Baird Investment Banking Pitch Book

1 AM MODIFIED COVERAGE 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 2019€ 2020E Source: Antero management. 84% 1.22x $1.66 $989 AM Dist/Unit LQA DISTRIBUTIONS / UNIT & DISTRIBUTION COVERAGE -% Margin 84% 1.32x $1,222 -Coverage Ratio 2018-2022 Distribution CAGR: 21% $2.19 2019E $2.69 82% 1.24x $1,413 2020E 2021E 2022E $3.14 83% 1.23x $1,642 2021E $3.68 1.19x 2022E DCF & DISTRIBUTIONS ($ in millions) $421 $70 $247 2017A $746 AM Distributions 2.3x 2017A $587 $143 $321 2018E GROWTH CAPEX & LEVERAGE ($ in millions) 2.3x $538 reliminar Draft 2018E $844 2018-2022 DCF CAGR: 25% $231 $409 2019E Net Debt / LTM EBITDA $776 2.3x IDRS 2019E $1,028 $325 $503 2020E $656 2.2x Total DCF 2020E $1,223 $409 $587 2021E 2.0x Growth CAPEX $386 BAIRD 2021E $1,430 $512 $690 2022E 1.8x $294 2022E Project Bronco | Page 25

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