Confidential – Preliminary Draft REVISED DISTRIBUTION POLICY: PRO FORMA IMPACT ($ in millions, unless otherwise noted) Dividend and Dividend Coverage per AR-Owned AM Unit $4.16 $4.10 $3.82 received at close $3.18 $3.00 $2.50 $1.93 2019 2020 2021 2022 Cash Dividends to AR Analysis (excluding $3.00/unit at closing) Status Quo Source: Antero management projections. (1) As set forth in the AM stand-alone projections. (2) Equivalent initial AM distribution ($1.38) based on 1.6023 exchange ratio; then AM stand-alone projection coverage. (3) Equivalent initial AM distribution ($1.21) based on 1.83 all-in exchange ratio; then 29% growth in 2020 and 20% annual growth thereafter. (4) Initial $1.38 distribution for 2019, then 20% annual growth. Page 1 Project Bronco | AM Sta tus Quo (1) Total Cash Dividends to AR 2019 2020 2021 2022 Total Cash '19-'22 PV-10 vs. AM $1,009 - $219 $282 $338 $405 $1,244 "Keep Whol e" Ca s e (2) $219 $270 $335 $411 $1,236 $1,002 ($8) Ma na gement Di s tr. Ca s e (3) $191 $247 $296 $355 $1,090 $884 (125) Revi s ed "Keep Whol e" (4) $219 $262 $315 $378 $1,173 $954 (55) PV-10 Excludes cash$3.42 $3.39 1.05x 1.05x $3.59 1.15x 1.23x $2.85 $2.74 $2.65 1.11x 1.11x 1.19x 1.27x $2.21 $2.21 $2.21 1.16x 1.16x 1.20x 1.28x 1.31x 1.19x 1.19x 1.36x Status Quo (1) “Keep Whole” Case (2) Management Distr. Case (3) Revised “Keep Whole” (4)