Baird Investment Banking Pitch Book

CASH FLOW BREAKOUT OVER TIME Percentage of total pro forma cash flow received over time % of Cash Flow 70% 60% 50% 40% 30% 20% 10% 0% 59% 37% 4% 64% 25% 2019 AM Status Quo AMGP 59% 37% 4% Series B 60% 28% 2% 2020 Pro Forma (1.6x Proposal) -AM AMGP - Series B 59% 37% 58% 29% 2% vreliminar. Part 2021 Source: Antero management projections. Note: Assumes AMGP purchases 100% of AM public units with 100% equity at a 1.600x exchange ratio; AMGP issues 299.3 million shares to current AM unitholders. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series 8 units. 59% 37% 4% 2022 57% 31% 2% Project Bronco BAIRD Page 6

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