Baird Investment Banking Pitch Book

POTENTIAL AMGP PERSPECTIVES ON EXCHANGE RATIO Relative cash flow contribution analysis FORECAST CASH FLOW CONTRIBUTION (¹) Distr. Cash Flow (2) Distributions AM AMGP Implied AM/AMGP Exchange Rate AM AMGP Implied AM/AMGP Exchange Rate 2018 $385 153 2.51x $321 105 2019 3.05x $514 250 2.06x $414 174 Near-Term 2.37x 2020 $606 318 Near-term implied exchange ratios are high based on relative cash flow contribution 1.90x $533 264 2021 2.02x $702 390 1.80x $640 344 1.86x Source: Antero management projections. (1) AM DCF represents distributable cash flow attributable to LP unitholders at a full payout. AMGP DCF calculated as total IDR cash flow at a full payout, less G&A and taxes on such amount. AMGP distributions cakulated as total IDR cash flow at management distribution coverage, less G&A and taxes on such amount. Note that such analyses assume the Series 8 units on an as-converted basis. Relative terminal yields required to match the 1.65x exchange ratio in the AMGP proposal. Contkenskt Freliminar: Praft 2022 $803 465 1.73x $767 439 1.75x Terminal Yield (2) ~8.0% ~7.0% ~8.0% ~7.0% Using this methodology implies ~100 bps difference in terminal yields to match the 1.65x offered exchange rate Long-Term Terminal Value $10,036 6,471 1.55x $9,590 ...but decline when factoring in a terminal value 6,266 BAIRD 1.53x PV-15% $7,051 4,274 1.65x $6,580 3,986 1.65x AMGP Proposal Project Bronco | Page 2

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