Baird Investment Banking Pitch Book

CASH FLOW BREAKOUT AT VARIOUS EXCHANGE RATIOS ($ in millions) 2019 2022 AM Holders AMGP Holders Series B AMGP Taxes + G&A AM Holders AMGP Holders Series B AMGP Taxes + G&A Status Quo $414 165 12 58 Status Quo $767 414 33 142 1.6x $385 240 24 1.6x $790 492 49 1.7x $395 231 23 1.7x Exchange Ratios 1.8x Freliminar. Draft $820 480 48 Exchange Ratios 1.8x Source: Antero management projections. Note: Assumes AMGP purchases 100% of AM public units with 100% equity. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series B units. $404 223 22 $839 464 46 1.9x $412 216 21 1.9x $856 449 45 BAIRD 2.0x $420 209 21 2.0x $873 434 43 Project Bronco | Page 11

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