Baird Investment Banking Pitch Book

1 AM MANAGEMENT CASE: FINANCIAL SUMMARY AM forecast across key financial metrics EBITDA & MARGINS ($ in millions) 68% ($ / unit) $529 1.27x $1.72 75% 2018E $729 EBITDA 2017A 2018E 2019E 2020E Source: Antero management. 84% 1.22x $1.66 $989 IAM Dist/Unit LQA DISTRIBUTIONS/UNIT & DISTRIBUTION COVERAGE -% Margin 84% $1,222 1.30x $2.21 -Coverage Ratio 2018-2022 Distribution CAGR: 24% 2019E $2.85 82% 1.16x $1,413 2020E 2021E $3.42 1.11x 83% 2021E $1,642 2022E $4.10 1.05x 2022E DCF & DISTRIBUTIONS ($ in millions) $421 $70 $247 2017A $746 AM Distributions 2.3x 2017A $587 $143 $321 2018E GROWTH CAPEX & LEVERAGE ($ in millions) 2.3x $538 $843 2018E $236 $414 2018-2022 DCF CAGR: 25% 2019E Net Debt / LTM EBITDA $776 Confidential 2.3x IDRs 2019E $1,027 $355 $533 2020E $656 2.3x Total DCF 2020E $1,219 $462 $640 2021E 2.1x Growth CAPEX $386 BAIRD 2021E $1,421 $589 $767 2022E 2.0x $294 2022E Project Bronco | Page 22

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