Baird Investment Banking Pitch Book

COMPARATIVE COMPANY ANALYSIS Select Gas Weighted Operators ($ in millions, except per share data) Gas Weighted-Focused C&C Corporation CNX EQT Gulfport RI Swn Antero Share % of 52- Price Week 03/16/18 High $24.99 15.50 50.45 10.25 15.11 Median $20.40 85% $11,515 86% 58% 50% Equity Market Cap 50% 3,468 13,343 1,877 3,755 2,618 Market Data Net Debt $277 $11,792 5,206 1,738 7,184 1,939 4,108 Total Enterprise 2018E 2019E Value EBITDA (2) EBITDA (2) 3,475 25,622 3,816 6,093 74% $3,612 $2,707 $6,093 86% $6,457 $4,772 $11,956 $1,257 886 3,613 901 1,269 1,360 $1,263 $1,959 $1,701 997 4.135 932 1,397 1,406 $1,402 $2,319 Current 2018E '17-'18E 2018E Prod. Prod. Prod. Prod. (Mmde/d) (2) (Mmde/d) (2) Growth (2) % Gas 1,813 1,378 3,267 1401 2,635 2,815 2,224 2,696 2,145 1,517 4,397 1,423 2,694 2,795 2,419 3,119 Operational Metrics (1) 28% (12%) 17% 11% 20% Confidential Proved Reserves Bcfe 89% 10,368 85% 7,836 69% 22,280 79% 5,824 56% 18,165 83% 17,021 Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. 81% 13,695 62% 20,417 PDP 63% 59% 53% 55% 50% 54% 49% Gas BAIRD 90% 91% 89% 57% 65% 86% 2017E R/P Ratio (Years) 18.1 12.2 13.1 20.6 17.6 15.8 21.5 Project Bronco | Page 20

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