The Progress Energy Investor Plus Plan provides a simple and convenient way for current and potential investors to purchase shares of our common stock. The plan also provides holders of our common stock and holders of preferred stock of our subsidiary companies with a simple and convenient method of purchasing shares of our common stock through the reinvestment of their quarterly dividends. The plan offers:

• Automatic reinvestment of some or all of your cash dividends.
• Initial purchase of common stock or purchase of additional shares of common stock.
• "Safekeeping" in book-entry form of your common stock certificates at no cost. 

You can purchase shares of our common stock by making an initial investment of not less than $250 and not more than $25,000. Shares purchased for participants' accounts under the Plan will be purchased on the open market by our plan administrator, Computershare Trust Company, N.A. However, we reserve the right to use original issue stock for the plan.

• Investor Plus Plan (updated Nov. 17, 2008)

Please fell free to contact our transfer agent by phone, mail or Internet at:

• 1-866-290-4388
  
• Progress Energy Investor Plus Plan
  c/o Computershare Trust Company, N.A.
  P.O. Box 43078
  Providence, RI 02940-3078
  
• www.computershare.com/investor