Cinergy Reports Strong Fourth Quarter Earnings, Contributing to Solid 2005 Results; Webcast of Analyst Conference Call Scheduled

Cinergy Corp. (NYSE:CIN) today reported net income for
the fourth quarter of 2005 of $190 million, or $0.95 per share on a
diluted basis, compared with net income of $146 million, or $0.79 per
share on a diluted basis for the fourth quarter of 2004. Full year
2005 net income was $490 million, or $2.46 per share on a diluted
basis, compared with net income of $401 million, or $2.18 per share on
a diluted basis in 2004.
   Excluding the impacts of certain adjustments described below,
adjusted earnings for the fourth quarter of 2005 were $0.77 per share,
compared with $0.71 per share for the fourth quarter of 2004. Adjusted
earnings for the full year 2005 were $2.81 per share, compared to
$2.42 per share in 2004.
   "We're very pleased to end the year on a high note," said James E.
Rogers, chairman and chief executive officer. "Strong demand growth,
even in the face of rising prices, and solid performance from our
commercial power and gas businesses were two important factors behind
the quarter's results. I'm also proud that we were able to maintain
our 2005 ongoing operating and maintenance costs at 2004 levels."

   Other factors that led to the solid performance in 2005 include:

   --  Constructive regulatory recovery of the increased costs to
        generate and deliver reliable service to our customers;

   --  Strong results from our optimization group, which capitalized
        on rising fuel and emission allowance prices without
        compromising the company's future needs; and

   --  Favorable weather.

   Unaudited consolidated statements of income for the quarters and
years ended December 31, 2005 and 2004, and unaudited consolidated
balance sheets as of December 31, 2005 and December 31, 2004 can be
found in Schedules 1 and 2, respectively, of this release.

   Earnings Adjustments

   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.
   Reported earnings for the fourth quarter of 2005 were negatively
impacted by ($0.01) per share in connection with a change in
accounting principle relating to certain asset retirement obligations.
The quarter's earnings also reflected the benefit of $0.24 per share
resulting from the recognition of a net mark-to-market gain on gas,
fuel and power contracts that hedge our gas storage and generation
portfolios. These contracts, which are economic hedges, do not meet
the accounting requirements to qualify for accrual accounting. Fourth
quarter 2005 reported earnings were reduced by ($0.05) per share for
severance payments and certain costs incurred in connection with the
proposed merger with Duke Energy announced in May 2005.
   During the quarter, Cinergy completed the sale of a wholly-owned
international subsidiary engaged in the generation and sale of heat
and electricity, and recorded an impairment charge taken in connection
with steps to monetize an investment in a North American energy
service business. These investments have been presented as
discontinued operations in Cinergy's consolidated statements of
income. While these events did not impact the fourth quarter of 2005
results, the full year results include a net contribution of $0.01 per
share for discontinued operations.
   In 2004, reported earnings were impacted in the fourth quarter by
net gains from mark-to-market adjustments of $0.06 per share and by a
net contribution of $0.02 per share for certain asset sales,
impairment write-downs and other charges.
   Reconciliations of the items above, which are included in reported
earnings as determined in accordance with generally accepted
accounting principles (GAAP) but excluded from adjusted earnings, can
be found in Schedules 3 and 4 of this release.

   Business Segment Results

   The Regulated Businesses segment reported adjusted earnings of
$0.40 per share in the fourth quarter of 2005 compared with adjusted
earnings of $0.45 per share in the same period of 2004. The decrease
in earnings was primarily attributable to increased amortization of
our Ohio regulatory transition charge and higher depreciation, taxes
other than income taxes and financing costs. Increased retail sales
partially offset the decrease.
   Fourth quarter adjusted earnings from the Commercial Businesses
segment were $0.39 per share in 2005 compared with adjusted earnings
of $0.27 per share from a year earlier. The increase in earnings was
primarily due to higher margins realized through price increases on
existing long-term power agreements and through power and gas trading
activities.
   The Power Technology and Infrastructure Services segment reported
an adjusted ($0.02) per share loss for the fourth quarter of 2005, as
compared to an adjusted ($0.01) per share loss from the prior year.
   Complete details of fourth quarter and full year 2005 results
compared to 2004 can be found in Schedules 5 through 8 of this
release.

   Other Activities

   In the fourth quarter, the Duke/Cinergy merger was approved by
state regulatory commissions in Ohio, Kentucky and South Carolina, as
well as the Federal Energy Regulatory Commission. Agreements have been
reached with certain intervening parties in Indiana and North
Carolina, and votes by shareholders of both companies are expected in
March 2006. The merger is expected to close in the first half of 2006.
   In December, the Public Utilities Commission of Ohio approved the
first electric distribution base rate increase for The Cincinnati Gas
& Electric Co. in more than 10 years. The increase of $51.5 million,
or approximately four percent, in annual revenues took effect in
January 2006. The Kentucky Public Service Commission approved an
increase of $8.1 million in The Union Light, Heat and Power Co.'s base
rates for natural gas distribution service. Approximately $4.5 million
of the approved increase reflects revenue which had already been
recovered through a tracking mechanism. The KPSC also renewed the
tracking mechanism for costs associated with the accelerated gas main
replacement program.
   PSI Energy Inc. reached a settlement with the Indiana Office of
Utility Consumer Counselor and the PSI Industrial Group on the
company's environmental compliance plan. The environmental
construction program will further reduce PSI's power plant emissions
in response to new federal environmental rules to improve air quality.
PSI is seeking Indiana Utility Regulatory Commission approval of the
settlement and expects a commission decision in the first half of
2006.

   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 regulated operations own 8,100 megawatts of
generation. Cinergy's competitive commercial businesses have 5,200
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.

   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 Energy 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
Energy 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 Energy 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. (Registration No. 333-126318),
which includes a preliminary prospectus and a preliminary joint proxy
statement of Duke Energy and Cinergy, and other materials have been
filed with the SEC and are publicly available. WE URGE INVESTORS TO
READ THE DEFINITIVE JOINT PROXY STATEMENT-PROSPECTUS WHEN IT BECOMES
AVAILABLE AND THESE OTHER MATERIALS CAREFULLY BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT DUKE ENERGY, CINERGY, DUKE ENERGY HOLDING
CORP. AND THE PROPOSED TRANSACTION. Investors will be able to obtain
free copies of the joint proxy statement-prospectus as well as other
filed documents containing information about Duke Energy and Cinergy
at http://www.sec.gov, the SEC's Web site. Free copies of Duke
Energy's SEC filings are also available on Duke Energy's Web site at
http://www.duke-energy.com/investors/, and free copies of Cinergy's
SEC filings are also available on Cinergy's Web site at
http://www.cinergy.com.

   Participants in the Solicitation

   Duke Energy, Cinergy and their respective executive officers and
directors may be deemed, under SEC rules, to be participants in the
solicitation of proxies from Duke Energy's or Cinergy's stockholders
with respect to the proposed transaction. Information regarding the
officers and directors of Duke Energy 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.
-0-
*T
CINERGY CORP.                                              Schedule 1
CONSOLIDATED STATEMENTS OF INCOME
For the Periods Ended December 31, 2005 and 2004
(unaudited)
(dollars in thousands, except per share amounts)
----------------------------------------------------------------------


                            Quarter Ended           Year To Date
                        ---------------------- -----------------------
                           2005        2004       2005        2004
                        ----------- ---------- ----------- -----------

Operating Revenues
  Electric              $1,118,974   $849,260  $4,070,972  $3,510,525
  Gas                      340,013    259,090     816,781     783,316
  Other                    169,724     94,741     522,095     333,988
                        ----------- ---------- ----------- -----------
Total Operating Revenues 1,628,711  1,203,091   5,409,848   4,627,829

Operating Expenses
  Fuel, emission
   allowances and
   purchased power         466,654    307,528   1,535,088   1,233,311
  Gas purchased            218,555    137,359     513,690     428,087
  Costs of fuel resold     145,664     77,450     443,132     280,891
  Operation and
   maintenance             349,670    304,333   1,348,554   1,230,618
  Depreciation             129,780    124,810     510,438     453,765
  Taxes other than
   income taxes             62,894     49,625     272,009     253,934
                        ----------- ---------- ----------- -----------
Total Operating Expenses 1,373,217  1,001,105   4,622,911   3,880,606

Operating Income           255,494    201,986     786,937     747,223

  Equity in Earnings of
   Unconsolidated
   Subsidiaries              8,571     30,154      33,777      48,249
  Miscellaneous Income
   (Expense) - Net          16,968      7,695      51,001      (3,577)
  Interest Expense          73,733     65,659     283,353     275,000
  Preferred Dividend
   Requirement of
   Subsidiary Trust              -          -           -           -
  Preferred Dividend
   Requirements of
   Subsidiaries                324        858       2,643       3,432
                        ----------- ---------- ----------- -----------

Income Before Taxes        206,976    173,318     585,719     513,463

  Income Taxes              15,137     26,860      95,597     103,064
                        ----------- ---------- ----------- -----------

Income Before
 Discontinued Operations
 and Cumulative Effect
 of Changes in Accounting
 Principles                191,839    146,458     490,122     410,399
  Discontinued
   operations, net of
   tax                         858        (32)      2,575      (9,531)
  Cumulative effect of
   changes in accounting
   principles, net of
   tax                      (3,044)         -      (3,044)          -
                        ----------- ---------- ----------- -----------
Net Income                $189,653   $146,426    $489,653    $400,868

Average Common Shares
 Outstanding - Basic       199,557    183,455     198,199     180,965

Earnings Per Common
 Share - Basic
  Income before discontinued
   operations and cumulative 
   effect of changes in 
   accounting principles     $0.96      $0.81       $2.47       $2.27
     Discontinued
      operations, net of
      tax                     0.00          -        0.01       (0.05)
     Cumulative effect
      of changes in
      accounting
      principles, net of
      tax                    (0.01)         -       (0.01)          -
                        ----------- ---------- ----------- -----------
  Net Income                 $0.95      $0.81       $2.47       $2.22

Average Common Shares
 Outstanding - Diluted     200,324    186,369     199,172     183,531

Earnings Per Common
 Share - Diluted
  Income before
   discontinued
   operations and
   cumulative effect of
   changes in accounting
   principles                $0.96      $0.79       $2.46       $2.23
     Discontinued
      operations, net of
      tax                     0.00          -        0.01       (0.05)
     Cumulative effect
      of changes in
      accounting
      principles, net of
      tax                    (0.01)         -       (0.01)          -
                        ----------- ---------- ----------- -----------
  Net Income                 $0.95      $0.79       $2.46       $2.18

Cash Dividends Declared
 Per Common Share                -      $0.47       $1.92       $1.88

Note:  Prior year data has been reclassified to conform with current
 year presentation.


CINERGY CORP.                                              Schedule 2
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
----------------------------------------------------------------------
                                       December 31         December 31
                                          2005                2004
                                      ------------        ------------

ASSETS
Current Assets
     Cash and cash equivalents           $146,056            $162,526
     Notes receivable, current            287,502             214,513
     Accounts receivable less
      accumulated provision for
      doubtful accounts of $4,767 at
      December 31, 2005, and $5,059
      at December 31, 2004              1,415,209           1,036,119
     Fuel, emission allowances, and
      supplies                            589,152             442,951
     Energy risk management current
      assets                              991,252             381,146
     Prepayments and other                408,975             173,203
                                      ------------        ------------
          Total current assets          3,838,146           2,410,458

Property, Plant, and Equipment - at
 Cost
     Utility plant in service          10,714,000          10,076,468
     Construction work in progress        501,294             333,687
                                      ------------        ------------
          Total utility plant          11,215,294          10,410,155
     Non-regulated property, plant,
      and equipment                     4,775,570           4,549,128
     Accumulated depreciation           5,477,782           5,147,556
                                      ------------        ------------
          Net property, plant, and
           equipment                   10,513,082           9,811,727

Other Assets
     Regulatory assets                  1,069,854           1,030,333
     Investments in unconsolidated
      subsidiaries                        479,466             513,675
     Energy risk management non-
      current assets                      306,959             138,787
     Notes receivable, non-current        171,325             193,857
     Other investments                    128,150             125,367
     Goodwill and intangible assets       169,081             118,619
     Restricted funds held in trust       301,800             358,006
     Other                                185,062             117,870
                                      ------------        ------------
          Total other assets            2,811,697           2,596,514

Assets of Discontinued Operations          34,215             163,618


               Total Assets           $17,197,140         $14,982,317


LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
     Accounts payable                  $1,922,867          $1,344,780
     Accrued taxes                        219,469             217,106
     Accrued interest                      64,725              54,473
     Notes payable and other short-
      term obligations                    923,600             948,327
     Long-term debt due within one
      year                                352,589             219,967
     Energy risk management current
      liabilities                       1,010,585             310,741
     Other                                193,323             168,734
                                      ------------        ------------
          Total current liabilities     4,687,158           3,264,128

Non-current Liabilities
     Long-term debt                     4,393,442           4,227,475
     Deferred income taxes              1,523,070           1,587,557
     Unamortized investment tax
      credits                              90,852              99,723
     Accrued pension and other
      postretirement benefit costs        729,221             688,277
     Regulatory liabilities               546,047             557,419
     Energy risk management non-
      current liabilities                 338,514             127,340
     Other                                250,822             219,439
                                      ------------        ------------
          Total non-current
           liabilities                  7,871,968           7,507,230

Liabilities of Discontinued
 Operations                                28,876              32,219


          Total Liabilities            12,588,002          10,803,577

Cumulative Preferred Stock of
 Subsidiaries
     Not subject to mandatory
      redemption                           31,743              62,818

Common Stock Equity

     Common stock - $0.01 par value;
      authorized shares - 600,000,000; 
      issued shares - 199,707,338 at 
      December 31, 2005 and 187,653,506
      at December 31, 2004; outstanding
      shares - 199,565,684 at
      December 31, 2005 and 187,524,229
      at December 31, 2004                  1,997               1,877
     Paid-in capital                    2,982,625           2,559,715
     Retained earnings                  1,721,716           1,613,340
     Treasury shares at cost -
      141,654 at December 31, 2005,
      and 129,277 shares at December
      31, 2004                             (4,823)             (4,336)
     Accumulated other comprehensive
      income (loss)                      (124,120)            (54,674)
                                      ------------        ------------
          Total common stock equity     4,577,395           4,115,922

               Total Liabilities and
                Shareholders' Equity  $17,197,140         $14,982,317

Note: Prior year data has been reclassified to conform with current
 year presentation.


                                                           Schedule 3
CINERGY CORP.                                              
RECONCILIATION OF GAAP EPS TO ADJUSTED EPS - 2005
(unaudited)
----------------------------------------------------------------------

----------------------------------------------------------------------
                             Q1       Q2       Q3       Q4     Total
----------------------------------------------------------------------
Regulated Businesses
----------------------------------------------------------------------
EPS As Reported             $0.39    $0.24    $0.46    $0.36    $1.45
  Special Items:
    Merger and Severance
     Costs                      -     0.03     0.02     0.04     0.09
----------------------------------------------------------------------
EPS Adjusted                $0.39    $0.27    $0.48    $0.40    $1.54
----------------------------------------------------------------------

----------------------------------------------------------------------
Commercial Businesses
----------------------------------------------------------------------
EPS As Reported             $0.23    $0.02    $0.20    $0.61    $1.06
  Discontinued Operations   (0.01)   (0.01)    0.01        -    (0.01)
  Cumulative Effect of a
   Change in Accounting
   Principle                    -        -        -     0.01     0.01
  Special Items:
    Merger and Severance
     Costs                      -     0.03     0.02     0.01     0.06
    Mark-to-Market Effect
     on Asset Hedges(1)      0.12     0.04     0.27    (0.24)    0.19
----------------------------------------------------------------------
EPS Adjusted                $0.34    $0.08    $0.50    $0.39    $1.31
----------------------------------------------------------------------

----------------------------------------------------------------------
Power Technology &
 Infrastructure Services
----------------------------------------------------------------------
EPS As Reported            $(0.02)  $(0.01)      $-   $(0.02)  $(0.05)
  Special Items:
    Merger and Severance
     Costs                      -     0.01        -        -     0.01
----------------------------------------------------------------------
EPS Adjusted               $(0.02)      $-       $-   $(0.02)  $(0.04)
----------------------------------------------------------------------

----------------------------------------------------------------------
Cinergy Corp.
----------------------------------------------------------------------
EPS As Reported             $0.60    $0.25    $0.66    $0.95    $2.46
  Discontinued Operations   (0.01)   (0.01)    0.01        -    (0.01)
  Cumulative Effect of a
   Change in Accounting
   Principle                    -        -        -     0.01     0.01
  Special Items              0.12     0.11     0.31    (0.19)    0.35
----------------------------------------------------------------------
EPS Adjusted                $0.71    $0.35    $0.98    $0.77    $2.81
----------------------------------------------------------------------

(1) Represents the mark-to-market impact of contracts used in
Cinergy's economic hedging of its excess unregulated generation
portfolio and its natural gas storage portfolio. The economic value of
these portfolios is subject to market fluctuations and, as such, the
hedging process involves both purchases and sales. Because these
generation assets and gas storage contracts are accounted for under
the accrual method of accounting, the Company believes that excluding
the impact of mark-to-market changes from reported earnings better
matches the contract with the settlement period of the position it is
hedging. These amounts will be recognized through adjusted earnings
when the contracts ultimately settle.

Approximately 75% of the remaining mark-to-market value of these
contracts is expected to settle in the first quarter of 2006.


                                                           Schedule 4
CINERGY CORP.
RECONCILIATION OF GAAP EPS TO ADJUSTED EPS - 2004
(unaudited)
----------------------------------------------------------------------

----------------------------------------------------------------------
                             Q1       Q2       Q3       Q4     Total
----------------------------------------------------------------------
Regulated Businesses
----------------------------------------------------------------------
EPS As Reported             $0.44    $0.19    $0.32    $0.45    $1.40
  Special Items:
    CIN-10 Implementation
     Costs and Other
     Charges                    -     0.03        -        -     0.03
----------------------------------------------------------------------
EPS Adjusted                $0.44    $0.22    $0.32    $0.45    $1.43
----------------------------------------------------------------------

----------------------------------------------------------------------
Commercial Businesses
----------------------------------------------------------------------
EPS As Reported             $0.25    $0.17    $0.24    $0.29    $0.95
  Discontinued Operations   (0.01)    0.03     0.03        -     0.05
  Special Items:
    CIN-10 Implementation
     Costs and Other
     Charges                    -     0.01     0.01     0.04     0.06
    Mark-to-Market Effect
     on Asset Hedges(1)     (0.05)    0.02     0.07    (0.06)   (0.02)
----------------------------------------------------------------------
EPS Adjusted                $0.19    $0.23    $0.35    $0.27    $1.04
----------------------------------------------------------------------

----------------------------------------------------------------------
Power Technology &
 Infrastructure Services
----------------------------------------------------------------------
EPS As Reported            $(0.12)  $(0.04)  $(0.06)   $0.05   $(0.17)
  Special Items:
    Asset Sales,
     Impairment Write-
     downs and
     Other Charges - Net     0.11     0.02     0.05    (0.06)    0.12
----------------------------------------------------------------------
EPS Adjusted               $(0.01)  $(0.02)  $(0.01)  $(0.01)  $(0.05)
----------------------------------------------------------------------

----------------------------------------------------------------------
Cinergy Corp.
----------------------------------------------------------------------
EPS As Reported             $0.57    $0.32    $0.50    $0.79    $2.18
  Discontinued Operations   (0.01)    0.03     0.03        -     0.05
  Special Items              0.06     0.08     0.13    (0.08)    0.19
----------------------------------------------------------------------
EPS Adjusted                $0.62    $0.43    $0.66    $0.71    $2.42
----------------------------------------------------------------------

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.

(1) Represents the mark-to-market impact of contracts used in
Cinergy's economic hedging of its excess unregulated generation
portfolio and its natural gas storage portfolio. The economic value of
these portfolios is subject to market fluctuations and, as such, the
hedging process involves both purchases and sales. Because these
generation assets and gas storage contracts are accounted for under
the accrual method of accounting, the Company believes that excluding
the impact of mark-to-market changes from reported earnings better
matches the contract with the settlement period of the position it is
hedging. These amounts will be recognized through adjusted earnings
when the contracts ultimately settle. This adjustment was not
reflected as a special item when 2004 results were reported.


                                                           Schedule 5
CINERGY CORP.
BUSINESS SEGMENT SUMMARY INFORMATION
For the Quarter Ended December 31
(unaudited)
(dollars in thousands, except per share amounts)
----------------------------------------------------------------------

                                            2005            2004
                                            ----            ----
Regulated Businesses
--------------------

Net Income                                    $72,656         $84,830

Earnings Per Share - diluted                    $0.36           $0.45

Operational Statistics:
  Electric Retail MWh Sales and
   Transportation                          13,195,097      12,546,022
  Gas Retail Mcf Sales and
   Transportation                          27,659,249      26,195,228
  Electric Customers (End of Period)        1,580,299       1,566,693
  Gas Customers (End of Period)               513,723         511,123


Commercial Businesses
---------------------

Net Income                                   $119,706         $52,519

Earnings Per Share - diluted                    $0.61           $0.29

Operational Statistics:
  Electricity Trading Volumes (MWhs)       45,634,940      48,780,860
  Physical and Financial Gas Trading
   (Bcf/d)                                       34.2            53.9


Power Technology & Infrastructure Services
------------------------------------------

Net Income                                    $(2,709)         $9,078

Earnings Per Share - diluted                   $(0.02)          $0.05

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.


                                                           Schedule 6
CINERGY CORP.
BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS
For the Quarter Ended December 31, 2005
(unaudited)
----------------------------------------------------------------------

Regulated Businesses
--------------------

    Earnings Per Share - diluted - 2004
     (Adjusted(1))                                              $0.45

      Weather                                          0.02
      Electric and gas sales volumes                   0.07
      Price Increases                                  0.02
      Regulatory deferrals                             0.02
      Regulatory transition charge amortization       (0.06)
      Operation and maintenance                       (0.02)
      Depreciation                                    (0.02)
      Taxes other than income taxes                   (0.05)
      Financing and dilution                          (0.04)
      Other - net                                      0.01
                                                  ----------

    Earnings Per Share - diluted - 2005
     (Adjusted(1))                                              $0.40
                                                            ==========

Commercial Businesses
---------------------

    Earnings Per Share - diluted - 2004
     (Adjusted(1))                                              $0.27

      Electric sales volumes                           0.02
      Price increases                                  0.10
      Fuel costs                                      (0.03)
      Power marketing, trading and origination         0.03
      Gas marketing, trading and origination           0.02
      Financing and dilution                          (0.05)
      Other - net                                      0.03
                                                  ----------

    Earnings Per Share - diluted - 2005
     (Adjusted(1))                                              $0.39
                                                            ==========

Power Technology & Infrastructure Services
------------------------------------------

    Earnings Per Share - diluted - 2004
     (Adjusted(1))                                             ($0.01)

      Results of investments                          (0.01)
                                                  ----------

    Earnings Per Share - diluted - 2005
     (Adjusted(1))                                             ($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.

(1) See Schedules 3 and 4 for a reconciliation to the most comparable
GAAP measure.


                                                           Schedule 7
CINERGY CORP.
BUSINESS SEGMENT SUMMARY INFORMATION
For the Year Ended December 31
(unaudited)
(dollars in thousands, except per share amounts)
----------------------------------------------------------------------

                                            2005            2004
                                            ----            ----
Regulated Businesses
--------------------

Net Income                                   $289,046        $258,049

Earnings Per Share - diluted                    $1.45           $1.40

Operational Statistics:
  Electric Retail MWh Sales and
   Transportation                          54,553,124      52,655,549
  Gas Retail Mcf Sales and
   Transportation                          88,705,134      91,012,963
  Electric Customers (End of Period)        1,580,299       1,566,693
  Gas Customers (End of Period)               513,723         511,123


Commercial Businesses
---------------------

Net Income                                   $209,981        $173,896

Earnings Per Share - diluted                    $1.06           $0.95

Operational Statistics:
  Electricity Trading Volumes (MWhs)      196,657,188     185,148,553
  Physical and Financial Gas Trading
   (Bcf/d)                                       43.0            51.6


Power Technology & Infrastructure Services
------------------------------------------

Net Income                                    $(9,374)       $(31,077)

Earnings Per Share - diluted                   $(0.05)         $(0.17)

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.


                                                           Schedule 8
CINERGY CORP.
BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS
For the Year Ended December 31, 2005
(unaudited)
----------------------------------------------------------------------

Regulated Businesses
--------------------

    Earnings Per Share - diluted - 2004
     (Adjusted(1))                                              $1.43

      Weather                                          0.16
      Electric and gas sales volumes                   0.10
      Price increases                                  0.25
      Other margins                                    0.02
      Regulatory deferrals                             0.08
      Regulatory transition charge amortization       (0.15)
      Operation and maintenance                       (0.07)
      Depreciation                                    (0.12)
      Taxes other than income taxes                   (0.05)
      Financing and dilution                          (0.17)
      Other - net                                      0.06

    Earnings Per Share - diluted - 2005
     (Adjusted(1))                                              $1.54
                                                            ==========

Commercial Businesses
---------------------

    Earnings Per Share - diluted - 2004
     (Adjusted(1))                                              $1.04

      Weather                                          0.03
      Electric sales volumes                           0.04
      Price increases                                  0.20
      Fuel costs                                      (0.12)
      Optimization activities                          0.28
      Operation and maintenance                       (0.03)
      Power marketing, trading and origination         0.03
      Gas marketing, trading and origination          (0.06)
      Financing and dilution                          (0.07)
      Other - net                                     (0.03)

    Earnings Per Share - diluted - 2005
     (Adjusted(1))                                              $1.31
                                                            ==========

Power Technology & Infrastructure Services
------------------------------------------

    Earnings Per Share - diluted - 2004
     (Adjusted(1))                                             ($0.05)

      Results of investments                           0.01
                                                  ----------

    Earnings Per Share - diluted - 2005
     (Adjusted(1))                                             ($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.

(1) See Schedules 3 and 4 for a reconciliation to the most comparable
GAAP measure.
*T