New vice president named at UIL Holdings Corporation

NEW HAVEN, Conn., Jan. 30, 2002 — Officials at UIL Holdings Corporation announced this week that the corporation’s Board of Directors has elected Richard J. Nicholas as Vice President Corporate Development and Administration this week.

In his new position, effective immediately, Nicholas will be responsible for corporate strategic planning and administration issues in addition to serving as President of United Capital Investments and United Bridgeport Energy, unregulated business units of UIL Holdings Corporation.

Nicholas joined UIL last year as Vice President and Chief Operating Officer of United Capital Investments. Prior to that, he was employed at SNET for 23 years, most recently serving as Assistant Vice President of Regulatory Affairs and Public Policy for the telecommunications corporation.

Nicholas has a strong background in strategic planning, finance, public policy and regulatory affairs. He holds a BS in Business Administration with a finance major from Duquesne University and an MBA from the University of New Haven.

UIL Holdings Corporation is the holding company for The United Illuminating Company and United Resources Inc. UI is a New Haven-based regional distribution utility that provides electricity and energy-related services to more than 314,000 customers in municipalities in the Greater New Haven and Greater Bridgeport areas.

URI is the umbrella for UIL Holdings’ non-regulated business units, including Xcelecom, American Payment Systems, United Capital and United Bridgeport Energy. UIL Holdings World Wide Web address is http://www.uil.com/ and the company is traded on the New York Stock Exchange under the symbol UIL.

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