Baird Investment Banking Pitch Book

RETURN OF CAPITAL INITIATIVES (CONT.) Debt reduction to achieve investment grade status is a worthy use of capital for AR: Investment grade E&P's increasingly outperform the broader group over time INVESTMENT GRADE E&P PERFORMANCE VS. OVERALL INDEX 3-Year 5-Year 10-Year 60% 30% 30% 0% (30%) (60%) 60% 30% (60%) Investment Grade E&P Index +1,244 bps S&P E&P Index +2,790 bps Confidential BAIRD +6,193 bps Project Bronco | Page 14

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