Investor Presentation February 2016

Investor Presentation February 2016

Rice Energy Strategy 2 www.riceenergy.com Allocate 100% of Capital to Core Assets with Attractive Returns Maintain a Strong Balance Sheet Protect Returns and Balance Sheet through FT Portfolio and Systematic Hedging Strategically Position Midstream to Maximize Value Promote Operational Excellence through Innovation, Safety and Environmental Stewardship Long-Term Shareholder Value Creation

Company Overview: More Than Just an E&P Company Upstream E&P Marcellus + Utica Shale Development NYSE: RICE Rice Midstream Holdings Ohio Gathering System GP Holdings RMP Units and IDRs NYSE: RMP Rice Midstream Partners EIG Managed Funds 91.75% 8.25% GP Holdings 41% of LP Units 100% IDRs 197,000 effective stacked acres (1) in the core of SW Appalachia 92,000 PA Marcellus 49,000 PA Deep Utica 56,000 OH Utica 624 MMcfe/d 4Q15 net production 2015 Production: 552 MMcfe/d PD + Hedge PV10 (2) : $1.2B 10+ years of inventory remaining 30% returns at current strip prices One of the largest gathering footprints in Ohio s Dry Gas Utica Core 133,000 dedicated acres, primarily from two of the most active dry gas operators (RICE/GPOR) 323 MMcfe/d of current throughput, 40% 3 rd party volumes > 2.0 MMdth/d design gas gathering capacity at YE15 Ideal assets for future drop downs to RMP RICE owns 91.75% of the common equity of GP Holdings pro forma for EIG Investment GP Holdings owns 41% of all outstanding RMP LP units and 100% of IDRs Estimate $18MM of net IDR cash flow in 2018 assuming 20% distribution growth at RMP Long-term, we believe GP Holdings value will be > $1B 114,000 dedicated Pennsylvania Marcellus acres from RICE and third parties 2016E throughput of 800 MDth/d > 4.0 MMDth/d design gas gathering capacity at YE15 703 MDth/d 4Q15 average throughput, 18% 3 rd party volumes Access to >18 MMgal/d of fresh water for completion operations 2016E Distribution Growth: 20% 1. Stacked acreage as of 12/31/15. Surface acreage of 148,000 net acres. 2. Strip pricing as of 1/4/16. 3 www.riceenergy.com

Concentrated Core Upstream Assets 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) (2) Low breakevens of $2.15/MMBtu across Marcellus and dry-gas OH Utica Strong hedge and FT portfolio provides protection from downcycles Marcellus OH Utica PA Utica Utica Core Marcellus Core Washington Net Acres 197,000 *49,000 Daily Production 624 MMcfe/d 175 PA Utica Producing Wells 143 Wells 18 1 PA Utica 4 Geneseo Inventory (Wells) Developed 143 105 Belmont 56,000 215 Greene 92,000 449 120 487 Deep PA Utica Core * Stacked Pay on PA Acreage 1. Net undeveloped locations as of 12/31/15. See slide entitled Additional Disclosures on detail regarding RICE s methodology for the calculation of locations. 2. Strip as of 1/4/16. 10 Year Inventory from Marcellus and OH Utica with upside from PA Utica 4 www.riceenergy.com

Strategic Midstream Assets RICE MIDSTREAM HOLDINGS ( RMH ) 133,000 dedicated acres in core of dry gas Utica RICE MIDSTREAM PARTNERS ( RMP ) 114,000 acres dedicated in core of dry gas Marcellus PENNSYLVANIA Primary customers: RICE & GPOR 75% ownership of Strike Force JV (GPOR 25%) Primary customers: RICE and EQT 20% distribution growth and 1.3-1.5x coverage in 2016 OHIO Belmont Washington RMH owns 91.75% of GP Holdings which owns 41% of RMP LP units outstanding and 100% of IDRs $110-120 million of 2016E EBITDA Monongahela River Withdrawal $40-$45 million of 2016E EBITDA Monroe Ohio River Withdrawal Greene GATHERING SYSTEM INFORMATION Dedicated Gross Acreage (1) 4Q 2015 Throughput (MDth/d) 2016E Throughput (MDth/d) (2) 2016E Capex ($MM) (2) 2016E EBITDA ($MM) (2) RMH 133,000 323 400 $ 155 $40 - $45 RMP 114,000 (3) 703 800 $ 150 $110 - $120 % 3 rd Party 50% 25% 30% n/a 20% - 25% Total 247,000 1,026 1,200 $ 305 $150 - $165 RMH LEGEND RICE Ohio Gathering Pipeline RICE Ohio Gathering Pipeline to be Constructed Strike Force JV RICE Dedicated to 3 rd Parties GPOR Dedicated to RICE RICE Acreage RMP LEGEND RMP Gathering Pipeline RMP Gathering Pipeline to be Constructed 3 rd Party Dedications RMP Water Pipeline RMP Water Pipeline to be Constructed RICE Western Greene Area RICE Acreage 1. As of December 31, 2015. 2. As of February 24, 2016. 3. 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 MDth/d of RICE s production from approximately 19,000 gross acres subject to a pre-existing third-party dedication. See slide titled Western Greene County Midstream Update for more details. Excludes ~49K net PA Utica acres dedicated to RMP from RICE and additional PA Utica acreage dedicated to RMP from EQT. 5 www.riceenergy.com

Western Greene County Midstream Update Renegotiated midstream agreement substantially improves RICE well economics in Greene County 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 WV PA Washington Rice Western Greene Area RMP Proposed Gathering Trunkline RMP will now gather all production above 40 MDth/d Greene 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 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 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. 6 www.riceenergy.com

Track Record of Low-Cost Growth MARCELLUS D&C COSTS ($/FT) UTICA D&C COSTS ($/FT) PER UNIT CASH COSTS ($/MCFE) (1) $1,439 $1,237 $1,181 $1,150 $2,457 $1,651 $1,450 $1.80 $0.44 $0.38 $1.50 $0.43 $1.34 $0.34 $0.55 $0.43 $0.38 $0.38 $0.38 $0.36 $0.31 $0.26 2013 2014 2015 2016E PROVED RESERVES (BCFE) 2014 2015 2016E NET PRODUCTION (MMCFE/D) 2013 2014 2015 LOE and Taxes FT Gathering G&A MIDSTREAM THROUGHPUT (MDTH/D) 599 350 249 1,306 662 644 1,700 685 1,015 2013 2014 2015 PD PUD 127 274 552 720 2013 2014 2015 2016E 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. 175 7 www.riceenergy.com 401 894 247 647 1,200 400 800 2013 2014 2015 2016E PA OH

Well Positioned to Navigate Environment 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 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) 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. 8 www.riceenergy.com

2016 Capital Budget Overview Budget 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 Ohio Nonoperated Utica, $100 E&P Capex: $640MM Land, $80 ~15% reduction from 2015 Ohio Operated Utica, $175 Pennsylvania Marcellus, $285 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 Gas Gathering, compression and water, $155 RMH Capex: $155MM $155 ~40% reduction from 2015 RMP - $150MM (~80% YOY EBITDA growth) RMP Capex: $150MM 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 1. Strip pricing as of 2/19/16. See Economics slide for more detailed assumptions used to generate single well economics. Water Services, $10 ~12% reduction from 2015 Gas Gathering and Compression, $140 9 www.riceenergy.com

2016 D&C Budget Maintains Clean Balance Sheet while Investing in 2017 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 $560 MM 2016 Budget Build pads and drill wells to be completed in 2017+ $560 2016 spending funded by cash and cash flow with exit 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 $80 Additional completion activity, minimal drilling $200 $120 Drilling and completing wells that come online in 2016 $355 $155 $205 $205MM drives 2017 production $355MM drives 2016 production $80 0% YoY Growth 15% YoY Growth - Flat Exit to Exit 30% YoY Growth 30% YoY Growth YE DUCS None None None 35 2016 Production, MMcfe/d 555 630 720 720 YE 2016 Debt/EBITDAX 3.0x 2.6x 2.5x 3.0x 10 www.riceenergy.com

2016 Guidance $MM 900 800 700 600 500 400 300 200 100 0 $MM 500 400 300 200 100 0 D&C & Land Capital Expenditures $225 $545 $830 $250 $740 $115 $200 $285 $640 $80 $275 $380 $340 $285 2012 2013 2014 2015 2016E PA D&C OH D&C Land 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. Wells 50 40 30 20 10 0 10 Net Wells Turned to Sales (2) 21 43 7 49 12 36 37 54 27 27 2012 2013 2014 2015 2016E PA OH Average Net Daily Production MMcfe/d 800 720 700 600 552 500 400 300 274 200 127 100 47 0 2012 2013 2014 2015 2016E 2016E CONSOLIDATED MIDSTREAM GUIDANCE (1)(3) Midstream Capital Expenditures Daily Throughput 2016E Midstream EBITDA $45 $50 $45 $300 $150 $420 $250 305 155 $150 $170 150 2012 2013 2014 2015 2016E RMP Rice Midstream Holdings MDth/d 1,200 1,050 900 750 600 450 300 150 0 2016E E&P GUIDANCE (1) 61 175 401 894 247 647 1,200 400 800 2012 2013 2014 2015 2016E RMP Rice Midstream Holdings Published Guidance $MM 120 100 80 60 40 20 0 11 www.riceenergy.com $115 RMP $43 Rice Midstream Holdings

Healthy Balance Sheet Protected by Strong Hedge Book SUMMARY 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 ~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 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $1,370 $650 LIQUIDITY $720 $330 $360 $640 $300 $310 $30 $155 $50 $150 Rice E&P RMH RMP 1. As of 12/31/2015 pro forma for the preferred equity transaction of $375 million. YE15 Cash & 2016E CFO Undrawn Facility CapEx BBtu/d HEDGE SUMMARY Hedged Volume Avg. Wtd. Fixed Price HHUB Strip $/MMBtu 700 662 $3.14 $3.16 $3.11 $3.50 600 $3.25 563 $3.00 500 $2.50 $2.53 $2.61 $2.66 400 $2.00 $2.11 285 300 $1.50 200 150 $1.00 100 $0.50 2016 2017 2018 2019 LEVERAGE 2015 Net Debt / LQA EBITDA 2016 Net Debt / LQA EBITDA 3.5x 3.0x 3.0x 2.5x 2.5x 2.5x 1.8x 2.0x 1.8x 2.0x 2.0x 2.0x 1.7x 1.5x 1.5x 1.0x 0.5x Rice E&P Midstream RMH RMP Consolidated Holdings 12 www.riceenergy.com

Strategic Preferred Investment 13 www.riceenergy.com $375MM equity investment fortifies balance sheet and illuminates significant embedded midstream value 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 EIG Managed Funds 8.25% common equity interest 100% Series B Preferred Equity ($375MM invested) GP Holdings (IDRs and LPs) DE 91.75% common equity interest 41% LP Interest 100% of IDRs 100% Series A Common Equity Rice Midstream Holdings LLC 100% ownership RMP GP (non-economic) 100% equity interest Rice Olympus Midstream (OH Gathering) 75% equity interest Strike Force Midstream (GPOR JV)

Attractive Single Well Economics IRR 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 200% 175% 150% 125% 100% Marcellus Changes Economics D&C/ft decreased by 8% Operating & FT costs decreased by 25% EUR/ft increased by 9% 30% Pre-Hedge Single Well IRRs at Strip Locations Pro forma for amended gathering agreement, reclassified ~110 net locations to Marcellus given change to economics (2) DRY GAS SINGLE WELL ECONOMICS Dry Gas Utica Changes Economics D&C/ft decreased by 3% Operating & FT costs decreased by 25% EUR/ft decreased by 7% 30% Pre-Hedge Single Well IRRs at Strip Locations Avg. lateral length increased 1K and increased well spacing to 1K results in fewer locations 83% 124% 114% 173% 159% 75% 50% 49% 47% 25% 23% 25% $2.50 $3.00 $3.50 $4.00 $4.50 NYMEX ($/MMBtu) 77% Marcellus 750' Utica Dry 1000' Net Locations (3) 487 168 HHUB PV-10 Breakeven ($/MMBtu) $2.08 $2.18 Dotted lines represent previously reported economics Note: See appendix for summary of assumptions used to generate single well IRRs.. 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 Utica net undeveloped locations and ~105 dry-gas PA Utica net undeveloped locations. 14 www.riceenergy.com

Right-Sized Firm Transport Portfolio Growing 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 Mdth/d 3,000 Base Case Details 2015 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) $ / MMbtu 2,500 2,000 1,500 1,000 500 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 Illustrative Takeaway Volume Range Takeaway Capacity 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) 15 www.riceenergy.com

Meaningful Value Derived from Developed Drilling Locations 16 www.riceenergy.com 156 net proved developed wells + hedge value are worth ~$9 per share at strip pricing, with approximately 800 net undeveloped Marcellus & Utica locations remaining to drive future growth in proved reserves and proved value. Proved Reserves, Bcf ~100% natural gas Proved Undeveloped (Bcf) Proved Developed (Bcf) 1,700 PD + Hedge PV10: $1.2B 2015 Reserves at Strip Pricing Hedge Uplift Total PDP PV10/Share Net Drilling Locations 10% developed at 12/31/15 Undeveloped Wells Proved Developed Wells 1,307 685 PV10/Share @ Strip $1.94 Marcellus 20% developed 127 487 599 350 662 645 1,015 $6.85 $8.80 Utica (OH) 5% developed Utica (PA) <1% developed 215 105 249 2013 2014 2015 YE2015 Reserve Report Strip @ 1/4/2016 Total 10% developed 139 807 0% 25% 50% 75% 100%

Significant Unrealized Midstream Value Embedded Within RICE Track record of crystalizing midstream value Significant value creation on the horizon ~$1B of midstream monetizations and financings executed to date $mm $2,500 $2,000 $1,500 $1,000 $500 RMH Current and Future Value 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 $715 $290 $425 $2,260 $500 $500 $1,260 2016 2018E OH Midstream LP Units IDRs 1. Pro forma for preferred equity investment. Rice retained 91.75% interest in GP Holdings which owns RMH s LP units and IDRs in RMP. 2. Current unit price as of 2/22 close. Estimated 2018 unit price based on 2018 estimated distribution (assuming 20% distribution growth) assuming current yield held flat. ($ in millions) 2016 2018E IDRs Cash Flow $18 Multiple 30.0x 30.0x Ownership (1) 91.75% 91.75% Value $500 LP Units Unit Price(2) $11.06 $18.67 Current Yield 7.1% 7.1% Units Held (1) 26.4 26.4 Value $290 $500 OH Midstream (Incl Strike Force JV) EBITDA $40-$45 $120-$160 Hypothetical Multiple 8x-12x 8x-10x Value $425 $1,260 Total RMH Value $715 $2,260 17 www.riceenergy.com

IDR Value Driven through the Drill-Bit RICE s best-in-class E&P development plus a growing 3 rd 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 $60 IDR Potential ($ millions) $55 $45 $35 $30 $15 $0 $18 $5 $1 2015 2016 2017 2018 2019 2020 Highly Productive, Economically Resilient E&P Assets Support RMP s 20% Annual Distribution Growth Target Pennsylvania Dry Gas Gathering System RMP IPO Dec. 2014 Assuming 20% LP Distribution Growth Dedication from Rice, EQT and other producers for Marcellus development in Washington and Greene Counties, PA Pennsylvania & Ohio Fresh Water Systems Sold to RMP for $200 million Dedication covering Rice for Marcellus & Utica water services in southwest PA and southeast OH Ohio Dry Gas Gathering System Dropdown Candidate Dedication covering RICE and GPOR s Utica acreage in central Belmont County, OH Strike Force JV Dropdown Candidate Dedication covering GPOR Utica acreage in eastern OH 18 www.riceenergy.com

Why Invest in Rice? 19 www.riceenergy.com 100% of Leasehold in Core of Marcellus and Utica Differentiated Technical Approach Has Led to Industry Leading Well Results Create Significant Midstream Value through RICE and 3rd Party Core Dedications Firm Transportation Contracts De-risk Production Growth, Ensure Takeaway and Limit Appalachian Basis Exposure Conservative Financial and Hedging Approach to Protect Downside and Lock-In Attractive Returns Nimble and Incentivized Management and Technical Teams Top-Tier Growth With Attractive Risk-Adjusted Return Profile

Asset Update 20 www.riceenergy.com

Marcellus Type Curve Updated MMcf/d 14.0 12.0 10.0 8.0 6.0 4.0 2.0 Restricted Rate Type curve reflects more aggressive choke management program to drive increased EURs on longer laterals 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 Revised Marcellus 750' Type Well MARCELLUS SINGLE WELL TYPE CURVE Previous Marcellus Type Well Cumulative Production Current Prior Var. 1 Year 3.4 3.8 (0.5) 2 Year 5.2 5.6 (0.5) 5 Year 8.1 8.2 (0.2) 10 Year 10.6 10.3 0.4 EUR 15.1 13.9 1.2 Years Marcellus Current Prior Var. (%) EUR (Bcf / 1,000') 2.16 1.98 9% Lateral Legnth 7,000 7,000 EUR (Bcf) 15.1 13.9 9% Interwell Spacing (ft) 750 750 Choke (MMcf/d per 1,000') 1.50 1.85 (19%) Flat Time (days) 180 150 20% 1-Year Cum. (Bcf) 3.4 3.8 (12%) 2-Year Cum. (Bcf) 5.2 5.6 (8%) 5-Year Cum. (Bcf) 8.1 8.2 (2%) 10-Year Cum. (Bcf) 10.6 10.3 4% IRR ($3.50 HHUB) 77% 46% 67% PV-10 ($ mm) ($3.50 HHUB) $10.1 $5.8 74% TYPE CURVE UPDATES Rice revised Marcellus type well to reflect latest production history, which resulted in an increase to EURs 136 operated wells online Updated choke management program to maximize long-term production & PV-10 Updated economic assumptions including D&C, operating and FT costs Note: See appendix for summary of assumptions used to generate single well IRRs. 21 www.riceenergy.com

Utica Type Curve Updated UTICA SINGLE WELL TYPE CURVE MMcf/d 20.0 15.0 10.0 Restricted Rate Choke management extends flat time from 9 months to 12 months. Incorporated historical decline data Cumulative Production Current Prior Var. 1 Year 5.8 5.2 0.6 2 Year 9.0 7.8 1.2 5 Year 12.5 11.3 1.2 10 Year 15.2 14.2 1.0 EUR 21.0 19.9 1.0 5.0 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 Ohio Utica 1,000' Type Well Previous Utica Type Well Years Utica Current Prior Var. (%) EUR (Bcf / 1,000') 2.33 2.50 (7%) Lateral Legnth 9,000 8,000 13% EUR (Bcf) 21.0 20.0 5% Interwell Spacing (ft) 1,000 750 33% Choke (MMcf/d per 1,000') 1.80 1.87 (4%) Flat Time (days) 365 270 35% 1-Year Cum. (Bcf) 5.8 5.2 12% 2-Year Cum. (Bcf) 9.0 7.8 16% 5-Year Cum. (Bcf) 12.5 11.3 11% 10-Year Cum. (Bcf) 15.2 14.2 7% IRR ($3.50 HHUB) 83% 56% 48% PV-10 ($ mm) ($3.50 HHUB) $13.7 $10.3 33% TYPE CURVE UPDATES Rice revised Utica type well to reflect latest production history 16 operated wells online Rice has observed interference between wells spaced at 750, and believe 1,000 spacing may be the optimal development spacing to maximize PV-10 in the current environment Rice will continue to collect data from spacing trials and seek to maximize full-field value Updated economic assumptions including D&C, operating and FT costs Note: See appendix for summary of assumptions used to generate single well IRRs. 22 www.riceenergy.com

23 www.riceenergy.com Utica Returns Are Driven by Flat-Time Production Rice s single well returns are driven by flat-time production and are resilient to post-flat period decline curve assumptions: Rice s Utica wells produce 6 Bcf during 12 month flat period = ~28% of total EUR Decline curves are less impactful to returns for wells that produce a meaningful portion of total EUR (>20%) during flat period Mcf/d 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Type Curve at Previous v. Updated Decline Rate Current TC Previous TC Decline - 1.00 2.00 3.00 4.00 Years Returns at Previous v. Updated Decline Rate $3.00 NYMEX 56% Previous TC Decline 49% Current TC

Inventory Update RICE MAINTAINS ~10+ YEAR INVENTORY OF DRY GAS LOCATIONS Marcellus Rice reclassified ~110 net locations to Marcellus from West Greene Locations previously dedicated under a legacy gathering agreement inherited with the acreage acquisition Rice has renegotiated the agreement and substantially all of the associated locations are expected to be gathered by RMP (1) DRY GAS LOCATIONS GENERATE 30% RETURNS AT STRIP (2) Net Locations IRR (adj mistream fees) IRR (full mistream fees) $3.50 HHUB and 27/bbl NGLs 600 100% 90% 500 487 83% 80% 77% (3) Ohio Utica Rice has updated interwell spacing to 1,000 from 750 given pricing environment and increased average lateral length from 8,000 to 9,000 Net undeveloped wells decreased by ~140 wells (90 from increased spacing, 40 from increased lateral length, 10 from wells turned online during 2015) Rice has spacing tests planned for 2016 and will continue to evaluate optimal interwell spacing to maximize full-field value 400 300 200 56% 168 58% 70% 60% 50% 40% 30% 100 25% 22% 20% 47 10% 1. Excludes the first 40 MDth/d of RICE s production from approximately 19,000 gross acres subject to a pre-existing third-party dedication. 2. Strip as of 2/19/16. 3. 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). Marcellus Utica Dry Utica Wet 24 www.riceenergy.com

Economics PV10 & IRRS (1) ECONOMIC ASSUMPTIONS IRR 90% 80% 70% 60% 50% 40% 30% Economics Adjusted for Gathering Ownership at $3.50 HHUB and $27/bbl NGLs 77% $10.1 83% $13.7 25% $4.7 $16.0 $14.0 $12.0 $10.0 $8.0 $6.0 PV10 ($mm) Marcellus Utica Dry Utica Wet Type Well Assumptions Spacing 750 1,000 1,000 Lateral Length 7,000 9,000 9,000 EUR (Bcf/1,000') 2.16 2.33 1.83 NGL Yield (bbls/mmcf) 26 Gas Shrink 11% Pre-Processed EUR (Bcfe) 15.1 21.0 16.5 Post-Processed EUR (Bcfe) 15.1 21.0 17.2 % Gas 100% 100% 85% Heat Content (Btu/Scf) 1,050 1,080 1,159 Initial Choke (MMcf/d per 1,000') 1.50 1.80 1.41 Flat Period (days) 180 365 180 D&C Assumptions D&C ($mm) $8.0 $13.0 $13.0 D&C per Lateral ($ per foot) $1,150 $1,450 $1,450 Operating Expenses (NRI Gas) Fixed Operating Expenses ($/well/month) $6,692 $6,692 $6,692 Variable Operating Expenses ($/mcf) $0.11 $0.11 $0.11 Other Costs/Expenses (NRI Gas) Well Impact Fee? Yes No No Severance Taxes ($/mcf) $0.04 $0.04 Avg. Royalty 18% 20% 20% Gathering, Processing and Compression (NRI Gas) Gathering, Compression, Processing Fees ($/dth) $0.45 $0.46 $1.00 NGL Fractionation and Transport ($/bbl) $5.80 Adj Gathering and Compression Fees ($/dth) $0.23 $0.23 $1.00 $4.0 Midstream Adjustment 50% 50% 20% Firm Transportation and Basis (NRI Gas) Basis + Fuel (Variable) % of Gas Price (9%) Wtd. Avg Reservation Fee + Commodity Fee (Fixed) $/dth ($0.42) All-In Assuming $3.50 HHUB (NRI) ($0.75) $2.0 10% Inventory Net Undeveloped Locations 487 168 47 NRI Undeveloped Horizontal Feet (mm ft) 2.8 1.2 0.3 0% Economics Summary (Adjusted for Ownership of Midstream In Each Area, $3.50 HHUB, $27/bbl NGLs) Marcellus OH Utica Dry OH Utica Wet PV-10 Single Well $10.1 $16.3 $4.7 IRR PV10 IRR 77% 91% 25% Payback (Months) 16 14 35 Breakeven Realized ($/dth) $2.08 $2.18 $2.85 1. 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). D&C costs revised lower Operating costs reduced ~25% Average demand fee updated for royalty charge-back West Greene locations included in Marcellus; Utica interwell spacing increased to 1,000 25 www.riceenergy.com

Appendix 26 www.riceenergy.com

RICE Fourth Quarter 2015 Highlights EXECUTION IS DRIVING INDUSTRY LEADING GROWTH 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 PROTECTED GROWTH & FINANCIAL FLEXIBILITY ~$1.4B liquidity (1) (excl. RMP) to fund 2016 E&P and Midstream 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 DIVERSE FT PORTFOLIO ENHANCES REALIZED PRICING 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 CREATING VALUE THROUGH MIDSTREAM DEVELOPMENT 1. As of 12/31/2015 pro forma for the preferred equity transaction of $375 million. 1,026 MDth/d total throughput with 25% third-party volumes in 4Q15 Closed Strike Force JV w/ GPOR to construct & operate gathering, compression & water services 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 27 www.riceenergy.com

RICE Fourth Quarter 2015 Financial Summary Solid fourth quarter results supported by well-capitalized balance sheet and ample liquidity QUARTERLY 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 $1.34 / Mcfe hedging uplift CAPITALIZATION AT 12/31/2015 (1) ($ in millions) 12/31/2015 Cash Rice Energy $436 Rice Midstream Holdings - Rice Midstream Partners 8 Total consolidated cash $444 Three Months Ended Total net production (MMcfe/d) 624 % Gas 100% % Operated 94% % Marcellus 72% Actual ($MM) $ / Mcfe NYMEX 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 0.16 Gathering, 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 $132 Further Adjusted EBITDAX (2) $144 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. Preferred Equity $375 Long-term debt Rice 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 $1,440 Net debt 996 Leverage 4Q15 Net Debt / LQA EBITDA Rice Energy 1.8x Rice Midstream Holdings 0.0x Rice Midstream Partners 1.8x Consolidated 1.7x 4Q15 Net Debt / LTM EBITDA Rice Energy 2.2x Rice Midstream Holdings 0.0x Rice Midstream Partners 2.1x Consolidated 2.1x 28 www.riceenergy.com

2016 Detailed Guidance RICE 2016 GUIDANCE (1) Guidance Guidance Net Wells Spud Online Total Net Production (MMcfe/d) 700-740 Operated Marcellus 25 27 % Natural gas 100 % Operated Ohio Utica 12 13 % Operated 85 % Non-operated Ohio Utica 5 14 % Marcellus 65 % Total Net Wells 42 54 Pricing FT Fuel & Variable (Deduction) ($0.14) - ($0.16) Lateral Length (ft.) of Wells Turned Online Heat Content (Btu/Scf) Operated Marcellus 7,700 Marcellus 1050 Operated Ohio Utica 9,300 Utica 1080 Non-operated Ohio Utica 8,200 Cash Operating Costs ($/Mcfe) Lease Operating Expense $0.22 - $0.25 Gathering and Compression $0.45 - $0.50 2016 Capital Budget ($ in millions) Firm Transportation Expense $0.35 - $0.40 E&P Production Taxes and Impact Fees $0.04 - $0.06 Operated Marcellus $ 285 Total Cash Operating Costs $1.06 - $1.21 Operated 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 RMP 2016 GUIDANCE (1) Guidance 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 20% - 25% Distributable Cash Flow ($ in millions) $ 90 - $ 100 Average DCF Coverage Ratio 1.3x - 1.5x % Distribution Growth 20% 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 1. As of February 24, 2016. 29 www.riceenergy.com

Asset Quality Industry High Grading to Quality RICE s footprint is located in the epicenter of remaining activity in Appalachia due to best in class economics 200 180 160 Appalachia Rig Counts (1) : 2007-2016 Early 2012 Peak of 175 Rigs February 2016: 43 Rigs 140 # of Rigs 120 100 80 June 2009 43 Rigs Feb 2016 43 Rigs Ohio Pennsylvania 60 40 20 0 PA Marcellus & Utica 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 West Virginia RICE Acreage 5+ Rigs 2-4 Rigs 1 Rig Peer 1 Rice Energy Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 0 Rig Count 5 10 15 20 25 1 1 1 2 2 3 3 2 5 5 3 6 9 3 5 2 10 12 7 Top Ten Active Operators 12 Laid Down From Peak Active 1. RigData + Baker Hughes Rig Reports. 30 www.riceenergy.com

Pennsylvania Utica: A Natural Extension for Rice The Utica core extends directly underneath RICE s Pennsylvania assets. Initial RICE and Industry wells point to massive resource potential. RICE Acreage Current Rig (1) Deep Test Report RRC Test 59 MMcfe/d CNX Test 61 MMcfe/d 7,500 OH 9,500 WV Guernsey Belmont Marshall Washington / Greene PA 10,500 12,000 13,000 CNX Test 61 MMcfe/d Washington Rice PA Utica: RICE Deep Utica Well In Sales, 12 MMcfe/d choked Expect flat production for 700+ days Greene EQT Tests 42 73 MMcfe/d 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 $15 MM well costs Porosity 12% 6% 0% Peer Results 10-30 MMcfe/d RICE Belmont County, OH RICE OHIO UTICA 16 Producing Wells RICE OH Utica >40 MMcfe/d Point Pleasant Core Peer Results 40-60 MMcfe/d RICE PA Utica Peer Results 60-70 MMcfe/d Wet Gas Dry Gas Dry Gas Dry Gas RICE PENNSYLVANIA UTICA 1 Producing Well RICE Greene County, PA 1. RigData January 2016 Report. 31 www.riceenergy.com

Ohio Q3 2015 Production Summary Top 100 Wells RICE & GPOR: Strong Partnership Demonstrated by Top-Tier Well Results 1,088 Utica Shale wells producing in Q3 2015 (1) - RICE & GPOR partnership takes top 21 wells (300 MMcfe/d avg.) Quality over Quantity: RICE s 16 operated wells accounted for 7% of the Utica Shale s total gas production (1) Top 100 Wells 75% located within Belmont and Monroe, RICE Midstream s Footprint Top 21 Wells 100% RICE/GPOR AMI RICE OH Utica Acreage RICE / GPOR AMI (2) Q3 2015 Cumulative Production (Mcfe) 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 Top 8 Wells 100% RICE RICE Operated in AMI GPOR Operated in AMI Other Belmont/Monroe Other Counties RICE Midstream Footprint Belmont/Monroe Utica Core - 1. Source: ODNR 3 rd Quarter 2015 Horizontal Shale Production Report. 2. RICE/GPOR AMI is located in Goshen, Smith, Washington and Wayne Townships in Belmont County, OH. 32 www.riceenergy.com

Differentiated Long-Term Production per Well Our drilling and completion techniques have yielded greater production profile per well than our peers WASHINGTON & GREENE COUNTY HISTORICAL PRODUCTION (1) Cumulative Production (Bcfe) 10.0 9.0 RICE has 5 of the top 10 wells based on cumulative production UTICA & SUSQUEHANNA, PA HISTORICAL PRODUCTION (2) Cumulative Production (Bcfe) 10.0 9.0 RICE has the top 8 Utica wells based on average rate 8.0 8.0 7.0 7.0 6.0 6.0 5.0 5.0 4.0 4.0 3.0 3.0 2.0 2.0 1.0 1.0 250 500 750 1,000 1,250 1,500 1,750 2,000 Days Online Peer Marcellus Rice Greene Rice Washington Rice Geneseo 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. 250 500 750 1,000 1,250 1,500 1,750 2,000 Days Online Peer Susquehanna, PA (Marcellus) Peer Utica Peer Belmont Peer Monroe Rice Utica 33 www.riceenergy.com

Most Efficient Growth in Appalachia 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 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. 34 www.riceenergy.com

RMP: High Growth MLP in Prolific Appalachian Basin 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 $10MM water services RMP constructing ~15 miles of gathering pipeline in 2016 RMP installing compression for RICE in 1H16 that will start generating revenue mid-2016 Legend RMP Gathering Pipeline RMP Gathering Pipeline Beaver to be Constructed RMP Water Pipeline RMP Water Pipeline to be Constructed Brooke RMP Water Interconnects RICE Acreage 3 rd Party Dedicated to RMP RICE Western Greene Area GPOR Water Dedication OHIO Belmont PENNSYLVANIA Washington PA OH WV WEST VIRGINIA Greene GATHERING SYSTEM INFORMATION Dedicated Gross Acreage (2) 4Q 2015 Throughput (MDth/d) 2016E Capex ($MM) (1) RMP 114,000 703 $150 WEST VIRGINIA Concentrated, Prolific Position to Drive Targeted 20% Distribution Growth 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. 35 www.riceenergy.com

Attractive Drop Down Potential OH Gathering 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 2016 capex budget of $155MM Constructing ~30 miles of gathering pipeline in 2016 Legend RICE Ohio Gathering Pipeline RICE Ohio Gathering Pipeline to be Constructed Strike Force JV AMI GPOR Dedicated to RICE RICE Acreage Dedicated to 3 rd Party OHIO Belmont GATHERING SYSTEM INFORMATION Monroe WEST VIRGINIA Dedicated Gross Acreage (2) 4Q 2015 Throughput (MDth/d) RICE OH Gathering 58,000 323 Strike Force JV 75,000 - Total 133,000 323 OH PA WV 1. As of February 24, 2016. 2. As of December 31, 2015. Premier Midstream Systems in Prolific Dry Gas Utica Core Adds to Inventory of Drop Down Candidates 36 www.riceenergy.com

Attractive Drop Down Potential Strike Force JV TRANSACTION OVERVIEW 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 STRATEGIC RATIONALE 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 3 rd party business and pursue additional 3 rd 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 FLOW COMMENCED ON FEBRUARY 1, 2016 Constructing Extensive Dry Gas Gathering and Water Systems in One of the Most Prolific Natural Gas Plays 37 www.riceenergy.com

Water Services Business Drop Down Summary TRANSACTION OVERVIEW 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 $175MM PIPE ASSET OVERVIEW Fresh water distribution systems (1) & related facilities servicing Marcellus and Utica completion operations in PA and OH The right to provide fresh water for completion operations and to collect, recycle, and dispose of flowback and produced water for RICE in services area Access to >18 MMGPD of fresh water 112 miles of pipeline and 152 million gallons of water impoundment capacity As compared to trucking, water distribution systems are the more efficient way to transport fresh water for completions Faster, more reliable completion jobs Capable of delivering up to 3x more water per day, plus ondemand storage via impoundments Improved social responsibility by reducing truck traffic and resulting emissions, noise, road repairs and safety incidents TRANSACTION HIGHLIGHTS Immediately accretive to distributable cash flow per unit Integrates RMP s gathering and compression business with water services business driving enhanced 3 rd party opportunities Volumetric tiers provide revenue and cash flow stability Minimal future organic capital requirements for RICE development WATER SERVICES AGREEMENTS OVERVIEW Tiered Fresh Water Fee Pennsylvania Ohio Fresh Water Volumes (MMGal / Well) Tier I <8.25 <12.5 Tier II 8.25 13.25 12.5 20 Thereafter >13.25 >20 Fee ($ / 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 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. 38 www.riceenergy.com

2015 Midstream System Statistics RMP Assets Pennsylvania Gathering and Compression Statistics Ohio Gathering and Compression Statistics Design Gathering Capacity (MMDth/d) Over 4.0 Design Gathering Capacity (MMDth/d) Over 2.0 YE15 YE16 YE15 YE16 Gas Gathering Pipeline Mileage (miles) 113 128 Gas Gathering Pipeline Mileage (miles) 54 65 Acreage Dedications Acreage Dedications RICE (1) 93,000 RICE 38,000 3rd 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 $0.30 Compression (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) $0.43 Gathering undisclosed Compression vairies Compression undisclosed Water Distribution System Statistics Water Distribution System Statistics YE15 YE15 Connected Water Sources (MMGPD) 8.7 Connected Water Sources (MMGPD) 10.7 Water Services Fee Paid by RICE ($/gallon) (4) $0.06 Water Services Fee Paid by RICE ($/gallon) (4) $0.07 Strike Force JV Gathering and Compression Statistics YE15 YE16 Gas Gathering Pipeline Mileage (miles) 7 29 AMI Acreage 319,000 GPOR Dedicated Acreage 75,000 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 basis 3. 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. 39 www.riceenergy.com

RICE and RMP Market Snapshot Rice Energy Inc. (NYSE: RICE) $ millions, except per share data, as of 2/23/2016 Management Ownership 30% Shares Outstanding (MM) 136 Price $8.97 Market Capitalization $1,223 Cash (1) 436 Preferred Equity 375 Revolving credit facilities (1) 6.25% Senior notes due 2022 900 7.25% Senior notes due 2023 397 Enterprise Value $2,459 52 Week Price Range High $25.12 Low $8.35 Website: Investor Contact: 1. As of 12/31/2015 pro forma for the preferred equity transaction of $375 million. www.riceenergy.com Julie Danvers Julie.Danvers@RiceEnergy.com Rice Midstream Partners LP (NYSE: RMP) $ millions, except per unit data, as of 2/23/2016 Common Units 42 Subordinated Units 29 Total Units Outstanding (MM) 71 Price $11.27 Market Capitalization $800 Cash 8 Revolving credit facility 143 Enterprise Value $935 Distribution / Unit $0.1965 Yield 6.97% 52 Week Price Range High $17.94 Low $9.11 Website: Investor Contact: www.ricemidstream.com Julie Danvers Julie.Danvers@RiceMidstream.com 40 www.riceenergy.com

RICE and RMP Organizational Structure 41 www.riceenergy.com EIG Managed Funds 8.25% common equity interest 100% Series B Preferred Equity ($375MM invested) GP Holdings (IDRs and LP Interest) 91.75% common equity interest 100% Series A Common Equity DE Rice Midstream Holdings LLC 100% ownership RMP GP (non-economic) 100% equity interest $750MM Credit Facility Rice Olympus Midstream (OH Gathering) $300MM Credit Facility + $100MM Accordion Feature 75% equity interest Strike Force Midstream (GPOR JV) Public Unitholders 59% LP interest 41% LP interest, 100% of IDRs ROFO Assets $450MM Credit Facility PA Gathering PA Water OH Water

Diverse Market Exposure FT portfolio includes 1.3 MMDth/d (1.2 Bcf/d) of firm capacity to premium North American markets (1) CANADA (MDTH/D) 2016 2017 2018 25 42 125 Canadian Markets Gulf Coast demand growth will be ~3x larger than NE demand growth (2) MIDWEST (MDTH/D) 2016 2017 2018 107 57 57 Midwest Markets RICE Acreage TCO (MDTH/D) 2016 2017 2018 119 85 85 Appalachian Markets NORTHEAST (MDTH/D) 2016 2017 2018 71 50 50 Power + 3.5 Mexico +3.8 Industry +2.0 LNG +10.0 1. Conversion of Dth to Mcf assumes 1,050 Btu factor. 2. Source: Company Filings, TPH Estimates. Gulf Coast Demand/Exports by 2020: +17 to 19 Bcf/d (2) Gulf Coast Markets GULF COAST (MDTH/D) 2016 2017 2018 464 603 870 RICE FIRM CAPACITY COMMITMENTS(MDTH/D) Project Pipeline Start Date Volume Market TEAM 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 42 www.riceenergy.com