NUI Corporation Shareholders Overwhelmingly Approve Sale of the Company to AGL Resources.

BEDMINSTER, N.J. -- The shareholders of NUI Corporation (NYSE:NUI) today overwhelmingly approved the sale of the company to AGL Resources (NYSE:ATG) for $13.70 per share.

Completion of the sale is now pending receipt of state regulatory approvals in New Jersey, Maryland and Virginia. State regulatory reviews are expected to be completed by mid-November and will be followed by the Securities and Exchange Commission review under the Public Utility Holding Company Act.

NUI and AGL Resources expect the sale to close between December 2004 and March 2005.

NUI shareholders also approved the election of the following individuals to the NUI Board of Directors:

--Robert P. Kenney, retired President of Elizabethtown Gas, a division of NUI Utilities, Inc.;

--Dr. Bernard S. Lee, retired President and Chief Executive Officer of the Institute of Gas Technology;

--Craig G. Matthews, NUI President and Chief Executive Officer; and

--Steven D. Overly, NUI Vice President, Chief Financial Officer, General Counsel, Treasurer and Secretary.

Retiring from the NUI Board of Directors as of today's meeting is John Kean, NUI's former Chairman.

Shareholders also ratified PricewaterhouseCoopers as NUI Corporation's independent public accountant for the fiscal year ending September 30, 2004 and 2005.

About NUI

NUI Corporation, based in Bedminster, NJ, is an energy company that operates natural gas utilities and businesses involved in natural gas storage and pipeline activities. NUI Utilities Inc.'s divisions include Elizabethtown Gas in New Jersey, City Gas Company of Florida and Elkton Gas in Maryland. For more information, visit www.nui.com.

Forward-Looking Statements 

This press release contains forward-looking statements, including statements related to the sale of NUI Corporation. These statements are based on management's current expectations and information currently available and are believed to be reasonable and are made in good faith. However, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the statements. Factors that may make the actual results differ from anticipated results include, but are not limited to, NUI's ability to consummate the sale in the time period anticipated or at all; the ability to obtain the regulatory and other approvals required for the transaction on the terms expected or on the anticipated schedule; those factors set forth in NUI Corporation's Form 10-K, Form 10-Qs and its other filings with the Securities and Exchange Commission; and other uncertainties, all of which are difficult to predict and some of which are beyond NUI Corporation's control. For these reasons, you should not rely on these forward-looking statements when making investment decisions. The words "expect," "believe," "project," "anticipate," "intend," "should," "could," "will," and variations of such words and similar expressions, are intended to identify forward-looking statements. NUI Corporation does not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise.