#1PROJECT BRONCO CONFIDENTIAL DISCUSSION MATERIALS August 22, 2018 Confidential - Preliminary Draft BAIRD#2TABLE OF CONTENTS CONFIDENTIAL DISCUSSION MATERIALS VAP Confidential - Preliminary Draft Exchange Ratio Analysis Pro Forma Impact at 1.773x (incl. $3.00 cash) 1 BAIRD 1 2 Page 1#3EXCHANGE RATIO ANALYSIS Confidential - Preliminary Draft#4HISTORICAL EXCHANGE RATIO Historical exchange ratio analysis AMGP Proposal AR / AM Proposal $19.36 2.00x 1.90x HISTORICAL EXCHANGE RATIO 1.80x 1.70x 1.60x 1.50x 1.40x 1.30x Current AMGP Price 1.20x AMGP IPO $19.36 Equity Exchange 1.62x 07/21/17 1.71x по 10/08/17 Equity Component $31.32 $33.11 + M พ 12/26/17 Cash per AM Unit 3.00 $3.00 = = Confleste Freliminar Draft 03/15/18 Note: Avg. "Unaffected" represents the average exchange rate from AMGP IPO to 2/23/18, last close to announcement of the special committees. Total Takeout Price $34.32 $36.11 ÷ 06/02/18 Current AMGP Price $19.36 $19.36 BAIRD All-in Exchange 1.773x 1.865x AR / AM Proposal: 1.865x AMGP Proposal: 1.773x 8/21/18 Current: 1.59x Average "Unaffected": 1.55x Project Bronco Page 2#5EXCHANGE RATIO BRIDGE 2.0x 1.8x 1.6x 1.4x 1.2x 1.0x Note, this exchange ratio may change based on current market prices 1.59x Current Natural Exchange Ratio 0.08x AR Forecast Tax Benefit 0.04x Tax Savings on 100% of Tail Period Cenikderdel-Preliminar Part 7 Current "All-in" AMGP Offer: 1.773x 0.01x Series B Premium Dilution 1.73x BAIRD Adjusted Exchange Ratio Project Bronco Page 3#6EXCHANGE RATIO BRIDGE Based on the average "unaffected" natural exchange ratio (¹) 2.0x 1.8x 1.6x 1.4x 1.2x 1.0x (1) 1.55x Avg. "Unaffected" Natural Exchange Ratio 0.08x AR Forecast Tax Benefit 0.04x Tax Savings on 100% of Tail Period 0.01x Trellminan. Draft Avg. "unaffected" natural exchange ratio represents the average exchange rate from AMGP IPO to 2/23/18, last close to announcement of the special committees. Series B Premium Dilution Current "All-in" AMGP Offer: 1.773x *****... 1.68x BAIRD Adjusted Exchange Ratio Project Bronco Page 4#7FULLY-DILUTED EXCHANGE RATIO ANALYSIS Exchange Ratio derived from current trading levels and full Series B dilution ■ Assuming an efficient market is anticipating an AMGP acquisition of AM, AMGP's share price should already reflect some amount of dilution from the Series B issuance Baird has reviewed Wall Street research, which anticipates ~4.1 million AMGP shares issued to Series B holders in an AMGP acquisition of AM (1) Current Exchange Ratio ($ in millions, except per share / unit data) a) AMGP Market Cap b) AMGP Shares O/S c) Unanticipated AMGP Shares AMGP Price / Share [a/ (b+c)] AM Price / Unit Based on this market view and the proposed issuance of 18.5 million AMGP shares to Series B holders, 14.4 million AMGP shares are not priced into the current exchange ratio Including the dilutive impact of an additional 14.4 million new AMGP units implies an exchange ratio of 1.72x Current Exchange Ratio Note: Current market data as of August 21, 2018. Wells Fargo Equity Research. $3,605 186.2 Freliminary Grafi $19.36 $30.86 1.59x **** Fully-Diluted Exchange Ratio ($ in millions, except per share/unit data) a) AMGP Market Cap b) AMGP Shares O/S c) Unanticipated AMGP Shares Fully-Diluted AMGP Price / Share [a / (b+c)] AM Price / Unit Implied Exchange Ratio BAIRD Project Bronco $3,605 186.2 14.4 $17.97 $30.86 1.72x Page 5#8Confidential - Preliminary Draft PRO FORMA IMPACT AT 1.773x (incl. $3.00 cash)#9PRO FORMA IMPACT AT 1.773x (incl. $3.00 cash) ($ in millions, unless otherwise noted) DCF per AM LP Unit $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 $5.00 $4.00 $3.00 $2.00 $1.00 I $0.00 ($0.10) (3.7%) ————————— $2.75 $2.65 2019E ($0.19) (8.6%) 2020E 2021E 2022E Distribution per AM LP Unit (at status quo coverage) Accretion / (Dilution) $0.00 0.0% $3.24 $3.24 Excludes impact of cash received $2.21 ▬▬▬▬▬▬▬▬▬ ▬ ▬ ▬▬▬▬▬ $2.02 $0.08 2.2% $2.85 $2.79 $3.75 $3.83 Accretion / (Dilution) ($0.06) (2.2%) ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ $0.03 0.8% Status Quo $0.16 3.7% $3.42 $3.45 2021E $4.29 $4.45 ▬▬▬▬▬▬▬▬▬▬▬▬ $0.13 3.1% $4.10 $4.23 2022E 1.773x XR (incl. $3.00 cash) DCF per AMGP Share $3.00 $2.00 $1.00 $0.00 1.50x 1.00x 0.50x I I 0.00x Confidenca Preliminar Draft $0.75 84.2% $0.89 1.31x $1.64 1.20x Accretion / (Dilution) $0.66 49.4% 2019E 2020E 2021E Required Coverage Ratio to Hold AM Flat $1.34 2019E $2.00 2019E 2020E Source: Antero management projections. As of August 21, 2018. Note: Assumes AMGP purchases 100% of AM public units (188.2 million on a fully diluted basis); AMGP issues 304.5 million shares to current AM unitholders. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series 8 units. 1.16x 1.13x $0.63 36.0% 2020E $1.74 $2.37 1.11x 1.12x 2021E $2.22 $0.53 23.8% BAIRD $2.75 2022E 1.05x 1.08x Project Bronco 2022E Page 6#10PRO FORMA IMPACT AT 1.773x (incl. $3.00 cash) ($ in millions, unless otherwise noted) Total Cash to AR Shareholders (at status quo coverage) Total cash flow from midstream ownership $600 $5.00 $400 $300 $200 $100 $0 $278 127% $219 $496 2019E Accretion / (Dilution) ($6) (2.2%) $282 $275 2020E $3 0.8% Status Quo $338 $341 ▬▬▬▬▬▬▬▬▬▬▬▬▬▬-L 2021E $13 3.1% $405 $418 2022E 1.773x XR (incl. $3.00 cash) LEVERAGE Net debt/LTM EBITDA at year-end 4.0x 3.0x 2.0x 1.0x 0.0x 2.3x 3.0x 2018E 2.3x 2.8x 2019E Trellminar Draft 2.3x 2.7x 2020E Source: Antero management projections. As of August 21, 2018. Note: Assumes AMGP purchases 100% of AM public units (188.2 million on a fully diluted basis); AMGP issues 304.5 million shares to current AM unitholders. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series 8 units. 2.1x 2.5x 2021E 2.0x BAIRD Project Bronco 2.3x 2022E Page 7