Baird Investment Banking Pitch Book

SUMMARY FIRM TRANSPORT ("FT") COMMITMENTS AR's firm transportation commitments relative to forecast gas production 2018-2022 FIRM TRANSPORT COMMITMENT VOLUMES¹¹ MMbtu / d Marcellus Utica 6,000 5,000 4,000 I 3,000 2,000 1,000 AR Gross Gas Production Forecast (MMbtu/d) EFT Commitment Rex Rover M3 TGP TCO/CGTLA Other Total Total FT Cost ($mm) $/mmbtu Source: Antero management. 3,689 1,205 2,484 2018 ESTIMATED FT BY LINE (2) (MMBTU/D) 2018 660 880 688 778 640 43 3,689 Under- Utilization $696 $0.52 2019 660 880 688 869 1,410 227 4,734 $876 $0.51 Gas only volumes. Excludes ME2 and ATEX firm commitments. 4,734 2020 1,580 3,153 2019 660 880 688 869 1,410 160 4,667 $895 $0.53 2021 2022 4,667 4,667 $874 $822 $0.51 $0.48 (1) (2) Estimated capacity on a btu equivalent basis, utilizing a 10% uplift. AR provided data is given on a btu basis. (3) Equals (Total FT Cost minus Mitigation for Unutilized Capacity) divided by Total Utilized Capacity. 4,667 855 3,811 2020 Total Capacity Total Utilized Capacity 96 Utilized Unutilized Capacity 4,667 Unutilized Cost ($mm) Less:Mitigation ($mm) Net Unutilized Cost ($mm) "Fully Burdened" (3) 4,399 2021 FT UNUTILIZED COST (MMBTU/D) 2018 268 3,689 2,484 67% 1,205 2019 1,580 $290 $231 (115) $116 $240 $0.64 $0.72 Confidential 4,734 4,667 3,153 3,811 67% 82% 855 (51) 2020 $134 5,017 2022 $98 $0.62 (36) 2021 4,667 4,667 4,399 94% 268 NA ΝΑ NA NA BAIRD In September 2015, AR sold its integrated water business to AM for $1.05 billion, plus an additional $250 million Production exceeds FT capacity 2022 4,667 5,017 108% NA NA NA NA NA Project Bronco | Page 13

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