Baird Investment Banking Pitch Book

AR 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

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