Baird Investment Banking Pitch Book

(2) AMGP MODIFIED COVERAGE 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. $231 $12 $57 $162 2019E 2018-2022 CAGR: 38% 2017A $325 $17 $79 $228 $70 Tax + G&A 2020E (2) (6) (26) $35 186.2 $0.161 NM $409 $22 $99 2018E $287 $143 2021E (7) (2) (34) Series B $100 186.2 $0.539 NM $512 $29 $124 $359 2019E 2022E $231 (12) (2) (55) $162 186.2 $0.871 62% 2020E $325 (17) (2) (77) $228 186.2 $1.227 41% $0.54 2021E 2018E $409 $287 AMGP Dividend Forecast ($/share) (22) (2) (97) 186.2 $1.544 26% $0.50 LQA reliminan, Praft 2022E $0.87 2019E $512 (29) (2) (122) $359 2018-2022 CAGR: 38% 186.2 $1.929 25% 2018-2022 CAGR $1.23 2020E 38% 38% $1.54 2021E BAIRD NTM 9/30/2019 $208 (11) (2) 50 $245 186.2 $0.784 $1.93 2022E Project Bronco | Page 47

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