Baird Investment Banking Pitch Book

PRO FORMA AMC LEVERAGE ANALYSIS NET DEBT/LTM EBITDA AT YEAR-END 2.3x 3.0x 2018 E Status Quo 3.1x Source: Antero management projections. 2.2x 2.9x 2019E Pro Forma excl. Special Dividend 2.9x 2.2x 2.8x 2.8x 2020E Pro Forma incl. Special Dividend 2.1x 2.6x 2.6x Treliminar. Draft 2021E 2.0x 2.4x 2022E ***** 2.4x Project Bronco BAIRD Page 7

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