EXECUTIVE OFFICERS OF DUKE ENERGY

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RICHARD B. PRIORY, 56, Chairman of the Board and Chief Executive Officer. Mr. Priory served as President and Chief Operating Officer from 1994 until he assumed the position of Chairman of the Board, President and Chief Executive Officer in 1997.

RICHARD W. BLACKBURN, 60, Executive Vice President, General Counsel, Chief Administrative Officer and Secretary. Mr. Blackburn was Executive Vice President, General Counsel and Secretary from 1997 until assuming his present position in 2003.

ROBERT P. BRACE, 53, Executive Vice President and Chief Financial Officer. Mr. Brace joined Duke Energy in 2000. Previously, he served as Group Finance Director of British Telecommunications plc starting in 1993.

KEITH G. BUTLER, 42, Senior Vice President and Controller. Mr. Butler was named Senior Vice President and Chief Financial Officer of Duke Energy Global and its affiliated companies in February 1998, Senior Vice President and Chief Financial Officer of Duke Energy North America in July 1998, and Chief Operating Officer of DukeSolutions in September 1999 before he assumed his current position in August 2001.

FRED J. FOWLER, 57, President and Chief Operating Officer. Mr. Fowler assumed his current position in November 2002. Mr. Fowler served as Group Vice President of PanEnergy from 1996 until the PanEnergy merger in 1997, when he was named Group President, Energy Transmission.

DAVID L. HAUSER, 51, Senior Vice President and Treasurer. Mr. Hauser held various positions, including Controller, at Duke Power before being named Senior Vice President, Global Asset Development in 1997. He was appointed to his current position in 1998.

RICHARD J. OSBORNE, 52, Executive Vice President and Chief Risk Officer. Mr. Osborne assumed his present position in May 2000. He previously served as Executive Vice President and Chief Financial Officer. Beginning in 1994, Mr. Osborne was Senior Vice President and Chief Financial Officer.

RUTH G. SHAW, 55, President, Duke Power. Ms. Shaw assumed her current position in February 2003. Ms. Shaw served as Senior Vice President, Corporate Resources, from 1994 until the PanEnergy merger in 1997, when she was named Executive Vice President and Chief Administrative Officer.

Executive officers are elected annually by the Board of Directors. They serve until the first meeting of the Board of Directors following the annual meeting of shareholders and until their successors are duly elected.

There are no family relationships between any of the executive officers, nor any arrangement or understanding between any executive officer and any other person involved in officer selection.