Baird Investment Banking Pitch Book

4 SELECTED MERGER CONSEQUENCES SUMMARY (CONT.) Impact to AR across key metrics Dividend per AR-Owned AM Unit Cash at Dividends close $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 $3.00 At Close $0 $297 $2.85 2019E $2.57 2020E $219 $3.42 $2.21 $1.99 1.31x 1.32x 1.16x 1.24x 1.11x1.23x 1.05x1.19x $197 $3.09 Total Cash to AR from Midstream Holdings ($ in millions) 2019 Status Quo 2021E $4.10 $3.70 $282 2022E $254 2020 $5.00 Pro Forma DCF per AR-Owned AM Unit $4.00 $3.00 $2.00 $1.00 $0.00 $338 $2.75 $2.63 2019E $305 2021 $3.24 $3.19 2020E Confidential $405 $366 At Close Source: Antero management projections. Assumes AMGP purchases 100% of AM public units (188.1 million on a fully diluted basis) with a combination of equity and cash; AMGP issues 304.3 million shares to current AM unitholders. Also assumes that AMGP issues 17.354 million shares in exchange for 100% of the Series B units. 2022 $3.75 $3.79 2021E BAIRD $4.29 $4.41 $1,244 2022E $1,419 Total Cash Through 2022 Project Bronco | Page 78

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