Duke Energy, Progress Energy complete merger

Charlotte, N.C., July 3, 2012 — Duke Energy Corp. confirmed the closing of its previously announced merger with Progress Energy Inc., effective July 2, 2012.

The new company will be known as Duke Energy and will remain headquartered in Charlotte, with substantial operations in Raleigh, N.C. Duke Energy will trade on the New York Stock Exchange under the symbol DUK.

In accordance with the terms of the merger agreement, Progress Energy has become a unit of Duke Energy, creating the country's largest electric utility as measured by enterprise value, market capitalization, generation assets, customers and numerous other criteria.

Duke Energy also announced the newly constituted board of directors has appointed Jim Rogers as president and CEO of the combined company, effective immediately. Rogers will also maintain his responsibilities as chairman of the company's board. Bill Johnson has resigned as president and CEO of the combined company, by mutual agreement.

On a standalone basis, Duke Energy had an adjusted diluted earnings per share guidance range for 2012 of $1.40 to $1.45. Due to the effect of the 1-for-3 reverse stock split, which was completed in connection with this merger transaction, this guidance range is the equivalent of $4.20 to $4.35 per share. The combined company continues to target a 2012 adjusted diluted EPS guidance range of $4.20 to $4.35.

The new Duke Energy has about $49 billion in market capitalization, total assets of more than $100 billion, and 7.1 million electric customers in the Carolinas, Florida, Indiana, Kentucky and Ohio. The regulated utilities will comprise a higher proportion of Duke Energy's post-merger business mix

Duke Energy's major commercial operations include Duke Energy International, which operates power plants in Central and South America; Duke Energy Renewables, which develops and owns wind and solar projects in the U.S.; and Duke Energy's Midwest generation and Duke Energy Retail, which generate, market and sell electricity in the Midwest.

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