Baird Investment Banking Pitch Book

AR RESEARCH COVERAGE Source: Bloomberg. Firm Credit Suisse Capital One Wolfe Research Goldman Sachs BMO Capital Scotia Howard Weil Evercore Baird Tudor Pickering KLR Group Keybanc Cowen Jefferies Stephens Inc Guggenheim J.P. Morgan Raymond James Wells Fargo Susquehanna Financial MUFG Securities Suntrust Robinson Alembic Global Morgan Stanley High Median Low Antero Resources Pre-13D Filing $23.00 31.00 25.00 22.00 24.00 26.00 23.00 28.00 30.00 29.00 29.00 22.00 22.00 32.00 27.00 25.00 24.00 20.00 24.00 29.00 23.00 34.00 20.00 $34.00 25.00 20.00 Post-13D Filing $24.00 29.00 24.00 22.00 23.00 24.00 24.00 28.00 25.00 29.00 29.00 22.00 23.00 26.00 27.00 24.00 24.00 20.00 24.00 28.00 23.00 34.00 20.00 $24.00 24.00 20.00 Target Price Increases Target Price Decreases Unchanged Targets % Change 4.3% (6.5%) (4.0%) 0.0% (4.2%) (7.7%) 4.3% 0.0% (16.7%) 0.0% 0.0% 0.0% 4.5% (18.8%) 0.0% (4.0%) 0.0% 0.0% 0.0% (3.4%) 0.0% 0.0% 0.0% 4.5% 0.0% (18.8%) 3 8 12 Confidential BAIRD Project Bronco | Page 13.

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