Confidential SUMMARY OBSERVATIONS AR’s position relative to key investment themes in the E&P sector have led to its underperformance KEY E&P INVESTMENT THEMES ANTERO POSITION 1 majority of the broader E&P sector since 2014 “liability” because they mandate substantial drilling activity and 2 ANTERO SPECIFIC THEMES COMMENTARY Page 2 Project Bronco | Perception of a conflict of interest between AR/AMGP/AM and management’s respective ownership positions AMGP generated substantial cash flow and equity value as a result of AR’s prolific drilling activity Midstream fees reduce AR’s ROCE Investor frustration with consolidated financial reporting Consolidated AR and AM financials make it difficult for investors to truly isolate AR’s value Persistent negative sentiment toward natural gas: — Natural gas supply/demand fundamentals and associated strip prices remain weak Antero is a single-basin, natural gas and NGLs focused-producer Natural gas weighted companies have underperformed the Investor emphasis on growth with capital discipline: — Focus on spending within operating cash flow — Reduction of debt and prudent leverage metrics AR’s Firm Transportation commitments are increasingly viewed as a production growth — Cumulative cash flow outspend since 2014 of $3.0 bn — Leverage levels of nearly 4.0x leading into the broader downturn in the sector Efficiency and productivity gains: — Focus on drilling efficiencies, longer laterals, higher margins AR is a market leader in drilling efficiencies and maximizing the return profile of its development program

Confidential STOCK PERFORMANCE ACROSS THE E&P LANDSCAPE Gas-weighted indexes have under performed the broader sector STOCK PERFORMANCE SINCE 2014 STOCK PERFORMANCE SINCE 2016 Source: S&P Capital IQ as of most recent filings. Market prices as of March 16, 2018. Large Cap index includes: APA, APC, CLR, DVN, EOG, HES, MRO, NBL and OXY. Mid Cap index includes: CRZO, NFX, PDCE ,QEP, SM, WPX and WRD. Permian index includes: CDEV, CPE, CXO, EGN, FANG, JAG, LPI, MTDR, PE, PXD, RSPP and XEC. Bakken index includes: OAS and WLL. Niobrara index includes: BCEI, HPR, SRCI and XOG. Gas-weighted index includes: AR, CNX, COG, EQT, GPOR, RRC and SWN. Page 3 Project Bronco | Permian 5.3% Permian 40.9% Large Cap E&PLarge Cap E&P 13.9% (30.3%) Mid Cap E&P (0.1%) Appalachia (45.5%) Niobrara(0.6%) Mid Cap E&P (48.2%) Appalachia Antero Resources (6.4%) (63.7%) Bakken Niobrara Antero Resources (8.1%) (67.8%) (85.6%) Bakken(40.6%) S&P 500 48.9% WTI 68.3% HHUBS&P 500 WTIHHUB 34.6% (31.2%) 13.7% (36.7%)

Confidential CURRENT VALUATION MULTIPLES ACROSS THE E&P SECTOR Snapshot 2018 and 2019 EV / EBITDA Trading multiples & rankings across the sector EV / CONSENSUS EBITDA MULTIPLES 2019 EV Multiple 2018 EV Multiple Large - Cap Mid - Cap Permian Bakken Niobrara Appalachia 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 11x Page 4 Source: Capital IQ, Bloomberg and Wall Street consensus estimates. Note: Valuation multiples are not adjusted for non-E&P assets. Project Bronco | Gas-Weighted Resource Plays Oil-Weighted Resource Plays Multi-Basin

Confidential VALUATION MULTIPLES ACROSS THE Selected median trading multiples over the cycle E&P LANDSCAPE Appalachia (3) Large Cap (1) Permian (2) Antero Resources 16.0x Flight-to-quality and the Permian 14.0x 12.0x 10.9x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x 2014 2015 2016 2017 Current Source: S&P Capital IQ as of most recent filings. Market prices as of March 16, 2018. Note: multiples are unadjusted for non-E&P assets. (1)Large Cap index includes: APA, APC, CLR, DVN, EOG, HES, MRO, NBL and OXY. (2)Permian index includes: CDEV, CPE, CXO, EGN, FANG, JAG, LPI, MTDR, PE, PXD, RSPP and XEC. (3)Gas-weighted index includes: AR, CNX, COG, EQT, GPOR, RRC and SWN. Page 5 Project Bronco | EV / NTM EBITDA 13.9x 13.0x 11.0x 9.9x 11.2x 11.4x 9.8x 10.1x 9.0x 9.7x 8.4x 8.6x 8.6x 5.4x 7.0x 7.1x 7.2x 6.6x 6.0x

Confidential AR VS. CLOSEST APPALACHIAN PEERS Share Price Performance of AR vs. its closest peers (CONT.) AR COG EQT CNX 40% AMGP IPO 20% 0% (20%) 5.5%) (40%) 3.8%) 9.3%) (60%) 7.8%) (80%) (100%) 01/01/14 09/13/14 05/27/15 02/07/16 10/20/16 07/03/17 03/16/18 Source: S&P Capital IQ and Company website as of March 16, 2018. Page 7 Project Bronco | 05/13/14: $856 MM Secondary Offering 03/05/15: $485 MM Follow-On Offering 09/18/15: Water Asset Dropdown 06/09/16: $848 MM Follow-On Offering / SWN Acreage Acquisition 01/29/18: Sailing Stone Letter 11/04/14: AM IPO 05/04/17: (3 (4 (5 (6

Confidential AR VS. CLOSEST APPALACHIAN PEERS (CONT.) Median Trading Multiples Over Time AR has experienced significant multiple erosion relative to its peer group AR COG EQT CNX 18.0x 16.0x 15.3x 14.0x 12.0x 10.9x 10.4x 10.0x 9.4x 8.0x 7.1x 6.0x 4.0x 2.0x 0.0x 2014 2015 2016 2017 Current Source: S&P Capital IQ as of most recent filings. Market prices as of March 16, 2018. Note: Valuation multiples are not adjusted for non-E&P assets. Page 8 Project Bronco | EV / NTM EBITDA 13.0x 13.0x 11.2x 10.8x 9.8x 10.1x 9.8x 9.0x 8.6x 9.7x 7.1x 7.4x 6.2x6.0x 5.8x

Confidential AR’S ISOLATED E&P TRADING MULTIPLES VS. PEERS IMPLIED E&P TRADING STATISTICS AR STAND-ALONE E&P ENTERPRISE VALUE ($ in millions, except per share and acreage data) ($ in billions) $11.2 EV / 2018 E&P EBITDA (3) 5.0x 9.4x 6.2x 5.7x EV / Mcfe/d EV / Proved Mcfe (4) $0.39 $1.14 $0.61 $0.59 EV / PV-10% 0.9x 2.4x 1.5x 1.5x 2018 - 2021 Prod. Growth (5) 16.3% 15.2% 6.6% 10.6% CFPS Growth 2018 - 2021 (6) 17.4% 23.3% 17.9% 27.3% ated AR Market Valu e AM Net D ebt AR Pure Enterprise Val ue bt Cons olid ated Enterprise Val ue of AM Units (tax-eff ected) (1) Source: SEC filings and S&P Capital IQ as of March 16, 2018. (1)Value of AM units, tax effected at 20%. (2)Pro forma COG’s $765 million sale of Eagle Ford assets announced in December 2017. (3)Company guidance and Wall Street Research estimates. (4) Baird utilized the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (5)Wall Street Research estimates. Page 9 Project Bronco | (6)Based on consolidated projected results per Wall Street estimates. Di vi dend Yi el d NA 1.0% NA 0.2% Net Debt / LTM EBITDA 3.2x 1.0x 3.0x 2.8x No. of Rema i ni ng Loca ti ons 3,295 3,000 4,517 3,190 EV / PDP Mcfe (4) $0.80 $1.81 $1.04 $1.10 (4) $2,947 $6,634 $3,489 $4,025 ($2.6) $7.9 ($1.2) $3.6 (Net Debt) $4.4 (Equity) (2)

Confidential AR KEY PERFORMANCE DRIVERS Significant firm transportation commitments have been a factor in AR’s prolific drilling pace FIRM TRANSPORTATION – NEXT 5 YEARS AVERAGE DAILY VOLUME COMMITMENTS Next 5 Yea rs FT Commitments (M mbtu/d) 1,060 $6.00 Natural Gas ($ / mmbtu) 959 832 $5.00 $4.00 $3.00 $2.00 $1.00 2013 2014 2015 2016 2017 FIRM TRANSPORTATION – NEXT 5 YEARS CUMULATIVE $ VALUE COMMITMENTS Next 5 Yea rs FT Oblig ations 64% 63% 70% 60% 50% 40% 30% 20% 10% 0% 63% 60% $4,290 2013 2014 2015 2016 2017 Source: Antero filings and Bloomberg. (1) Total financial obligations, including debt maturities. Page 10 Project Bronco | % of Total Contractual Oblig atio ns (1) $4,836$5,177 $3,515 27% $759 766 338

Confidential AR KEY PERFORMANCE DRIVERS (CONT.) Prolific drilling precipitated cash flow outspend and increased leverage AR E&P FREE CASH FLOW (1) AR E&P DEBT & LEVERAGE ($ in millions ($ in millions) E&P Debt Debt / E&P EBITDA ($2.9 B) cumulative cash flow outspend since 2014 5.0x 3.9x 2014 2015 2016 2017 4.0x 3.2x 3.0x 3.0x 2.0x 1.0x 0.0x Current (2) ~($1,500) 2014 2015 2016 2017 PRODUCTION & GROWTH AR CONSOLIDATED DEBT & LEVERAGE Prod. Growth Production (MM cfe/d) Debt-Adj. Prod. Growth AR E& P D ebt AM Debt Debt / EBITDA 5.0x 2,253 100% 4.0x 80% 3.0x 60% 2.0x 40% 1.0x 20% 0% 0.0x 20_14 2015 2016 2017 2014 2015 2016 2017 Current Source: AR SEC filings. (1)Source: January 2018 Analyst Day presentation. (2)Represents current E&P debt / run-rate E&P EBITDA. Page 11 Project Bronco | 1,847 82% 1,0 1,493 69% 7 3-Yr (2017-202E) 48% CAGR: 31% 24% 22% 16% 12% 11% $4,800 $4,800 $4,669$4,704 3.3x 2.7x 3.7x $4,363 3.8x 3.1x ~($350) ~($300) ~($750) 2.5x $4,248 3.8x $4,049 $3,854 $3,604 $3,604

Confidential AR KEY PERFORMANCE DRIVERS (CONT.) What did COG (top Appalachia performer) do well that AR did not: AR vs COG along key metrics E&P FREE CASH FLOW E&P LEVERAGE ($ in millions) COG AR COG AR $155 $57 2.7x ($1,500) Current (1) 2014 2015 2016 2017 2014 2015 2016 2017 PRODUCTION GROWTH DEBT-ADJUSTED PRODUCTION GROWTH / SHARE COG AR COG AR 82% 69% 11% 9% (4%) 2014 2015 2016 2017 2014 2015 2016 2017 Source: AR and COG SEC filings. (1)Represents current E&P debt / run-rate E&P EBITDA. Pro forma COG’s $765 million sale of Eagle Ford assets announced in December 2017. Page 12 Project Bronco | 27% 16% 12% 11% 29% 48% 13% 24% 22% 4% 9% 3.9x 3.8x 2.5x 1.2x 2.5x 3.0x 3.2x 1.4x 0.8x ($246) ($286) ($350) ($300) ($750)

Confidential AR KEY PERFORMANCE DRIVERS (CONT.) Activity levels amidst a tepid commodity price environment NATURAL GAS PRICES (Rolling 12-Month Strip) NATURAL GAS INVENTORY LEVELS ($/Mmbtu) (Bcf) $6.00 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 $5.00 $4.00 $3.00 $2.00 $1.00 01/01/14 11/01/14 09/01/15 07/01/16 05/01/17 03/02/18 1 4 7 10 13 16 19 22 25 PROPANE INVENTORY LEVELS 28 31 34 37 40 43 46 49 52 REPRESENTATIVE NGL PRICES ($/gallon) (millions of barrels) Ethane Butane Propane Natural Gasoline 120 $6.00 100 $5.00 80 $4.00 60 $3.00 $2.87 40 $2.00 20 $1.00 $0.75 $0.71 $0.24 $0.00 0 0 1_/_0 1_/_1 4 11/01/14 09/01/15 07/01/16 05/01/17 03/02/18 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 Page 13 Project Bronco | Source: Bloomberg and EIA. 2013 - 2 017 M in / Max 2014 2015 2016 2017 2018 2013 - 2 017 M in / Max 2014 2015 2016 2017 2018

Confidential AR’S INCREASED TRANSPARENCY IN FINANCIAL REPORTING Until recent changes, a lack of transparency around stand-alone E&P performance has caused confusion in understanding the AR story NEW DISCLOSURES AS OF Q3/Q4 2017 EXAMPLE FROM YEAR-END 2017 EARNINGS RELEASE Stand-alone E&P EBITDAX Stand-alone E&P adjusted net income Reconciliation of stand-alone E&P adjusted EBITDAX and EBITDAX margin Stand-alone E&P Adjusted Operating Cash Flow Stand-alone E&P net debt and liquidity 2017 10-K For the year ended December 31, 2017, we generated consolidated cash flow from operations of $2.0 billion, consolidated net income of $615 million, Adjusted EBITDAX of $1.5 billion, and Stand-Alone E&P Adjusted EBITDAX of $1.2 billion. This compares to consolidated cash flow from operations of $1.2 billion, a consolidated net loss of $849 million, Adjusted EBITDAX of $1.5 billion, and Stand-Alone E&P Adjusted EBITDAX of $1.4 billion for the year ended December 31, 2016. vs. 2016 10-K For the year ended December 31, 2016, we generated consolidated cash flow from operations of $1.24 billion, a consolidated net loss of $849 million, and Adjusted EBITDAX of $1.54 billion. This compares to consolidated cash flow from operations of $1.02 billion, consolidated net income of $941 million, and Adjusted EBITDAX of $1.22 billion for the year ended December 31, 2015. Page 14 Project Bronco | Source: AR SEC filings. New disclosure for 2017

Confidential ANTERO FAMILY STRUCTURAL ISSUES Lack of continuity in the sponsor / GP / LP value creation cycle has magnified AR’s issues SPONSOR / GP / LP VALUE CHAIN NOTABLE SPONSOR RELATIONSHIPS Ownership of IDRs Company Partnership Pre-GP IPO Post-GP IPO 0% 0% 100% 82% 100% 91% 100% NA 100% NA 100% NA 100% (1) NA 100% NA 100% NA 90% NA 100% NA 100% NA 100% NA 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. Page 15 Project Bronco | Value Creation E&P GP MLP Antero Structure Typical Sponsor / GP / LP

Confidential ANTERO FAMILY STRUCTURAL ISSUES (CONT.) FREE CASH FLOW BY ENTITY VALUATION CREATION COMPARISON ($ in millions) Equity market value changes since 1/2014 AR’s significant drilling capital through 2017 (and consequential cash flow outspend) ultimately drove substantial IDR cash flow at the GP IDR cash flow growth led to an $875 MM IPO, at an implied $4 billion valuation with proceeds exclusively going to the sponsor group $8.0 $4.0 AR AM DCF AMGP IDRs $0.0 $1,000 ($4.0) $500 ($8.0) $144 $53 $0 ($12.0) AMGP IPO (1) ($500) ($ in millions) IPO Date 05/03/17 ($1,000) Total Equity Valuation @ IPO $4,375 IPO Proceeds $875 ($1,500) IPO Yield (2) 0.79% ($2,000) IDR Cash Flow Multiple (2) 126.5x 2014 2015 2016 2017 2018E Source: AR and AM SEC filings. (1)All offering data excludes underwriters' overallotment option. (2)Based on AM’s Q2 2017E distribution, annualized, calculated according to midpoint of management’s public guidance as disclosed in AMGP’s S-1. Page 16 Project Bronco | Proceeds to AR$0 AR Retained Ownership0% -yr IDR CAGR: 384% 3 $600 $353 $421 $70 $0 $192 $17 $1 ($350) ($300) ($750) ($1,500) +$5.0 billion +$3.1 billion ($10.2 billion)

Confidential ANTERO FAMILY STRUCTURAL ISSUES (CONT.) Individual management ownership stakes further complicated the situation AR TOP 10 HOLDERS ($ in millions) Current 9/30/2017 6/30/2017 3/31/2017 12/31/2016 1 Wa rburg Pi ncus $951 1 Wa rburg Pi ncus $1,129 1 Wa rburg Pi ncus $1,226 1 Wa rburg Pi ncus $1,294 1 Wa rburg Pi ncus $1,341 2 Sa i l i ngStone 713 2 Sa i l i ngStone 690 2 Sa i l i ngStone 585 2 Sa i l i ngStone 580 2 Sa i l i ngStone 588 3 The Ba upos t Group, LLC 504 3 The Ba upos t Group, LLC 476 3 The Ba upos t Group, LLC 458 3 The Va ngua rd Group, Inc. 380 3 The Va ngua rd Group, Inc. 376 4 The Va ngua rd Group, Inc. 388 4 The Va ngua rd Group, Inc. 372 4 The Va ngua rd Group, Inc. 384 4 Yorktown Pa rtners , L.L.C. 360 4 Yorktown Pa rtners , L.L.C. 374 5 11 5 10 5 9 5 9 5 9 AMGP TOP 10 HOLDERS Current 9/30/2017 6/30/2017 3/31/2017 12/31/2016 1 Wa rburg Pi ncus $926 1 Wa rburg Pi ncus $1,128 1 Wa rburg Pi ncus $1,211 1 2 3 4 5 1 2 3 4 5 2 2 3 2 3 3 Yorktown Pa rtners , L.L.C. 261 4 4 Yorktown Pa rtners , L.L.C. 239 4 Yorktown Pa rtners , L.L.C. 257 5 Oppenhei merFunds , Inc. 123 5 Oppenhei merFunds , Inc. 124 5 Oppenhei merFunds , Inc. 132 AM TOP 10 HOLDERS Current 9/30/2017 6/30/2017 3/31/2017 12/31/2016 1 AR Inves tments $2,619 1 AR Inves tment $3,117 1 AR Inves tment $3,612 1 AR Inves tment $3,610 1 AR Inves tment $3,362 2 Tortoi s e Ca pi ta l 275 2 Tortoi s e Ca pi ta l 326 2 Gol dma n Sa chs AM 296 2 Gol dma n Sa chs AM 314 2 Gol dma n Sa chs AM 300 3 Gol dma n Sa chs AM 246 3 Gol dma n Sa chs AM 270 3 Tortoi s e Ca pi ta l 295 3 Tortoi s e Ca pi ta l 288 3 Tortoi s e Ca pi ta l 261 4 ALPS Advi s ers , Inc. 193 4 ALPS Advi s ers , Inc. 199 4 ALPS Advi s ers , Inc. 187 4 ALPS Advi s ers , Inc. 180 4 Neuberger Berma n 160 49 57 43 50 39 44 45 56 46 53 Source: S&P Capital IQ as of most recent filings at each specified date. Current market prices as of March 16, 2018. Note: Value represented as common stock equivalent shares held multiplied by the stock price at the specified date. Excludes the value of stock options. (1)Represents a change of +616,976 shares since December 31, 2016. (2)Represents a change of (55,356) shares since December 31, 2016 Page 17 Project Bronco | Rady, Paul M. 3 Warren Jr., Glen C. 2 Rady, Paul M. 4 Warren Jr., Glen C. 3 Rady, Paul M. 6 Warren Jr., Glen C. 4 Rady, Paul M. 6 Warren Jr., Glen C. 4 Rady, Paul M. 4 Warren Jr., Glen C. 3 Warren Jr., Glen C. 185 Rady, Paul M. 336 Rady, Paul M. 441 Warren Jr., Glen C. 306 Rady, Paul M. 474 Warren Jr., Glen C. 328 Rady, Paul M. 368 Warren Jr., Glen C. 237 Rady, Paul M. 355 Warren Jr., Glen C. 229 Rady, Paul M. 348 Warren Jr., Glen C. 222 Rady, Paul M. 320 Warren Jr., Glen C. 205 Rady, Paul M. 330 Warren Jr., Glen C. 203

Confidential KEY THEMES AND POTENTIAL STRATEGIES TO ADDRESS Highlight AR Value Page 18 Project Bronco | Increasing Scope Prudent FCF Deployment Potential Actions De-Lever Return Capital Alignment of Interests Simplify Reporting / Dividend Payment Neutral Neutral AR Share Buy-Back Program Neutral Neutral Acceleration of Water Payment Neutral Neutral AR Sale of AM Units Convert AR’s AM units into AMGPPossible Forced Sales by Mgmt or Mgmt Changes AMGP – AM MergerPossiblePossible Midstream HoldCo Spin-Out AR – AMGP MergerPossible Key Themes Underlying AR’s Improvement Plan

Confidential VALUATION SUMMARY BY BASIN Multi-Basin: Large Cap 4% 7.4x 6.4x 1.5x Mid Cap 17% 5.0x 4.0x 1.5x Permian 34% 8.1x 6.2x 1.0x Bakken 17% 4.7x 4.1x 2.2x Niobrara 58% 4.3x 3.0x 1.0x Gas Weighted 9% 6.0x 5.4x 2.1x 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. Page 19 Project Bronco | 20%6.1x5.2x2.4x Overall Median17%5.5x4.8x1.5x Net Debt / 2018E EBITDA (1) Total Enterprise Value / 2018E2019E EBITDA (1)EBITDA (1) '17E - '18E Prod. Growth (1)

Confidential COMPARATIVE COMPANY ANALYSIS Select Gas Weighted Operators ($ in millions, except per share data) Share Price % of 52-Week Equity Market Total Enterprise Current Prod. 2018E Prod. '17 - '18E Prod. 2018E Proved Reserves 2017E Net 2018E 2019E Prod. % % R/P Ratio 03/16/18 High Cap Debt Value EBITDA (2) EBITDA (2) Gas Weighted-Focused $24.99 85% $11,515 $277 $11,792 $1,257 $1,701 1,813 2,145 6% 89% 10,368 63% 90% 14.0 15.50 86% 3,468 1,738 5,206 886 997 1,378 1,517 28% 85% 7,836 59% 91% 18.1 25,622 50.45 74% 13,343 7,184 3,613 4,135 3,267 4,397 (12%) 69% 22,280 53% 89% 12.2 10.25 58% 1,877 1,939 3,816 901 932 1,401 1,423 17% 79% 5,824 36% 83% 13.1 15.11 50% 3,755 4,108 7,864 1,269 1,397 2,635 2,694 11% 56% 18,165 55% 57% 20.6 4.46 50% 2,618 3,475 6,093 1,360 1,406 2,815 2,795 6% 83% 17,021 50% 65% 17.6 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) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. Page 20 Project Bronco | $20.40 86% $6,457 $4,772 $11,956 $1,959 $2,319 2,696 3,119 20% 62% 20,417 49% 54% 21.5 Median 74% $3,612 $2,707 $6,093 $1,263 $1,402 2,224 2,419 9% 81% 13,695 54% 86% 15.8 (Mmcfe/d) (2) (Mmcfe/d) (2) Growth (2) % Gas Bcfe PDP Gas (Years) Operational Metrics (1) Market Data

Confidential COMPARATIVE COMPANY Select Gas Weighted Operators ANALYSIS (CONT.) ($ in millions, except per share data) Total Enterprise Value / Share Price Equity Market Total Enterprise Proved Reserves Current Prod. 2018E Prod. Net Debt / 2018E Net 2018E 2019E 2018E 2019E 03/16/18 Cap Debt Value EBITDA (2) EBITDA (2) Gas Weighted-Focused $24.99 $11,515 $277 $11,792 $1,257 $1,701 $1.14 $6,505 $5,498 9.4x 6.9x 0.2x 15.50 3,468 1,738 5,206 886 997 0.66 3,778 3,433 5.9x 5.2x 2.0x 25,622 50.45 13,343 7,184 3,613 4,135 1.15 7,842 5,827 7.1x 6.2x 2.0x 10.25 1,877 1,939 3,816 901 932 0.66 2,724 2,682 4.2x 4.1x 2.2x 15.11 3,755 4,108 7,864 1,269 1,397 0.43 2,985 2,919 6.2x 5.6x 3.2x 4.46 2,618 3,475 6,093 1,360 1,406 0.00 2,165 2,180 4.5x 4.3x 2.6x 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) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. Page 21 Project Bronco | $20.40$6,457$4,772$11,956$1,959$2,319$0.59$4,434$3,8336.1x5.2x2.4x Median$3,612$2,707$6,093$1,263$1,402$0.66$3,381$3,1766.0x5.4x2.1x ($/Mcfe) (2) ($/Mcfe/d) (2) ($/Mcfe/d) (2) EBITDA (2)EBITDA (2)EBITDA (2) Financial / Valuation Metrics (1) Market Data

Confidential COMPARATIVE COMPANY ANALYSIS (CONT.) Multi-Basin Operators – Large Cap ($ in millions, except per share data) Share Price % of 52-Week Equity Market Total Enterprise Current Prod. 2018E Prod. '17 - '18E Prod. 2018E Proved Reserves 2017E Net 2018E 2019E Prod. % % R/P Ratio 03/16/18 High Cap Debt Value EBITDA (2) EBITDA (2) Multi-Basin - Large Cap $58.53 91% $31,166 $10,736 $44,996 $7,216 $7,842 8,300 8,678 4.3% 16% 16,871 77% 19% 5.6 36.14 66% 13,786 6,816 21,977 4,180 4,142 5,575 5,799 2% 17% 14,321 88% 16% 6.9 53.07 90% 19,913 6,310 26,222 3,547 4,018 3,655 3,811 26% 20% 15,357 47% 27% 13.9 31.96 71% 16,814 7,180 28,844 3,904 4,488 6,408 6,623 4% 19% 22,043 73% 27% 9.4 100.45 84% 58,124 5,553 63,677 7,146 8,365 8,482 9,155 18% 14% 31,646 51% 13% 11.2 48.98 88% 15,431 2,050 18,785 1,942 2,448 3,820 3,037 (20%) 14% 14,970 61% 13% 10.8 15.12 77% 12,848 4,481 17,329 3,363 3,644 5,052 4,948 12% 19% 15,500 54% 14% 9.6 29.40 82% 14,315 4,982 19,980 2,947 3,397 4,092 3,874 (3%) 28% 16,770 47% 43% 11.5 64.45 83% 49,314 8,156 57,470 7,436 8,060 8,528 9,002 9% 10% 34,237 74% 11% 11.3 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) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. Page 22 Project Bronco | Median 83% $16,814 $6,310 $26,222 $3,904 $4,142 5,575 5,799 4% 17% 16,770 61% 16% 10.8 (Mmcfe/d) (2) (Mmcfe/d) (2) Growth (2) % Gas Bcfe PDP Gas (Years) Operational Metrics (1) Market Data

Confidential COMPARATIVE COMPANY Multi-Basin Operators – Large Cap ANALYSIS (CONT.) ($ in millions, except per share data) Total Enterprise Value / Share Price Equity Market Total Enterprise Proved Reserves Current Prod. 2018E Prod. Net Debt / 2018E Net 2018E 2019E 2018E 2019E 03/16/18 Cap Debt Value EBITDA (2) EBITDA (2) Multi-Basin - Large Cap $58.53 $31,166 $10,736 $44,996 $7,216 $7,842 $2.67 $5,421 $5,185 6.2x 5.7x 1.5x 36.14 13,786 6,816 21,977 4,180 4,142 1.53 3,942 3,790 5.3x 5.3x 1.6x 53.07 19,913 6,310 26,222 3,547 4,018 1.71 7,175 6,881 7.4x 6.5x 1.8x 31.96 16,814 7,180 28,844 3,904 4,488 1.31 4,502 4,355 7.4x 6.4x 1.8x 100.45 58,124 5,553 63,677 7,146 8,365 2.01 7,507 6,955 8.9x 7.6x 0.8x 48.98 15,431 2,050 18,785 1,942 2,448 1.25 4,918 6,186 9.7x 7.7x 1.1x 15.12 12,848 4,481 17,329 3,363 3,644 1.12 3,431 3,503 5.2x 4.8x 1.3x 29.40 14,315 4,982 19,980 2,947 3,397 1.19 4,883 5,158 6.8x 5.9x 1.7x 64.45 49,314 8,156 57,470 7,436 8,060 1.68 6,739 6,384 7.7x 7.1x 1.1x 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) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. Page 23 Project Bronco | Median (3)$16,814$6,310$26,222$3,904$4,142$1.53$4,918$5,1857.4x6.4x1.5x ($/Mcfe) (2) ($/Mcfe/d) (2) ($/Mcfe/d) (2) EBITDA (2)EBITDA (2)EBITDA (2) Financial / Valuation Metrics (1) Market Data

Confidential COMPARATIVE COMPANY ANALYSIS (CONT.) Multi-Basin Operators – Mid and Small Cap ($ in millions, except per share data) Share Price % of 52-Week Equity Market Total Enterprise Current Prod. 2018E Prod. '17 - '18E Prod. 2018E Proved Reserves 2017E Net 2018E 2019E Prod. % % R/P Ratio 03/16/18 High Cap Debt Value EBITDA (2) EBITDA (2) Multi-Basin - Mid Cap $15.63 52% $1,273 $1,235 $2,722 $660 $821 862 853 16% 11% 3,560 41% 9% 13.3 24.27 65% 4,847 2,108 6,955 1,393 1,684 1,890 2,096 17% 20% 7,362 57% 23% 11.3 53.29 81% 3,515 1,093 4,609 856 1,156 1,085 1,280 30% 20% 4,740 32% 24% 13.2 9.24 68% 2,227 2,241 4,467 834 1,024 1,492 1,545 1% 30% 7,973 37% 22% 14.2 17.91 64% 2,000 2,095 4,095 845 1,197 1,219 1,394 13% 28% 4,820 43% 27% 10.7 16.86 79% 1,708 581 2,734 607 762 615 691 71% 13% 6,136 24% 11% 41.7 13.92 87% 5,543 1,666 7,441 1,106 1,479 1,694 1,720 23% 15% 5,853 50% 10% 11.5 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) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. Page 24 Project Bronco | Median 68% $2,227 $1,666 $4,467 $845 $1,156 1,219 1,394 17% 20% 5,853 41% 22% 13.2 (Mmcfe/d) (2) (Mmcfe/d) (2) Growth (2) % Gas Bcfe PDP Gas (Years) Operational Metrics (1) Market Data

Confidential COMPARATIVE COMPANY ANALYSIS (CONT.) Multi-Basin Operators – Mid and Small Cap ($ in millions, except per share data) Total Enterprise Value / Share Price Equity Market Total Enterprise Proved Reserves Current Prod. 2018E Prod. Net Debt / 2018E Net 2018E 2019E 2018E 2019E 03/16/18 Cap Debt Value EBITDA (2) EBITDA (2) Multi-Basin - Mid Cap $15.63 $1,273 $1,235 $2,722 $660 $821 $0.76 $3,158 $3,193 4.1x 3.3x 1.9x 24.27 4,847 2,108 6,955 1,393 1,684 0.94 3,680 3,319 5.0x 4.1x 1.5x 53.29 3,515 1,093 4,609 856 1,156 0.97 4,247 3,600 5.4x 4.0x 1.3x 9.24 2,227 2,241 4,467 834 1,024 0.56 2,994 2,891 5.4x 4.4x 2.7x 17.91 2,000 2,095 4,095 845 1,197 0.85 3,360 2,938 4.8x 3.4x 2.5x 16.86 1,708 581 2,734 607 762 0.45 4,444 3,955 4.5x 3.6x 1.0x 13.92 5,543 1,666 7,441 1,106 1,479 1.27 4,393 4,327 6.7x 5.0x 1.5x 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) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. Page 25 Project Bronco | Median$2,227$1,666$4,467$845$1,156$0.85$3,680$3,3195.0x4.0x1.5x ($/Mcfe) (2) ($/Mcfe/d) (2) ($/Mcfe/d) (2) EBITDA (2)EBITDA (2)EBITDA (2) Financial / Valuation Metrics (1) Market Data

Confidential COMPARATIVE COMPANY ANALYSIS (CONT.) Select Permian-focused Operators ($ in millions, except per share data) Share Price % of 52-Week Equity Market Total Enterprise Current Prod. 2018E Prod. '17 - '18E Prod. 2018E Proved Reserves 2017E Net 2018E 2019E Prod. % % R/P Ratio 03/16/18 High Cap Debt Value EBITDA (2) EBITDA (2) Permian-Focused $18.22 82% $5,029 $219 $5,418 $633 $901 598 802 93% 12% 2,365 41% 14% 15.6 11.76 2,375 592 2,967 414 563 400 471 40% 9% 2,053 49% 9% 16.7 92.48 71% 8,826 1,086 9,913 1,575 1,845 2,052 2,274 18% 27% 5,356 83% 30% 7.6 148.49 91% 22,135 2,527 24,662 2,271 2,760 2,760 3,047 22% 17% 10,792 69% 19% 11.8 125.51 93% 12,321 1,365 14,013 1,463 1,907 1,383 1,690 44% 5% 4,844 61% 6% 11.3 57.32 95% 5,583 782 6,366 995 1,276 1,303 1,334 34% 9% 5,869 57% 10% 16.1 12.41 75% 2,642 31 2,674 427 600 337 519 93% 4% 587 39% 3% 6.0 8.53 56% 2,069 680 2,749 584 660 725 773 11% 14% 2,394 88% 17% 9.4 28.87 85% 3,154 478 3,733 465 571 546 591 25% 22% 1,914 44% 21% 11.1 26.57 80% 8,417 1,571 11,156 1,206 1,688 1,130 1,461 53% 7% 5,612 49% 8% 16.1 169.34 88% 28,839 1,836 30,680 3,288 3,979 4,068 4,334 21% 10% 12,044 92% 15% 9.2 39.05 90% 6,226 1,471 7,697 936 1,212 913 1,102 35% 5% 5,441 42% 5% 18.2 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) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. Page 26 Project Bronco | Median 85% $5,905 $934 $7,031 $966 $1,244 1,021 1,218 34% 9% 5,100 53% 12% 11.6 (Mmcfe/d) (2) (Mmcfe/d) (2) Growth (2) % Gas Bcfe PDP Gas (Years) Operational Metrics (1) Market Data

Confidential COMPARATIVE COMPANY Select Permian-focused Operators ANALYSIS (CONT.) ($ in millions, except per share data) Total Enterprise Value / Share Price Equity Market Total Enterprise Proved Reserves Current Prod. 2018E Prod. Net Debt / 2018E Net 2018E 2019E 2018E 2019E 03/16/18 Cap Debt Value EBITDA (2) EBITDA (2) Permian-Focused $18.22 $5,029 $219 $5,418 $633 $901 $2.29 $9,053 $6,753 8.6x 6.0x 0.3x 11.76 2,375 592 2,967 414 563 1.45 7,426 6,297 7.2x 5.3x 1.4x 92.48 8,826 1,086 9,913 1,575 1,845 1.85 4,830 4,358 6.3x 5.4x 0.7x 148.49 22,135 2,527 24,662 2,271 2,760 2.29 8,937 8,094 10.9x 8.9x 1.1x 125.51 12,321 1,365 14,013 1,463 1,907 2.89 10,129 8,290 9.6x 7.3x 0.9x 57.32 5,583 782 6,366 995 1,276 1.08 4,884 4,772 6.4x 5.0x 0.8x 12.41 2,642 31 2,674 427 600 4.56 7,945 5,150 6.3x 4.5x 0.1x 8.53 2,069 680 2,749 584 660 1.15 3,789 3,555 4.7x 4.2x 1.2x 28.87 3,154 478 3,733 465 571 1.95 6,837 6,317 8.0x 6.5x 1.0x 26.57 8,417 1,571 11,156 1,206 1,688 1.99 9,876 7,634 9.2x 6.6x 1.3x 169.34 28,839 1,836 30,680 3,288 3,979 2.55 7,541 7,078 9.3x 7.7x 0.6x 39.05 6,226 1,471 7,697 936 1,212 1.41 8,430 6,987 8.2x 6.4x 1.6x 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) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. Page 27 Project Bronco | Median$5,905$934$7,031$966$1,244$1.97$7,743$6,5358.1x 6.2x 1.0x ($/Mcfe) (2) ($/Mcfe/d) (2) ($/Mcfe/d) (2) EBITDA (2)EBITDA (2)EBITDA (2) Financial / Valuation Metrics (1) Market Data

Confidential COMPARATIVE COMPANY ANALYSIS (CONT.) Bakken and Niobrara-focused Operators ($ in millions, except per share data) Share Price % of 52-Week Equity Market Total Enterprise Current Prod. 2018E Prod. '17 - '18E Prod. 2018E Proved Reserves 2017E Net 2018E 2019E Prod. % % R/P Ratio 03/16/18 High Cap Debt Value EBITDA (2) EBITDA (2) Bakken-Focused $8.25 54% $2,620 $2,583 $5,203 $934 $1,180 1,097 1,225 24% 9% 4,460 66% 12% 12.4 30.66 74% 2,788 1,946 4,734 1,206 1,250 1,845 1,838 10% 7% 7,970 54% 11% 13.0 Niobrara-Focused $4.82 72% $1,014 $318 $1,332 $326 $568 312 422 63% 9% 2,645 20% 13% 28.1 27.47 68% 562 (13) 549 130 192 192 235 17% 13% 1,284 51% 12% 17.5 12.80 67% 2,211 947 3,316 774 1,076 820 1,105 72% 14% 3,248 34% 19% 13.9 9.31 89% 2,251 489 2,740 504 642 709 612 53% 17% 2,334 38% 24% 15.9 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) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. Page 28 Project Bronco | Median 70% $1,613 $404 $2,036 $415 $605 511 517 58% 13% 2,490 36% 16% 16.7 Median 79% $2,704 $2,265 $4,969 $1,070 $1,215 1,471 1,532 17% 8% 6,215 60% 11% 12.7 (Mmcfe/d) (2) (Mmcfe/d) (2) Growth (2) % Gas Bcfe PDP Gas (Years) Operational Metrics (1) Market Data

Confidential COMPARATIVE COMPANY ANALYSIS (CONT.) Bakken and Niobrara-focused Operators ($ in millions, except per share data) Total Enterprise Value / Share Price Equity Market Total Enterprise Proved Reserves Current Prod. 2018E Prod. Net Debt / 2018E Net 2018E 2019E 2018E 2019E 03/16/18 Cap Debt Value EBITDA (2) EBITDA (2) Bakken-Focused $5,203 $8.25 $2,620 $2,583 $934 $1,180 $1.17 $4,741 $4,246 5.6x 4.4x 2.8x 30.66 2,788 1,946 4,734 1,206 1,250 0.59 2,566 2,576 3.9x 3.8x 1.6x Niobrara-Focused $4.82 $1,014 $318 $1,332 $326 $568 $0.50 $4,266 $3,160 4.1x 2.3x 1.0x 27.47 562 (13) 549 130 192 0.43 2,861 2,338 4.2x 2.9x NM 12.80 2,211 947 3,316 774 1,076 1.02 4,044 3,002 4.3x 3.1x 1.2x 9.31 2,251 489 2,740 504 642 1.17 3,864 4,475 5.4x 4.3x 1.0x 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) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. Page 29 Project Bronco | Median$1,613$404$2,036$415$605$0.76$3,954$3,0814.3x3.0x1.0x Median$2,704$2,265$4,969$1,070$1,215$0.88$3,653$3,4114.7x4.1x2.2x ($/Mcfe) (2) ($/Mcfe/d) (2) ($/Mcfe/d) (2) EBITDA (2)EBITDA (2)EBITDA (2) Financial / Valuation Metrics (1) Market Data

Confidential DIVIDENDS AND BUYBACKS 2018 dividend and buyback announcements APC 6-Feb 400% increase to $0.25/share per quarter $500 mm 5.3% CVX 2-Feb 4.0% increase to $1.12/share per quarter – 4.5% EOG 27-Feb 10% increase to $0.185/share per quarter – (6.9%) LPI 14-Feb – $200 mm 5.7% PXD 6-Feb 300% increase to $0.16/share semiannual $100 mm 4.8% Source: FactSet, company data and Wall Street Research. Note: Relative performance vs. XOP is for the one-week period following the date of announcement. Page 30 Project Bronco | SU7-Feb12.5% increase to C$0.36/share per quarterC$2,000 mm(0.4%) NBL15-Feb–$750 mm0.2% FANG13-FebInitiated $0.125/share per quarter–4.2% ECA15-FebUnchanged$400 mm(0.2%) COP1-Feb7.5% increase to $0.285/share per quarter$500 mm2.4% One Week Relative TickerRelease DateDividend IncreaseAdditional RepurchasesPerformance vs. XOP

Confidential WORKING GROUP LIST ANTERO RESOURCES SPECIAL COMMITTEE SIDLEY AUSTIN LLP Name Contact Information Name Contact Information Robert Clark Chairman J. Mark Metts Partner (M) (F) (E) 303.717.0665 866.418.1462 rclark@anteroresources.com (O) (M) (E) 713.495.4501 713.822.6659 mmetts@sidley.com Ben Hardesty Asst: Becky Mansfield (O) (M) (H) (E) 304.623.6383 304.641.0212 304.623.3581 bhardesty@anteroresources.com (O) (E) 713.495.7601 rmansfield@sidley.com Kayleigh McNelis Associate (O) (P) (Q) 713.495.4672 512.917.2287 kmcnelis@sidley.com Joyce McConnell (O) (M) (E) 304.293.5701 304.282.1693 jmcconnell@anteroresources.com Page 31 Project Bronco |

Confidential WORKING GROUP LIST (CON’T) BAIRD Name Contact Information Frank Murphy Managing Director, Co-Head – Energy Investment Banking (M) (F) (G) (E) 314.445.6532 314.302.7232 314.445.6535 fmurphy@rwbaird.com Asst: Michelle McCarty (O) (E) 314.445.6534 mrmccarty@rwbaird.com Nick Alfermann Director, Energy Investment Banking (O) (M) (F) (E) 314.445.6531 314.401.1532 314.445.6535 nalfermann@rwbaird.com Asst: Michelle McCarty (O) (E) 314.445.6534 mrmccarty@rwbaird.com Jeff Wertenberger Associate (O) (M) (F) (E) 314.445.6537 314.518.6602 314.445.6535 jwertenberger@rwbaird.com Dom Pica Analyst (O) (M) (F) (E) 314.445.6539 314.540.1317 314.445.6535 dpica@rwbaird.com Blake Weir Analyst (O) (P) (Q) (R) 314.445.6544 612.998.6733 314.445.6535 bweir@rwbaird.com Page 32 Project Bronco |