Baird Investment Banking Pitch Book

AR VS. CLOSEST APPALACHIAN PEERS Share price performance of AR vs its closest peers SHARE PRICE PERFORMANCE SINCE 2014 (59.3%) (67.8%) (43.8%) (49.6%) (35.5%) Source: S&P Capital IQ as of March 16, 2018. COG EQT S&P E&P Index CNX Antero Resources SHARE PRICE PERFORMANCE SINCE 2016 (3.2%) | EQT | (6.4%) AR CNX COG S&P E&P 14.0% Index Confidential 41.3% Project Bronco BAIRD 96.2% Page 6

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