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For Immediate Release: November 4, 1997

CON EDISON SETS SPECIAL STOCKHOLDERS' MEETING TO APPROVE COMPANY RESTRUCTURING

Consolidated Edison Company of New York, Inc. (Con Edison - NYSE: ED) today began mailing a proxy statement to its stockholders announcing a special stockholders' meeting to be held on Friday, December 12, 1997 at 10:00 a.m. at Con Edison's headquarters, 4 Irving Place, New York, New York to approve a proposal to adopt a holding company structure in which Con Edison will become a subsidiary of a holding company, to be named Consolidated Edison, Inc.

The proxy statement, which contains information about the holding company proposal, was included in a registration statement that was filed with the Securities and Exchange Commission and declared effective on Friday, October 31. Under the holding company proposal, outstanding shares of Con Edison common stock will be exchanged automatically on a share-for-share basis for shares of the holding company's common stock. The company's preferred stockholders will remain stockholders of Con Edison.

Common and $5 preferred stockholders of record as of October 28, 1997 will be eligible to vote.

The proxy statement is available through the web site of the Securities and Exchange Commission (http://www.sec.gov), as a filing made by Consolidated Edison, Inc. It may also be obtained by writing Con Edison Investor Services, P.O. Box 149, Cooper Station, New York, N.Y. 10276-0149, or by calling (800) 522-5522.

Con Edison provides electric, gas and steam service to three million customers in New York City and Westchester County, New York.


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