Baird Investment Banking Pitch Book

2018 (78% Hedged) GAS HEDGES HAVE SUPPORTED FT AR's gas firm transportation portfolio is not economic based on current strip pricing...though northeast markets would be severely imbalanced if AR were to sell its growing gas production in-basin 2020 (36% Hedged) 2022 (16% Hedged) $2.32 Dominion South $2.26 Dominion South $2.31 $0.36 FT Uplift $0.39 FT Uplift $0.35 Dominion South FT Uplift Source: Based on data provided by Antero Management. Utilizes strip pricing as of 12/31/2017. $0.23 BTU Uplift $0.25 FT non-economic $0.26 BTU Uplift $0.45 Hedge Gains FT non-economic BTU Uplift $0.15 Hedge Gains $0.02 FT non-economic Hedge Gains ($0.52) FT Cost ($0.53) FT Cost ($0.48) Confidential FT Cost ($0.12 ) Marketing Cost ($0.09 ) Marketing Cost BAIRD Marketing Cost $2.72 Realized Price $2.44 Realized Price $2.45 Realized Price Project Bronco | Page 15

View entire presentation