Baird Investment Banking Pitch Book

$ / Mmbtu NORTHEAST NATURAL GAS PRICING Northeast differentials have contracted alongside pipeline capacity build-outs $5.00 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 01/01/15 Source: Bloomberg as of April 9, 2018. 11/01/15 HHUB Spot 08/31/16 Dominion South 07/01/17 -Tetco M2 05/01/18 Confidentiat Differentials to NYMEX Dom South Year 2015 2016 2017 2018 2019 BAIRD 03/01/19 TETCO $1.12) ($1.12) ($0.99) ($0.99) ($0.83) ($0.83) ($0.57) ($0.57) ($0.58) ($0.59) 12/31/19 Project Bronco | Page 18

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