Baird Investment Banking Pitch Book

MARCELLUS / UTICA TAKEAWAY CAPACITY (Bcf/d) Capacity (Bcf/d) 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2014 2014 2015 12015 Source: Company documents, Bentek, company documents, and Wall Street Research. 2016 2016 2017 2018E 2017 2019E Production (Bcf/d) 2018E Confidential BAIRD 35.0 30.0 25.0 20.0 15.0 10.0 5.0 +0.0 2019E Production (Bcf/d) Project Bronco | Page 16

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