Baird Investment Banking Pitch Book

SERIES B VALUATION - STATUS QUO How Series B Holders may be viewing the value of the Series B Present Value of Series B Distributions + Present Value of Conversion ($ in millions) Distributions Source: Antero management projections. Coverage Ratio at AM Total Distributions from AM IDRs Less: Priority Series A Cash Flow ($7.5 mm/q) Remaining Cash Flow Available Series B Profits Interest Series B Profits Interest A PV-15% Terminal Value 2022E AMGP Distributions + Assumed Terminal Yield Implied AMGP Equity Value Less: Benchmark Series B Pool Terminal Value of Series B Interest (5.92%) B PV-15% Total PV-15% (A + B) Terminal Yield 2% 3% 4% 5% 6% 2019E 10% $789 $523 $390 $311 $258 1.31x $236 (30) $206 5.92% $12 Present Value Sensitivity Discount Rate 15% $651 $433 $324 $259 $215 20% $541 $362 $272 $218 $182 2020E <1.16x $355 (30) $325 5.92% $19 Tellminary Prart 2021E 1.11x $462 (30) $432 5.92% $26 2022E 1.05x $589 (30) $559 5.92% $33 ***** BAIRD Terminal Value $61 $414 4% $10,344 (2,000) $8,344 $494 $263 $324 Project Bronco | Page 17

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