Baird Investment Banking Pitch Book

Yield 2) AMGP'S UNIQUE GROWTH PROFILE RELATIVE TO PEERS AMGP's current valuation metrics are vastly different than its closest peers due to its significant growth expectations Firm Value / EBITDA Price / CAFD 10% 8% 6% 4% 2% 0% 60% 50% 40% 30% 20% 10% 5.0% 0% 3.0 % 2018 2019 48% 7.0% 7.3% 6.3% 6.7% 8% ETE 7.3% 72% 5.7% 8.1% AMGP ETE ENLC EQGP WGP Distribution Growth 2018-2021 (Using Management Cases) AMGP Current Comparison 9% AMGP ENLC Source: Antero management, Partnership filings and S&P Capital IQ. 30x 25x 18% 20x 15x 10x 5x Ox EQGP 245, 14.9x AMGP AMGP's growth begins to resemble peers by 2022 10% 2018 2019 13.603.3x 13.7%13.0x WGP ΕΤΕ ENLC 17.7x 60% EQGP WGP 50% 40% 30% 20% 10% 13.4x 13.9x 0% 12.6x 28% AMGP '21-22 Growth 35x 32.7x 30x 25x 20x 15x 10x 5x 0x + 8% 19.9x ETE Confidential AMGP 12.642.4x 13.3%2.5x AMGP in 2021/2022 2018 2019 9% ETE ENLC ENLC 18% BAIRD 17.7x 134x 138x 126x EQGP WGP 10% EQGP WGP Project Bronco | Page 60

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