|PEPCO HOLDINGS, INC.                                                                                                        
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|EXECUTIVE INCENTIVE COMPENSATION PLAN                                                                                       
|PARTICIPATION AGREEMENT FOR _____ PLAN YEAR                                                                                 
|This Agreement is made by and between ________________________ (the "Participant") and Pepco Holdings, Inc. (the "Company").
|The Parties agree to and acknowledge the following:                                                                         
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|Signed this _____ day of _______________, _____.                                                                            
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|PEPCO HOLDINGS, INC.
By:  _________________________                                                                         
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