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Baird Investment Banking Pitch Book

VALUATION SUMMARY BY BASIN Multi-Basin: Large Cap Mid Cap Permian Bakken Niobrara Gas Weighted Overall Median Antero '17E - ¹18E Prod. Growth (1) 4% 17% 34% 17% 58% 9% 17% 20% 2018E EBITDA (1) 7.4x 5.0x 8.1x 4.7x 4.3x 6.0x 5.5x Total Enterprise Value / 6.1x 2019E EBITDA (1) 6.4x 4.0x 6.2x 4.1x 3.0x 5,4x 4.8x 5.2x Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Wall Street consensus estimates. Confidential Net Debt / 2018E EBITDA (1) 1.5x 1.5x 1.0x 2,2x 1.0x 2.1x 1.5x BAIRD 2.4x Project Bronco | Page 19

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