Shareholder Information Dividend Policy Constellation Energy pays dividends on its common stock after its Board of Directors declares them. There are no contractual limitations on Constellation Energy paying common stock dividends. Dividends have been paid continuously on our common stock since 1910. Future dividends depend upon future earnings, our financial condition, and other factors. Dividend Increase In January 2004, we announced an increase in our quarterly dividend from 26 cents to 28.5 cents per share on our common stock payable April 1, 2004, to holders of record on March 10, 2004. This is equivalent to an annual rate of $1.14 per share. Common Stock Dividend Dates Record dates are normally on the 10th of March, June, September, and December. Quarterly dividends are customarily mailed to each shareholder on or about the 1st of April, July, October, and January. Stock Trading Constellation Energy common stock, which is traded under the ticker symbol CEG, is listed on the New York, Chicago, and Pacific stock exchanges, and has unlisted trading privileges on the Boston, Cincinnati, and Philadelphia exchanges. Form 10-K The company has furnished a copy of its Form 10-K as a part of this annual report. In addition, our Form 10-K and other SEC filings can be found on our Web site, constellation.com. Upon written request the company will furnish, without charge, additional copies of its Form 10-K. Requests should be sent to Constellation Energy, Shareholder Services, Ellen Trippe, 750 East Pratt Street, Baltimore, MD 21202. Auditor PricewaterhouseCoopers LLP Forward Looking Disclaimer We make statements in this Annual Report that are considered forward looking within the meaning of the Securities Exchange Act of 1934. These statements are not guarantees of our future results and are subject to risks, uncertainties, and other important factors that could cause our actual results to differ, including those set forth in our Form 10-K under the "Forward Looking Statements" section. Shareholder Investment Plan Constellation Energy's Shareholder Investment Plan provides common shareholders an easy and economical way to acquire additional shares of common stock. The plan allows shareholders to reinvest all or part of their common stock dividends, purchase additional shares of common stock, deposit the common stock they hold into the plan, and request a transfer or sale of shares held in their accounts. Stock Transfer Agent and Registrar American Stock Transfer & Trust Company Shareholder Services 59 Maiden Lane New York, NY 10038 800-258-0499 www.amstock.com Shareholder Assistance and Inquiries If you need assistance with lost or stolen stock certificates or dividend checks, name changes, address changes, stock transfers, the Shareholder Investment Plan, or other matters, please contact our stock transfer agent by mail, telephone, or online. The contact information is listed above in the Stock Transfer Agent and Registrar section. New Shareholder Account Numbers Your shareholder account number has changed to a new format that gives you easy telephone and online access to your account. The new format uses your old shareholder account number and simply adds a 9 and 0s to the front to make it a 10-digit number. You can determine what your new shareholder account number will be by following these steps: Find your old shareholder account number on one of your dividend check stubs or investment plan statements. Add a 9 and then add enough 0s to the front of your old shareholder account number to make it a 10-digit number. For example, if your old account number is 1234, your new account number is 9000001234.