Baird Investment Banking Pitch Book

AR KEY PERFORMANCE DRIVERS (CONT.) 1 Prolific drilling precipitated cash flow outspend and increased leverage AR E&P FREE CASH FLOW (1) ($ in millions ($2.9 B) cumulative cash flow outspend since 2014 2014 2015 2016 ($1,500) PRODUCTION & GROWTH 100% 80% 60% 40% 20% (2) Prod. Growth Production (MMcfe/d) 82% 69% 1,007 Source: AR SEC filings ~($750) 2014 1,493 48% 16% 2015 Source: January 2018 Analyst Day presentation. Represents current E&P debt/run-rate E&P EBITDA. ~($350) 1,847 Debt-Adj. Prod. Growth 24% 12% 2017 2016 *($300) 2,253 3-Yr (2017-202E) CAGR: 31% 22% 11% 2017 AR E&P DEBT & LEVERAGE ($ in millions) 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x 5.0x 4.0x 3.0x 2.0x 1.0x 3.9x 0.0x $4,248 2014 E&P Debt 3.7x $4,363 3.8x 2014 $4,049 2015 IAR E&P Debt AR CONSOLIDATED DEBT & LEVERAGE $4,669 3.8x 3.0x 2015 $3,854 2016 AM Debt $4,704 3.1x Confidential Debt / E&P EBITDA 2016 3.2x $3,604 2017 $4,800 3.3x 2017 BAIRD Debt / EBITDA $4,800 I 2.5x $3,604 Current (2) 2.7x Current Project Bronco | Page 11

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