News Release
June 25, 2003

DUKE ENERGY HONORED WITH PHILANTHROPIC AWARD BY RED CROSS

CHARLOTTE, N.C. -- Duke Energy was recently honored with the Philos Award by the Greater Carolinas Chapter of the American Red Cross, recognizing it as the top philanthropic organization of the year.

The company was honored for its support of the many Red Cross programs, and for motivating other companies to be financial contributors. After the 9-11 tragedy in 2001, Duke Energy donated more than $1 million to the Red Cross’ Sept. 11 Liberty Fund – through a donation, but also by matching employee contributions, too. The company has also helped the Red Cross bring relief to victims of natural disasters around the world.

“Our partnership with the Red Cross has allowed Duke Energy to reach out to the many areas we serve around the globe, and to help the Red Cross bring disaster relief and aid to regions in need,” said Jim Hendricks, Duke Energy’s vice president of corporate responsibility. “We are pleased to help support the fine efforts of the Red Cross.”

The Philos Award is bestowed upon the individual and the organization, corporation, or foundation that best exemplifies the spirit of charitable giving. For 2002, the actions of the receiving organization contributed significantly to the operations, programs and services of the Red Cross and have motivated other financial contributions.

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
Email: crwheele@duke-energy.com