Power Engineering - James E. Bostic, Jr., elected to Progress Energy board of directors

RALEIGH, N.C., July 10, 2002 -- Progress Energy's board of directors have elected James E. Bostic, Jr., as a new director effective July 10, 2002. Bostic is executive vice president, Environmental, Government Affairs and Communications, for Georgia-Pacific Corp., headquartered in Atlanta, Georgia.

"Jim Bostic is a seasoned, well-respected business leader, and we're very pleased to have him join our board," said William Cavanaugh, chairman, president and CEO, Progress Energy. "His solid business background, coupled with his expertise on environmental and regulatory issues, will bring valuable insights to our board."

Bostic, 55, joined Georgia-Pacific in 1985 as general manager of its Convenience Products Division. He has held numerous senior positions within the company including group vice president, Butler Paper & Mail-Well; president of Butler Paper Company; and group vice president, Communication Papers Division. He was named senior vice president - Environmental, Government Affairs and Communications in 1995 and was promoted to his current post as executive vice president in 2000. He began his career with the American Enka Company and served in the U.S. Department of Agriculture from 1972-1977 as a White House Fellow/ Special Assistant to the Secretary and Deputy Assistant Secretary of Agriculture.

Bostic is a member of the President's Commission on White House Fellowships; the Board of Directors of the Clemson University Foundation; Board of Trustees, The Westminster Schools; Board of Trustees, The Georgia Conservancy; Board of Trustees, National Parks Conservation Association; Board of Trustees, The Atlanta Committee for Public Education; and Vice Chair, Education, and Board of Directors, Metro Atlanta Chamber of Commerce. He has also served as member of the Board of Trustees of Wofford College and Tuskegee University, and the Board of Directors of Wachovia Bank of Georgia and the American Red Cross, Atlanta Chapter. Bostic holds a Ph.D. in chemistry and a B.S. in textile chemistry from Clemson University in Clemson, South Carolina.

Progress Energy is a Fortune 250 diversified holding company headquartered in Raleigh, N.C., with more than 20,000 megawatts of generation capacity and $8 billion in annual revenues.

The company's diverse portfolio includes two major electric utility companies, CP&L and Florida Power, as well as NCNG, Progress Rail, Progress Telecom and Progress Ventures, which manages the company's non-regulated energy operations including fuel extraction, manufacturing and delivery; merchant generation; and energy marketing and trading. These companies serve 2.9 million customers across the Southeast, providing electricity, natural gas, energy services and broadband capacity. For more information about Progress Energy, visit the company's Web site at http://www.progress-energy.com/.

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