On today's call, we will be referring to slides, which are available on the Investor Relations section of our website. Before Joe begins, let me remind you that some of the comments made during today's conference call may be considered forward looking statements. As such, they should be taken in the context of the risks and uncertainties discussed in the Safe Harbor disclosures contained in our Securities and Exchange Commission filings and found on Slide 2 of our presentation.

Also please note that today's call will include a discussion of our results excluding certain items that we feel are not representative of the company's ongoing business operations. These items and their financial impact are described in our earnings release dated today. The earnings release can be found on our website at www.pepcoholdings.com/investors. Joe?

Joseph M. Rigby

Thanks, Donna and good morning, ladies and gentlemen. Thank you for joining us today. Before I address earnings, I'd like to comment on the 8-K we filed with the SEC late yesterday, announcing that Tony Kamerick has informed us that he will be retiring in January 2013. After 42 years of service to our company, I'm very happy for Tony and his wife Karen, and I'm confident that the succession plan we have in place will ensure an orderly transition. When a successor CFO is named, Tony will be promoted to Executive Vice President and Chief Regulatory Officer for PHI. He will continue to report to me and lead our regulatory process through the current cycle of rate cases. I expect the successor CFO will be named over the next month or 2. So let me simply say that Tony has been an outstanding CFO and has been instrumental in shaping our business strategy. Under his leadership PHI has become a stronger company, financially. Over the years, I have relied on Tony's wise counsel and his continued leadership of the regulatory process until his retirement will be invaluable. And with that, let me turn to our financial results.

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