Baird Investment Banking Pitch Book

CASH FLOW BREAKOUT IN 2019 Status Quo 2019 Cash Flow Breakout ($ in millions) $850 AM Generated Distr. Cash Flow ($201) $850 Coverage Ratio (1.31x) $649 ($201) Pro Forma 2019 Cash Flow Breakout ($ in millions) $414 Cash Flow AM Holders Distributed $649 $385 $12 Cash Flow AM Holders Distributed Series B Holders $24 Composed of $56 mm tax and $2 mm G&A Series B Holders $58 AMGP Tax + G&A $165 X AMGP Tax + G&A AMGP Holders Per Antero guidance, $56 mm of tax and $2 mm of G&A are eliminated $240 Contleende preliminar Draft AMGP Holders AMGP 25% Series B 2% Tax + G&A 9% AMGP 37% AM Generated Distr. Cash Coverage Ratio (1.31x) Flow 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. Note, AM % shrinks; AMGP & Series B % increases Series B $649 Cash Distributed $649 Cash Distributed Project Bronco BAIRD AM 64% AM 59% Page 5

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