Rice Team Announces That EQT Has Belatedly Removed Nominee Consent Requirement and Has Approved Rice Nominees For Purposes of a Change of Control

Concessions Follow Lawsuit From Rice Team

CARNEGIE, Pa.–(BUSINESS WIRE)–Toby Z. Rice and Derek A. Rice (the Rice Team), shareholders of EQT
Corporation (NYSE:EQT), today announced that they have been informed by
EQT that, following a lawsuit filed by the Rice Team, EQT has removed
its requirement that the Rice Team’s board nominees consent to being
named in EQT’s proxy materials. EQT has also informed the Rice Team that
it has approved the Rice Team’s nominees for purposes of the change of
control provisions in the credit agreement, thereby eliminating the risk
that EQT’s lenders would be able to declare a default in the event that
the Rice Team’s nominees are elected. The lawsuit was filed by the Rice
Team against EQT and its Board of Directors on April 25, 2019 in
Pennsylvania Court to prevent EQT from manipulating the outcome of its
upcoming contested election of directors at EQT’s 2019 Annual Meeting of
Shareholders. As a result of EQT’s concessions, the Rice Team will
withdraw its lawsuit.

“While we are pleased that EQT has conceded that it must withdraw its
unreasonable requirements, we are deeply disappointed that we had to
file a lawsuit to ensure the integrity of the upcoming contested
election of directors at EQT’s 2019 Annual Meeting. We had tried to
clarify these issues with EQT on multiple occasions over the course of
almost three months, but it was only after we filed our lawsuit that we
received any response from EQT.”

A copy of the Rice Team’s presentation outlining the its plan to deliver
additional value at EQT can be found at www.eqtpathforward.com.

IMPORTANT INFORMATION

On April 22, 2019, Toby Z. Rice, together with the other participants
named herein (collectively, the “Rice Group”), filed a preliminary proxy
statement and accompanying WHITE proxy card with the Securities and
Exchange Commission (“SEC”), and the Rice Group intends to file a
definitive proxy statement and accompanying WHITE proxy card with the
SEC, to be used to solicit votes for the election of its slate of
highly-qualified director nominees at the 2019 annual meeting of
stockholders of EQT Corporation, a Pennsylvania corporation (“EQT”).

THE RICE GROUP STRONGLY ADVISES ALL STOCKHOLDERS OF EQT TO READ THE
PROXY STATEMENT AND OTHER PROXY MATERIALS NOW OR AS THEY BECOME
AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.
SUCH PROXY MATERIALS ARE OR WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S
WEB SITE AT HTTP://WWW.SEC.GOV,
OR BY CONTACTING D.F. KING & CO., INC., THE RICE GROUP’S PROXY
SOLICITOR, BY PHONE (212-269-5550) OR E-MAIL (RICE@DFKING.COM). IN
ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE
COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON
REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’
PROXY SOLICITOR.

PARTICIPANT INFORMATION

The participants in the proxy solicitation are anticipated to be Toby Z.
Rice, Derek A. Rice, the Rice Energy 2016 Irrevocable Trust (the “Rice
Trust”), Andrew L. Share, Rice Investment Group, L.P. (“Rice
Investment”), Daniel J. Rice III, J. Kyle Derham, William E. Jordan,
Lydia I. Beebe, Lee M. Canaan, Jay C. Graham, Dr. Kathryn J. Jackson, D.
Mark Leland, John F. McCartney, Daniel J. Rice IV, and Hallie A.
Vanderhider.

As of the date hereof, Toby Z. Rice beneficially owns directly 400,000
shares of Common Stock, no par value, of EQT (the “Common Stock”), Derek
A. Rice directly and indirectly beneficially owns 272,651 shares of
Common Stock, the Rice Trust directly beneficially owns 5,676,000 shares
of Common Stock, Andrew L. Share, as the trustee of the Rice Trust, may
be deemed to beneficially own 5,676,000 shares of Common Stock that are
beneficially owned directly by the Rice Trust, Daniel J. Rice III
directly and indirectly beneficially owns 1,011,407 shares of Common
Stock, J. Kyle Derham directly and indirectly beneficially owns 50,000
shares of Common Stock, Dr. Kathryn J. Jackson directly beneficially
owns 500 shares of Common Stock, William E. Jordan directly and
indirectly beneficially owns 103,285 shares of Common Stock, John F.
McCartney directly beneficially owns 4,473 shares of Common Stock,
Daniel J. Rice IV directly beneficially owns 219,609 shares of Common
Stock and Hallie A. Vanderhider directly beneficially owns 5,000 shares
of Common Stock. As of the date hereof, Mmes. Beebe and Canaan and
Messrs. Graham and Leland and Rice Investment do not own any shares of
Common Stock.

Contacts

For Investor Inquiries:
Kyle Derham
kyle@teamrice.com

For Media Inquiries:
Sard Verbinnen & Co
Jim Barron:
212-687-8080
Kelly Kimberly: 832-680-5120
Rice-SVC@sardverb.com