Baird Investment Banking

STATUS QUO ANTERO MIDSTREAM EBITDA ($ in millions) 3-Yr Distr. CAGR Prior Revised $989 $890 '19E 18.4% 18.0% 3-Yr Distr. CAGR Prior Revised '19E Distribution per LP Unit 22.9% 19.4% $2.21 $2.21 $1,222 Source: Antero management. $1,142 "20E $2.85 $2.85 "20E $1,413 $1,337 '21E $3.42 $3.42 ¹21E Prior Base Case $1,642 $1,464 '22E $4.10 $3.76 "22E Revised Base Case DCF ($ in millions) 3-Yr Distr. CAGR Prior Revised $843 '19E $728 1.30x 19.0% 20.6% Coverage Ratio 1.12x $19E $1,027 $928 ¹20E 1.16x 1.05x ¹20E Preliminary Raft $1,219 $1,145 '21E 1.11x 1.04x ¹21E $1,421 BAIRD $1,277 ¹22E 1.05x 1.04x Project Bronco ¹22E Page 3

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