News Release
Sept. 19, 2000

ROBERT T. LADD NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF DUKE CAPITAL PARTNERS

CHARLOTTE, N.C. – Robert T. Ladd, a partner with Arthur Andersen LLP, has been named president and chief executive officer of Duke Capital Partners, LLC -- a premiere financial markets company providing unique asset management, investment banking and funding services to wholesale and commercial markets.

Founded in March, Duke Capital Partners leverages the experience and the financial strength of its parent company Duke Energy and functions as a competitive, independent investor and lender to companies at the forefront of their industries.

Ladd, 44, has been based in Houston and New York as managing partner for Arthur Andersen’s global corporate finance practice in the United States. He also served as managing partner for Arthur Andersen’s corporate restructuring practice globally. In these roles, he has been responsible for more than 300 professionals located in 12 offices nationwide and internationally. Among other activities, these groups assisted clients in raising capital, mergers and acquisitions, fairness opinions, optimal capital structuring and business restructuring. Ladd also served on Arthur Andersen’s U.S. Leadership Team and U.S. and European corporate finance boards.

Ladd joined Arthur Andersen in 1993 as a partner after serving 12 years in banking, rising to the role of executive vice president with First City Bancorporation of Texas.

A native of New York state, Ladd, a certified public accountant, earned his undergraduate degree at Houston’s Rice University in 1978 and his master's in business administration at The University of Texas in 1980. He and his wife, Georgiana, have two teen-age daughters.

The initial focus of the Duke Capital Partners’ team of professionals is to provide financial advisory, credit and financing services to Duke Energy business unit customers and business affiliates. Duke Capital Partners offers a focused, yet flexible set of services designed for the success of its clients. From advisory services to structured capital funding to asset management, the Duke Capital Partners’ team delivers a suite of products and services that meet the needs of energy, utilities, telecommunications, e-business, real estate development and other industries.

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