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WGL Holdings, Inc. Reports Third Quarter Fiscal Year 2012 Financial Results; Affirms Fiscal Year 2012 Non-GAAP Guidance

Wholesale Energy Solutions

For the quarter ended June 30, 2012, the wholesale energy solutions segment reported a net loss of $(6.0) million, or $(0.12) per share, compared to a net loss of $(0.6) million for the same period of the prior fiscal year. Non-GAAP net losses for the wholesale energy solutions segment were $(0.5) million, or $(0.01) per share, compared to a loss of $(0.2) million for the same period of the prior fiscal year.

For the nine months ended June 30, 2012, the wholesale energy solutions segment reported a net loss of $(3.4) million, or $(0.07) per share, compared to a net loss of $(0.4) million for the same period of the prior fiscal year. Wholesale energy solutions had a non-GAAP net loss of $(0.7) million, compared to net income of $0.1 million for the same period of the prior fiscal year.

The non-GAAP comparison for the year-to-date period reflects low storage and transportation spreads due to one of the warmest winters on record across the country, which affected optimization opportunities. Both the quarter and year-to-date periods reflect higher operation and maintenance expense as a result of new storage and optimization arrangements, as well as costs related to the Commonwealth Pipeline project.

Earnings Outlook

We are lowering our GAAP earnings estimate for fiscal year 2012 to a range of $2.34 per share to $2.46 per share. This estimate includes projected fiscal year 2012 earnings from our regulated utility segment in a range of $1.74 per share to $1.80 per share and projected fiscal year 2012 earnings from our unregulated business segments in a range of $0.60 per share to $0.66 per share.

We are affirming our consolidated earnings estimate for fiscal year 2012 based on non-GAAP operating earnings in a range of $2.43 per share to $2.55 per share. This estimate includes projected fiscal year 2012 non-GAAP operating earnings from our regulated utility segment in a range of $1.82 per share to $1.88 per share, and projected fiscal year 2012 non-GAAP operating earnings from our unregulated business segments in a range of $0.61 per share to $0.67 per share. Refer to the “Reconciliation of GAAP Earnings Guidance to Non-GAAP Earnings Guidance” attached to this press release for a reconciliation of our GAAP earnings per share estimate to our estimate based on non-GAAP operating earnings per share.

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