------------------------------ OMB APPROVAL ------------------------------ OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response.........0.5 ------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |_| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). (Print of Type Responses) ________________________________________________________________________________ 1. Name and Address of Reporting Person* Curtiss James R. -------------------------------------------------------------------------------- (Last) (First) (Middle) c/o Winston & Strawn, 1400 L Street, N.W. -------------------------------------------------------------------------------- (Street) Washington D.C. 20005-3502 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Constellation Energy Group, Inc. (CEG) ________________________________________________________________________________ 3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary) ________________________________________________________________________________ 4. Statement for Month/Day/Year January 1, 2003 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Day/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) |X| Director |_| 10% Owner |_| Officer (give title below) |_| Other (specify below) ____________________________________________________________________ ________________________________________________________________________________ 7. Individual or Joint/Group Filing (Check Applicable line) |X| Form Filed by One Reporting Person |_| Form Filed by More than One Reporting Person ________________________________________________________________________________ ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================

5. Amount of 6. 4. 5.Securities Owner- Securities Acquired (A) or ~~Amount~~Beneficially of ship 2A. 3. Disposed of (D) ~~Securities~~Owned Form: 7. 2. Deemed Transaction (Instr. 3, 4 and 5) ~~Beneficially~~Following Direct Nature of 2.Trans- Execution Code ------------------------------- ~~Owned~~Reported ~~at End~~ (D) or Indirect 1. ~~Transaction~~action Date, if (Instr. 8) (A) ofTransaction(s) ~~Month~~ Indirect Beneficial Title of Security Date any ------------ ~~Amount~~ or ~~Price~~ (Instr. 3 & (I) Ownership (Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V Amount (D) ~~and~~Price Instr.4) (Instr.4) (Instr. 4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 105/1724/02 A 21,~~000~~140 A 21,~~000~~465.8 D(1) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================

(1) Includes shares acquired under the Constellation Energy Group, Inc. Shareholder Investment Plan. FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

109. 9Number 10. of Owner- ~~Number~~deriv- ship ofative Form 2. ~~Deriv~~Secur- of Conver- 5. 7. ~~ative~~ities Deriv- 11. sion Number of Title and Amount ~~Secur~~Bene- ative Nature or Derivative 6. of Underlying 8. ~~ities~~ficially Secur- of Exer- 3A. 4. Securities Date Securities Price ~~Bene-~~Owned ity: In- cise 3.Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ~~ficially~~Follow- Direct direct Price ~~Trans~~3. Execut- action or Disposed Expiration Date ---------------- Deriv- ~~Owned~~ing (D) or Bene- 1. of ~~action~~Trans- ion Code of(D) (Month/Day/Year) Amount ative atReported ~~End~~ In- ficial Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- ofTrans- direct Owner- Derivative ative ~~(Month/~~Date any 8) 4 and 5) Date Expira- Number ity ~~Month~~action(s) (I) ship Security Secur- ~~Day~~(mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity ~~Year~~yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) ------------------------------------------------------------------------------------------------------------------------------------ ~~Employee~~Deferred Stock ~~Option~~Units ~~(right to buy) $21.47 10~~1/171/0203 A ~~35,000~~636.7 (1) ~~10/17/12~~(1) Common Stock ~~35,000~~636.7 35$27.48 5,~~000~~069.7(2) D ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================

Explanation of Responses: /s/ Donna M. Levy 1/3/03 --------------------------------------------- ----------------------- **Signature of Reporting Person Date Attorney-in-Fact Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(b)(v). ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. (1) The Units are settled in cash upon the reporting person's termination of service as a director or earlier upon reaching age 70, if elected by the reporting person. (2) Includes shares acquired through dividend reinvestment. Page 2

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