Baird Investment Banking Pitch Book

uminary Draft A strong valuation arbitrage between E&P and midstream still exists, despite the recent pressure against the MLP model Gas-Weighted Upstream EV / 2019E EBITDA Multiples 5.0x Antero 7.1x 6.8x 4.5x Median: 5.6x EQT Gulfport Source: Wall Street consensus estimates. Excludes IDR distributions to sponsor. 6.2x 4.7x Swn 9.5x 8.8x Sponsored Midstream EV/2019E EBITDA Multiples (¹) Antero CNX 11.2x 8.7x 9.8x A ENLINK EQT Midstream HESS 31 MIDSTREAM 10.3x Median: 9.7x 9.0x 11.0x noble CASIS Western Gas Non-Sponsored Midstream EV / 2019E EBITDA Multiples (¹) Median: 10.5x 9.9x Crestwood 14.5x 7.8x BAIRD ONBOK SUMMIT Project Bronco | 11.1x TARGA Page 5

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