Baird Investment Banking Pitch Book

TABLE OF CONTENTS CONFIDENTIAL DISCUSSION MATERIALS VAP Confidential Summary Observations AR Share Performance in Context AR's Key Performance Drivers Antero Family Structural Issues Key Themes and Potential Strategies Appendix A. Detailed E&P Company Statistics B. Selected Return of Capital Strategies by E&Ps C. Project Bronco Working Group Information BAIRD 1 2 3 4 5 Page 1

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