Paymentech Wins Processing Business for Salt River Project; Utility to Offer Recurring Credit Card Acceptance to Customer Base

Business Wire, July 27, 2005

DALLAS -- Salt River Project Agricultural Improvement and Power District in Phoenix has selected Paymentech to provide payment processing for 780,000 residential Phoenix-area customers. Salt River Project, which provides water and power service, will for the first time begin accepting recurring credit card payments at no additional cost to customers.

Salt River Project customers can initiate recurring credit card payments via the company's website or by speaking with a Customer Services Representative. The utility chose Paymentech for its array of payment offerings and advanced reporting tools.

"Our customers like the added convenience of being able to pay with a credit card, and we think offering them a recurring payments option at no additional cost helps fulfill our mission to be one of the most progressive utility companies in the nation," said Michael Lowe, Customer Services Executive, Salt River Project. "Processing with Paymentech helps us further this goal."

Salt River Project will also use Paymentech's advanced merchant account setup, funding options and reporting tools through Paymentech Online, to view authorizations, deposits, refunds, chargebacks, etc. and to pull a variety of financial reports.

About Salt River Project

The mission of SRP is to deliver ever-improving contributions to the people we serve through the provision of low cost, reliable water and power, and community programs, to ensure the vitality of the Salt River Valley. SRP is two entities: the Salt River Project Agricultural Improvement and Power District, a political subdivision of the state of Arizona; and the Salt River Valley Water Users' Association, a private corporation. The District provides electricity to more than 860,000 retail customers in the Phoenix area. It operates or participates in eight major power plants and numerous other generating stations, including thermal, nuclear, natural gas and hydroelectric sources. The Association delivers nearly 1 million acre-feet of water to a service area in central Arizona. An extensive water delivery system is maintained and operated by the Association, including reservoirs, wells, canals and irrigation laterals.

On July 21, 2005, J.D. Power and Associates announced the results of their 2005 Study of Residential Customer Satisfaction with Electric Utilities. For the sixth time in seven years, Salt River Project ranks highest in the Western Region, receiving the highest ratings in the region in every component surveyed.

About Paymentech

Paymentech, L.P. is one of the largest payment processors for businesses accepting payments via traditional point of sale, Internet, catalog and recurring billing. The privately held company, founded in 1985, is an end-to-end processor for merchants of all sizes and industries. Paymentech's 1,700 employees office in multiple locations, including the Dallas headquarters; New York; Salem, N.H.; Tampa, Fla.; and Tempe, Ariz. In 2004, Paymentech and its Canadian affiliate, based in Toronto, processed 8.5 billion transactions and $200 billion in card volume in 14 currencies. For more information, please visit www.paymentech.com.