Baird Investment Banking

PRO FORMA IMPACT TO AR Dividend per Share - OLD PROJECTIONS Accretion / [Dilution) ($0.28) (9.8%) ($0.22) (9.8%) Cumulative Accretion: $1.77 $3.00 NA $3.00 At Close $2.21 $1.99 1.31x 1.32x Source: Antero management. '19E $2.85 $2.57 1.16x 1.24x '20E ($0.33) (9.8%) 1 $3.42 1.11x 1.23x $3.09 '21E $3.00 NA Standalone $3.00 At Close ($0.40) i (9.7%) $4.10 ($0.23) (10.9%) Cumulative Accretion: $2.44 1.05x 1.19x $2.10 $3.70 '22E '19E $1.87 $2.54 Pro Forma Accretion / (Dilution) ($0.19) (7.7%) Dividend per Share - NEW PROJECTIONS Accretion / (Dilution) ($0.29) (10.0%) ($0.22) (10.1%) Cumulative Accretion: $2.06 ¹20E $2.35 $3.00 NA Dividend per Share @ 1.2x Flat Coverage - NEW PROJECTIONS $3.00 At Close ($0.10) (3.3%) $3.03 $2.93 $2.21 ¹21E $1.99 1.12x 1.13x *19E Trellminary Pratt $2.85 ($0.04) i (1.2%) ! $3.32 $3.28 '22E $2.56 1.05x 1.10x ¹20E ($0.35) (10.3 %) $3.42 $3.07 '21E BAIRD ($0.08) (2.2%) $3.76 Project Bronco 11L 1.04x 1.15x 1.04x 1.07x $3.68 '22E Page 1

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