Dominion News Releases

May 8, 2000

Dominion Capital CEO Retires

Richmond,Va.; May 8, 2000 -- Dominion Capital Inc. announced today that David L. Heavenridge has retired as chief executive officer and as executive vice president of its parent company, Dominion Resources Inc. (NYSE: D), after 26 years of service.

Thos. E. Capps, president and chief executive officer of Dominion Resources, said:

"Our shareholders owe Dave Heavenridge a debt of gratitude. Under his leadership, we built a highly competitive, highly profitable portfolio of financial services businesses with several consecutive years of earnings growth in excess of 30 percent. This accomplishment came at a time in our company's history when it was crucial to generate additional revenue and income from diversified sources as we began the transition to competitive energy markets.

"Throughout Dave's long career with our company, he has consistently exhibited the trademarks of a successful business leader – creativity, vision and hard work. He was a critically important member of Dominion's senior management team."

Heavenridge's retirement was effective May 1. He will continue to serve the Richmond, Va.-based company as a consultant and as a director of several subsidiary boards. He plans to remain in Richmond.

Thomas N. Chewning, chief financial officer and executive vice president of Dominion Resources, will assume Heavenridge's duties.

Dominion Capital is a diversified financial services company with operating businesses in New York, Chicago, Houston and Richmond.

In January, Dominion Resources, also based in Richmond, completed its $9 billion merger with Consolidated Natural Gas Co. to form the nation's largest fully integrated natural gas and electric power company, with 4 million retail customers in five states.

Dominion Capital is being divested consistent with federal law governing utility holding companies.