1. Chairman’s Report
Bill Johnson
Chairman, CEO & President
Progress Energy’s
Annual Meeting of Shareholders
May 14, 2008 – Raleigh, N.C.

2. Caution: Forward-Looking Statements
This presentation includes some future-oriented
information that is subject to change. Many factors could
cause actual results to be materially different.
For more complete information, go to Progress Energy’s
most recent Form 10-K on our Web site:
progress-energy.com.
5/14/2008

3. A Century of Service: 1908 - 2008
Carolina Power &
Light Company
was formed on
July 13, 1908
Raising a pole in downtown Raleigh in 1916

4. 2007 Highlights
● Sustained operational excellence & safety leadership
● Achieved core ongoing earnings guidance
● Increased dividend for 20th consecutive year
● Completed transition to core utility business
● Strengthened balance sheet and credit ratings
● Ranked #16 in list of nation’s best corporate citizens
● Named to Dow Jones Sustainability Index 3rd straight year

5. Clear Strategic Focus on Two Electric
Utilities with Strong Growth Prospects
North Carolina
Progress Energy Carolinas
• 1.4 million customers
South
Carolina
Progress Energy Florida
• 1.7 million customers
Florida
Total net increase of
51,000 customers in 2007
Service Area

6. Confronting New Energy Realities
Addressing climate change,
demand growth and rising costs
while maintaining
a secure supply, reliable service and
affordable prices
and creating
shareholder value

7. Balanced Solution Strategy

8. Potential Levy County Nuclear Project

9. Progressive Corporate Governance
● Integrity, accountability, independence
● All Board members elected annually and by majority vote
● Independent Board committees
● Independent auditors and compensation consultant
● Governance practices highly ranked
● Better than 67% of S&P 500*
● Better than 71% of utilities*
● Code of Ethics with training and rigorous enforcement
● Governance documents on Web site: progress-energy.com
* Recent report by RiskMetrics Group

10. Executive Compensation
● Independent Board committee and external consultant
● Total compensation and all elements benchmarked
● Compensation philosophy: 50th percentile of peer group
● High % of compensation tied to company performance
● Policies regularly evaluated against peer group and industry
● Changes in practices and programs:
● Reworked long-term incentive
● Reduced long-term incentive percentages
● Reduced perquisites

11. Growth in Stock Price and Dividend
1980-1993 stock prices adjusted for 1993 2-for-1 split
1980-1993 stock prices adjusted for 1993 2-for-1 split
Stock Price
$3.00
$2.50
$2.00
Dividend
$1.50
$1.00
$0.50
$0.00
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

12. Securing our Energy Future
● Clear strategic focus on the electric utility business
● Excelling in the fundamentals
● Balanced strategy to address climate and growth
● Achieving our financial objectives year after year
● Talented, motivated workforce

13. Q&A