Baird Investment Banking Pitch Book

AR BENCHMARKING AR has identified a group of elite E&Ps and what it deems to be their key characteristics AR'S TARGETED "ELITE" E&P UNIVERSE Premium for: Scale Growth Low Leverage FCF Generation U.S. Publicly Traded E&Ps Leverage < 3.0x Enterprise Value >$10B Production Growth >15% Leverage <2.0x Free Cash Flow AR 2018E E&P EV / EBITDAX: 4.8x EOG CXO PXD FANG COG Permian & Appalachia Median 2018E E&P EV/EBITDAX: 9.5x BENCHMARK PERFORMANCE - LAST 2 YEARS Elite Group S&P E&P Index Gas-Weighted Peers Note: E&P firm value adjusted to remove public ownership of MLP holdings at a 10% discount, where applicable. EBITDAX adjusted to remove contribution of midstream business. Confidential Gas AR (24%) Oil 47% 16% (57%) 14% 67% BAIRD Project Bronco Page 5

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