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Executives

Brian Begley – VP, IR

Ed Cohen – CEO and President

Matt Jones – President, SVP and COO

Sean McGrath – CFO

Daniel Herz – SVP-Corporate Development and Strategy

Analysts

Lee Cooperman – Omega Advisors

Sharon Lui – Wells Fargo

Wayne Cooperman – Cobalt Capital

Craig Shere – Tuohy Brothers Investment

Atlas Energy, L.P. (ATLS) Business Update Call October 17, 2011 2:00 PM ET

Operator

Good day, ladies and gentlemen, and welcome to the Atlas Energy to Form a New ENP Master Limited Partnership Named Atlas Resource Partners, L.P. My name is Jonathan, and I’m your operator for today. (Operator Instructions) We will be conducting a question-and-answer session after the prepared remarks. (Operator Instructions) And, as a reminder, this conference call is being recorded for replay purposes.

I’d now like to hand the call off to Mr. Brian Begley, Head of Investor Relations. You may begin, sir.

Brian Begley

Thanks, and good afternoon, everyone. And thank you for joining us for today’s call to discuss the formation of our new E&P MLP, Atlas Resource Partners. As we get started, I’d like to remind everyone that during this conference call, we’ll make certain forward-looking statements, and in this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contains words such as expects, anticipates and similar words or phrases.

Forward-looking statements, by their nature, address matters that are uncertain and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in the forward-looking statements.

We normally discuss these risks in our quarterly reports on Form 10-Q and our Annual Report, also on Form 10-K, particularly in Item 1. I’d also like to caution you not to place undue reliance on these forward-looking statements, which reflects management’s analysis only as of the date hereof. The company undertakes no obligations to publicly update our forward-looking statement or to publicly release the results of any revisions to forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

In addition, in connection with the planned distribution of common units of our newly formed E&P MLP, named Atlas Resource Partners, L.P., Atlas Resource Partners filed a registration statement on Form 10 with the SEC earlier today. This registration statement will contain important information about Atlas Resource Partners and the planned distribution, including a discussion of risks and uncertainties. When the Form 10 is declared effective, we suggest that you read it very carefully.

And with that, I would like to turn the call over to our Chief Executive Officer, Ed Cohen, for his remarks.

Ed Cohen

Hello, everyone. This is really a great day for us, not only because it marks eight months since the completion of our transaction with Chevron. As you know, we’re always striving to be among the first to discern new opportunities, and then to exploit them. And so Atlas Energy is forming a new entity, Atlas Resource Partners, a master limited partnership, which is expected to trade on the New York Stock Exchange.

Now the opportunity is this: As a result of the present heated, cash-consuming and costly competition to develop unconventional oil and gas plays, an effort to be sure in which we have been an early pioneer, companies struggling to pursue these costly projects are often amenable to selling production into acreage in conventional plays on terms extremely attractive to buyers.

But with everyone fixated on developing unconventional gas, there are relatively few purchasers for these undervalued conventional assets. Atlas Energy to the rescue. We would like to exploit this opportunity. But we’ve lacked a vehicle through which to do so in a manner compatible with our overriding principle of not diluting our existing shareholders because Atlas Energy and we offer refer to it as ATLS, our New York Stock Exchange symbol because Atlas Energy holds valuable midstream assets, especially so-called incentive distribution rights, IDRs, in our midstream transportation and processing subsidiary, Atlas Pipeline Partners. We have decided to create a separate currency, which will better enable us to significantly expand cash flows from our upstream E&P natural gas and oil production assets through strategic acquisitions and organic development. But without diluting ATLS’ ownership in its other interests.

To preserve the full value of our midstream assets and to obtain a multitude of other advantages, which we’ll discuss shortly, we are creating a new exploration and production; that is, E&P master limited partnership named Atlas Resource Partners, L.P., which will hold substantial all the natural gas and oil development in production assets. And also the partnership management business, currently held by ATLS.

ATLS intends to take Atlas Resource Partners public by distributing to its ATLS unit holders an approximately 19.6% limited partner interest in Atlas Resources. ATLS has filed the registration statement on Form 10 with the Securities and Exchange Commission that contains detailed information about the planned distribution and about Atlas Resource Partners as a separate entity.

Immediately after the distribution of the limited partner interest in the new Atlas Resource Partners, ATLS will continue to hold an approximately 80.4% interest in Atlas Resource Partners. And ATLS will retain all of its existing interest in the midstream operations of APL, including our IDRs relating to APL.

ATLS will also own the general partner of the new entity, Atlas Resource Partners, and all the incentive distribution rights in Atlas Resource Partners which, with ATLS’ general partnership interest, will progress to a maximum split level of 50%.

The ownership of the incentive distribution rights should become increasingly more valuable, when and as the limited partner distributions of Atlas Resource Partners increase in the future. In addition, ATLS also will retain 18% of the general partner interest in Lightfoot Capital Partners LP, a successful entity established some years ago to incubate new MLPs, and invest in existing MLPs.

I should point out that currently, ATLS has no outstanding debt, and has an un-drawn revolving credit facility of $160 million, and additional large amounts of free cash in our coffers. This transaction carries a number of significant advantages for both ATLS and Atlas Resource Partners. Most importantly, as I indicated, we will create a separate currency, denominated in

Atlas Resource Partner units, enabling Atlas Resource Partners to significantly expand cash flows from its natural oil and gas production assets through strategic acquisitions and organic development, but without diluting ATLS’ ownership in ATLS’ other interests.

In addition, it’s anticipated that the transaction will provide better transparency, as cash flows will be more easily identifiable and evaluated in ATLS and in Atlas Resource, respectively. On a pro forma basis, Atlas Resource Partners will have ample liquidity. It, too, will have no outstanding net debt, establishing a strong foundation, we think, from which to grow its operations and cash flows.

This foundation will include the following resources, which ATLS will be transferring to Atlas Resources partners: First, ATLS’ proved reserves and acreage, located in Appalachia, the Niobrara formation in Colorado, the New Albany Shale in Indiana, the Antrim Shale in Michigan and the Chattanooga Shale in Tennessee.

Furthermore, ATLS will transfer ALTS’ interest in approximately 8,500-producing natural gas and oil properties in those areas. And finally, we’ll be transferring ATLS’ partnership management business and related fee-based income streams.

Now I did confide in you eight months ago, when we launched the new Atlas Energy LP, that our company motto was the exciting and scintillating, more of the same.

We would continue, I promise, to work through vehicles, such as investment partnerships, joint ventures and master limited partnerships, of which we would be the general partner. And we do so not only to provide excellent returns to its shareholders and unit holders and interested parties of these other ventures, but also exceptional benefits to the shareholders of Atlas Energy, who would not have to issue additional stock in order to obtain enhanced capital flows.

More of the same, in the present context, means more vehicles offering IDR participation, hopefully, to the full 50% level. More joint ventures, more direction syndication income and carried interests, more cutting-edge energy development. In this context, although Atlas Resource Partners is a new venture, some of you may feel that, in the immortal words of the great Yogi Berra, we’re seeing déjà vu all over again.

Obviously, Atlas Resource Partners as a free-standing E&P vehicle for Atlas Energy, LP does, in fact, mirror the old Atlas Energy Resources, ATN, which was the independent public E&P vehicle for our predecessor company, Atlas Energy, Inc., which was sold, as I said, eight months ago today, to Chevron.

Of course, prior history is no absolute guide to future performance. But the stock market performance of both of our prior predecessors did bring much joy to many of us.

Now Matt Jones, who was previously head of our and still is until this becomes effective – head of our E&P division, will President of Atlas Resource Partners. And Matt will now share with you some further exciting details of our revolutionary, more-of-the-same approach. Matt?

Matt Jones

Thanks, Ed. And thank you all for joining us on this very exciting day for our company.

We’re unusually well positioned to take advantage of the enormous opportunities that Ed described. Today in our company, we manage approximately 8,500 – that’s eight thousand, five hundred producing oil and gas wells across basins located in Ohio, Pennsylvania, New York, Michigan, Tennessee, Indiana and Colorado.

We’re the largest issuer of energy investment programs in the United States. We have a world-class technical team with vast experience with conventional and unconventional basins and reservoirs. We have an un-levered balance sheet with substantial liquidity and excellent relationships with some of the largest banks in the world, who participate in our credit facility and who recognize that we’re a well-positioned company that’s positioned for success, accretive acquisitions and value-added growth. And if anyone from our bank group is listening, we greatly appreciate your continued support.

With today’s announcements, we’ll now have an equity currency that will allow us to build from this solid foundation. We’ll aggressively pursue accretive growth opportunities with the clear objective of increasing cash flow per unit, while maintaining and enhancing the stability of our cash flow stream. And with great respect from my friend and colleague, Gene Dubay, who has done an outstanding job managing Atlas Pipeline Partners, and positioning the midstream company for excellent growth. And, Gene, I hope you’re listening because I recognize that you’ve set a very high bar to hurdle.

We at Atlas Resource Partners fully expect to challenge you in generating cash flow for the benefit of all of our stakeholders in the upcoming future. Why will this be the case? Because our opportunity is vast, and we have the resources to execute. Our resources include hundreds of experienced operations and production professionals, who manage thousands of producing wells in multiple regions.

We have field offices and extensive drilling and operating experience in various unconventional and conventional plays, which positions us well to exploit the tremendous prevailing market opportunities. Also, within our existing asset base, we could drill substantial acreage positions in Tennessee and Indiana. In Pennsylvania, we control roughly 250 horizontal and vertical Marcellus wells that we believe, in some cases, present potential high-return re-completion opportunities with the application of advanced drilling and completion techniques that exist today but were not available when the wells were initially completed.

In addition, we have 16 Marcellus horizontal wells, located primarily in Fayette County, Pennsylvania, in various stages of completion that will connect to our gathering systems later this year and in the first quarter of next year. These wells were funded through past investment partnership programs and will meaningfully add to our current production in fee-based cash flows.

Our company possesses a uniquely advantaged business model that allows us to raise capital through investment partnership programs. With this advantage, we’ll have the ability to more rapidly expand cash flows generated from strategic acquisitions and organic development. We believe that the investment partnership programs have provided safe and profitable vehicles for our limited partners in these programs and, at the same time, have allowed us to delineate producing oil and gas fields.

We’re currently exploiting developmental drilling opportunities on our substantial acreage position in Tennessee and our farm-in arrangement in the Niobrara basin in Colorado. We’re also drilling 13 Marcellus wells and Upshur County, West Virginia, with a private E&P company with whom we’ve partnered successfully in the past.

In Tennessee, we’re drilling high-BTU natural gas wells that we’re connecting to gathering the processing assets that we own and operate, so we’ll capture all of the available liquids generated. We’re utilizing a different approach to fracking the Tennessee wells than we’ve used in the past. And we’re optimistic that the results will significantly – be significantly superior to those that we’ve achieved in the past.

Our recently expanded technical team was instrumental in devising and implementing this new method. Our expanded technical team is world-class. We were persistent and ultimately successful in our pursuit of land and geology professionals and drilling, completions’ and operations’ engineers, who had deep and broad experience in conventional and unconventional resource plays throughout the country.

Collectively, they have more than 200 years of experience gained at notable energy companies including Shell, Halliburton, EnCana, BJ Services and others. With this team in place, we have the ability to confidently enter any basin in the country. Of course, we’ll now have a currency that will allow us to lever all these resources, enabling Atlas Resource Partners to significantly expanding cash flows from its natural gas-, liquids- and oil-producing assets through strategic acquisition and organic development.

All of us who are dedicated to the success of Atlas Resource are very optimistic about what lies ahead, and are determined to build an enterprise that will once again be coveted by companies like Chevron, and from which our stakeholders will greatly benefit.

Thank you again for taking the time to share in our exciting news. And I’ll turn the call back to our CEO, Ed Cohen.

Ed Cohen

And now, I think, we’re ready for questions. We have with us a number of other senior officers, so you can make your questions broad and varied. Jonathan, questions?

Question-and-Answer Session

Operator

Yes, sir. (Operator Instructions) And your first question is coming from the line of Lee Cooperman with Omega Advisors. You may proceed, sir.

Lee Cooperman – Omega Advisors

I guess the business purpose is to create a currency that enables you not to dilute the IDRs owned by Atlas, so I won’t ask that question. I assume it’s evident. Why have you selected an MLP structure to operate? Secondly, what is the timetable for this transaction to be effectuated? And, third, you mentioned some of the management overlap. But I’d be curious if you’ve thought through management and board overlap and compensation arrangements?

Because one of the things that has been the case historically is a number of double and triple dipping at various public companies. So I’d be curious, what compensation arrangements of any have been contemplated? So those three questions. And good luck to you, by the way, on the transaction.

Ed Cohen

Thanks very much, Lee. The reason for the MLP form is not only that it’s done very well for us and for our investors, but it alleviates potential, very difficult tax questions that occur when you have a mixture of C corporations and MLPs. The timetable is all-speed ahead. As indicated, we’re hopeful that this will be completed no later than the first quarter of 2012. But it does have to be cleared by the SEC. And those of you who read the newspapers can draw your own conclusions. We’re hopeful, though, that we’ll be able to stick to the timetable.

As far as management and board overlap and those despicable practices that you alluded to, the board has not yet been named, as we made clear in the Form 10. The board will be composed of a good number of totally independent directors, and policies will be set by those directors. We don’t have any understandings at all of any sort concerning any of the issues that you raised.

Operator

Your next question is coming from the line of Sharon Lui with Wells Fargo. You may proceed.

Sharon Lui – Wells Fargo

Maybe if you could just touch on the type of investments you would like to pursue with this new E&P MLP? Is it going to be, I guess, similar to assets that other upstream MLPs look at, like long-lived reserves with minimal development risk?

Ed Cohen

Well our motto is, as I’ve bored you with, is more of the same. So if you look at what we’ve done in the past, we intend to continue doing more of – more of that kind of situation. And I would say that people have observed that the kinds of acquisitions we make, besides sharing the desirable characteristics, relatively favorable price relationship to our other assets, et cetera, et cetera. We usually have some insight or special factor, whether it’s allowance for organic growth that others, perhaps, haven’t noticed; whether it’s a recent improvement in the situation; whether it’s a unusual relationship to our existing assets, which makes for unusual returns.

I’d be disappointed if we lose that skill and we simply do the conventional good deal. We will aim for exceptional returns. But, as always, we’ll be as frightened as any chicken could be at the possibility of downside. So we’ll try to watch the downside, as I think we’ve done in the past. And we’ll try to find exceptional upside. We certainly won’t be negative about things just because others will do them. And we probably will find time to do just the ongoing nice acquisition.

I think you know, though, that we are dedicated to organic growth and that we will grow organically. But the opportunities are really there, as I indicated, with the conventional properties. And so we always seem to be wandering into areas where, initially, others are not necessarily present. And that makes for good situations. So, as I said at the outset, we really hope to exploit the opportunity. And that’s why we’re setting up this MLP.

Sharon Lui – Wells Fargo

Okay. And I guess maybe if you could just touch on, what is the impact on ATLS’ near-term distribution growth prospects? How should we think about, I guess, coverage at both of these entities going forward?

Ed Cohen

I tend to think in my own way. I think that both entities will benefit from this very strongly. Obviously, with the 20% interest that go into our shareholders, there will be an immediate effect on ATLS of 20% of the static situation at ATLS. But initially, at least, it will go to the shareholders. But I think, very quickly, we will find the advantages of the new operation kicking in. And my own way of thinking about this and I would urge others to think about in this way is that it’s a win-win situation; that the MLP being established now, Atlas Resources Partners will do better than it would do otherwise and that ATLS will do better.

However, the important thing is the transparency aspect because you could be doing very well. But if you’re doing it in the dark and no one can understand it or appreciate it, then the shareholders, who probably ultimately are looking for stock market increases in price, will not really be benefited.

Sharon Lui – Wells Fargo

Okay. And I guess my last question is, in terms of the transaction or the distribution, I’m assuming it’s a tax free. Is that for shareholders?

Ed Cohen

Sean? Sean’s here, our CFO.

Sean McGrath

Yes, Sharon. It should be tax free for our shareholders.

Sharon Lui – Wells Fargo

Okay. I guess how are you determining how many units of the new MLP each unit holder will receive?

Ed Cohen

Daniel? Daniel Herz?

Daniel Herz

We’ll determine that number as we become effective, based on the total number of units outstanding at ATLS, relative to the number we distribute.

Operator

Your next question is coming from the line of Wayne Cooperman with Cobalt Capital. You may proceed.

Wayne Cooperman – Cobalt Capital

Hi. I guess two companies wasn’t enough, you got lonely; you needed a third one again, I guess.

Ed Cohen

Well, we like to keep you occupied in your analysis.

Wayne Cooperman – Cobalt Capital

Thanks. First, the partnership business. Is there a particular reason it was included in the new MLP versus being separate? Second, I don’t know if you touched this, what’s the new MLP distribution that you had plan on having? And third, how soon after this deal is done do you guys expect to go out and do an equity offering to replenish your cash balance at this company to have a war chest? Would you expect to do an M&A deal where you could issue currency? Or do you not have any particular plans at this point?

Ed Cohen

The first question is interesting. I guess if we have three companies, our correspondents ask three questions each. So you’re teaching us a lesson. Seriously, though, the partnership direct syndication business is part and parcel of our E&P operation. And I think people have often commented on how we’re able to delineate fields, how helpful the partnership business is, in many regards, in terms of our ability to buy acreage and effectively not be penalized for doing so, all at the same time giving the people who invest as limited partners a tremendous opportunity to also enjoy the situation.

Wayne Cooperman – Cobalt Capital

Haven’t we always found, over the years, that this partnership syndication business just always gets lost in the shuffle and never appreciated when it’s in part of a bigger entity?

Ed Cohen

Well, I hope you’re not suggesting that it be its own entity. But seriously...

Wayne Cooperman – Cobalt Capital

I mean, it could be, but that’s a different question.

Ed Cohen

We’re going to stop for the moment; at least at three because more of the same means it should be where it was. But seriously, again, we have to work hard to really communicate to people just how important and valuable this is. I know there is a tendency, ignorantly, to think that this is just a good way of raising money, and that we have a tremendous advantage from a financial position because of this wonderful business.

But the way in which it’s really integrated with our E&P operations and how far superior we, as a straight E&P company are because of the fees we receive here, because of our ability to coordinate our development with the syndication money; the ease with which we have available, very, very large, relatively, sums of money for our development budget, et cetera. We’re really going to try to make that as clear as possible. And before you can ask another question, I’m going to ask Sean to speak about the anticipated distribution.

Sean McGrath

Sure. Well it says in our Form 10, our minimum quarterly distribution is going to be $0.40. We anticipate it being $0.40. It depends on when we go public in 2012. I mean, when the Form 10 is finalized, it could be a prorated distribution for the first quarter or the fourth quarter, depending upon when it’s completed.

Ed Cohen

As for the final question on equity offerings, obviously, we have our hands full fleshing this company out and processing it through the SEC and doing the technical things that are necessary, such as communication with our employees so they don’t think that they work for a new company, which they don’t because everyone in our MLP world is, in fact, an ATLS employee.

But we won’t hesitate in the new company to do equity offerings, provided that there is a very, very strong and sound reason to do so. We’ve done so in the past. It’s a very good way in which the active MLPs can grow. But, once again, I can assure you we will be very careful that this currency remain a valuable currency, and that it only be expended for really desirable situations.

Wayne Cooperman – Cobalt Capital

Can you just back up on the distribution answer again? You said $0.40 per quarter run rate distribution at the new entity. What does that imply for the ATLS current distribution?

Ed Cohen

Daniel Herz will comment on that further.

Daniel Herz

Hi, Wayne. Yeah. As Sean was saying, the initial quarterly distribution of $0.40 will be on approximately 26.7 million units outstanding at the new entity, Atlas Resource Partners, which equates to roughly $42 million of distributions in total by that entity, of which Atlas today owns 100%.

Wayne Cooperman – Cobalt Capital

Okay. But what’s the ATLS quarterly distribution going to be?

Daniel Herz

Well we are planning on providing guidance for 2012 in the next 60 days, and so we’ll be back to you with 2012 guidance.

Wayne Cooperman – Cobalt Capital

All right. Great. Thanks.

Sean McGrath

And pro forma, I have to add that, of course, the ultimate word is in the hands of our directors.

Wayne Cooperman – Cobalt Capital

Right.

Operator

Your next question is coming from the line of Craig Shere with Tuohy Brothers. You may proceed.

Craig Shere – Tuohy Brothers

Hi. Congratulations on this move. It makes a lot of logical sense. Just have a couple questions to try to clarify a little bit in my mind. So you were talking about the syndication business being very important and part and parcel to the E&P effort. And I think when y’all came in for the conference in August, you mentioned that, as a part of the structure of the syndication business and some of the upfront and then the carried interest and fees, that you can often maintain an interest in a new E&P property or play, even though you haven’t put any net equity cash in, and then still get management fees on that.

So I guess my first question is, given this combination, is it fair to say that you’re open to just about anything; something that’s cash flowing a lot up-front? Something that has more back-end? All things are on the table as long as they’re economic because MLPs usually won’t look at all that?

Ed Cohen

Craig, I should make clear that the present offering is a private offering that’s out on the Street, so we’re somewhat limited as to what we can say in this public discourse at this time. However, I think I can say that the premise underlying your question is correct. We try to be as strong in our peripheral upper, lower and back vision as possible. And if we see a situation which will be helpful to us, to the investors in the limited partnership situation and to our other constituents, we’ll go for it, even if it doesn’t meet somebody else’s usual requirements.

Craig Shere – Tuohy Brothers

Understood. And as far as the partnership arrangement with the syndication LP holders, what I mean, you’re raising, what, maybe at max, $100 million, $200 million a year? Or what is the size that you’ve been able to raise historically there?

Ed Cohen

Oh, obviously, I can’t say much about it. But I think in our Form 10, you’ll see that the range of money that we’ve raised in the past has been as low as $150 million and as high as $450 million.

Craig Shere – Tuohy Brothers

Great. And last question. We’ve had a lot of announcements today from MLPs, and underlying a lot of this are tax preferences. And with the federal government due to have at least a proposal in two months on how to rectify our national debt, I wonder if y’all could speak to the exposures that you might have on both potential changes in the intangible drilling cost write-off and MLP taxation; if any of that were to be fiddled with by the federal government?

Ed Cohen

Well this, of course, is something that we have given a lot of thought to. With the intangible drilling cost, we have been at this for 40 years. Not we, personally; even I have a few years less activity than that. But we have seen so many changes in the tax laws, including a period when there were no tax advantages. And on an inflation-adjusted basis, gas prices were considerably lower than they are right now. And even during that period, there was broad interest in the program.

The intangible drilling cost gives us an advantage in that it’s immediately deductible. Proposals to have it spaced out of deducted, like everything else in the world, is over a period of time, which simply put energy into the same category as all other alternative investments, such as real estate.

It’s obvious to all that real estate outsells energy in the private placement world by a factor of at least 50 and, perhaps, 100 to 1. So there’s a lot of money available. I think that we’ve been fortunate that we’ve had that advantage. But we’ve been unfortunate in that our company has never been able to accept all the money that was available to us.

So conceivably, worst case instead of turning away X number of dollars, we may turn away X number of dollars, minus something. We think the product itself is so desirable but, of course, we’re energy people, and we would tend to think that. But if it had the same tax advantages as everything else, I think it would be no less desirable than anything else. And, of course, you can read in the newspapers as to the likelihood of Congress moving forward with that aspect.

As for the MLPs being treated like normal corporations, you have to bear in mind that we and, presumably, many other MLPs, if not all MLPs, have a very large amount of tax protection or tax shield built into the situation.

So once again, if we were treated like other entities, we would be no worse off than all the others. And the country and the world seem to be able to survive that situation. But again, while we’re preparing for it and we think it’s easily handleable situation, I don’t think that a lot of people expect that to occur. And if you look at all the recent commentaries on the taxable on the progress with tax proposals, I think you’ll see why we would be sleeping well even if we weren’t confident that we could overcome the most adverse so-far proposals.

I don’t mean to challenge the good fortune of having and I’m not daring somebody to come up with a proposal that we can’t handle. But the ones that they’ve come up with so far, horrible as some people think they may be, I think would not have any strong, negative effect on us.

Operator

There is a follow-up question from the line of Lee Cooperman with Omega Advisors. You may proceed.

Lee Cooperman – Omega Advisors

Yeah. Sure. I was trying get to the question that Wayne asked. Is one plus one going to equal two something? In other words, the current distribution of ATLS has been running $0.22, and the estimates were for much higher distributions. Would you anticipate that the board, when they focus on dividends of these two entities, that the two dividends summed would be greater than the dividend presently being paid?

Ed Cohen

One question. Could you just repeat the end of that question?

Lee Cooperman – Omega Advisors

You’re going to tell me that dividend policy’s set by the board. So I said that, do you think that the two boards will arrive at dividends for the two entities that, when summed, would be no less than equal to and perhaps greater than the present dividend distribution being paid by ATLS. In other words, we get more money in our pocket or less money in our pocket as a result of this split up?

Ed Cohen

Well, as usual, you’re right. One plus one equals two, and the sum of the dividends will be exactly the same. However, as we get the advantages that we anticipate, we think that the effect will be that one and one will equal three, as often happens, if you’ve hit it right.

Lee Cooperman – Omega Advisors

Got you. And then the second question, creative idea makes senses, is there any investment banking fees that any members of management are getting for this brilliant idea? Or is this part of their everyday working responsibility?

Ed Cohen

I hope that nobody’s getting something because I haven’t been offered my share...

Lee Cooperman – Omega Advisors

If you’ve not been offered a share, I’m very comfortable with the answer to the question.

Operator

And with no further questions in queue, I’d like to turn the call over to Mr. Ed Cohen for closing remarks.

Ed Cohen

Thank you, all. And I hate to confess this, but since I’m slated to be the Chairman of the new company, you may be hearing from me more often in the future than in the past. I’m sorry about that. But I do look forward to talking to you all in the future. Bye.

Operator

Ladies and gentlemen, thank you for your participation in today’s call. This does conclude the presentation. You may now disconnect. Have a good day.

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