Baird Investment Banking Pitch Book

DISTRIBUTION GROWTH & COVERAGE RECAP AM Distribution Growth DPU CAGR vs. 2019 50% 40% 30% 20% 10% 2.00x 1.50x 1.00x 0.50x 29.0% 0.00x 37.5% AM Total Coverage Ratio 2020E Pro Forma for Proposal AM receives the benefit of enhanced growth; AMGP's growth rate declines AMGP Distribution Growth DPS CAGR vs. 2019 1.31x 1.31x 24.4% 30.3% 2021E Status Quo 2020E 22.9% 1.16x 1.16x 1.11x 1.11x 27.0% 2021E 2022E 1.05x 1.05x 60% 50% 40% 30% 20% 2022E 10% 0% Coverage ratios have an impact on the amount of cash distributed to equity holders AMGP Total Coverage Ratio 2.00x 1.50x 1.00x 0.50x 50.9% 0.00x 2020E 37.5% (1.31x) 1.00x 2019E Treliminary Grant 1.00x 40.1% 2019E Source: Antero management projections. Note: Assumes AMGP purchases 100% of AM public units with 100% equity at a 1.600x exchange ratio; AMGP issues 299.3 million shares to current AM unitholders. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series 8 units. 30.3% 2021E 1.16x 2020E 1.00x 35.8% 1.11x 2021E ********** 2022E BAIRD 27.0% 1.00x 1.05x Project Bronco 2022E Page 4

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