1. Duke Energy North America
EBIT Analysis
($ in millions) 2Q04 Actual YTD Actual
1Q04 Actual
Total Gross Margin from Accrual Portfolio $ 54 $ 104 $ 158
Expenses:
O&M (79) (82) (161)
Depreciation (47) (39) (86)
General and administrative (44) (46) (90)
Minority interest benefit 9 4 13
Other income (expense) (4) 3 (1)
Total Expenses (165) (160) (325)
Segment EBIT before special items
and MTM change $ (111) $ (56) $ (167)
Loss on sale of SE generation assets (361) --- (361)
Enron settlement --- 108 (c) 108
Western energy market settlement --- (105) (105)
Gain (loss) on asset sales at DETM 2 (a) (10) (d) (8)
Changes in MTM portfolio (87) (b) 24 (e) (63)
Reported Segment EBIT $ (557) $ (39) $ (596)
(a) $3 million, before minority interest
(b) $93 million loss, before minority interest
(c) $113 million, before minority interest
(d) $16 million loss, before minority interest
1
(e) $22 million, before minority interest

2. Duke Energy North America
Reconciliation of Merchant Energy Gross Margin and EBIT
From the Earnings Release Supplemental Disclosure to the DENA EBIT Analysis Slide
Quarter-to-date March 31, 2004
($ in millions)
Published Revised Per DENA
Quarterly Quarterly EBIT Analysis
Supplemental Supplemental Slide (non-
Merchant Energy Gross Margin Disclosure Revisions Disclosure Difference GAAP)
Mark-to-market gross margin (loss) $ (93) $ - $ (93) $ 6 a) $ (87) *
Accrual gross margin (loss) 54 54 - 54
Total gross margin (39) - (39) 6 (33)
Reconciliation to Segment EBIT:
Plant depreciation (47) (47) - (47)
Plant operating and maintenance expenses (79) (6) d) (85) 6 c) (79)
General and administrative and other expenses (48) 4 e) (44) - (44)
Minority interest 14 14 (5) a), b) 9
Other income, net of expenses - (4) e) (4) - (4)
Gain (loss) on sale of other assets (322) (30) d) (352) 352 b) -
Other items presented in the earnings release slide:
Loss on sale of SE generation assets (361) b), c) (361)
Gain (loss) on asset sales at DETM 2 b) 2*
$ (521) $ (36) $ (557) $ - $ (557)
DENA Segment EBIT
a) $6 represents a minority interest benefit which is included in changes in MTM portfolio in the DENA EBIT analysis slide.
b) $352 represents the following items shown separately in the DENA EBIT analysis slide: (i) ($355) Loss on sale of SE
generation assets and (ii) $2 gain on asset sales at DETM. In addition, the $2 gain on asset sales at DETM is net of $1
in minority interest expense.
c) $6 represents plant operating and maintenance expenses from the SE generation assets which are included in loss on
sale of SE generation assets in the DENA EBIT analysis slide.
d) Both figures represent revisions to results between the earnings release and filing of the first quarter Duke Energy
Corporation 10-Q due to the announcement to sell the SE generation assets.
e) $4 represents a reclassification from quot;general and administrative and other expensesquot; to quot;other income, net of expensesquot;
in order to be comparative to the second quarter disclosure.
* Amount presented in the DENA EBIT analysis slide is net of minority interest.

3. Duke Energy North America
Reconciliation of Merchant Energy Gross Margin and EBIT Analysis
From the Earnings Release Supplemental Disclosures to the Earnings Release Slide
Quarter-to-date June 30, 2004
($ in millions)
From quarterly from earnings
supplemental release slide
Merchant Energy Gross Margin disclosures Difference (non-GAAP)
Mark-to-market gross margin (loss) $ 22 $ 2 a) $ 24
Accrual gross margin (loss) 104 104
Total gross margin 126 2 128
Reconciliation to Segment EBIT:
Plant depreciation (39) (39)
Plant operating and maintenance expenses (82) (82)
General and administrative and other expenses (38) (8) b) (46)
Minority interest 7 (3) a),b),c) 4
Other income, net of expenses 3 3
Gain (loss) on sale of other assets (16) 6 c) (10)
Other items presented in the earnings release slide:
Enron settlement 108 b) 108
Western energy market settlement (105) b) (105)
$ (39) $ - $ (39)
DENA Segment EBIT
a) $2 represents a minority interest benefit which is included in changes in MTM portfolio in the earnings release slide.
b) ($8) represents the following items shown separately in the earnings release slide: (i) $108 Enron settlement and
(ii) ($105) Western energy market settlement. In addition, the $108 Enron is net of $5 in minority interest expense (and
minority interest is shown separately in the supplemental disclosures).
c) $6 represents the minority interest benefit for charges related to DETM losses on sale of other assets.