Lots of great slides with maps and details of Rice's Marcellus and Utica Shale drilling programs. Rice Energy went public in January 2014 and raised $924 million. So far, as of 1Q14, they have drilled 41 shale wells that are turned in and online, earning them money. In 1Q14 those 41 wells produced a collective average of 209 million cubic feet of natural gas per day.

1. 1
Investor Presentation
April 2014

2. 2
Cautionary Statements
FORWARD-LOOKING STATEMENTS
This presentation and the oral statements made in connection therewith may contain “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, regarding Rice Energy’s strategy, future operations, financial position, estimated revenues and
income/losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements often include the words “could,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These
forward-looking statements are based on Rice Energy’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of
future events. Rice Energy assumes no obligation to and does not intend to update any forward looking statements included herein. Rice Energy cautions you that these forward-looking statements
are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond their control, incident to the exploration for and development, production,
gathering and sale of natural gas, natural gas liquids and oil. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production
equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas reserves and in projecting future rates of
production, cash flow and access to capital, the timing of development expenditures, and the other risks described under “Risk Factors” in Rice Energy’s Form 10-K filed on March 21, 2014 and
other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Rice Energy’s actual
results and plans could differ materially from those expressed in any forward-looking statements.
This presentation has been prepared by Rice Energy and includes market data and other statistical information from sources believed by Rice Energy to be reliable, including independent industry
publications, government publications or other published independent sources. Some data are also based on Rice Energy’s good faith estimates, which are derived from its review of internal
sources as well as the independent sources described above. Although Rice Energy believes these sources are reliable, it has not independently verified the information and cannot guarantee its
accuracy and completeness.
NON-PROVEN OIL AND GAS RESERVES
The SEC permits oil and gas companies, in their filings with the SEC, to disclose proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable
certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions and certain probable and possible reserves that meet the SEC’s definition for
such terms. We may use certain broader terms such as "EUR" (estimated ultimate recovery of resources), and we may use other descriptions of volumes of potentially recoverable hydrocarbon
resources throughout this presentation that the SEC does not permit to be included in SEC filings. These broader classifications do not constitute "reserves" as defined by the SEC, and we do not
attempt to distinguish these classifications from probable or possible reserves as defined by SEC guidelines.
Our estimates of EURs have been prepared by our independent reserve engineers. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and
accordingly are subject to substantially greater risk of being actually realized, particularly in areas or zones where there has been limited or no drilling history. We include these estimates to
demonstrate what we believe to be the potential for future drilling and production by the company. Actual locations drilled and quantities that may be ultimately recovered from our properties will
differ substantially. In addition, we have made no commitment to drill all of the drilling locations which have been attributed to these quantities. Ultimate recoveries will be dependent upon
numerous factors including actual encountered geological conditions, the impact of future oil and gas pricing, exploration and development costs, and our future drilling decisions and budgets
based upon our future evaluation of risk, returns and the availability of capital and, in many areas, the outcome of negotiation of drilling arrangements with holders of adjacent or fractional interest
leases. Estimates of resource potential and other figures may change significantly as development of our properties provide additional data and therefore actual quantities that may ultimately be
recovered will likely differ from these estimates.
Our forecast and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells, the undertaking and outcome of future
drilling activity and activity that may be affected by significant commodity price declines or drilling cost increases.

3. 3
Rice Energy – Concentrated Core Position
Fayette
Preston
Monongahela
Greene
Washington
Allegheny
Washington
Butler
Marshall
Wetzel
Marion
Harrison Taylor
Doddridge
Tyler
Washington
Wood
Pleasants
Ritchie Barbour
Tucker
Somerset
Belmont
Monroe
Harrison
Jefferson
Carroll
Columbiana
Tuscarawas
Guernsey
Noble
Morgan
Muskingum
Coshocton
Holmes
StarkWayne
Westmoreland
Blair
Athens
Allegany
Ohio
Brooke
HQ
Marcellus/Upper Devonian
 Net acres at 12/31/13(1): ~43,000
 1Q14 est. net production (MMcf/d): 205-210
 Net Risked Locations(2): 536 (325 Marcellus, 211 Upper Devonian)
 Current Rigs: 4 (2 top hole + 2 horizontal)
Pennsylvania
Ohio
Utica
 Net acres at 12/31/13: ~47,000
 Net Risked Locations(2): 233
 Current Rigs: 2 (1 top hole + 1 horizontal)
Rice Energy
 Net acres at 12/31/13: ~90,000
 1Q14 est. net production (MMcf/d): 205-210
 Net Risked Locations(2): 769
 Current Rigs: 6 (3 top hole + 3 horizontal)
West Virginia
__________________________
1. Approximately 39,020 gross (36,932 net) acres in the Marcellus Shale is also prospective for the Upper Devonian Shale. The Upper Devonian and the Marcellus Shale are stacked formations within the same geographic footprint.
2. See slide entitled “Additional Disclosures” on detail regarding Rice’s methodology for the calculation of net unrisked and risked locations

4. 4
RRC EQT
CHK
CHK
CHK
AEP
AEP/XTO
GPOR
ANTERO
CVXNBL/CNX
CVX
ECLIPSE
AEP
CVX
GPOR
EQTMarshall
Wetzel
Monroe
Harrison
Jefferson
Guernsey
Noble
Ohio
Brooke
Westmoreland
Allegheny
PDC
CNX
Carroll
Washington
Belmont
Greene
Fayette
Positioned Within the Core and Surrounded by Development
__________________________
Note: Pennsylvania acreage excludes 548 net acres in Fayette and Tioga counties. Non-Rice wells depicted are drilled and/or permitted.
 Significant industry activity drives data analysis, learning curve and best practices
 Marcellus – More than 1,000 producing Marcellus wells in Washington County and Greene County, PA
 Utica – Belmont County, OH boasts highest active rig count in the play (9 rigs as of December 2013)
Belmont 43,996
Guernsey 1,727
Harrison 765
Total 46,488
Washington 27,474
Greene 15,680
Allegheny 197
Total 43,351
OH NET ACRES PA NET ACRESRice Acreage
Rice Producing Laterals
Rice Development Laterals
PA
OH
WV

5. 5
325
180
53
125
54
16
450
235
69
0
100
200
300
400
500
Marcellus Utica Dry Utica Wet
Risked Locations Unrisked Locations
Rice Energy Net Drilling Inventory (2)
104%
70%
119%
0%
20%
40%
60%
80%
100%
120%
Marcellus Utica Dry Utica Wet
__________________________
1. Assumes $40.00 per Bbl NGL.
2. See slide entitled “Additional Disclosures” on detail regarding Rice’s methodology for the calculation of net unrisked and risked locations
3. Three wells currently shut-in as of 3/31/13.
4. Defined as total drilling and completion capital expenditures for the period divided by PDP and PDNP volumes after adding back production for the period. Rice pro forma for ASR buy-in.
IRR
Rice Energy Well Economics @ $4.00 / MMBtu NYMEX (1)
Net Drilling Locations
Extensive drilling inventory of low risk, high return projects
 Rice believes the most critical component of creating
shareholder value is repeatedly delivering high single well
returns
 Driven by production and costs
 Sustained, prolific production
 Our Marcellus wells have an average 180-day IP of
~9.0 MMcf/d, ~1.6 Bcf cumulative, with an average
lateral length of 5,275’
 Our Marcellus wells have an average 360-day IP of
~7.4 MMcf/d, ~2.7 Bcf cumulative, with an average
lateral length of 4,876’
 Low cost structure
 Historically achieved $1.09/Mcf proved developed
F&D(4) and $1,640 per lateral foot D&C cost
 Our D&C costs have continued to trend down as a
result of pad drilling and longer laterals and our 3
Hulk wells (9,000’ laterals) averaged $1,165 per
lateral foot
Rice – A Returns Focused Company
PV-10 ($mm, 100% WI)
Undiscounted Payback
$8.5mm
1.0 yrs
$19.6mm
1.0 yrs
$13.4mm
1.2 yrs
NRI HZ Ft Inventory 2.2mm ft. 0.5mm ft.1.8mm ft.
Lateral Length Assumed 6,000’ 9,700’9,700’

6. 6
2,444
3,305
5,678
6,257
24.4
13.0
7.6
5.8
0
10
20
30
40
0
2,000
4,000
6,000
8,000
2010 2011 2012 2013
DrillingDays
LateralLength(feet)
2 28 44 47
70
89
131 128
154
13
22 28 35
55 58
84
110
173 177
208
0
50
100
150
200
250
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Net Daily Production Gross Daily Production
30 45
65 80
114
150
174
224
1
3
5 5
7 8
11
15
17
23
29
33
40
0
10
20
30
40
50
0
50
100
150
200
250
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Gross Producing Horizontal Feet Gross Producing Horizontal Wells
Established Track Record of Drilling Proficiency
Producing Horizontal Feet and Wells (Gross) Average Daily Production
MMcf/dFeet (‘000)
# Rigs: 2 2 2 2 2 2 2 2 2 3 4 4 4
Wells
Average Lateral Length (2) Average Drilling & Completion Cost Per Lateral Foot
Proven track record of growing production, reducing costs and improving drilling efficiency
Lateral Length, Ft Drilling Days (Kickoff to TD)
1,078
893 831 974 826 842
567 622 651 638 703 536
1,437
1,423 1,437 1,193
994 999
763
927 845 875 789
815
2,515
2,315 2,268
2,168
1,820 1,841
1,331
1,550 1,496 1,513 1,492
1,351
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
NA
(1)
Drilling Cost per Foot Completion Cost per Foot
_______________________
1. No wells brought online in Q3 2011.
2. Well data based on IP date.

7. 7
Why Invest in Rice?
100% of Leasehold in Core of Marcellus and Utica
Owned and Operated Gathering and Water Midstream
Infrastructure Supports Our Upstream Operations
Differentiated Technical Approach Has Led to Industry Leading Well Results
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
Firm Transportation Contracts De-risk Production Growth,
Ensure Takeaway and Limit Appalachian Basis Exposure

8. 8
Pennsylvania Assets

9. 9
 43,351 net acres in the southwestern core
• 48% held by production with an
additional 36% not expiring until 2017
or later
• Expect to hold substantially all of our
core acreage under our current
development plan
• The Upper Devonian and Marcellus
are stacked formations within the same
geographic footprint, substantially all
of our acreage is also prospective for
the Upper Devonian
 Drilled and completed 44 horizontal wells
as of March 31, 2013
• Average Marcellus initial 120-day
production rates of 9.9 MMcf/d
 519 total net risked identified drilling
locations, 325 in the Marcellus and 194 in
the Upper Devonian
 Average working interest of 95% (100%
operated)
 March 2014 average net production of
~230 MMcf/d
Marcellus Overview
_________________________
Note: Wells shown are all Marcellus wells turned to sales in 2013 and 2014 YTD.
Marcellus Well ResultsSummary
 Sustained prolific production rates over a 6-month period
Allegheny
Washington
Greene
PA
OH
WV
Rice Energy Acreage
X-Man Pad – 2 Wells
Avg 180 Day IP: 12.8 MMcf/d
Avg Lateral Ft: 7,410’
Thunder 2 Pad – 2 Wells
Avg 180 Day IP: 12.0 MMcf/d
Avg Lateral Ft: 9,006’
Lusk Pad – 2 Wells
Avg 180 Day IP: 10.2 MMcf/d
Avg Lateral Ft: 5,780’
AU2 Pad – 2 Wells
Avg 180 Day IP: 8.8 MMcf/d
Avg Lateral Ft: 5,921’
Brova 1H
Avg 180 Day IP: 9.5 MMcf/d
Lateral Ft: 3,552’
Amigos Pad – 3 Wells
Avg 120 Day IP: 11.7 MMcf/d
Avg Lateral Ft: 6,317’
Big Daddy Pad – 2 Wells
Avg 180 Day IP: 6.7 MMcf/d
Avg Lateral Ft: 3,150’
Hulk Pad – 3 Wells
Avg 120 Day IP: 15.7 MMcf/d
Avg Lateral Ft: 9,000’
Mono 4H
Avg 482 Day IP: 11.2 MMcf/d
5.4 Bcf produced in 16 months
Lateral Ft: 6,233’
Whipkey 1H
Avg 180 Day IP:10.5 MMcf/d
Avg Lateral Ft: 6,655’
2012 2013 2014
Gotham Pad – 4 Wells
Avg 60 Day IP:12.6 MMcf/d
Avg Lateral Ft: 6,691’

10. 10
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
0 200 400 600 800 1,000 1,200 1,400 1,600 1,800
Peer-Leading Results with Strong Production Profiles
__________________________
1. Rice Energy days online based on producing days, peer data based on Pennsylvania Department of Environmental Protection production reports as of December 31, 2013.
 Producing wells have exhibited strong production profiles compared to those of Marcellus peers
 D&C strategies have resulted in consistently higher cumulative production and cash flows on a per well basis
Rice Marcellus
Rice Upper Devonian
Peer Wells
Washington & Greene Counties Cumulative Production vs. Time (1)
Cumulative Production (Bcfe)
Days Online

11. 11
Rapidly Growing Production in a Capital Efficient Manner
 Rice reached 300 MMcf/d of gross operated production with fewer wells than any company over the last 30 years
 Nearly linear production growth an outcome of committed takeaway capacity and repeatable well results
 Rice is focused on being the most capital efficient operator in the Marcellus, not the biggest
Rice
308 MMcf/d
41 Wells (1)
Rice is drilling the biggest wells and growing production faster than its peers while maintaining a
healthy balance sheet
__________________________
Note: Based on management analysis of Pennsylvania Department of Environmental Protection production reports.
1. Rice’s gross operated production surpassed 300 MMcf/d in February 2014. At that time, Rice had brought 44 gross wells online and had 3 wells shut-in.
GrossDailyProduction(Mcf/d)

12. 12
Offset Operator
 2 wells, 6,000’ lateral avg
 Missed richest zone
 Inconsistent rock stage to stage
 Screened out on 20% of stages
Rice Energy
 2 wells, 6,000’ lateral avg
 In 3’ window for entire lateral
 Most brittle + gas rich zone
 Completion pumped as designed
Avg Production per Well
 Peak IP: 6.0 MMcf/d
 6 Month Avg: 2.8 MMcf/d
Avg Production per Well
 Peak IP: 20.0 MMcf/d
 6 Month Avg: 10.2 MMcf/d
Pads Drilled 2 Miles Apart
Rice Energy
Two 6,000’ Laterals
Offset Operator
Two 6,000’ Laterals
 Within a localized geologic area, performance variability is mostly attributable to operator execution; not rock quality
 Our lateral placement accuracy has yielded higher productivity and greater consistency in productivity versus our peers’ efforts
Differentiator #1: Proficiency with Lateral Placement
In Target zone
Washington County, PA
Rice is able to achieve consistent and predictable results by using the same methodical approach

13. 13
2,019
1,885
1,685 1,613 1,554 1,516
1,380 1,373 1,336 1,316 1,284 1,249 1,246 1,198 1,196 1,170 1,157 1,156 1,138 1,042 1,021 1,015 1,002
883
0 lb
1,000 lb
2,000 lb
3,000 lb
Pounds per Lateral Foot
Differentiator #2: Early Adopter of New Services & Techniques
__________________________
Note: Marcellus wells in Pennsylvania completed since 2010, PA DEP data, company analysis.
205
255 256 256 258 266 272 285 287 294 294 295 295 307 313 316 317 323 332
357 366 368
452
474
502
0'
200'
400'
600'
Feet per Stage
Average Frac Stage Length
150-250’ stages since first HZ well in 2010… long before this technique became an industry buzzword
Strong correlation between sand concentration and production
Rice executes the same methodical approach since its first horizontal well in 2010 and was early to
identify the benefits of new oilfield services and techniques
Other Marcellus Operators
Rice
Marcellus / Utica Peers
Other Marcellus Operators
Rice
Marcellus / Utica Peers
Average Sand Concentration

14. 14
0
2
4
6
8
10
12
14
16
0 1 yrs 2 yrs 3 yrs
Actual Production - Historical Average NSAI - 6,000' Lateral
Type Well Economics (2)
1.94 Bcf / 1,000’ Type Curve (1)
IRR Sensitivity (3)
30%
61%
104%
162%
236%
52%
77% 135%
169%
$3.00 $3.50 $4.00 $4.50 $5.00
0%
50%
100%
150%
200%
250%
NYMEX ($ / MMBtu)
Rice’s Marcellus Shale Type Curve
___________________________
1. Represents gross type curve. Actual production is normalized to 6,000’ laterals. Normalized production excludes six wells; five due to suboptimal spacing to offset producing wells and one well excluded because majority of lateral was
drilling in suboptimal zone (second Marcellus well in Company’s history). Data has been adjusted to reflect only producing days.
2. Based on $4.00/MMBtu and 100% WI. Net horizontal feet calculation based on net revenue interest assuming a 18.5% average royalty interest in the Marcellus.
3. IRR is net to Rice’s ownership interest. Hedged IRR assumes 50% of production hedged at $4.00/MMBtu in the first year and 25% of production hedged at $4.00/MMBtu in the second year.
All new wells are produced on
restricted choke program
Hedged IRRUnhedged IRR
Net Unrisked Locations 450
NRI HZ Ft. Inventory 2.2mm ft.
PV-10 ($mm) $8.5
IRR 104%
Undiscounted Payback 1.0 yrs
D&C ($mm) $8.0
Type Curve Assumptions
120-Day IP (MMcf/d) Pre-Processed 13.4
Bcf / 1,000' 1.94
Average Lateral Length 6,000
NGL Yield (Bbls / MMcf) -
Gas Mmbtu (Pre-Processed) 1,050
Gas Shrink 0%
Gross EUR (Bcfe, Post-Processing) 11.6
% Gas 100%
MMcf/d

15. 15
172,744
394,555
47,796
442,351
–
100,000
200,000
300,000
400,000
500,000
2013 2014
Marcellus Utica
Highly Visible Production Growth in 2014
 ~270,000 NRI horizontal feet scheduled for first sales in 2014, of which ~85% or ~230,000 horizontal feet were in progress as of March 2014
 Similarly, 2014 development fuels 2015 production growth
__________________________
Note: Feet in progress denotes horizontal feet from wells spud but not yet producing.
NRI Horizontal Feet Bridge (12/31/13 – 12/31/14)
184,491
42%
85,116
19%
Producing In Progress 2014
2014 Scheduled Development
NRI Producing Horizontal Feet, by Area
Utica - 2 Rigs Marcellus - 4 Rigs
Greene County, PA Washington County, PA
Producing
Drilling/Completing
On Schedule
Greene
Washington
Belmont
GPOR
Non-Op
172,744
39%

16. 16
Ohio Assets

17. 17
Utica: Quickly Becoming Another Premier North American Play
__________________________
1. Data per RigData as of March 14, 2014.
Growth and Development
 Horizontal rig count has dramatically increased
due to recent results and activity continues to
shift towards the Utica core
 Rice has partnered with one of the most active
and proven operators in the play, Gulfport
Energy (NYSE: GPOR)
• Gulfport and Rice’s acreage positions are
very complementary, leading to substantial
drilling cost savings
• Rice is able to leverage off of Gulfport’s
learning curve
Utica Rigs Over Time (1)
Rig count continues to grow and rig activity is shifting towards the core area in Belmont and Monroe counties
Infrastructure Build-out
 Active build-out of midstream infrastructure to
support production in the Utica
 Take-away capacity out of the Appalachian
Basin will continue to improve
• The proposed reversal of the Rockies
Express pipeline could add significant take-
away capacity
 Rice’s production is expected to be substantially
all dry gas and enables multiple take-away
options
November 2012 March 2014
Utica
Fairway
Utica
Core
Competitor Horizontal Rigs
Rice Acreage Position
Dry Gas Line
Rice Horizontal Rig
Marcellus
Fairway
Marcellus
Core
Utica
Fairway
Utica
Core
Marcellus
Fairway
Marcellus
Core

18. 18
Industry Results Confirm our Position in the Utica Core
 Very consistent well results from offset operators clearly
define Point Pleasant Core in the southern portion of the
play
 Offset operators’ results, from the likes of Gulfport and
Antero, tie extremely well with internal geologic model
 Rice Energy has captured 46,488 net acres in what is
potentially the highest volume shale play in the country
 Development is underway on initial pads (stars)
 Initial test results for Bigfoot 9H in second quarter 2014
Utica
Core
IP Results Sized and Color-Coded >30 MMcfe/d
20-30 MMcfe/d
10-20 MMcfe/d
5-10 MMcfe/d
0-5 MMcfe/d
__________________________
Note: Initial production rates are based on operator announcements and public filings.
Gulfport: 1 well
IP: 30 MMcfe/d (in sales)
Gulfport: 2 Wells
IP: 29 - 45 MMcfe/d
Eclipse: 1 well
IP: 20 MMcfe/d
TUSCARAWAS
Rex: 3 Wells
IP: 18 - 19 MMcfe/d
Rice Acreage
Rice: 1 well
Bigfoot 9H
Reached TD
Mid-March
Rice: 2 wells
Blue Thunder 10H, 12H
Drilling Ahead
Hess: 1 well
IP: 25 MMcfe/d
Gulfport: 1 well
IP: 21 MMcf/d
Avg 14 MMcfe/d in Q3 ‘13
Antero: 5 wells
IP: 37 – 53 MMcfe/d (peak)
Antero: 2 wells
IP: 20 – 22 MMcfe/d
Rice’s acreage is offset by some of the largest producing wells in the Utica
Magnum Hunter: 1 Well
IP: 32 MMcfe/d

19. 19
High Volume Wells Predicted by Geologic Model
 Consistent offset operators’ strong well results and high quality reservoir and geologic
characteristics should equate to low risk and highly productive well results
• Offset operator production results mirror Rice’s internal geologic model
• Core Features: Strong Point Pleasant porosity, impermeable Utica cap, highly overpressured
 Increased capital spending by the industry confirms Rice’s belief that the Utica is one of the premier
and highest quality shale plays in North America
 Initial data from pilot hole in Belmont County very encouraging:
• Porosity > 14% in our target interval translates into strong results
• Severely overpressured: Pressure Gradient > 0.8 psi/ft
• Flowed substantial gas unstimulated while drilling pilot hole through the Point Pleasant
North South
6 MMcfe2 MMcfe 8 MMcfe 12 MMcfe 30 MMcfe
0%
6%
Rice Belmont
Leasehold
Porosity
12%
__________________________
Note: Initial production rates are based on operator announcements and public filings.
20 MMcfe1 MMcfe Pending Results
Utica
Point Pleasant Core
Rice Energy controls ~46,488 net acres in the heart of the high porosity Point Pleasant core in Belmont County
Point Pleasant Core
Belmont + Monroe Counties
30+ MMcfe/d
20-30 MMcfe/d
10-20 MMcfe/d
5-10 MMcfe/d
0-5 MMcfe/d
CRAWFORD MERCERERIE BEAVER COLUMBIANA CARROLL JEFFERSON BELMONT MONROE WASHINGTON ATHENSMERCER WASHINGTON

20. 20
Rice-Gulfport Belmont County Development Agreement
 Rice and Gulfport Energy entered into a Development Agreement
covering an Area of Mutual Interest in the core of the Utica
• Contiguous acreage immediately creates a more drillable position to
provide development and unit visibility
• Mutually beneficial, coordinated effort allows for shared learning in
development, leasing and infrastructure
 Management teams are dedicated to the science and execution of low
risk, repeatable results
• Gulfport has three of the highest producing wells in Belmont
County, the Shugert 1-12H, Irons 1-4H and Shugert 1-1H
AMI
~50,000 net acres
Marshall
Ohio
Belmont
Monroe
Noble
Jefferson
Harrison
Tuscarawas
Guernsey
Brooke
Rice Operated
~69% Rice
Participating Interest
Gulfport Operated
~57% GPOR
Participating Interest
Rice’s AMI partnership provides the opportunity to leverage Gulfport’s Utica experience and realize substantial
cost synergies
 Areas: The agreement is divided up into two areas and each party’s
participating interest is based on the amount of acreage they own
• Rice Operated Northern Contract Area (~27,000 net acres)
o Townships: Goshen & Smith
o Net Acres & Participating Interest: Rice ~18,400 & ~69% /
Gulfport ~8,400 & 31%
• Gulfport Operated Southern Contract Area (~23,000 net acres)
o Townships: Washington & Wayne
o Net Acres & Participating Interest: Rice ~9,700 & ~43% /
Gulfport ~13,100 & 57%
 Term: The agreement has a term of ten years and is terminable upon 90
days notice by either party
Terms of the Agreement
Acreage MapOverview

21. 21
Utica Dry – Type Well Economics (1) Utica Dry – IRR Sensitivity (2)
Rice’s Utica Well Economics
___________________________
1. Based on $4.00/MMBtu and 100% WI. Net horizontal feet calculation based on net revenue interest assuming a 20% average royalty interest in the Utica.
2. IRR is net to Rice’s ownership interest. Hedged IRR assumes 50% of production hedged at $4.00/MMBtu in the first year and 25% of production hedged at $4.00/MMBtu in the second year.
21%
41%
70%
108%
155%
33%
51% 91%
115%
$3.00 $3.50 $4.00 $4.50 $5.00
0%
50%
100%
150%
200%
NYMEX ($ / MMBtu)
Hedged IRRUnhedged IRR
Net Unrisked Locations 235
NRI HZ Ft. Inventory 1.8mm ft.
PV-10 ($mm) $13.4
IRR 70%
Undiscounted Payback 1.2 yrs
D&C ($mm) $14.0
Type Curve Assumptions
120-Day IP (MMcf/d) Pre-Processed 17.1
Bcf / 1,000' 2.25
Average Lateral Length 9,700
NGL Yield (Bbls / MMcf) -
Gas Mmbtu (Pre-Processed) 1,080
Gas Shrink 0%
Gross EUR (Bcfe, Post-Processing) 21.8
% Gas 100%
Utica Wet – Type Well Economics (1) Utica Wet – IRR Sensitivity (2)
57%
85%
119%
160%
210%
78%
98% 142%
166%
$3.00 $3.50 $4.00 $4.50 $5.00
0%
50%
100%
150%
200%
250%
NYMEX ($ / MMBtu)
Hedged IRRUnhedged IRR
Net Unrisked Locations 69
NRI HZ Ft. Inventory 0.5mm ft.
PV-10 ($mm) $19.6
IRR 119%
Undiscounted Payback 1.0 yrs
D&C ($mm) $14.0
Type Curve Assumptions
120-Day IP (MMcf/d) Pre-Processed 15.2
Bcf / 1,000' 2.00
Average Lateral Length 9,700
NGL Yield (Bbls / MMcf) 40
Gas Mmbtu (Pre-Processed) 1,200
Gas Shrink 15%
Gross EUR (Bcfe, Post-Processing) 21.1
% Gas 78%

22. 22
Midstream Assets

23. 23
NFG
Ohio
River
Monongahela
River
TCO –
Columbia Gas
Basis to NYMEX
May ‘14
-$0.09
TETCO-M2
Basis to NYMEX
May ‘14
-$0.35
DTI –
Dom. South
Basis to NYMEX
May ‘14
-$0.59
Rice Acreage
Belmont
Jefferson
Harrison
Monroe
Brooke
Hancock
Ohio
Marshall
Greene
MonongaliaWetzel
Washington
Allegheny
Fayette
Pipeline and Basis Overview
Basis Strip Prices as of 3/31/14
Access to multiple long-haul pipelines and substantial firm transportation contracts support production growth
and provides basis/pricing diversification
Firm Transportation/Sales & Associated Basis (1)
 ~65% of FT outside of Appalachia by 2016 Pennsylvania long-haul access – Columbia, DTI, TETCO
 Ohio long-haul access – DEO, REX, TETCO
__________________________
1. These amounts include approximately 115,000 MMBtu/d of firm sales contracted with a third party through October 2017, subject to annual renewal.
2. As of 3/31/2014.
($0.04)
MMBtu/d
Basis Strip Prices (Discount to NYMEX) (2)
330
654
761
-
200
400
600
800
2014 2015 2016
TCO M2 Dom S M3 Michcon ELA HHUB
$(1.50)
$(1.00)
$(0.50)
$-
$0.50
$1.00
$1.50
$2.00
TCO M2 Dom S
M3 Michcon ELA

24. 24
Midstream Infrastructure Overview
Highlights
 As of December 31, 2013, our owned and operated system comprised of
the following:
• Gas gathering pipeline system with 1.5 Bcf/d throughput capacity
• 27 miles of high-pressure gathering pipelines
• 33 miles of high-density polyethylene pipelines for transporting water
 Provides the ability to efficiently bring wells online, mitigates the risk of
unplanned shut-ins and creates pricing and transportation optionality
• Connected to multiple large pipelines: Columbia, DEO, DTI, REX,
TETCO
• Continue to expand our Pennsylvania gathering system congruent
with our future development plans
• Recently announced an acquisition of 28 miles of high pressure
gathering pipelines in Washington and Greene counties
Committed to owning and operating midstream assets to ensure off-take capacity from the wellhead
Rice Gathering and Water System
 We will replicate the strategy deployed in Pennsylvania of owning and
operating our own midstream system in Ohio
• Expect to have our gathering system in Belmont County substantially
complete by Q2 2015
• Plan to invest $375 million in midstream infrastructure, including our
~$110 million Momentum acquisition, in 2014
 Focused on securing long haul firm transport (FT) and firm sales (FS)
takeaway capacity to provide certainty of sales
• Heavy investment from 3rd party off-takers will provide additional
flexibility for long haul transportation & storage
• We continue to identify and acquire additional takeaway capacity to
facilitate production growth
Development Plans
Washington
Greene
Belmont
Momentum Acquisition

25. 25
Financial Policy

26. 26
 Focus on financial flexibility provides downside protection, especially in commodity price down-cycle
 Operate vast majority of our properties to control timing, execution and cost of our drilling program
 Maintain a minimum of $200 million of liquidity, consisting of cash on hand and borrowing base availability
 Pro forma for the Senior Unsecured Notes, we will have $1,099 million of liquidity (as of 12/31/13)
 Expect borrowing base to increase meaningfully as a result of successful drilling program
Focus on
Financial
Flexibility
 Acreage strategy driven by quality over quantity
 Built leasehold position through carefully selected and privately negotiated acreage acquisitions and low risk bolt-on
opportunities; leasehold budget is highly discretionary and will be deployed opportunistically
 Targeting the core of the Marcellus and Utica with single well IRRs of 70% - 119% and break even pricing between
$1.84 - $2.82 per Mcfe
Maintain
Conservative
Business
Model
 Committed to building and owning midstream infrastructure to meet our production growth
 Allows us to commercialize our production more quickly and provides us with a competitive advantage in acquiring bolt-
on acreage
 Will continue to enter firm transport and firm sales agreements to assure access to market and diversify basis exposure
 Over 80% of 2014E gross production contracted through firm transport or firm sales agreements
Midstream
Infrastructure
Emphasis
 Goal of protecting near-term financial commitments from sudden changes in commodity prices
 Typically hedge 50% of forecasted production for up to two years out
 71.3 Bcf of natural gas production hedged for 2014 at a weighted average index floor price of $4.06 per MMBtu (1)
 59.1 Bcf of natural gas production hedged for 2015 at a weighted average index floor price of $4.05 per MMBtu
Active
Commodity
Hedging
Program
Financial Policy
__________________________
1. Hedges as of 3/31/14.

27. 27
Commodity Hedging Philosophy
 We employ financial instruments (primarily swaps and costless collars) to mitigate commodity price risk
 Assures a base level of cash flow to reinvest in growth
 Typically target hedging of 50% of forecasted production for up to two years out
 Add incremental hedges opportunistically beyond two years
 Utilize our bank group as counterparties to avoid cash collateral and margin calls
Detailed Hedge Position (1)
__________________________
1. Hedges as of 3/31/14.
2. The index prices for the natural gas price swaps, collars and puts are based on the NYMEX – Henry Hub last trading day futures price.
2014 2015 2016 2017
NYMEX
Natural Gas Swaps (2)
Volume (BBtu/d) 162 92 99 60
Price ($/MMBtu) $4.12 $4.16 $4.20 $4.24
Natural Gas Collars (2)
Volume (BBtu/d) 10 70 - -
Ceiling Price ($/MMBtu) $5.80 $4.68 N/A N/A
Floor Price ($/MMBtu) $3.00 $3.91 N/A N/A
Natural Gas Puts (2)
Volume (BBtu/d) 23 - - -
Strike Price ($/MMBtu) $4.55 - - -
Put Premium ($/MMBtu) $0.45 - - -
Basis
TCO
Volume (BBtu/d) 40 35 8 -
Swap Price ($/MMBtu) ($0.24) ($0.42) ($0.44) N/A
Dominion South Point / M3
Volume (BBtu/d) 4 25 21 -
Swap Price ($/MMBtu) ($0.79) ($0.79) ($0.79) N/A

28. 28
2014 Guidance
Capital Expenditure
Budget by Type
Drilling & Completion Capital
Expenditure Budget by Area
Net Wells Turned to
Sales by Area (2)
Marcellus,
37, 84%
Utica,
7, 16%
Drilling,
$580, 47%
Leasehold,
$385, 31%
Midstream,
$265, 22%
Marcellus,
$430, 74%
Utica,
$150, 26%
44 Wells$1,230mm (1) $580mm
___________________________
1. Excludes acquisition capital expenditures of $300 million for ASR buy-in and ~$110 million for Momentum acquisition in 2014.
2. Represents net wells drilled that become revenue producing.
2014 Guidance
Income Statement Guidance Low High
Total Net Production (MMcfe/d) 260 310
% Dry Gas 100% 100%
Heat Content (Btu/Scf) 1,050
Lease Operating Expense ($/mcfe) (0.40)$ (0.35)$
Gathering & Transportation ($/mcfe) (0.55)$ (0.45)$
Production Taxes and Impact Fees ($/mcfe) (0.03)$ (0.02)$
Cash G&A ($mm) 40$ 35$
1,050

29. 29
Q1 2014 Preliminary Financial and Operating Data
Low High
Operating statistics
Average daily net production (MMcfe/d) 205 - 210
Natural gas as a percentage of production 100%
Heat content (Btu/Scf) 1,050
Total revenues including the effect -
of realized hedging gains and losses ($mm)
Operating expenses ($mm)
Lease operating $7 - $6
Gathering, compression and transportation $10 - $9
Production taxes and impact fees $1 - $1
Realized Prices per mcfe
Average prices before effects of hedges $5.45
Average realized prices after effects of hedges $4.82
Average costs per mcfe
Lease operating $0.40 - $0.32
Gathering, compression and transportation $0.53 - $0.47
Production taxes and impact fees $0.04 - $0.04
1Q 2014 Preliminary
$89 $91

30. 30
Sources & Uses and Pro Forma Capitalization
Pro Forma CapitalizationProposed Transaction
Sources & Uses
 $750 million senior unsecured notes
 Proceeds are intended to be used to:
• Repay and permanently retire the $300 million Second
Lien Term Loan and pay associated breakage cost of ~$3
million
• Fund general corporate purposes including capital
expenditures
• Pay related fees and expenses
___________________________
1. Pro forma for Initial Public Offering and Alpha Shale Resources acquisition. Does not include ~$110 million cash consideration for Momentum acquisition.
2. As of April 9, 2014, there was cash on hand of ~$182.6 million.
3. As of April 10, 2014, there were no outstanding borrowings under the revolving credit facility.
4. Net of unamortized original issue discount of ~$3.9 million. As of April 10, 2014, there were $293.3 million in outstanding borrowings under the second lien term loan, net of unamortized original issue discount of ~$3.7 million.
5. Other debt includes (i) $7mm of convertible debentures outstanding as of 12/31/13, (ii) $8mm of NPI note and (iii) $3mm of other debt
6. As of April 10, 2014, there were $71.3 million of outstanding letters of credit.
Sources Amount % of Total
Senior Unsecured Notes $750 100.0%
Total Sources $750 100.0%
Uses Amount % of Total
Repayment of Second Lien Term Loan $298 39.7%
General Corporate Purposes 435 57.9%
Fees & Expenses 15 2.0%
Breakage Fees 3 0.4%
Total Uses $750 100.0%
As of December 31, 2013
As (1)
Notes As Further
($ in millions) Adjusted Adj. Adjusted
Cash (2)
$347 $435 $782
Borrowing Base Credit Facility (3)
- - -
Second Lien Term Loan (4)
294 (294) -
Senior Unsecured Notes - 750 750
Other Debt (5)
18 - 18
Total Debt $312 $456 $768
Shareholders' Equity 1,134 (13) 1,121
Total Capitalization $1,446 $443 $1,889
Liquidity
Borrowing Base $350 $350
Less: Borrowings - -
Less: Letters of Credit (6)
(33) (33)
Plus: Cash (2)
347 782
Available Liquidity $664 $1,099
 On April 11, 2014, Rice announced the private placement offering of $750mm of senior notes due 2022

31. 31
Appendix

32. 32
Rice Energy History
__________________________
Note: Initial Production refers to 24 hour IP test rate.
April 2013
Closed new $500 million
Senior Secured Borrowing
Base Credit Facility, $300
million Second Lien Term
Loan and received $200
million follow-on equity
investment from NGP
Feb 2007
Rice Energy founded
with $50 million
equity investment by
the Rice Family
May 2009
Acquired initial
615 net acre
foothold in the
Marcellus
(Washington
County, PA)
Jan 2014
Completed $1.1 billion Initial
Public Offering
Jan 2014
Acquired ANR’s 50% JV
interest for $300 million,
funded with $100 million of
cash and $200 million of Rice
Energy shares
Feb 2010
Formed 50% / 50%
Joint Venture with
Alpha Natural
Resources (NYSE:
ANR) to develop
certain properties in
the Marcellus
(Greene County, PA)
Nov 2012
Acquired initial
~33,500 net acre
foothold in the
Utica (Belmont
County, OH)
Feb 2014
Entered agreement to
purchase certain
gathering assets in
the Marcellus
(Washington &
Greene Counties,
PA) from
Momentum for
~$110 million
October 2010
Completed first
horizontal well in the
Marcellus, X-Man
1H with 8.6 MMcf/d
IP (2,444’ lateral)
October 2013
Signed Development &
Area of Mutual Interest
Agreement with
Gulfport in the Utica
(Belmont County, OH)
on ~50,000 net acres
Jan 2012
Natural Gas Partners
(“NGP”) invested
$100 million of
equity in Rice
Energy
2007 2008 2009 2010 2011 2012 2013 2014
($ / MMBtu)
Rice’s formative years were during a $2.00-$4.00 gas price environment; being a nimble, low-cost
producer is in our DNA
March 2014
Successfully drilled
and cased Bigfoot
9H Utica well
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
$11.00
$12.00
$13.00
$14.00
Jan-07 Mar-08 Jun-09 Aug-10 Nov-11 Jan-13 Apr-14
Henry Hub Spot Price

33. 33
Determination of Identified Drilling Locations
Our gross (net) identified drilling locations are those drilling locations identified by management based on the following criteria:
Drillable Locations – These are mapped locations that our Vice President of Exploration & Geology has deemed to have a high likelihood
as being drilled or are currently in development but have not yet commenced production. With respect to our Pennsylvania acreage, we had
224 gross (200 net) pro forma drillable Marcellus locations and 134 gross (117 net) pro forma drillable Upper Devonian locations as of
December 1, 2013. With respect to our Ohio acreage, as of December 1, 2013, we had 637 gross (192 net) drillable Utica locations, all of
which are located within the contract areas covered by our Development Agreement and AMI Agreement with Gulfport.
Estimated Locations – These remaining estimated locations are calculated by taking our total acreage, less acreage that is producing or
included in drillable locations, and dividing such amount by our expected well spacing to arrive at our unrisked estimated locations which is
then multiplied by a risking factor. We assume these Marcellus locations have 6,000 foot laterals and 600 foot spacing between Marcellus
wells which yields approximately 80 acre spacing. We assume these Upper Devonian locations have 6,000 foot laterals and 1,000 foot
spacing between Upper Devonian wells which yields approximately 140 acre spacing. We assume these Utica locations have 8,000 foot
laterals and 600 foot spacing between Utica wells which yields approximately 110 acre spacing. With respect to our Pennsylvania acreage,
we multiply our unrisked estimated Marcellus and Upper Devonian locations by a risking factor of 50% to arrive at total risked estimated
locations. As a result, we had 125 gross (125 net) pro forma estimated risked Marcellus locations and 77 gross (77 net) pro forma estimated
risked Upper Devonian locations as of December 1, 2013. With respect to our Ohio acreage, we multiply our unrisked estimated locations by
a risking factor of approximately 37% to arrive at total risked estimated locations. We then apply our assumed working interest for such
location, calculated by applying the impact of assumed unitization on the underlying working interest as well as, in the case of locations
within the AMI with Gulfport, the applicable participating interest. As a result, as of December 1, 2013, we had 116 gross (41 net) estimated
risked Utica locations. Estimated locations include ununitized locations that have been risked (50% in the Marcellus, 37% in the Utica) to
take into account the risk of forming drilling units.
Net Risked Locations – Consist of Drillable Locations and Estimated Locations. We assume 325 net risked Marcellus locations (200 pro
forma net drillable Marcellus locations and 125 pro forma net estimated risked Marcellus locations). We assume 233 net risked Utica
locations (192 pro forma net drillable Utica locations and 41 net estimated risked Utica locations).
Unrisked Locations – Consist of Drillable Locations and Estimated Locations without applying our risking factor. We assume 450 net
unrisked Marcellus locations (200 pro forma net drillable Marcellus locations and 250 pro forma net estimated unrisked Marcellus
locations). We assume 304 net unrisked Utica locations (192 pro forma net drillable Utica locations and 112 net estimated unrisked Utica
locations)
Additional Disclosures