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Rice Energy | June 2015 Investor Presentation | Daniel Rice | Page 4 of 11 | November 23, 2024

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4 www.riceenergy.com Deep Inventory of High Returning Projects Inventory and Returns Summary Low breakevens between $2.35-$3.05/MMBtu = profitable returns throughout the commodity price cycle Net Locations 356 139 302 NYMEX PV-10 Breakeven ($/MMBtu) (2) $2.60 $3.05 $2.35 __________________________ Note: See appendix for summary of assumptions used to generate single well IRRs. 1. Basis assumption = 9% of NYMEX, Firm Transportation cost (“FT”) assumption = $0.52/MMBtu and Heat content uplift (“BTU”) assumption = 1050 MMBtu/Mcf. Marcellus heat content = 1050, W. Greene = 1090, Utica Dry = 1080. 2. See appendix for a detailed explanation of adjusted midstream fees. Marcellus 750’ economics assume E&P is burdened by 50% of the gathering and compression fee (RICE owns a 50% LP interest in RMP and owns 100% of the IDRs) . W. Greene economics assume E&P is burdened by 100% of the gathering and compression fee (RICE acquired W. Greene assets which were previously dedicated to a third party).Utica Dry 750’ economics assume E&P is not burdened by gathering and compression fee (RICE owns 100% of RICE’s OH midstream assets). NYMEX ($/MMBtu) IRR $1.84 $2.32 $2.80 $3.28 $3.75 $4.23 Realized (FT+Basis+BTU $/mcf) (1) 7% 24% 49% 81% 121% 171% 8% 27% 53% 88% 132% 13% 32% 56% 87% 124% 168% – 25% 50% 75% 100% 125% 150% 175% 200% $2.50 $3.00 $3.50 $4.00 $4.50 $5.00