News Release
May 10, 2004

DUKE ENERGY ANNOUNCES $2 MILLION LEAD GIFT TO CULTURAL FACILITIES MASTER PLAN

Company results could lead to gift being doubled

CHARLOTTE, N.C. -- Duke Energy has pledged the lead gift of $2 million in the 25-year Cultural Facilities Master Plan supporting Charlotte’s cultural facilities.

“The Cultural Facilities Master Plan has the potential to transform our community and region, which is important to our focus on economic development and a strong quality of life,” said Paul Anderson, chairman and chief executive officer of Duke Energy. “Beyond Duke Energy’s base contribution of $2 million, we are linking our gift with our business success. If Duke Energy succeeds in meeting its earnings per share incentive target, the community will share in that success.”

Anderson explained that the $2 million pledge will be doubled to $4 million if Duke Energy achieves its 2004 internal earnings per share (EPS) target of $1.20, which is the same EPS target being used for the company’s employee incentive.

Anderson, Bank of America Chief Executive Officer Ken Lewis and Wachovia Chairman and Chief Executive Officer Ken Thompson are co-chairing the private sector campaign, which hopes to raise $52.5 million in private support.

Combined with additional private investments of $35.5 million, the private sector would contribute $88 million to the Cultural Facilities Master Plan package.

The overall Cultural Facilities Master Plan is estimated at $176 million. The partnership group leading the efforts on the plan include:   the Arts & Science Council, Charlotte Center City Partners, the Foundation For The Carolinas and the John S. and James L. Knight Foundation. The plan presented to Charlotte City Council on May 3rd proposes the city match the private sector dollar for dollar.  

Duke Energy’s contribution is contingent upon the Cultural Facilities Master Plan campaign proceeding, matching public and private funding.

Projects that would benefit from the public/private partnership, include the renovation of Discovery Place, the expansion of the Afro-American Cultural Center, the Bechtler Art Museum and a 1,200-seat theater housed in a future development on South Tryon Street. The Mint Museum, North Carolina Dance Theatre, Charlotte Symphony and proposed community cultural centers will also benefit from the campaign. 

Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in North America and selected international markets. In 2004, the company celebrates a century of service with the 100th anniversary of its electric utility Duke Power. Headquartered in Charlotte, N.C., Duke Energy 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