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Rice Energy Inc | May 2017 Investor Presentation | Daniel Rice | Page 4 of 11 | December 26, 2024

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www.riceenergy.com 4 Three Months Ended Twelve Months Ended ($ in thousands) March 31, 2017 March 31, 2017 Reconciliation of Net Income to RMP Adjusted EBITDA and DCF: Net income $37,615 $124,799 Interest expense 1,943 4,827 Depreciation expense 7,621 27,421 Amortization of intangible assets 402 1,628 Acquisition costs — 52 Non-cash equity compensation expense 132 2,019 Amortization of deferred financing costs 1,049 2,384 RMP Adjusted EBITDA $48,762 $163,130 Cash interest expense (1,943) (4,827) Estimated maintenance capital expenditures (4,375) (12,775) Distributable cash flow $42,444 $145,528 Total distributions declared $27,912 $97,304 DCF coverage ratio 1.52x 1.50x Non-GAAP Reconciliations __________________________ Note: See slide 3 for important disclosures regarding non-GAAP financial measures. 1. The adjustments for the derivative fair value (gains) losses and net cash receipts on settled commodity derivative instruments have the effect of adjusting net income (loss) for changes in the fair value of derivative instruments, which are recognized at the end of each accounting period because we do not designate commodity derivative instruments as accounting hedges. This results in reflecting commodity derivative gains and losses within Adjusted EBITDAX on a cash basis during the period the derivatives settled. 2. Excluded from the above Adjusted EBITDAX reconciliation is the impact of non-controlling interest and the elimination of intercompany water revenues between Rice Energy subsidiaries and Rice Midstream Partners of $27.8 million and $14.5 million, respectively, for the three months ended March 31, 2017 and $82.4 million and $49.8 million, respectively, for the twelve months ended March 31, 2017. When including these impacts, our Further Adjusted EBITDAX is $286.7 million and $844.4 million for the three and twelve months ended March 31, 2017, respectively. Our consolidated net debt to LTM Further Adjusted EBITDAX ratio as of March 31, 2017 is 1.3x. Also included in the above reconciliation is the non-controlling interest attributable to Rice Energy Operating LLC, as we view our business on a fully diluted basis. RICE Adjusted EBITDAX Reconciliation RMH Adjusted EBITDA Reconciliation Three Months Ended Twelve Months Ended ($ in thousands) March 31, 2017 March 31, 2017 Reconciliation of Operating Income to RMH Adjusted EBITDA: Operating Income $19,833 $30,316 Incentive unit expense 83 1,147 Acquisition expense — 84 Impairment of fixed assets — 20,292 Stock compensation expense 973 4,855 Depreciation, depletion and amortization 1,397 6,068 RMH Adjusted EBITDA $22,286 $62,762 RMP Adjusted EBITDA and DCF Reconciliation Three Months Ended Twelve Months Ended ($ in thousands) March 31, 2017 March 31, 2017 Net loss ($1,489) ($253,614) Interest expense 27,023 102,129 Depreciation, depletion and amortization 136,878 426,148 Impairment of fixed assets — 20,462 Impairment of gas properties 92,355 113,208 Amortization of deferred financing costs 2,652 8,645 Amoritization of intangible assets 402 1,628 Gain (loss) on derivative instruments (1) 14,780 305,194 Net cash receipts on settled derivative instruments (1) (12,363) 124,646 Acquisition expense 207 5,844 Non-cash stock compensation expense 5,291 22,397 Non-cash incentive unit expense 2,883 30,502 Income tax expense (benefit) (576) (136,413) Exploration expense 4,012 18,181 Other expense — 5,679 Non-controlling interest attributable to midstream entities (27,834) (82,356) Adjusted EBITDAX (2) $244,221 $712,280 Adj. EBITDAX reconciliation to net loss: