Board changes for Duke, Spectra before January gas business spinoff

20 December 2006 — Spectra Energy announced its new board of directors, including the election of two new members and the previously announced five members of the Duke Energy board of directors.

Duke Energy also announced that James E. Rogers, currently president and chief executive officer of Duke Energy, was elected to replace Paul M. Anderson as chairman of the Duke Energy board. Anderson is resigning to become chairman of the board of Spectra Energy.

The elections and resignations will be effective on the distribution date for the spinoff of Duke Energy’s natural gas businesses into the stand-alone, publicly traded Spectra Energy Corp., currently targeted for Jan. 2, 2007.

Elected to the Spectra Energy board today as independent directors were Austin A. Adams and Peter B. Hamilton. Adams retired earlier this year from J.P. Morgan Chase & Co., where he was chief information officer. Hamilton is currently vice chairman and president, Boat Division at Brunswick Corporation. The election of Adams and Hamilton to join the Spectra Energy board is also effective on the distribution date of the spinoff.

In addition to Anderson, current Duke Energy board members who will be leaving to join the Spectra Energy board are: Roger Agnelli, William T. Esrey, Dennis R. Hendrix and Michael E.J. Phelps.

Previously elected members to the Spectra Energy board also include Fred J. Fowler, who will become Spectra Energy president and chief executive officer, and Martha B. Wyrsch, who will become president and chief executive officer of Spectra Energy Transmission.

With the two new additions, the Spectra Energy board will have nine members once it becomes a stand-alone, publicly traded company. Additional board members are expected to be named during the first quarter 2007.

“The combination of experienced Duke Energy directors, Spectra Energy senior management and the two new independent board members named today, will give the Spectra Energy board a comprehensive and diverse set of perspectives,” Anderson said. “We are building a strong board to ensure a smooth launch of this new company that will help to create value for our shareholders.”

The Duke Energy board will have 10 members. In addition to Rogers, the other nine directors remaining with the Duke Energy board are: William (Bill) Barnet III, G. Alex Bernhardt Sr., Michael G. Browning, Phillip R. Cox, Ann M. Gray, James H. Hance Jr., James T. Rhodes, Mary L. Schapiro and Dudley S. Taft. Additional board members are expected to be named next year.

Spectra Energy Corp, created from the separation of Duke Energy’s natural gas businesses, will be a North American natural gas midstream company that will serve three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. For close to a century, Spectra Energy and its predecessor companies have developed pipelines and related energy infrastructure that connects natural gas supply sources to premium markets.