The Sponsor: Duke Energy Field Services

• DEFS is owned by two substantial and well-respected energy companies

• Largest midstream company in the U.S.

• Proven, reliable, low-cost gas gatherer and processor

• Known for operational excellence and customer service orientation

DEFS

69.7%

30.3%

Equity: $30 billion

Debt: $18 billionFirm Value: $48 billion

Texas Eastern ProductsPipeline Company, LLC

12/31/02

9/30/02

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