#1#2#3#4HISTORICAL HOLDINGS OF SELECTED MANAGEMENT ($ and shares in millions) Series B AMGP AR Market Cap Less: Peg Series B Pool Conversion Value (5.92%) Net to Paul / Glen (81.1%) Shares Held Share Price Market Value to Paul / Glen Shares Held Share Price Market Value to Paul / Glen Source: Capital IQ and SEC filings. Note: Shares held exclude options and non-vested shares. @AMGP IPO 05/03/17 $4,375 (2,000) $2,375 $141 $114 35.9 $23.50 $844 26.4 $21.14 $558 12/31/17 $3,672 (2,000) $1,672 $99 $80 37.3 $19.72 $736 26.1 $19.00 $497 Preliminar Draft 03/31/18 $2,977 (2,000) $977 $58 $47 37.3 $15.99 $597 26.1 $19.85 $519 BAIRD Current 07/03/18 $3,540 (2,000) $1,540 $91 $74 37.3 $19.01 $710 26.1 $21.34 $558 Project Bronco | Page 3#5#6uminary Draft A strong valuation arbitrage between E&P and midstream still exists, despite the recent pressure against the MLP model Gas-Weighted Upstream EV / 2019E EBITDA Multiples 5.0x Antero 7.1x 6.8x 4.5x Median: 5.6x EQT Gulfport Source: Wall Street consensus estimates. Excludes IDR distributions to sponsor. 6.2x 4.7x Swn 9.5x 8.8x Sponsored Midstream EV/2019E EBITDA Multiples (¹) Antero CNX 11.2x 8.7x 9.8x A ENLINK EQT Midstream HESS 31 MIDSTREAM 10.3x Median: 9.7x 9.0x 11.0x noble CASIS Western Gas Non-Sponsored Midstream EV / 2019E EBITDA Multiples (¹) Median: 10.5x 9.9x Crestwood 14.5x 7.8x BAIRD ONBOK SUMMIT Project Bronco | 11.1x TARGA Page 5#7Highly Unlikely that AMGP would have the desire to acquire AR AMGP public shareholders own ~25% of AR shares outstanding Value of Holdings ($mm) Investor 1 SailingStone Capital Partners 2 The Baupost Group 3 Tortoise Capital Advisors 4 Goldman Sachs Asset Management 5 The Vanguard Group 6 FPR Partners 7 BlackRock 8 Sound Shore Management 9 Neuberger Berman 10 Brave Warrior Advisors 11 Temasek Holdings 12 Alps Advisors 13 Oppenheimer Asset Management 14 Harvest Fund Advisors 15 Tinicum Capital Partners 16 Canton Investment Holdings 17 ChickasawCapital Management 18 Thompson, Siegel & Walmsley 19 State Street Global Advisors 20 Atlantic Trust Advisors 21 Salient Capital Advisor 22 Wellington Management Company 23 Dimensional Fund Advisors 24 Key Group Holdings 25 Yale University 26 Millenium Management 27 Eagle Global Advisors 28 UBS Asset Management 29 Cohen & Steers Capital Management 30 Stanford Management Company Source: Capital IQ and SEC filings as of July 3, 2018. Total Antero Family Market Cap $744 567 448 444 438 360 287 248 245 235 208 204 193 183 161 156 143 142 141 134 132 125 117 116 96 82 80 72 65 62 % of Total Market Cap Owned 4.7% 3.6% 2.8% 2.8% 2.8% 2.3% 1.8% 1.6% 1.6% 1.5% 1.3% 1.3% 1.2% 1.2% 1.0% 1.0% 0.9% 0.9% 0.9% 0.8% 0.8% 0.8% 0.7% 0.7% 0.6% 0.5% 0.5% 0.5% 0.4% 0.4% AR $744 567 9 29 433 245 265 248 27 235 208 0 10 0 0 82 0 142 140 0 0 123 117 116 96 82 0 15 0 48 AMGP $0 0 106 105 5 115 5 0 33 0 0 1 133 36 42 74 0 0 1 80 2 1 0 0 0 0 43 0 65 14 AM $0 0 333 310 0 0 17 0 185 0 0 203 49 146 119 0 143 0 0 54 S 130 0 0 0 0 0 37 57 0 0 Shares-AR 34,867,589 26,587,791 426,849 1,354,827 20,310,821 11,482,583 12,422,965 11,620,868 1,287,715 10,988,904 9,755,618 8,110 484,263 22,841 3,847,251 6,677,371 6,567,941 5,779,274 5,499,386 5,445,777 4,516,262 3,830,049 706,989 2,246,194 Trellminan Praft AR% Ownership 11.0% 8.4% 0.1% 0.4% 6.4% 3.6% 3.9% 3.7% 0.4% 3.5% 3.1% 0.0% 0.2% 0.0% 0.0% 1.2% 0.0% 2.1% 2.1% 0.0% 0.0% 1.8% 1.7% 1.7% 1.4% 1.2% 0.0% 0.2% 0.0% 0.7% Ownership at Each Antero Family Shares- AMGP 5,568,945 5,528,048 249,399 6,050,092 276,718 1,724,404 66,650 6,999,102 1,912,955 2,227,200 3,891,100 69,011 4,225,250 96,634 63,898 3,252 2,281,161 3,436,318 730,804 AMGP % Ownership Shares-AM 0.0% 0.0% 3.0% 3.0% 0.1% 3.2% 0.1% 0.0% 0.9% 0.0% 0.0% 0.0% 3.8% 1.0% 1.2% 2.1% 0.0% 0.0% 0.0% 2.3% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 1.2% 0.0% 1.8% 0.4% 11,306,444 10,512,159 574,012 6,281,423 6,887,061 1,668,425 4,962,047 4,027,276 4,869,017 1,836,196 4,417,234 1,257,849 1,948,482 BAIRD AMX Ownership 0.0% 0.0% 6.0% 5.6% 0.0% 0.0% 0.3% 0.0% 3.4% 0.0% 0.0% 3.7% 0.9% 2.7% 2.2% 0.0% 2.6% 0.0% 0.0% 1.0% 2.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.7% 1.0% 0.0% 0.0% Project Bronco | Page 6