Baird Investment Banking Pitch Book

2 AM / AMGP CASH FLOW RELATIONSHIP - USING MANAGEMENT CASES IDRS AS A % OF TOTAL AM DISTRIBUTED CASH FLOW $1,600 $1,200 $800 $400 $0 $1.72 2018E 22% Source: Antero management. $317 $247 AM Distribution / Unit ($ / unit) 2017A $70 $1.66 LQA 2018-2022 CAGR: 24% $2.21 Total IDRS 2019E 30% $443 $310 $133 LQA $2.85 2020E 31% $464 $321 $143 2018E $3.42 2021E Distributions to AM $4.10 2022E 36% $649 $414 $236 2019E -IDRs % of AM Distributed Cash 40% $0.54 $889 $533 2020E 2018E $355 AMGP Dividend / Unit ($/share) $0.50 $1,102 LQA 42% $640 $462 2021E 2018-2022 CAGR: 42% $0.89 Confidential 2019E $1.34 2020E $1,356 43% $767 $589 2022E $1.74 2021E BAIRD 60% 45% 30% 15% 0% $2.22 2022E Project Bronco | Page 47

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