Print

Beneficial Ownership

The following table indicates how much Duke Energy Common Stock was beneficially owned by the current directors, the current and former executive officers listed in the Summary Compensation Table under "Compensation" (referred to as the Named Executive Officers), and by all current directors and executive officers as a group as of March 2, 2004.

• The shares listed as "Beneficially Owned" include shares held as of March 2, 2004, in Duke Energy's employee benefit plans.
   
• Beneficial ownership of shares by current directors and executive officers as a group represents beneficial ownership of less than 1% of the outstanding shares of Duke Energy Common Stock.

Name or Identity of Group	Total Shares Beneficially Owned1
P.M. Anderson2	454,754
G.A. Bernhardt, Sr.	46,146
R.W. Blackburn	682,887
R.P. Brace	410,321
R.J. Brown	31,002
W.T. Esrey	70,384
F.J. Fowler2	964,519
A.M. Gray	54,064
G.D. Johnson, Jr.	852,3623
A.M. Lennon	44,885
L.E. Linbeck, Jr.	65,018
J.G. Martin	26,799
R.J. Osborne2	402,962
M.E.J. Phelps	75,079
R.B. Priory	1,818,343
J.T. Rhodes	11,377
R.G. Shaw2	472,215
Directors and executive officers as a group (19)	4,344,052

¹ Includes the following number of shares with respect to which directors and Named Executive Officers have the right to acquire beneficial ownership within sixty days of March 2, 2004: G.A. Bernhardt, Sr., 42,544; R.W. Blackburn, 647,650; R.P. Brace, 408,306; R.J. Brown, 24,888; W.T. Esrey, 31,459; F.J. Fowler, 849,908; A.M. Gray, 36,236; G.D. Johnson, Jr., 47,144; A.M. Lennon, 43,569; L.E. Linbeck, Jr., 30,684; J.G. Martin, 24,368; R.J. Osborne, 365,300; M.E.J. Phelps, 5,055; R.B. Priory, 1,771,991; J.T. Rhodes, 3,721; R.G. Shaw, 458,950; directors and executive officers as a group (19), 2,635,789. Number of shares that directors have a right to acquire based on conversion of phantom stock is based on the closing price of Duke Energy Common Stock on March 2, 2004.

² Current Named Executive Officers also own Common Stock equivalents, including phantom stock and performance shares, under Duke Energy executive compensation and benefits arrangements as of March 2, 2004, in the following amounts:  P.M. Anderson, 600,000; F.J. Fowler, 90,329; R.J. Osborne, 66,544; R.G. Shaw, 50,727.

³ Mr. Johnson disclaims beneficial ownership of 200,000 shares.

The following table indicates how much and what percentage of Duke Energy Common Stock was beneficially owned by each person known to Duke Energy to be the beneficial owner of five percent (5%) or more of Duke Energy's Common Stock as of February 13, 2004, the date upon which such holder filed a Schedule 13G with the Securities and Exchange Commission.

	Shares of Common Stock
Name and Address of Beneficial Owner	Beneficially Owned1	Percentage1
Capital Research and Management Company 333 South Hope Street Los Angeles, CA 90071	73,225,940	8.1%

¹ According to the Schedule 13G, Capital Research and Management Company reported it is deemed to be the beneficial owner of 73,225,940 shares or 8.1% of the 909,298,840 shares of Duke Energy Common Stock that Capital Research and Management Company believed to be outstanding as of the date of the Schedule 13G as a result of acting as investment adviser to various investment companies. The shares of Duke Energy Common Stock reported by Capital Research and Management Company on the Schedule 13G include 1,765,840 shares resulting from the assumed settlement of the purchase contracts underlying 2,753,100 Duke Energy Equity Units, which settlement is scheduled for May 18, 2004, pursuant to the terms of the Equity Units.

The following table shows how many units of limited partnership interests in TEPPCO Partners, L.P. were beneficially owned as of March 2, 2004, by Named Executive Officers, and by current executive officers of Duke Energy as a group. No directors of Duke Energy owned such units on that date. TEPPCO Partners, L.P. is a publicly traded master limited partnership, and Texas Eastern Products Pipeline Company, an indirect subsidiary of Duke Energy, is its general partner. As of March 2, 2004, the number of units beneficially owned by current executive officers of Duke Energy as a group was less than 1% of the outstanding units. None of these persons had the right to acquire units within 60 days after March 2, 2004.

Name or Identity of Group	Number of Units Beneficially Owned
F. J. Fowler	3,100
R. J. Osborne	2,000
R. G. Shaw	900
Executive officers as a group (9)	9,514