Baird Investment Banking Pitch Book

PRO 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

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