Baird Investment Banking Pitch Book

RECAP OF KEY DRIVERS OF AR SHARE PERFORMANCE Key investor themes underlying AR's share performance over 2014 - 2017 1 ($ in millions 3 5.0x (80%) 4.0x 3.0x 2.0x 1.0x GAS-WEIGHTED UNDERPERFORMANCE 0.0x (70%) 3.9x $4,248 (44%) HIGH LEVERAGE 2014 (33 %) (37%) E&P Debt 3.8x Gas-Weighted Peers $4,082 5&P 500 2015 Permian S&P E&P Index AR Nat Gas Oll 3.0x $3,890 2016 13% Debt / E&P EBITDA 3.3x $3,635 2017 45% 2.7x $3,635 (2] Current 2 ($ in millions) ($3.0 B) cumulative cash flow outspend since 2014 2014 2015 2016 4 SUBSTANTIAL CASH FLOW OUTSPEND (¹) (1) Free cash flow represents E&P operating cash flow, less E&P drilling and completion capital, less land maintenance capital. (2) Represents current E&P debt/run-rate E&P EBITDA. ☐ Equity market value changes (2014-2017) $4,0 $0.0 ($1,500) PERCEIVED MISALIGNMENT OF INTERESTS ($4.0) ($8.0) ($12.0) ($750) Antero ($10.6 bn) +$5.4 bn Antero Confidential ($350) Michstrom +$3.7 bn Antero 2017 ($300) BAIRD AR holds no interest in AMGP, unlike other E&P sponsors Antero Antero Antero Project Bronco | Page 3

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