News Release Jan. 02, 2001

CHARLOTTE, N.C. – Duke Energy business unit Duke Capital Partners LLC has named Gerald J. Stalun executive vice president and managing director.

Stalun, 42, brings more than 15 years of energy, power and capital markets experience to Duke Capital Partners, most recently serving as managing director and co-head of Global Project Finance for the power industry at Bank of America. In that role, he managed deal teams responsible for providing financial advisory services, loan syndications and project finance transactions for clients worldwide. In his role with Duke Capital Partners, Stalun will be responsible for the company’s Charlotte office.

A native of Chicago, Stalun earned an undergraduate degree at the University of Illinois and a master's in business administration at the University of Chicago. A certified public accountant, he and his wife Carol have two children.

Duke Capital Partners, based in Charlotte, N.C., with offices in Houston, provides debt and equity capital and financial advisory services, with particular focus on its parent company’s clients, strategic partners and commercial relationships. Duke Capital Partners leverages the experience and the financial strength of Duke Energy and functions as a competitive, independent investor and lender to companies at the forefront of their 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