This is the 77th consecutive year that Duke Energy has paid quarterly cash dividends on its common stock.

Duke Energy Canada Exchangeco Inc., a subsidiary of Duke Energy, today also announced a quarterly cash dividend on its exchangeable shares of Cdn $0.431 per exchangeable share. The dividend is payable on March 17, 2003, to shareholders of record on Feb. 14, 2003.

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.