#1PROJECT BRONCO CONFIDENTIAL DISCUSSION MATERIALS March 22, 2018 Confidential BAIRD#2TABLE OF CONTENTS CONFIDENTIAL DISCUSSION MATERIALS VAP Confidential Summary Observations AR Share Performance in Context AR's Key Performance Drivers Antero Family Structural Issues Key Themes and Potential Strategies Appendix A. Detailed E&P Company Statistics B. Selected Return of Capital Strategies by E&Ps C. Project Bronco Working Group Information BAIRD 1 2 3 4 5 Page 1#3SUMMARY OBSERVATIONS Confidential#41 KEY E&P INVESTMENT THEMES ▪ Persistent negative sentiment toward natural gas: SUMMARY OBSERVATIONS AR's position relative to key investment themes in the E&P sector have led to its underperformance ■ L I Investor emphasis on growth with capital discipline: Focus on spending within operating cash flow Reduction of debt and prudent leverage metrics - Natural gas supply/demand fundamentals and associated strip prices remain weak ■ Efficiency and productivity gains: - Focus on drilling efficiencies, longer laterals, higher margins 2 ANTERO SPECIFIC THEMES Perception of a conflict of interest between AR/AMGP/AM and management's respective ownership positions Confidential Investor frustration with consolidated financial reporting BAIRD ANTERO POSITION * Antero is a single-basin, natural gas and NGLS focused-producer * Natural gas weighted companies have underperformed the majority of the broader E&P sector since 2014 * AR's Firm Transportation commitments are increasingly viewed as a "liability" because they mandate substantial drilling activity and production growth Cumulative cash flow outspend since 2014 of $3.0 bn Leverage levels of nearly 4.0x leading into the broader downturn in the sector AR is a market leader in drilling efficiencies and maximizing the return profile of its development program COMMENTARY * AMGP generated substantial cash flow and equity value as a result of AR's prolific drilling activity * Midstream fees reduce AR'S ROCE * Consolidated AR and AM financials make it difficult for investors to truly isolate AR's value Project Bronco Page 2#5AR SHARE PERFORMANCE IN CONTEXT Confidential#6STOCK PERFORMANCE ACROSS THE E&P LANDSCAPE Gas-weighted indexes have under performed the broader sector STOCK PERFORMANCE SINCE 2014 1 (63.7%) F 1 (67.8%) (85.6%) (48.2%) (30.3%) (45.5%) (31.2%) (36.7%) Permian S&P 500 5.3% Large Cap E&P Niobrara index includes: BCDEI, HPR, SRCL and XOG. Gas-weighted index includes: AR, CNX, COG, EQT, GPOR, RRC and SWN. Mid Cap E&P Niobrara Appalachia Antero Resources Bakken HHUB WTI Source: S&P Capital IQ as of most recent filings. Market prices as of March 16, 2018. Large Cap index includes: APA, APC, CLR, DVN, EOG, HES, MRO, NBL and OXY. Mid Cap index includes: CRZO, NEX, PDCE QEP, SM, WPX and WRD. Permian index includes: CDEV, CPE, CXO, EGN, FANG, JAG, LPI, MTDR, PE, PXD, RSPP and XEC. Bakken index includes: OAS and WLL. 48.9% STOCK PERFORMANCE SINCE 2016 (40.6%) Permian Large Cap E&P (0.1%) Appalachia (0.6%) (6.4%) (8.1%) WTI S&P 500 HHUB 13.9% Mid Cap E&P Bakken Antero Resources I Confidentiat Niobrara 13.7% 40.9% 34.6% Project Bronco BAIRD 68.3% Page 3#7EV / CONSENSUS EBITDA MULTIPLES CURRENT VALUATION MULTIPLES ACROSS THE E&P SECTOR Snapshot 2018 and 2019 EV / EBITDA Trading multiples & rankings across the sector Multi-Basin Oil-Weighted Resource Plays Large - Cap Gas-Weighted Resource Plays Mid - Cap Permian Bakken Niobrara ========== ‒‒‒‒‒‒‒‒========— Appalachia Source: Capital IQ, Bloomberg and Wall Street consensus estimates. Note: Valuation multiples are not adjusted for non-E&P assets. 1x 2019 EV Multiple 2x WANA 3x cha CHEEK Highlan Gulfport LAREDO Pathon SMA CHUY AR INTROY QEP INF NEWHILLD Swn 5x OASIS pady a pa ▬▬▬▬▬▬=============================================== Aparta na ENERGEN CNX Jak Antero RI 6x 2018 EV Multiple WwXENERGY devon @ 105 EQT 7x DKY Confidential Matador LIN 8x PIONEER J HI 9x ========▬▬▬▬▬▬▬▬▬▬▬===== BAIRD Project Bronco CONCHO 10x 11x Page 4#8VALUATION MULTIPLES ACROSS THE E&P LANDSCAPE Selected median trading multiples over the cycle EV / NTM EBITDA (1) (2) (3) 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x Large Cap (1) 5.4x Flight-to-quality and the Permian 8.6x 9.9x 2014 13.0x Permian (2) 9.0x 10.9x Source: S&P Capital IQ as of most recent filings. Market prices as of March 16, 2018. Note: multiples are unadjusted for non-E&P assets. 9.7x 2015 11.2x Large Cap index includes: APA, APC, CLR, DVN, FOG, HES, MRO, NBL and OXY. Permian index includes: CDEV, CPE, CXO, EGN, FANG, JAG, LPI, MTDR, PE, PXD, RSPP and XEC. Gas-weighted index includes: AR, CNX, COG, EQT, GPOR, RRC and SWN. 11.4x 13.9x 11.0x 2016 Appalachia (3) 9.8x Multiple Normalization 8.6x 10.1x 7.0x 7.1x 2017 Confidentia? 7.2x 24 8.4x Antero Resources 6.6x Current BAIRD Project Bronco 6.0x Page 5#9AR VS. CLOSEST APPALACHIAN PEERS Share price performance of AR vs its closest peers SHARE PRICE PERFORMANCE SINCE 2014 (59.3%) (67.8%) (43.8%) (49.6%) (35.5%) Source: S&P Capital IQ as of March 16, 2018. COG EQT S&P E&P Index CNX Antero Resources SHARE PRICE PERFORMANCE SINCE 2016 (3.2%) | EQT | (6.4%) AR CNX COG S&P E&P 14.0% Index Confidential 41.3% Project Bronco BAIRD 96.2% Page 6#10AR VS. CLOSEST APPALACHIAN PEERS (CONT.) Share Price Performance of AR vs. its closest peers 40% 20% (20%) (40%) (60%) (80%) (100%) 05/13/14: $856 MM Secondary Offering 01/01/14 11/04/14: AM IPO 09/13/14 AR 03/05/15: $485 MM Follow-On Offering Source: S&P Capital IQ and Company website as of March 16, 2018. 05/27/15 COG 09/18/15: Water Asset Dropdown mory 06/09/16: $848 MM Follow-On Offering / SWN Acreage Acquisition mum EQT strang 02/07/16 یرانی در این 10/20/16 CNX 05/04/17: AMGP IPO Confiden parkymą 07/03/17 BAIRD 01/29/18: Sailing Stone Letter Project Bronco (35.5%) M (43.8%) (59.3%) (67.8%) 03/16/18 Page 7#11AR VS. CLOSEST APPALACHIAN PEERS (CONT.) Median Trading Multiples Over Time ■ AR has experienced significant multiple erosion relative to its peer group EV / NTM EBITDA 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x - 4.0x 2.0x 0.0x 13.0x 9.0x 9.8x 2014 10.8x AR 13.0x 11.2x 10.1x 2015 Source: S&P Capital IQ as of most recent filings. Market prices as of March 16, 2018. Note: Valuation multiples are not adjusted for non-E&P assets. COG 8.6x 9.8x EQT 15.3x 10.9x 2016 9.7x CNX 7.1x 10.4x 7.4x 2017 6.2x Confidential 6.0x 9.4x 5.8x Current Project Bronco BAIRD 7.1x Page 8#12AR'S ISOLATED E&P TRADING MULTIPLES VS. PEERS AR STAND-ALONE E&P ENTERPRISE VALUE ($ in billions) $11.2 AR Consolidated Enterprise Value ($2.6) Market Value of AM Units (tax-effected) (¹) ($1.2) AM Net Debt Source: SEC filings and S&P Capital as of March 16, 2018. (1) Value of AM units, tax effected at 20% $7.9 $3.6 (Net Debt) $4.4 (Equity) AR Pure Enterprise Value Pro forma COG's $765 million sale of Eagle Ford assets announced in December 2017. Company guidance and Wall Street Research estimates. (4) (5) IMPLIED E&P TRADING STATISTICS ($ in millions, except per share and acreage data) EV/2018 E&P EBITDA EV / Mcfe/d (4) EV/ Proved Mcfe EV / PDP Mcfe EV / PV-10% No. of Remaining Locations 2018-2021 Prod. Growth Net Debt / LTM EBITDA CFPS Growth 2018 - 2021 Dividend Yield (5) (6) Antero 5.0x $2,947 $0.39 $0.80 0.9x 3,295 16.3% 3.2x 17.4% NA (2) Cabot Oil & Gas $6,634 $1.14 $1.81 3,000 15.2% 1.0x 23.3% 1.0% Confidential CNX EQT Baird utilized the following conversion ratios for gas and NGLS, respectively: 17.5 to 1 and 2.0 to 1. Wall Street Research estimates. Based on consolidated projected results per Wall Street estimates. 6.2x $3,489 $0.61 $1.04 1.5x 4,517 6.6% 3.0x 17.9% NA BAIRD Project Bronco 5.7x $4,025 $0.59 $1.10 1.5x 3,190 10.6% 2.8x 27.3% 0.2% Page 9#13AR'S KEY PERFORMANCE DRIVERS Confidential#14AR KEY PERFORMANCE DRIVERS Significant firm transportation commitments have been a factor in AR's prolific drilling pace FIRM TRANSPORTATION - NEXT 5 YEARS AVERAGE DAILY VOLUME COMMITMENTS Next 5 Years FT Commitments (Mmbtu/d) Natural Gas ($/mmbtu) 338 2013 INext 5 Years FT Obligations -% of Total Contractual Obligations (1) 27% $759 832 2013 Source: Antero filings and Bloomberg. (1) Total financial obligations, including debt maturities. 2014 FIRM TRANSPORTATION - NEXT 5 YEARS CUMULATIVE $ VALUE COMMITMENTS 63% $3,515 1,060 2014 2015 64% $4,290 959 2015 2016 63% $4,836 Confidential 2016 766 2017 60% $5,177 2017 BAIRD $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 70% 60% 50% 40% 30% 20% 10% Project Bronco | Page 10#15AR KEY PERFORMANCE DRIVERS (CONT.) 1 Prolific drilling precipitated cash flow outspend and increased leverage AR E&P FREE CASH FLOW (1) ($ in millions ($2.9 B) cumulative cash flow outspend since 2014 2014 2015 2016 ($1,500) PRODUCTION & GROWTH 100% 80% 60% 40% 20% (2) Prod. Growth Production (MMcfe/d) 82% 69% 1,007 Source: AR SEC filings ~($750) 2014 1,493 48% 16% 2015 Source: January 2018 Analyst Day presentation. Represents current E&P debt/run-rate E&P EBITDA. ~($350) 1,847 Debt-Adj. Prod. Growth 24% 12% 2017 2016 *($300) 2,253 3-Yr (2017-202E) CAGR: 31% 22% 11% 2017 AR E&P DEBT & LEVERAGE ($ in millions) 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x 5.0x 4.0x 3.0x 2.0x 1.0x 3.9x 0.0x $4,248 2014 E&P Debt 3.7x $4,363 3.8x 2014 $4,049 2015 IAR E&P Debt AR CONSOLIDATED DEBT & LEVERAGE $4,669 3.8x 3.0x 2015 $3,854 2016 AM Debt $4,704 3.1x Confidential Debt / E&P EBITDA 2016 3.2x $3,604 2017 $4,800 3.3x 2017 BAIRD Debt / EBITDA $4,800 I 2.5x $3,604 Current (2) 2.7x Current Project Bronco | Page 11#16AR KEY PERFORMANCE DRIVERS (CONT.) What did COG (top Appalachia performer) do well that AR did not: AR vs COG along key metrics E&P FREE CASH FLOW ($ in millions) ($246) ($1,500) 2014 29% ($286) 82% 2015 PRODUCTION GROWTH ($750) 13% COG 48% 2015 COG $57 AR 4% ($350) 2016 LAR $155 2016 ($300) 2017 9% 22% 2014 Source: AR and COG SEC filings. Represents current E&P debt /run-rate E&P EBITDA. Pro forma COG'S $765 million sale of Eagle Ford assets announced in December 2017. E&P LEVERAGE 2017 1.2x 3.9x 2014 27% 69% 2.5x 2014 3.8x 2015 9% COG 2.7x 16% 2015 3.0x 2016 COG Confidential (4%) AR DEBT-ADJUSTED PRODUCTION GROWTH / SHARE 1.4x 2017 AR 2016 3.2x 12% 0.8x BAIRD 2.5x Current 11% 11% 2017 (1) Project Bronco | Page 12#17AR KEY PERFORMANCE DRIVERS (CONT.) Activity levels amidst a tepid commodity price environment NATURAL GAS PRICES (Rolling 12-Month Strip) (S/Mmbtu) $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 01/01/14 11/01/14 09/01/15 07/01/16 REPRESENTATIVE NGL PRICES ($/gallon) $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 Ethane 01/01/14 Source: Bloomberg and ELA. 11/01/14 Butane руминны Propane 05/01/17 03/02/18 Natural Gasoline $2.87 $0.75 $0.71 $0.24 09/01/15 07/01/16 05/01/17 03/02/18 NATURAL GAS INVENTORY LEVELS (Bc) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 1 PROPANE INVENTORY LEVELS (millions of barrels) 120 100 80 60 40 20 O 1 Confidential BAIRD 2013-2017 Min / Max 2014 2015 2016 2017 2018 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 2013-2017 Min / Max 2014 -2015 2016 2017 2018 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 Project Bronco Page 13.#18AR'S INCREASED TRANSPARENCY IN FINANCIAL REPORTING Until recent changes, a lack of transparency around stand-alone E&P performance has caused confusion in understanding the AR story NEW DISCLOSURES AS OF Q3/Q4 2017 Stand-alone E&P EBITDAX Stand-alone E&P adjusted net income Reconciliation of stand-alone E&P adjusted EBITDAX and EBITDAX margin Stand-alone E&P Adjusted Operating Cash Flow Stand-alone E&P net debt and liquidity 2017 10-K For the year ended December 31, 2017, we generated consolidated cash flow from operations of $2.0 billion, consolidated net income of $615 million, Adjusted EBITDAX of $1.5 billion, and Stand-Alone E&P Adjusted EBITDAX of $1.2 billion. This compares to consolidated cash flow from operations of $1.2 billion, a consolidated net loss of $849 million, Adjusted EBITDAX of $1.5 billion, and Stand-Alone E&P Adjusted EBITDAX of $1.4 billion for the year ended December 31, 2016. vs. 2016 10-K For the year ended December 31, 2016, we generated consolidated cash flow from operations of $1.24 billion, a consolidated net loss of $849 million, and Adjusted EBITDAX of $1.54 billion. This compares to consolidated cash flow from operations of $1.02 billion, consolidated net income of $941 million, and Adjusted EBITDAX of $1.22 billion for the year ended December 31, 2015. Source: AR SEC filings New disclosure for 2017 EXAMPLE FROM YEAR-END 2017 EARNINGS RELEASE Stand-Alone E&P Years Ended December 31. Net income (los) including noncontrolling Commodity derivative fair value (gains) Gains on settled derivative instruments Loss on early extinguishment of debt Depreciation, depletion, amortization, and Impairment of unproved properties Impairment of gathering systems and facilities Exploration expense Gain on change in fair value of contingent acquisition consideration Equity-based compensation expense Equity in loss (earnings) of unconsolidated Distributions from unconsolidated afte Distributions from Antero Midstream Equity in net income of Antero Midstream State franchise taxes Total Adjusted EBITDAX Interest expense Exploration expense Changes in current assets and liabilities State franchise taxes Proceeds from derivative monetizations Net cash provided by operating activities 2016 $ (848,816) 514,181 1,003,083 (93.776) 16,956 712,485 162,935 76,372 107,364 7,156 (232.455) (36,519) (50) (3.318) 2017 615.070 $ (636,889) 213.940 232.331 1.205 (295,051) 159.508 NIA 8,538 (13,476) 75,162 NIA NIA Confidential 131.508 43,710 (8.538) 87,466 749.906 (4.575) Consolidated Years Ended December 31, 2016 514,181 1,003.083 (97.635) 253.552 16,956 (496,376) 162.935 102,421 (485) 7,702 NIA NIA (6.862) (32.920) (50) (1.504) BAIRD $ 2017 213,940 268,701 1,500 (295.051) 159,598 103,445 (20,194) 20,195 NIA NA (268.701) (8.538) 76,035 749,900 Project Bronco | Page 14#19ANTERO FAMILY STRUCTURAL ISSUES ▬▬ Confidential#20ANTERO FAMILY STRUCTURAL ISSUES H Lack of continuity in the sponsor/GP/LP value creation cycle has magnified AR's issues SPONSOR/GP/LP VALUE CHAIN NOTABLE SPONSOR RELATIONSHIPS Typical Sponsor / GP / LP E&P GP MLP Antero Structure Value Creation Midstream GP Antero Resources Antero Midstreamers Source: SEC filings. (1) Hess Corp. and Global Infrastructure partners are 50/50 joint venture owners in Hess Infrastructure Partners, which owns the IDRs of Hess Midstream Partners. Company Antero Anadarka Perchel EQT bo Ö CNX Dominion HESS M ne noble energy OASIS PETROLEUM 66 VALERO Partnership Antero Mid La Western Gas ^^ EQT Midstream DO CNX Dominion STREAM PARTNERS HESS MPLXXX noble CASIS MIDSTREAMERS Phillips 66 Bal Militaman Paran Confidential VALERO ENERNT PARTNERS LE Ownership of IDRs Post-GP IPO Pre-GP IPO 100% 100% 100% 100% 100% 100% (1) 100% 100% 90% 100% 100% BAIRD 100% 0% 82% 91% NA NA NA NA NA NA NA NA NA NA Project Bronco | Page 15#21ANTERO FAMILY STRUCTURAL ISSUES (CONT.) FREE CASH FLOW BY ENTITY (5 in millions) ■ AR's significant drilling capital through 2017 (and consequential cash flow outspend) ultimately drove substantial IDR cash flow at the GP IDR cash flow growth led to an $875 MM IPO, at an implied $4 billion valuation with proceeds exclusively going to the sponsor group $1,000 $500 $0 ($500) ($1,000) ($1,500) ($2,000) $53 ($1,500) 2014 AR □AM DCF $192 ($750) $1 2015 $353 ($350) $17 2016 Source: AR and AM SEC filings (1) All offering data excludes underwriters" overallotment option. AMGP IDRs $421 ($300) $600 $70 $0 2017 $144 2018E 3-yr IDR CAGR: 384% Based on AM's Q2 2017 distribution, annualized, calculated according to midpoint of management's public guidance as disclosed in AMGP's S-1. VALUATION CREATION COMPARISON Equity market value changes since 1/2014 $8.0 $4.0 $0.0 ($4.0) ($8.0) ($12.0) Antero MESIME ($10.2 billion) AMGP IPO (1) ($ in millions) IPO Date Total Equity Valuation @ IPO IPO Proceeds IPO Yield IDR Cash Flow Multiple Proceeds to AR AR Retained Ownership (2) +$5.0 billion Antero Confidentia! Midstreamen BAIRD +$3.1 billion S Antero Midstream GP 05/03/17 $4,375 $875 0.79% 126.5x $0 0% Project Bronco | Page 16#22ANTERO FAMILY STRUCTURAL ISSUES (CONT.) Individual management ownership stakes further complicated the situation AR TOP 10 HOLDERS ($ in millions) Current 1 Warburg Pincus 2 SailingStone 3 The Baupost Group, LLC 4 The Vanguard Group, Inc. 5 Rady, Paul M. 11 Warren Jr., Glen C. Current 1 Warburg Pincus 2 Rady, Paul M. 3 Yorktown Partners, LLC. 4 Warren Jr., Glen C. 5 Oppenheimer Funds, Inc. AMGP TOP 10 HOLDERS Current 1 AR Investments 2 Tortoise Capital 3 Goldman Sachs AM $951 713 504 388 330 AM TOP 10 HOLDERS ALPS Advisers, Inc. 203 49 Rady, Paul M. 57 Warren Jr., Glen C. $926 336 261 185 123 $2,619 275 246 193 4 3 9/30/2017 1 Warburg Pincus 2 SailingStone 3 The Baupost Group, LLC 4 The Vanguard Group, Inc. 5 Rady, Paul M. 10 Warren Jr., Glen C. 9/30/2017 1 Warburg Pincus 2 Rady, Paul M. 3 Warren Jr., Glen C. 4 Yorktown Partners, LLC. 5 OppenheimerFunds, Inc. 9/30/2017 1 AR Investment 2 Tortoise Capital 3 Goldman Sachs AM 4 ALPS Advisers, Inc. 43 Rady, Paul M. 50 Warren Jr., Glen C. $1,129 690 476 372 320 205 $1,128 441 306 239 124 $3,117 326 270 199 6 4 6/30/2017 1 Warburg Pincus 2 SailingStone 3 The Baupost Group, LLC 4 The Vanguard Group, Inc. 5 Rady, Paul M. 9 Warren Jr., Glen C. 6/30/2017 1 Warburg Pincus 2 Rady, Paul M. 3 Warren Jr., Glen C. 4 Yorktown Partners, LLC. 5 OppenheimerFunds, Inc. 6/30/2017 1 AR Investment 2 Goldman Sachs AM 3 Tortoise Capital 4 ALPS Advisers, Inc. 39 Rady, Paul M. 44 Warren Jr., Glen C. $1,226 585 458 384 348 222 $1,211 474 328 257 132 $3,612 296 295 187 6 4 1 Warburg Pincus 2 SailingStone 3 The Vanguard Group, Inc. 4 Yorktown Partners, LLC. 5 Rady, Paul M. 9 Warren Jr., Glen C. 1 2 3 4 5 3/31/2017 Source: S&P Capital IQ as of most recent filings at each specified date. Current market prices as of March 16, 2018. Note: Value represented as common stock equivalent shares held multiplied by the stock price at the specified date. Excludes the value of stock options. (1) Represents a change of +616,976 shares since December 31, 2016. (2) Represents a change of (55,356) shares since December 31, 2016 3/31/2017 3/31/2017 1 AR Investment 2 Goldman Sachs AM 3 Tortoise Capital 4 ALPS Advisers, Inc. 45 Rady, Paul M. 56 Warren Jr., Glen C. $1,294 580 380 360 355 229 $3,610 314 288 180 4 1 3 1 Warburg Pincus 2 SailingStone 3 The Vanguard Group, Inc. 4 Yorktown Partners, LLC. 5 Rady, Paul M. 9 Warren Jr., Glen C. 3 Confidential 4 12/31/2016 S 12/31/2016 12/31/2016 BAIRD 1 AR Investment 2 Goldman Sachs AM 3 Tortoise Capital 4 Neuberger Berman 46 Rady, Paul M. 53 Warren Jr., Glen C. $1,341 588 376 374 368 237 $3,362 300 261 160 3 2 Project Bronco | Page 17#23KEY THEMES AND POTENTIAL STRATEGIES Confidential#24KEY THEMES AND POTENTIAL STRATEGIES TO ADDRESS Increasing Scope Potential Actions Dividend Payment AR Share Buy-Back Program Acceleration of Water Payment AR Sale of AM Units Convert AR's AM units into AMGP Forced Sales by Mgmt or Mgmt Changes AMGP-AM Merger Midstream HoldCo Spin-Out Key Themes Underlying AR's Improvement Plan AR-AMGP Merger Prudent FCF Deployment De-Lever Return Capital Alignment of Interests X X Possible X Possible Possible Possible Neutral Neutral Neutral x Confidential Simplify Reporting / Highlight AR Value Neutral Neutral Neutral BAIRD X Project Bronco | Page 18.#25APPENDIX Confidential#26Detailed E&P Company Statistics#27VALUATION SUMMARY BY BASIN Multi-Basin: Large Cap Mid Cap Permian Bakken Niobrara Gas Weighted Overall Median Antero '17E - ¹18E Prod. Growth (1) 4% 17% 34% 17% 58% 9% 17% 20% 2018E EBITDA (1) 7.4x 5.0x 8.1x 4.7x 4.3x 6.0x 5.5x Total Enterprise Value / 6.1x 2019E EBITDA (1) 6.4x 4.0x 6.2x 4.1x 3.0x 5,4x 4.8x 5.2x Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Wall Street consensus estimates. Confidential Net Debt / 2018E EBITDA (1) 1.5x 1.5x 1.0x 2,2x 1.0x 2.1x 1.5x BAIRD 2.4x Project Bronco | Page 19#28COMPARATIVE COMPANY ANALYSIS Select Gas Weighted Operators ($ in millions, except per share data) Gas Weighted-Focused C&C Corporation CNX EQT Gulfport RI Swn Antero Share % of 52- Price Week 03/16/18 High $24.99 15.50 50.45 10.25 15.11 Median $20.40 85% $11,515 86% 58% 50% Equity Market Cap 50% 3,468 13,343 1,877 3,755 2,618 Market Data Net Debt $277 $11,792 5,206 1,738 7,184 1,939 4,108 Total Enterprise 2018E 2019E Value EBITDA (2) EBITDA (2) 3,475 25,622 3,816 6,093 74% $3,612 $2,707 $6,093 86% $6,457 $4,772 $11,956 $1,257 886 3,613 901 1,269 1,360 $1,263 $1,959 $1,701 997 4.135 932 1,397 1,406 $1,402 $2,319 Current 2018E '17-'18E 2018E Prod. Prod. Prod. Prod. (Mmde/d) (2) (Mmde/d) (2) Growth (2) % Gas 1,813 1,378 3,267 1401 2,635 2,815 2,224 2,696 2,145 1,517 4,397 1,423 2,694 2,795 2,419 3,119 Operational Metrics (1) 28% (12%) 17% 11% 20% Confidential Proved Reserves Bcfe 89% 10,368 85% 7,836 69% 22,280 79% 5,824 56% 18,165 83% 17,021 Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. 81% 13,695 62% 20,417 PDP 63% 59% 53% 55% 50% 54% 49% Gas BAIRD 90% 91% 89% 57% 65% 86% 2017E R/P Ratio (Years) 18.1 12.2 13.1 20.6 17.6 15.8 21.5 Project Bronco | Page 20#29COMPARATIVE COMPANY ANALYSIS (CONT.) Select Gas Weighted Operators ($ in millions, except per share data) Gas Weighted-Focused CN.X EQT Gulfport RI BARUGA IN FONALAS Swn Sunt Fing! Antero Share Price 03/16/18 $24.99 $11,515 15.50 50.45 10.25 15.11 Equity Market Cap Median 3,468 13,343 1,877 3,755 2,618 Market Data Net Debt $277 1,738 7,184 1,939 4,108 3,475 $3,612 $2,707 Total Enterprise 2018E Value EBITDA (2) $11,792 5,206 25,622 3,816 7,864 6,093 $6,093 $20.40 $6,457 $4,772 $11,956 $1,257 3,613 901 1,269 1,360 $1,263 $1,959 2019E EBITDA (2) $1,701 997 4,135 932 1,397 1,406 $1,402 $2,319 Financial / Valuation Metrics (1) Total Enterprise Value / Proved Current 2018E Reserves Prod. Prod. (S/Mcfe) (2) (S/Mcfe/d) (2) ($/Mcfe/d) (2) $1.14 0.66 1.15 0.66 0.43 0.00 $0.66 $0.59 $6,505 3,778 7,842 2,985 2,165 $3,381 $4,434 $5,498 3,433 5,827 2,919 2,180 $3,176 $3,833 2018E EBITDA (2) Confidential 9.4x 5.9x 7.1x 6.2x 6.0x 6.1x Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. 2019E EBITDA (2) 6.9x 5.2x 6.2x 5.6x 5.4x 5.2x BAIRD Net Debt / 2018E EBITDA (2) 0.2x 2.0x 3.2x 2.1x 2.4x Project Bronco | Page 21#30COMPARATIVE COMPANY ANALYSIS (CONT.) Multi-Basin Operators - Large Cap ($ in millions, except per share data) Multi-Basin - Large Cop Anadarko Apache Corporation Continental devon Soogr og resources HESS Marathon Oil ne noble energy OX % of 52- Week 03/16/18 High Share Price $58.53 36.14 53.07 31.96 100.45 48.98 15.12 29.40 Median 66% 13,786 90% 71% 91% $31,166 $10,736 $44,996 84% Equity Market Cap 77% 82% 19,913 16,814 58,124 15,431 12,848 14,315 Market Data 83% 49,314 Net Debt 6,816 6,310 7,180 5,553 2,050 4,481 4,982 Total Enterprise Value 8,156 21,977 26,222 28,844 63,677 18,785 17,329 19,980 57,470 83% $16,814 $6,310 $26,222 2018E EBITDA (2) $7,216 4,180 3,547 3,904 7,146 1,942 3,363 2,947 7,436 $3,904 2019E EBITDA (2) $7,842 4,142 4,018 4,488 8,365 2,448 3,397 8,060 $4,142 Current 2018E '17-'18E Prod. Prod. Prod. (Mmde/d) (2) (Mmde/d) (2) Growth (2) 8,300 5,575 3,655 6,408 3,820 5,052 4,092 8,528 5,575 8,678 5,799 3,811 6,623 9,155 3,037 4,948 3,874 9,002 5,799 Operational Metrics (1) 4.3% 26% 18% (20%) 12% (3%) 9% 2018E Prod. % Gas Confidential Proved Reserves Bele 16% 16,871 17% 14,321 20% 15,357 19% 22,043 14% 31,646 14% 14,970 19% 15,500 28% 16,770 Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. 10% 34,237 17% 16,770 % PDP 77% 47% 73% 51% 61% 54% 74% 61% % Gas BAIRD 19% 16% 27% 27% 13% 13% 14% 43% 11% 16% 2017E R/P Ratio (Years) 5.6 6.9 13.9 112 10.8 9.6 11.5 11.3 10.8 Project Bronco | Page 22#31COMPARATIVE COMPANY ANALYSIS (CONT.) Multi-Basin Operators - Large Cap ($ in millions, except per share data) Multi-Basin-Large Cap Anadarko Apache Cerinental devon Deogresources cog HESS Marathon Oil ne noble energy OXY Share Price 03/16/18 36.14 53.07 $58.53 $31,166 $10,736 31.96 100.45 48.98 15.12 29.40 Equity Market Cap 64.45 13,786 19,913 16,814 58,124 15,431 12,848 14,315 Market Data 49,314 Total Net Enterprise 2018E Debt 6,816 6,310 7,180 5,553 2,050 4,481 4,982 8,156 2019E Value EBITDA (2) EBITDA (2) $44,996 21,977 26,222 28,844 63,677 18,785 17,329 19,980 57,470 Median (3) $16,814 $6,310 $26,222 $7,216 4,180 3,547 3,904 7,146 1,942 3,363 7,436 $3,904 $7,842 4,142 4,018 8,365 3,644 3,397 8,060 $4,142 Financial / Valuation Metrics (1) Total Enterprise Value / 2018E Proved Current Reserves Prod. (S/Mcle) (2) (S/Mcle/d) (2) (S/Mcle/d) (2) Prod. $2.67 1.53 1.71 1.31 2.01 1.25 1.12 1.19 1.68 $1.53 $5,421 3,942 7,175 4,502 7,507 4,918 3,431 4,883 6,739 $4,918 $5,185 3,790 6,881 4,355 6,955 6,186 3,503 5,158 6,384 $5,185 2018E EBITDA (2) Confidentiat 5.3x 7.4x 9.7x 5.2x 7.7x 7.4x Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. 2019E EBITDA (2) 5.7x 5.3x 6.5x 6.4x 7.6x 7.7x 4.8x 5.9x 7.1x 6.4x BAIRD Net Debt / 2018F EBITDA (2) 1.5x 1.6x 1.8x 0.8x 1.3x 1.7x 1.1x 1.5x Project Bronco | Page 23#32COMPARATIVE COMPANY ANALYSIS (CONT.) Multi-Basin Operators - Mid and Small Cap ($ in millions, except per share data) Multi-Basin - Mid Cap CARRIZO NEWFIELD PDC ENERGY QEP SMA ENERGY widterse WPXENERGY Share % of 52- Price Week 03/16/18 High $15.63 53.29 9.24 17.91 16.86 13.92 Median 65% 81% 52% $1,273 $1,235 68% 79% Equity Market Cap 87% 4,847 3,515 2,227 2,000 1,708 Market Data 5,543 Net 2,108 1,093 2.241 2,095 581 1,666 68% $2,227 $1,666 Total Enterprise 2018E Value EBITDA (2) $2,722 6,955 4,609 4,467 4,095 2,734 7,441 $4,467 $660 1,393 856 834 845 1,106 $845 2019E EBITDA (2) $821 1,684 1.156 1,024 1.197 762 1,479 $1,156 Current 2018E '17-'18E Prod. Prod. Prod. (Mmcfe/d) (2) (Mmcfe/d) (2) Growth (2) 862 1,890 1,085 1,492 1,219 615 1,694 1,219 853 2,096 1,280 1,545 1,394 691 1,720 1,394 Operational Metrics (1) 16% 17% 30% 1% 13% 71% 23% 17% 2018E Prod. % Gas 11% 20% 30% 13% Confidential 20% 7,362 15% Proved Reserves Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. Befe 3,560 4,740 7,973 4,820 6.136 20% 5,853 PDP 41% 57% 32% 50% 36 Gas 41% BAIRD 23% 37% 22% 24% 11% 10% 22% 2017E R/P Ratio (Years) 13.3 11.3 13.2 14.2 10.7 41.7 115 13.2 Project Bronco | Page 24#33COMPARATIVE COMPANY ANALYSIS (CONT.) Multi-Basin Operators - Mid and Small Cap ($ in millions, except per share data) Multi-Basin - Mid Cap CARRIZO NEWFIELD PDC ENERGY QEP SM ENERGY MCH WPXENERGY. Share Price 03/16/18 $15.63 24.27 53.29 9.24 17.91 16.86 13.92 Median Equity Market Cap $1,273 4,847 3,515 2,227 2,000 1,708 5,543 Market Data Net Debt $1,235 2,108 1,093 2,241 2,095 581 1,666 $2,227 $1,666 Total Enterprise 2018E Value EBITDA (2) $2,722 6,955 4,609 4,095 2,734 7,441 $4,467 5660 1.393 856 834 845 607 1,106 $845 2019E EBITDA (2) $821 1,684 1,156 1,024 1,197 762 1,479 $1,156 Financial / Valuation Metrics (1) Total Enterprise Value / 2018E Proved Current Reserves Prod. Prod. (S/Mce) (2) (S/Mcle/d) (2) (S/Mcle/d) (2) $0.76 0.94 0.97 0.56 0.85 0.45 1.27 $0.85 $3,158 3,680 4,247 2,994 3,360 4,393 $3,680 $3,193 3,319 3,600 2,891 2,938 3,955 4,327 $3,319 2018E EBITDA (2) Confidentiat 5.0x 5.4x 5.4x 6.7x 5.0x Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. 2019E EBITDA (2) 3.3x 4.1x 4.0x 4.4x 3.4x 3.6x 5.0x 4.0x BAIRD Net Debt / 2018E EBITDA (2) 1.9x 1.5x 1.3x 2.5x 1.0x 1.5x 1.5x Project Bronco | Page 25#34COMPARATIVE COMPANY ANALYSIS (CONT.) Select Permian-focused Operators ($ in millions, except per share data) Permion-Focused CENTENNIAL Pi CIMAREX -NU CONCHO DIAMONDBACK ENERGEN JaggedPeak.....k LAREDO PERLE, INC. witing Matador PARSLEY ENERGY PIONEER NATURAL RESOURCES RSPAPERMIAN Share Price 03/16/18 $18.22 11.76 92.48 148.49 125.51 57.32 12.41 8.53 28.87 26.57 169.34 39.05 Median % of 52- Week High 82% $5,029 71% 93% 95% 91% 22,135 75% 56% 85% Equity Market Cap 90% 2,375 85% 8,826 12,321 5,583 2,642 2,069 3,154 88% 28,839 8,417 6,226 $5,905 Market Data Net Debt $219 59.2 1,086 2.527 1.365 78.2 31 680 478 1,571 1,836 1,471 $934 Total Enterprise 2018E Value EBITDA (2) $5,418 2,967 9,913 24,662 14,013 6.366 2,674 2,749 3,733 11,156 30,680 7,697 $7,031 $633 414 1,575 2,271 1,463 995 427 584 465 1,206 3,288 936 $966 2019E EBITDA (2) $901 563 1,845 2,760 1,907 1,276 600 660 571 1,688 3,979 1,212 $1,244 Current 2018E '17-'18E Prod. Prod. Prod. [Mmde/d) (2) (Mmde/d) (2) Growth (2) 598 400 2,052 2,760 1,383 1,303 337 725 546 1,130 4,068 913 1,021 802 471 2,274 3,047 1,690 1,334 519 773 591 1,461 4,334 1,102 1,218 Operational Metrics (1) 93% 40% 18% 34% 93% 11% 25% 53% 21% 35% 2018E Prod. % Gas 12% 9% 27% 14% Confiden 22% 7% Proved Reserves Befe 17% 10,792 2,365 5% 4,844 Source: Company fillings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. 2,053 5,356 5,869 2,394 1,914 5,612 10% 12,044 5% 5,441 % PDP 5,100 41% 587 39% 49% 83% 69% 61% 57% 88% 49% 92% 42% 53% % Gas BAIRD 14% 30% 19% 6% 10% 3% 17% 21% 85 15% 5% 12% 2017E R/P Ratio (Years) 15.6 16.7 7.6 11.8 11.3 16.1 6.0 9.4 11.1 16.1 9.2 18.2 11.6 Project Bronco | Page 26#35COMPARATIVE COMPANY ANALYSIS (CONT.) Select Permian-focused Operators ($ in millions, except per share data) Permion-Focused CENTENNIAL Haku: Ponakan sema CIMAREX CONCHO DIAMONDBACK ENERGEN. JaggedPeak....nd LAREDO PETROLEUM, INC Makadan "Ben PARSLEY ENERGY PIONEER NATURAL RESOURCES RSPAPERMIAN Share Price 03/16/18 $18.22 $5,029 11.76 92.48 148.49 125.51 57.32 12.41 8.53 28.87 26.57 Equity Market Cap 39.05 Median 2,375 8,826 22.135 12,321 5,583 2,069 3.154 169.34 28,839 8,417 6,226 $5,905 Market Data Total Net Enterprise 2018E Debt Value EBITDA (2) $219 592 1,086 2.527 1,365 782 31 680 478 1,571 1,836 1,471 $934 $5,418 2,967 9,913 24,662 14,013 6,366 2,674 2,749 3,733 11,156 30,680 7,697 $7,031 $633 1.575 2,271 1,463 995 584 465 1,206 3,288 936 $966 2019E EBITDA (2) $901 563 1,845 2,760 1,907 1,276 600 571 1,688 3,979 1,212 $1,244 Financial / Valuation Metrics (1) Total Enterprise Value / Proved Current 2018E Prod. Reserves Prod. (S/Mcfe) (2) (S/Mcfe/d) (2) (S/Mcfe/d) (2) $2.29 1.45 2.89 1.08 4.56 1.15 1.95 1.99 2.55 1.41 $1.97 $9,053 7,426 4,830 8.937 10,129 4,884 7,945 3,789 6,837 9,876 7,541 8,430 $7,743 $6,753 6,297 4,358 8,094 4,772 5,150 3,555 6,317 7,634 7,078 6,987 $6,535 2018E EBITDA (2) Confidential 6.3x 10.9x 6.4x 6.3x 4.7x 8.0x 9.2x 9.3x 8.1x Source: Company fillings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. 2019E EBITDA (2) 6.0x 5.3x 5.4x 7.3x 5.0x 4.5x 6.5x 6.6x 7.7x 6.2x BAIRD Net Debt/ 2018E EBITDA (2) 0.3x 1.1x 1.2x 1.0x 1.3x 0.6x 1.6x 1.0x Project Bronco | Page 27#36COMPARATIVE COMPANY ANALYSIS (CONT.) Bakken and Niobrara-focused Operators ($ in millions, except per share data) Bakken-Focused OASIS Niobrara-Focused HighPoint CREEK EXTRACTION Share Price 03/16/18 $8.25 30.66 Median $4.82 27.47 12.80 9.31 Median % of 52- Week High 74% 545% $2,620 $2,583 Equity Market Cap 68% 72% $1,014 67% 2,788 89% 79% $2,704 $2,265 562 2,211 Market Data 2,251 Net Debt 70% $1,613 1,946 $318 (13) 947 489 $404 Total Enterprise 2018E Value EBITDA (2) $5,203 4,734 $4,969 $1,332 549 3,316 2,740 $2,036 $934 1,206 $1,070 $326 130 774 504 $415 2019E EBITDA (2) $1,180 1.250 $1,215 $568 192 1,076 $605 Current 2018E '17-'18E Prod. Prod. Prod. (Mmcfe/d) (2) (Mmcfe/d) (2) Growth (2) 1,097 1,845 1,471 312 192 820 709 511 1,225 1,838 1,532 235 1,105 612 517 Operational Metrics (1) 24% 10% 17% 63% 17% 53% 58% 2018E Prod. % Gas 9% Confident Proved Reserves Befe 17% 4,460 8% 6,215 7,970 9% 2,645 Source: Company fillings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. 13% 1,284 14% 3,248 2,334 13% 2,490 % PDP 66% 60% 20% 51% 38% 36% %6 Gas BAIRD 12% 11% 11% 13% 12% 19% 16% 2017E R/P Ratio (Years) 13.0 12.7 28.1 17.5 13.9 15.9 16.7 Project Bronco | Page 28#37COMPARATIVE COMPANY ANALYSIS (CONT.) Bakken and Niobrara-focused Operators ($ in millions, except per share data) Bakken-Focused OASIS Niobrara-Focused HighPoint BONANZA CREEK EXTRACTION Share Price 03/16/18 30.66 Median $8.25 $2,620 $2,583 27.47 12.80 Equity Market Cap $4.82 $1,014 9.31 Median 2,788 562 $2,704 $2,265 2,211 Market Data 2,251 Net Debt $1,613 1,946 $318 (13) 947 $404 Total Enterprise 2018E Value $5,203 4,734 $4,969 $1,332 549 3,316 2.740 $2,036 EBITDA (2) $934 1,206 $1,070 $326 130 774 504 $415 2019E EBITDA (2) $1,180 1,250 $1,215 $568 192 1,076 $605 Financial / Valuation Metrics (1) Total Enterprise Value / Proved Current 2018E Reserves Prod. Prod. (S/Mce) (2) (S/Mde/d) (2) (S/Mcfe/d) (2) $1.17 0.59 $0.88 $0.50 1.17 $0.76 $4,741 2,566 $3,653 $4,266 2,861 3,864 $3,954 $4,246 2,576 $3,411 $3,160 2,338 3,002 4,475 $3,081 2018E EBITDA (2) Confidential 5.6x 4.7% 4.1x 4.3x 5.4x 4.3x Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. 2019E EBITDA (2) 3.8x 4.1x 2.3x 3.1x 3.0x BAIRD Net Debt / 2018E EBITDA (2) 1.6x 2.2x 1.0x NM 1.2x 1.0x 1.0x Project Bronco | Page 29#38Selected Return of Capital Strategies by E&Ps#39DIVIDENDS AND BUYBACKS 2018 dividend and buyback announcements Ticker APC COP CVX ECA EOG FANG LPI NBL PXD SU Release Date 6-Feb 1-Feb 2-Feb 15-Feb 27-Feb 13-Feb 14-Feb 15-Feb 6-Feb 7-Feb Dividend Increase 400% increase to $0.25/share per quarter 7.5% increase to $0.285/share per quarter 4.0% increase to $1.12/share per quarter Unchanged 10% increase to $0.185/share per quarter Initiated $0.125/share per quarter 300% increase to $0.16/share semiannual 12.5% increase to C$0.36/share per quarter Source: FactSet, company data and Wall Street Research. Note: Relative performance vs. XOP is for the one-week period following the date of announcement. Additional Repurchases $500 mm $500 mm $400 mm $200 mm $750 mm $100 mm C$2,000 mm Confidential One Week Relative Performance vs. XOP 5.3% 2.4% 4.5% (0.2%) (6.9%) 4.2% 5.7% 0.2% 4.8% BAIRD (0.4%) Project Bronco | Page 30#40Project Bronco Working Group Information#41WORKING GROUP LIST ANTERO RESOURCES SPECIAL COMMITTEE Name Robert Clark Chairman Ben Hardesty Joyce McConnell Contact Information (M) (F) (E) [email protected] (0) 304.623.6383 (M) 304.641.0212 (H) 304.623.3581 (E) [email protected] (0) 304.293.5701 (M) 304.282.1693 (E) 303.717.0665 866.418.1462 [email protected] SIDLEY AUSTIN LLP Name J. Mark Metts Partner Asst: Becky Mansfield Kayleigh McNelis Associate Contact Information (0) 713.495.4501 (M) 713.822.6659 (E) [email protected] (0) (E) (0) 713.495.4672 (P) 512.917.2287 @ Confidential 713.495.7601 [email protected] [email protected] BAIRD Project Bronco | Page 31#42WORKING GROUP LIST (CON'T) BAIRD Frank Murphy Managing Director, Co-Head - Energy Investment Banking Asst: Michelle McCarty Nick Alfermann Director, Energy Investment Banking Asst: Michelle McCarty Jeff Wertenberger Associate Name Dom Pica Analyst Blake Weir Analyst ECOD OD OECD Ou Ocu o cu da de (F) (G) (E) (0) (E) (0) (M) (F) (E) (0) (E) (0) (M) (F) (E) (0) (M) (E) (0) (P) (Q) (R) 314.445.6532 314.302.7232 314,445.6535 [email protected] 314.445.6534 [email protected] 314.445.6531 314.401.1532 314.445.6535 [email protected] 314.445.6534 [email protected] 314.445.6537 314.518.6602 314.445.6535 [email protected] 314.445.6539 314.540.1317 314.445.6535 [email protected] 314.445.6544 612.998.6733 314.445.6535 [email protected] Contact Information Confidentia! BAIRD Project Bronco | Page 32#43L Baird Investment Advisor Co., Ltd., an affiliate of Robert W. Baird & Co. Incorporated. Robert W. Baird Ltd. and Baird Capital Partners Europe are authorized and regulated in the UK by the Financial Conduct Authority. BAIRD