|Pepco Holdings, Inc.                                                                                                                                                     
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Executive and Director Deferred Compensation Plan                                                                                                                        
|EXECUTIVE DEFERRAL AGREEMENT                                                                                                                                             
|Name:  ________________________________________________(the "Participant")
               Last                            First                            Middle Initial
|Social Security Number:  _____ - ____ - ________                                                                                                                         
|A.                                                                                                                                                                       
|                                                                                                                                                                         
|B.                                                                                                                                                                       
|                                                                                                                                                                         
|                                                                                                                                                                         
|Payment Instructions                                                                                                                                                     
|I electto have the above-referenced deferred amounts paid to me (check one):                                                                                             
|(i)                                                                                                                                                                      
|(ii)                                                                                                                                                                     
|(iii)                                                                                                                                                                    
|(iv)                                                                                                                                                                     
|(v)                                                                                                                                                                      
|(vi)                                                                                                                                                                     
|________________________________________________________________________________________________________                                                                 
|Manner of Payment                                                                                                                                                        
|Benefits deferred under the Plan shall be paid to me (or, if applicable, my beneficiary) in the following manner (check one):                                            
|                                                                                                                                                                         
|                                                                                                                                                                         
|                                                                                                                                                                         
|C.                                                                                                                                                                       
|D.                                                                                                                                                                       
|IN WITNESS WHEREOF, the parties hereto have entered into this Agreement on the day and year stated below.                                                                
|Pepco Holdings, Inc.                                                                                                                                                     
|By:  ____________________________                                                                                                                                        
|Title:  ___________________________                                                                                                                                      
|______________________________________________________________________                                                                                                   
|DECLINE PARTICIPATION                                                                                                                                                    
|I do not wish to participatein the _____-_____ Pepco Holdings, Inc. Executive and Director Deferred Compensation Plan.                                                   
|______________________________
Date                                                                                                                                      
|________________________________________________________________________________________________