News Release
July 27, 2000

DUKESOLUTIONS TO MANAGE BANK OF AMERICA ENERGY OPERATIONS

CHARLOTTE, N.C. – Bank of America and DukeSolutions announced today an energy management agreement that will enable the nation’s largest bank to focus more on its core business and save on its annual total energy costs.

Under the terms of a five-year contract, DukeSolutions will provide energy supply information management at 4,800 Bank of America properties with approximately $110 million in annual energy expenses. Bank of America will gain greater knowledge and control of facility operations, manage risk associated with deregulation and take advantage of buying power in energy procurement and management. The company will create value from energy management to support core business activities and should see significant savings through total energy cost reductions.

Through comprehensive reporting and Internet-based applications, Bank of America will have tools for efficient identification of energy-related savings opportunities and usage and cost trends. Administrative and accounting burdens associated with energy will be reduced. Bank of America Corporate Real Estate and its facility partners, Trammell Crow Company (Dallas), Lincoln Property (Dallas) Jones Lang LaSalle (Chicago), Charles E. Smith Realty Company (Arlington, Va.) and CB Richard Ellis Services Inc. (El Segundo, Calif.) will be able to analyze integrated energy information and take actions to maximize savings.

Bank of America, with $680 billion in assets, is the largest bank in the United States. It has full service operations in 21 states and the District of Columbia and provides financial products and services to 30 million households and two million businesses, as well as providing international corporate financial services for transactions in 190 countries. The company’s stock (NYSE: BAC) is listed on the New York, Pacific and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange.

DukeSolutions is one of the fastest growing energy services companies in North America. The company helps customers make the most of their assets and increase cash flow and earnings by providing integrated energy solutions that reduce costs and improve energy efficiency. Serving industrial, commercial, institutional and governmental customers, DukeSolutions implements a full range of energy services including energy supply and logistics, reliability and risk management, on-site utility, information management and efficiency and productivity services. DukeSolutions is a wholly owned subsidiary of Duke Energy, one of North America’s premier global energy companies. Additional information about the company is available on the Internet at http://www.dukesolutions.com.

Duke Energy, a diversified multinational energy company, creates value for customers and shareholders through an integrated network of energy assets and expertise. Duke Energy manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses -- generating revenues of nearly $22 billion in 1999. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.

Contact: Rick Wirth
Phone: 704 373-6611
24 Hour Phone: 704 382-8333
Email: rfwirth@duke-energy.com
Contact: Ellison Clary (Bank of America)
Phone: 704 386-8633
24 Hour Phone: 704 382-8333
Email: media_relations@duke-energy.com