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EV Energy Partners Announces Over $200 Million in Acquisitions, Second Quarter 2008 Results, Anticipated Distribution Increase and Updated Guidance

Posted on: Tuesday, 12 August 2008, 00:00 CDT

EV Energy Partners, L.P. (Nasdaq:EVEP) today announced that it had entered into agreements to acquire natural gas and oil properties for $202.7 million. EVEP also announced results for the second quarter 2008 and filed its Form 10-Q with the Securities and Exchange Commission. In addition, EVEP announced an anticipated distribution increase to $0.75 per common unit for the third quarter of 2008, payable during the fourth quarter of 2008, and provided updated guidance for the second half of 2008.

Acquisitions

EVEP has entered into four agreements to acquire natural gas and oil properties in the San Juan Basin, Mid-Continent (Oklahoma, Texas Panhandle and Kansas), Eastland County, Texas and West Virginia for $202.7 million. The acquisitions, which have been approved by the Board of Directors, are expected to close between the end of August and mid-September, and are subject to customary closing conditions and purchase price adjustments. The San Juan Basin assets are being acquired from institutional partnerships managed by EnerVest, Ltd., the West Virginia assets are being acquired from EnerVest, Ltd. and the Mid-Continent assets are being acquired from an EnCap sponsored company.

The properties to be acquired include:

-- Over 440 producing wells

-- Estimated proved reserves (based on recent strip prices) of approximately 88 Bcfe

-- 58% natural gas, 18% oil and 24% natural gas liquids

-- 94% proved developed producing

-- High operating percentage and working/net revenue interests

-- Reserves-to-production ratio of 18.7 years

-- Current net daily production of approximately 12,900 Mcfe per day

San Juan Mid-Continent ------------- ------------- Purchase Price ($mm) 142.1 38.8 Producing Wells 170 128 Proved Reserves (Bcfe) (1) 65.5 13.7 Proved Developed Producing % 95% 100% Natural Gas / Oil / NGL % 58 / 10 / 32 78 / 22 / 0 Percentage Operated 84% 100% Average Working Interest 77% 67% Current Production (Mcfe per day) 9,100 2,800 Reserves-to-Production Ratio 19.7 13.7 Eastland Co. West Virginia ------------ ------------- Purchase Price ($mm) 16.0 5.8 Producing Wells 58 86 Proved Reserves (Bcfe) (1) 6.5 2.3 Proved Developed Producing % 72% 99% Natural Gas / Oil / NGL % 2 / 90 / 8 100 / 0 / 0 Percentage Operated 100% 75% Average Working Interest 100% 84% Current Production (Mcfe per day) 600 390 Reserves-to-Production Ratio 29.7 16.2 (1) Based on recent strip prices.

EVEP plans to initially finance the acquisitions with borrowings under its amended and restated credit facility. EVEP has agreed with EnerVest that it will receive its share of the net proceeds, estimated to be approximately $35 million, in EVEP common units based on the volume weighted average price of the common units from August 7th through August 14th (the three trading days prior to and after today's announcement). However, in order to receive common units, EnerVest must receive the consent of the investors in its institutional partnerships. If EnerVest does not receive the consent, only approximately $5 million of the estimated proceeds to EnerVest will be paid in common units, and the balance will be paid in cash.

John B. Walker, Chairman and CEO, stated, "We are very pleased with our ongoing ability to find attractive, synergistic acquisitions which, combined with our continued strong cash flow generation, has enabled us to provide our unit holders with significant unit distribution growth. After the closing of these acquisitions, EnerVest, its employees, EVEP management and its directors will have purchased units or received units in transactions approaching $50 million year-to-date. We believe in the long-term growth prospects for EVEP."

For the fourth quarter of 2008, EVEP expects the following for the properties to be acquired:

Net Daily Production: Natural gas (Mcf) 7,650 - 8,100 Crude oil (Bbls) 320 - 340 Natural gas liquids (Bbls) 450 - 490 Total (Mcfe) 12,330 - 13,080 Price Differentials vs. NYMEX: Natural gas (% of NYMEX Natural Gas) 85% - 88% Crude oil (% of NYMEX Crude Oil) 93% - 97% Natural gas liquids (% of NYMEX Crude Oil) 50% - 60% Lease operating expenses ($thous) 2,000 - 2,350 Production and other taxes (% of oil, gas and ngl revenues) 10.2% - 10.6% Incremental general & administrative expense ($thous) 380 - 460

EVEP plans to hedge a significant part of the expected proved developed producing production from the acquisitions through 2012 prior to closing of the acquisitions and, to date, has entered into the following additional NYMEX oil and natural gas price swaps:

Volume Swap Price Volume Swap Price Bbl / day $ per Bbl Mcf / day $ per Mcf --------- ---------- --------- ---------- Sept - Dec 2008: 640 $125.04 2009 650 $123.09 3,000 $9.08 2010 575 $122.72 3,000 $9.13 2011 330 $114.30 1,500 $8.93 2012 310 $113.85 1,500 $8.69

EVEP's total commodity price hedge positions, after taking into account the new hedges detailed above, are presented in the Hedge Summary Table at the end of this release.

Second Quarter 2008 Results

Adjusted EBITDA for the quarter was $30.6 million, a 124% increase over the second quarter of 2007 and a 6% increase over the first quarter of 2008. Distributable Cash Flow for the quarter was $18.4 million, a 117% increase over the second quarter of 2007 and an 18% increase over the first quarter of 2008. Adjusted EBITDA and Distributable Cash Flow are described in the attached table under "Non-GAAP Measures".

EVEP reported a net loss of $99.5 million, or ($6.51) per basic and diluted weighted average unit outstanding, for the second quarter of 2008. Included in this loss were $118.1 million of non-cash net unrealized losses on commodity derivatives, and $0.8 million of non-cash unit based compensation costs contained in general and administrative expenses. For the second quarter of 2007, net income was $12.0 million, or $0.93 per basic and diluted weighted average unit outstanding, which included $3.4 million of non-cash net unrealized gains on commodity derivatives and $0.3 million of non-cash costs contained in general and administrative expenses. For the first quarter of 2008, net loss was $24.7 million, or ($1.61) per basic and diluted weighted average unit outstanding, which included $40.3 million of non-cash net unrealized losses on commodity derivatives and $0.5 million of non-cash costs contained in general and administrative expenses.

The $118.1 million non-cash net unrealized loss on derivatives for the second quarter of 2008 was due to the significant increase in future oil and natural gas prices that occurred from March 31, 2008 to June 30, 2008 and the effect of such increased prices on EVEP's commodity price hedges which extend through 2012. However, since June 30, 2008, energy commodity prices have declined. If oil and natural gas futures prices as of August 8, 2008 had been utilized, EVEP would have recorded a non-cash unrealized gain of approximately $8.7 million for the second quarter of 2008.

For the quarter ended June 30, 2008, EVEP produced 3.403 Bcf of natural gas, 97 MBbls of crude oil and 135 MBbls of natural gas liquids, or 4.80 Bcfe. This is a 104% increase over second quarter 2007 production of 2.35 Bcfe, primarily due to acquisitions made throughout 2007. Production decreased by 2% from the first quarter 2008 production of 4.91 Bcfe, primarily due to pipeline curtailments experienced in the Monroe field for part of the second quarter, which reduced daily production from the Monroe field during the period of curtailment by approximately 35%, or 3.3 mmcf per day. For the quarter, this affected production by approximately 0.17 Bcfe. These curtailments are currently expected to continue into the fourth quarter of 2008. However, during any periods of significant curtailment, EVEP is contractually entitled to receive payment from the purchaser for the amount of gas production curtailed, subject to the purchaser recouping such amounts out of a percentage of future production during periods when such production is not curtailed. Without this curtailment, production would have been approximately 4.96 Bcfe, or 54.5 mmcfe per day for the quarter.

Anticipated Distribution Increase

Based on the announced acquisitions and continued strong cash flow generation, management anticipates that it will recommend to the Board of Directors a $0.05 increase in the quarterly distribution rate to $0.75 per unit beginning with the third quarter 2008 distribution, payable during the fourth quarter of 2008, and a further distribution increase for the fourth quarter 2008 distribution.

Updated Guidance

Updated guidance for the third and fourth quarters of 2008 is presented in the table below. This includes the Mid-Continent and Eastland County acquisitions from September 1, 2008 and the San Juan and West Virginia acquisitions from September 8, 2008. This guidance also includes the assumption that pipeline curtailments in the Monroe field of approximately 3.3 mmcf per day, net to EVEP, continue into November 2008. To the extent such curtailments end or decline, EVEP's natural gas production guidance range would increase by such amounts.

3rd Qtr 2008 4th Qtr 2008 ----------------- ----------------- Net Production: Natural Gas (MMcf) 3,300 - 3,650 4,000 - 4,400 Crude Oil (MBbls) 105 - 115 123 - 135 Natural Gas Liquids (MBbls) 135 - 150 170 - 186 Total Mmcfe 4,740 - 5,240 5,758 - 6,326 Average Daily Production (Mmcfe/d) 51.5 - 57.0 62.6 - 68.8 Average Price Differential vs NYMEX Natural Gas (% of NYMEX natural gas) 95% - 98% 94% - 97% Crude Oil (% of NYMEX Crude Oil) 96% - 100% 95% - 99% Natural Gas Liquids (% of NYMEX Crude Oil) 55% - 60% 54% - 60% Transportation Margin (a) 470 - 530 470 - 530 Expenses: Operating Expenses: LOE and other 10,400 - 11,400 11,650 - 12,800 Production Taxes (as % of revenue) 4.7% - 5.1% 5.6% - 6.0% General and administrative expense (b) 2,900 - 3,200 3,200 - 3,500 Capital Expenditure (c) 11,000 - 13,000 8,500 - 10,000 (a) Represents estimated transportation and marketing-related revenues less cost of purchased natural gas. (b) Excludes non-cash general and administrative expense, of which non-cash unit based compensation is a part. (c) Represents estimates for drilling and related capital expenditures. Does not include any amounts for acquisitions of oil and gas properties.

Quarterly Report on Form 10-Q

EVEP's financial statements and related footnotes are available on our second quarter 2008 Form 10-Q, which was filed today and is available through the Investor Relations/SEC Filings section of the EVEP web site at http://www.evenergypartners.com.

Conference Call

As announced on August 6, 2008, EV Energy Partners, L.P. will host an investor conference call Tuesday, August 12, 2008, at 9:00am (Eastern Time). Investors interested in participating in the call may dial 303-262-2130 and ask for the EV Energy Partners call at least 5 minutes prior to the start time, or may listen live over the internet through the Investor Relations section of the EVEP web site at http://www.evenergypartners.com .

EV Energy Partners, L.P., is a master limited partnership engaged in acquiring, producing and developing oil and gas properties. More information about EVEP is available on the internet at http://www.evenergypartners.com .

(code #: EVEP/G)

This press release may include "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by EVEP based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of EVEP, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to financial performance and results, availability of sufficient cash flow to pay distributions and execute our business plan, prices and demand for natural gas and oil, our ability to replace reserves and efficiently develop our current reserves and other important factors that could cause actual results to differ materially from those projected as described in the EVEP's reports filed with the Securities and Exchange Commission.

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions at oil and gas prices in effect at the time of the estimate, without future escalation. We include in this press release an estimate of net proved reserves using strip prices, rather than prices at the time of the estimate, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 10-K, available from us at www.evenergypartners.com or from the SEC at www.sec.gov.

Any forward-looking statement speaks only as of the date on which such statement is made and EVEP undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

Operating Statistics Three Months Ended Six Months Ended June 30, June 30, ------------------ ---------------- 2008 2007 2008 2007 ---------- ------ --------- ------ Production data: Oil (MBbls) 97 32 190 63 Natural gas liquids (MBbls) 135 3 259 3 Natural gas (MMcf) 3,403 2,143 7,020 3,301 ---------- ------ --------- ------ Net production (MMcfe) 4,797 2,352 9,712 3,698 Average sales price per unit (1): Oil (Bbl) $121.72 $60.93 $108.97 $57.77 Natural gas liquids (Bbl) 67.57 40.87 64.26 40.87 Natural gas (Mcf) 10.63 7.34 9.16 7.29 Average unit cost per Mcfe: Production costs: Lease operating expenses $ 1.99 $ 1.79 $ 1.93 $ 1.76 Production taxes 0.54 0.20 0.48 0.23 ---------- ------ --------- ------ Total 2.53 1.99 2.41 1.99 Depreciation, depletion and amortization 1.63 1.49 1.68 1.50 General and administrative expense 0.74 0.91 0.72 1.01 (1) Prior to ($12.2) and $1.8 million of net hedge (losses) gains for the three months ended June 30, 2008 and June 30, 2007, respectively, and prior to ($14.4) and $4.0 million of net realized hedge (losses) gains for the six months ended June 30, 2008 and June 30, 2007, respectively.

Balance Sheet (in $ thousands) June 30, 2008 December 31, 2007 ------------- ----------------- ASSETS Current assets: Cash and cash equivalents $ 14,507 $ 10,220 Accounts receivable: Oil, natural gas and natural gas liquids revenues 27,806 18,658 Related party 13,611 3,656 Other 12 15 Derivative asset - 1,762 Prepaid expenses and other current assets 294 594 ------------- ----------------- Total current assets 56,230 34,905 Oil and natural gas properties, net of accumulated depreciation, depletion and amortization; June 30, 2008, $47,056; December 31, 2007, $30,724 586,546 570,398 Other property, net of accumulated depreciation and amortization; June 30, 2008, $262; December 31, 2007, $239 201 225 Other assets 1,999 2,013 ------------- ----------------- Total assets $644,976 $607,541 ============= ================= LIABILITIES AND OWNERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 15,678 $ 12,113 Deferred revenues 2,517 1,122 Derivative liability 77,821 5,232 ------------- ----------------- Total current liabilities 96,016 18,467 ------------- ----------------- Asset retirement obligations 21,078 19,463 Long-term debt 287,000 270,000 Share-based compensation liability 1,506 1,507 Long-term derivative liability 99,811 15,074 Commitments and contingencies Owners' equity: Common unitholders 172,943 282,676 Subordinated unitholders (34,482) (5,488) General partner interest 169 4,245 Accumulated other comprehensive income 935 1,597 ------------- ----------------- Total owners' equity 139,565 283,030 ------------- ----------------- Total liabilities and owners' equity $644,976 $607,541 ============= =================

Results of Operations (in $ thousands, except per unit data) Three Months Ended Six Months Ended June 30, June 30, -------------------- --------------------- 2008 2007 2008 2007 ----------- -------- ------------ -------- Revenues: Oil, natural gas and natural gas liquids revenues $ 57,136 $17,791 $ 101,664 $27,831 Gain on derivatives, net 604 947 662 1,694 Transportation and marketing-related revenues 3,309 4,400 6,480 5,620 ----------- -------- ------------ -------- Total revenues 61,049 23,138 108,806 35,145 ----------- -------- ------------ -------- Operating costs and expenses: Lease operating expenses 9,552 4,215 18,714 6,521 Cost of purchased natural gas 2,803 3,777 5,415 4,886 Production taxes 2,606 479 4,628 852 Asset retirement obligations accretion expense 308 123 606 214 Depreciation, depletion and amortization 7,811 3,504 16,355 5,536 General and administrative expenses 3,571 2,129 7,024 3,731 ----------- -------- ------------ -------- Total operating costs and expenses 26,651 14,227 52,742 21,740 ----------- -------- ------------ -------- Operating income 34,398 8,911 56,064 13,405 Other (expense) income, net: Interest expense (3,069) (1,380) (6,827) (2,323) (Loss) gain on mark-to- market derivatives, net (130,889) 4,245 (173,465) (2,000) Other income, net 94 181 162 273 ----------- -------- ------------ -------- Total other (expense) income, net (133,864) 3,046 (180,130) (4,050) ----------- -------- ------------ -------- (Loss) income before income taxes (99,466) 11,957 (124,066) 9,355 Income taxes (58) - (130) - ----------- -------- ------------ -------- Net (loss) income ($ 99,524) $11,957 ($ 124,196) $ 9,355 =========== ======== ============ ======== General partner's interest in net (loss) income ($ 1,991) $ 239 ($ 2,484) $ 187 =========== ======== ============ ======== Limited partners' interest in net (loss) income ($ 97,533) $11,718 ($ 121,712) $ 9,168 =========== ======== ============ ======== Net (loss) income per limited partner unit: Common units (basic and diluted) ($ 6.51) $ 0.93 ($ 8.13) $ 0.84 Subordinated units (basic and diluted) ($ 6.51) $ 0.93 ($ 8.13) $ 0.84 Weighted average limited partner units outstanding: Common units (basic and diluted) 11,882 9,554 11,879 7,756 Subordinated units (basic and diluted) 3,100 3,100 3,100 3,100

Statement of Cash Flows (in $ thousands) Six Months ended Six Months ended June 30, 2008 June 30, 2007 ---------------- ---------------- Cash flows from operating activities: Net (loss) income ($124,196) $ 9,355 Adjustments to reconcile net (loss) income to net cash flows provided by operating activities: Asset retirement obligations accretion expense 606 214 Depreciation, depletion and amortization 16,355 5,536 Share-based compensation cost 1,261 498 Amortization of deferred loan costs 144 57 Unrealized loss on derivatives, net 158,425 4,304 Changes in operating assets and liabilities: Accounts receivable (19,099) 353 Prepaid expenses and other current assets 300 462 Other Assets (5) (285) Accounts payable and accrued liabilities 3,183 575 Deferred revenues 1,395 - ---------------- ---------------- Net cash flows provided by operating activities 38,369 21,069 ---------------- ---------------- Cash flows from investing activities: Acquisitions of oil and natural gas properties (17,491) (258,935) Development of oil and natural gas properties (13,597) (3,111) ---------------- ---------------- Net cash flows used in investing activities (31,088) (262,046) ---------------- ---------------- Cash flows from financing activities: Debt borrowings 17,000 243,350 Repayment of debt borrowings - (196,350) Deferred loan costs (125) (153) Proceeds from private equity offering - 220,000 Offering costs - (131) Distributions paid (19,869) (8,512) Distributions related to acquisitions - (5,801) ---------------- ---------------- Net cash flows (used in) provided by financing activities (2,994) 252,403 ---------------- ---------------- Increase in cash and cash equivalents 4,287 11,426 Cash and cash equivalents - beginning of period 10,220 1,875 ---------------- ---------------- Cash and cash equivalents - end of period $ 14,507 $ 13,301 ================ ================

Non GAAP Measures

We define Adjusted EBITDA as net income (loss) plus interest expense (income), depreciation, depletion and amortization, accretion of asset retirement obligation, unrealized loss (gain) on derivatives, non-cash compensation and other expense, write-off of deferred financing costs, income tax provision, exploration expense and dry hole cost and impairment of unproved properties. Distributable Cash flow is defined as Adjusted EBITDA less interest expense, net, income taxes and estimated maintenance capital expenditures.

Adjusted EBITDA and Distributable Cash Flow are used by our management to provide additional information and metrics relative to the performance of our business, including (prior to the creation of any reserves) the cash available to pay distributions to our unitholders. These financial measures indicate to investors whether or not we are generating cash flow at a level that can sustain or support an increase in our quarterly distribution rates. Adjusted EBITDA and Distributable Cash Flow are also quantitative standards used throughout the investment community with respect to performance of publicly-traded partnerships. Adjusted EBITDA and Distributable Cash Flow should not be considered as alternatives to net income, operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA and Distributable Cash Flow exclude some, but not all, items that effect net income and operating income and these measures may vary among companies. Therefore, our Adjusted EBITDA and Distributable Cash Flow may not be comparable to similarly titled measures of other companies.

Reconciliation of Net Loss to Adjusted EBITDA and Distributable Cash Flow (in $ thousands) Three Months Ended Six Months Ended June 30, June 30, ------------------- ------------------- 2008 2007 2008 2007 ---------- -------- ----------- ------- Net (loss) income ($ 99,524) $11,957 ($ 124,196) $ 9,355 Add: Income taxes 58 - 130 - Interest expense, net 2,989 1,170 6,678 2,048 Depreciation, depletion and amortization 7,811 3,504 16,355 5,536 Asset retirement obligation accretion expense 308 123 606 214 Non-cash losses (gains) on commodity derivatives 118,131 (3,391) 158,425 4,304 Non-cash unit based compensation expense 786 302 1,261 498 ---------- -------- ----------- ------- Adjusted EBITDA 30,559 13,665 59,259 21,955 Less: Interest expense, net 2,989 1,170 6,678 2,048 Income taxes 58 - 130 - Estimated maintenance capital expenditures (1) 9,115 4,000 18,455 6,300 ---------- -------- ----------- ------- Distributable Cash Flow 18,397 8,495 33,996 13,607 (1) Estimated maintenance capital expenditures are those expenditures estimated to be necessary to maintain the production levels of our oil and gas properties over the long term and the operating capacity of our other assets over the long term.

Hedge Summary Table (as of 08/11/2008) Swap Swap Collar Collar Collar Volume Price Volume Floor Ceiling ---------- -------- ------ ------- ------- (Mmmbtu/Mbbls) (Mmmbtu/Mbbls) Natural Gas: 3rd Qtr 2008 Dominion Appalachia 598 $ 9.07 El Paso Permian 276 $ 7.23 Houston Ship Channel 486 $ 8.16 MichCon Citygate 322 $ 8.16 184 $ 8.00 $ 9.55 NYMEX 368 $ 8.85 92 $ 7.50 $ 9.65 NYMEX 184 $ 7.50 $ 9.70 NYMEX 184 $ 8.00 $ 11.30 NYMEX 92 $ 7.50 $ 9.85 4th Qtr 2008 Dominion Appalachia 598 $ 9.07 El Paso Permian 276 $ 7.23 Houston Ship Channel 472 $ 8.16 MichCon Citygate 322 $ 8.16 184 $ 8.00 $ 9.55 NYMEX 368 $ 8.85 92 $ 7.50 $ 9.65 NYMEX 184 $ 7.50 $ 9.70 NYMEX 184 $ 8.00 $ 11.30 NYMEX 92 $ 7.50 $ 9.85 2009 Dominion Appalachia 1,606 $ 8.79 El Paso Permian 913 $ 7.93 Houston Ship Channel 1,577 $ 8.29 MichCon Citygate 1,825 $ 8.27 NYMEX 2,738 $ 8.43 NYMEX 365 $ 7.50 $ 8.80 NYMEX 1,460 $ 7.75 $ 9.15 NYMEX 730 $ 8.00 $ 10.55 2010 Dominion Appalachia 2,044 $ 8.65 El Paso Permian 913 $ 7.68 Houston Ship Channel 1,278 $ 7.25 $ 9.55 MichCon Citygate 1,825 $ 8.34 NYMEX 3,833 $ 8.64 NYMEX 548 $ 7.50 $ 10.00 2011 Dominion Appalachia 913 $ 8.69 1,095 $ 9.00 $ 12.15 El Paso Permian 913 $ 9.30 Houston Ship Channel 1,278 $ 8.25 $ 11.65 MichCon Citygate 1,643 $ 8.70 $ 11.85 NYMEX 3,468 $ 8.95 2012 Dominion Appalachia 1,830 $ 8.95 $ 11.45 El Paso Permian 732 $ 9.21 Houston Ship Channel 1,098 $ 8.25 $ 11.10 MichCon Citygate 1,647 $ 8.75 $ 11.05 NYMEX 3,477 $ 9.60 Crude Oil: (NYMEX) 3rd Qtr 2008 144.1 $ 82.75 11.5 $ 62.00 $ 73.95 4th Qtr 2008 182.9 $ 91.98 11.5 $ 62.00 $ 73.95 2009 649.9 $ 93.10 45.6 $ 62.00 $ 73.90 2010 629.6 $ 90.84 2011 175.2 $109.38 401.5 $110.00 $166.45 2012 168.4 $108.76 366.0 $110.00 $170.85 Interest Rate Swap Agreements: Notional Fixed Floating Amount Rate Rate ----------- --------- ------------- (in $ mill) July 2008 - June 2012 $200 4.163% 1 month LIBOR

Source: Business Wire

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