Baird Investment Banking Pitch Book

CASH FLOW ACCRETION / DILUTION WITH A CASH COMPONENT AM Unitholders Distribution per LP Unit (excl. transaction cash component) $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 $700 $600 $500 $400 2.21 2.06 2.08 $300 $200 $100 $0 2019E 219 204 2.85 2.83 2.83 AR Shareholders Total Cash Flow from Midstream Ownership ($ in millions) 602 2020E Standalone 282 280 280 2020E 3.42 3.50 3.51 2021E 338 346 347 2021E Proposal (1.6x, no cash) 4.10 4.22 4.31 2019E Source: Antero management projections. Note: Assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series B units. 2022E Total CE Standalone Proposal $1,244 1,287 PF (1.7x. $750) 1,655 405 418 426 2022E AMGP Shareholders Distribution per Common Share $3.00 $2.00 $1.00 $0.00 60% 50% 40% 30% 20% 10% 0.89 0% + AMGP Distribution Growth DPS CAGR vs. 2019 1.29 1.23 2019E 50.9% 37.5% 1.7x (+ $750 mm cash) 2020E 1.34 reliminar Draft VA 35.9% 2020E 1.77 1.67 11 40.1% 1.74 2.19 2021E 2021E 30.3% 29.7% 2.06 2.22 35.8% BAIRD 2.64 2.53 2022E 27.0% 27.4% 2022E Project Bronco | Page 14

View entire presentation