Baird Investment Banking

NEW ANTERO MIDSTREAM (OR PRO FORMA AMGP) Dividend per Share 3-Yr Distr. CAGR Prior Revised $1.24 $1.24 '19E 22.9% 22.8% Coverage Ratio 1.32x 1.13x '19E $1.60 $1.60 "20E 1.24x 1.10x "20E $1.93 $1.92 Source: Antero management. (1) Growth rate assuming an all-in exchange ratio of 1.776x '21E 1.23x 1.15x ¹21E Prior Base Case $2.31 $2.30 ¹22E 1.19x 1.07x "22E Revised Base Case Dividend Growth 29% 28% '19E (1) Leverage Net Debt/LTM EBITDA 2.9x 3.2x '19E 29% 29% "20E 2.7x 3.1x ¹20E Preliminar. Draft 20% 20% ¹21E 2.5x 2.7x ¹21E 20% 20% ¹22E 2,2x BAIRD '22E Project Bronco 2.5x Page 6

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