Summary ratios for the week of July 17

(P/E ratios based on annualizing the March quarter, unless otherwise noted)

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Atlas Pipeline (AHD)

$506

see above note

-27.7

-96.0

17%

natural gas gathering systems partnerships

Post-IPO shrs: 21mm

NewPage Holding NWP

$915

0.5

-5

0.5

2.6

33%

large coated paper manufacturer

Post-IPO shrs: 61mm

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Analysis -- week of July 17

Atlas Pipeline Holdings (AHD)

AHC, C+

natural gas gathering systems partnerships

Post-IPO shrs: 21mm

Moon Township, PA

see note below

IPO Mkt

not an operating company

Cap (mm)

$506

Note:

@$23

Natural gas gathering systems limited partnership interests of NYSE:APL, $510mm market cap

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

Atlas Pipeline (AHD)

$506

see above note

-27.7

-96.0

17%

Distribution policy

. Initial quarterly distribution of $0.24 per unit, or $0.96 per unit on an annualized basis

. 4% on an annualized basis, which may increase based on AHD’s incentive distribution rights

2.0% general partner interest in Atlas, which entitles it to receive 2.0% of the cash distributed by

Atlas; all of the incentive distribution rights in Atlas, which entitle it to receive increasing

percentages, up to a maximum of 48.0%, of any cash distributed by Atlas as it reaches certain

target distribution levels in excess of $0.42 per Atlas unit in any quarter;

Note: The general partner APL pays out at an 8.3% annual rate

AHD is not an operating company

. Owns and controls Atlas Pipeline Partners GP, LLC, the general partner of Atlas Pipeline

Partners, L.P. (NYSE: APL), through which AHD owns certain general partner interests, all the

incentive distribution rights and 1,641,026 common units of Atlas Pipeline Partners, L.P.,

representing 12.6% of the outstanding common units of Atlas Pipeline Partners, L.P.

. AHD does not have any other assets

Parental lineage

Overall parent

. Atlas America Inc. (ATLS), $810 mm market cap

. ATLS is engaged in the development, production, and transportation of natural gas and oil in

western New York, eastern Ohio, western Pennsylvania, and Tennessee.

Immediate ‘parent’

Atlas Pipeline Partners (NYSE: APL) $510mm market cap

. APL transports natural gas from it wells to interstate pipelines and end users, as well as operates

a natural gas processing facility.

Use of $79.2mm in IPO proceeds

Substantially all of the net proceeds to overall parent Atlas America, NYSE:ADH

NewPage Holding

NWP, C, 5

large coated paper manufacturer

Post-IPO shrs: 61mm

Dayton, OH

Leveraged buyout

Mar 31 qtr

IPO Mkt

Revenue ($mm)

Proforma for March quarter

$507

Cap (mm)

Gross profit %

8.5%

$915

Net income ($mm)

-50.0

@$15

Pre-tax interest (($mm)

28.0

Net income %

-9.9%

VALUATION RATIOS

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

Cap (mm)

Sales

Earnings

BookValue

TangibleBV

in IPO

NewPage Holding NWP

$915

0.5

-5

0.5

2.6

33%

SCORECARD

Mgt

Market

Market Do-

Proprie-

Total

1-5, 5 is high

Growth

mination

tary

rating

20 is perfect

1

1

2

1

5

Comments: One of the lowest gross profit margins we have seen, which is in spite of recent price

increases. Notice that interest payments account for half of the loss.

Dividend policy

Annual rate of 3% of IPO price per share

Business

. NWP believes that it is the largest coated paper manufacturer in North America, based on

production capacity.

. Operates four integrated pulp and paper mills in Kentucky, Maine, Maryland and Michigan

which, together with our distribution centers, are strategically located near attractive end-use

markets, such as New York, Chicago and Atlanta.

. NWP mills have a total annual production capacity of approximately 2.2 million short tons of

coated paper and approximately 200,000 short tons of market pulp.

The leveraged buy-out

On January 14, 2005, Escanaba Timber LLC, or Escanaba Timber, which prior to the Offering

Transactions was NWP’s direct parent, and MeadWestvaco entered into an equity and asset

purchase agreement, referred to as the "purchase agreement," pursuant to which NewPage

Corporation and its subsidiaries acquired the coated and carbonless papers group of MeadWestvaco

. NewPage Corporation and its subsidiaries paid approximately $2.06 billion for MeadWestvaco’s

Coated and Carbonless Papers Group, excluding fees and expenses, of which $1.96 billion was

paid in cash and $100 million was paid in the form of the Floating rate senior PIK Notes

. See Sources & Uses below

Sponsor

Founded in 1992, Cerberus comprises one of the largest private investment firms in the world with

in excess of $18 billion of capital under management. Cerberus invests in divestitures,

turnarounds, recapitalizations, financial restructurings, public-to-privates and management

buyouts in a variety of sectors. Some of Cerberus’ past investments in the wood products or

manufacturing industries include: BlueLinx, formerly Georgia Pacific’s building products

distribution division; Formica Corporation, a producer of decorative surfacing; and Peguform

Group, a manufacturer of plastic parts for the automotive industry

Products

. Coated paper is used primarily in media and marketing applications, including corporate annual

reports, high-end advertising brochures, magazines, catalogs and direct mail advertising.

. NWP’s largest product category is coated freesheet paper, which is used primarily for higher-end

applications such as annual reports, brochures, coated labels and magazine covers.

. The remainder of NWP’s coated paper is coated groundwood paper, which is used primarily for

catalogs, magazines and textbooks.

. NWP also produces uncoated paper, digital printing paper and market pulp, a component used in

the manufacturing of paper.

Customers

. NWP has long-standing relationships with many leading publishers, commercial printers,

specialty retail merchandisers and paper merchants.

. Key customers include: Hearst Publications, McGraw-Hill Companies, Pearson Education and

Time, in publishing; Banta Corporation, QuadGraphics, QuebecorWorld and RR Donnelley, in

commercial printing; Williams-Sonoma, in specialty retailing; and xpedx and Unisource

Worldwide, which are paper merchants.

Pricing trends

. Since mid-2004, coated paper pricing in the U.S. has strengthened. NWP’s weighted average

coated paper prices rose from $797 per ton in 2004 to $872 per ton in 2005, an increase of 9%.

. During the first quarter of 2006, NWP announced a further $50 per ton price increase on most

coated paper grades. As a result, NWP’s weighted average coated paper prices rose further to $886

per ton during the first quarter of 2006.

. NWP announced an additional price increase in early June 2006, which is expected to begin to

take effect in the third quarter of 2006.

Competition

In North America, competes with both local coated paper production and imports from non-North

American sources, principally from Europe and Asia.

. Primary competitors with North American coated paper manufacturing operations are

International Paper Company, Sappi Limited, Stora Enso Oyj and UPM-Kymmene Corporation.

Import trends

. Since 2004, imports of coated paper have been rising at a slower pace than from 2000 through

2003. NWP believes that this is largely due to an increase in demand in the Asian markets and a

slowdown of European supply growth combined with an increase in demand in the European

markets and less favorable exchange rates for European producers.

. For 2005, imports into the United States were down slightly from 2004 primarily as a result of

strikes in Finland and at the Miramichi mill in Canada and slightly lower demand.

. NWP believes that North American coated paper imports will continue to increase

China

. New capacity that is expected to be brought online in China over the next few years is expected

to be used primarily to satisfy Asian demand. However, if this capacity is not used to primarily

satisfy Asian demand, imports into North American could further increase.

Sources & uses of overall proceeds

Sources ($mm): $1,297

. Common stock proceeds: $300

. New term loan senior secured credit facility: $750

. New revolving senior secured credit facility: $22

. Hydroelectric generating facility sale proceeds: $144

. Carbonless paper business sale proceeds: $81

Uses: $1,297

. Note repayment: $1,208

. Partial stock repurchase: $60

. Fees & expenses: $29

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