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Financial Highlights

	Years Ended December 31
(In millions, except per-share amounts)	2004			2003b			2002			2001			2000
Statement of Operations
Operating revenues	$	22,503		$	22,080		$	15,860		$	17,889		$	15,800
Operating expenses		19,456			22,818			13,258			14,311			12,775
Gains on sales of investments in    commercial and multi-family    real estate		192			84			106			106			75
(Losses) gains on sales of    other assets, net		(225)			(199)			32			238			214
Operating income (loss)		3,014			(853)			2,740			3,922			3,314
Other income and expenses, net		302			584			379			311			707
Interest expense		1,349			1,380			1,097			760			887
Minority interest expense		195			61			116			326			302
Earnings (loss) from continuing    operations before income taxes		1,772			(1,710)			1,906			3,147			2,832
Income tax expense (benefit) from    continuing operations		540			(707)			611			1,149			1,032
Income (loss) from    continuing operations		1,232			(1,003)			1,295			1,998			1,800
Income (loss) from discontinued    operations, net of tax		258			(158)			(261)			(4)			(24)
Income (loss) before cumulative effect    of change in accounting principle		1,490			(1,161)			1,034			1,994			1,776
Cumulative effect of change in    accounting principle, net of tax    and minority interest		—			(162)			—			(96)			—
Net income (loss)		1,490			(1,323)			1,034			1,898			1,776
Dividends and premiums on    redemption of preferred    and preference stock		9			15			13			14			19
Earnings (loss) available for    common stockholders	$	1,481		$	(1,338)		$	1,021		$	1,884		$	1,757
Ratio of Earnings to Fixed Charges		2.3			—c			2.2			3.9			3.7
Common Stock Dataa
Shares of common stock outstanding
Year-end		957			911			895			777			739
Weighted average		931			903			836			767			736
Earnings (loss) per share    (from continuing operations)
Basic	$	1.31		$	(1.13)		$	1.53		$	2.59		$	2.42
Diluted		1.27			(1.13)			1.53			2.57			2.41
Earnings (loss) per share    (from discontinued operations)
Basic	$	0.28		$	(0.17)		$	(0.31)		$	(0.01)		$	(0.03)
Diluted		0.27			(0.17)			(0.31)			(0.01)			(0.03)
Earnings (loss) per share (before    cumulative effect of change    in accounting principle)
Basic	$	1.59		$	(1.30)		$	1.22		$	2.58		$	2.39
Diluted		1.54			(1.30)			1.22			2.56			2.38
Earnings (loss) per share
Basic	$	1.59		$	(1.48)		$	1.22		$	2.45		$	2.39
Diluted		1.54			(1.48)			1.22			2.44			2.38
Dividends per share		1.10			1.10			1.10			1.10			1.10
Balance Sheet
Total assets	$	55,470		$	57,225		$	60,122		$	49,624		$	59,276
Long-term debt including capital leases,    less current maturities	$	16,932		$	20,622		$	20,221		$	12,321		$	10,717
Capitalization
Common equity		45%			37%			36%			41%			37%
Preferred stock		0%			0%			1%			1%			1%
Trust preferred securities		0%			0%			3%			5%			5%
Total common equity and    preferred securities		45%			37%			40%			47%			43%
Minority interests		4%			5%			5%			7%			9%
Total debt		51%			58%			55%			46%			48%

^a Amounts prior to 2001 were restated to reflect the two-for-one common stock split effective January 26, 2001.

^b As of January 1, 2003, Duke Energy adopted the remaining provisions of Emerging Issues Task Force Issue No. 02-03, “Issues Involved in Accounting for Derivative Contracts Held for Trading Purposes and for Contracts Involved in Energy Trading and Risk Management Activities” and Statement of Financial Accounting Standards No. 143, “Accounting for Asset Retirement Obligations.” In accordance with the transition guidance for these standards, Duke Energy recorded a net-of-tax and minority interest cumulative effect adjustment for change in accounting principles.

^c Earnings were inadequate to cover fixed charges by $1,707 million for the year ended December 31, 2003.