|Pepco Holdings, Inc.                                                                                                                   
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|Executive and Director Deferred Compensation Plan                                                                                      
|ELECTION REGARDING PAYMENT OF DIRECTOR RETAINER/FEES                                                                                   
|The undersigned Director of Pepco Holdings, Inc. (the "Company") hereby agrees as follows:                                             
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|3____________________________________________________________________________________________                                          
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|IN WITNESS WHEREOF, the undersigned has executed this Election effective for all purposes as of the _____ day of ______________, 20___.
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