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Beneficial Ownership

The following table indicates how much Duke Energy Common Stock was beneficially owned by the directors, the executive officers listed in the Summary Compensation Table under "Executive Compensation" below (referred to as the Named Executive Officers), and by all directors and executive officers as a group as of February 15, 2005.

• The shares listed as "Beneficially Owned" include shares held as of February 15, 2005, in Duke Energy's employee benefit plans.
• Beneficial ownership of shares by 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
R. Agnelli	62
P.M. Anderson	801,421
G.A. Bernhardt, Sr.	24,355
R.J. Brown	39,870
W.T. Esrey	79,554
F.J. Fowler	1,115,244
A.M. Gray	61,282
D.L. Hauser	195,336
D.R. Hendrix	300,9932
G.D. Johnson, Jr.	823,3093
A.M. Lennon	22,237
L.E. Linbeck, Jr.	74,284
J.G. Martin	22,103
J.W. Mogg	448,002
M.E.J. Phelps	46,536
J.T. Rhodes	15,503
R.G. Shaw	559,654
Directors and executive officers as a group (22)	5,683,608

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 February 15, 2005, including conversion of vested stock equivalents and exercise of vested options (including options that are not in-the-money) upon voluntary termination: P.M. Anderson, 631,667; G.A. Bernhardt, Sr., 20,753; R.J. Brown, 31,886; W.T. Esrey, 39,783; F.J. Fowler, 989,309; A.M. Gray, 41,781; D.L. Hauser, 172,330; D.R. Hendrix, 11,760; G.D. Johnson, Jr., 16,900; A.M. Lennon, 20,875; L.E. Linbeck, Jr., 37,818; J.G. Martin, 16,256; J.W. Mogg, 374,552; M.E.J. Phelps, 46,536; J.T. Rhodes, 5,524; R.G. Shaw, 546,075; directors and executive officers as a group (22), 3,943,456. 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 February 15, 2005. See "Aggregated Option/SAR Exercises in Last Fiscal Year and Fiscal Year End Option/SAR Values" for information about in-the-money options.

² Mr. Hendrix disclaims beneficial ownership of 20,895 shares.

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 as of December 31, 2004, by each person known to Duke Energy to be the beneficial owner of five percent (5%) or more of Duke Energy's Common Stock based on information provided in Schedule 13G/A filed with the Securities and Exchange Commission (SEC) by Capital Research and Management Company on February 11, 2005, and Schedule 13G filed with the SEC by Dodge & Cox on February 10, 2005.

Name and Address of Beneficial Owner	Shares of Common Stock
	Beneficially Owned	Percentage
Capital Research and Management Company 333 South Hope Street Los Angeles, CA 90071	52,574,6901	5.6%
Dodge & Cox 555 California Street, 40th Floor San Francisco, California 94104	52,888,5662	5.6%

¹ According to its Schedule 13G, Capital Research and Management Company is beneficial owner as a result of acting as investment adviser to various investment companies, and has no voting power and sole dispositive power with respect to these shares.

² According to the Schedule 13G filed by Dodge & Cox, these shares are beneficially owned by its clients, and Dodge & Cox has sole voting power with respect to 49,615,836 shares, shared voting power with respect to 735,200 shares, and sole dispositive power with respect to all these shares.