News Release
December 05, 2003

DUKE ENERGY NAMES TREASURER IN NEW FINANCE ORGANIZATION

CHARLOTTE, N.C. – Duke Energy today named Myron Caldwell vice president and treasurer, succeeding David Hauser, who was recently promoted to senior vice president and chief financial officer, in an acting capacity.

Hauser said Caldwell was chosen for the treasurer’s role because of his strong performance as vice president, corporate finance and in previous positions in the accounting and treasury organizations.

“In his more than 20 years at Duke Energy, Myron has earned the respect of the financial community as well as his colleagues throughout the company’s finance function,” Hauser said. “His recent leadership of refinancing efforts has contributed substantially to reducing the company’s cost of capital.”

Caldwell joined Duke Energy in 1981 as a financial and accounting assistant in the controller’s department. Since then, he has held positions of increasing responsibility in the accounting and treasury areas, including serving as controller of Duke Power from 1997 to 1998. He was named vice president, corporate finance in October 2000. In that role, he was responsible for managing the company’s financial structure, procuring additional capital, managing foreign currency issues, developing corporate finance policy and managing Duke Energy’s debt portfolio.

A Charlotte native, Caldwell is a graduate of the University of North Carolina at Charlotte.

Duke Energy is a diversified multinational energy company with an integrated network of energy assets and expertise. The company manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses – meeting the energy needs of customers throughout North America and in key markets around the world. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 500 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
e-mail: crwheele@duke-energy.com