Baird Investment Banking Pitch Book

AR BENCHMARKING AR vs. Peers vs. Elite E&Ps across selected operational metrics E&P ENTERPRISE VALUE ($ in billions) $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 $8.0 $6.0 $4.0 E&P EV / CURRENT PROD. ($/Mmcfe/d) $10.0 $2.0 $25.4 $0.0 Elite Gas Peers $7.6 $8.3 Elite $7.7 Gas Peers Antero $2.9 $2.8 Antero E&P EV / 2018E EBITDAX 10.0x I 8.0x 6.0x 4.0x 2.0x 0.0x $2.00 E&P EV / PROVED ($/Mcfe) ! $2.50 $1.50 $1.00 i $0.50 9.5x 50.00 5.2x Elite Gas Peers Avantere $2.36 Elite $0.58 4.8x Gas $0.38 Antero E&P EV / 2018E DACF I 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x i PRICE / NAV 1.2x 1.0x 0.8x 0.6x - 9.7x 0.4x Elite 0.9x Elite 5.3x Gas Peers ondero 1.0x 5.0x Gas Peers 0.9x Antero 2018E LEVERAGE 3.0x 2.0x 1.0x 0.0x 25% 20% 15% 10% CASH FLOW GROWTH Per debt adjusted share 30% 5% Confidential 0% Source: Company filings, S&P Capital IQ and Wall Street research as of April 17, 2018 Note: E&P firm value adjusted to remove public ownership of MLP holdings at a 10% discount, where applicable. EBITDAX and DCF adjusted to remove contribution of midstream business. 0.8x Elite 27% 2.3x Elite Gas Peers 18% Gas Peers Project Bronco BAIRD 2.3x Spaintera 20% Antero Page 7 1 I 1 I

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