#1PROJECT BRONCO SUPPLEMENTAL DISCUSSION MATERIALS July 8, 2018 Confidential - Preliminary Draft BAIRD#2PRO FORMA VALUE TO AR vs. STATUS QUO Assumes 18.5 mm shares issued to Series B holders ($ in millions) PV-10 of Increase in Value to Antero Resources (2019-2022) Implied $ / (3) AM Unit $0.00 $1.34 $2.67 $4.01 Cash Received by AM $0 $250 $500 $750 Net to AR (2) $0 $132 $264 $396 1.60x $4 127 247 366 Equity Exchange Ratio 1.65x $111 232 351 471 (3) AM has 187 million units outstanding. (4) Represents estimated net debt / NTM EBITDA at 1/1/19. 1.70x $217 336 456 575 Increase in Value to AR vs. Status Quo = 1.75x $321 440 559 678 Increase in Cash Received + Increase in Market Value of Midstream Holdings (¹) Treliminary Draft PF "AMC" Leverage (4) Excludes. Earn-out 1.7x 1.9x 2.2x 2.4x Source: Antero management projections. (1) Status quo market value assumes current AM holdings current AM price. Pro forma market value assumes pro form a holdings current AMGP share price. (2) AR currently owned 53% of outstanding units of AM. BAIRD Includes $220 mm Earn-out 1.9x 2.2x 2.4x 2.7x Project Bronco | Page 1#3#4#5PROJECTED WATER DELIVERY VOLUMES Utilizing Antero management projections FORECASTED WATER DELIVERY VOLUMES (Bbld) 300,000 250,000 200,000 150,000 100,000 50,000 0 Management 153,129 153,129 100,000 2017A Street ---- MVC Amounts 183,818 186,763 120,000 2018E 204,255 213,910 120,000 2019E 219,541 250,921 2020E Source: Antero management projections; Wall Street estimates per March 22 J.P. Morgan presentation to AR Special Committee. FORECAST VERSUS EARN-OUT (Bbld) Management 2019 Earn-out Threshold: 161,000 180,401 Preliminary Paft 2019 Earn-Out 12% 184,601 Street Earn-out Threshold 2020 Earn-out Threshold: 200,000 202,538 BAIRD 2020 Earn-Out % above Earn-Out Threshold 15% 1% 217,198 9% Project Bronco I Page 3#6