Baird Investment Banking Pitch Book

AMGP FINANCIAL SUMMARY $750 $600 $450 $300 $150 $0 22% $70 2017A AMGP Cash Distributed (1) 31% $143 $0.54 $100 2018E Source: Antero management. (1) Distributions after Series B profits interest, G&A expense and income tax expense. 36% $236 $0.89 $165 2019E Total IDRS 40% $355 $1.34 $249 2020E % of AM Distributed Cash 42% $462 $1.74 $324 2021E Confidential 43% $589 $2.22 $414 2022E BAIRD 50% 40% 30% 20% 10% +0% Project Bronco | Page 23

View entire presentation