Baird Investment Banking Pitch Book

SERIES B UNIT CASH FLOW COMPARISON SERIES B CASH FLOW COMPARISON ($ in millions) $12 2019 $24 Status Quo $19 Status Quo Cash Flow to Series B = Pro Forma AMGP Dividend = Source: Antero management projections. 2020 "CASH FLOW NEUTRAL" SHARES CALCULATION ($ and shares in millions) Implied "Cash Flow Neutral" Shares $33 2019E Pro Forma (Proposal) $26 $12 $1.29 9.4 2021 $40 155 2020E $19 $1.77 10.9 Treliminar. Draft 2021E $26 $2.19 11.7 $33 2022 $49 2022E $33 $2.64 12.5 BAIRD Project Bronco | Page 20

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