Duke Energy names Paul Anderson chairman and CEO

CHARLOTTE, N.C., Oct. 7, 2003 — Duke Energy announced the appointment of Paul M. Anderson as chairman and chief executive officer of the company, effective Nov. 1, 2003.

Anderson served as president and chief operating officer of Duke Energy immediately following the 1997 merger of Duke Power and PanEnergy. At the time of the merger, he was chairman, president and chief executive officer of PanEnergy and was instrumental in the recovery and growth of PanEnergy after becoming its president in 1993.

Anderson left Duke Energy in 1998 to become managing director and chief executive officer of BHP Limited and succeeded in returning that company to profitability. BHP later merged with Billiton PLC to create BHP Billiton, the world’s largest diversified natural resources group, which he led as chief executive officer until his retirement in 2002.

“I am honored to be returning home to Duke Energy,” Anderson said. “I am passionate about the company and optimistic that we will grow and prosper. The energy industry has gone through a crisis of confidence. Our challenge is to regain the confidence of our employees, our investors, our customers and the communities in which we operate. We must also reassure the regulators that we value our franchise and appreciate the attendant obligations.”

Anderson will replace Richard B. Priory, who announced he will retire in early 2004. Priory will work with Anderson during the transition period, beginning Nov. 1.

“I am proud that thanks to the diligent work of our employees, the business has established a solid foundation for the future,” Priory said. “The energy marketplace has been tough, but I am confident that Duke Energy has the resources — hard assets, talented people and a respected history — to lead the industry forward.”

Anderson will hold a media teleconference at 5:30 p.m. ET. The dial in number is 1-888/869-0374 or international 1-904/779-4767. Ask for the Duke Energy call.

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.

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