Baird Investment Banking

PRO FORMA IMPACT TO AR DCF per AR-Owned AM Unit Dividend per AR-Owned AM Unit Total Cash to AR from Midstream Holdings ($ in millions) Source: Antero management. Status Quo: Revised Base Case $2.42 $0 $2.63 '19E Cash at close $3.00 $3.00 At Close $297 $297 $2.24 At Close Dividends $2.21 $2.96 '19E $3.19 $1.99 $1.99 1.12x 1.32x 1.13x "19E $219 $197 $196 ¹20E Prior PF Base Case $2.82 $2.85 $2.57 $2.56 1.05x 1.24x 1.10x '20E $3.54 '20E $282 $254 $253 $3.79 ¹21E '21E Revised PF Base Case $3.51 $3.42 $338 $305 $303 Preliminar Draft $3.09 $3.07 1.04x 1.23x 1.15x ¹21E $3.89 ¹22E $4.41 $372 $366 $364 I ¹22E $3.76 $3.70 $3.68 BAIRD 1.04x 1.19x 1.07x '22E $3.94 $1,210 $1,419 $1,413 Total Cash Through 2022 Project Bronco | Page 7

View entire presentation