Baird Investment Banking Pitch Book

AR VS. CLOSEST APPALACHIAN PEERS (CONT.) Median Trading Multiples Over Time ■ AR has experienced significant multiple erosion relative to its peer group EV / NTM EBITDA 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x - 4.0x 2.0x 0.0x 13.0x 9.0x 9.8x 2014 10.8x AR 13.0x 11.2x 10.1x 2015 Source: S&P Capital IQ as of most recent filings. Market prices as of March 16, 2018. Note: Valuation multiples are not adjusted for non-E&P assets. COG 8.6x 9.8x EQT 15.3x 10.9x 2016 9.7x CNX 7.1x 10.4x 7.4x 2017 6.2x Confidential 6.0x 9.4x 5.8x Current Project Bronco BAIRD 7.1x Page 8

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