#1PROJECT BRONCO CONFIDENTIAL DISCUSSION MATERIALS December 27, 2018 Confidential - Preliminary Draft BAIRD#2RELATIVE PRICE PERFORMANCE Confidential - Preliminary Draft#3ANTERO FAMILY PRICE PERFORMANCE - SINCE 1/1/18 AR 1.1% 30.0% 20.0% 10.0% 0.0% (10.0%) (20.0%) (30.0%) (40.0%) (50.0%) (50.0%) Pre Analyst Day - 13D Filing AM AMGP 7.0% 5.4% 01/01/18 Source: Capital IQ. 1/18/18: Analyst Day 1/29/18: Sailing Stone files 13D 2/26/18: Announced formation of Special Committee 03/01/18 AMZ 1.9% - AR AR (5.6%) 04/30/18 Pre 13D Filing - Pre Simplification AM (11.0%) AM AMGP (22.3%) www 06/29/18 Candidate Preliminar Draft AMZ (7.9%) -AMGP 08/28/18 AR (49.3%) AMZ Post Simplification - Current AMGP (40.1%) AM (36.5%) 10/9/18: Announced AM/AMGP simplification 10/27/18 Project Bronco BAIRD AMZ (20.6%) (18.7%) (25.9%) (43.3%) (48.1%) 12/26/18 Page 1#4AM-AMGP EXCHANGE RATIO Represents the historical implied exchange ratio of AM/ AMGP Implied Exchange Ratio 2.00x 1.90x 1.80x 1.70x 1.60x 1.50x 1.40x 1.30x 01/01/18 Source: Capital IQ. 03/13/18 huur 05/24/18 10/9/18 (Pre-mkt): Announced AM/AMGP simplification 08/04/18 Preliminary Praft Mayo 10/15/18 Current: 1.924x BAIRD Ratio to AM: 1.833x Ratio to AR: 1.776x 12/26/18 Project Bronco Page 2#5SUMMARY: REVISED GUIDANCE Confidential - Preliminary Draft#6STATUS QUO ANTERO MIDSTREAM EBITDA ($ in millions) 3-Yr Distr. CAGR Prior Revised $989 $890 '19E 18.4% 18.0% 3-Yr Distr. CAGR Prior Revised '19E Distribution per LP Unit 22.9% 19.4% $2.21 $2.21 $1,222 Source: Antero management. $1,142 "20E $2.85 $2.85 "20E $1,413 $1,337 '21E $3.42 $3.42 ¹21E Prior Base Case $1,642 $1,464 '22E $4.10 $3.76 "22E Revised Base Case DCF ($ in millions) 3-Yr Distr. CAGR Prior Revised $843 '19E $728 1.30x 19.0% 20.6% Coverage Ratio 1.12x $19E $1,027 $928 ¹20E 1.16x 1.05x ¹20E Preliminary Raft $1,219 $1,145 '21E 1.11x 1.04x ¹21E $1,421 BAIRD $1,277 ¹22E 1.05x 1.04x Project Bronco ¹22E Page 3#7STATUS QUO ANTERO MIDSTREAM (CONT.) Growth Capex ($ in millions) $776 $705 ¹19E Source: Antero management. $656 $744 *20E $386 $308 ¹21E Prior Base Case Total Capex (19-22) Prior Revised $294 $2,112 $1,870 $113 '22E Revised Base Case Leverage Net Debt/LTM EBITDA 2.3x 2.5x '19E 2.3x 2.6x ¹20E Treliminar Draft 2.1x 2.4x '21E 2.0x '22E Project Bronco BAIRD 2.2x Page 4#8STATUS QUO AMGP After-Tax DCF ($ in millions) $165 $165 '19E Source: Antero management. $249 $249 ¹20E $324 $324 '21E Prior Base Case $414 $369 '22E Revised Base Case Distribution per Share 3-Yr Distr. CAGR Prior Revised 35.8% 30.7% $0.89 $0.89 '19E $1.34 $1.34 "20E Trellminar Paft $1.74 $1.74 ¹21E $2.22 BAIRD Project Bronco $1.98 '22E Page 5#9NEW ANTERO MIDSTREAM (OR PRO FORMA AMGP) Dividend per Share 3-Yr Distr. CAGR Prior Revised $1.24 $1.24 '19E 22.9% 22.8% Coverage Ratio 1.32x 1.13x '19E $1.60 $1.60 "20E 1.24x 1.10x "20E $1.93 $1.92 Source: Antero management. (1) Growth rate assuming an all-in exchange ratio of 1.776x '21E 1.23x 1.15x ¹21E Prior Base Case $2.31 $2.30 ¹22E 1.19x 1.07x "22E Revised Base Case Dividend Growth 29% 28% '19E (1) Leverage Net Debt/LTM EBITDA 2.9x 3.2x '19E 29% 29% "20E 2.7x 3.1x ¹20E Preliminar. Draft 20% 20% ¹21E 2.5x 2.7x ¹21E 20% 20% ¹22E 2,2x BAIRD '22E Project Bronco 2.5x Page 6#10PRO FORMA IMPACT TO AR DCF per AR-Owned AM Unit Dividend per AR-Owned AM Unit Total Cash to AR from Midstream Holdings ($ in millions) Source: Antero management. Status Quo: Revised Base Case $2.42 $0 $2.63 '19E Cash at close $3.00 $3.00 At Close $297 $297 $2.24 At Close Dividends $2.21 $2.96 '19E $3.19 $1.99 $1.99 1.12x 1.32x 1.13x "19E $219 $197 $196 ¹20E Prior PF Base Case $2.82 $2.85 $2.57 $2.56 1.05x 1.24x 1.10x '20E $3.54 '20E $282 $254 $253 $3.79 ¹21E '21E Revised PF Base Case $3.51 $3.42 $338 $305 $303 Preliminar Draft $3.09 $3.07 1.04x 1.23x 1.15x ¹21E $3.89 ¹22E $4.41 $372 $366 $364 I ¹22E $3.76 $3.70 $3.68 BAIRD 1.04x 1.19x 1.07x '22E $3.94 $1,210 $1,419 $1,413 Total Cash Through 2022 Project Bronco | Page 7#11PRO FORMA IMPACT TO AR Dividend per Share - OLD PROJECTIONS Accretion / [Dilution) ($0.28) (9.8%) ($0.22) (9.8%) Cumulative Accretion: $1.77 $3.00 NA $3.00 At Close $2.21 $1.99 1.31x 1.32x Source: Antero management. '19E $2.85 $2.57 1.16x 1.24x '20E ($0.33) (9.8%) 1 $3.42 1.11x 1.23x $3.09 '21E $3.00 NA Standalone $3.00 At Close ($0.40) i (9.7%) $4.10 ($0.23) (10.9%) Cumulative Accretion: $2.44 1.05x 1.19x $2.10 $3.70 '22E '19E $1.87 $2.54 Pro Forma Accretion / (Dilution) ($0.19) (7.7%) Dividend per Share - NEW PROJECTIONS Accretion / (Dilution) ($0.29) (10.0%) ($0.22) (10.1%) Cumulative Accretion: $2.06 ¹20E $2.35 $3.00 NA Dividend per Share @ 1.2x Flat Coverage - NEW PROJECTIONS $3.00 At Close ($0.10) (3.3%) $3.03 $2.93 $2.21 ¹21E $1.99 1.12x 1.13x *19E Trellminary Pratt $2.85 ($0.04) i (1.2%) ! $3.32 $3.28 '22E $2.56 1.05x 1.10x ¹20E ($0.35) (10.3 %) $3.42 $3.07 '21E BAIRD ($0.08) (2.2%) $3.76 Project Bronco 11L 1.04x 1.15x 1.04x 1.07x $3.68 '22E Page 1