Rice Midstream Partners Investor...

1 www.ricemidstream.com

Rice Midstream PartnersInvestor PresentationMarch 2016


Recent Company Updates

Q4 and FY 2015 Results Slide 4

Attractive Drop Down Potential Slide 12

Integrated Water Services Business Acquisition Slide 14

Western Greene County Midstream Update Slide 15

RICE Overview Slide 17

2016 Guidance Slide 6


RMP Investment Highlights 100% of RMP acreage dedications are located within the dry gas core of the Marcellus Shale and Utica Shales

RICE’s concentrated dry gas core position + multi-well pad drilling = minimal RMP capex to meaningfully increase gathering throughput and water delivery volumes

Significant optionality on emerging Pennsylvania Utica opportunity

RMP’s strong 2016 expected throughput growth of ~25% over 2015, driven by high quality sponsor

Significant growth expected from contracted third party dedications from top tier producers

Increased distributions in 2Q15, 3Q15 and 4Q15 ahead of previously anticipated distribution increase timing

RMP has a ROFO on RICE’s OH gas gathering system consisting of 58,000 acres dedicated in Belmont County

RICE closed Strike Force JV with Gulfport to provide midstream services on 75,000 acres dedicated in Belmont and Monroe Counties

Expect to continue to grow third party gathering and water services opportunities

MLP cash flow driven by scalable dry gas throughput, complementary water services business and protected with 100% fee-based contracts

Prolific assets and balance sheet strength positions RMP for continued growth through organic development and accretive acquisitions

Visible, top-tier distribution growth profile driven by disciplined and aligned sponsor, attractive drop down candidates, and high-quality third party dedications

148K net acres in the dry gas cores of the Marcellus and Utica w/ 13+ year inventory in each area

Top-tier well results generate attractive single-well returns of approximately ~30%(1) at strip pricing

Majority of 2016 production covered by firm sales and transportation and 662 BBtu/d hedged in 2016 at weighted avg. floor price of $3.26 / MMBtu

__________________________1. Assumes strip pricing as of 2/19/16.

Strategically Located Midstream Assets

Rapid Organic Growth

Premier E&P Sponsor

Attractive Drop Down Potential

Predictable Cash Flow Profile


RICE closed Strike Force JV w/ GPOR to develop gathering and compression for their Utica acreage

ROFO on RICE’s OH gas gathering and compression assets In 4Q15, acquired RICE’s PA & OH water services business for $200MM

purchase price

Fourth quarter average daily throughput of 703 MDth/d Increased acreage dedication in PA from RICE by 19,000 gross acres to

93,000 acres Increased distribution to $0.1965 / unit for 4Q15 Expect to increase distributions by 20% in 2016

$315MM liquidity w/ $143MM drawn under our revolving credit facility DCF coverage ratio of 1.22x for 4Q15 Cash flow driven by scalable dry gas throughput, complementary

water services business & protected w/ 100% fee based contracts

Ample liquidity and balance sheet strength positions RMP for continued growth through organic development and accretive acquisitions

Visible, top-tier distribution growth profile driven by disciplined and aligned sponsor, attractive drop-down candidates, and high-quality third party dedications

EXECUTION IS DRIVING

RAPID ORGANIC GROWTH

WELL-PROTECTED GROWTH &FINANCIAL FLEXIBILITY

ATTRACTIVE DROPDOWN POTENTIAL

PREDICTABLE CASHFLOW PROFILE

RMP Fourth Quarter 2015 Highlights


FINANCIAL SUMMARY

RMP Fourth Quarter 2015 Financial Summary

Fourth quarter average daily throughput of 703 MDth/d 18% attributable to third-party volumes

Adjusted EBITDA of $19MM Distributable Cash Flow of $17MM DCF coverage ratio of 1.22x

Solid fourth quarter results supported by strong throughput growth, well capitalized balance sheet and ample liquidity

$143MM drawn under our revolving credit facility $8MM of cash on hand

Three Months Ended($ in thousands, except per unit data) December 31, 2015Affiliate gathering volumes (MDth/d) 577 Third-party gathering volumes (MDth/d) 126

Total gathering volumes (MDth/d) 703

Water service volumes (MMgal) 202

Total operating revenues $29,314

Total operating expenses $15,538Total operating income $13,776

Adjusted EBITDA $19,065

Distributable cash flow $16,997DCF / unit $0.24

Distribution declared $13,935Distribution / unit $0.1965

DCF coverage ratio 1.22x

($ in millions) December 31, 2015Revolver capacity $450Less: Borrowings 143 Plus: Cash and cash equivalents 8

Liquidity $315

Increased distribution to $0.1965 / unit for 4Q15 $0.003 / unit increase

20% distribution growth target in 2016

DISTRIBUTIONS

OPERATING METRICS LIQUIDITY AS OF DECEMBER 31, 2015

Financial Summary

Three Months Ended

($ in thousands, except per unit data)December 31, 2015

Affiliate gathering volumes (MDth/d)577

Third-party gathering volumes (MDth/d)126

Total gathering volumes (MDth/d)703

Water service volumes (MMgal)202

Total operating revenues$29,314

Total operating expenses$15,538

Total operating income$13,776

Adjusted EBITDA$19,065

Distributable cash flow$16,997

DCF / unit$0.24

Distribution declared$13,935

Distribution / unit$0.196570.917372

DCF coverage ratio1.22x

($ in millions)

Revolver capacity$ 450

Less: Borrowings30

Plus: Cash and cash equivalents—

Liquidity$ 420

EBITDA

Three Months Ended

($ in thousands)March 31, 2015

Adjusted EBITDA reconciliation to loss from continuing operations:

Net income$ 9,068

Interest expense394

Depreciation expense1,449

Amortization of intangible assets408

Non-cash stock compensation expense996

Amortization of deferred financing costs144

Adjusted EBITDA$ 12,459

Cash interest expense(394)

Estimated maintenance capital expenditures(1,120)

Distributable cash flow$ 10,945

Reconciliation of Adjusted EBITDA to Cash used in operating activities:


Interest expense$ (394)

Changes in operating assets and liabilities which provided cash(12,134)

Net cash used in operating activities$ (69)

Financial Summary

Three Months Ended

($ in millions, except per unit data)March 31, 2015

Affiliate gathering volumes (MDth/d)557

Third-party gathering volumes (MDth/d)98

Total gathering volumes (MDth/d)655

Total operating revenues$ 20

Operating expenses67

Total operating income$ 13

Adjusted EBITDA$ 17

Distributable cash flow$ 15

DCF / unit$ 0.2624

Distribution declared$ 11

Distribution / unit$ 0.1905

Coverage ratio1.38x

Three Months Ended

($ in millions)December 31, 2015

Revolver capacity$450

Less: Borrowings143

Plus: Cash and cash equivalents8

Liquidity$315

EBITDA

Three Months Ended

($ in thousands)March 31, 2015

Adjusted EBITDA reconciliation to loss from continuing operations:

Net income$ 9,068

Interest expense394

Depreciation expense1,449

Amortization of intangible assets408

Non-cash stock compensation expense996

Amortization of deferred financing costs144


Cash interest expense(394)

Estimated maintenance capital expenditures(1,120)

Distributable cash flow$ 10,945

Reconciliation of Adjusted EBITDA to Cash used in operating activities:


Interest expense$ (394)

Changes in operating assets and liabilities which provided cash(12,134)

Net cash used in operating activities$ (69)


RMP Financial Overview

2016 GUIDANCE(1)

$ in millions, except per share data, as of 12/31/15Common Units 42 Subordinated Units 29

Total Units Outstanding (MM) 71 Price as of 12/31/15 $13.49

Market Capitalization $957Cash 8 Revolving credit facility 143

Enterprise Value $1,108

Leverage Statistics4Q15 Net Debt / RR EBITDA 1.8xEBITDA / Interest NMDebt to EBITDA Covenant 4.75x

Liquidity SummaryRevolving credit facility $450Less: amount drawn 143 Availability under RCF $307Plus: cash on hand 8 Liquidity as of 12/31/15 $315

__________________________1. As of February 24, 2016.

CAPITALIZATION AND LIQUIDITY AT 12/31/15

2016 Capital Budget ($ in millions)Gas Gathering and Compression $ 140 Water Services $ 10 Total RMP $ 150

Estimated Maintenance Capital $ 11

Cash G&A ($ in millions) 15$ - 18$

Adjusted EBITDA ($ in millions)Gas Gathering and Compression 85$ - 90$ Water Services 25$ - 30$ Total Adjusted EBITDA 110$ - 120$

% Third Party

Distributable Cash Flow ($ in millions) 90$ - 100$ Average DCF Coverage Ratio 1.3x - 1.5x% Distribution Growth

Guidance

20% - 25%

20%

Sheet1

$ in millions, except per share data, as of 12/31/152015 Capital Budget (in millions)

Common Units42

Subordinated Units29Gas Gathering$ 85

Total Units Outstanding (MM)71Compression$ 90

Price as of 12/31/15$13.49Total Expansion Capex$ 175

Market Capitalization$957Maintenance Capex$ 5

Cash8Total Capital Expenditures$ 180

Revolving credit facility143

Enterprise Value$1,108

Guidance

Adjusted EBITDA (in millions)$55 $60

% Third Party20%

Leverage StatisticsDistributable Cash Flow (in millions)$48 $53

4Q15 Net Debt / RR EBITDA1.8xAverage DCF Coverage Ratio1.1x 1.2x

EBITDA / InterestNMAnnualized Distribution ($ per unit)$0.75

Debt to EBITDA Covenant4.75x

Liquidity SummaryRMP Units Owned

Revolving credit facility$450% of RMP Units - Public50%

Less: amount drawn143% of RMP Units - RICE50%

Availability under RCF$307% of RMP IDRs - RICE100%

Plus: cash on hand8

Liquidity as of 12/31/15$315


RICE and RMP Organizational Structure

DE

PA Water

Rice Olympus Midstream

(OH Gathering)

59% LP interest

Rice Midstream Holdings LLC

Public Unitholders

Strike Force Midstream (GPOR JV)

ROFOAssets

OH WaterPA Gathering

$300MM Credit Facility +

$450MM Credit Facility

$750MM Credit Facility

$100MM Accordion Feature

EIG Managed Funds

GP Holdings(IDRs and LP Interest)

8.25% common

equity interest

100% Series B Preferred Equity

($375MM invested)

75% equity interest

100% Series A Common Equity

41% LP interest, 100% of IDRs

RMP GP(non-economic)

100% equity interest100% ownership91.75% common

equity interest


RMP: High Growth MLP in Prolific Appalachian Basin

__________________________1. As of February 24, 2016.2. As of December 31, 2015. The agreement between RICE and RMP covers approximately 93,000 gross acres of the RICE’s acreage position in the dry gas core of the Marcellus Shale in southwestern Pennsylvania as of December 31, 2015 and any future acreage it acquires within these

counties, excluding the first 40.0 MDth/d of RICE’s production from approximately 19,000 gross acres subject to a pre-existing third-party dedication. Excludes ~49K net PA Utica acres dedicated to RMP from RICE and additional PA Utica acreage dedicated to RMP from EQT.

RMP OVERVIEW

PA gas gathering system of over 4.0 MMDth/d design capacity

Oversized to accommodate future growth and emerging PA Utica potential

Gathering throughput driven by SW PA technical leaders

~80% of 2016E throughput from RICE operated volumes, and ~20% from 3rd parties, primarily EQT

2016 GUIDANCE(1)

2016E EBITDA of $110MM -$120MM

2016 capex budget of $150MM

$140MM gathering and compression

$10MM water services

RMP constructing ~15 miles of gathering pipeline in 2016

RMP installing compression for RICE in 1H16 that will start generating revenue mid-2016

GATHERING SYSTEM INFORMATION

Dedicated GrossAcreage(2)

4Q 2015 Throughput

(MDth/d)2016E Capex

($MM)(1)

RMP 114,000 703 $150

Concentrated, Prolific Position to Drive Targeted 20% Distribution Growth

WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend

RMP Gathering Pipeline to be Constructed

RICE Acreage

RMP Gathering Pipeline

3rd Party Dedicated to RMP

RMP Water PipelineRMP Water Pipeline to be ConstructedRMP Water Interconnects

GPOR Water Dedication

RICE Western Greene Area

OHIO


RMP Gathering and Water System Build-out

PA gathering system oversized to accommodate future growth and emerging PA Utica potential

̶ Mileage: 128 miles by YE16

̶ Total Design Capacity: over 4.0 MMDth/d

Substantially all of RICE’s drilling locations within the RMP dedication will be within 2 miles of the completed PA gathering system

112 miles of water pipeline to deliver fresh water to well pads for completions

̶ 152 million gallons of water impoundment capacity

SUMMARY

RMP’s midstream system has grown significantly since 2013

2013

2014 2015

RMP Gathering Pipeline RMP Gathering Pipeline to be Constructed RMP Water Pipeline RMP Water Pipeline to be Constructed RICE Acreage

2012


2016+ ESTIMATED


RMP 3rd Party Dedications from Top Operators in the Basin

SYSTEM MAP

RMP’s Assets are Well Positioned to Capture 3rd Party Growth

3rd Party Gathering Dedication SummaryPA

Dedicated Acreage 21,000

Gatherer RMP

4Q 2015 Throughput (MDth/d) 127

Contract Term ~10 years (wtd. avg)

Gathering / Compression Fee ($/Dth)

$0.43(1) / varies

__________________________1. Calculated based on weighted average historic throughput.

OVERVIEW

High quality 3rd party operators with active development programs

EQT and GPOR (primary 3rd party customers) are technical leaders with strong balance sheets and attractive firm transportation portfolios and hedges to support development

Pennsylvania:

̶ ~21,000 gross acres dedicated

̶ 127 MDth/d gathered in 4Q 2015 (18% of RMP’s throughput)

Ohio:̶ GPOR Water Dedication within 1.5 mile perimeter

around water distribution system in Ohio

WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend

RMP Gathering Pipeline to be Constructed

RICE Acreage

RMP Gathering Pipeline


RMP Water PipelineRMP Water Pipeline to be ConstructedRMP Water Interconnects

GPOR Water Dedication

RICE Western Greene Area

OHIO


Industry-Leading Throughput Growth4Q 2015 throughput of ~1,026 MDth/d through RICE and RMP midstream systems (25% 3rd Party)

RMP System: 703 MDth/d (18% 3rd Party) RICE OH System: 323 MDth/d (40% 3rd Party)

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Dth/d

RMP - Rice Operated (PA) RMP - 3rd Party (PA) RICE - Rice Operated (OH) RICE - 3rd Party (OH)

Average Throughput (MDth/d)

2010 2011 2012 2013 2014 2015

Throughput 4 18 61 176 409 894

YoY Growth 350% 238% 188% 133% 119%

(1)

__________________________1. PA 3rd party volumes as of April 2014 close of Momentum asset acquisition.

RMP AND RICE OH MIDSTREAM HISTORICAL THROUGHPUT


Attractive Drop Down Potential – OH Gathering

__________________________1. As of February 24, 2016.2. As of December 31, 2015.

RMH OVERVIEW

OH gas gathering system of over 2.0 MMDth/d design capacity

Gathering throughput driven by SE OH technical leaders

~65% of 2016E throughput from RICE volumes, and ~35% from GPOR(1)

Will access TETCO, REX, ET Rover and DEO to deliver gas to Gulf Coast and Midwest markets

2016 GUIDANCE(1)

2016E EBITDA of $40MM -$45MM

2016E Throughput of ~400 MDth/d

2016 capex budget of $155MM

Constructing ~30 miles of gathering pipeline in 2016

Premier Midstream Systems in Prolific Dry Gas Utica Core Adds to Inventory of Drop Down Candidates

GATHERING SYSTEM INFORMATIONDedicated

Gross Acreage(2)

4Q 2015 Throughput

(MDth/d)

RICE OH Gathering 58,000 323

Strike Force JV 75,000 -

Total 133,000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV

LegendOhio Gathering Pipeline Ohio Gathering Pipeline to be Constructed

GPOR Dedicated to RICERICE Acreage Dedicated to 3rdParty

Strike Force JV AMI


Attractive Drop Down Potential – Strike Force JV TRANSACTION OVERVIEW STRATEGIC RATIONALE

RICE and GPOR completed the formation of Utica Shale strategic midstream JV (“Strike Force”)

Provide gas gathering and compression services to GPOR’s Eastern Belmont and Monroe acreage in Ohio

Supported by long-term, fee-based service agreements with GPOR

Ownership: RICE 75% and GPOR 25% with RICE to construct and operate all JV assets:

Dry gas gathering system with capacity to gather up to 1.8 MMDth/d

System will consist of ~165 miles of high and low pressure 12” – 24” gathering pipelines with multiple interconnections to Rockies Express, ET Rover, TETCO, Dominion East Ohio and other future pipelines

~50,000 horsepower of compression for gathering and delivery into various downstream interstate pipelines

GPOR dedicated ~75,000 leasehold acres within the Strike Force AMI of ~319,000 acres

Constructing Extensive Dry Gas Gathering & Compression Systems in One of the Most Prolific Natural Gas Plays

Strike Force strengthens RICE’s leading midstream position in the core of the Utica Shale

Expands relationship with GPOR across its premier position in the dry gas Utica Shale

Achieves efficiencies of simultaneous development of gathering and compression

Leverages existing footprint to grow 3rd party business and pursue additional 3rd party opportunities within a ~319,000-acre AMI

System designed to accommodate future growth

Significantly adds to RICE’s attractive inventory of drop down candidates

PHASE 1 COMPLETED AHEAD OF SCHEDULE AND FIRST FLOWCOMMENCED ON FEBRUARY 1, 2016


__________________________1. Assumes fee of $0.06 per gallon and operating expense of $0.013 per gallon in Pennsylvania and 11,000,000 gallons of water per well that utilize the fresh water delivery system based on a 7,000’ lateral.2. Assumes fee of $0.07 per gallon and operating expense of $0.013 per gallon in Ohio and 16,900,000 gallons of water per well that utilize the fresh water delivery system based on a 9,000’ lateral.

Acquisition Assets – Integrated Water Services BusinessWATER SERVICES BUSINESS OVERVIEW WATER DISTRIBUTION SYSTEM MAP

Delivers fresh water to well pads for completions

Collects, recycles or disposes of flowback and produced water for RICE & 3rd parties

Volumetric fee structure to provide revenue & cash flow stability

PENNSYLVANIA & OHIO WATER SYSTEMS

PA trunk line substantially complete in 1Q15 and OH trunk line substantially complete in 3Q15

Trunk lines consist primarily of 24-30” polyethylene pipe & laterals consist of 18” polyethylene pipe

~90% of 2016E PA volumes expected to come from RICE & ~75% of 2016E OH volumes expected to come from RICE

PROJECTED FRESH WATER DELIVERY INFRASTRUCTUREPA OH TOTAL

Water Pipeline (Miles) 64 48 112

Connected Sources (MMGPD) > 8 > 10 > 18

Cash Operating Margin: $517,000(1) $963,000(2) Water Pipeline Water Pipeline to be ConstructedRICE Acreage

WetzelPA

OH

Greene

Washington

Monroe Marshall

Harrison

Jefferson

Ohio

Brooke

BeaverAlleghenyCarroll

Belmont

Monongahela River

Withdrawal

Ohio RiverWithdrawal

OH PA

WVGPOR Water Dedication


Western Greene County Midstream Update

Development area located in western Greene County, PA in the heart of the Marcellus dry gas core and the emerging super-deep dry gas Utica core

RMP will now gather all production above 40 MDth/d

– Williams will provide Rice with gathering and compression services for the first ~40 MDth/d of production from this area

Improvement to Rice’s single well economics– ~45% increase in Marcellus PV10/well(1): ~$7MM ~$10MM– Rice also benefits economically from RMP distribution growth associated

with the organic growth opportunity

Strategically accretive to RMP– Increases RMP’s acreage dedication from Rice Energy by 19,000 Marcellus

acres (25% increase, ~110 undeveloped net Marcellus wells) and 17,000 PA Utica acres (~40 undeveloped Utica wells)

– RMP has acquired the necessary right-of-ways and has submitted permits in order to construct the header system

Renegotiated midstream agreement substantially improves RICE well economics in Greene County

__________________________1. Increase PV10 due to assumed gathering and compression fee of $0.30/dth and $0.07/dth versus previous historical fees of $0.45/dth and $0.12/dth. Actual midstream fees for this area to be determined. Assumes $3.50 HHUB. See appendix for single well return assumptions.

PAWV

Washington

Greene

Rice Western Greene Area

RMP Proposed Gathering Trunkline


Pennsylvania Ohio

Gathering and Compression Statistics Gathering and Compression Statistics

Design Gathering Capacity (MMDth/d) > 4.0 Design Gathering Capacity (MMDth/d) > 2.0YE15 YE16 YE15 YE16

Gas Gathering Pipeline Mileage (miles) 113 128 Gas Gathering Pipeline Mileage (miles) 54 65

Acreage Dedications Acreage DedicationsRICE(1) 93,000 RICE 38,0003rd Party 21,000 3rd Party 20,000

Total Acreage Dedications 114,000 Total Acreage Dedications 58,000

Midstream Fees Paid by RICE to RMP ($/Dth) (2) Midstream Fees Paid by RICE to RICE OH ($/Dth) (2)

Gathering $0.30 Gathering $0.30Compression (per stage of compression) $0.07 Compression (per stage of compression) $0.07

3rd Party Midstream Fees ($/Dth) 3rd Party Midstream Fees ($/Dth)Gathering (3) $0.43 Gathering undisclosedCompression varies Compression undisclosed

Water Distribution System Statistics Water Distribution System StatisticsYE15 YE15

Connected Water Sources (MMGPD) > 8.0 Connected Water Sources (MMGPD) >10.0Water Services Fee Paid by RICE ($/gallon)(4) $0.06 Water Services Fee Paid by RICE ($/gallon)(4) $0.07

Strike Force JV

Gathering and Compression StatisticsYE15 YE16

Gas Gathering Pipeline Mileage (miles) 7 29 AMI Acreage 319,000GPOR Dedicated Acreage 75,000

2015 Midstream System Statistics

__________________________1. The agreement between RICE and RMP covers approximately 93,000 gross acres of the RICE’s acreage position in the dry gas core of the Marcellus Shale in southwestern Pennsylvania as of December 31, 2015 and any future acreage it acquires within these counties, excluding the first

40.0 MDth/d of RICE’s production from approximately 19,000 gross acres subject to a pre-existing third-party dedication.2. Fees will be annually escalated based upon changes in the Consumer Price Index. Compression fees are derived on a per stage basis3. Certain of RMP’s third-party contracts provided for an increase in the gathering fee RMP will receive upon completion of construction of an 18-mile, 30 inch pipeline connecting its gathering system to TETCO, which was completed in November 2014. Represents weighted average

based on historical throughput.4. Assumes fee of $0.06 per gallon in Pennsylvania and 11,000,000 gallons of water per well that utilize the fresh water delivery system based on a 7,000’ lateral. Assumes fee of $0.07 per gallon in Ohio and 16,900,000 gallons of water per well that utilize the fresh water delivery system

based on a 9000’ lateral.

RMP Assets


RICE Overview


Concentrated Core Upstream Assets

__________________________1. Strip as of 1/4/16.2. Net undeveloped locations as of 12/31/15. See slide entitled “Additional Disclosures” on detail regarding RICE’s methodology for the calculation of locations.

92,000

56,000

446

174

Net Acres Daily ProductionUtica Core Marcellus Core

197,000

Marcellus OH Utica

624 MMcfe/d

Washington

Greene

Belmont

PA Utica

Deep PA Utica Core

Premier E&P Company in the Lowest Cost Gas Shale Plays

100% of assets located in the cores of the Marcellus and Utica

Valuable production base of 624 MMcfe/d ($1.2B PD + Hedge PV10)(1)

Low breakevens of ~$2.15/MMBtu across Marcellus and dry-gas OH Utica

Strong hedge and FT portfolio provides protection from downcycles

Inventory (Wells)(2)

10+ Year Inventory from Marcellus and OH Utica

with upside from PA Utica

487

215

105 143

Developed

120

18

Producing Wells

143 Wells

4 Geneseo1 PA Utica

* Stacked Pay on PA Acreage

49,000PA UticaGeneseo*


647 800

247

400

175

401

894

1,200

2013 2014 2015 2016E

PA OH

$0.43 $0.31 $0.26

$0.55 $0.38 $0.36

$0.38

$0.38 $0.38

$0.44

$0.43 $0.34

$1.80

$1.50 $1.34

2013 2014 2015LOE and Taxes FT Gathering G&A

127 274

552 720

2013 2014 2015 2016E

249 644

1,015 350

662

685

599

1,306

1,700

2013 2014 2015

PD PUD

$2,457

$1,651 $1,450

2014 2015 2016E

$1,439 $1,237 $1,181 $1,150

2013 2014 2015 2016E

Track Record of Low-Cost GrowthPER UNIT CASH COSTS ($/MCFE)(1)UTICA D&C COSTS ($/FT.)MARCELLUS D&C COSTS ($/FT.)

MIDSTREAM THROUGHPUT (MDTH/D)NET PRODUCTION (MMCFE/D)PROVED RESERVES (BCFE)

__________________________1. E&P segment costs. RICE gathering agreements in OH and PA began in 2015. Gathering fee per Mcfe applied to 2013 and 2014 to show a comparison on apples to apples basis.


2016 budget positions RICE for success in 2016 and beyond– Focused on balance sheet and E&P returns while creating significant future midstream value– 2016 D&C budget maintains clean balance sheet while investing in 2017

Financial Strength – Healthy balance sheet, ample liquidity and robust hedges– Healthy Balance Sheet: Expect to exit 2016 at ~3.0x E&P leverage with no dependence on drop downs or capital markets– Ample Liquidity: $1.4B of liquidity(1): $1.1B E&P and $300MM RMH– Robust & Attractive Hedges: 87% of 2016 production hedged at $3.26/MMBtu; majority of 2017 production hedged at $3.14/MMBtu

Highly concentrated acreage position in the most economic areas of the Marcellus and Utica Shale– Core Locations: 134 net producing wells (624 MMcfe/d in Q4’15) + 487 net undeveloped Marcellus wells + 215 net undeveloped OH Utica

wells + 105 net undeveloped PA Utica wells– Resilient Economics: Development and operating cost declines have driven avg. breakeven PV-10 to ~$2.15/MMBtu (~15% lower than 2015) – Compelling Returns in Challenging Market: ~30% Pre-Hedge IRRs at strip pricing(2)

Midstream is a valuable and differentiated element of the RICE story– #1 Gatherer in the Dry Gas Core: 247,000 acres(3) dedicated from 3 of the 5 most active operators in SW Appalachia– Unique Financial Advantages: ~$1.0B of midstream monetizations and financings to date with ~$1.3B of estimated remaining drop down

inventory and GP Holdings with expected future value of $1.0B+– High Growth MLP: RMP expects 20% distribution growth with current asset base while maintaining 1.3x-1.5x coverage in 2016

Firm Transportation (FT) Portfolio is right-sized for RICE’s production growth and basis outlook– Right-Sized: FT covers >80% of 2016 production and decreases to ~60% by 2020– Right Exposure: Expect local basis to improve from $0.75 in 2016 (30% of production) to $0.50 in 2020 (~40% of production)

Well Positioned to Navigate Environment

__________________________1. As of 12/31/2015 pro forma for the preferred equity transaction of $375 million.2. Strip pricing as of 2/19/16. See Economics slide for more detailed assumptions used to generate single well economics.3. Excludes ~49K net PA Utica acres dedicated to RMP from RICE and additional PA Utica acreage dedicated to RMP from EQT.


2016 Capital Budget OverviewBudget Goals: 1) Healthy Balance Sheet 2) Attractive E&P Returns 3) Growing Midstream Value

E&P - $640MM (~30% YOY production growth)

2016 E&P budget funded with cash and expected cash flow, and will exit 2016 with an undrawn revolver and leverage at ~3.0x

~35% of D&C budget contributes to 2017 production

Wells generate ~30% returns at strip(1)

D&C activity has a byproduct of enhancing midstream value at RMH and maintaining strong distribution growth of RMP, thereby catalyzing further financing opportunities

RMH - $155MM (~100% YOY Gathering and Compression EBITDA growth)

Gathering construction in advance of continued rapid throughput growth from RICE and GPOR

Majority of budget allocated to building out trunklines of Strike Force JV

RMH funded with cash flow and $300MM revolver (undrawn today)

– Expect to exit 2016 at ~1.5x leverage

RMP - $150MM (~80% YOY EBITDA growth)

Compression capex is majority of budget and will result in compression revenues along with increased throughput in mid-2016

RICE and EQT remain highly active in driving growth

RMP well positioned with 20% distribution growth and 1.3x-1.5x coverage

– Expect to exit 2016 at ~2.5x leverage

~15% reduction from 2015



Pennsylvania Marcellus,

$285Ohio

Operated Utica, $175

Ohio Non-operated Utica,

$100

Land, $80

E&P Capex: $640MM

$155

RMH Capex: $155MM

Gas Gathering and

Compression, $140

Water Services,

$10

RMP Capex: $150MM

__________________________1. Strip pricing as of 2/19/16. See Economics slide for more detailed assumptions used to generate single well economics.

Gas Gathering, Compression

and Water, $155


$80

$120

$155

$205

$80

$200

$355

$560

0% YoY Growth 15% YoY Growth -Flat Exit to Exit

30% YoY Growth 30% YoY Growth

2016 D&C Budget Maintains Clean Balance Sheet while Investing in 2017

YE DUCS None None None 352016 Production, MMcfe/d 555 630 720 720 YE 2016 E&P Debt / LQA EBITDAX 3.0x 2.6x 2.5x 3.0x

$205MM drives 2017 production

$355MM drives 2016 production

$560 MM 2016 Budget

2016 production guidance achieved with $355 million of capex

Incremental $205 million of capex in 2016 sets the table for 2017 production with 35 DUCs at year-end

2016 spending funded by cash and cash flow with exit E&P leverage of ~3.0x

A reduced 2016 capital plan could generate similar 2016 production and better 2016 leverage but would exit the year with no DUC’s and be poorly positioned for 2017

Minimal completions

Additional completion activity,

minimal drilling

Drilling and completing wells that come online in 2016

Build pads and drill wells to be completed

in 2017+

0% YoY Growth 15%YoY Growth - 30% YoY Growth 30% YoY GrowthFlat Exit to Exit


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1,370

$330 $360

–

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600YE15 Cash & 2016E CFO

Undrawn Facility

CapEx

Healthy Balance Sheet Protected by Strong Hedge BookSUMMARY

LIQUIDITY

Ample Liquidity: $1.4B of total liquidity YE15(1) consisting of $1.1B of E&P liquidity and $300MM of RMH liquidity

Strong Balance Sheet and Financing: E&P budget fully funded with cash flow and cash on hand (no dependence on drop-downs or capital markets) and E&P ~3.0x levered throughout 2016

Attractive Hedge Book– 87% hedged in 2016 at wtd. avg. floor of $3.26/MMBtu– 563 MMBtu/d hedged in 2017 at wtd. avg. floor of

$3.14/MMBtu

__________________________1. As of 12/31/2015 pro forma for the preferred equity transaction of $375 million.

Rice E&P RMH RMP

HEDGE SUMMARY

LEVERAGE

BBtu/d $/MMBtu

1.8x

–

1.8x 1.7x

3.0x

1.5x

2.5x 2.5x

–

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

Rice E&P RMH RMP Consolidated

2015 Net Debt / LQA EBITDA 2016 Net Debt / LQA EBITDA

662

563

285

150

$3.26

$3.14 $3.16 $3.11

$2.11

$2.53 $2.61 $2.66

–

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

–

100

200

300

400

500

600

700

2016 2017 2018 2019

Hedged Volume Avg. Wtd. Fixed Price HHUB Strip


8.25% common

equity interest

Strategic Preferred Investment

DE

Rice Olympus

Midstream (OH

Gathering)

100% Series B Preferred Equity

($375MM invested)

75% equity interest

91.75% common equity interest

41% LP Interest100% of IDRs

RMP GP(non-economic)

100% Series A Common Equity

EIG Managed Funds

Rice Midstream Holdings LLC

Strike Force Midstream(GPOR JV)

GP Holdings(IDRs and LPs)

Transaction Highlights– Attractive cost of capital attributable to RMH’s midstream

assets and future GP Value– RICE cash flow + preferred proceeds fully fund 2016 E&P

budget with no additional debt incurred– Highlights significant value of embedded midstream– Highlights symbiotic structure of upstream and midstream

Healthy Upstream Healthy Midstream Healthy Upstream

Key Investment Terms– $375MM preferred equity in RMH and 8.25% LP interest in

GP Holdings (LPs & IDRs)– 8% preferred distribution, 2 yrs. of PIK– Remaining return will come from 8.25% common equity

interest in GP Holdings– Use of proceeds: $75MM to repay RMH outstanding

borrowings and pay related transaction fees and $300MM distributed to RICE to fund 2016 E&P budget

– Flexibility to execute drop strategy and make distributions to RICE

$375MM equity investment fortifies balance sheet and illuminates significant embedded midstream value

100% equity interest

100% ownership


25% 47%

77%

114%

159%

23%

49%

83%

124%

173%

–

25%

50%

75%

100%

125%

150%

175%

200%

$2.50 $3.00 $3.50 $4.00 $4.50

Attractive Single Well Economics

Net Locations (3) 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 ~30% returns at strip(1); HHUB PV10 breakevens of $2.08-$2.18 HHUB

__________________________Note: See appendix for summary of assumptions used to generate single well IRRs. Marcellus 750’ and Utica 1,000’ economics assume E&P is burdened by 50% of the gathering and compression fee and 50% of water completion fees (RICE owns a 41% LP interest in RMP, 100% of Rice Ohio Midstream and 100% of RMP IDRs).1. Strip as of 2/19/16.2. See slide titled Western Greene County Midstream Update.3. Excludes ~47 wet OH Utica net undeveloped locations and ~105 dry gas PA Utica net undeveloped locations.

Marcellus ChangesEconomics• D&C/ft decreased by 8%• Operating costs decreased ~40%• FT costs decreased by 25%• EUR/ft increased by 9%• 30% Pre-Hedge Single Well IRRs at StripLocations• Pro forma for amended gathering

agreement, reclassified ~110 net locations to “Marcellus” given change to economics(2)

Dry Gas Utica ChangesEconomics• D&C/ft decreased by 3%• Operating costs decreased ~40%• FT costs decreased by 25%• EUR/ft decreased by 7%• 30% Pre-Hedge Single Well IRRs at StripLocations• Avg. lateral length increased 1K’ and increased

well spacing to 1K’ results in fewer locations

Dotted lines represent previously reported economics

NYMEX ($/MMBtu)

IRR


Right-Sized Firm Transport PortfolioGrowing Exposure to an Improving Local Basis Market Right-Sized: FT covers >80% of 2016 takeaway volumes. FT coverage decreases to ~60% in 2020. Right Exposure: 30% of 2016 gas exposed to local markets when differentials are expected to be $0.75, growing to 40%+ in 2020

when differentials are expected to tighten to ~$0.50 (1)

RICE’S RIGHT-SIZED FT PORTFOLIO & ILLUSTRATIVE TAKEAWAY VOLUME GROWTH

–

500

1,000

1,500

2,000

2,500

3,000

1/1/15 7/1/15 1/1/16 7/1/16 1/1/17 7/1/17 1/1/18 7/1/18 1/1/19 7/1/19 1/1/20 7/1/20 1/1/21

$ / MMbtuMdth/d

Illustrative Takeaway Volume Range Takeaway Capacity

Base Case Details2015 2016 2017 2018 2019 2020

% Exposed to App. 25% 30% 30% 15% 25% 40% M2 Basis ($1.22) ($0.75) ($0.62) ($0.56) ($0.55) ($0.52)

Takeaway volumes = Volumes that fill firm transportation (2)

__________________________1. Illustrative takeaway volumes assume 2016 growth in-line with guidance. In 2017+, low and high volume range grow at 7% and 20%, respectively. Volumes beyond 2016 are for illustrative purposes only and do not constitute guidance.2. Takeaway volumes = gross PA and working interest OH volumes.

(1)(1)


$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM

PA D&C OH D&C Land

36 37 27

–

–

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance

_______________________Note: 2014 Pro Forma for ASR transaction.1. As of February 24, 2016.2. Does not include wells from the Greene County Acquisition.3. Consolidated midstream includes Rice Midstream Holdings and Rice Midstream Partners.

47 127

274

552

720

–

–

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfe/d

Average Net Daily ProductionNet Wells Turned to Sales(2)

Midstream Capital Expenditures Daily Throughput 2016E Midstream EBITDA

$45$150 $170 $150

$150

$250

$155

$45 $50

$300

$420

$305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM

RMP Rice Midstream Holdings

61

647 800

247

400

175

401

894

1,200

0

150

300

450

600

750

900

1,050

1,200

2012 2013 2014 2015 2016E

MDth/d

RMP Rice Midstream Holdings

$115

$43

0

20

40

60

80

100

120

RMP Rice MidstreamHoldings

$MM

Published Guidance

D&C & Land Capital Expenditures

2016E E&P GUIDANCE(1)

2016E CONSOLIDATED MIDSTREAM GUIDANCE(1)(3)


Appendix


Increasing premium market exposure and narrowing differentials 91% of 4Q15 production transported outside of Appalachia Non-Appalachia exposure ~80% during 1Q16 Low FT expense of $0.42/Mcf in 4Q15 that allows for continued

economic development

Initiated production from 6 Marcellus wells; 5 wells ahead of schedule– Average lateral length of ~7,500 ft.

Increased proved reserves 30% to 1.7 Tcfe 4Q15 net production of 624 MMcfe/d, 57% increase from 4Q14

Benefitted by accelerated online activity and improved performance

~$1.4B liquidity(1) (excl. RMP) to fund 2016 E&P and RMH capex Disciplined hedging strategy supports CF & protects balance sheet

– ~76% 4Q15 production hedged and $1.34/Mcf hedge price uplift Robust 2016 hedging portfolio of 662 BBtu/d at weighted avg. fixed

floor price of $3.26/MMBtu

1,026 MDth/d total throughput with 25% third-party volumes in 4Q15 Closed Strike Force JV w/ GPOR to construct & operate gathering and

compression for dry Utica acreage in OH Increased RMP’s acreage dedication from RICE to 93,000 acres in PA Illuminated midstream value by closing $375MM preferred investment

EXECUTION IS DRIVING

INDUSTRY–LEADING GROWTH

PROTECTED GROWTH &FINANCIAL FLEXIBILITY

DIVERSE FT PORTFOLIOENHANCES REALIZED PRICING

CREATING VALUE THROUGHMIDSTREAM DEVELOPMENT

RICE Fourth Quarter 2015 Highlights



Net production averaged 624 MMcfe/d; 57% increase from 4Q14 Includes 40 MMcfe/d of well outperformance

91% of 4Q15 production sold to premium, non-Appalachian markets Record further adjusted quarterly EBITDAX of $144MM $1.34 / Mcfe hedging uplift

RICE Fourth Quarter 2015 Financial Summary Solid fourth quarter results supported by well-capitalized balance sheet and ample liquidity

Total net production (MMcfe/d) 624 % Gas 100%% Operated 94%% Marcellus 72%

Actual ($MM) $ / McfeNYMEX Henry Hub price ($/MMBtu) $2.23

Average basis impact ($/MMBtu) (0.14) Firm transportation fuel & variables ($/MMBtu) (0.15) Btu uplift (MMBtu/Mcf) 0.11

Pre-hedge realized price ($/Mcf) 2.05 Realized hedging gain ($/Mcf) 1.34

Post-hedge realized price ($/Mcf) 3.39

Lease operating $9 $0.16Gathering, compression and transportation 29 0.51 Production taxes and impact fees 3 0.04 General and administrative 24 0.43 Depletion, depreciation and amortization 95 1.65

Adjusted EBITDAX $132Further Adjusted EBITDAX(2) $144

Three Months Ended

($ in millions) 12/31/2015

CashRice Energy $436Rice Midstream Holdings - Rice Midstream Partners 8

Total consolidated cash $444

Preferred Equity $375

Long-term debtRice Energy

E&P credit facility - 6.25% Senior notes due 2022 900 7.25% Senior notes due 2023 397

Total Rice Energy debt 1,297 Rice Midstream Holdings revolver - Rice Midstream Partners revolver 143

Total consolidated debt $1,440Net debt 996

Leverage4Q15 Net Debt / LQA EBITDARice Energy 1.8xRice Midstream Holdings 0.0xRice Midstream Partners 1.8xConsolidated 1.7x

4Q15 Net Debt / LTM EBITDARice Energy 2.2xRice Midstream Holdings 0.0xRice Midstream Partners 2.1xConsolidated 2.1x

QUARTERLY HIGHLIGHTS

__________________________1. As of 12/31/2015 pro forma for the preferred equity transaction that closed February 22, 2016.2. Please see “Reconciliation of Further Adjusted EBITDAX” for a description.

CAPITALIZATION AT 12/31/2015(1)

Sheet1

Three Months Ended

Total net production (MMcfe/d)624

% Gas100%Cash

% Operated94%Rice Energy $ 339

% Marcellus72%Rice Midstream Holdings 1

Actual ($MM)$ / McfeRice Midstream Partners 9

NYMEX Henry Hub price ($/MMBtu)$2.23Total consolidated cash $ 349

Average basis impact ($/MMBtu)(0.14)

Firm transportation fuel & variables ($/MMBtu)(0.15)Long-term debt

Btu uplift (MMBtu/Mcf)0.11Rice Energy

Pre-hedge realized price ($/Mcf)2.05E&P credit facility$ -52856580.22

Realized hedging gain ($/Mcf)1.346.25% Senior notes due 2022900Total production528.5658021978

Post-hedge realized price ($/Mcf)3.397.25% Senior notes due 2023397E&P Revenue101328730

Net firm transportation sales- 0Total Rice Energy debt1,2971.917050433

Adjusted realized price ($/Mcf)$3.39Rice Midstream Holdings revolver17Hedging Gain47042356.3958

Rice Midstream Partners revolver-Lease Operating12157013.4506

Lease operating$9$0.16Shareholders equity$ 1,996

Gathering, compression and transportation290.51Total capitalizationERROR:#REF!

Production taxes and impact fees30.04Total net capitalizationERROR:#REF!

General and administrative240.43

Depletion, depreciation and amortization951.65

Adjusted EBITDAX$132

Further Adjusted EBITDAX(2)$144

Sheet1

2Q 2015

Actual($ in millions)12/31/15

Total production (MMcfe/d)529

% Gas99%Cash

% Operated90%Rice Energy $436

% Marcellus77%Rice Midstream Holdings -

Rice Midstream Partners 8

NYMEX Henry Hub price ($/MMBtu)$ 2.72Total consolidated cash $444

Preferred Equity$375

Average basis impact ($/MMBtu)[(0.73)]

Firm transportation fuel & variables ($/MMBtu)[(0.01)]Long-term debt

Btu uplift (MMBtu/Mcf)0.10Rice Energy

Pre-hedge realized price ($/Mcf)2.08E&P credit facility-52856580.22

Realized hedging gain ($/Mcf)0.896.25% Senior notes due 2022900Total production528.5658021978

Post-hedge realized price ($/Mcf)2.977.25% Senior notes due 2023397E&P Revenue101328730

Net firm transportation sales0.01Total Rice Energy debt1,2971.917050433

Adjusted realized price ($/Mcf)$ 2.98Rice Midstream Holdings revolver-Hedging Gain47042356.3958

Rice Midstream Partners revolver143Lease Operating12157013.4506

Average costs per Mcfe:Actual ($MM)$ / McfeTotal consolidated debt$1,440EBITDAX1.7903163543

E&P Revenue (including net FT sales)$ 101$ 1.92Net debt996

Hedging gain470.89

Lease operating120.23Leverage

4Q15 Net Debt / LQA EBITDA

Gathering, compression and transportation170.35Rice Energy1.8xAssets4,033,720

Production taxes and impact fees40.08Rice Midstream Holdings0.0xLiabilities2,088,373

General and administrative190.39Rice Midstream Partners1.8x1,945,347

Consolidated 1.7x

Depletion, depreciation and amortization731.524Q15 Net Debt / LTM EBITDA

Rice Energy2.2x

Adjusted EBITDAX$ 95$ 1.79Rice Midstream Holdings0.0x

Rice Midstream Partners2.1x

Consolidated2.1x


2016 Detailed Guidance

RICE 2016 GUIDANCE(1)

__________________________1. As of February 24, 2016.

RMP 2016 GUIDANCE(1)

GuidanceNet Wells Spud Online Total Net Production (MMcfe/d) 700 - 740Operated Marcellus 25 27 % Natural gas %Operated Ohio Utica 12 13 % Operated %Non-operated Ohio Utica 5 14 % Marcellus %Total Net Wells 42 54

Pricing FT Fuel & Variable (Deduction) ($0.14) - ($0.16)

Lateral Length (ft.) of Wells Turned Online Heat Content (Btu/Scf)Operated Marcellus 7,700 MarcellusOperated Ohio Utica 9,300 UticaNon-operated Ohio Utica 8,200

Cash Operating Costs ($/Mcfe)Lease Operating Expense $0.22 - $0.25Gathering and Compression $0.45 - $0.50

2016 Capital Budget ($ in millions) Firm Transportation Expense $0.35 - $0.40E&P Production Taxes and Impact Fees $0.04 - $0.06Operated Marcellus $ 285 Total Cash Operating Costs $1.06 - $1.21Operated Ohio Utica $ 175 Non-operated Ohio Utica $ 100 Cash G&A ($ in millions)

Total Drilling & Completion $ 560 E&P 85$ - 90$ Land $ 80 Midstream 25$ - 28$ Total E&P $ 640 Total Cash G&A 110$ - 118$

Midstream Midstream Adjusted EBITDA ($ in millions)Rice Midstream Holdings $ 155 Rice Midstream Holdings 40$ - 45$ Rice Midstream Partners $ 150 Rice Midstream Partners 110$ - 120$ Total Midstream $ 305 Total Midstream EBITDA 150$ - 165$

Guidance

1050

10085

1080

65

2016 Capital Budget ($ in millions)Gas Gathering and Compression $ 140 Water Services $ 10 Total RMP $ 150

Estimated Maintenance Capital $ 11

Cash G&A ($ in millions) 15$ - 18$

Adjusted EBITDA ($ in millions)Gas Gathering and Compression 85$ - 90$ Water Services 25$ - 30$ Total Adjusted EBITDA 110$ - 120$

% Third Party

Distributable Cash Flow ($ in millions) 90$ - 100$ Average DCF Coverage Ratio 1.3x - 1.5x% Distribution Growth

Guidance

20% - 25%

20%


$425

$1,260 $290

$500

–

$500

$715

$2,260

–

$500

$1,000

$1,500

$2,000

$2,500

2016 2018E

RMH Current and Future Value

OH Midstream LP Units IDRs

Significant Unrealized Midstream Value Embedded Within RICE

__________________________1. Pro forma for preferred equity investment. Rice retained 91.75% interest in GP Holdings which owns RMH’s LP units and IDRs in RMP.2. Current unit price as of 2/22 close. Estimated 2018 unit price based on 2018 estimated distribution (assuming 20% distribution growth) assuming current yield held flat.

Track record of “crystalizing” midstream value Significant value creation on the horizon ~$1B of midstream monetizations and financings executed to date

Growth in value driven by RICE and GPOR, two of the lowest cost gas

operators with clean balance sheets, hedges and FT to execute plan

$MM($ in millions) 2016E 2018E

IDRsCash Flow – $18Multiple 30.0x 30.0xOwnership (1) 91.75% 91.75%Value – $500

LP UnitsUnit Price(2) $11.06 $18.67Current Yield 7.1% 7.1%Units Held (1) 26.4 26.4Value $290 $500

OH Midstream (Incl Strike Force JV)EBITDA $40-$45 $120-$160Hypothetical Multiple 8x-12x 8x-10xValue $425 $1,260

Total RMH Value $715 $2,260

Sheet1

($ in millions)2016E2018E

IDRs

Cash Flow–$18

Multiple30.0x30.0x

Ownership (1)91.75%91.75%

Value–$500

LP Units

Unit Price(2)$11.06$18.67

Current Yield7.1%7.1%$0.786

Kyle Derham: Kyle Derham:LQA (4Q15)$1.327

Kyle Derham: Kyle Derham:2018 FY distribution

Units Held (1)26.426.4

Value$290$500$1,000

OH Midstream (Incl Strike Force JV)

EBITDA$40-$45$120-$16042.57070140

Hypothetical Multiple8x-12x8x-10x10999

Value$425$1,260

Total RMH Value$715$2,260

OH Midstream$425$1,260

LP Units$290$500

IDRs–$500

Total$715$2,260

RMH Current and Future Value

OH Midstream

2016E2018E4251260LP Units

2016E2018E290500IDRs

2016E2018E0500Total

2016E2018E7152260


–$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020

Assuming 20% LP Distribution Growth

RICE’s best-in-class E&P development plus a growing 3rd party midstream business positions RMP for top-tier distribution growth RMP’s low-risk growth begins to generate IDR cash flows to RICE in 2016, which could reach $55MM in the next 5 years

IDR Value Driven through the Drill-Bit

Pennsylvania Dry Gas Gathering System Dedication from Rice, EQT and other producers for Marcellus development in Washington and Greene Counties, PA

Ohio Dry Gas Gathering System Dedication covering RICE and GPOR’s Utica acreage in central Belmont County, OH

Pennsylvania & Ohio Water Services Business Dedication covering Rice for Marcellus & Utica water services in southwest PA and southeast OH

Strike Force JV Dedication covering GPOR Utica acreage in eastern OH

RMP IPO Dec. 2014

Sold to RMP for $200 million

Dropdown Candidate

Dropdown Candidate

IDR Potential ($MM)

Highly Productive, Economically Resilient E&P Assets Support RMP’s 20% Annual Distribution Growth Target


Water Services Business Drop Down SummaryTRANSACTION OVERVIEW TRANSACTION HIGHLIGHTS

__________________________1. Excludes Strike Force JV.2. Assumes fee of $0.06 per gallon in Pennsylvania and 11,000,000 gallons of water per well that utilize the fresh water delivery system based on a 7,000’ lateral.3. Assumes fee of $0.07 per gallon in Ohio and 16,900,000 gallons of water per well that utilize the fresh water delivery system based on a 9,000’ lateral.

Immediately accretive to distributable cash flow per unit

Integrates RMP’s gathering and compression business with water services business driving enhanced 3rd party opportunities

Volumetric tiers provide revenue and cash flow stability

Minimal future organic capital requirements for RICE development

RMP acquired Rice Energy’s water business for $200 million in November 2015

$25 million earn out upon achievement of certain increases to system capacities

Funded with borrowings under RMP’s RCF and partially repaid with proceeds from $175MM PIPE

WATER SERVICES AGREEMENTS OVERVIEWTiered Fresh Water Fee Pennsylvania Ohio

Fresh Water Volumes (MMGal / Well)

Tier I 20

Fee ($ / Gallon)

Tier I $0.07 $0.08

Tier II $0.03 $0.04

Thereafter $0.01 $0.02

Expected Weighted Average Fee (2)(3) $0.06 $0.07

Produced Water Services Fee 2% of cost 2% of cost

ASSET OVERVIEW Fresh water distribution systems(1) & related facilities servicing

Marcellus and Utica completion operations in PA and OH

The right to provide fresh water for completion operations and to collect, recycle, and dispose of flowback and produced water for RICE in services area

Access to >18 MMGPD of fresh water

112 miles of pipeline and 152 million gallons of water impoundment capacity

As compared to trucking, water distribution systems are the more efficient way to transport fresh water for completions

Faster, more reliable completion jobs

Capable of delivering up to 3x more water per day, plus on-demand storage via impoundments

Improved social responsibility by reducing truck traffic and resulting emissions, noise, road repairs and safety incidents


955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy

Peer 3Peer 4Peer 5Peer 6Peer 7Peer 8Peer 9

Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Asset Quality – Industry High Grading to Quality

Top Ten Active Operators

Laid Down From PeakActive

February 2016: 43 Rigs

Rig Count

PA Marcellus & Utica

Pennsylvania

West Virginia

Ohio

June 200943 Rigs

Appalachia Rig Counts(1): 2007 - 2016

5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

# o

f Rig

s

__________________________1. RigData + Baker Hughes Rig Reports.

RICE’s footprint is located in the epicenter of remaining activity in Appalachia due to best in class economics

Early 2012 Peak of 175 Rigs

Feb 201643 Rigs


Pennsylvania Utica: A Natural Extension for Rice

RICE OH Utica>40 MMcfe/d

RICE PA Utica Peer Results

60-70 MMcfe/d

Peer Results10-30 MMcfe/d

Point Pleasant Core

__________________________1. RigData January 2016 Report.

RICE OHIO UTICA

RICE PENNSYLVANIA UTICA

16 Producing Wells

1 Producing Well

RICE Belmont County, OH

RICE Greene County, PA

10,500’ 12,000 – 13,000’9,500’7,500’

OH WVGuernsey Belmont Marshall Washington / Greene

PA

The Utica core extends directly underneath RICE’s Pennsylvania assets. Initial RICE and Industry wells point to massive resource potential.

Peer Results40-60

MMcfe/dWet Gas Dry Gas Dry Gas Dry GasRICE Deep Utica Well

In Sales, 12 MMcfe/d chokedExpect flat production for

700+ days

EQT Tests42 – 73 MMcfe/d

RRC Test59 MMcfe/d

CNX Test61 MMcfe/d

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6%

12%

0%

CNX Test61 MMcfe/d

Washington

Greene

RICE PA Utica:

One well placed online in August 2015 Lateral Length: 5800’ Initial Pressure: 10,000 psi

Expect to be competitive with Marcellus/OH Utica returns at $15MM well costs


0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

Ohio Q4 2015 Production Summary – Top 100 Wells

Top 100 Wells~75% located RICE’s Midstream Footprint (Belmont and Monroe)

Q4

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)

RICE’s Top-Tier Well Results and Midstream Footprint Located in Prolific Appalachian Core 1,236 Utica Shale wells producing in Q4 2015(1) – RICE upstream & midstream assets positioned in the core of Belmont and Monroe Counties Quality over Quantity: RICE’s 16 operated wells accounted for 7% of the Utica Shale’s total gas production(1)

RICE Operated

Other Belmont/Monroe

Other Counties

__________________________1. Source: ODNR 4th Quarter 2015 Horizontal Shale Production Report.

RICE Controls 15 of Top 21 Wells RICE Midstream

Footprint Belmont/Monroe

RICE OH Utica Acreage


–

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

– 250 500 750 1,000 1,250 1,500 1,750 2,000

Days OnlinePeer Susquehanna, PA (Marcellus) Peer Utica Peer Belmont Peer Monroe Rice Utica

–

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

– 250 500 750 1,000 1,250 1,500 1,750 2,000

Days OnlinePeer Marcellus Rice Greene Rice Washington Rice Geneseo

UTICA & SUSQUEHANNA, PA HISTORICAL PRODUCTION(2)WASHINGTON & GREENE COUNTY HISTORICAL PRODUCTION(1)

Differentiated Long-Term Production per Well

__________________________1. Data for RICE based on actuals through 12/31/15, peer data based on Pennsylvania Department of Environmental Protection production reports through 11/30/15.2. Data for RICE based on actuals through 12/31/15, peer data based on Ohio Department of Natural Resources report through 9/30/15.

Our drilling and completion techniques have yielded greater production profile per well than our peers

Cumulative Production (Bcfe)RICE has 5 of the

top 10 wells based on cumulative

production

RICE has the top 8 Utica wells based on average rate

Cumulative Production (Bcfe)


Most Efficient Growth in Appalachia

__________________________1. Horizontal Marcellus and Utica wells only. Data for RICE based on actuals through 1/31/2016, peer data based on Pennsylvania Department of Environmental Protection and Ohio Department of Natural Resources production reports through September 30, 2015. RICE production

excludes acquired CHK wells. Peers: APC, AR, CHIEF, CHK, COG, CNX, EQT, GPOR, NFG, RRC, SWN & TLM.

RICE’s peer-leading production growth is driven by a focus on well quality, not quantity RICE reached over 850 MMcfe/d of gross operated production with fewer wells than every other operator(1) in Appalachia Chart below demonstrates RICE’s ability to rapidly grow production w/ a clear path to 1 Bcf/d & beyond w/ ~1,200+ wells left to drill

MMcf/d PRODUCTION VERSUS WELLS - TOP PRODUCERS IN APPALACHIA(1)

SW Appalachia Operators

NE Appalachia Operators

153 Operated Wells

Producing Well Count


RICE and RMP Market Snapshot

Rice Midstream Partners LP(NYSE: RMP)

Rice Energy Inc.(NYSE: RICE)


$ millions, except per share data, as of 3/18/2016

Management Ownership 30%

Shares Outstanding (MM) 136Price $12.82

Market Capitalization $1,747Cash (1) 436 Preferred Equity 375

Revolving credit facilities (1) –6.25% Senior notes due 2022 9007.25% Senior notes due 2023 397


52 Week Price RangeHigh $25.33Low $7.92

Website: www.riceenergy.comInvestor Contact: Julie Danvers

[email protected]

$ millions, except per unit data, as of 3/18/2016

Common Units 42 Subordinated Units 29

Total Units Outstanding (MM) 71 Price $14.47

Market Capitalization $1,027Cash 8Revolving credit facility 143


Distribution / Unit $0.1965Yield 5.43%

52 Week Price RangeHigh $18.17Low $8.40

Website:Investor Contact:

[email protected]

www.ricemidstream.comJulie Danvers

__FDSCACHE__

Lauren Brown: RMP^FG_PRICE(42094,,,USD)1114.11RICE^P_PRICE_HIGH_PR(42125,,,USD,,,"PRICE","CLOSE","52W")1133.32RMP^P_PRICE_HIGH_PR(42094,,,USD,,,"PRICE","CLOSE","52W")1117.86RICE^P_PRICE_LOW_PR(42125,,,USD,,,"PRICE","CLOSE","52W")1116.57RMP^P_PRICE_LOW_PR(42094,,,USD,,,"PRICE","CLOSE","52W")1113.16RICE^FG_PRICE(42125,,,USD)1124.84RMP^FG_PRICE(42125,,,USD)1115.8RMP^P_PRICE_HIGH_PR(42125,,,USD,,,"PRICE","CLOSE","52W")1117.86RMP^P_PRICE_LOW_PR(42125,,,USD,,,"PRICE","CLOSE","52W")1113.16RMP^FG_PRICE(42156,,,USD)1117.07RMP^P_PRICE_HIGH_PR(42156,,,USD,,,"PRICE","CLOSE","52W")1117.86RMP^P_PRICE_LOW_PR(42156,,,USD,,,"PRICE","CLOSE","52W")1113.16RICE^FG_PRICE(42156,,,USD)1122.3RICE^P_PRICE_HIGH_PR(42156,,,USD,,,"PRICE","CLOSE","52W")1133.32RICE^P_PRICE_LOW_PR(42156,,,USD,,,"PRICE","CLOSE","52W")1116.57RMP^FG_PRICE(42216,,,USD)1116.67RMP^P_PRICE_HIGH_PR(42216,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42216,,,USD,,,"PRICE","CLOSE","52W")1113.16RICE^FG_PRICE(42265,,,USD)1119.24RICE^P_PRICE_HIGH_PR(42265,,,USD,,,"PRICE","CLOSE","52W")1129.18RICE^P_PRICE_LOW_PR(42265,,,USD,,,"PRICE","CLOSE","52W")1116.57RMP^FG_PRICE(42265,,,USD)1114.61RMP^P_PRICE_HIGH_PR(42265,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42265,,,USD,,,"PRICE","CLOSE","52W")1113.16RICE^P_PRICE_HIGH_PR(42310,,,USD,,,"PRICE","CLOSE","52W")1129.18RICE^FG_PRICE(42310,,,USD)1115.56RICE^P_PRICE_LOW_PR(42310,,,USD,,,"PRICE","CLOSE","52W")1114.9RMP^FG_PRICE(42310,,,USD)1113.88RMP^P_PRICE_HIGH_PR(42310,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42310,,,USD,,,"PRICE","CLOSE","52W")1111.22RMP^FG_PRICE(42312,,,USD)1114RMP^P_PRICE_HIGH_PR(42312,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42312,,,USD,,,"PRICE","CLOSE","52W")1111.22RICE^P_PRICE_HIGH_PR(11//2015,,,USD,,,"PRICE","CLOSE","52W")1129.18RICE^P_PRICE_LOW_PR(11//2015,,,USD,,,"PRICE","CLOSE","52W")1114.9RICE^FG_PRICE(11//2015,,,USD)1116.14RICE^FG_PRICE(42317,,,USD)1116.22RICE^P_PRICE_HIGH_PR(42317,,,USD,,,"PRICE","CLOSE","52W")1128.29RICE^P_PRICE_LOW_PR(42317,,,USD,,,"PRICE","CLOSE","52W")1114.9RMP^FG_PRICE(42317,,,USD)1115.38RMP^P_PRICE_HIGH_PR(42317,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42317,,,USD,,,"PRICE","CLOSE","52W")1111.22RICE^FG_PRICE(42418,,,USD)119.01RICE^P_PRICE_HIGH_PR(42418,,,USD,,,"PRICE","CLOSE","52W")1125.12RICE^P_PRICE_LOW_PR(42418,,,USD,,,"PRICE","CLOSE","52W")118.35RMP^FG_PRICE(42418,,,USD)1111.04RMP^P_PRICE_HIGH_PR(42418,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42418,,,USD,,,"PRICE","CLOSE","52W")119.11RICE^FG_PRICE(42423,,,USD)118.97RICE^P_PRICE_HIGH_PR(42423,,,USD,,,"PRICE","CLOSE","52W")1125.12RICE^P_PRICE_LOW_PR(42423,,,USD,,,"PRICE","CLOSE","52W")118.35RMP^FG_PRICE(42423,,,USD)1111.27RMP^P_PRICE_HIGH_PR(42423,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42423,,,USD,,,"PRICE","CLOSE","52W")119.11RICE^FG_PRICE(42436,,,USD)1110.71RICE^P_PRICE_HIGH_PR(42436,,,USD,,,"PRICE","CLOSE","52W")1125.12RICE^P_PRICE_LOW_PR(42436,,,USD,,,"PRICE","CLOSE","52W")118.35This sheet contains FactSet XML data for use with this workbook's =FDS codes. Modifying the worksheet's contents may damage the workbook's =FDS functionality.

E&P

TickerRICE

Date3/7/16

FactSet

PriceERROR:#NUM!

52 Week HighERROR:#NUM!

52 Week LowERROR:#NUM!


Management Ownership30%

Shares Outstanding (MM)136

Price $12.82

Market Capitalization$1,747

Cash (1)436

Preferred Equity375

Revolving credit facilities (1)–

6.25% Senior notes due 2022900



52 Week Price Range

High$25.33

Low$7.92

Website:www.riceenergy.com

Investor Contact:Julie Danvers

[email protected]

MLP - new

TickerRMP

Date2/23/16

FactSet

PriceERROR:#NUM!




Common Units42

Subordinated Units29

Total Units Outstanding (MM)71

Price ERROR:#NUM!

Market CapitalizationERROR:#NUM!

Cash 8

Revolving credit facility 143

Enterprise ValueERROR:#NUM!

Distribution / Unit$0.1965

YieldERROR:#NUM!

52 Week Price Range

HighERROR:#NUM!

LowERROR:#NUM!

Website:www.ricemidstream.com


[email protected]

MLP - old

TickerRMP

Date9/18/15

FactSet

PriceERROR:#NUM!




Common Units29



Price as of 9/18/15$14.61

Market Capitalization$840

Cash (1)-

Revolving credit facility (1)30

Debt-

Enterprise Value$870


Yield4.57%

52 Week Price Range

HighERROR:#NUM!

LowERROR:#NUM!

RMP Units Owned

% of RMP Units - Public 50%

% of RMP Units - RICE50%

% of RMP IDRs - RICE 100%



[email protected]

__FDSCACHE__

Lauren Brown: RMP^FG_PRICE(42094,,,USD)1114.11RICE^P_PRICE_HIGH_PR(42125,,,USD,,,"PRICE","CLOSE","52W")1133.32RMP^P_PRICE_HIGH_PR(42094,,,USD,,,"PRICE","CLOSE","52W")1117.86RICE^P_PRICE_LOW_PR(42125,,,USD,,,"PRICE","CLOSE","52W")1116.57RMP^P_PRICE_LOW_PR(42094,,,USD,,,"PRICE","CLOSE","52W")1113.16RICE^FG_PRICE(42125,,,USD)1124.84RMP^FG_PRICE(42125,,,USD)1115.8RMP^P_PRICE_HIGH_PR(42125,,,USD,,,"PRICE","CLOSE","52W")1117.86RMP^P_PRICE_LOW_PR(42125,,,USD,,,"PRICE","CLOSE","52W")1113.16RMP^FG_PRICE(42156,,,USD)1117.07RMP^P_PRICE_HIGH_PR(42156,,,USD,,,"PRICE","CLOSE","52W")1117.86RMP^P_PRICE_LOW_PR(42156,,,USD,,,"PRICE","CLOSE","52W")1113.16RICE^FG_PRICE(42156,,,USD)1122.3RICE^P_PRICE_HIGH_PR(42156,,,USD,,,"PRICE","CLOSE","52W")1133.32RICE^P_PRICE_LOW_PR(42156,,,USD,,,"PRICE","CLOSE","52W")1116.57RMP^FG_PRICE(42216,,,USD)1116.67RMP^P_PRICE_HIGH_PR(42216,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42216,,,USD,,,"PRICE","CLOSE","52W")1113.16RICE^FG_PRICE(42265,,,USD)1119.24RICE^P_PRICE_HIGH_PR(42265,,,USD,,,"PRICE","CLOSE","52W")1129.18RICE^P_PRICE_LOW_PR(42265,,,USD,,,"PRICE","CLOSE","52W")1116.57RMP^FG_PRICE(42265,,,USD)1114.61RMP^P_PRICE_HIGH_PR(42265,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42265,,,USD,,,"PRICE","CLOSE","52W")1113.16RICE^P_PRICE_HIGH_PR(42310,,,USD,,,"PRICE","CLOSE","52W")1129.18RICE^FG_PRICE(42310,,,USD)1115.56RICE^P_PRICE_LOW_PR(42310,,,USD,,,"PRICE","CLOSE","52W")1114.9RMP^FG_PRICE(42310,,,USD)1113.88RMP^P_PRICE_HIGH_PR(42310,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42310,,,USD,,,"PRICE","CLOSE","52W")1111.22RMP^FG_PRICE(42312,,,USD)1114RMP^P_PRICE_HIGH_PR(42312,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42312,,,USD,,,"PRICE","CLOSE","52W")1111.22RICE^P_PRICE_HIGH_PR(11//2015,,,USD,,,"PRICE","CLOSE","52W")1129.18RICE^P_PRICE_LOW_PR(11//2015,,,USD,,,"PRICE","CLOSE","52W")1114.9RICE^FG_PRICE(11//2015,,,USD)1116.14RICE^FG_PRICE(42317,,,USD)1116.22RICE^P_PRICE_HIGH_PR(42317,,,USD,,,"PRICE","CLOSE","52W")1128.29RICE^P_PRICE_LOW_PR(42317,,,USD,,,"PRICE","CLOSE","52W")1114.9RMP^FG_PRICE(42317,,,USD)1115.38RMP^P_PRICE_HIGH_PR(42317,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42317,,,USD,,,"PRICE","CLOSE","52W")1111.22RICE^FG_PRICE(42418,,,USD)119.01RICE^P_PRICE_HIGH_PR(42418,,,USD,,,"PRICE","CLOSE","52W")1125.12RICE^P_PRICE_LOW_PR(42418,,,USD,,,"PRICE","CLOSE","52W")118.35RMP^FG_PRICE(42418,,,USD)1111.04RMP^P_PRICE_HIGH_PR(42418,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42418,,,USD,,,"PRICE","CLOSE","52W")119.11RICE^FG_PRICE(42423,,,USD)118.97RICE^P_PRICE_HIGH_PR(42423,,,USD,,,"PRICE","CLOSE","52W")1125.12RICE^P_PRICE_LOW_PR(42423,,,USD,,,"PRICE","CLOSE","52W")118.35RMP^FG_PRICE(42423,,,USD)1111.27RMP^P_PRICE_HIGH_PR(42423,,,USD,,,"PRICE","CLOSE","52W")1117.94RMP^P_PRICE_LOW_PR(42423,,,USD,,,"PRICE","CLOSE","52W")119.11RICE^FG_PRICE(42436,,,USD)1110.71RICE^P_PRICE_HIGH_PR(42436,,,USD,,,"PRICE","CLOSE","52W")1125.12RICE^P_PRICE_LOW_PR(42436,,,USD,,,"PRICE","CLOSE","52W")118.35This sheet contains FactSet XML data for use with this workbook's =FDS codes. Modifying the worksheet's contents may damage the workbook's =FDS functionality.

E&P

TickerRICE

Date3/7/16

FactSet

PriceERROR:#NUM!




Management Ownership30%

Shares Outstanding (MM)136

Price ERROR:#NUM!

Market CapitalizationERROR:#NUM!

Cash (1)436

Preferred Equity375

Revolving credit facilities (1)–



Enterprise ValueERROR:#NUM!

52 Week Price Range

HighERROR:#NUM!

LowERROR:#NUM!

Website:www.riceenergy.com


[email protected]

MLP - new

TickerRMP

Date3/7/16

FactSet

PriceERROR:#NUM!




Common Units42



Price $14.47

Market Capitalization$1,027

Cash 8

Revolving credit facility 143



Yield5.43%

52 Week Price Range

High$18.17

Low$8.40



[email protected]

MLP - old

TickerRMP

Date9/18/15

FactSet

PriceERROR:#NUM!




Common Units29



Price as of 9/18/15$14.61

Market Capitalization$840

Cash (1)-

Revolving credit facility (1)30

Debt-

Enterprise Value$870


Yield4.57%

52 Week Price Range

HighERROR:#NUM!

LowERROR:#NUM!

RMP Units Owned

% of RMP Units - Public 50%

% of RMP Units - RICE50%

% of RMP IDRs - RICE 100%



[email protected]


LNG+10.0

Industry+2.0

Power+ 3.5

Mexico+3.8

Diverse Market Exposure

_______________________1. Conversion of Dth to Mcf assumes 1,050 Btu factor.2. Source: Company Filings, TPH Estimates.

FT portfolio includes 1.2 MMDth/d (1.1 Bcf/d) of firm capacity to premium North American markets(1)

Canadian Markets

Gulf Coast Markets

MIDWEST (MDTH/D)2016 2017 2018107 57 57

GULF COAST (MDTH/D)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTH/D)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage

RICE FIRM CAPACITY COMMITMENTS(MDTH/D)

Project Pipeline Start Date Volume MarketTEAM South TETCO Sept 2014 270 Gulf Coast

Westside Expansion CGT/TCO Nov 2014 125 TCO, Gulf Coast

Rockies Express REX Aug 2015 175 Midwest/Canada/Gulf Coast

Union Town to Gas City TETCO Sept 2015 87 Midwest/Gulf Coast

OPEN TETCO Sept 2015 50 Gulf Coast

ET Rover Rover Nov 2017 100 Canada

Access South TETCO Nov 2017 320 Gulf Coast

CANADA (MDTH/D)2016 2017 2018

25 42 125

Gulf Coast demand growth will be ~3x larger

than NE demand growth(2)

NORTHEAST (MDTH/D)2016 2017 2018

71 50 50

Gulf Coast Demand/Exports by

2020: +17 to 19 Bcf/d(2)

Chart1

LNG

Industry

Power

Mexico

LNG+10.0

Industry+2.0

Power+ 3.5

Mexico+3.8

10

2

3.5

3.8

Sheet1

LNG10

Industry2

Power3.5

Mexico3.8


1Q16 2Q16 3Q16 4Q16 2016 2017

NYMEX Henry Hub Strip ($/MMBTU) $2.08 $2.00 $2.18 $2.37 $2.16 $2.58Plus/Less: Average Basis Impact (0.28) (0.32) (0.41) (0.38) (0.35) (0.30)Less: Firm Transportation Fuel & Variables (0.14) (0.12) (0.11) (0.12) (0.12) (0.13)Plus: BTU Uplift (MMBtu/Mcf) 0.10 0.10 0.11 0.13 0.11 0.14

Pre-Hedge Realized Price ($/Mcf) $1.76 $1.66 $1.77 $2.00 $1.80 $2.29Plus: Realized Hedging Gain/Loss ($/Mcf) 1.03 1.09 0.94 0.81 0.96 0.34

Post Hedged Realized Price ($/Mcf) $2.79 $2.75 $2.71 $2.81 $2.76 $2.63FT Demand Expense ($0.40) ($0.36) ($0.32) ($0.33) ($0.35) ($0.37)

FT Expense (Fuel & Variables + Demand) ($0.54) ($0.49) ($0.43) ($0.45) ($0.47) ($0.49)FT Expense + Basis + BTU Uplift ($0.72) ($0.71) ($0.74) ($0.69) ($0.71) ($0.65)

Basis Exposure & Realized PricingPRICING COMMENTARY BASIS EXPOSURE

REALIZED PRICING

HHUB is increasingly challenged

RICE is 87% hedged in 2016; 50%+ in 2017

Appalachian basis has tightened

Market opportunity to hedge at attractive levels ($0.50) relative to green-field FT projects ($1.00)

FT portfolio diversifies markets

As new FT projects come online, our diverse FT portfolio and inter-connected gathering system will allow RICE to take advantage of arbitrage and optimization opportunities

_______________________1. Strip pricing as of 2/18/2016.

(1)


Hedging SummaryHEDGE SUMMARY

RICE’s gas will be marketed into 4 areas– (1) Gulf Coast (ELA, M1) – (2) TCO– (3) Midwest (Chicago, Dawn)– (4) Appalachia (M2, M3, & Dominion)

78% of first quarter 2016 production transported out of Appalachian basin

Our Gulf Coast firm transportation contracts deliver to markets in the Gulf Coast (ELA, M1)

– We hedge our Gulf Coast basis exposure opportunistically, but believe our Henry Hub NYMEX derivatives serve as a hedge against these indices which have historically traded within a narrow band of $0.05-$0.15 below Henry Hub

~87% of 2016 production hedged at weighted avg. fixed price floor of $3.26/MMBtu

2016 2017 2018 2019

Hedged M2 / Dominion Volumes (BBtu/d) 189 163 165 150Wtd Avg Floor Price ($/MMBtu) $2.35 $2.20 $2.50 $2.48% of Basis Hedged 84% n.a. n.a. n.a.

Hedged TCO Volumes (BBtu/d) 44 27 19 10Wtd Avg Floor Price ($/MMBtu) $2.97 $2.81 $2.77 $2.73% of Basis Hedged 46% n.a. n.a. n.a.

Hedged Gulf Coast Volumes (BBtu/d) 355 349 79 –Wtd Avg Floor Price ($/MMBtu) $3.20 $3.07 $2.91 –% of Basis Hedged 67% n.a. n.a. n.a.

Hedged Chicago/Dawn Volumes (BBtu/d) 74 24 22 20Wtd Avg Floor Price ($/MMBtu) $3.27 $3.09 $3.09 $2.99% of Basis Hedged 70% n.a. n.a. n.a.

Total Hedged Volumes (BBtu/d) 662 563 285 180Wtd Avg Fixed Floor Price ($/MMBtu) $3.26 $3.14 $3.16 $3.11% Hedged 87% n.a. n.a. n.a.

Hedge Detail 12-31

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x

NYMEX Gas Price ($/MMbtu)$ 3.33$ 3.33$ 3.81$ 4.17$ 4.04$ 3.83$ 3.62$ 3.43$ 3.62$ 3.68$ 3.64$ 3.91$ 4.62$ 5.86$ 4.77$ 4.61$ 4.56$ 4.57$ 4.04$ 3.87$ 3.90$ 3.78$ 4.08$ 3.39$ 3.19

Bryan Stephenson: Bryan Stephenson:FoM Settle$ 2.87$ 2.89$ 2.59$ 2.52$ 2.82$ 2.77$ 2.89$ 2.64$ 2.56$ 2.03$ 2.21$ 2.37$ 2.47$ 2.47$ 2.50$ 2.53$ 2.58$ 2.62$ 2.64$ 2.64$ 2.67$ 2.74$ 2.89$ 3.00$ 2.99$ 2.95$ 2.74$ 2.74$ 2.78$ 2.82$ 2.83$ 2.82$ 2.84$ 2.91$ 3.06$ 3.15$ 3.14$ 3.08$ 2.80$ 2.80$ 2.83$ 2.87$ 2.88$ 2.88$ 2.90$ 2.98$ 3.12$ 3.21$ 3.20$ 3.15$ 2.88$ 2.88$ 2.91$ 2.95$ 2.96$ 2.96$ 2.98$ 3.06$ 3.22$ 3.33$ 3.32$ 3.26$ 3.00$ 2.99$ 3.02$ 3.06$ 3.08$ 3.08$ 3.11$ 3.19$ 3.35$ 3.33$ 3.32$ 3.26$ 3.00$ 2.99$ 3.02$ 3.06$ 3.08$ 3.08$ 3.11$ 3.19$ 3.35$ 3.33$ 3.32$ 3.26$ 3.00$ 2.99$ 3.02$ 3.06$ 3.08$ 3.08$ 3.11$ 3.19$ 3.35x

DOMSP Gas Price ($/MMBTU)$ 4.40$ 5.75$ 4.51$ 4.07$ 3.42$ 3.09$ 2.50$ 2.20$ 2.09$ 1.82$ 3.13$ 2.25$ 1.75$ 1.75$ 2.04$ 1.45$ 1.34$ 1.41$ 1.28$ 1.24$ 1.16$ 1.17$ 1.24$ 1.50$ 1.46$ 1.57$ 1.50$ 1.51$ 1.50$ 1.54$ 1.64$ 1.61$ 1.48$ 1.53$ 1.75$ 1.97$ 2.24$ 2.23$ 2.16$ 1.98$ 1.92$ 1.93$ 2.03$ 1.93$ 1.75$ 1.83$ 2.24$ 2.44$ 2.48$ 2.55$ 2.51$ 2.25$ 2.24$ 2.20$ 2.24$ 2.10$ 1.93$ 2.00$ 2.33$ 2.53$ 2.72$ 2.71$ 2.61$ 2.51$ 2.50$ 2.40$ 2.29$ 2.27$ 2.17$ 2.20$ 2.42$ 2.65$ 2.88$ 2.89$ 2.76$ 2.79$ 2.73$ 2.57$ 2.42$ 2.44$ 2.23$ 2.26$ 2.56$ 2.79$ 2.87$ 2.84$ 2.75$ 2.82$ 2.76$ 2.60$ 2.45$ 2.47$ 2.25$ 2.29$ 2.56$ 2.79$ 2.84$ 2.86$ 2.72$ 2.67$ 2.81$ 2.60$ 2.45$ 2.47$ 2.25$ 2.29$ 2.56$ 2.79x

TCO Gas Price ($/MMBTU)$ 4.70$ 5.98$ 4.78$ 4.51$ 4.52$ 4.50$ 4.01$ 3.88$ 3.90$ 3.70$ 4.01$ 3.37$ 3.10$ 2.73$ 2.82$ 2.48$ 2.42$ 2.74$ 2.68$ 2.79$ 2.56$ 2.39$ 1.94$ 2.12$ 2.24$ 2.32$ 2.31$ 2.37$ 2.40$ 2.45$ 2.48$ 2.45$ 2.35$ 2.39$ 2.52$ 2.68$ 2.82$ 2.81$ 2.75$ 2.55$ 2.54$ 2.60$ 2.61$ 2.61$ 2.46$ 2.48$ 2.68$ 2.81$ 2.90$ 2.90$ 2.84$ 2.56$ 2.56$ 2.59$ 2.57$ 2.53$ 2.46$ 2.49$ 2.67$ 2.82$ 2.95$ 2.96$ 2.93$ 2.64$ 2.65$ 2.67$ 2.65$ 2.62$ 2.54$ 2.57$ 2.81$ 2.97$ 3.04$ 3.04$ 3.01$ 2.76$ 2.76$ 2.79$ 2.77$ 2.74$ 2.67$ 2.70$ 2.95$ 3.11$ 3.05$ 3.08$ 3.02$ 2.76$ 2.76$ 2.79$ 2.77$ 2.74$ 2.67$ 2.70$ 2.96$ 3.13$ 3.07$ 3.09$ 3.04$ 2.76$ 2.76$ 2.79$ 2.77$ 2.74$ 2.67$ 2.70$ 2.96$ 3.13x

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Modeled Productionx

NRI PDP Shrunk Gas Production (BBtu)------------6,4957,5248,5587,4368,2059,3478,4528,2489,55210,33811,65314,46414,33812,72014,56215,88817,79018,20818,31118,91719,09419,58618,37618,29417,55716,04216,52415,23915,39013,89213,43512,60611,49711,25510,36510,20510,1198,7679,3348,6948,6658,1018,1017,8467,3677,3956,9597,0006,8796,0636,5556,1956,2565,9205,9855,8585,5535,6245,3365,4105,3084,7105,1254,8744,9504,7114,7884,7114,4874,5654,3514,4304,3644,0254,2434,0494,1273,9404,0183,9653,7883,8653,6943,7703,7243,3253,6403,4823,5573,4033,4773,4383,2913,3643,2223,2943,2592,9153,1953,0623,1333,0023,0723,0432,9162,9852,8632,931x

NRI Total Shrunk Gas Production (BBtu)--------------19,725--23,061--23,920--38,073--41,268--50,350--59,28219,63418,42319,06219,11819,38821,26821,08323,20623,36126,63225,74226,69326,64426,66627,73427,51825,68325,72325,14925,64724,34327,77428,19727,18228,61931,03431,45132,54433,80435,32736,69437,11337,04135,91635,71234,84736,00338,08040,46441,72942,40644,35344,73845,56147,22049,11453,39554,84456,94557,10957,13357,89157,49957,60358,26657,78556,37956,92955,47753,79855,46257,04457,73959,73759,98561,62762,83363,52964,07865,04365,78266,48467,34967,90668,61769,02369,05769,67569,80570,15070,32670,47170,06569,57769,28968,81468,536x

PDP Gas Production (BBtu/d)------------210269276248265312273266318333388467463454470530574607591610636632613590566553533508496463433407383363346329326313301290280270261253246239232226222217211207202197193189185181178175171168165162160157154152150147145143141139137135133131130128126125123122120119117116115113112111110109107106105104103102101100999897969595x

Total Gas Production (BBtu/d)--------------636--769--797--1,228--1,331--1,678--1,9766336146156176696867037497798598308908598898958889178308388278118969109069231,0341,0151,0501,2071,1401,2231,1971,2351,1591,1521,1621,1611,2691,3051,3461,5151,4311,4911,4701,5741,5841,7221,8281,8371,9041,8431,8671,9831,8581,9421,8641,8791,8361,7901,7931,7891,9011,8631,9272,1421,9882,0942,0492,1362,0982,1222,2162,1732,2642,2132,2272,4662,2482,3272,2632,3442,2732,2602,3192,2352,2942,211x

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NYMEX HHUB Swapsx

DateDailySwapStartEndTotal Volumex

CounterpartyExecutedMMBTU/dPriceDateDateMMBtux

WF3/19/1310,000$ 4.2351/1/1512/31/15-------------––––––––––––310280310300310300310310300310300310––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––x

BMO7/17/1310,000$ 4.1431/1/1512/31/15-------------––––––––––––310280310300310300310310300310300310––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––x

WF7/18/1370,000$ 4.1551/1/1512/31/15-------------––––––––––––1,3951,2601,3951,3501,3951,3501,0851,0851,0502,1702,1002,170––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––x

WF7/18/1316,844$ 4.2901/1/1612/31/166,165,000------------––––––––––––––––––––––––775725775600620600388388375310300310––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––x

WF7/19/138,422$ 4.2351/1/1612/31/163,082,500------------––––––––––––––––––––––––388363388300310300194194188155150155––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––x

BMO7/19/1310,000$ 4.3701/1/1712/31/173,650,000------------––––––––––––––––––––––––––––––––––––310280310300310300310310300310300310––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––x

WF7/22/1316,844$ 4.2051/1/1612/31/166,165,000------------––––––––––––––––––––––––775725775600620600388388375310300310–�

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