#1PROJECT BRONCO CONFIDENTIAL DISCUSSION MATERIALS July 22, 2018 Confidential - Preliminary Draft BAIRD#2#3IMPLIED PREMIUM AT 1.65x EXCHANGE RATIO Based on Current AM Unit Price (as of July 20) Current AMGP Price $19.24 X Current AMGP Price $19.19 Based on AM "Clean" Unit Price (as of Feb. 23) Proposed Exchange Ratio 1.65x X Proposed Exchange Ratio 1.65x Implied Takeout Price $31.75 Implied Takeout Price $31.66 ·|- Current AM Price $31.64 Current AM Price $26.49 Telminar: Praft Implied Premium 0.3% Implied Premium 19.5% BAIRD Project Bronco | Page 2#4PRO FORMA IMPACT AT 1.65x EXCHANGE RATIO ($ in millions, unless otherwise noted) DCF per AM LP Unit $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 ($0.03) (0.9%) $500 $400 $300 $200 $100 $0 $2.75 $2.72 ($13) (5.9%) Accretion/(Dilution) $219 $206 $0.09 2.7% 2019E 2020E Total Cash to AR Shareholders Total Cash Flow from Midstream Ownership $3.24 $3.33 $0.17 4.6% $3.75 $3.93 $282 $283 2021E Accretion/ (Dilution) $1 0.4% $11 3.2% $338 $349 Status Quo $0.25 5.8% $4.29 $4.54 2022E $21 5.3% $405 $427 $5.00 $4.00 1.65x Exchange Ratio Distribution per AM LP Unit (at status quo coverage) Accretion / (Dilution) $0.01 0.4% $3.00 $2.00 $1.00 $0.00 $3,150 $3,100 $3,050 ($0.13) (5.9%) $3,000 $2.21 $2.08 Preliminar Draft $2.85 $2.86 2019E 2020E AR's Implied Value of Midstream Holdings Assuming no change in unit/share price $3,200 $3,128 Status Quo $0.11 3.2% 2019E 2020E 2021E 2022E Source: Antero management projections Note: Assumes AMGP purchases 100% of AM public units (188.1 million on a fully diluted basis) with 100% equity at a 1.650x exchange ratio; AMGP issues 310.5 million shares to current AM unitholders. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series B units. $3.42 $3.53 2021E $4.10 $3,139 BAIRD $0.22 5.3% Pro Forma $4.32 2022E Project Bronco | Page 3