Baird Investment Banking Pitch Book

SERIES B EXCHANGE VALUATION - PRO FORMA Current Proposal 18.5mm Share Exchange 15.0mm Share Exchange 12.5mm Share Exchange 10.0mm Share Exchange 7.5mm Share Exchange (in millions, except pershore data) AMGP Shares Issued to Series B Pro Forma AMGP Dividend per share Cash Flow to Series B Terminal Value AMGP Shares Issued to Series B Pro Forma AMGP Dividend per share Cash Flow to Series B Terminal Value AMGP Shares Issued to Series B Pro Forma AMGP Dividend per share Cash Flow to Series B Terminal Value AMGP Shares Issued to Series B Pro Forma AMGP Dividend per share Cash Flow to Series B Terminal Value AMGP Shares Issued to Series B Pro Forma AMGP Dividend per share Cash Flow to Series B Terminal Value Source: Antero management projections. 2019E 18.5 $1.29 $24 15.0 $1.30 $19 12.5 $1.30 $16 10.0 $1.31 $13 7.5 $1.32 $10 ZOZOE 18.5 $1.77 $33 15.0 $1.78 $27 12.5 $1.79 $22 10.0 $1.80 $18 7.5 $1.81 $14 2021E 18.5 $2.19 $40 15.0 $2.20 $33 12.5 $2.21 $28 10.0 $2.22 $22 7.5 $2.24 $17 2022E 18.5 $2.64 $49 15.0 $2.66 $40 12.5 $2.67 $33 10.0 $2.69 $27 Confidentiel-Preliminary Grafe 7.5 $2.70 $20 Terminal Value @4% Yield $1,221 $997 $835 $671 $506 PV-15% $751 $613 $513 $413 $311 Discount Rate 10.0% 15.0% 20.0% Discount Rate 10.0% 15.0% 20.0% Discount Rate 10.0% 15.0% 20.0% Discount Rate 10.0% 15.0% 20.0% Discount Rate 10.0% 15.0% 20.0% Sensitivities 4.0% $907 $751 $620 $627 $519 4.0% $741 $613 $512 4.0% $499 Terminal Yield 5.0% $748 $413 $345 BAIRD 4.0% $620 $513 $424 $429 $355 Terminal Yield 5.0% $611 $507 $424 Terminal Yield 5.0% $512 Terminal Yield 5.0% $411 $341 $285 6.0% $642 $534 $448 6.0% $524 $436 $365 6.0% $439 $365 $306 6.0% $353 $293 $246 Terminal Yield 4.0% 5.0% 6.0% $376 $310 $266 $311 $257 $221 $260 $215 $186 Project Bronco | Page 19

View entire presentation