Baird Investment Banking Pitch Book

1 KEY E&P INVESTMENT THEMES ▪ Persistent negative sentiment toward natural gas: SUMMARY OBSERVATIONS AR's position relative to key investment themes in the E&P sector have led to its underperformance ■ L I Investor emphasis on growth with capital discipline: Focus on spending within operating cash flow Reduction of debt and prudent leverage metrics - Natural gas supply/demand fundamentals and associated strip prices remain weak ■ Efficiency and productivity gains: - Focus on drilling efficiencies, longer laterals, higher margins 2 ANTERO SPECIFIC THEMES Perception of a conflict of interest between AR/AMGP/AM and management's respective ownership positions Confidential Investor frustration with consolidated financial reporting BAIRD ANTERO POSITION * Antero is a single-basin, natural gas and NGLS focused-producer * Natural gas weighted companies have underperformed the majority of the broader E&P sector since 2014 * AR's Firm Transportation commitments are increasingly viewed as a "liability" because they mandate substantial drilling activity and production growth Cumulative cash flow outspend since 2014 of $3.0 bn Leverage levels of nearly 4.0x leading into the broader downturn in the sector AR is a market leader in drilling efficiencies and maximizing the return profile of its development program COMMENTARY * AMGP generated substantial cash flow and equity value as a result of AR's prolific drilling activity * Midstream fees reduce AR'S ROCE * Consolidated AR and AM financials make it difficult for investors to truly isolate AR's value Project Bronco Page 2

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