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Rice Energy Inc | 2016 Barclays CEO Energy-Power Conference | Daniel Rice | Page 7 of 11 | November 21, 2024

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7 www.riceenergy.com 25% 47% 77% 114% 23% 49% 83% 124% – 25% 50% 75% 100% 125% 150% $2.50 $3.00 $3.50 $4.00 Marcellus Utica YE 2015 Well Cost Assumption Attractive Single Well Economics Net Locations (2) 487 168 HHUB PV-10 Breakeven ($/MMBtu) $2.08 $2.18 DRY GAS SINGLE WELL ECONOMICS ? RICE continues to drive down D&C and operating costs to maximize returns ? Inventory currently generates ~95% returns at strip; HHUB PV10 breakevens of ~$1.90 HHUB (1) __________________________ Note: See Appendix for assumptions used to generate single well returns. Marcellus and Utica economics assume E&P is burdened by 50% of the gathering and compression fee and 50% of water completion fees (RICE owns a 33% LP interest in RMP, 100% of Rice Ohio Midstream and 91.75% of RMP IDRs). Assumes long-term well costs of $1,150 per lateral foot and $1,450 per lateral foot in the Marcellus and Utica, respectively. 1. Strip as of 7/29/16, 2016 estimated well costs of $850 per lateral foot and $1,275 per lateral foot in the Marcellus and Utica, respectively. 2. Excludes ~47 wet OH Utica net undeveloped locations and ~105 dry gas PA Utica net undeveloped locations. NYMEX ($/MMBtu) IRR Returns at Strip Pricing (1) Marcellus @ 2016E Avg. Well Costs Utica @ 2016E Avg. Well Costs Current Strip