Baird Investment Banking Pitch Book

2018-2022 AR FREE CASH FLOW BRIDGE $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 ($200) ($400) · AR Free Cash Flow Definition Cash Flow from E&P Operations Plus: AM Distributions Plus: Water Earn-Out & Lawsuit Recoveries Less: Drilling Capital Expenditures Less: Changes in Working Capital Less: Leasehold Maintenance Expenditures $1,629 AR Reported FCF Generation Source: Antero Management projections. ($1,413) AM Distributions ($250) Water Earn-Out ($135) Lawsuit Damage Recoveries Confirent ($169) Isolated E&P FCF BAIRD Project Bronco | Page 11

View entire presentation