Baird Investment Banking Pitch Book

AM FINANCIAL SUMMARY ($ in millions, except per share and unit data) EBITDA $2,000 $1,600 $1,200 $800 $400 $0 $1,500 $1,200 $900 $600 DISTRIBUTIONS TO AM & IDRs $300 $529 $0 2017A 2018E 22% $317 $247 $70 2017A $730 IDRS Source: Antero management. 31% $463 '18-'22 CAGR: 22% $1,222 $989 AM $321 $143 2018 E 2019E 2020E 36% $649 $414 IDRs % of Total Distributions $236 2019E 40% $889 $533 $355 $1,413 2020E 2021E 2022E 42% $1,102 $640 $1,642 $462 2021E 43% $1,356 $767 $589 2022E DCF & DISTRIBUTIONS $1,600 $1,200 $800 $400 $0 $1,000 $800 $600 $400 $200 1.3x $0 $421 $317 2017A Distributed Cash $746 2.3x 1.3x GROWTH CAPEX & LEVERAGE $594 $463 2018E $579 2.3x 1.3x $851 2017A 2018E $649 2019E Growth CAPEX $776 2.2x DCF $1,034 1.2x Confidential $889 2020E $656 2.2x 2019E 2020E Coverage Ratio $1,226 1.1x $1,102 Leverage 2021E $386 2.1x BAIRD $1,429 1.1x $1,356 $294 2.0x 2022E 2021E 2022E 3.0x 2.7x 2.4x 2.1x 1.8x 1.5x 1.2x Project Bronco | Page 21

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