Baird Investment Banking Pitch Book

AR FORECAST SUMMARY ACROSS KEY METRICS PRODUCTION GROWTH (Mmcfe/d) 6,000 5,000 4,000 3,000 2,000 1,000 0 2,253 $500 $400 $300 $200 $100 $0 ($100) ($200) 2017A $170 ■Management ($150) 2,702 2,682 2018E $500 $282 AR E& P 5-year CAGR: 18% $219 E&P FREE CASH FLOW (¹) ($ in millions) Total FCF $19 ($150) E&P FCF $282 3,330 3,275 2019E 2019E $287 $5 → Consensus 3,945 $282 3,881 2020E Distributions from 2020E 4,545 4,536 2021E $310 ($28) $338 ($28) 2021E 5,194 5,200 2022E $513 $108 $405 $108 2022 E E&P EBITDA and Margins ($ in millions) % Hedged $2,500 $2,000 $1,500 $1,000 $500 $0 5.0x 4.0x 2018E Source: Antero Management projections. Free cash flow represents E&P operating cash flow, less E&P drilling and completion capital, less land maintenance capital. (1) 3.0x - 2.0x 1.0x DEBT & LEVERAGE 0.0x 95% $1,115 38% 2017A $5,354 2.7x 2.1x 78% 2018E $1,604 40% 2018E $5,674 2.4x 1.7x 2019E 70% $1,868 38% 2019E AR E& P $6,184 2.5x 1.6x 2020E Confidential 36% $1,832 34% 2020E AM $1,967 2021E $5,766 2.2x 16% 33% 1.2x 2021E BAIRD $2,323 16% 35% 2022E 1.9x $5,522 0.8x 2022E 45% 40% 35% 30% Consolidated Leverage E&P Leverage Project Bronco | Page 10

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