Baird Investment Banking Pitch Book

(2) AMGP MANAGEMENT CASE: FINANCIAL SUMMARY AMGP's cash flows are derived from the IDRS associated with AM ($ in millions, except per share figures) Distributions from AM IDRS Less: Series B Profits Interest Less: G&A Expense Less: Corporate Taxes Total AMGP Cash Flow Total Common Shares Outstanding Distribution per Common Share Year-over-Year Growth (%) AMGP Cash Flow ($ in millions) $143 $7 $36 $100 2018E Div to AMGP Source: Antero management. $236 $12 $58 $165 2019E 2018-2022 CAGR: 42% 2017A $355 $19 $87 $249 $70 Tax + G&A 2020E (2) (6) (26) $35 186.2 $0.161 NM $462 $26 $112 2018E $324 $143 (7) (2) (34) Series B 2021E $100 186.2 $0.539 NM $589 $33 $142 $414 2019E 2022E $236 (12) (2) (56) $165 186.2 $0.888 65% 2020E $355 (19) (2) (85) $249 186.2 $1.340 51% $0.54 2021E 2018E $462 (26) (2) (110) $324 AMGP Dividend Forecast ($/share) 186.2 $1.742 30% $0.50 LQA reliminary Prafi 2022E $0.89 2019E $589 (33) (2) (140) $414 186.2 $2.222 28% 2018-2022 CAGR: 42% 2018-2022 CAGR $1.34 2020E 42% 42% $1.74 2021E BAIRD NTM 9/30/2019 $210 (11) (2) 50 $248 186.2 $0.792 $2.22 2022E Project Bronco | Page 46

View entire presentation