Peter S. Rummell elected to Progress Energy board

RALEIGH, N.C., Sept. 24, 2003 — Progress Energy’s board of directors elected Peter S. Rummell as a director effective September 18, 2003. Rummell is chairman and CEO of The St. Joe Co., a real estate operating company headquartered in Jacksonville, Fla. The St. Joe Company is Florida’s largest private landowner.

“Peter is a seasoned business executive and we’re very pleased to have him join our board,” said William Cavanaugh, chairman and CEO, Progress Energy. “With his deep Florida roots and extensive economic development and management experience, Peter will be a great addition to the Progress Energy board.”

Rummell, 57, was appointed chairman and CEO of The St. Joe Company in January 1997. From 1985 until 1996, he was employed by The Walt Disney Company and served as chairman of Walt Disney Imagineering, the division responsible for Disney’s worldwide creative design, real estate and research and development activities.

Rummell was also president of Disney Development Company, the community development arm of Walt Disney. Before that he was with Arvida Corp. and the Rockefeller Center Management Co. in New York in various executive capacities.

Rummell serves on the boards of the Florida Council of 100, Council for Educational Change and the Urban Land Institute. He is also a member of the Florida Board of Governors which provides policy oversight of the State of Florida’s university system. Rummell holds a BA from the University of North Carolina at Chapel Hill and an MBA from the Wharton School of the University of Pennsylvania.

The St. Joe Company, a publicly held company based in Jacksonville, is Florida’s largest real estate operating company. It is engaged in community, commercial, industrial, hospitality, leisure and resort development, along with commercial real estate services. The company also has significant interests in timber.

Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250 diversified energy company with more than 23,000 megawatts of generation capacity and $8 billion in annual revenues. The company’s holdings include two electric utilities serving 2.8 million customers in North Carolina, South Carolina and Florida. Progress Energy also includes nonregulated operations covering competitive generation, energy marketing, natural gas exploration, fuel extraction, rail services and broadband capacity. For more information about Progress Energy, visit the company’s Web site at http://www.progress-energy.com.

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