#1PROJECT BRONCO CONFIDENTIAL DISCUSSION MATERIALS April 19, 2018 Confidential BAIRD#2TABLE OF CONTENTS CONFIDENTIAL DISCUSSION MATERIALS VAL Process Review AR Market & Valuation Perspectives AM / AMGP Market & Valuation Perspectives Appendix A. Detailed Antero Family Projections B. AR E&P Comparables Analysis Confidential BAIRD 1 2 3 Page 1#3PROCESS UPDATE Confidential#4PROCESS UPDATE Current working timeline of priority milestones; workstreams to be added as necessary Key Milestone: Formal Due Diligence Session Water Earn-Out Analysis Market Update & Valuation Drivers AR Return of Capital Strategic Review AR Share Buybacks AR Dividend Payment Potential AMGP-AM Transaction Analyses (¹) Other Analyses as Process Dictates March 30 * (1) Formal analyses to be conducted in conjunction with a proposed transaction. 1 1 2 * 9 April 16 I 23 30 I I I 7 14 May 21 28 1 I 1 1 1 1 Confidentia! I 4 11 June Project Bronco BAIRD 18 25 Page 2 T#5AR MARKET & VALUATION PERSPECTIVES Confidential#6RECAP OF KEY DRIVERS OF AR SHARE PERFORMANCE Key investor themes underlying AR's share performance over 2014 - 2017 1 ($ in millions 3 5.0x (80%) 4.0x 3.0x 2.0x 1.0x GAS-WEIGHTED UNDERPERFORMANCE 0.0x (70%) 3.9x $4,248 (44%) HIGH LEVERAGE 2014 (33 %) (37%) E&P Debt 3.8x Gas-Weighted Peers $4,082 5&P 500 2015 Permian S&P E&P Index AR Nat Gas Oll 3.0x $3,890 2016 13% Debt / E&P EBITDA 3.3x $3,635 2017 45% 2.7x $3,635 (2] Current 2 ($ in millions) ($3.0 B) cumulative cash flow outspend since 2014 2014 2015 2016 4 SUBSTANTIAL CASH FLOW OUTSPEND (¹) (1) Free cash flow represents E&P operating cash flow, less E&P drilling and completion capital, less land maintenance capital. (2) Represents current E&P debt/run-rate E&P EBITDA. ☐ Equity market value changes (2014-2017) $4,0 $0.0 ($1,500) PERCEIVED MISALIGNMENT OF INTERESTS ($4.0) ($8.0) ($12.0) ($750) Antero ($10.6 bn) +$5.4 bn Antero Confidential ($350) Michstrom +$3.7 bn Antero 2017 ($300) BAIRD AR holds no interest in AMGP, unlike other E&P sponsors Antero Antero Antero Project Bronco | Page 3#7ANTERO RESOURCES PRICE PERFORMANCE - LAST 6 MONTHS 30% 20% 10% 0% (10%) (20%) (30%) Analyst Day Announced - Analyst Day AR 6.7% EQT Gas Peers E&P Index 2.3% (3.7%) 13.5% AR 11/29/17: Analyst Day announcement (40%) 10/16/17 11/15/17 Source: S&P Capital IQ and SEC filings as of April 17, 2018. Note: "Gas Peers includes COG, EQT, GPOR, RRC and SWN. AR 1.1% 12/16/17 EQT Analyst Day - 13D Filing EQT Gas Peers E&P Index 1.0% (4.0%) (0.7%) 1/18/18: Analyst Day 01/15/18 Gas Peers 1/29/18: Sailing Stone files 13D 02/15/18 AR 2.0% Confidential 13D Filing - Present EQT (15.9%) E&P Index 03/17/18 Gas Peers E&P Index (14.8%) (2.9%) 2/26/18: Announced formation of Special Committee BAIRD 13% E&P Index 4% AR (21%) EQT (22%) Gas Peers 04/17/18 Project Bronco | Page 4#8AR BENCHMARKING AR has identified a group of elite E&Ps and what it deems to be their key characteristics AR'S TARGETED "ELITE" E&P UNIVERSE Premium for: Scale Growth Low Leverage FCF Generation U.S. Publicly Traded E&Ps Leverage < 3.0x Enterprise Value >$10B Production Growth >15% Leverage <2.0x Free Cash Flow AR 2018E E&P EV / EBITDAX: 4.8x EOG CXO PXD FANG COG Permian & Appalachia Median 2018E E&P EV/EBITDAX: 9.5x BENCHMARK PERFORMANCE - LAST 2 YEARS Elite Group S&P E&P Index Gas-Weighted Peers Note: E&P firm value adjusted to remove public ownership of MLP holdings at a 10% discount, where applicable. EBITDAX adjusted to remove contribution of midstream business. Confidential Gas AR (24%) Oil 47% 16% (57%) 14% 67% BAIRD Project Bronco Page 5#9AR BENCHMARKING AR vs. Gas-Weigted Peers vs. Elite E&Ps across selected operational metrics % OIL PRODUCTION (2018E) 75% 50% 25% 20% 16% 12% 8% PRODUCTION GROWTH (2018-21) 4% 60% 0% Elite 2% 17% Gas Peers 11% 2% Elite Gas Peers 19% I ! LTM CASH MARGINS ($/Mcfe) 1 $4.00 $3.00 $2.00 $1.00 $0.00 70% 60% % PDP (% of Reserves) 50% 40% 30% - 20% $3.87 10% Elite Gas Peers Antero 64% $1.28 Elite Source: Company filings, S&P Capital IQ and Wall Street research as of April 17, 2018. 54% $1.24 Gas Peers 49% Antero AVG. FCF YIELD ('18-21E) 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 9% 2.0 0.0 Elite 4% RESERVE LIFE (YRS) 2017 YE Proved/2018 E Production 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 9.8 Gas Peers 13.9 Elite Gas Peers 1% Antero 17.6 Antero AVG. ROCE (18-20E) 14% 12% 10% 8% 6% 4% 2% 0% Confidential 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 11% 6% Elite Gas Peers TOTAL PROVED (TCFE) 5.9 14.8 Elite Gas Peers Project Bronco BAIRD 4% Antero 17.3 Intero Page 6#10AR BENCHMARKING AR vs. Peers vs. Elite E&Ps across selected operational metrics E&P ENTERPRISE VALUE ($ 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#11AR BENCHMARKING Additional relevant data GAS-WEIGHTED PEERS ELITE E&P's Cabo Oil & Gas Corporation EQT Gulfport RI RANGE RESOURCES swn Sereng Cabo O&G Corporation CONCHO DIAMONDBACK Current leog resources PIONEER NATURAL RESOURCES Antero Credit Rating S&P NA BBB BB- Ba 2 BB- NA BBB- Source: Bloomberg and Wall Street research as of April 17, 2018. Days to cover. (1) BB BBB+ BBB BB+ Moody's NA Baa3 B1 BB+ Ba3 NA Bal Ba3 Baal Baa2 Baz Dividend Yield 1.0% 0.2% NA 0.6% NA 1.0% 0.4% 0.4% 0.7% 0.3% 0.0% Buyback Program? Berna k Short Interest Ratios Current vs. 1-Year Current (1) 2.4 3.2 3.4 8.3 3.2 2.4 1.8 2.9 2.3 2.7 10.3 (28%) (35%) 47% 81% 20% (28%) (64%) (17%) (29%) (12%) 25% 2018 Hedged Production Crude 0% 0% NA 17% 0% 0% 59% 41% 33% 84% Confidentiat 0% Gas 0% 42% 80% 57% 89% 0% 33% 26% 1% 60% 78% % Insider Ownership 1.5% 0.6% BAIRD 8.5% 0.5% 0.6% 1.5% 1.1% 1.2% 0.4% 0.9% 23.7% Project Bronco Page 8#12AR'S IDENTIFIED STEPS TO JOIN THE ELITE E&P GROUP AR IDENTIFIED STEPS TO IMPROVE VALUATION The market has been receptive to AR's operational and strategic initiatives to improve its share price (as evidenced by its recent outperformance); however, execution risk remains ■ ■ Capital Efficiency: $2.9 billion of drilling capex reduction over next 5 years with production growth targets unchanged - - - FCF Generation: $1.6 Bn cumulative free cash flow growth through 2022 Capital Discipline: - Inventory of 3,300 laterals >10,000' drive efficiencies 18% production CAGR 2018-2022 Grow into FT portfolio by 2020 Growing NGL exposure - Reduce leverage to < 2x Debt-adjusted cash flow and production growth per share in the 22-23% range (AR management figure) Assess Value Acceleration Initiatives: Return of Capital (repay debt, stock buy-back, dividends Conflict of interest mitigation Segment level reporting to provide clarity on E&P ops Confidential MARKET PERCEPTION BAIRD "We believe the focus should now shift to execution as the long term outlook has already baked in substantial future efficiency gains and activity high-grading which AR now has to deliver. - Credit Suisse *... five year plan that includes a double-digit production CAGR... should generate solid returns while throwing off $1.6 billion in free cash flow at the strip... a solid profile that with execution should drive multiple expansion over the coming years. Wells Fargo "While increasing lateral length is a tangible efficiency, and concurrent operations should improve cycle times, it remains unclear how AR will be able to keep D&C spend flat through 2020 while increasing completed lateral feet by 12% in 2019 and 25% in 2020 compared to the 2018 program.- Jefferies "Operationally and financially, we would agree that AR is reaching the next stage of its life cycle, and at an opportune time.....At the upstream level, the E&P entity is reaching a level of scale, leverage, and capital efficiency (forward FCF generation and growth) matched by few US independents" - Evercore ISI "Given the recent push for capital discipline and improved corporate returns, we think the market will view Antero's newfound capital flexibility in the coming years favorably. - Raymond James Project Bronco Page 9#13AR FORECAST SUMMARY ACROSS KEY METRICS PRODUCTION GROWTH (Mmcfe/d) 6,000 5,000 4,000 3,000 2,000 1,000 0 2,253 $500 $400 $300 $200 $100 $0 ($100) ($200) 2017A $170 ■Management ($150) 2,702 2,682 2018E $500 $282 AR E& P 5-year CAGR: 18% $219 E&P FREE CASH FLOW (¹) ($ in millions) Total FCF $19 ($150) E&P FCF $282 3,330 3,275 2019E 2019E $287 $5 → Consensus 3,945 $282 3,881 2020E Distributions from 2020E 4,545 4,536 2021E $310 ($28) $338 ($28) 2021E 5,194 5,200 2022E $513 $108 $405 $108 2022 E E&P EBITDA and Margins ($ in millions) % Hedged $2,500 $2,000 $1,500 $1,000 $500 $0 5.0x 4.0x 2018E Source: Antero Management projections. Free cash flow represents E&P operating cash flow, less E&P drilling and completion capital, less land maintenance capital. (1) 3.0x - 2.0x 1.0x DEBT & LEVERAGE 0.0x 95% $1,115 38% 2017A $5,354 2.7x 2.1x 78% 2018E $1,604 40% 2018E $5,674 2.4x 1.7x 2019E 70% $1,868 38% 2019E AR E& P $6,184 2.5x 1.6x 2020E Confidential 36% $1,832 34% 2020E AM $1,967 2021E $5,766 2.2x 16% 33% 1.2x 2021E BAIRD $2,323 16% 35% 2022E 1.9x $5,522 0.8x 2022E 45% 40% 35% 30% Consolidated Leverage E&P Leverage Project Bronco | Page 10#142018-2022 AR FREE CASH FLOW BRIDGE $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 ($200) ($400) · AR Free Cash Flow Definition Cash Flow from E&P Operations Plus: AM Distributions Plus: Water Earn-Out & Lawsuit Recoveries Less: Drilling Capital Expenditures Less: Changes in Working Capital Less: Leasehold Maintenance Expenditures $1,629 AR Reported FCF Generation Source: Antero Management projections. ($1,413) AM Distributions ($250) Water Earn-Out ($135) Lawsuit Damage Recoveries Confirent ($169) Isolated E&P FCF BAIRD Project Bronco | Page 11#15RETURN OF CAPITAL INITIATIVES POTENTIAL SHARE REPURCHASE ECONOMICS Implied Share Price Announcement Date $20.39 AR Today Company Hess Corporation 03/08/18 03/07/18 Devon Energy QEP Resources 02/28/18 02/23/18 Cabot Oil 02/15/18 02/15/18 Encana Corporation 02/14/18 Laredo Petroleum 02/06/18 Pioneer 01/29/18 Gulfport Energy Corporation SELECTED STOCK BUY-BACK ANNOUNCEMENTS & MARKET REACTION Market Reaction (¹) 5-days Noble Energy Mean Median Annualized Returns Source: FactSet and S&P Capital IQ as of April 13, 2018. (1) Market reaction defined as one day post-announcement. (2) Relative performance based on S&P E&P 500 Index. 9% AR 2020 Buyback Value (SMM) $24.21 (+19%) 9% AR 2021 No Multiple Expansion $1,000 1,000 1,250 720 750 400 200 100 100 $613 $720 % of Shares O/S $26.26 (+29%) 6.8% 6.1% 60.2% 6.5% 5.8% 3.7% 10.4% 0.3% 4.5% 11.6% 6.1% 1-day 0.5% 10.8% 2.4% (0.3%) (1.2%) 5.0% 1.3% 4.5% 5.4% 4.5% 4.4% 11.1% 1.6% 1.3% 16.6% 25.4% (3,0%) 14.5% (2.5%) 1.1% 6.7% 9.8% (1.0%) 0.8% (8.9%) (24.3%) (11.0%) 30-days 1.0% 4.5% 6.8% 5.5% $51.60 (+153%) 59% AR 2020 AR 2021 Elite Multiples Group 1-day Benchmark Performance (0,4%) (0.4%) (0.1%) 2.9% (0.3%) (0.3%) (0.3%) (1.8%) (2.6%) $55.68 (+173%) 40% (0.4%) (0.3%) 5-days 0.4% 0.4% 30-days 12.0% 9.3% (2.2%) 0.3% (1.6%) 0.9% (1.6%) 0.9% (1.6%) 0.9% (5.2%) (0.5%) (8.6%) (12.0%) (2.2%) (1.6%) 1.5% 0.9% 1 1 I Confidential 1-day 0.8% 5.0% 10.9% [0.0%) (0.9%) 5.3% 3.1% (6.3%) 152 1.9% 0.8% AR Full-Cycle Drilling ROR 33% Relative Performance (2) 5-days 28% Per AR Mgmt. 4.1% 5.0% 3.8% 6.6% 12.7% BAIRD (0.9%) 8.3% (15.8%) 3.1% 4.2% 30-days 4.6% 16.1% (3.2%) 13.6% 8.9% 1.4% 1.1% 5.3% 3.0% Project Bronco | Page 12#16AR RESEARCH COVERAGE Source: Bloomberg. Firm Credit Suisse Capital One Wolfe Research Goldman Sachs BMO Capital Scotia Howard Weil Evercore Baird Tudor Pickering KLR Group Keybanc Cowen Jefferies Stephens Inc Guggenheim J.P. Morgan Raymond James Wells Fargo Susquehanna Financial MUFG Securities Suntrust Robinson Alembic Global Morgan Stanley High Median Low Antero Resources Pre-13D Filing $23.00 31.00 25.00 22.00 24.00 26.00 23.00 28.00 30.00 29.00 29.00 22.00 22.00 32.00 27.00 25.00 24.00 20.00 24.00 29.00 23.00 34.00 20.00 $34.00 25.00 20.00 Post-13D Filing $24.00 29.00 24.00 22.00 23.00 24.00 24.00 28.00 25.00 29.00 29.00 22.00 23.00 26.00 27.00 24.00 24.00 20.00 24.00 28.00 23.00 34.00 20.00 $24.00 24.00 20.00 Target Price Increases Target Price Decreases Unchanged Targets % Change 4.3% (6.5%) (4.0%) 0.0% (4.2%) (7.7%) 4.3% 0.0% (16.7%) 0.0% 0.0% 0.0% 4.5% (18.8%) 0.0% (4.0%) 0.0% 0.0% 0.0% (3.4%) 0.0% 0.0% 0.0% 4.5% 0.0% (18.8%) 3 8 12 Confidential BAIRD Project Bronco | Page 13.#17RETURN OF CAPITAL INITIATIVES (CONT.) Debt reduction to achieve investment grade status is a worthy use of capital for AR: Investment grade E&P's increasingly outperform the broader group over time INVESTMENT GRADE E&P PERFORMANCE VS. OVERALL INDEX 3-Year 5-Year 10-Year 60% 30% 30% 0% (30%) (60%) 60% 30% (60%) Investment Grade E&P Index +1,244 bps S&P E&P Index +2,790 bps Confidential BAIRD +6,193 bps Project Bronco | Page 14#18Confidential AM / AMGP MARKET & VALUATION PERSPECTIVES#19ANTERO FAMILY PRICE PERFORMANCE - LAST 6 MONTHS MY 15% 10% 5% 0% (5%) (10%) (15%) (20%) (25%) Analyst Day Announced - Analyst Day AMGP AMZ 20.2% 16.7% AR 6.7% AM 18.8% AR 11/29/17: Analyst Day announcement 10/16/17 11/15/17 Source: S&P Capital IQ and SEC filings as of April 17, 2018. hog AR 1.1% 12/16/17 AM Analyst Day - 13D Filing AM 7.0% 1/18/18: Analyst Day 01/15/18 AMGP 5.4% AMZ 1.9% AMGP 1/29/18: Sailing Stone files 13D 02/15/18 AR 2.0% Confidentia! 13D Filing - Present AM AMGP AMZ (18.7%) (22.1%) (13.6%) Alerian Index 2/26/18: Announced formation of Special Committee W 03/17/18 BAIRD 4% AR (7%) AMZ (12%) AM | (13%) AMGP 04/17/18 Project Bronco | Page 15#20AM MARKET AND VALUATION DATA PRICE PERFORMANCE SINCE 01/01/18 20% 15% 10% 5% 0% (5%) (10%) (15%) (20%) (25%) (1) (2) AM Sailing Stone ! 13-D: 01/29/18 ! AMZ 2018 KEY EVENTS 01/18/18 Antero hosts Analyst Day 01/29/18 Sailing Stone Files 13-D 02/13/18 02/26/18 AMGP 01/01/18 01/22/18 02/12/18 03/05/18 03/26/18 04/17/18 (5%) (7%) (13%) Antero Family reports 4Q and full year 2017 results Announced formation of Special Committees Source: S&P Capital IQ, Bloomberg and Wall Street Research as of April 17, 2018. Defined as Distributable Cash Flow, per Wall Street consensus estimates, divided by Equity Market Cap. Wall Street consensus estimates. EBITDA less IDR distributions to sponsor. AM MARKET AND VALUATION METRICS (in millions, except per unit data) Unit Price Equity Market Cap. Enterprise Value Current Yield 2018E DCF Yield 2019E DCF Yield EV / 2018E Adj. EBITDA EV/2019E Adj. EBITDA Net Debt / 2018E EBITDA (1) 2018E DCF / Current Dist. 2018E Adj. EBITDA 2019E Adj. EBITDA Distribution CAGR 2017A-2020E 2018E-2021E (2)(3) (2)(3) Confident (2) Pre-Sailing Stone 13-D 01/26/18 $33.13 $6,193 $7,381 9.8% 11.8% 11.8x 8.8x 1.65x 1.64x $624 $835 27.5% 21.7% 3 BAIRD Current 04/17/18 $26.92 $5,032 $6,220 5.4% 11.6% 14.9% 10.0x 7.4x 1.65x 1.58x $624 $835 27.9% 21.8% Project Bronco | Page 16.#21AMGP MARKET AND VALUATION DATA PRICE PERFORMANCE SINCE 01/01/18 20% 15% 10% 5% 0% (5%) (10%) (15%) (20%) AM Sailing Stone ! 13-D: 01/29/18 ! AMZ 2018 KEY EVENTS 01/18/18 Antero hosts Analyst Day 01/29/18 Sailing Stone Files 13-D 02/13/18 02/26/18 AMGP (25%) 01/01/18 01/22/18 02/12/18 03/05/18 03/26/18 04/17/18 (5%) (7%) (13%) Antero Family reports 4Q and full year 2017 results Announced formation of Special Committees Source: S&P Capital 10, Bloomberg and Wall Street Research as of April 17, 2018. (1) Defined as Distributable Cash Flow, per Wall Street consensus estimates, divided by Equity Market Cap. (2) Represents management forecasted cash distributions to AMGP equity holders. AMGP MARKET AND VALUATION METRICS (in millions, except per unit data) Unit Price Equity Market Cap. Enterprise Value Current Yield 2018E DCF Yield 2019E DCF Yield EV/2018E Cash Flow EV/ 2019E Cash Flow Net Debt/2018E EBITDA 2018E DCF / Current Dist. 2018E Cash Flow (2) 2019E Cash Flow (2) Confidential Distribution CAGR 2018A-2020E 2018E-2021E Pre-Sailing Stone 13-D 01/26/18 $22.02 $4,100 $4,100 1.4% 2.4% 3.9% 40.9x 24.8x NM 1.00x $100 $165 57.8% 48.0% BAIRD Current 04/17/18 $17.15 $3,193 $3,193 1.7% 3.2% 5.3% 31.9x 19.3x NM 1.00x $100 $165 57.8% 48.0% Project Bronco | Page 17#22RELATIVE PRICE PERFORMANCE Represents the historical implied exchange ratio of AM / AMGP Implied Exchange Ratio 1.80x 1.75x 1.70x 1.65x 1.60x 1.55x 1.50x 1.45x 1.40x 1.35x 1.30x 05/03/17 Source: S&P Capital IQ as of April 17, 2018. 07/11/17 09/19/17 ALA 11/28/17 02/06/18 Confidential BAIRD Current: 1.570x 30-day: 1.570x 180-day: 1.551x 60-day: 1.501x 04/17/18 Project Bronco | Page 18#23AM & AMGP RESEARCH COVERAGE REACTIONS Downward bias in price targets Firm Scotia Howard Weil Baird Seaport Global Capital One J.P. Morgan Goldman Sachs MUFG Securities Guggenheim Securities Morgan Stanley Stifel Wells Fargo Tudor Pickering Raymond James Ladenburg Thalmann Barclays High Median Low Source: Bloomberg. Pre-13D Filing $40.00 43.00 38.00 38.00 39.00 35.00 40.00 40.00 36.00 37.00 40.00 36.00 36.00 41.00 37.00 $43.00 $38.00 $35.00 Antero Midstream Partners LP Post-13D Filing $40.00 49.00 25.00 36.00 34.00 31.00 39.00 34.00 34.00 37.00 40.00 38.00 36.00 41.00 36.00 $36.00 $36.00 $25.00 Target Price Increases Target Price Decreases Unchanged Targets % Change 0.0% 14.0% (34.2%) (5.3%) (12.8%) (11.4%) (2.5%) (15.0%) (5.6%) 0.0% 0.0% 5.6% 0.0% 0.0% (2.7%) 14.0% (2.5%) (34.2%) 2 00 un 8 5 Pre-13D Filing $24.00 35.00 26.00 25.00 27.00 30.00 27.00 30.00 NA 27.00 28.00 23.00 $35.00 $27.00 $23.00 Confidential Midstream GP Post-13D Filing $24.00 26.00 16.00 not covered 21.00 20.00 29.00 not covered 24.00 not covered 30.00 $22.00 27.00 28.00 23.00 $24.00 $24.00 $16.00 Target Price Increases Target Price Decreases Unchanged Targets BAIRD % Change 0.0% (25.7%) (38.5%) (16.0%) (25.9%) (3.3%) (11.1%) 0.0% 0 6 5 0.0% 0.0% 0.0% 0.0% (3.3%) (38.5%) Project Bronco | Page 19#24AM / AMGP VALUATION DISLOCATION Current yield vs. 3-year distribution CAGR Current Yield 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% ** 0.0% 10.0% Midstream and GP MLPs (1) AM Yield Today: 5.4% AM Implied Yield: 3.5% @ Mgmt. Growth Target 20.0% Regression (Midstream and GP MLPs) 30.0% (2) 3-year Distribution CAGR Confidential y = 0.1107e-4.497x R² = 0.5587 AMGP Yield Today: 1.7% AMGP Implied Yield: 1.3% @ Mgmt. Growth Target 40.0% BAIRD Source: S&P Capital IQ as of April 17, 2018. Includes: ANDX, BKEP, BPL, BPMP, CEQP, CNNX, DCP, DKL, DM, EEP, ENBL, ENLC, ENLK, EPD, EQGP, EQM, ETE, ETP, GEL, GLP, HEP, HESM, MMLP, MMP, MPLX, NBLX, OMP, PAA, PSXP, RMP. SEP, SHLX, SMLP, SRLP, TCP, TLP, TRGP, VLP, WES, WGP and WPZ. Represents 2018-20210 distribution growth CAGR per Wall Street consensus estimates. 50.0% Project Bronco | Page 20#25AM FINANCIAL SUMMARY ($ in millions, except per share and unit data) EBITDA $2,000 $1,600 $1,200 $800 $400 $0 $1,500 $1,200 $900 $600 DISTRIBUTIONS TO AM & IDRs $300 $529 $0 2017A 2018E 22% $317 $247 $70 2017A $730 IDRS Source: Antero management. 31% $463 '18-'22 CAGR: 22% $1,222 $989 AM $321 $143 2018 E 2019E 2020E 36% $649 $414 IDRs % of Total Distributions $236 2019E 40% $889 $533 $355 $1,413 2020E 2021E 2022E 42% $1,102 $640 $1,642 $462 2021E 43% $1,356 $767 $589 2022E DCF & DISTRIBUTIONS $1,600 $1,200 $800 $400 $0 $1,000 $800 $600 $400 $200 1.3x $0 $421 $317 2017A Distributed Cash $746 2.3x 1.3x GROWTH CAPEX & LEVERAGE $594 $463 2018E $579 2.3x 1.3x $851 2017A 2018E $649 2019E Growth CAPEX $776 2.2x DCF $1,034 1.2x Confidential $889 2020E $656 2.2x 2019E 2020E Coverage Ratio $1,226 1.1x $1,102 Leverage 2021E $386 2.1x BAIRD $1,429 1.1x $1,356 $294 2.0x 2022E 2021E 2022E 3.0x 2.7x 2.4x 2.1x 1.8x 1.5x 1.2x Project Bronco | Page 21#26AM SELECTED PUBLIC COMPARABLES ANALYSIS Selected High Growth Midstream MLPS ($ in millions, except per unit data) Partnership BP Midstream Partners LP CNX Midstream Partners LP EQT Midstream Partners, LP Hess Midstream Partners LP Noble Midstream Partners LP Oasis Midstream Partners LP Phillips 66 Partners LP Shell Midstream Partners, L.P. Valero Energy Partners LP Antero Midstream Partners LP 04/17/18 Implied Implied Unit Market Firm Cap (1) Value (2) Price $18.25 $1,912 19.02 1,234 62.60 5,135 19.93 1,110 44.63 1,770 17.56 483 6,453 52.02 22.28 5,088 40.80 2,884 Low (6) Median High (6) Current Yield $1,110 1,912 5,135 $1,894 5.9% 2,003 6.6% 6,300 1,062 2,537 874 DCF Yield (3) 2018E 2019E 7.6% 9.5% 10.0% 14.1% 6.5% 13.9% 19.1% 6.5% 8.2% 9.6% 11.2% 14.9% 8.5% 11.3% 17.1% 9,959 5.2% 10.8% 12.8% 5,844 4,117 6.0% 9.3% 14.2% 5.0% 11.7% 14.3% $1,062 9.6% 5.0% 2,537 6.0% 6,300 6.6% 11.7% 17.1% 8.2% 10.8% 14.2% $26.92 $5,032 $6,229 5.4% 11.6% 14.9% Distribution CAGR (4) 2017A- 2018E- 2020E 2020E 11.4% 15.0% 16.3% 19.6% 19.9% 17.5% 13.2% 15.5% 17.1% 13.2% 16.3% 19.6% 27.9% Source: Company Filings and Wall Street Research as of April 17, 2018. (1) Implied Market Value of Equity equals common, subordinated and implied (or foxed) GP units, multiplied by the market price of common units. (2) Implied Firm Value excludes the value of the general partner's IDRS. (3) Defined as Distributable Cash Flow, per Wall Street consensus estimates, divided by Implied Market Cap. (4) Wall Street consensus estimates. (5) EBITDA less IDR distributions to sponsor. (6) Excludes lowest and highest metrics to remove the impact of potential outlier effects from the analysis. 15.6% 15.1% 13.0% 14.6% 19.9% 17.4% 10.1% 11.8% 12.5% 11.8% 14.6% 17.4% 21.8% 2018E Dist. Cash Flow (4) / Current Dist. 13.0x 1.3x 1.4x 13.1x NM 11.2x 1.3x 2.5x 10.9x 1.3x 13.8x 1.3x 11.2x 1.2x 12.4x 1.7x 11.3x 1.4x Enterprise Value / Adj. EBITDA (4)(5) 2018E 2019E 1.3x 11.2x 1.3x 11.8x 1.7x 13.1x 1.6x Confidential 10.0x 9.3x NM 9.2x 9.4x 8.9x 7.5x 8.7x 7.8x 9.1x 9.4x 7.5x LTM EBITDA Margin 73% 71% 81% 71% 72% 65% 55% 52% 73% 55% 71% 73% 68% BAIRD Net Debt/ 2018E EBITDA (4) NM 2.6x 1.4x NM 1.6x 1.2x 2.6x 1.3x 2.9x 1.3x 1.6x 2.6x 1.7x Project Bronco | Page 22#27AMGP FINANCIAL SUMMARY $750 $600 $450 $300 $150 $0 22% $70 2017A AMGP Cash Distributed (1) 31% $143 $0.54 $100 2018E Source: Antero management. (1) Distributions after Series B profits interest, G&A expense and income tax expense. 36% $236 $0.89 $165 2019E Total IDRS 40% $355 $1.34 $249 2020E % of AM Distributed Cash 42% $462 $1.74 $324 2021E Confidential 43% $589 $2.22 $414 2022E BAIRD 50% 40% 30% 20% 10% +0% Project Bronco | Page 23#28AMGP'S CLOSEST GP COMPARABLES AMGP's growth profile is unique among even its closest peers IDR-ONLY CAGR 60% 50% 40% 30% 20% 10% 0% 3.5x 3.0x 2.5x 2.0x 1.5x 55% 1.0x 0.5x 0.0x 48% EQT GP HOLDINGS, P DISTRIBUTION GROWTH LEVERAGE (2) Midstream GP 2.9x Current 2.2x 2018F ILQA - '20 (¹) Antero Midstream P 23% 21% '18-21 1.6x 9% 9% Western Gas Equity Partners LP 1.5x Western Gas Equity Partners LP MLP DISTRIBUTION CAGR 30% 25% 20% 15% 10% 5% 0% 125% GP/IDR TIER 100% 75% 50% 25% 25% 0% Antero Midstream GP 26% 50.0% 43% Antero Midstream GP ■LQA - ¹20 (¹) 14% EQT GP HOLDINGS UP Source: Partnership filings, S&P Capital and Wall Street consensus estimated as of April 17, 2018. AMGP statistics based on and Antero management Base Case projections. (1) LOA presents 4Q 2017E, annualized. (2) Measures the implied percent growth in GP cash flow relative to a 10% increase in the distribution per LP unit based on the current distribution of the MLP. IDR Tier EQT GP HOLDINGS UP 13% 49.8% Confidential 95% '18-'21 ^^ EQT GP HOLDINGS UP 5% % above 50% Tier Cont 49.5% BAIRD Western Gas tyre, UP 5% 104% Western Gas Equity Partners, LP Project Bronco | Page 24#29CURRENT PUBLIC GENERAL PARTNER LANDSCAPE ($ in millions, except per share and unit data) Company / Partnership EQT GP Holdings LP Western Gas Equity Partners LP Energy Transfer Equity LP EnLink Midstream LLC Antero Midstream GP LP 3333 04/17/18 Market Price Value Equity Implied Firm Value $24.60 $6,548 34.40 7,531 Median Median Current Annualized Distr. GP (1) LP (1) $6,547 $0.98 7,559 2.20 $7,039 $7,053 $1.59 $15.70 $16,943 $23,666 $1.22 15.00 2,713 2,787 1.04 Current Yield GP (1) LP (1) $4.10 4.0% 6.5% 3.68 6.4% 7.8% $3.89 5.2% 7.2% $2.26 7.8% 12.4% 1.56 6.9% 10.7% $9,828 $13,226 $1.13 $1.91 7.3% 11.6% $17.15 $3,193 $3,187 $0.30 $1.46 1.7% 5.4% Differential (Bps) DCF Yield (2) 2018E 2019E (258) 4.8% 6.7% (141) 6.8% 7.6% (199) 5.8% 7.1% (467) 9.3 % 10.3 % (377) 8.6% 9.1% (422) 9.0% 9.7% (367) 3.2% 5.3% Source: S&P Capital IQ and Wall Street Research as of April 17, 2018. (1) Values in the GP columns represent those for the public general partners. Values in the MLP column represent those for the public "operating MLP, unless otherwise noted. Defined as distributable cash flow, per Wall Street consensus estimates, divided by Equity Market Value. Value of GP Ownership Implied Firm Value - Market Value of LP units held by GP. Excludes distributions from limited partner units. Distributions represent last declared distribution, annualized. (5) Wall Street consensus estimates. Confidential GP / IDR Value (3) / LOA IDR Cash Flow from GP (4) 29.9x 17.1x 11.5x 18.7x 24.4x 21.6x 56.4x Top IDR Tier BAIRD 48.0% 2018E-2021E Distribution Growth CAGR (5) GP LP 48.0% 18.3% 48.0% 10.7% 14.5% 48.0% 48.0% 6.9% 13.0% 5.1% 9.0% 1.9% 1.7% 48.0% 7.9% 1.8% 50.0% 44.0% 21.8% Project Bronco | Page 25#30APPENDIX Confidential#31AR FORECAST DETAIL ($ in millions, except per share data) Net Risked Production (MMcfe/d) Year over Year Growth (%) % Hedged % Liquids Realized All-In Price w/ hedges ($/Mcfe) Total Revenues E&P EBITDAX AM Distributions to AR EBITDAX Including AM Distributions to AR Pre-tax Income Income Taxes Net Income DD&A Non Cash Taxes Discretionary Cash Flow Common Shares Outstanding Discretionary Cash Flow per Share Discretionary Cash Flow Change in Net Working Capital Drilling Capex Land Maintenance Capex Stand-alone E&P Free Cash Flows Leasehold Acquisitions / Extensions Cover Damages/Water Drop-down Proceeds Other Net Free Cash Flow Net Debt / EBITDAX 2017A 2,253 22% 95% 28% $3.60 $2,962 $1,115 135 $1,250 $264 (49) $215 705 $969 315.5 $3.07 $969 78 (1,452) ($405): (402) 0 1,061 $254 2.9x (1) Q1 18E 2,330 91% $4.17 $875 $479 39 $518 $292 (63) $229 173 63 $465 315.5 $1.47 $465 52 (375) (7) $135 (31) 0 0 $105 2.5x Q2 18E 2,597 $105 (16) $89 189 16 $294 315.5 $0.93 81% 71% 29% 30% 29% $3.77 $4.01 $4.12 $890 $1,059 $1,137 $307 $382 $436 41 $348 $294 (31) (407) 03 18E ($151) (31) 0 0 ($181) 2,868 $426 $159 (29) $130 212 29 $371 315.5 $1.18 $371 26 (372) $19 Q4 18E (31) 0 0 ($12) 2.2x 3,002 $483 $204 (39) $165 223 39 $427 315.5 $1.35 $427 (13) (357) $50 (31) 0 0 $20 2.1x Source: Antero management. (1) Includes $750 million in hedge monetization and $311 million in proceeds from an AM secondary equity offering in 30 2017. 2018E 2,702 20% 78% 29% $4.02 $3,962 $1,604 170 $1,774 $761 (148) $613 797 148 $1,557 315.5 $4.94 $1,557 34 (1,511) (27) $53 (122) 0 0 ($69) 2.1x 2019E 3,330 23% 70% 28% $4.05 $4,918 $1,868 219 $2,086 $893 (169) $724 980 169 $1,872 315.5 $5.93 $1,872 16 (1,589) (43) $256 (52) 260 0 $464 1.5x 2020E 3,945 18% 36% 28% $3.70 $5,336 $1,832 282 $2,114 $731 (112) $618 1,171 112 $1,901 315.5 $6.03 $1,901 1 (1,699) (41) $163 (40) 125 0 $248 1.4x Confidential 2021E 4,545 15% 16% 29% $3.56 $5,901 $1,967 338 $2,305 $738 (100): $638 1,364 100 $2,102 315.5 $6.66 $2,102 (30) (1,747) (46): $279: (57) 0 0 $222 1.2x 2022E 5,194 16% 30% $3.55 $6,728 $2,323 405 $2,728 $1,007 (150) $857 1,566 150 $2,574 315.5 $8.16 $2,574 4 (2,007) $517 (51) 0 0 $466 0.8x BAIRD 2018-2022 CAGR 18% 10% 11% 13% 77% Project Bronco | Page 26#32AM / AMGP FORECAST DETAIL ($ in millions, except per share and unit data) Antero Midstream EBITDA AM Distributable Cash Flow DCF Coverage Ratio Distribution per Common Unit Year-over-Year Growth (%) Unit Summary Common Units Owned by Public Common Units Owned by AR Distributions Summary LP Distributions to Public LP Distributions to AR IDRS Total AM Distributions GP % of Total Distributions Growth Capital Expenditures Net Debt / EBITDA Antero Midstream GP Distributions from AM IDRS Series B Profits Interest G&A Expense Taxes AMGP Distributable Cash Flow DCF Coverage Ratio Distribution per Common Share Year-over-Year Growth (%) Common Shares Outstanding Total AMGP Distributions Source: Antero management. 2017A $529 $421 1.3x $1.325 29% 88.1 98.9 $109 138 70 $317 22% $746 2.3x Q1 18E $157 $130 1.3x $0.390 30% 88.1 98.9 $34 39 28 $101 28% $109 2.3x $28 (1) (1) (7) $20 1.0x $0.107 186.2 $20 Q2 18E $181 $145 1.3x $0.415 30% 88.1 98.9 $37 41 33 $111 30% $154 2.3x $33 (2) (1) (8) $23 1.0x $0.125 186.2 $23 Q3 18E $192 $154 1.3x $0.440 88.1 98.9 $39 44 38 $120 31% $156 2.3x $38 (2) (1) (9) $27 1.0x $0.142 186.2 $27 Q4 18E T $199 $165 1.3x $0.470 29% I 88.1 98.9 I $41 46 43 1 $131 33% 1 $159 | 2.3x! $43 (2) (1) (10) $30 1 1.0x I $0.164 186.2 $30 2018E $730 $594 1.3x $1.715 29% 88.1 98.9 $151 170 143 $463 31% $579 2.3x $143 (7) (2) (34) $100 1.0x $0.538 186.2 $100 2019E $989 $851 1.3x $2.210 29% 88.3 98.9 $195 219 236 $649 36% $776 2.2x $236 (12) (2) (56) $165 1.0x $0.888 65% 186.2 $165 2020E $1,222 $1,034 1.2x $2.850 29% 88.3 98.9 $252 282 355 $889 40% $656 2.2x $355 (19) (2): (85) $249 1.0x $1.340 51% 186.2 $249 2021E $1,413 $1,226 1.1x $3.420 20% 88.3 98.9 $302 338 462 $1,102 42% $386 2.1x $462 Confidential (26) (2) (110) $324 1,0x $1.742 30% 186.2 $324 2022E $1,642 $1,429 1.1x $4.100 20% 88.3 98.9 $362 405 589 $1,356 43% $294 2.0x $589 (33) (2) (140) $414 1.0x $2.223 28% 186.2 $414 BAIRD 2018-2022 CAGR 22% 25% 24% 31% 43% 43% Project Bronco | Page 27#33AR BENCHMARKING Financial and operational metrics ($ in millions, unless otherwise noted) GAS-WEIGHTED PEERS EQT (3) Gulfport ELITE E&P's Corpora swn (4) Beogre (1) (2) (3) C&C (4) (5) Current Simpt og resources Pre-Sailing Stone 130 Antero (6) PIONEER NATURAL RESOURCES Equity Total Implied E&P Market Enterprise Enterprise Value Value $10,985 $11,268 CONCHO 22,877 25,435 DIAMONDBACK (5) 12,006 Antero (6) Equity Total Implied E&P Market Enterprise Enterprise Cap. Value Value $10,985 $11,268 $11,268 (20 13,060 25,387 1,710 3,519 3,684 64,315 7,628 13,711 70,263 32,899 34,656 $6,313 $11,574 $6,454 $11,992 12,987 2,502 3,684 7,628 5,165 ESP EBITDAX (1) 2018E 2019E 2020E $1,256 1,274 1.151 Market and Financial Data 25,435 2,265 2,625 2,886 EXPEDITDAX (1) 2018E 2019E 2020E $11,268 $1,256 $1,718 $7,673 $1,604 960 3,571 11,411 1,479 70,263 7,395 8,576 10,372 34,656 3,374 3,992 4,805 2,495 $6,820 $1,604 $1,868 $1,832 Source: Company filings, S&P Capital IQ and Wall Street research as of April 17, 2018. Wall Street consensus estimates. $1,832 ESP DACF (1) 2018E 2019E $1,645 $1,236 2,431 917 2018E 2,241 1,461 3,353 2,238 930 1,383 E&P DACE (1) 2019E $1,645 1,836 8.033 3,896 $1,806 2020E $1,543 $1,806 $1,857 2,460 969 2,928 3,557 1,311 1,198 2020E $1,857 2,396 4,719 $1,770 $1,770 E&P Debt/ NAV (1)/ 2018E Share EBITDAX $23 51 9 18 4 165 107 0.2 x 205 2.2x NAV (1)/ Share EDITOAX 3.2x E&P Debt / 02x 09x 0.5x 2.2x 2.3x 2018E Production (Mmcfe/d) (1) Prod 2018E 2019E 2020E Gas 3,261 99% Current 1,808 2,115 2,792 3,143 1,263 1,387 1,267 557 1,404 2,471 682 2018E Prod. Production (Mmche/d) (1) Current 2018E 2019E 2020 %Gas 2,115 894 Operational Metrics 3.972 4,357 5,021 5,573 93% 1,390 1,800 2,075 1,823 1,933 2,182 1,573 89% 2,784 99% 1,116 12% 5,853 29% 2,516 20% Conficen la 3,892 72% Proved Reserves X PDP Tele 9.7 214 5.4 15.3 Tde 9.7 50 20 152 3.5% 55% Proved Reserves 2,347 2,682 3,275 3,881 71% 17.3 % PDP 70% * Gas 54% 96% 92% 89% 67% % 96% 5.9 92% 30% 16.5 49% 59% BAIRD 2018E Canh R/P Ratio Margins (Y) (S/Mche 12.6 $1.42 13.9 11.5 18.8 15.8 9.9 8.1 2018E R/P Ratio Margins (Years) (S/Mche] 12.6 9.8 16.5 1.17 17.6 1.28 1.52 3.95 5.24 3.64 3.87 $1.24 Pro forma the $765 million sale of Eagle Ford assets as announced in December 2017. E&P statistics adjusted to remove contribution of EQGP, EQM and RMP. EQT E&P firm value adjusted to remove public ownership of EQGP, EQM and RMP at a 10% discount to equity value. E&P statistics adjusted to remove contribution of Fayetteville midstream assets. SWN E&P firm value adjusted to remove value of midstream assets based on 7.0x EV /2019E EBITDA and a 10% discount to equity value. E&P statistics adjusted to remove contribution of VNOM. SWN E&P firm value adjusted to remove public ownership of VNOM at a 10% discount to equity value. E&P EBITDAX and DACF based on management's base case projections. AR E&P firm value adjusted to remove public ownership of AM at a 10% discount to equity value. Project Bronco | Page 28#34AR BENCHMARKING (CONT.) Valuation metrics ($ in millions, unless otherwise noted) GAS-WEIGHTED PEERS EQT (5) Gulfport swn (6) ELITE E&P's & Co CONCHO Current DIAMONDBACK (7) Beogresources PIONEER NATURAL RESOURCES Pre-SallingStone 130 Antero (8) Bay Antero (4) (4) See following page for footnotes. Equity Market Cap. $10,985 13,060 1,710 3,519 Equity Market Cap. $10,985 22,877 12,006 64,315 32,899 Market Data Total Enterprise Value $11,268 25,387 3,684 7,628 $11,268 25,435 13.711 70,263 34,656 $6,313 $11,574 Anny Implied E&P E&P Debt / 2018E EBITDAX $6,454 $11,992 Enterprise Value $11,268 12,987 Total Implied E&P E&P Debt / Enterprise : Enterprise 2018E Value Value EBITDAX 3,684 5,165 Low Median High $11,268 25,435 11,411 70,263 34,656 Low Median High $6,820 3.2x $7,673 3.1x 2.2x 1.1x 0.9x 0.5x 0.5x 0.8x 0.9x EV/E&P EBITDAX (3) 2018E 2019E 2020E 4.1x 6.0x 4.5x 4.5x 5.2x 2018E 9.0x 11.2x 3.7x 10.3x 6.6x EV / E&P EBITDAX (3) 2019E 9.0x 9.5x 10.3x 49x 4,0x 5.4x 4.2x 4.2x 4.9x 5.4x 6.6x 8.6x 6.0x 8.2x 6.6x 8.2x 8.6x 3.7x 4.1x 5.5x 4.5x 4.5x 3.9x 3.9x 4.5x 4.5x 2020E 5.5x 7.1x 6.8x 7.2x 5.5x 6.8x 7.1x 3.7x EV/E&P DACF (3) 2019E 2018E 9.1x 4,0x 6.1x 4.5x 4.5x 6.1x 2018E 9.1x 11.3x 7.8x 9.7x Valuation Metrics (1) 10.3x 9.1x 9.7x 10.3x 6.9x EV / E&P DACF (3) 2019E 5.8x 4.0x 5.5x 5.0x 5.0x 5.5x 6.9x 6.2x 8.8x 6.9x 8.7x 8.8x 2020E 4,2x 6.1x 4.5x 4.3x 4.5x 5.3x 2020E 7.2x 7.1x 7.3x 6.1x 7.1x 7.2x 3.9x 4.3x Price / NAV (2) 1.0x 10x 10x 0.8x 1.1x Price / NAV (2) 1.0x 08x 09x EV / Production (3) (S/Mcle/d Current 0.9x $6,216 09x 3,975 2,895 1,835 1.0x $2,630 $2,588 10x 1.0x 2,895 2,835 3,975 09x 9,217 0.9x $8,249 0.9% 10x 2018E 8,559 $5,261 2,958 EV / Production (3) (S/Mcle/d) 8,284 8,559 2.588 Current 2018E $2,846 2,83.5 $6,216 $5,261 1,842 6,719 7,997 $6,719 7,997 Confidential $2,467 EV/ Reserves (S/Mcfe) Proved $1.09 0.63 0.30 Proved $0.42 $0.76 0.58 1.09 0.63 $1.09 EV/ Reserves (S/Mce) 2.36 2.36 $2.22 2.36 $2,154 $0.34 PD $1.73 50.38 1.74 PD $1.73 3.84 $3.14 3.84 $0.70 $0.77 BAIRD Growth Metrics (2) Per Debt-Adj. Share 17-22 CAGR DACF Production 27% 0% 5% 18% 27% 34% Per Debt-Adj. Share 17-22 CAGR DACH Production 25% 27% 28% 20% 100% 20% 3% 10% 24% 25% 25% 24% 31% 17% 17% 17% 24% 25% 26% Project Bronco | Page 29#35AR BENCHMARKING Footnotes Source: Company filings, S&P Capital IQ and Wall Street research as of April 17, 2018. (1) Where applicable, Baird utilizes the following conversion ratios for oil and NGLs, respectively: 17.5 to 1.0 and 8.75 to 1.0. (2) Wall Street research. (3) Wall Street consensus estimates. (4) Pro forma the $765 million sale of Eagle Ford assets as announced in December 2017. (5) E&P statistics adjusted to remove contribution of EQGP, EQM and RMP. EQT E&P firm value adjusted to remove public ownership of EQGP, EQM and RMP at a 10% discount to equity value. Confidential (6) E&P statistics adjusted to remove contribution of Fayetteville midstream assets. SWN E&P firm value adjusted to remove value of midstream assets based on 7.0x EV / 2019E EBITDA and a 10% discount to equity value. (7) (8) E&P statistics adjusted to remove contribution of VNOM. SWN E&P firm value adjusted to remove public ownership of VNOM at a 10% discount to equity value. E&P EBITDAX and DACF based on management's base case projections. AR E&P firm value adjusted to remove public ownership of AM at a 10% discount to equity value. BAIRD Project Bronco | Page 30