-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R93Sum10KeVCOlktjzWCSsDJLldUhX4Yhi8WBduqJUkbAMXrCpP1btBiYoJnuzTf xWCSHWjdYFFW13gmc2T/fw== 0000899652-99-000085.txt : 19990629 0000899652-99-000085.hdr.sgml : 19990629 ACCESSION NUMBER: 0000899652-99-000085 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CINERGY CORP CENTRAL INDEX KEY: 0000899652 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 311385023 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-11377 FILM NUMBER: 99653561 BUSINESS ADDRESS: STREET 1: 139 E FOURTH ST CITY: CINCINNATI STATE: OH ZIP: 45202 BUSINESS PHONE: 5134219500 MAIL ADDRESS: STREET 1: 139 E FOURTH STREET CITY: CINCINATI STATE: OH ZIP: 45202 11-K 1 CINERGY UNION EMPLOYEES' SVGS INCENTIVE PLAN CINERGY CORP. UNION EMPLOYEES' SAVINGS INCENTIVE PLAN FINANCIAL STATEMENTS AND SCHEDULES AS OF DECEMBER 31, 1998 AND 1997 TOGETHER WITH AUDITORS' REPORT Cinergy Corp. Union Employees' Savings Incentive Plan Financial Statements And Exhibits Page No. (a) Financial Statements Report of Independent Public Accountants 3 Statement of Net Assets Available for Benefits, with Fund Information, as of December 31, 1998 4-5 Statement of Net Assets Available for Benefits, with Fund Information, as of December 31, 1997 6 Statement of Changes in Net Assets Available for Benefits, with Fund Information, for the Year Ended December 31, 1998 7-8 Notes to Financial Statements 9-14 Financial Statement Schedules (As required by the Employee Retirement Income Security Act): Schedule I - Schedule of Assets Held for Investment Purposes - December 31, 1998 15 Schedule II - Schedule of Reportable Transactions for the Year Ended December 31, 1998 16 (b) Exhibit 23 - Consent of Independent Public Accountants Report of Independent Public Accountants To the Plan Administrator of the Cinergy Corp. Union Employees' Savings Incentive Plan: We have audited the accompanying statements of net assets available for benefits, with fund information, of the CINERGY CORP. UNION EMPLOYEES' SAVINGS INCENTIVE PLAN (formerly the Cincinnati Gas and Electric Co. Savings Incentive Plan) as of December 31, 1998 and 1997, and the related statement of changes in net assets available for benefits, with fund information, for the year ended December 31, 1998. These financial statements and the schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits, with fund information, of the Plan as of December 31, 1998 and 1997, and the changes in net assets available for benefits, with fund information, for the year ended December 31, 1998 in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules (Schedules I and II) are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of net assets available for benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. ARTHUR ANDERSEN LLP Cincinnati, Ohio, June 24, 1999
Cinergy Corp. Union Employees' Savings Incentive Plan Statement of Net Assets Available for Benefits, with Fund Information As of December 31, 1998 (Page 1 of 2) Participant Directed Fidelity Fidelity Fidelity Fidelity Fidelity Equity- Fidelity U.S. Bond Fidelity Diversified Freedom Fidelity Magellan Income Intermediate Index Low Priced International Income Freedom Fund Fund Bond Fund Fund Stock Fund Fund Fund 2000 Fund Investments, at fair value: Shares of registered investment companies $15,024,006 $19,164,991 $ - $2,742,940 $1,816,409 $699,407 $232,457 $1,113,781 Common stock - - - - - - - - Participant loans - - - - - - - - Total investments 15,024,006 19,164,991 - 2,742,940 1,816,409 699,407 232,457 1,113,781 Receivables: Employer's contribution - - - - - - - - Total receivables - - - - - - - - Net assets available for benefits $15,024,006 $19,164,991 $ - $2,742,940 $1,816,409 $699,407 $232,457 $1,113,781 The accompanying notes are an integral part of these financial statements.
Cinergy Corp. Union Employees' Savings Incentive Plan Statement of Net Assets Available for Benefits, with Fund Information As of December 31, 1998 (Page 2 of 2) Participant Directed Non- Participant Directed Fidelity Retirement Fidelity Fidelity Fidelity Money Cinergy Cinergy Freedom Freedom Freedom Market Common Participant Common 2010 Fund 2020 Fund 2030 Fund Fund Stock Fund Loan Fund Stock Fund Total Investments, at fair value: Shares of registered investment companies $513,937 $255,660 $138,170 $3,493,125 $ - $ - $ - $ 45,194,883 Common stock - - - - 88,220,156 - 50,240,498 138,460,654 Participant loans - - - - - 8,099,412 - 8,099,412 Total investments 513,937 255,660 138,170 3,493,125 88,220,156 8,099,412 50,240,498 191,754,949 Receivables: Employer's contribution - - - - - - 1,370,842 1,370,842 Total receivables - - - - - - 1,370,842 1,370,842 Net assets available for benefits $513,937 $255,660 $138,170 $3,493,125 $88,220,156 $8,099,412 $51,611,340 $193,125,791 The accompanying notes are an integral part of these financial statements.
Cinergy Corp. Union Employees' Savings Incentive Plan Statement of Net Assets Available for Benefits, with Fund Information As of December 31, 1997 Participant Directed Fidelity Fidelity Fidelity Fidelity Fidelity Equity- Fidelity Low-Priced Diversified Retirement Magellan Income Intermediate Stock Intenational Money Fund Fund Bond Fund Fund Fund Market Fund Investments, at fair value: Shares of registered investment companies $8,344,841 $16,571,031 $1,643,579 $1,384,880 $405,471 $3,080,090 Common stock - - - - - - Participant loans - - - - - - Total investments 8,344,841 16,571,031 1,643,579 1,384,880 405,471 3,080,090 Receivables: Employer's contribution - - - - - - Participants'contribution 34,370 40,040 5,541 6,955 2,338 14,069 Total receivables 34,370 40,040 5,541 6,955 2,338 14,069 Net assets available for benefits $8,379,211 $16,611,071 $1,649,120 $1,391,835 $407,809 $3,094,159 The accompanying notes are an integral part of these financial statements.
Cinergy Corp. Union Employees' Savings Incentive Plan Statement of Net Assets Available for Benefits, with Fund Information (Continued) As of December 31, 1997 Non- Participant Participant Directed Directed Cinergy Cinergy Common Participant Common Stock Fund Loan Fund Stock Fund Total ASSETS Investments, at fair value: Shares of registered investment companies $ - $ - $ - $ 31,429,892 Common stock 99,868,069 - 51,579,542 151,447,611 Participant loans - 7,312,212 - 7,312,212 Total investments 99,868,069 7,312,212 51,579,542 190,189,715 Receivables: Employer's contribution - - 96,050 96,050 Participants'contribution 431,927 - - 535,240 Total receivables 431,927 - 96,050 631,290 Net assets available for benefits $100,299,996 $7,312,212 $51,675,592 $190,821,005 The accompanying notes are an integral part of these financial statements.
Cinergy Corp. Union Employees' Savings Incentive Plan Statement of Changes in Net Assets Available for Benefits, with Fund Information For the Year Ended December 31, 1998 (Page 1 of 2) Participant Directed Fidelity Fidelity Fidelity Fidelity Equity- Fidelity Fidelity Fidelity Diversified Freedom Fidelity Magellan Income Intermediate U.S. Bond Low-Priced International Income Freedom Fund Fund Bond Fund Index Fund Stock Fund Fund Fund 2000 Fund Additions to net assets: Investment income: Net appreciation (depreciation) in fair value of investment $2,828,054 $1,018,398 $17,757 $21,690 $(129,811) $52,744 $ 5,673 $36,026 Interest - - - - - - - - Dividends 627,942 1,054,634 4,245 128,588 142,952 25,927 7,128 43,433 3,455,996 2,073,032 22,002 150,278 13,141 78,671 12,801 79,459 Contributions: Participants' 1,211,691 1,273,364 2,699 178,958 225,527 100,343 4,145 28,623 Employer's - - - - - - - - Rollovers 940 307 - - - - - - 1,212,631 1,273,671 2,699 178,958 225,527 100,343 4,145 28,623 Total additions 4,668,627 3,346,703 24,701 329,236 238,668 179,014 16,946 108,082 Deductions from net assets: Benefits paid to participants 564,963 1,022,814 3,445 175,711 8,144 117,301 13 19,387 Total deductions 564,963 1,022,814 3,445 175,711 8,144 117,301 13 19,387 Net increase/(decrease) prior to transfers 4,103,664 2,323,889 21,256 153,525 230,524 61,713 16,933 88,695 Interfund transfers 2,403,312 13,476 (1,670,376) 2,574,645 210,403 229,008 215,524 1,025,086 Interplan transfers 137,819 216,555 - 14,770 (16,353) 877 - - Net increase (decrease) 6,644,795 2,553,920 (1,649,120) 2,742,940 424,574 291,598 232,457 1,113,781 Net assets available for benefits: Beginning of year 8,379,211 16,611,071 1,649,120 - 1,391,835 407,809 - - End of year $15,024,006 $19,164,991 $ - $2,742,940 $1,816,409 $699,407 $232,457 $1,113,781 The accompanying notes are an integral part of these financial statements.
Cinergy Corp. Union Employees' Savings Incentive Plan Statement of Changes in Net Assets Available for Benefits, with Fund Information For the Year Ended December 31, 1998 (Page 2 of 2) Non- Participant Participant Directed Directed Fidelity Retirement Fidelity Fidelity Fidelity Money Cinergy Cinergy Freedom Freedom Freedom Market Common Participant Common 2010 Fund 2020 Fund 2030 Fund Fund Stock Fund Loan Fund Stock Fund Total Additions to net assets: Investment income: Net appreciation (depreciation) in fair value of investments $ 27,568 $ 29,582 $ 7,056 $ - $ (9,967,111) $ - $(4,617,162) $(10,669,536) Interest - - - - 668,840 - 668,840 Dividends 17,020 7,870 3,417 153,488 4,678,985 2,438,513 9,334,142 44,588 37,452 10,473 153,488 (5,288,126) 668,840 (2,178,649) (666,554) Contributions: Participants' 24,176 33,168 20,237 405,217 4,999,516 - - 8,507,664 Employer's - - - - - - 4,179,911 4,179,911 Rollovers - - - 211 - - - 1,458 24,176 33,168 20,237 405,428 4,999,516 - 4,179,911 12,689,033 Total additions 68,764 70,620 30,710 558,916 (288,610) 668,840 2,001,262 12,022,479 Deductions from net assets: Benefits paid to participants 26 40 12 1,290,823 4,493,589 225,494 2,017,591 9,939,353 Total deductions 26 40 12 1,290,823 4,493,589 225,494 2,017,591 9,939,353 Net increase/(decrease) prior to transfers 68,738 70,580 30,698 (731,907) (4,782,199) 443,346 (16,329) 2,083,126 Interfund transfers 445,199 185,080 107,472 1,128,678 (7,250,322) 382,815 - - Interplan transfers - - - 2,195 (47,319) (38,961) (47,923) 221,660 Net increase (decrease) 513,937 255,660 138,170 398,966 (12,079,840) 787,200 (64,252) 2,304,786 Net assets available for benefits: Beginning of year - - - 3,094,159 100,299,996 7,312,212 51,675,592 190,821,005 End of year $513,937 $255,660 $138,170 $3,493,125 $ 88,220,156 $8,099,412 $51,611,340 $193,125,791 The accompanying notes are an integral part of these financial statements.
Cinergy Corp. Union Employees' Savings Incentive Plan Notes to Financial Statements December 31, 1998 and 1997 (1) Plan Description- (a) General--The Cinergy Corp. Union Employees' Savings Incentive Plan (the Plan) is a defined contribution plan covering all weekly or hourly paid employees of Cinergy Corp.'s subsidiaries (collectively "the Company") who are represented by the following collective bargaining organizations: * The Independent Utilities Union * The International Brotherhood of Electrical Workers, Local 1347 * The United Steelworkers of America, Local 12049 and Local 14214 The Plan is administered by the Cinergy Benefits Committee and trusteed by Fidelity Management Trust Company. The administrative expenses are paid by the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Participants should refer to the Plan Document and the related Trust Agreement, including the defined terms, for more complete information of the Plan's provisions. The Cinergy Corp. Union Employees' Savings Incentive Plan was formerly the Cincinnati Gas and Electric Company Savings Incentive Plan. The Plan's name change was effective January 1, 1998. (b) Contributions--Under the Plan, participants may contribute up to 15% of annual pretax compensation, as defined in the Plan. In addition, a participant may make optional contributions to the Plan which, when combined with salary deferrals, may not exceed 15% of base pay. Salary deferrals and optional contributions are subject to certain limitations. The salary deferrals and optional contributions are invested by the trustee, as directed by each participant, in one or more investment funds, including the Cinergy Common Stock Fund. The Company matches 60% of the first 5% of base pay contributed by each participant. An additional incentive match of up to 40% of the first 5% of base pay that a participant contributes may be contributed at the discretion of the Company's board of directors. For those employees who do not contribute to the Plan, the Company contributes an incentive match assuming the employee contributed 1% of base pay. All employer contributions are invested by the trustee in the Cinergy Common Stock Fund. The employer contributions must remain in the Cinergy Common Stock Fund until the participant reaches age 50 and are shown in the accompanying financial statements as "Non-Participant Directed" funds until the employee elects to transfer the funds to another investment option. Participants are immediately vested in all contributions and earnings thereon. (c) Payment of Benefits--Participants are generally eligible to receive distributions of assets from the Plan upon termination of employment (including retirement), death, or disability. Distributions are paid in a lump sum for vested benefits of $3,500 or less. Distributions are paid in a lump sum or up to ten annual installments (at the election of the participant) for vested benefits greater than $3,500. Active participants are also eligible to apply to the Plan administrator for "hardship withdrawals from their salary deferral account in accordance with Plan provisions. (d) Participant Loans--Subject to certain limitations, participants may apply for loans from their salary deferral account balances. Such loans are reflected in the Participant Loan Fund in the accompanying financial statements. Interest on the loans is set at the prime rate plus1/2% at the time of borrowing and are secured by the balance in the participant's account. The loans are to be repaid within 54 months through regular payroll deductions. (2) Significant Accounting Policies- (a) Basis of Accounting--The financial statements of the Plan are prepared under the accrual method of accounting. (b) Investment Valuation and Income Recognition--Investments are stated at fair value. Shares of registered investment companies are valued at quoted redemption prices which represent the net asset value of shares held by the Plan at year-end. Cinergy common stock is valued at its quoted market price. Participant loans are valued at cost, which approximates fair value. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Transfers of assets between the Plan and the Cinergy Employees' 401(k) Plan occur as a result of changes in employee status between the weekly and hourly paid classification and the executive, supervisory, administrative, and professional classification. Such transfers are reflected as interplan transfers in the statement of changes in net assets available for benefits. A participant may elect or change investment funds and/or the percentages in which contributions will be allocated at any time. The following investments exceed 5% of total net assets available for benefits at December 31, 1998 and 1997: 1998 1997 Cinergy Common Stock Fund $138,460,654 $151,447,611 Fidelity Magellan Fund 15,024,006* 8,344,841* Fidelity Equity Income Fund 19,164,991* 16,571,031 * represents less than 5% of total net assets (c) Use of Estimates--The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (d) Payment of Benefits--Benefits are recorded when paid. (3) Investment Options- Upon enrollment or re-enrollment, participants direct that their contributions (i.e., non-Company match contributions), including any rollover contributions, be invested in one or more of the following investment options: * Fidelity Magellan Fund The Fidelity Magellan Fund invests mainly in equity securities of domestic and foreign issuers that offer potential for growth with the principal purpose of seeking maximum appreciation in value. * Fidelity Equity-Income Fund The Fidelity Equity-Income Fund invests mainly in income producing equity securities with the principal purpose of earning reasonable income while considering the potential for capital appreciation. * Fidelity U.S. Bond Index Fund The Fidelity U.S. Bond Index Fund invests in securities that include obligations of the U.S. Treasury, U.S. Agencies, corporations, mortgage-backed obligations and U.S. dollar-denominated obligations of foreign governments with the principal purpose of seeking current income consistent with the presentation of capital. * Fidelity Low-Priced Stock Fund The Fidelity Low-Priced Stock Fund invests primarily in the stocks of companies that the fund manager considers undervalued or out of favor with other investors and that could offer the possibility for significant growth with the principal purpose of seeking out stocks of smaller companies with per share prices of $35 or less. * Fidelity Diversified International Fund The Fidelity Diversified International Fund invests primarily in stocks of foreign issuers with the principal purpose of seeking out stocks that are undervalued compared to industry norms in their countries. * Fidelity Freedom Income Fund The Fidelity Freedom Income Fund's goal is to seek high current income and, as a secondary objective, capital appreciation through a combination of investing in equity, fixed-income and money market funds managed by Fidelity Investments. * Fidelity Freedom 2000, 2010, 2020 and 2030 Funds Each of the Fidelity Freedom 2000, 2010, 2020 and 2030 funds seek high total return. Each fund seeks to achieve this goal by investing in a combination of equity, fixed-income and money market funds managed by Fidelity Investments. These funds are targeted to investors expected to retire near the date specified in the fund name. * Fidelity Retirement Money Market Fund The Fidelity Retirement Money Market Fund invests in high quality money market instruments including certificates of deposit, commercial paper, short-term corporate and U.S. Government obligations and bankers' acceptance issued by major banks. The purpose of the fund is to seek high money market yields while maintaining preservation of capital. * Cinergy Common Stock Fund The Cinergy Common Stock Fund invests in common stock of Cinergy Corp. Previously, participants could direct their contributions to the Fidelity Intermediate Bond Fund. During 1998, the Plan administrator eliminated this fund as an investment option. Participants invested in this fund were able to redirect their investment elections to any one or more of the above investment options. (4) Federal Income Tax Status- The Internal Revenue Service has determined and informed the Plan by letter dated January 5, 1995, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan's legal counsel believe that the Plan is designed and is currently being operated in compliance with the applicable provisions of the IRC. (5) Reconciliation of Financial Statements to Form 5500- The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: December 31, 1998 1997 Net Assets per the financial statements $193,125,791 $190,821,005 Amounts allocated to withdrawing participants (162,413) (315,945) Net assets per Form 5500 $192,963,378 $190,505,060 The following is a reconciliation of benefits paid to participants per the financial statements to Form 5500: Year Ended December 31, 1998 Benefits paid to participants per the financial statements $9,939,353 Add: Amounts allocated to withdrawing participants at December 31, 1998 162,413 Less: Amounts allocated to withdrawing participants at December 31, 1997 (315,945) Benefits paid to participants per Form 5500 $9,785,821 Amounts allocated to withdrawing participants are recorded on Form 5500 for distributions that have been processed and approved for payment prior to December 31 but not yet paid as of that date. (6) Plan Termination- Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. (7) Related Party Transactions- Certain Plan investments are shares of mutual funds managed by Fidelity Investments. Fidelity Investments is the Trustee as defined by the Plan and therefore, these transactions qualify as party-in-interest transactions. The Cinergy Corp. Common Stock Fund holds common stock of the plan administrator as defined by the Plan and therefore, these transactions qualify as party-in-interest transactions. Finally, the Participant Loan Fund hold loans from participants in the Plan and therefore, these transactions qualify as party-in-interest transactions.
SCHEDULE I Cinergy Corp. Union Employees' Savings Incentive Plan EIN: 31-0240030 Plan Number: 002 Item 27a - Schedule of Assets Held For Investment Purposes December 31, 1998 Description of Investment, Including Identity of Issuer, Borrower, Including Maturity Date, Rate of Interest, Lessor, or Similar Party Collateral, and Par or Maturity Value Cost Current Value * Cinergy Corp. Common Stock $91,762,485 $138,460,654 * Fidelity Investments Magellan Fund 11,815,981 15,024,006 * Fidelity Investments Equity Income Fund 15,051,131 19,164,991 * Fidelity Investments U.S. Bond Index Fund 2,719,252 2,742,940 * Fidelity Investments Low-Priced Stock Fund 1,994,344 1,816,409 * Fidelity Investments Diversified International Stock Fund 690,117 699,407 * Fidelity Investments Freedom Income Fund 226,917 232,457 * Fidelity Investments Freedom 2000 Fund 1,077,399 1,113,781 * Fidelity Investments Freedom 2010 Fund 485,103 513,937 * Fidelity Investments Freedom 2020 Fund 238,821 255,660 * Fidelity Investments Freedom 2030 Fund 129,182 138,170 * Fidelity Investments Retirement Money Market Fund 3,493,125 3,493,125 * Various plan participants Participant loans (interest rates ranging from 6.50-9.50%) 8,099,412 8,099,412 Total assets held for investment purposes $137,783,269 $191,754,949 * Denotes a party-in-interest
SCHEDULE II Cinergy Corp. Union Employees' Savings Incentive Plan EIN: 31-0240030 Plan Number: 002 Item 27d - Schedule of Reportable Transactions For The Year Ended December 31, 1998 Expenses Incurred Identity of Party with Cost Involved Identity of Securities Purchase Price (A) Sales Price (A) Transaction of Assets Net Gain Cinergy Corp Cinergy Common Stock Fund $26,938,209 $25,340,894 - $18,380,298 $6,960,596 Fidelity Investments Fidelity Equity-Income Fund 6,033,956 4,458,394 - 3,673,787 784,607 Fidelity Investments Fidelity Retirement Money Market Fund 5,704,750 5,291,715 - 5,291,715 - Fidelity Investments Fidelity Magellan Fund 8,516,142 4,665,031 - 4,224,536 440,495 (A) The current value of all assets acquired or disposed of, at the time of the acquisition or disposition, is equal to the purchase price or selling price, respectively.
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. CINERGY CORP. UNION EMPLOYEES' SAVINGS INCENTIVE PLAN By/s/RICHARD L. BOND Richard L. Bond Plan Administrator June 28, 1999 Exhibit 23 Consent Of Independent Public Accountants As independent public accountants, we hereby consent to the incorporation by reference of our report dated June 24, 1999 included in the Annual Report on Form 11-K for the year ended December 31, 1998 of the Cinergy Corp. Union Employees' Savings Incentive Plan, into Cinergy Corp.'s previously filed Registration Statement File No. 33-55293. ARTHUR ANDERSEN LLP Cincinnati, Ohio June 24, 1999 -----END PRIVACY-ENHANCED MESSAGE-----