Exhibit 99.4

CINERGY CORP.

RECONCILIATION OF GAAP EPS TO ADJUSTED EPS — 2005

(unaudited)

	Q1			Q2			Total
Regulated Businesses
EPS As Reported	$	0.39		$	0.24		$	0.63
Special Items:
Merger and Severance Costs	—			0.03			0.03
EPS Adjusted	$	0.39		$	0.27		$	0.66
Commercial Businesses
EPS As Reported	$	0.23		$	0.02		$	0.25
Special Items:
Merger and Severance Costs	—			0.03			0.03
Mark-to-Market Effect on Asset Hedges	0.12			0.04			0.16
EPS Adjusted	$	0.35		$	0.09		$	0.44
Power Technology & Infrastructure Services
EPS As Reported	$	(0.02	)	$	(0.01	)	$	(0.03	)
Special Items:
Merger and Severance Costs	0.00			0.01			$	0.01
EPS Adjusted	$	(0.02	)	$	—		$	(0.02	)
Cinergy Corp.
EPS As Reported	$	0.60		$	0.25		$	0.85
Special Items	0.12			0.11			$	0.23
EPS Adjusted	$	0.72		$	0.36		$	1.08