Baird Investment Banking Pitch Book

PRO FORMA LEVERAGE ANALYSIS NET DEBT/LTM EBITDA AT YEAR-END 3.3x 2.3x 2018E Source: Antero management projections. AM Proposal 1.71 XR + $3.84 cash 3.0x 2.3x 2019E Includes: CNXM, EQM, HESM, NBLX, OKE, OMP, TRGP and WES 2.9x 2.3x 2020E AMGP Proposal 1.650 XR 2.7x 2.1x 2021E 2.4x 2.0x 2022E eliminan. Draft Peer Group Median (¹) (Current Net Debt/ LTM EBITDA) 3.4x Current BAIRD Project Bronco | Page 5

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