Long-Term Supply Presented To: Wyoming Pipeline Authority Municipal Gas Authority of Georgia City of Hamilton, Ohio

-2- Presentation Outline  Who Are We?  Why Are We Here?  What Are We Looking For?  How Do We Proceed?

-3- Who Are We? Purchasers of natural gas for residential, commercial, industrial and power generation consumers. City of Hamilton, Ohio and Municipal Gas Authority of Georgia

-4-  Full service city providing natural gas, electricity and water to its citizens  Owns and operates largest municipal gas distribution system in the State of Ohio  Serves approximately 23,000 residential, commercial and industrial customers with peak day requirements of approximately 42,000 Dth  Located near the Lebanon Hub  Has citygate interconnections with Texas Gas Transmission and Texas Eastern  Acquisition of Midwestern Gas Transmission by Northern Border Pipeline offers access to Chicago market center Who Are We? City of Hamilton, Ohio

-5- Who Are We?

-6- Who Are We?  Non-Profit, Tax-Exempt Joint-Action Agency  Formed in 1987 by Georgia Statute Full faith and credit pledge of MembersFull faith and credit pledge of Members  Product of Industry Restructuring Pipelines no longer wholesale supplierPipelines no longer wholesale supplier Economies of scaleEconomies of scale  Mission Statement: To provide municipalities a reliable, economical supply of natural gas and to assist them in developing and growing their gas systems to optimize the benefits of public ownership. Municipal Gas Authority of Georgia

-7- Who Are We?  Number of Members/Partners 83  Retail Customers Served by Members 198,194  Annual Throughput 58,766,000 MMBtu  Peak Day Volumes 275,000 MMBtu  Annual Revenues $200 Million  Total Assets $918 Million  Ratings: Moody’sA1Moody’sA1 Fitch IBCAA+Fitch IBCAA+ Standard & PoorsAStandard & PoorsA Municipal Gas Authority of Georgia

-8- Who Are We?

-9- Why Are We Here?  Wyoming Supplies Are A Good Fit Long-life reservesLong-life reserves Growing production over the next several yearsGrowing production over the next several years  Long-Term Reliable Gas Supplies Hamilton, OH annual requirements of 3.5 Bcf; 23,000 customersHamilton, OH annual requirements of 3.5 Bcf; 23,000 customers Gas Authority annual requirements of 60 Bcf; 200,000 customersGas Authority annual requirements of 60 Bcf; 200,000 customers In the business for the long haul!In the business for the long haul!

-10- Why Are We Here?  Over 12 transactionsOver 12 transactions Over $1.2 BillionOver $1.2 Billion  Secured Prepayment Structure Year Term10-12 Year Term Fixed or Seasonally Adjusted VolumesFixed or Seasonally Adjusted Volumes Swap to Convert Price Back to FloatingSwap to Convert Price Back to Floating SecuritySecurity  AA rated or better surety bond (not available)  AA rated or better corporate guarantee (not available)  Proved, developed and producing properties  Madison Energy Advisors/Ziff Energy Reserve Acquisition StudyMadison Energy Advisors/Ziff Energy Reserve Acquisition Study Coalbed Methane Reserve Acquisition (working interest ownership)Coalbed Methane Reserve Acquisition (working interest ownership) Secured Prepayment to Reserve Acquisition

-11- Why Are We Here?  Interested in Partnering with Producers Looking to monitize a portion of existing assetsLooking to monitize a portion of existing assets Looking to acquire new reservesLooking to acquire new reserves  Our Preferences in a Partner Operates reservesOperates reserves Retains significant working interest in properties, handles accountingRetains significant working interest in properties, handles accounting Interested in enhancing productionInterested in enhancing production Interested in retaining all liquidsInterested in retaining all liquids  Our Strength as a Partner Interested mainly in less risky reserves with more assured production levels (PDP) and lower decline curvesInterested mainly in less risky reserves with more assured production levels (PDP) and lower decline curves Strong creditStrong credit Lower cost of capitalLower cost of capital Partnering

-12- What Are We Looking For?  Volumes Hamilton, OhioHamilton, Ohio  10,000 Mcf/day Gas AuthorityGas Authority  30,000 – 50,000 Mcf/day Potential for growth through partnering with other agencies and municipal gas systemsPotential for growth through partnering with other agencies and municipal gas systems  Structures Secured prepaymentSecured prepayment Preferential ORRIPreferential ORRI Working interestWorking interest

-13- How Do We Proceed?  Contact: A. Scott Rothey (Hamilton, OH) Principal A. Scott Rothey and Associates, LLC (419) Arthur Corbin, President and Chief Executive Officer Mike Frey, Vice President, Gas Supply and Operations Municipal Gas Authority of Georgia (770)  Conference call/meetings to discuss in more detail and explore common interests explore common interests