Corporate Governance — Summary of Business Policies

It is the policy of Pepco Holdings, Inc., and its affiliates (collectively, "PHI" or the "Company") to have business policies that reflect the Company's commitment to high standards of ethical behavior and sound business principles. These Corporate Business Policies apply to PHI's directors, employees and others working at PHI or its subsidiaries.

Every employee and all others working at the Company, regardless of employment status, are expected, and have a continuing responsibility, to comply with all business policies in every decision made and in every action taken in the conduct of the Company’s business.

Failure to comply with these business policies may result in discipline, up to and including discharge.

Annual Certification Procedure for Evaluating Related Person Transactions
Reporting Unethical Behavior