Baird Investment Banking Pitch Book

PROJECTED WATER DELIVERY VOLUMES Utilizing Antero management projections FORECASTED WATER DELIVERY VOLUMES (Bbld) 300,000 250,000 200,000 150,000 100,000 50,000 0 Management 153,129 153,129 100,000 2017A Street ---- MVC Amounts 183,818 186,763 120,000 2018E 204,255 213,910 120,000 2019E 219,541 250,921 2020E Source: Antero management projections; Wall Street estimates per March 22 J.P. Morgan presentation to AR Special Committee. FORECAST VERSUS EARN-OUT (Bbld) Management 2019 Earn-out Threshold: 161,000 180,401 Preliminary Paft 2019 Earn-Out 12% 184,601 Street Earn-out Threshold 2020 Earn-out Threshold: 200,000 202,538 BAIRD 2020 Earn-Out % above Earn-Out Threshold 15% 1% 217,198 9% Project Bronco I Page 3

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