News Release
Feb. 26, 1998

DUKE ENERGY: KEITH G. BUTLER NAMED SENIOR VP AND CHIEF FINANCIAL OFFICER OF GLOBAL ASSET DEVELOPMENT

Keith G. Butler has been named senior vice president and chief financial officer for Duke Energy Corporation’s Global Asset Development and its affiliated companies: Duke Energy Power Services LLC, Duke Energy International LLC and Duke Energy Industrial Asset Development LLC.

Butler will be responsible for managing the accounting, treasury, risk management and information technology of Global Asset Development and its affiliated companies’ operating assets and development efforts.

Global Asset Development is an umbrella organization within Duke Energy that comprises the corporation s main domestic and international project development business units — Duke Energy Power Services, Duke Energy International and Duke Energy Industrial Asset Development.

Most recently, Butler had been executive vice president at Duke Energy International — focusing mainly on projects in Southern Latin America.

A native of Greensboro, Butler earned his undergraduate degree from the University of North Carolina in 1983 and is a certified public accountant. He joined Duke Energy’s predecessor company, Duke Power Co., in 1984 in the controller’s department and served in various positions in the accounting and finance areas.

In 1989, Butler joined Duke’s unregulated power plant development company — developing projects in the United States, Latin America and the Asia-Pacific. He was named vice president in that area in 1994.

In 1997, Duke Power and Houston-based PanEnergy Corp merged to form Duke Energy and the Global Asset Development organization was formed to oversee new and existing development projects abroad and domestically.

Butler and his wife, Anne, reside in Charlotte. They have two daughters.

Duke Energy Corporation (NYSE:DUK) is a global energy company with more than $20 billion in assets. Duke Energy companies provide electric service to approximately 2 million customers; operate pipelines that deliver 12 percent of the natural gas consumed in the United States; and are leading marketers of electricity, natural gas and natural gas liquids. Globally the companies develop, own and operate energy facilities and provide engineering, management, operating and environmental services. Contact Duke Energy on the World Wide Web at http://www.duke-energy.com.

Contact: Randy Wheeless
Phone: 704 382-8379
24 Hour Phone: 704 382-8333
Email: crwheele@duke-energy.com