February 23, 2004

RICHMOND, Va. - Dominion (NYSE: D) said today it will record an additional $44 million after-tax charge against its 2003 earnings prepared in accordance with generally accepted accounting principles (GAAP) to reflect the impaired value of its CNG International (CNGI) pipeline assets in Australia that are classified as held for sale.

The impairment represents adjustments to the assets’ book value to reflect Dominion’s current evaluation of the assets’ fair market value, less estimated costs to sell.

Dominion quantified the impairment through the sales process which occurred after the company announced its preliminary unaudited 2003 earnings in January. At that time, Dominion announced net income for the 12 months ended Dec. 31, 2003, of $362 million ($1.14 per share). The additional after-tax impairment of $44 million (14 cents per share) now results in net income of $318 million ($1.00 per share). This revision will be reflected in Dominion’s 2003 financial statements filed with the Securities and Exchange Commission on Form 10-K.

The impairment, reported in the corporate segment, is excluded from operating earnings and does not affect Dominion’s previously reported operating earnings of $4.55 per share. A revised detailed description of the items included in 2003 GAAP earnings but excluded from operating earnings can be found at the end of this press release or by visiting our Web site at www.dom.com/investors.

Dominion acquired CNGI in its merger with Consolidated Natural Gas Company in 2000. Dominion is selling the business as part of its strategy to concentrate on core energy operations in the Midwest, Northeast and Mid-Atlantic regions of the U.S.

Dominion is one of the nation's largest producers of energy, with an energy portfolio of more than 24,000 megawatts of generation, 6.4 trillion cubic feet equivalent of proved natural gas reserves and 7,900 miles of natural gas transmission pipeline. Dominion also operates the nation's largest underground natural gas storage system with more than 960 billion cubic feet of storage capacity and serves 5.3 million retail energy customers in nine states. For more information about Dominion, visit the company's Web site at www.dom.com.

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• 2003 Operating Segment Earnings Table (PDF document, requires the free Adobe Acrobat Reader)

• 2003 Reconciliation of Operating Earnings to GAAP (PDF document, requires the free Adobe Acrobat Reader)

• 2003 vs. 2002 Earnings Variance Reconciliation (PDF document, requires the free Adobe Acrobat Reader)