INTEREST CALCULATION AGENCY AGREEMENT



          THIS AGREEMENT dated as of _______________ between

          Constellation Energy Group, Inc. (hereinafter called the

          "Issuer"), having its principal office at 750 E. Pratt

          Street, Baltimore, Maryland 21202, and The Bank of New York,

          a New York banking corporation (hereinafter sometimes called

          the "Calculation Agent or Paying Agent" which terms shall,

          unless the context shall otherwise require, include its

          successors and assigns), having its principal corporate

          trust office at 101 Barclay Street, Floor 21 West, New York,

          New York 10286 Attn: Corporate Trust Administration.



                             Recitals of the Issuer



          The Issuer proposes to issue _______________________________ (the

"Notes") under an indenture dated as of March 24, 1999 (the "Indenture"),

between the Issuer and The Bank of New York (the "Trustee"), as Trustee as

supplemented by a Supplemental Indenture dated as of January 24, 2003.

Capitalized terms used in this Agreement and not otherwise defined herein are

used as defined in the Indenture. The Notes will bear interest at a floating

rate determined by reference to an interest rate formula and the Issuer desires

to engage the



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Calculation Agent to perform certain services in connection therewith.



          NOW IT IS HEREBY AGREED THAT:



          1.   The Issuer hereby appoints The Bank of New York as Calculation

Agent for the Notes, upon the terms and subject to the conditions herein

mentioned, and The Bank of New York hereby accepts such appointment. The

Calculation Agent shall act as an agent of the Issuer for the purpose of

determining the interest rate or rates of the Notes.



          2.   The Issuer agrees to deliver to the Calculation Agent, prior to

the issuance of the Notes, copies of the proposed forms of such Notes, including

copies of all terms and conditions relating to the determination of the interest

rate thereunder. The Issuer shall not issue the Notes prior to the receipt of

confirmation from the Calculation Agent of its acceptance of the proposed form

of such Note. The Calculation Agent hereby acknowledges its acceptance of the

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