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WGL Holdings, Inc. Reports Fiscal Year 2012 Financial Results; Issues Fiscal Year 2013 Guidance

Wholesale Energy Solutions

For the quarter ended September 30, 2012, the wholesale energy solutions segment reported a net loss of ($5.6) million, or ($0.11) per share, compared to net income of $2.5 million, or $0.05 per share, for the same period of the prior fiscal year. Non-GAAP operating losses for the wholesale energy solutions segment were ($1.5) million, or ($0.03) per share, compared to an operating loss of ($1.9) million, or ($0.04) per share, for the same period of the prior fiscal year.

For the fiscal year ended September 30, 2012, the wholesale energy solutions segment reported a net loss of ($9.1) million, or ($0.18) per share, compared to net income of $2.2 million, or $0.04 per share, for the same period of the prior fiscal year. Wholesale energy solutions had a non-GAAP operating loss of ($2.2) million, or ($0.04) per share, compared to an operating loss of ($1.8) million, or ($0.03) per share, for the same period of the prior fiscal year.

The non-GAAP comparison to the prior year 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 fiscal year reflect higher operation and maintenance expense as a result of investments in new storage and optimization arrangements, as well as costs incurred from the Commonwealth Pipeline project.

Earnings Outlook

Our GAAP earnings estimate for fiscal year 2013 is in a range of $2.46 per share to $2.58 per share. This estimate includes projected fiscal year 2013 earnings from our regulated utility segment in a range of $1.68 per share to $1.74 per share and projected fiscal year 2013 earnings from our non-utility business segments in a range of $0.78 per share to $0.84 per share.

We are also providing a consolidated earnings estimate for fiscal year 2013 based on non-GAAP operating earnings in a range of $2.37 per share to $2.49 per share. This estimate includes projected fiscal year 2013 non-GAAP operating earnings from our regulated utility segment in a range of $1.70 per share to $1.76 per share and projected fiscal year 2013 non-GAAP operating earnings from our non-utility business segments in a range of $0.67 per share to $0.73 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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