Dominion Officers and Directors Expected to Enter Plans to Exercise Expiring Stock Options

Jul 31, 2006
7:00am

July 31, 2006

RICHMOND, Va. – Dominion (NYSE: D) announced today that certain Section 16 officers and directors are expected to make standard Rule 144 filings with the Securities and Exchange Commission during the next 15 months to disclose their intent to exercise stock options that will expire on Jan. 1, 2008.

Insider trading limitations may increase in the near term as Dominion management continues its previously announced strategic review of its businesses and its asset mix. During the review, officers and directors may become aware of material non-public information that would prevent them from trading in Dominion securities during future trading windows unless they have previously entered into a 10b5-1 trading plan. Accordingly, officers and directors of Dominion are expected to enter into 10b5-1 trading plans to make sure that their stock options do not expire unexercised. Approximately 953,000 unexercised stock options held by Section 16 officers and directors are scheduled to expire on Jan. 1, 2008.

Following its merger with Consolidated Natural Gas Co. in 2000, Dominion granted stock options as part of an executive long-term compensation plan designed to link management and shareholder interests. Under the plan, three tranches of executive-level stock option grants expire on Jan. 1, 2008, 2009 and 2010, respectively.

Dominion is one of the nation's largest producers of energy, with a portfolio of about 28,100 megawatts of generation, about 6.3 trillion cubic feet equivalent of proved natural gas reserves and 7,800 miles of natural gas transmission pipeline. Dominion also operates the nation's largest underground natural gas storage system with about 950 billion cubic feet of storage capacity and serves retail energy customers in ten states. For more information about Dominion, visit the company's Web site at http://www.dom.com.

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CONTACTS:    
Media: Mark Lazenby, 804-819-2042  
     
Analysts: Joseph O'Hare, 804-819-2156
Laura Kottkamp, 804-819-2254

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