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James K. Walkington named CFO of Constellation Generation Group

BALTIMORE, June 20, 2002 — Constellation Energy Group Chief Financial Officer Follin Smith announced Wednesday that James K. Walkington will join the corporation effective July 1 as Constellation Generation Group’s Chief Financial Officer. He will report directly to Smith with a matrix relationship to Constellation Generation Group President Mike Wallace.

“Jim will be a valuable addition to our team because of his more than 25 years of experience in finance in electric generation operations,” said Smith. “He has specialized in making electric generation companies profitable and improving their competitive advantage.

“During his tenure at ComEd, Jim initiated improved financial process changes that established stronger accountability for fiscal responsibility company-wide,” continued Smith.

Before joining Constellation, Walkington had been Vice President and Chief Financial Officer of the Raymond Professional Group, Inc., where he was responsible for all short- and long-term financial planning, accounting, cash management, performance measurement, tax planning, risk assessment, and financial information systems since January 2001.

Prior to joining Raymond, Walkington was Vice President of Financial Services for Commonwealth Edison Company from 1995 to 2001. As Vice President of Financial Services for ComEd, Walkington was responsible for the electric utility’s financial and business planning process, benchmarking, financial performance measurement, financial forecasting, financial information systems, and shared financial services.

From 1975 to 1995, Walkington progressively held more responsible management positions at ComEd including Services Director at LaSalle Nuclear Station in Illinois.

An Illinois native, Walkington graduated with a bachelor of science degree in accounting with highest honors from Southern Illinois University. He and his wife Sandy have a daughter and son-in-law, Jill and Chris Crawford.

Currently living in Chicago, Illinois, he will be moving to the Baltimore area.

About Constellation Energy Group

A Fortune 500 Company based in Baltimore, Constellation Energy Group owns energy-related businesses, including a North American wholesale power marketing and merchant generation company and the Baltimore Gas and Electric Company (BGE), a regulated energy delivery company in central Maryland. BGE provides service to more than 1.1 million electric customers and more than 600,000 natural gas customers. At year-end 2001, Constellation Energy Group reported revenues of $3.9 billion and assets of $14.1 billion.