Tudor, Pickering, Holt & Co Investment Banking

Wet Gas Type Curve Area Overview Type Curve Map with AR BTU Lines and TPH TC Areas TPH Type Curve Areas(1) AM Gathering Pipelines AM Water Delivery Pipelines Guernsey Noble Harrison Washington Wood Monroe CA Pleasants Roane Belmont Calhoun Ritchie B Tylac Jefferson Giler # Doddride 1,275 BTU shall Brooke Ohio Wetbel Braxton cock Lewis Beaver 0 1,200 BTU Harreson Washingtory 1,100 BTU Greene Marion Upshur . Allegheny Monongalia Taylor Barbour Ra SW Lean Wet Gas IRR: 46% SW Southern Rich Wet Gas IRR: 44% SW Southern Gas Condensate IRR: 67% AR Inventory Overview(1) Highly-Rich Gas Cond. Highly-Rich Gas Rich Gas Condensate Dry Gas Total Avg. Lateral Length 2018E 14 Source: Drillingnfo, IHS, Company data. Antero assumptions based on Antero publicly disclosed information. Note: Marcellus wells with first production on or after 1/1/2015. IRRs for 12,000" laterals at strip as of 3/29/2018, unless otherwise noted. TPH IRR assumes 40% ethane recovery: Antero IRR assumes ethane rejection. (2) IRR at strip as of 12/31/2017. 106 3 19 3 145 9,800 2019E 30 101 13 2 9 155 Antero Type Curve Areas(1) 33 96 5 17 2020E 2021E 9 160 1 1 10,500 11,850 Rich Gas BTU Range: 1,100-1,200 2019 Wells: 4 IRR(2²): 30% Highly Rich Gas BTU Range: 1,200-1,275 2019 Wells: 101 IRR: 47% Highly Rich Gas Condensate BTU Range: 1,275-1,350 2019 Wells: 30 IRR: 115% 57 59 33 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 8 8 165 12,600 2022E 55 31 8 3 165 12,750 Remaining Inventory 285 527 512 152 155 1,631 TUDORPICKERING HOLT&COCHANT BANKING 90 I I

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