PSE&G Capital Trust II Announces Redemption of Its 8.125% Cumulative Quarterly Income Preferred Securities, Series B NEWARK, N.J., Nov. 21 /PRNewswire-FirstCall/ -- PSE&G Capital Trust II, a statutory trust of which Public Service Electric and Gas Company is sole depositor, announced today (November 21, 2003) that it has called for redemption of all its outstanding 8.125% Cumulative Quarterly Income Preferred Securities, Series B (NYSE PEG PrT - CUSIP# 69361T203), at a price of $25.00 per preferred security. The redemption will take place on December 31, 2003. The redemption agent for the issue is Wachovia Bank National Association. The distribution to be paid on December 31, 2003 will be paid in the normal manner to holders of record as of December 30, 2003. DATASOURCE: PSE&G CONTACT: Paul Rosengren of PSE&G, +1-973-430-5911 Web site: http://www.pseg.com/

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