Baird Investment Banking Pitch Book

AR KEY PERFORMANCE DRIVERS (CONT.) What did COG (top Appalachia performer) do well that AR did not: AR vs COG along key metrics E&P FREE CASH FLOW ($ in millions) ($246) ($1,500) 2014 29% ($286) 82% 2015 PRODUCTION GROWTH ($750) 13% COG 48% 2015 COG $57 AR 4% ($350) 2016 LAR $155 2016 ($300) 2017 9% 22% 2014 Source: AR and COG SEC filings. Represents current E&P debt /run-rate E&P EBITDA. Pro forma COG'S $765 million sale of Eagle Ford assets announced in December 2017. E&P LEVERAGE 2017 1.2x 3.9x 2014 27% 69% 2.5x 2014 3.8x 2015 9% COG 2.7x 16% 2015 3.0x 2016 COG Confidential (4%) AR DEBT-ADJUSTED PRODUCTION GROWTH / SHARE 1.4x 2017 AR 2016 3.2x 12% 0.8x BAIRD 2.5x Current 11% 11% 2017 (1) Project Bronco | Page 12

View entire presentation