ISO New England Elects David Vitale to Board of Directors.

HOLYOKE, Mass. -- Long-Time Finance Executive Chosen to Succeed Retiring Board Member

The ISO New England Inc. Board of Directors today announced the election of David J. Vitale to the Board of Directors, effective September 23, 2004. Mr. Vitale succeeds Alger "Duke" B. Chapman, one of the original ISO New England Board members, who has retired after attaining the mandatory retirement age and serving out a seven-year term. He will continue to work in a number of Board of Directors and business consulting activities.

Mr. Vitale is Chief Administrative Officer of the Chicago Public Schools, a $4.6 billion institution with 47,000 employees. In this pro bono position, Mr. Vitale oversees all educational support including finance, budget, operations, human resources, technology, security, procurement and business diversity. Previously, Mr. Vitale served as Senior Advisor (pro bono) to the Chief Executive Officer of the Chicago Public Schools.

In announcing his election, William W. Berry, Chairman of the Board, said, "We are delighted with David's election to the ISO New England Board. His proven administrative skills, together with his knowledge of and years of experience in the financial industry and capital markets will provide invaluable input and direction to ISO New England in helping us ensure fiscal responsibility in achieving our goals and fulfilling our mission."

Prior to his work with the Chicago Public Schools, Mr. Vitale was President, Chief Executive Officer and Director of the Chicago Board of Trade (CBOT) and President and CEO of the MidAmerica Commodity Exchange (an affiliate of CBOT). Mr. Vitale spent the majority of his career working for the Bank One Corporation and its predecessor banks, where, in his final position as Vice Chairman and Director of Bank One, Mr. Vitale was responsible for the corporation's commercial banking business throughout the United States and in international markets.

"I am pleased to be elected to the ISO New England Board of Directors and am honored to participate in the growth and development of such a vital industry," said Mr. Vitale." I look forward to working closely with this group of highly esteemed experts in their field to provide strategy and guidance that will promote a reliable bulk electric power system as well as efficient and competitive wholesale electricity markets for New England."

In addition to his election to the ISO New England Board, Mr. Vitale is on the Board of Ariel Capital Management, the largest minority-led investment management firm in the U.S. He is also active on many Chicago community boards, including the Glenwood School for Boys, the YMCA of Metropolitan Chicago, the Museum of Science and Industry, and The Art Institute of Chicago. He is a member of the Advisory Committee of the Kellogg School of Management, Northwestern University; a member of the Advisory Council of the Graduate School of Business at the University of Chicago; and a member of the Visiting Committee of The School for Social Service Administration at the University of Chicago. He is a member and former president of the Board of Directors of Leadership Greater Chicago and a former elected director of the Harvard Alumni Association. Mr. Vitale also has been a Public Director of the Chicago Board Options Exchange. He is a member of many clubs, including the Economics Club of Chicago, the Chicago Club, The Arts Club, and the Commercial Club of Chicago.

Mr. Vitale is a graduate of Harvard College and holds a Masters in Business Administration from the University of Chicago.

For more than seven years, ISO New England Inc. has been the not-for-profit corporation responsible for the day-to-day reliable operation of New England's bulk generation and transmission systems with an installed capacity of approximately 32,000 megawatts. In addition to operating the bulk power grid, ISO New England is the administrator of the region's wholesale electricity marketplace and the Open Access Transmission Tariff on behalf of the New England Power Pool.