Baird Investment Banking Pitch Book

1 AM MODIFIED COVERAGE CASE: FINANCIAL SUMMARY AM forecast across key financial metrics EBITDA & MARGINS ($ in millions) 68% ($/ unit) $529 1.27x $1.72 75% 2018E $729 EBITDA Source: Antero management. 84% 1.22x $1.66 $989 AM Dist/ Unit 2017A 2018E 2019E 2020E 2021E 2022E DISTRIBUTIONS / UNIT & DISTRIBUTION COVERAGE LQA -% Margin 84% -Coverage Ratio 2018-2022 Distribution CAGR: 21% 1.32x $1,222 $2.18 2019E 82% $2.69 $1,413 | 1.24x 2020E $3.14 83% 1.23x $1,642 2021E $3.68 1.19x 2022E DCF & DISTRIBUTIONS ($ in millions) $421 $70 $247 2017A $746 AM Distributions 2.3x 2017A $587 $143 $321 2018E GROWTH CAPEX & LEVERAGE ($ in millions) 2.3x $538 $844 2018E $231 $409 2018-2022 DCF CAGR: 25% 2019E Net Debt/LTM EBITDA Confidential $776 2.2x IDRS 2019E $1,028 $325 $503 2020E $656 2.2x Total DCF 2020E $1,223 $409 $587 2021E 2.0x Growth CAPEX $386 BAIRD 2021E $1,430 $511 $689 2022E 1.8x $294 2022E Project Bronco | Page 24

View entire presentation