11/03/06_Slides

Third Quarter Earnings Review
November 3, 2006

Jim Rogers
President and Chief Executive Officer

David Hauser
Group Executive and Chief Financial Officer

Safe Harbor Statement

Some of the statements in this document concerning future
company performance will be forward-looking within the meanings
of the securities laws. Actual results may materially differ from those
discussed in these forward-looking statements, and you should refer
to the additional information contained in Duke Energy’s and
Cinergy’s 2005 Form 10-Ks filed with the SEC and other SEC filings,
concerning factors that could cause those results to be different than
contemplated in today's discussion.

Reg G Disclosure
In addition, today's discussion includes certain non-GAAP financial
measures as defined under SEC Regulation G. A reconciliation of
those measures to the most directly comparable GAAP measures is
available on our Investor Relations website at www.duke-energy.com.

Third Quarter Earnings Review November 3, 2006 2

Earnings Summary
3Q06 3Q05
DUK Reported Earnings per Diluted Share $ 0.60 $ 0.04
Special Items (0.08) (0.40)
Discontinued Operations (0.04) 0.92
DUK Ongoing Earnings per Diluted Share $ 0.48 $ 0.56

• While the quarter is lower than 3Q05, we remain on track to achieve
revised employee incentive target
Nearly all businesses off the expected mark for the quarter
Employee incentive target expected to be revised from $1.90 to $1.86 due to the
Board authorized sale of CMT
Committed to delivering earnings to shareholders
Over at least the next three years, Duke Energy expects to deliver 4-6% growth
and Spectra Energy expects to deliver 5-7% growth in on-going diluted earnings
per share
• 3Q06 results represent combined company, while 3Q05 results are
pre-merger and do not include Cinergy


U.S. Franchised Electric & Gas

• Segment EBIT increased by Reported & Ongoing Segment EBIT
$72 million over 3Q05 ($ millions)

3Q06 3Q05
• The addition of Cinergy’s
regulated utilities in the Midwest Reported Segment EBIT $ 678 $ 606
contributed $181 million, net of Special Items - -
$17 million in rate reductions
Ongoing Segment EBIT $ 678 $ 606
associated with the merger
• Duke Energy Carolinas also recognized a charge of about $39 million for
rate reductions associated with the merger
• Results in the Carolinas are down $70 million from 3Q05, the second
highest earnings quarter in Duke history
• Negative impacts in the Carolinas included lower bulk power marketing
of $40 million, higher O&M costs of $20 million and milder weather of
$17 million
• Offsetting lower results, the segment recorded approximately $62 million in
Clean Air amortization, down $23 million from 3Q05


Natural Gas Transmission

• Ongoing segment results Reported & Ongoing Segment EBIT
were $41 million lower primarily ($ millions)
due to: 3Q06 3Q05
Higher O&M costs of $35 million Reported Segment EBIT $ 303 $ 329
Impact of revenue sharing
Special Items (15) -
program at Union Gas
Ongoing Segment EBIT $ 288 $ 329
Lower equity earnings from
Gulfstream related to project
financing
• Reported segment EBIT includes a $15 million gain related to the
issuance of additional units in the Duke Energy Income Fund
• Positive impacts for the quarter include strong processing margins at the
Empress facility, contributing $27 million over 3Q05
On an annual basis, a $1 change in the frac spreads affects Empress’ EBIT by
$25 million
• Positive Canadian currency impacts on EBIT of $6 million were partially
offset by Canadian-based interest expense


Field Services

• Represents Duke Energy’s Reported & Ongoing Equity Earnings/EBIT
50% ownership in Duke ($ millions)
Energy Field Services 3Q06 3Q05
Reported Equity Earnings/EBIT $ 158 $ 701
• 3Q05 reported EBIT
includes the gain on the Special Items - (614)
transfer of 19.7% ownership
Ongoing Equity Earnings/EBIT $ 158 $ 87
to ConocoPhillips
• Strong commodity prices and improved overall marketing results had a
positive effect for the quarter
• Reflecting strong earnings and cash flow, DEFS paid dividends of $75 million
and another $77 million in tax distributions to Duke Energy this quarter


Commercial Power

• Commercial Power segment Reported & Ongoing Segment EBIT
($ millions)
includes non-regulated
generation assets in the 3Q06 3Q05
Midwest and Duke Energy
Reported Segment EBIT (Loss) $ 57 $ (11)
Generation Services
Special Items - -
• Segment earnings improved
Ongoing Segment EBIT (Loss) $ 57 $ (11)
by $68 million over 3Q05
Cinergy’s non-regulated
generation fleet added $69 million before the impacts of purchase accounting
Midwest gas-fired plants contributed $5 million compared to a $10 million loss for
3Q05 with the certification of Hanging Rock and Washington plants into PJM
• Offsetting these results were net purchase accounting charges of $17 million
related to the merger
• Oak Mountain synfuel plant was restarted on Oct. 12


International Energy

• Ongoing earnings for Reported & Ongoing Segment EBIT
($ millions)
International decreased by
$15 million compared to 3Q05 3Q06 3Q05
Reported Segment EBIT $ 68 $ 63
• Decrease is primarily due to
higher regulatory fees and lower Special Items - 20
sales prices in Brazil, increased Ongoing Segment EBIT $ 68 $ 83
purchased power costs in Brazil
and Peru, and lower results at
National Methanol
• 3Q05 ongoing results exclude a $20 million impairment related to our
equity investment in the Campeche facility in Mexico
• Fundamentals in Brazil are strong as reflected in the auction prices for
2008 – 2010


Crescent Resources

Reported & Ongoing Segment EBIT
• Decrease in ongoing results for
($ millions)
segment EBIT of $66 million
3Q06 3Q05
3Q05 results reflect closing of
several large transactions Reported Segment EBIT $ 300 $ 120
• Special Items this quarter reflect Special Items (246) -
the one-time, pre-tax gain of Ongoing Segment EBIT $ 54 $ 120
$246 million related to the creation
of a joint-venture partnership with
Morgan Stanley Real Estate Fund on Sept. 7, 2006
• The transaction provided Duke Energy with approximately $1.4 billion after-
tax proceeds
• Moody’s assigned Crescent a stand-alone rating of Ba2, and S&P recently
assigned a BB rating
• Moving forward, interest expense at Crescent will be capitalized as part of
individual project costs


Other

• Ongoing losses in third quarter Reported & Ongoing EBIT
2006 improved by $96 million ($ millions)

3Q06 3Q05
• The value of DEFS de-
designated hedges improved by Other Reported EBIT (Loss) $ (111) $ (165)
approximately $124 million over
Special Items 29 (13)
3Q05
Other Ongoing EBIT (Loss) $ (82) $ (178)
The remaining hedges will roll-off
by year end
We have not hedged any of our production in 2007
• Governance costs higher primarily due to Cinergy merger
• Insurance costs were flat year over year
A charge of $58 million was recorded in 3Q06 related to our interest in a mutual
insurance company which we are exiting
• Special Items for 3Q06 include:
$19 million for Cinergy merger costs-to-achieve
$10 million for gas spinoff costs-to-achieve


Other Items

• At the end of the quarter, net cash balance was approximately $2.0 billion
• Majority of cash to be retained by the power company
• Board has approved re-initiation of share buyback program of up to $500
million beginning in January
A plan will be put in place such that shares of Duke Energy post-spin will be
purchased if the stock price hits the pricing point in the plan
• Interest expense totaled $337 million for the quarter compared to $228
million in 3Q05
Increase reflects Cinergy’s debt brought onto the balance sheet
• Effective tax rate was 37.1% compared to 34.5% for the same period last
year – resulting from additional state tax reserves for the quarter
• SEC filings will now reflect legal entity name changes as of Oct. 1
Duke Power Company Duke Energy Carolinas, LLC
Cincinnati Gas & Electric (CG&E) Duke Energy Ohio, Inc.
PSI Energy Duke Energy Indiana, Inc.
• Cinergy has been deregistered – financial statements posted on web site


Commitment to Investors

Focused on what
matters most to you:
Growing earnings and
dividends over time
Achieving the full value of
our portfolio
Reinvesting in the business
Developing a strong
leadership team with a
deep bench
Delivering clear and
transparent communications



Focused on what
matters most to you: • Realigning the portfolio will
provide the platform for long-
term growth
dividends over time • On track for revised employee
incentive EPS target
our portfolio • Committed to growth rates
for Duke Energy and Spectra
Energy
Developing a strong
deep bench



Focused on what
• Re-deploy cash from sales to
dividends over time
infrastucture businesses
Closed sale of CMT
our portfolio
Secured partner for Crescent
• With sale of businesses, do not
Developing a strong expect to meet 2007 aspirational
leadership team with a ongoing EPS target of $2.00
deep bench



Focused on what
dividends over time
• Continued investment in
our portfolio
scrubbers on coal plants
• Filed for cost recovery on
proposed nuclear plant
Developing a strong
leadership team with a • Filed permit for IGCC in Indiana
deep bench • Hearings held on baseload coal
plant expansion
transparent communications • New natural gas projects


Active Natural Gas Projects

Pine River

Dawn Delivery
St. Clair Power
Enhancement
Dawn Area Canaport
Dawn-Trafalgar
Storage
Phase 1 – 3 Cape Cod
Excelerate
NE Gateway
Islander East
Ramapo
Time II
BP Logan
Lebanon
Connector Accident
Mid-Continent Jewell Ridge
Crossing
Piedmont
Egan Expansion
Saltville
Moss Bluff
Copiah Storage
Expansion
SE Supply Header
Gulfstream 3 & 4



Focused on what
dividends over time
our portfolio
• New organization announced
Developing a strong
leadership team with a Centralized functions
deep bench Strong management team


New Duke Energy Organization

Top Tier averages 20 years of energy experience

Jim Rogers
President & CEO

Jim Turner Tom O’Connor
Bill McCollum Brew Barron David Hauser
Franchised Commercial
Regulated Gen Nuclear Finance
Electric & Gas Businesses

Ruth Shaw
Keith Trent Marc Manly Chris Rolfe
Executive Advisor
Strategy & Policy Legal Administration



Focused on what
dividends over time
our portfolio
Developing a strong
deep bench
Delivering clear and • Sharing updated Merger
transparent communications Scorecard, as promised


Measuring Success
d
ecar
r
r Sco ults
erge ial Res
M ions
educt
nc ce r
1. Fina otal workfor e
i ev
T
to ach
Costs &M
-fuel O
N on esults
R
tional
ra
2. Ope afety
tal
S
nmen
Enviro y
lit nt
eliabi g eme
cy
R ga
cien
e e En
nt effi y
Pla Emplo tion
r&
stome er satisfac
3. Cu ustom ent
agem
C eng
oyee es
Empl leston complete
Mi
ration n projects
g
4. Inte tegratio
In


Track Record of Achievements

Closed merger with Cinergy
Completed the sale of the West and Northeast unregulated
plants and trading book
Completed the joint venture for Crescent Resources
Completed the sale of Commercial Marketing and Trading
Repurchased $500 million of stock in $1 billion buy-back program
Announced numerous expansions on the gas transmission system
Announced plans for plant expansions (baseload coal, nuclear
and IGCC)
Received FERC approval on acquisition of Rockingham plant
Completed the spinoff gas businesses


Creating Spectra Energy

• Continue to target Jan. 1, 2007 as effective date
• Spectra Energy name announced Oct. 30
• NYSE ticker symbol expected to be “SE”
• Submitted request for Private Letter ruling from
the IRS
• Secured Virginia state approval
• Filed first amendment to the Form 10, responding
to SEC’s comments
• Recommendation to board for every share of DUK
held, shareholder to receive one-half share of
Spectra Energy
Dividend recommendation of $0.84 for Duke Energy
and $0.88 for Spectra Energy
• Moody’s placed under review for possible action
• Road shows expected to occur in December


Duke Energy Corporation
Non-GAAP Reconciliation Schedules
Third Quarter 2006 Earnings Review

2006 Employee Earnings-per-share (“EPS”) Incentive Target Measure

The slides and prepared remarks for Duke Energy’s November 3, 2006 earnings
review include references to the company's original and expected-to-be-revised
2006 Employee EPS incentive target of $1.90 and $1.86, respectively. The EPS
measure used for employee incentive bonuses is based on ongoing diluted EPS,
adjusted for the actual vs. original anticipated impact of purchase accounting
resulting from Duke Energy’s merger with Cinergy Corp. Ongoing diluted EPS is
a non-GAAP financial measure as it represents diluted EPS from continuing
operations plus the per-share effect of any amounts reported as discontinued
operations from the company’s Crescent Resources real estate unit, adjusted for
the per-share impact of special items. Special items represent certain charges
and credits which management believes will not be recurring on a regular basis.
The most directly comparable GAAP measure for ongoing diluted EPS is
reported diluted EPS from continuing operations, which includes the impact of
special items. Due to the forward-looking nature of this non-GAAP financial
measure, information to reconcile it to the most directly comparable GAAP
financial measure is not available at this time, as management is unable to
project any special items for the remainder of 2006.

Ongoing Diluted EPS

review include references to the anticipated ongoing diluted EPS for 2006 of
$1.78 and the previously announced 2007 aspirational ongoing diluted EPS
target of $2.00. Ongoing diluted EPS is a non-GAAP financial measure as it
represents diluted EPS from continuing operations plus the per-share effect of
any amounts reported as discontinued operations from the company’s Crescent
Resources real estate unit, adjusted for the per-share impact of special items.
Special items represent certain charges and credits which management believes
will not be recurring on a regular basis. The most directly comparable GAAP
measure for ongoing diluted EPS is reported diluted EPS from continuing
operations which includes the impact of special items. Due to the forward-
looking nature of ongoing diluted EPS for future periods, information to reconcile
such non-GAAP financial measure to the most directly comparable GAAP
financial measure is not available at this time as management is unable to
forecast any special items for future periods.

Anticipated Ongoing Diluted EPS Growth Percentages

review include a discussion of the anticipated growth in ongoing diluted EPS for
at least the next three years for post-spinoff Duke Energy and for Spectra
Energy, the gas company Duke Energy anticipates spinning off in January 2007.
These growth percentages are based on anticipated ongoing diluted EPS for
future periods and are non-GAAP financial measures, as they represent diluted
EPS from continuing operations plus, for Duke Energy, the per-share effect of
any amounts reported as discontinued operations from the company’s Crescent
Resources real estate unit, adjusted for the per share impact of special items.
Special items represent certain charges and credits which management believes
will not be recurring on a regular basis. The most directly comparable GAAP
measure for ongoing diluted EPS is reported diluted EPS from continuing
operations, which includes the impact of special items. Due to the forward-
looking nature of ongoing diluted EPS for future periods, information to reconcile
this non-GAAP financial measure to the most directly comparable GAAP financial
measure is not available at this time, as management is unable to forecast any
special items for future periods.

DUKE ENERGY CORPORATION
After-Tax Proceeds from Creation of Crescent Resources Joint Venture and Sale of CMT
(Dollars in millions)

Proceeds on Crescent Joint Venture

Net proceeds from issuance of debt by Crescent Resources $ 1,187

Proceeds received from sale of equity interest 415

Estimated income tax payments resulting from transaction (136)

Reduction in reported cash due to deconsolidation of interest in Crescent Resources (32)

Net after-tax proceeds $ 1,434 (Rounded $1,400)

Proceeds on Sale of CMT

Net proceeds received (including working capital and base price) $ 700

Estimated income tax payments resulting from transaction (142)

Net after-tax proceeds $ 558

Total combined after-tax proceeds $ 1,992 (Rounded $2,000)

Net Cash Balance Reconciliation
(Dollars in millions)

9/30/2006

Cash and Cash Equivalents $ 820

Short-Term Investments 2,097

Short-Term Commercial Paper Outstanding (932) (1)

Net Cash Balance $ 1,985 (Rounded $2,000)

(1) - Excludes approximately $300 million of commercial paper which is classified as long-term debt at 9/30/2006.

ONGOING TO REPORTED EARNINGS RECONCILIATION
September 2005 Quarter-to-date
(Dollars in millions, except per-share amounts)

Special Items (Note 1)
Initial and
MTM change on
Gain on Field Services Subsequent gain
Impairment of de-designated
Ongoing transfer of hedge de- on de- Discontinued Total Reported
equity Field Services
Earnings 19.7% interest designation, designating Operations Adjustments Earnings
investments hedges for 2005,
in DEFS net Southeast DENA
net
hedges
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
U.S. Franchised Electric & Gas $ 606 $ - $ - $ - $ - $ - $ - $ - $ 606
Natural Gas Transmission 329 - - - - - - - 329
Field Services 87 576 A - 38 B - - - 614 701
Commercial Power (11) - - - - - - - (11)
International Energy 83 - (20) C - - - - (20) 63
Crescent 120 - - - - - - - 120
Total reportable segment EBIT 1,214 576 (20) 38 - - - 594 1,808
Other (178) - - - (17) D 30 E - 13 (165)
Total reportable segment EBIT and other EBIT $ 1,036 $ 576 $ (20) $ 38 $ (17) $ 30 $ - $ 607 $ 1,643

EARNINGS FOR COMMON
Total reportable segment EBIT and other EBIT $ 1,036 $ 576 $ (20) $ 38 $ (17) $ 30 $ - $ 607 $ 1,643
Interest expense (228) - - - - - - - (228)
Interest income and other (7) - - - - - - - (7)
Income taxes from continuing operations (260) (213) 6 (15) 6 (11) - (227) (487)
Discontinued operations, net of taxes 1 - - - - - (884) F,G (884) (883)
Total Earnings for Common $ 542 $ 363 $ (14) $ 23 $ (11) $ 19 $ (884) $ (504) $ 38
$ 0.59 $ 0.39 $ (0.02) $ 0.02 $ (0.01) $ 0.02 $ (0.95) $ (0.55) $ 0.04
EARNINGS PER SHARE, BASIC
$ 0.56 $ 0.38 $ (0.01) $ 0.02 $ (0.01) $ 0.02 $ (0.92) G $ (0.52) $ 0.04
EARNINGS PER SHARE, DILUTED

Note 1 - Amounts for special items are presented net of any related minority interest.

A - Recorded in Gains on Sales of Other Assets and Other, net on the Consolidated Statements of Operations.

B - Third quarter settlements of the 2005 portion of the Field Services de-designated hedges as of 2/22/05, recorded in Impairment and other charges (Operating Expenses) on the Consolidated Statements of Operations.

C - Equity investment impairment, recorded in (Losses) gains on sales and impairments of equity investments (Other Income and Expenses) on the Consolidated Statements of Operations.

D - Recorded in Other income and expenses, net (Other Income and Expenses) on the Consolidated Statements of Operations.

E - Recorded in Non-regulated electric, natural gas, natural gas liquids and other (Operating Revenues) on the Consolidated Statements of Operations.

F - Excludes Crescent discontinued operations.

G - Primarily the non-cash, after-tax charge related to the planned exit of substantially all of DENA's physical and commercial assets outside the midwestern United States and the reclassification of DENA 2005 operations. Includes asset
impairments and mark-to-market hedge losses of approximately $1,275 million pre-tax ($794 million after-tax) or approximately $(0.83) per diluted share. Recorded in Income (Loss) From Discontinued Operations, net of tax on the
Consolidated Statements of Operations.

Weighted Average Shares (reported and ongoing) - in millions
Basic 926

Diluted 964

September 2005 Year-to-date

Initial and
Gain on Gains (Losses) MTM change on
Subsequent
Mutual Field Services
transfer of on sales and de-designated
hedge de- gain on de- Discontinued Total Reported
Ongoing insurance
19.7% impairments of Field Services
designating Operations Adjustments Earnings
Earnings liability designation,
interest in equity hedges for 2005,
Southeast DENA
adjustment net
DEFS investments net
hedges
U.S. Franchised Electric & Gas $ 1,216 $ - $ - $ - $ - $ - $ - $ - $ - $ 1,216
Natural Gas Transmission 1,044 - - - - - - - - 1,044
Field Services 378 - 576 C 888 A (58) B - - - 1,406 1,784
Commercial Power (44) - - - - - - - - (44)
International Energy 237 - - (20) F - - - - (20) 217
Crescent 210 - - - - - - - - 210
Total reportable segment EBIT 3,041 - 576 868 (58) - - - 1,386 4,427
Other (390) (28) D - - - (64) E 30 G - (62) (452)
Total reportable segment EBIT and other EBIT $ 2,651 $ (28) $ 576 $ 868 $ (58) $ (64) $ 30 $ - $ 1,324 $ 3,975

EARNINGS FOR COMMON
Total reportable segment EBIT and other EBIT $ 2,651 $ (28) $ 576 $ 868 $ (58) $ (64) $ 30 $ - $ 1,324 $ 3,975
Interest expense (813) - - - - - - - - (813)
Interest income and other 38 - - - - - - - - 38
Income taxes from continuing operations (599) 10 (213) (323) 20 21 (11) - (496) (1,095)
Discontinued operations, net of taxes 1 - - - - - - (895) H,I (895) (894)
Total Earnings for Common $ 1,278 $ (18) $ 363 $ 545 $ (38) $ (43) $ 19 $ (895) $ (67) $ 1,211
$ 1.37 $ (0.02) $ 0.39 $ 0.58 $ (0.04) $ (0.05) $ 0.02 $ (0.96) $ (0.08) $ 1.29
$ 1.32 $ (0.02) $ 0.37 $ 0.56 $ (0.04) $ (0.04) $ 0.02 $ (0.92) $ (0.07) $ 1.25


A - Gain on sale of investment in units of TEPPCO LP, $97 million, and TEPPCO GP, $791 million net of $343 million of minority interest. Recorded in (Losses) gains on sales and impairments of equity investments (Other Income and Expenses) on the
Consolidated Statements of Operations.

B - De-designation of hedges due to proposed sale of 19.7% interest in DEFS to ConocoPhillips. $125 million loss reduced by $67 million of hedge settlements recorded in Impairment and other charges (Operating Expenses) on the Consolidated
Statements of Operations.

C - Recorded in Gains on Sales of Other Assets and Other, net on the Consolidated Statements of Operations.

D - Recorded in Operation, maintenance and other (Operating Expenses) on the Consolidated Statements of Operations.

E - $47 million loss recorded in Non-regulated electric, natural gas, natural gas liquids and other (Operating Revenues), and $17 million loss recorded in Other income and expenses, net (Other Income and Expenses) on the Consolidated Statements of Operations.

F - Equity investment impairment, recorded in (Losses) gains on sales and impairments of equity investments (Other Income and Expenses) on the Consolidated Statements of Operations.

G - Recorded in Non-regulated electric, natural gas, natural gas liquids and other (Operating Revenues) on the Consolidated Statements of Operations.

H - Excludes Crescent discontinued operations.

I - Primarily the non-cash, after-tax charge related to the planned exit of substantially all of DENA's physical and commercial assets outside the midwestern United States and the reclassification of DENA 2005 operations. Recorded in Income (Loss) From
Discontinued Operations, net of tax on the Consolidated Statements of Operations.

Basic 936

Diluted 973

September 2006 Quarter-to-date

Costs to Costs to
Gain on
Gain on Achieve, Achieve,
Sale of
Cinergy Anticipated Discontinued Total Reported
Ongoing Interest in Sales of
Merger Gas Spin-off Operations Adjustments Earnings
Earnings Crescent Assets

U.S. Franchised Electric & Gas $ 678 $ - $ - $ - $ - $ - $ - $ 678
Natural Gas Transmission 288 - 15 B - - - 15 303
Field Services 158 - - - - - - 158
Commercial Power 57 - - - - - - 57
International Energy 68 - - - - - - 68
Crescent 54 246 A - - - - 246 300
Total reportable segment EBIT 1,303 246 15 - - - 261 1,564
Other (82) - - (19) C (10) C - (29) (111)
Total reportable segment EBIT and other EBIT $ 1,221 $ 246 $ 15 $ (19) $ (10) $ - $ 232 $ 1,453

EARNINGS FOR COMMON
Total reportable segment EBIT and other EBIT $ 1,221 $ 246 $ 15 $ (19) $ (10) $ - $ 232 $ 1,453
Interest expense (337) - - - - - - (337)
Interest income and other 23 - - - - - - 23
Income taxes from continuing operations (301) (124) (5) 7 1 - (121) (422)
Discontinued operations, net of taxes - - - - - 46 D,E 46 46
$ 606 $ 122 $ 10 $ (12) $ (9) $ 46 $ 157 $ 763
Total Earnings for Common
$ 0.48 $ 0.10 $ 0.01 $ (0.01) $ (0.01) $ 0.04 $ 0.13 $ 0.61
$ 0.48 $ 0.09 $ 0.01 $ (0.01) $ (0.01) $ 0.04 $ 0.12 $ 0.60



B - Recorded in Gain on sale of subsidiary stock (Other Income and Expenses) on the Consolidated Statements of Operations.

C - Recorded in Operation, maintenance and other (Operating Expenses) on the Consolidated Statements of Operations.

D - Excludes Crescent discontinued operations.

E - Primarily DENA discontinued operations. Recorded in Income (Loss) From Discontinued Operations, net of tax on the Consolidated Statements of Operations.

Basic 1,254

Diluted 1,263

September 2006 Year-to-date


Gain on Costs to Costs to
Sale of Net Gain on Gain on Impairment of Achieve, Achieve,
Ongoing Interest in Settlement of Sales of Campeche Cinergy Anticipated Discontinued Total Reported
Earnings Crescent Contract Assets Investment Merger Gas Spin-off Operations Adjustments Earnings

U.S. Franchised Electric & Gas $ 1,388 $ - $ - $ - $ - $ - $ - $ - $ - $ 1,388
Natural Gas Transmission 1,063 - 24 B 15 C - - - - 39 1,102
Field Services 436 - - 14 D - - - - 14 450
Commercial Power 50 - - - - - - - - 50
International Energy 236 - - - (55) E - - - (55) 181
Crescent 269 246 A - - - - - - 246 515
Total reportable segment EBIT 3,442 246 24 29 (55) - - - 244 3,686
Other (229) - - - - (97) F (17) F - (114) (343)
Total reportable segment EBIT and other EBIT $ 3,213 $ 246 $ 24 $ 29 $ (55) $ (97) $ (17) $ - $ 130 $ 3,343

EARNINGS FOR COMMON
Total reportable segment EBIT and other EBIT $ 3,213 $ 246 $ 24 $ 29 $ (55) $ (97) $ (17) $ - $ 130 $ 3,343
Interest expense (925) - - - - - - - - (925)
Interest income and other 75 - - - - - - - - 75
Income taxes from continuing operations (748) (124) (8) (10) - 34 1 - (107) (855)
Discontinued operations, net of taxes - - - - - - - (162) G,H (162) (162)
Total Earnings for Common $ 1,615 $ 122 $ 16 $ 19 $ (55) $ (63) $ (16) $ (162) $ (139) $ 1,476
$ 1.42 $ 0.10 $ 0.01 $ 0.02 $ (0.05) $ (0.06) $ (0.01) $ (0.14) $ (0.13) $ 1.29
$ 1.39 $ 0.10 $ 0.01 $ 0.02 $ (0.05) $ (0.05) $ (0.01) $ (0.14) $ (0.12) $ 1.27



B - $23 million recorded in Gains on Sales of Other Assets and Other, net and $1 million recorded in Other income and expenses, net (Other Income and Expenses) on the Consolidated Statements of Operations.

C - Recorded in Gain on sale of subsidiary stock (Other Income and Expenses) on the Consolidated Statements of Operations.

D - Recorded in Equity in earnings of unconsolidated affiliates (Other Income and Expenses) on the Consolidated Statements of Operations. Transaction related to sale of Brookland, Masterscreek and Jasper assets.

E - $38 million recorded in Operation, maintenance and other (Operating Expenses) and $17 million recorded in (Losses) gains on sales and impairments of equity investments (Other Income and Expenses) on the Consolidated
Statements of Operations.

F - Recorded in Operation, maintenance and other (Operating Expenses) on the Consolidated Statements of Operations.

G - Excludes Crescent discontinued operations.

H - Primarily DENA discontinued operations. Recorded in Income (Loss) From Discontinued Operations, net of tax on the Consolidated Statements of Operations.

Basic 1,141

Diluted 1,162

11/03/06_Slides

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