EQT Corporation Investor Presentation — February 2020

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February 27, 2020ANALYST PRESENTATION2 February 27, 2020

CAUTIONARY STATEMENTS

EQT Corporation (NYSE: EQT)

625 Liberty Avenue, Suite 1700

Pittsburgh, PA 15222

Andrew Breese –Director, Investor Relations –412.395.2555

The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only p roved, probable and possible reserves that a company anticipates as of a given date to be economically and

legally producible and deliverable by application of development projects to known accumulations. This presentation contains certain terms, such as “EUR” (estimated ultimate recovery) and total resource potential, that are prohibited from

being included in filings with the SEC pursuant to the SEC’s rules. The SEC views such estimates as inherently unreliable and these estimates may be misleading to investors unless the investor is an expert in the natural gas industry.

Additionally, the SEC strictly prohibits us from aggregating proved, probable and possible (3P) reserves in filings with the SEC due to the different levels of certainty associated with each reserve category.

Disclosures in this presentation contain certain forward -looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements

that do not relate strictly to historical or current facts are forward -looking. Without limiting the generality of the foregoing , forward -looking statements contained in this presentation specifically include the expectations of plans, strategies,

objectives and growth and anticipated financial and operational performance of EQT Corporation and its subsidiaries (the Comp any), including guidance regarding the Company's strategy to develop its reserves; drilling plans and programs