Dominion Declares Quarterly Dividend of 64.5 Cents Per Share

July 15, 2003

RICHMOND, Va. -- The board of directors of Dominion (NYSE: D) today declared a quarterly dividend of 64.5 cents per share of common stock.

Dividends are payable September 20, 2003 to holders of record at the close of business August 29, 2003.

This is the 302nd consecutive dividend that Dominion or its predecessor company has paid holders of common stock. Dominion's last quarterly dividend was declared April 25, 2003.

The board of directors of Virginia Electric and Power Company, a subsidiary of Dominion, also declared regular quarterly dividends at the prescribed rates on each of its series of preferred stock. Preferred dividends on the company's fixed-rate preferred stock are payable September 20, 2003 to holders of record at the close of business August 29, 2003.

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