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Baird Investment Banking Pitch Book

AR VS. CLOSEST APPALACHIAN PEERS (CONT.) Share Price Performance of AR vs. its closest peers 40% 20% (20%) (40%) (60%) (80%) (100%) 05/13/14: $856 MM Secondary Offering 01/01/14 11/04/14: AM IPO 09/13/14 AR 03/05/15: $485 MM Follow-On Offering Source: S&P Capital IQ and Company website as of March 16, 2018. 05/27/15 COG 09/18/15: Water Asset Dropdown mory 06/09/16: $848 MM Follow-On Offering / SWN Acreage Acquisition mum EQT strang 02/07/16 یرانی در این 10/20/16 CNX 05/04/17: AMGP IPO Confiden parkymą 07/03/17 BAIRD 01/29/18: Sailing Stone Letter Project Bronco (35.5%) M (43.8%) (59.3%) (67.8%) 03/16/18 Page 7

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