regulated activities, consisting primarily of investments in energy-related assets. The principal component of PHI's business is power delivery, which consists of the transmission and distribution of electricity and the distribution of natural gas. PHI's power delivery business is conducted by its subsidiaries Potomac Electric Power Com, Delmarva Power & Light Company and Atlantic City Electric Company. PHI's competitive energy business provides non-regulated generation, marketing and supply of electricity and gas, and related energy management services in the mid-Atlantic region. The non-regulated business component is conducted through its subsidiaries Potomac Capital Investment Corporation and Pepco Communications, Inc.

Financial Information
For the nine months ended 9/30/04, revenues decreased 4% to $5.50 billion. Net income increased 49% to $252.6 million. Results reflect decreased revenue from Conectiv Energy, offset by lower fuel and purchased energy expenses and the absence of impairment losses.