Baird Investment Banking Pitch Book

4 SELECTED MERGER CONSEQUENCES SUMMARY Key metrics of AMGP Corp vs. status quo AM (using AM Management Case) AM Distribution Growth 40% 30% 20% 10% 0% 2.00x 1.50x 1.00x 0.50x 29% 0.00x 29% (1) AM Total Coverage Ratio 16% (2) 2019 29% 29% 1.31x 1.32x 2020E 1.16x 1.24x 20% 20% 2021E 1.11x 1.23x Status Quo 20% 20% 2022E 1.05x 1.19x Pro Forma DCF per AM LP Unit Growth $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 4.0x AM Leverage Year-end Net Debt/LTM EBITDA 3.0x 2.0x 1.0x $2.75 $2.68 0.0x 2019E 2.3x 3.1x $3.24 $3.26 2018E 2.3x 2020E 2.9x 2.3x Confidential $3.75 $3.87 2.7x 2019E 2020E 2021E 2022E 2019E Source: Antero management projections. Assumes AMGP purchases 100% of AM public units (188.1 million on a fully diluted basis) with a combination of equity and cash; AMGP issues 304.3 million shares to current AM unitholders. Also assumes that AMGP issues 17.354 million shares in exchange for 100% of the Series B units. (1) Growth rate assuming an all-in exchange ratio of 1.776x. (2) Distribution growth assuming only the base equity exchange ratio of 1.6023x to AR holders. 2020E 2021E 2.1x 2.5x 2021E $4.29 BAIRD $4.50 2022E 2.0x 2.2x 2022E Project Bronco | Page 77

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