Baird Investment Banking Pitch Book

Yield 2 AMGP'S UNIQUE GROWTH PROFILE RELATIVE TO PEERS AMGP's current valuation metrics are vastly different than its closest peers due to its significant growth expectations Firm Value / EBITDA Price / CAFD 10% 8% 6% 4% 2% 0% 60% 50% 40% 30% 20% 10% 5.0% 0% 3.0 % 2018 2019 48% 7.0% 7.3% 6.3% 6.7% 8% 7.3% ETE 5.7% AMGP ETE ENLC EQGP WGP Distribution Growth 2018-2021 (Using Management Cases) AMGP Current Comparison 8.1% 72% 9% AMGP ENLC Source: Antero management, Partnership filings and S&P Capital IQ. 30x 25x 18% 20x 15x 10x 5x Ox EQGP 245, 14.9x AMGP AMGP's growth begins to resemble peers by 2022 10% 2018 2019 WGP 13.6x33x 13.7% 13.0x ETE ENLC 17.7x EQGP 60% 50% 40% 30% 20% 10% 13.4x 13.9x 0% Confiska Preliminary Praft 12.6x WGP 28% AMGP 21-22 Growth 35x 32.7x 30x 25x 20x 15x 10x 5x 0x + 8% 19.9x ΕΤΕ 12.6024x 2018 2019 AMGP in 2021/2022 AMGP ETE ENLC 9% 13.32.6x ENLC 18% BAIRD 17.7x 134x 138x 12.6x EQGP WGP 10% EQGP WGP Project Bronco | Page 61

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