Baird Investment Banking Pitch Book

GAS SALES FORECAST PROJECTED GAS SALES BY INDEX Index: TCO Chicago/MichCon CGTLA ANR SE TGP-500L NYMEX DOM S TETCO M2 Total Index: TCO Chicago/MichCon 2018 CGTLA ANR SE TGP-500L NYMEX DOMS TETCO M2 Weighted Average BTU Uplift Realized Price Differential to Nymex 14% 21% 17% 18% 18% 10% 1% 100% STRIP PRICING BY INDEX ($/MMBTU) 2018 2019 $2.56 $2.66 $2.69 $2.71 $2.75 $2.83 $2.32 $2.30 $2.68 $0.23 $2.91 $0.08 25% 18% 23% 16% 2% 16% 0% 0% 100% 2019 $2.43 $2.57 $2.69 $2.72 $2.73 $2.81 $2.30 $2.28 $2.63 $0.22 $2.85 $0.04 2020 Source: Antero Management. Based on strip pricing as of 12/31/2017. 19% 18% 19% 16% 14% 14% 1% 0% 100% 2020 $2.40 $2.58 $2.70 $2.75 $2.74 $2.82 $2.26 $2.23 $2.65 $0.25 $2.90 $0.08 2021 20% 17% 16% 14% 18% 8% 6% 0% 100% 2021 $2.43 $2.63 $2.74 $2.80 $2.77 $2.85 $2.27 $2.24 $2.65 $0.27 $2.92 $0.07 2022 17% 16% 14% 12% 16% 7% 11% 100% 2022 $2.47 $2.68 $2.89 $2.83 $2.81 $2.89 $2.31 $2.26 $2.66 $0.26 $2.92 $0.03 Avg 19% 18% 18% 15% 14% 11% 3% 2% 100% Avg $2.46 $2.63 $2.74 $2.76 $2.76 $2.84 $2.29 $2.26 $2.65 $0.25 $2.90 $0.06 14% 11% 15% Index: TCO 3%2% 18% Chicago/MichCon CGTLA ANR SE TGP-500L NYMEX DOM S TETCO M2 19% Confidential 18% 2018-22 Diff. ($0.38) ($0.21) ($0.10) ($0.08) ($0.08) $0.00 ($0.55) ($0.58) =TCO BAIRD Chicago/MichCon CGTLA ■ANR SE TGP-500L NYMEX DOM S TETCO M2 % Exposure 19% 18% 18% 15% 14% 11% 3%: 2% Project Bronco | Page 14

View entire presentation