Cinergy Corp. reported second quarter 2005 earnings of $51 million, or $0.25 per share, compared to $59 million, or $0.32 per share in the second quarter of 2004. Earnings were negatively impacted by $0.04 per share from mark-to-market losses on hedging contracts and $0.07 per share for merger-related costs. Excluding these impacts, adjusted earnings were $0.36 per share. Cinergy also announced it was lowering its 2005 earnings guidance to $2.50 to $2.65 per share due to weaker-than-expected performance from its commercial gas operations.

1. N E W S R E L E A S E Cinergy Corp.
139 East Fourth Street
P.O. Box 960
Cincinnati, OH 45201-0960
News contact: Steve Brash 513-287-2226 (w) 513-543-7489 (c)
Angeline Protogere 317-838-1338 (w) 317-367-3306 (p)
Investor contact: Brad Arnett 513-287-3024
Website: www.cinergy.com
FOR IMMEDIATE RELEASE – July 28, 2005
(Revised on July 29, 2005 to include additional operating statistics on Schedules 5 and 7)
CINERGY REPORTS SECOND QUARTER EARNINGS
Webcast of Analyst Conference Call Scheduled Today for 9:00 a.m. EDT on Cinergy.com
CINCINNATI – Cinergy Corp. (NYSE:CIN) today reported net income for the second quarter of
2005 of $51 million, or $0.25 per share on a diluted basis, compared with net income of $59
million, or $0.32 per share on a diluted basis in the second quarter of 2004.
Earnings for the second quarter of 2005 were negatively impacted by ($0.04) per share resulting
from the recognition of unrealized mark-to-market losses on gas, fuel and power contracts that
hedge gas storage and generation assets. These contracts, which are economic hedges, do not
meet the accounting requirements to qualify for accrual accounting. Earnings for the quarter
were also reduced by ($0.07) per share for severance payments and certain costs incurred in
connection with the proposed merger with Duke Energy announced in May 2005.
Excluding these impacts, adjusted earnings for the second quarter of 2005 were $0.36 per share,
compared with $0.43 per share for the second quarter of 2004. In 2004, earnings were impacted
in the second quarter by losses from similar unrealized mark-to-market adjustments of ($0.02) per
share and by charges of ($0.09) per share for implementation costs relating to the company’s
“CIN-10” continuous improvement initiative, costs associated with exiting a non-regulated energy
service and the write-down of certain investments.
Cinergy uses adjusted earnings internally for analysis of performance and for reporting results to
the Board of Directors to provide a more meaningful representation of Cinergy’s fundamental
earnings power. The company also uses adjusted earnings when communicating its earnings
outlook to analysts and investors.
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2. Page 2. Cinergy reports second quarter earnings
“While results from our regulated businesses and our other core electric generation activities
continue to meet our expectations, we are disappointed with this quarter’s results from our
commercial gas operations,” said James E. Rogers, chairman, president and chief executive
officer. “Our commercial gas group has consistently contributed to earnings over the last few
years, and we’re taking the necessary steps to restore their contribution in the future. Michael J.
Cyrus, formerly executive vice president and chief executive officer of the Regulated Businesses,
has returned to the leadership of the Commercial Businesses, where he successfully grew the
power and gas commercial businesses for Cinergy from 2000 through the first half of 2004.”
“Our commercial gas group clearly missed our expectations this quarter,” said Cyrus. “We’re
moving quickly to restore the success of this business by making necessary organizational
changes, attacking operating costs by consolidating support functions and again executing on our
strengths in the physical and financial markets.”
Unaudited consolidated statements of income for the quarter and year-to-date ended June 30,
2005 and 2004, and unaudited consolidated balance sheets as of June 30, 2005 and December
31, 2004 can be found on Schedules 1 and 2 of this release. Reconciliations of items included in
GAAP earnings but excluded from adjusted earnings can be found on Schedules 3 and 4 of this
release.
Business Segment Results
The Commercial Businesses segment reported adjusted earnings of $0.09 per share in the
second quarter of 2005 compared with adjusted earnings of $0.23 per share in the same period of
2004. The segment realized a ($0.13) per share decrease from its gas marketing, trading and
origination activities. Increases in fuel costs that are not yet reflected in the prices charged to
residential and non-retail customers and increases in operation and maintenance expenses
further reduced earnings by a combined ($0.05) per share. Higher margins realized from
generation assets serving Ohio commercial and industrial customers and higher margins from
portfolio optimization activities partially offset these decreases.
(more)

3. Page 3. Cinergy reports second quarter earnings
Second quarter adjusted earnings from the Regulated Businesses segment were $0.27 per share
in 2005, compared with $0.22 per share from a year earlier. The increase in earnings was
primarily due to an increase in electric gross margins resulting from the electric rate increase
approved for PSI Energy, Inc in May 2004. Partially offsetting the increased margins was
increased operation and maintenance expenses, higher financing costs, dilution and higher
depreciation expense, which resulted from increased plant in service and higher depreciation
rates associated with PSI’s electric rate increase.
Adjusted earnings for the Power Technology and Infrastructure Services segment were flat (or
$0.00 per share) for the second quarter of 2005, as compared to a ($0.02) per share loss from the
prior year.
Complete details of second quarter and year-to-date 2005 results compared to 2004 can be found
on Schedules 5 through 8 of this release.
Earnings Guidance
After taking into consideration the results from the commercial gas business during the quarter
and the prospects for that business during the remainder of the year, the company is lowering its
previously issued earnings guidance for 2005 to a range of $2.50 to $2.65 per share on an
adjusted basis. With regard to 2006, Cinergy is evaluating the ongoing earnings contribution of
the commercial gas operations as well as other items in the context of completing its normal
budgeting process. Until that process is concluded and the company issues updated 2006
guidance, the company's preliminary 2006 earnings estimate previously provided is no longer
applicable.
The company’s earnings guidance is based on adjusted earnings. The corresponding GAAP
equivalent for 2005 earnings guidance is $2.27 to $2.42 per share.
(more)

4. Page 4. Cinergy reports second quarter earnings
Other Activities
In May, Cinergy announced that it had reached a definitive merger agreement with Duke Energy
to create an energy company with approximately $36 billion in market capitalization and 5.4
million retail customers. Under the merger agreement, each common share of Cinergy will be
converted to 1.56 shares of Duke Energy upon closing of the merger. The companies also began
the process of filing merger review proceedings in the five states served by their regulated
subsidiaries and at the federal level. The approvals are expected to be received in the summer of
2006.
Cinergy’s operating companies, PSI Energy and The Cincinnati Gas & Electric Co., announced
that they had signed a definitive agreement with subsidiaries of Allegheny Energy, Inc., to acquire
the 512-megawatt Wheatland generating facility for approximately $100 million. Located in Knox
County, Indiana, Wheatland’s natural gas-fired output will be used to bolster the reserve margins
on the PSI and/or CG&E systems. Regulatory approvals or clearances have been received from
the Federal Energy Regulatory Commission and the U.S. Justice Department, and other
regulatory approvals are pending. The transaction is expected to close in the third quarter of
2005.
Cinergy Corp. has a balanced, integrated portfolio consisting of two core businesses: regulated
operations and commercial businesses. Cinergy’s regulated public utilities in Ohio, Indiana, and
Kentucky serve 1.5 million electric customers and about 500,000 gas customers. In addition, its
Indiana regulated company owns 7,000 megawatts of generation. Cinergy’s competitive
commercial businesses have 6,300 megawatts of generating capacity with a profitable balance of
stable existing customer portfolios, new customer origination, marketing and trading, and
industrial-site cogeneration. Cinergy’s integrated businesses make it a Midwest leader in
providing both low-cost generation and reliable electric and gas service.
(more)

5. Page 5. Cinergy reports second quarter earnings
Forward-Looking Statements
This document includes statements that do not directly or exclusively relate to historical facts. Such
statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include
statements regarding benefits of the proposed mergers and Restructuring Transactions, integration plans
and expected synergies, anticipated future financial operating performance and results, including estimates
of growth. These statements are based on the current expectations of management of Duke and Cinergy.
There are a number of risks and uncertainties that could cause actual results to differ materially from the
forward-looking statements included in this document. For example, (1) the companies may be unable to
obtain shareholder approvals required for the transaction; (2) the companies may be unable to obtain
regulatory approvals required for the transaction, or required regulatory approvals may delay the
transaction or result in the imposition of conditions that could have a material adverse effect on the
combined company or cause the companies to abandon the transaction; (3) conditions to the closing of the
transaction may not be satisfied; (4) problems may arise in successfully integrating the businesses of the
companies, which may result in the combined company not operating as effectively and efficiently as
expected; (5) the combined company may be unable to achieve cost-cutting synergies or it may take longer
than expected to achieve those synergies; (6) the transaction may involve unexpected costs or unexpected
liabilities, or the effects of purchase accounting may be different from the companies’ expectations; (7) the
credit ratings of the combined company or its subsidiaries may be different from what the companies
expect; (8) the businesses of the companies may suffer as a result of uncertainty surrounding the
transaction; (9) the industry may be subject to future regulatory or legislative actions that could adversely
affect the companies; and (10) the companies may be adversely affected by other economic, business,
and/or competitive factors. Additional factors that may affect the future results of Duke and Cinergy are set
forth in their respective filings with the Securities and Exchange Commission (“SEC”), which are available
at www.duke-energy.com/investors and www.cinergy.com/investors, respectively. Duke and Cinergy
undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Additional Information and Where to Find It
In connection with the proposed transaction, a registration statement of Duke Energy Holding Corp., which
includes a joint proxy statement of Duke and Cinergy, and other materials has been filed with the SEC on
July 1, 2005. WE URGE INVESTORS TO READ THE REGISTRATION STATEMENT AND PROXY
STATEMENT AND THESE OTHER MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT
INFORMATION ABOUT DUKE, CINERGY, DUKE ENERGY HOLDING CORP., AND THE PROPOSED
TRANSACTION. Investors may obtain free copies of the registration statement and proxy statement as well
as other filed documents containing information about Duke and Cinergy at http://www.sec.gov, the SEC’s
website. Free copies of Duke’s SEC filings are also available on Duke’s website at www.duke-
energy.com/investors, and free copies of Cinergy’s SEC filings are also available on Cinergy’s website at
www.cinergy.com/investors.
Participants in the Solicitation
Duke, Cinergy and their respective executive officers and directors may be deemed, under SEC rules, to be
participants in the solicitation of proxies from Duke’s or Cinergy’s stockholders with respect to the proposed
transaction. Information regarding the officers and directors of Duke is included in its definitive proxy
statement for its 2005 Annual Meeting filed with the SEC on March 31, 2005. Information regarding the
officers and directors of Cinergy is included in its definitive proxy statement for its 2005 Annual Meeting
filed with the SEC on March 28, 2005. More detailed information regarding the identity of potential
participants, and their direct or indirect interests, by securities, holdings or otherwise, will be set forth in the
registration statement and proxy statement and other materials to be filed with the SEC in connection with
the proposed transaction.

6. Schedule 1
CINERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
For the Periods Ended June 30, 2005 and 2004
(unaudited)
(dollars in thousands, except per share amounts)
Quarter Ended Year To Date
2005 2004 2005 2004
Operating Revenues
Electric $914,338 $870,236 $1,840,635 $1,728,672
Gas 79,598 108,082 392,694 458,928
Other 120,327 75,419 225,183 154,795
Total Operating Revenues 1,114,263 1,053,737 2,458,512 2,342,395
Operating Expenses
Fuel, emission allowances and purchased power 312,714 298,756 617,677 592,646
Gas purchased 56,089 47,420 264,689 270,936
Costs of fuel resold 93,087 59,062 178,849 116,524
Operation and maintenance 351,121 332,358 682,910 643,194
Depreciation 130,455 114,331 256,941 219,188
Taxes other than income taxes 65,083 65,072 144,015 147,319
Total Operating Expenses 1,008,549 916,999 2,145,081 1,989,807
Operating Income 105,714 136,738 313,431 352,588
Equity in Earnings of Unconsolidated Subsidiaries 13,576 7,331 18,411 10,079
Miscellaneous Income (Expense) - Net 14,535 5,033 16,875 (10,475)
Interest Expense 68,649 70,276 132,712 137,671
Preferred Dividend Requirements of Subsidiaries 858 858 1,716 1,716
Income Before Taxes 64,318 77,968 214,289 212,805
Income Taxes 13,610 19,464 46,225 51,286
Net Income $50,708 $58,504 $168,064 $161,519
Average Common Shares Outstanding - Basic 198,492 180,236 197,066 179,749
Earnings Per Common Share - Basic $0.25 $0.33 $0.85 $0.90
Average Common Shares Outstanding - Diluted 199,441 182,277 198,075 182,106
Earnings Per Common Share - Diluted $0.25 $0.32 $0.85 $0.89
Cash Dividends Declared Per Common Share $0.48 $0.47 $0.96 $0.94
Note: Prior year data has been reclassified to conform with current year presentation.

7. Schedule 2
CINERGY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
June 30 December 31
2005 2004
ASSETS
Current Assets
Cash and cash equivalents $148,178 $164,541
Notes receivable, current 122,976 214,513
Accounts receivable less accumulated provision
for doubtful accounts of $5,455 at June 30, 2005,
and $5,514 at December 31, 2004 939,715 1,061,140
Fuel, emission allowances, and supplies 502,482 444,750
Prepayments and other 279,138 174,624
Energy risk management current assets 352,397 381,146
Total current assets 2,344,886 2,440,714
Property, Plant, and Equipment - at Cost
Utility plant in service 10,386,087 10,076,468
Construction work in progress 377,517 333,687
Total utility plant 10,763,604 10,410,155
Non-regulated property, plant, and equipment 4,798,284 4,700,009
Accumulated depreciation 5,355,813 5,180,699
Net property, plant, and equipment 10,206,075 9,929,465
Other Assets
Regulatory assets 988,308 1,030,333
Investments in unconsolidated subsidiaries 488,411 513,675
Energy risk management non-current assets 306,495 138,787
Notes receivable, non-current 182,815 193,857
Other investments 125,192 125,367
Goodwill and intangible assets 154,047 132,752
Restricted funds held in trust 313,692 358,006
Other 147,685 119,361
Total other assets 2,706,645 2,612,138
Total Assets $15,257,606 $14,982,317
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $1,255,484 $1,348,576
Accrued taxes 128,713 216,804
Accrued interest 59,016 54,473
Notes payable and other short-term obligations 865,257 958,910
Long-term debt due within one year 478,046 219,967
Energy risk management current liabilities 370,960 310,741
Other 134,525 171,188
Total current liabilities 3,292,001 3,280,659
Non-current Liabilities
Long-term debt 3,975,072 4,227,741
Deferred income taxes 1,554,037 1,597,120
Unamortized investment tax credits 95,413 99,723
Accrued pension and other postretirement benefit costs 732,361 688,277
Regulatory liabilities 575,729 557,419
Energy risk management non-current liabilities 299,541 127,340
Other 205,247 225,298
Total non-current liabilities 7,437,400 7,522,918
Total Liabilities 10,729,401 10,803,577
Cumulative Preferred Stock of Subsidiaries
Not subject to mandatory redemption 62,818 62,818
Common Stock Equity
Common stock - $0.01 par value; authorized shares - 600,000,000;
issued shares - 198,668,812 at June 30, 2005 and 187,653,506
at December 31, 2004; outstanding shares - 198,528,683 at
June 30, 2005 and 187,524,229 at December 31, 2004 1,987 1,877
Treasury shares at cost - 140,129 at June 30, 2005, (4,766) (4,336)
and 129,277 shares at December 31, 2004
Paid-in capital 2,941,747 2,559,715
Retained earnings 1,594,053 1,613,340
Accumulated other comprehensive income (loss) (67,634) (54,674)
Total common stock equity 4,465,387 4,115,922
Total Liabilities and Equity $15,257,606 $14,982,317
Note: Prior year data has been reclassified to conform with current year presentation.

8. Schedule 3
CINERGY CORP.
RECONCILIATION OF GAAP EPS TO ADJUSTED EPS - 2005
(unaudited)
Q1 Q2 Total
Regulated Businesses
EPS As Reported $ 0.39 $ 0.24 $ 0.63
Special Items:
Merger and Severance Costs - 0.03 0.03
EPS Adjusted $ 0.39 $ 0.27 $ 0.66
Commercial Businesses
EPS As Reported $ 0.23 $ 0.02 $ 0.25
Special Items:
Merger and Severance Costs - 0.03 0.03
Mark-to-Market Effect on Asset Hedges 0.12 0.04 0.16
EPS Adjusted $ 0.35 $ 0.09 $ 0.44
Power Technology & Infrastructure Services
EPS As Reported $ (0.02) $ (0.01) $ (0.03)
Special Items:
Merger and Severance Costs 0.00 0.01 $ 0.01
EPS Adjusted $ (0.02) $ - $ (0.02)
Cinergy Corp.
EPS As Reported $ 0.60 $ 0.25 $ 0.85
Special Items 0.12 0.11 $ 0.23
EPS Adjusted $ 0.72 $ 0.36 $ 1.08

9. Schedule 4
CINERGY CORP.
RECONCILIATION OF GAAP EPS TO ADJUSTED EPS - 2004
(unaudited)
Q1 Q2 Total
Regulated Businesses
EPS As Reported $ 0.44 $ 0.19 $ 0.63
Special Items:
CIN-10 Implementation Costs - 0.03 0.03
EPS Adjusted $ 0.44 $ 0.22 $ 0.66
Commercial Businesses
EPS As Reported $ 0.25 $ 0.17 $ 0.42
Special Items:
CIN-10 Implementation Costs
and Other Charges - 0.04 0.04
Mark-to-Market Effect on Asset Hedges (0.05) 0.02 (0.03)
EPS Adjusted $ 0.20 $ 0.23 $ 0.43
Power Technology & Infrastructure Services
EPS As Reported $ (0.12) $ (0.04) $ (0.16)
Special Items:
Impairment Writedowns and
Other Charges 0.11 0.02 0.13
EPS Adjusted $ (0.01) $ (0.02) $ (0.03)
Cinergy Corp.
EPS As Reported $ 0.57 $ 0.32 $ 0.89
Special Items 0.06 0.11 0.17
EPS Adjusted $ 0.63 $ 0.43 $ 1.06
For 2004, the Regulated and Commercial segments have each been restated from prior presentations to reflect the reclassification of PSI's off-
system sales from the Commercial Businesses to the Regulated Businesses.

10. Schedule 5
CINERGY CORP.
BUSINESS SEGMENT SUMMARY INFORMATION
For the Quarter Ended June 30
(unaudited)
(dollars in thousands, except per share amounts)
2005 2004
Regulated Businesses
Net Income………………………………………………………… $ 49,659 $ 34,260
Earnings Per Share - diluted……………………………………… $ 0.24 $ 0.19
Operational Statistics:
Electric Retail MWh Sales and Transportation………………… 12,802,042 12,836,087
Gas Retail Mcf Sales and Transportation……………………… 13,343,597 13,350,193
Electric Customers (End of Period)…………………………… 1,562,722 1,543,967
Gas Customers (End of Period)………………………………… 509,238 509,444
Commercial Businesses
Net Income………………………………………………………… $ 3,518 $ 31,255
Earnings Per Share - diluted……………………………………… $ 0.02 $ 0.17
Operational Statistics:
Electricity Trading Volumes (MWhs)…………………………… 43,004,049 37,914,408
Physical and Financial Gas Trading (Bcf/d)…………………… 56.1 48.5
Power Technology & Infrastructure Services
Net Income………………………………………………………… $ (2,469) $ (7,011)
Earnings Per Share - diluted……………………………………… $ (0.01) $ (0.04)
For 2004, the Regulated and Commercial segments have each been restated from prior presentations to reflect the reclassification of
PSI's off-system sales from the Commercial Businesses to the Regulated Businesses.

11. Schedule 6
CINERGY CORP.
BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS
For the Quarter Ended June 30, 2005
(unaudited)
Regulated Businesses
Earnings Per Share - diluted - 2004 (Adjusted*) $0.22
Weather………………………………………………………… 0.01
Price increases………………………………………………… 0.11
Regulatory deferrals…………………………………………… 0.02
Regulatory transition charge amortization………………… (0.01)
Operation and maintenance………………………………… (0.03)
Depreciation………………………………………………….. (0.03)
Financing and dilution………………………………………… (0.03)
Other - net……………………………………………………… 0.01
Earnings Per Share - diluted - 2005 (Adjusted*) $0.27
Commercial Businesses
Earnings Per Share - diluted - 2004 (Adjusted*) $0.23
Price increases………………………………………………… 0.03
Fuel costs……………………………………………………… (0.03)
Optimization activities………………………………………… 0.05
Operation and maintenance………………………………… (0.02)
Power marketing, trading and origination…………………… (0.02)
Gas marketing, trading and origination …………………… (0.13)
Financing and dilution………………………………………… 0.02
Other - net……………………………………………………… (0.04)
Earnings Per Share - diluted - 2005 (Adjusted*) $0.09
Power Technology & Infrastructure Services
Earnings Per Share - diluted - 2004 (Adjusted*) ($0.02)
Results of investments…………………………………….… 0.02
Earnings Per Share - diluted - 2005 (Adjusted*) $0.00
For 2004, the Regulated and Commercial segments have each been restated from prior presentations to reflect the
reclassification of PSI's off-system sales from the Commercial Businesses to the Regulated Businesses.
* See Schedules 3 and 4 for a reconciliation to the most comparable GAAP measure.

12. Schedule 7
CINERGY CORP.
BUSINESS SEGMENT SUMMARY INFORMATION
For the Year to Date June 30
(unaudited)
(dollars in thousands, except per share amounts)
2005 2004
Regulated Businesses
Net Income………………………………………………………… $ 125,555 $ 115,121
Earnings Per Share - diluted……………………………………… $ 0.63 $ 0.63
Operational Statistics:
Electric Retail MWh Sales and Transportation………………… 26,112,328 26,203,453
Gas Retail Mcf Sales and Transportation……………………… 51,880,766 55,144,422
Electric Customers (End of Period)…………………………… 1,562,722 1,543,967
Gas Customers (End of Period)………………………………… 509,238 509,444
Commercial Businesses
Net Income………………………………………………………… $ 48,710 $ 75,991
Earnings Per Share - diluted……………………………………… $ 0.25 $ 0.42
Operational Statistics:
Electricity Trading Volumes (MWhs)…………………………… 93,321,328 83,518,522
Physical and Financial Gas Trading (Bcf/d)…………………… 63.8 47.1
Power Technology & Infrastructure Services
Net Income………………………………………………………… $ (6,201) $ (29,593)
Earnings Per Share - diluted……………………………………… $ (0.03) $ (0.16)
For 2004, the Regulated and Commercial segments have each been restated from prior presentations to reflect the reclassification of
PSI's off-system sales from the Commercial Businesses to the Regulated Businesses.

13. Schedule 8
CINERGY CORP.
BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS
For the Year to Date June 30, 2005
(unaudited)
Regulated Businesses
Earnings Per Share - diluted - 2004 (Adjusted*) $0.66
Weather………………………………………………………… (0.01)
Electric and gas sales volumes……………………………… 0.01
Price increases………………………………………………… 0.23
Regulatory deferrals…………………………………………… 0.04
Regulatory transition charge amortization………………… (0.04)
Operation and maintenance………………………………… (0.07)
Depreciation…………………………………………………… (0.08)
Financing and dilution………………………………………… (0.08)
Earnings Per Share - diluted - 2005 (Adjusted*) $0.66
Commercial Businesses
Earnings Per Share - diluted - 2004 (Adjusted*) $0.43
Weather………………………………………………………… (0.01)
Electric sales volumes………………………………………… 0.01
Price increases………………………………………………… 0.07
Fuel costs……………………………………………………… (0.06)
Optimization activities………………………………………… 0.15
Operation and maintenance………………………………… (0.03)
Power marketing, trading and origination…………………… 0.02
Gas marketing, trading and origination……………………… (0.13)
Financing and dilution………………………………………… 0.01
Other - net……….…………………………………………… (0.02)
Earnings Per Share - diluted - 2005 (Adjusted*) $0.44
Power Technology & Infrastructure Services
Earnings Per Share - diluted - 2004 (Adjusted*) ($0.03)
Results of investments……………………………………… 0.01
Earnings Per Share - diluted - 2005 (Adjusted*) ($0.02)
For 2004, the Regulated and Commercial segments have each been restated from prior presentations to reflect the
reclassification of PSI's off-system sales from the Commercial Businesses to the Regulated Businesses.
* See Schedules 3 and 4 for a reconciliation to the most comparable GAAP measure.