Baird Investment Banking Pitch Book

ANTERO FAMILY PRICE PERFORMANCE YTD 20% 10% 0% (10%) (20%) 20% 10% 0% (10%) (20%) (30%) AR AM AMGP AR Analyst Day (1/18/18) 1.4% (23.4%) (25.9%) 01/01/18 Source: S&P Capital IQ as of April 9, 2018. S&P Oil & Gas E&P Index Performance Since SalingStone 13D (1/29/18) TPH Simplification (2/20/18) 0.3% 6.0% (26.6%) (29.3%) (12.2%) (24.2%) 1/29/18: Sailing Stone files 13D 1/18/18: Analyst Day 01/20/18 2/21/18: Antero Board Meeting 2/20/18: TPH issues Antero simplification report 02/09/18 AM AMGP Antero Board Meeting (2/21/18) 9.5% (7.9%) (19.0%) 2/26/18: Announced formation of Special Committee 02/28/18 Confidential 03/20/18 BAIRD Alerian Index Special Committee Formation (2/26/18) 5.9% (8.2%) (18.9%) 5.4% AR S&P (7.0%) E&P (13.0%)AMZ (16.3%) AM (21.1%) AMGP 04/09/18 Project Bronco | Page 19

View entire presentation