Baird Investment Banking Pitch Book

2 AMGP PUBLIC COMPARABLES ANALYSIS ($ in millions, except per share data) Yield Price / CAFD EV/ EBITDA Metric AMGP 2022 Mgmt Case AMGP 2022 Mgmt Case AMGP 2022 Mgmt Case AMGP Metric (1) $2.22 $2.22 Midpoint Metric (2) 6.2% 16.3x $554 14.0x Selected Metrics Range Low 7.2% Implied AMGP Price Per Share 15.3x (5) Implied AMGP Price Per Share (5) 13.0x High 5.2% 17.3x 15.0x Less: Net Debt Implied AMGP Equity Value (5) AMGP Common Shares Outstanding (5) Implied AMGP Price per Share Overall Implied AMGP Common Share Price - AMGP Management Case (7) Overall Implied AMGP Common Share Price - AMGP Modified Coverage Case (7) Implied AMGP Valuation Range (Undiscounted) High Low $31.04 $31.04 $33.91 $33.91 $7,226 $7,226 186.2 $38.81 $34.58 $29.98 Confidential Source: Antero management. (1) AMGP metrics represent year ended December 31, 2022. AMGP EBITDA represents AMGP cash flow less distributions to Series 8 holders and G&A expenses. (2) Represents midpoint of AMGP valuation statistics utilizing Wall Street consensus estimates and the median metric of comparable publicly traded general partners (see page 61). Midpoint metric sensitized by +/- 100 bps or +/-1.0x. (3) (4) Discounted to October 5, 2018 using AMGP's cost of equity. (5) Median of Management Case and 1.2x Coverage Floor Case. (6) Represents estimated net debt and common shares outstanding as of September 30, 2018. (7) Applies equal weighting to each respective summary range. $43.06 $43.06 $38.35 $38.35 $8,334 $8,334 186.2 $44.76 $42.06 $36.46 Implied AMGP Valuation Range (Discounted) Low High $20.01 $20.01 $21.86 $21.86 $4,659 $4,659 186.2 $25.02 $22.30 BAIRD $19.33 (4 $27.77 $27.77 $24.73 $24.73 $5,373 $5,373 186.2 $28.86 $27.12 $23.51 Project Bronco | Page 62

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