Tudor, Pickering, Holt & Co Investment Banking

IRR Price Sensitivities Oil Price Sensitivity (1) $60 / bbl $55 / bbl $50 / bbl $45 / bbl $40 / bbl TPH SW Southern Rich Wet Gas 23% 17% 21% 24% 19% 29% 30% 30% 37% 36% 29% 43% 46% 39% 42% 51% 59% TPH SW Southern Gas Condensate 78% 102% Indicates IRR price sensitivities at AR Downside Pricing Case Source: Antero assumptions based on Antero publicly disclosed information. Note: TPH IB assumes 40% ethane recovery; Antero assumes ethane rejection. Holds Gas price flat at $2.80 / MMBtu. (2) Holds Oil price flat at $50 / bbl. (3) "AR Downside Pricing Case" applies $2.50 natural gas / $50 oil pricing to "AR Base Volumes Case" production. Gas Price Sensitivity(2) AR Highly Rich Gas AR Highly Rich Gas Condensate $2.90 / mmbtu $2.75 / mmbtu $2.70 / mmbtu $2.50 / mmbtu $2.30 / mmbtu 16% 21% 22% 17% 26% 28% 29% 27% 33% 33% 27% 32% 38% 37% CONFIDENTIAL DRAFT SUBJECT TO CHANGE 37% 45% 56% 54% 63% TUDORPICKERING HOLT&COI: ENERGY INVESTMENTS MERCHANT BANKING 92

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