Baird Investment Banking Pitch Book

ANTERO FAMILY STRUCTURAL ISSUES H Lack of continuity in the sponsor/GP/LP value creation cycle has magnified AR's issues SPONSOR/GP/LP VALUE CHAIN NOTABLE SPONSOR RELATIONSHIPS Typical Sponsor / GP / LP E&P GP MLP Antero Structure Value Creation Midstream GP Antero Resources Antero Midstreamers Source: SEC filings. (1) Hess Corp. and Global Infrastructure partners are 50/50 joint venture owners in Hess Infrastructure Partners, which owns the IDRs of Hess Midstream Partners. Company Antero Anadarka Perchel EQT bo Ö CNX Dominion HESS M ne noble energy OASIS PETROLEUM 66 VALERO Partnership Antero Mid La Western Gas ^^ EQT Midstream DO CNX Dominion STREAM PARTNERS HESS MPLXXX noble CASIS MIDSTREAMERS Phillips 66 Bal Militaman Paran Confidential VALERO ENERNT PARTNERS LE Ownership of IDRs Post-GP IPO Pre-GP IPO 100% 100% 100% 100% 100% 100% (1) 100% 100% 90% 100% 100% BAIRD 100% 0% 82% 91% NA NA NA NA NA NA NA NA NA NA Project Bronco | Page 15

View entire presentation