#1Project Alpine Special Committee Materials September 2, 2018 CONFIDENTIAL DRAFT SUBJECT TO CHANGE TUDORPICKERING HOLT&CO ENERGY INVESTMENT & MERCHANT BANKING#2Table of Contents Antero Situation Overview AM Financial Analysis AMGP Financial Analysis Analysis of Transaction Pro Forma Impact for AMGP Proposal Pro Forma Trading Analysis After-Tax Pro Forma Impact Supplemental Materials for AMGP Proposal Appendix CONFIDENTIAL DRAFT SUBJECT TO CHANGE || ||| IV V VI VII TUDORPICKERING HOLT&COI: ENERGY NYESTMENT & MERCHANT BANKING 2#3I. Antero Situation Overview CONFIDENTIAL DRAFT SUBJECT TO CHANGE TUDORPICKERING HOLT&CO EVEAGY NYERTENT& MERCHANT BANKING 3#4Prior vs. Current Since August 14, 2018 Special Committee Meeting ■Updated materials to reflect most recent AMGP and AM Proposals 0 AMGP Proposal: 1.614x AMGP shares, $3.00 of cash consideration, and a special one-time distribution on the unaffiliated AM units of $0.415 (All-in exchange ratio of 1.797x) ☐ For post- unitholder tax analysis, cash used to pay taxes and remaining cash assumed to be used to purchase additional secondary shares CONFIDENTIAL DRAFT SUBJECT TO CHANGE AM Proposal: 1.710x AMGP shares and $3.00 of cash consideration for each AM Unit (All-in exchange ratio of 1.884x) ■ Cash consideration financed by term loan at 5.5% interest rate per company guidance ■ Special distribution taxed as ordinary income ■Updated materials for market prices at close 8/30/2018 TUDORPICKERING HOLT&CO CHANT BANKING 4#5Summary of Proposal from AMGP Description Proposal Component Consideration Series B Valuation Pro Forma Ownership Splits AMGP's Original Stated Rationale for Transaction Governance Each AM Common Unit to receive: 1.614 AMGP units $3.00 Cash Public unitholders to receive $0.415 special cash distribution at closing ■ Represents a 4% premium to current spot XR as of August 30, 2018 Based on prices as of February 23, 2018, offer implies a 18% premium to AM's closing price and 6% premium to 30- day VWAP Based on prices as of August 30, 2018, implies a (1%) discount to AM's 30-day VWAP Series B units will be exchanged for 18.5mm AMGP shares ■ Implies -$320mm valuation at market close as of August 30, 2018 Newly issued AMGP shares will vest on the same schedule as Series B units □ Unvested new AMGP shares do not accrue dividends Pro forma for transaction equity ownership breakdown as follows: AM Unitholders: -59.7% AMGP Shareholders: -36.6% Series B Unitholders: -3.6% ■ Streamlined Transaction Structure CONFIDENTIAL DRAFT SUBJECT TO CHANGE Single, publicly-traded midstream corporation □Alignment of management incentives between AM unitholders, AMGP shareholders and Series B unitholders Improved Financial Performance ☐ Elimination of IDR's will reduce PF AMGP's cost of capital relative to SQ entity Elimination of Serie will increase cash available for distribution to PF equity owners ☐ Expected elimination of cash taxes payable by PF AMGP through 5-year forecast as a result of the tax basis "step-up" attributable to the Transaction and additional depreciation generated from capital investment Enhanced Trading Metrics PF AMGP will have larger float and greater liquidity Larger potential investor base given institutional investor preference for traditional C-corp structure □New shares should, over time, be eligible for inclusion in major indices further expanding investor universe ■PF AMGP will be reestablished as a Delaware C-corp 9-member independent, Board of Directors with no more than 4 appointed by AR, the Sponsors or Management ■AR, the Sponsors, and Management agree to vote in support of independent directors nominated by the Nominations & Governance Committee TUDORPICKERING HOLT&COCHANT BANKING 5#6Antero Entities Ownership Overview (Sin millions, unless otherwise noted) (2) Organizational Structure Overview Werburg Pincus LLC Yorktown Partners LLC Total Sponsor Paul Rady Gan Warren Total Management TOTAL Public Shareholders) Management 46,409 12,905 59,514 16.350 10,823 3 81,301 AR Antero Resources ("AR") Value (SMA) $309 $304 50 $513 * Outbanding 14.7% 5.2% 3.40€ 27.2% Sponsors 19% 303 207 353 863 863 V MM Management 59 56 5:10 Antero Midstream Partners GP LLC Non-Econ SponsorManagement Ownership * Outstanding 0.2% Antero Midstream GP LP {"AMGP") 0.7% 0.20 0.5% Antero Midstream Partners LP ("AM") #Shane (0001) 15,534 70,644 19,997 108,509 Source: Company filings, FactSet as of 8/30/2018. (1) 50% of Series B remain unvested; remaining 50% will vest half on 12/31/2018 and half on 12/31/2019. All shares automatically vest upon the liquidation of IDR LLC. Value based on 6% of AMGP equity value above $2,000mm. AR net debt consolidates for AM. V (Public Shareholders 100% Series A Units Antero IDR Holdings ("IDR LLC") 100% IDRS AMGP-SA 47% LP $1,221 $1,875 * Outstanding 10.7% 100% Series 8 Units 20.30 58.3% Metric Price (as of 8/30/2018) Fully Dilluted Shares OVS Market Equity Value GP Equity Value Total Equity Value Net Debe Series B Value Total Enterprise Value Value of AM Unis Held . 48 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 32 19 49 MGP-Series 545 AR AM AMGP $18.87 $29.74 $17.28 322 6,074 5:18 543 543 3,218 6,074 8,812 3,218 1,400 Public Unitholders $11,348 $10,213 Management 48.7% 100% Total Total Appregate Investment 5499 579 $3,630 (5) 73 $3,285 TUDORPICKERING 6 HOLT&COCHANT BANKING#7Antero Midstream Timeline Relative Performance Since AM IPO (11/5/2014) (1,2) 150% 125% 100% 75% 50% 25% Nov-14 -AM 11/5/2014 AM IPO AM Peers May-15 AMGP www Nov-15 -AMGP Peers 3/24/2016 AM prices offering of -8MM common units (-$179MM) from AR May-16 AR AMZ o Notable Events 2/6/2017 AM prices public offering of -6MM common units (-$198WM) men ww Nov-16 May-17 Primary Issuance 9/6/2017 AM prices public offering of -10MM common units (-$315MM) from AR CONFIDENTIAL DRAFT SUBJECT TO CHANGE Nov-17 2/23/2018 Antero Midstream Partners announces the formation of Special Committee 12/22/2017 The Tax Cuts & Jobs Act is signed into law Secondary Issuance May-18 19% 2/14/2018 SailingStone Capital files 13D disclosing 11% stake in Antero Resources (11%) W (20%) (26%) (43%) (64%) Source: Company filings, FactSet as of 8/30/2018. Note: AM peers include BPMP, CNXM, EQM, HESM, NBLX, PXSP, SHLX, WES, and VLP. AMGP peers include EQGP and WGP. Note: AM peer selection considered E&P sponsored MLPs and high-growth MLPs, categorized as such if current - 2022E distribution growth CAGR is greater than 10%. TUDORPICKERING (1) Indexed values reflect total return on investment. Distributions and dividends reinvested at current market price on date paid. HOLT&COCHANT BANKING AM price performance indexed to IPO price of $25.00 and AMGP price performance indexed to IPO price of $23.50. 7#8Antero Midstream Timeline Relative Performance Since Committee Announcement (2/23/2018) (1) 130% 120% 110% 100% 90% 80% Feb-18 — AM Mar-18 AM Peers Apr-18 AMGP May-18 AMGP Peers May-18 AM E&P Sponsored Peers my Jun-18 Jul-18 AR my My Source: Company filings, FactSet as of 8/30/2018. Note: AM peers include BPMP, CNXM, EQM, HESM, NBLX, PXSP, SHLX, WES, and VLP. AM E&P Sponsored peers include CNXM, EQM, HESM, and NBLX, AMGP peers include EQGP and WGP. Note: AM peer selection considered E&P sponsored MLPs and high-growth MLPs, categorized as such if current - 2022E distribution growth CAGR is greater than 10%. (1) Indexed values reflect total return on investment. Distributions and dividends reinvested at current market price on date paid. AMZ Aug-18 CONFIDENTIAL DRAFT SUBJECT TO CHANGE Aug-18 12% 7% (0%) (6%) (10%) (12%) TUDORPICKERING HOLT&COI: MERCHANT BANKING 8#9Antero Midstream Timeline Relative Performance Since Committee Announcement (2/23/2018) (1) 130% 120% 110% 100% 90% 80% 23-Feb-18 18-Mar-18 Ay with n -AM 10-Apr-18 3-May-18 CNXM EQM 26-May-18 HESM 18-Jun-18 Source: Company filings, FactSet as of 8/30/2018. (1) Indexed values reflect total return on investment. Distributions and dividends reinvested at current market price on date paid. NBLX my چیست 11-Jul-18 3-Aug-18 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 12% 11% (8%) (14%) 26-Aug-18 TUDORPICKERING 9 HOLT&COCHANT BANKING &#10(in millions, unless otherwise noted) AM LP AMGP) Series B Historical XR & Distribution Comparison Since AMGP IPO (5/4/17) | Based on Spot Prices (3) Historical AM/AMGP Exchange Ratio 2.20x 2.00x 1.80x 1.60x 1.40x 1.20x 100% Q1 '15 100% Q2 '15 AMGP Proposal Spot XR Adj. XR $27/50.18 $29/$0.19 99% QO '15 $36/50.21 50 98% Q4 '15 $39 / 50.22 $1 46 96% AMP Units und www Q1 '16 AGP Market V 200 Sof 20 541 / 50.24 $2 SerThreshold AGP Units Outstanding including Serie Ad AMP Share Price Current AM Share Price 6% 94% Q2 '16 $44/$0.25 53 9% 91% Q3 '16 Contractual 121 NA STA! May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Antero Midstream Historical Distribution Split by Entity (3) DAM DAMGP Series B AM Distribution CAGR: 29% $47 / $0.27 $5 MA 60% 18.5 SINI 150 At 2/23/2018 12% 87% Yield-Based Valuation $50 / 50.28 $7 $0 13 1% MA 37 MA M SNI 20417 16 83% Transaction Contractual Waluation Q1 17 $5 / $0.30 $11 $1 13 142 AMGP Proposal 327 Current $17.28 3-Month Average (Current 58.81030-Day Average (Current) NA 2/23/2018 MA 3-Month Average (at 2/23/2018) 30-Day Average (at 2/23/2018 saySince AMGP IPO Average 6.00% AM CAGR is calculated from Q1'15 to 01'18. AMGP CAGR is calculated from Q2'17 to Q118 based on initial post-IPO distribution grossed up for full quarter. AMGP attributable distribution per AM LP unit pre-IPO. AMGP CAFD & declared distribution post-IPO. 530.5 $17.29 1.77x 19% Period 80% Q2 17 $60 / 50.32 $5 / $0.05 $1 22% 77% 6117 AMGP Distribution CAGR: 136% $63/$0.34 $11 / 50.06 $1 24% 748 Spot XR Q4 17 $68/$0.37 $14/50.08 $1 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 1.632x 1.668 1.380x 2% 01 18 Adj. XR $73 / $0.39 $20 / 50.11 $2 2% 1.850x 1.788x 1.478x 1.481x 1.850x 1.797x 1.721x Q2 '18 $71 / $0.42 $20 / 50.11 $2 Source: Company filings, FactSet as of 8/30/2018. (1) Proposal 8 Premium / (Discount) calculated as premium / (discount) between current proposal (1.775x) and adjusted XR. (2) Adjusted to reflect proposed Series B conversion, with AMGP share price calculated as (AMGP equity value + [(AWGP equity value - $2bn) x 68])/(AMGP fully diluted shares outstanding TUDORPICKERING +18.5mm). HOLT&COI: AMGP Proposal Premium/ Discount EVERUT NYES MENTA MERCHANT BANKING 2.7% 0.5% 21.54 13.1% 10#11II. AM Financial Analysis CONFIDENTIAL DRAFT SUBJECT TO CHANGE TUDORPICKERING HOLT&CO EVERGY INVESTMENTS MERCHANT BANKING 11#12EAP Spon. HG & EGP uods Other High Growth MLP AM Selected Comparable Company Analysis Company Western Gas Partners, L.P. CNX Midtream Partners LP Hess Midstream Partners LP Noble Midtream Partners LP EQT Midtream Partners LP Shell Midstream Partners LP BP Midstream Partners LP Valero Energy Partners LP Phillips 66 Partners LP Mean Median Low C&P Sponsored Mean E&P Sponsored Median Other High Growth MLP Mean Other High Growth MLP Median AM at WSCA AM at Mgmt. Estimates 2 BITDA 2019 TDA 20 Distribution Alat Mt. AM at WSC 5730 Metric LP Distribution/Unit Alat Mem $1.72 AM at WSC $1.71 Unit Price at 8/30/2018 Low 11.7% Low 7.8% 44.58 56.73 36.40 51.57 $29.74 $29.74 Total Equity Market Value $13,178 Madian 13.7% 10% Yield Range 11,958 10,389 $5,893 $3,709 $13,170 $5,943 $5,000 High 120x High D Enterprise 3,313 14,728 13,914 $7,845 $1,904 $17.344 $8,048 $3,313 $10.201 Low $20.29 Low 902.06 Dist. Growth 2018 to 2020E CA/GR Media SN Medin 15% $27.70 20% 12% 15% 15% 20% Implied Unit Price ( 14% 15% 13% 13% Implied Unit Price * Dist. to GPVIDR High High 35% 124 2 5M 35% 32% 380 17% OS 18% 10% 12% 24% 10% 10% 30% LP Distribution/Unit / Price (Yield) Current 2013 LP DCF/Unit 2019 LP DCF/Unit 7.7% 5.8% 4.8% 6.0% 4.8% 7.7% 6.8% 5.9% 5.2% at Mgmt. 224 2018E Metric 4,9% 4.9% 7.8% 6.2% 6.2% 4.9% 7.0% 6.1% 5.7% 5.8% AM at VISC $2.65 Price / DCF / LP Unit 2018E 1 14,7x 11.8x 10.6x 13.7x 115x 13.7x 14.6x Low M4x 7.7x Source: FactSet as of 8/30/2018 and Wall Street research. (1) Values GP and IDR cash flow at LP yield for MLPs with non-public GPS. (2) Defined as high-growth MLP if current - 2020E distribution growth CAGR is greater than 10%. (3) Based on Wall Street consensus estimates as compiled by FactSet. Antero Midstream Partners LP announced on February 26, 2018 that its Board of Directors had formed a special committee, in conjunction with the formation of special committees at both Antero Resources and Antero Midstream GP, to evaluate potential measures and transactions that could involve Antero Midstream. (5) Implied unit prices are calculated based on Management projections. 2019E 10.9 Modian 124 11.7x 11.3x 13.0x fi.ex 11.3x 7.7x 11.3x 10. 1x Multiple Range 12.0x High 147 13.3 Enterprise Value / EBITDA 2018E 14.4x 13.2 13.7% 18.1 12.2x 12.9 H 13.7x 11x lx 13.7x CONFIDENTIAL DRAFT SUBJECT TO CHANGE 4x Low $19.22 2019E 12.0x 10.4x 10.8x 9.7x 10.6x 10.8x 12.0x 10.8x 10.x 11.0x 11.0x Implied Unit Price $25.31 M 1.0% TUDORPICKERING HOLT&CO 1.2% MERCHANT BANKING 1.03 1.10 1.3% 1.33 1.32x 1.27x 1.03x 2.00x 1.31x 1.13x 1.27x 1,10x 530,10 1.27x $36.41 12#13Precedents | MLP Transactions Analysis easse AMGP Proposal AM Proposal Autent Date 8/1/18 5/17/ 2/7/18 1/27/18 KONT 3/2017 2/1/17 1/2017 11/21/16 5/30 11/21 10/15 7/13/15 5/6/15 4/6/15 10/13/14 11/12/14 8/10/14 LOND C-Carp Buying MLP All Wate 3rd Party Overall Energy Transfer Equity, L Chec Compan TEP, LP Tera MGP, Inc. Acquiror De Energy US, UP Energy Transfer Partners, L VTTI, EV World Terminal, Inc ONE OK, I Entry Company SLP, UP American Matran Pres LP Targ Resources Corp Trance, Inc We Refining, Inc Crewood Pers, LP TecorLogic LP Energy Transfer Partners, UP Partners LP Targ Recouro Parte LP Kinder Morgan Inc. Brum Energy Partne Purtre LP Plinican LP Kinder Morgan Energy Partnen LP Enter Products Partners Men Bled lave Man Man Ben Energy Transfer Pr Charler Energy Partners LP Holdings Target Tre Parten, LP Tem Nitrogen Co. LP ALPLP PeTex Men Partners, LO World Point Terminal, LP ONDOR Partners, LP Energy TransferParten, LP Per LP Rock item Tags Recur Partners LP Tramon Partner Northern Ter Energ Mark Energy Partners, LP QEP Partners LP Regency Energy Partners LP Aram Partners LP Partners LP Oking Partners LP DA Pere Partners QELP PVE Natural Gas Storage LP Cream Partners LP Con Energy LLC Atream Partners LP D Vale 1,474 200 963 1,1 476 3,44 2,00-4 13,259 1,202 33,340 31,191 4,002 13,677 $4.375 13,993 15,329 $4,85 5,653 12.308 $14.125 10.382 TEV/FY! Ad. Tradio ERITO Val SouComings, prem ks, presentations and Facßat for pricingdata. Representsprecedent AUP transactions by affiliated and third party MLPs, Public GP and C-C2011. Notransaction where target is a MUP. Nordensation TEV wakuu amesafed and non affrated units at offer price. 8% 12.4x 16x 129x 12 11.4x 9.% Lx 12.0x 118x 22.0 11.9x 11.0x 11.0x 173 23.0 88x 11.9 13.5 14.9 13x 10.M 10.3x 114x 1Jx 1. 34,928 1,402 206 873 1.1M 47% 1,153 5,185 22,340 1901 18,99 35,891 4,000 424 $3,391 2,8% 2,434 4,898 $4.284 15.121 5,643 $4.550 12412 TEV / FY EBITO 22% 114x 12 13x 113. 11.9 11.0 11.0x 15 Bukk 146x 14.9 BA 10.0 10.6x 14.0x 11.2 11% H H Vike 407 20 NI 9,309 120 2134 302 915 771 541 394 1344 27351 1,311 755 1861 1911 1831 STAN 5434 Babae traction value for IT ANGE at AN Proposal include conversion of Series 8 units, cach consideration to avoid them siling. Älä nohướng debt, and the purchase of All unit sulitinding. Excluded transaction fees. Asumes cach condideration of 51000 1 11: 64 0 3.78 15:20 3.0 BAXI 102 11.1 0.0% 18.4 11.7% 3.X 17:20 132x LIX 15.00 1.71 12.0% 17:54 8.5 14.10 20.5% 8.81 9.7% 84% 10.1% 18.7% 12.4% (2.99 1.8% D DON CON DE 100% DO 100% 1000 TOO DO DON 100% DON DON 654 11 DE ON 13 DON 30 D 328 120 DON 41 DOM DO A 371 L 25% 41 32% Ok 20% V CONFIDENTIAL DRAFT SUBJECT TO CHANGE K Table Traction No Tes Tei THE Tei Tei THE Tel Te THE Tei No Ye TH TH No No No No No No FOL YHL ho No IM No Yes Yes L C-Corp C-Corp C-Corp MLP HLP C-Corp C-Corp Corp HLP JLP C-Corp C-Cor C-Corp ccerp MLP HALP NLP JHLP HLP MLP JHLP C-Corp LP MLP JALP C-Corp M Traction Тун Affiliat Affiliate 3rd Party Affiliate Affilate Affiliate 3rd Party Aff Affilate Affiliate 3rd Party 3rd Party Affiliate Affiliate Affitate 3rd Party Affitate Affiliate Airate 3rd Party 3rd Party 3rd Party Affi A TUDORPICKERING HOLT&COI: ENERGY INVESTMENT MERCHANT BANKING 13#14AM DCF Analysis | AR Base Volumes Case Valuation Effective Date: 6/30/2018 Discounted Levered DCF Analysis Levered DCF Attributable to AM LP Unitholders Discount Rate 10.0% 12.0% 9.0x LP DCF per Unit Discount Factor PV of LP DCF per Unit $38.81 $36.67 $34.68 2H 2018E $1.08 0.976 $1.05 2022E DCF Multiple Disc. LP DCF Total Terminal Multiple Terminal Disc. Factor Implied Terminal Value per Unit Implied Value per Unit 10.5x $43.72 Discounted Levered DCF Analysis Supplemental Calculation Detail $41.27 $39.01 2019E 2020E $2.74 $3.24 0.826 $2.49 $2.67 0.909 Source: Management projections and FactSet as of 8/30/2018. 12.0x $48.64 $45.88 $43.33 2021E $3.75 0.751 $2.82 2022E $4.29 $9.03 10.5 0.716 $32.24 $41.27 Discounted Distribution Analysis Distributions Attributable to LP Unitholders Discount Rate 10.0% 12.0% LP Distribution Per Unit 8.0% Discount Factor PV of LP Dist. per Unit $47.23 $44.52 $42.02 2022E Distribution Yield 7.0% Discounted Distribution Analysis Supplemental Calculation Detail Disc. LP Dist. Total Terminal Yield Terminal Disc. Factor Implied Terminal Value per Unit Implied Value per Unit $52.82 $49.76 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2H 2018E 2019E 2020E $0.91 $2.21 $2.85 0.976 $0.89 0.909 0.826 $2.01 $2.36 6.0% $60.28 $56.75 $53.50 2021E $3.42 0.751 $2.57 2022E $4.10 $7.82 7.0% 0.716 $41.94 $49.76 TUDORPICKERING HOLT&CO ENERGY INVESTMENTS MERCHANT BANKING 14#15AM Illustrative Discounted Future Value AR Base Volumes Case " AM Status Quo Assumptions $46.08 $39.91 0 $35.28 Management projections Valuation date as of 6/30/18 2019E Future share price calculated at FY1 annual distributions divided by yield Discounted to 6/30/18 at 10% cost of equity Interim distributions discounted upon receipt to 6/30/18 Source: Management projections and FactSet as of 8/30/2018. Note: Valuation based on annual distributions. $52.36 $45.63 $40.58 2020E $29.74 $59.16 $51.83 $46.33 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE Yield 6.0% 7.0% 8.0% Current Unit Price TUDORPICKERING HOLT&CO EVERGY INVESTMENTS MERCHANT BANKING 15#16AM DCF Analysis | AR Downside Volumes Case Valuation Effective Date: 6/30/2018 Discounted Levered DCF Analysis Levered DCF Attributable to AM LP Unitholders Discount Rate 10.0% 12.0% 9.0x LP DCF per Unit Discount Factor PV of LP DCF per Unit $34.30 $32.41 $30.66 2H 2018E $1.01 0.976 $0.98 2022E DCF Multiple Disc. LP DCF Total Terminal Multiple Terminal Disc. Factor Implied Terminal Value per Unit Implied Value per Unit 10.5x $38.61 Discounted Levered DCF Analysis Supplemental Calculation Detail $36.45 $34.45 2019E $2.40 $3.02 0.826 $2.50 $2.19 Source: Management projections and FactSet as of 8/30/2018. 12.0x $42.91 $40.49 $38.25 2020E 2021E $3.33 0.751 $2.50 2022E $3.76 $8.17 10.5 0.716 $28.28 $36.45 Discounted Distribution Analysis Distributions Attributable to LP Unitholders Discount Rate 8.0% 10.0% 12.0% LP Distribution Per Unit 8.0% Discount Factor PV of LP Dist. per Unit $40.04 $37.76 $35.66 2022E Distribution Yield 7.0% Disc. LP Dist. Total Terminal Yield Terminal Disc. Factor Implied Terminal Value per Unit Implied Value per Unit $44.71 Discounted Distribution Analysis Supplemental Calculation Detail $42.14 $39.76 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 6.0% $50.92 $47.97 $45.24 2021E 2H 2018E 2019E 2020E $0.86 $2.15 $2.58 $2.97 0.976 0.909 0.826 $0.84 $1.95 $2.13 0.751 $2.23 2022E $3.42 $7.15 7.0% 0.716 $34.99 $42.14 TUDORPICKERING HOLT&COI: EYERGY NYESTMENTS MERCHANT BANKING 16#17AM Illustrative Discounted Future Value AR Downside Volumes Case AM Status Quo Assumptions $41.88 $36.29 0 $32.11 Management projections Valuation date as of 6/30/18 2019E Future share price calculated at FY1 annual distributions divided by yield Discounted to 6/30/18 at 10% cost of equity Interim distributions discounted upon receipt to 6/30/18 Source: Management projections and FactSet as of 8/30/2018. Note: Valuation based on annual distributions. $45.83 $39.98 $35.60 2020E $29.74 $49.98 $43.86 $39.27 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE Yield 6.0% 7.0% 8.0% Current Unit Price TUDORPICKERING 17 HOLT&COI: MERCHANT BANKING#18SQ AM After Tax Distribution Discount Modet 7% Yield-Based Terminal Value BT LP Distribution Per Unit AT LP Distribution Per Unit Discount Factor PV of LP Dist. per Unit Disc. LP Dist. Total Terminal Yield Implied Terminal Future Value per Unit Tax Calculation: Average Purchase Price Existing RoC Beginning Tax Basis Beg. Avg. Tax Basis / Unit Less: Distributions / Unit Plus: Net Income Allocated Avg. EOY Basis / Unit Implied Terminal Value per Unit Less: Basis at YE 2022E Less: PAL at YE 2022E Gain Subject to Tax Capital Gain Ordinary Gain Total Gain Total Tax on Gain per Unit Tax on Ordinary Gain - 33.4% Tax on Capital Gain - 23.8% State Tax on Ordinary Income - 5.2% State Tax on Capital Gain 5.2% Total Tax on Gain Total Effective Tax Rate 2H 2018E 2018E After-Tax Future Value per Unit Terminal Dise, Factor Implied Present Value per Unit at 6% Terminal Yield Implied Present Value per Unit at 7% Terminal Yield Implied Present Value per Unit at 8% Terminal Yield Source: Management projections and FactSet as of 8/30/2018. Note: Assumes Unit sold on 12/31/2022. $0.91 0.976 $0.89 $26.64 ($3.37) $23.27 $23.27 (1.72) (1.07) $20.49 2019E 2019E $2.21 0.909 $2.01 $20.49 (2.21) (0.78) $17.50 2020E 2020E $2.85 0.826 $2.35 $17.50 (2.85) (0.66) $13.99 2021E 2021E $3.41 0.751 $2.56 $13.99 (0.38) $10.19 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2022E 2022E $4.10 0.683 $2.79 $10.61 7.0% $58.57 $10.19 (4.10) 0.05 $6.14 $58.57 ($6.14) ($3.96) $48.47 $29.53 $18.94 $48.47 $6.33 7.03 0.98 1.53 $15.87 32.7% $42.70 0.651 $42.92 $38.41 $35.02 TUDORPICKERING 18 HOLT&COCHANT BANKING#19III. AMGP Financial Analysis CONFIDENTIAL DRAFT SUBJECT TO CHANGE TUDORPICKERING HOLT&CO CHANT BANKING 19#20Company EQT GP Holdings Lp! Westem Gas Equity Partners, LP Median Low High AMGP Selected Comparable Company Analysis AMGP at WSCH AMGP at Mpm Estimates Series With Series Conversion With Series 8 Conversion (6) 2019E EBITDA 2011 Distribution Yold Unit Price a 8/30/2018 $237 $21.03 33.90 $17.20 $106 $17.28 AMGP at Mgmt. Estimates Metric AMGP at Mgmt. Estimates Total Holdo Distribution C Total Entity Equity Value AMGP at WSC AMGP at WSC $6,361 7,422 56,892 $6,892 $7,422 $3,291 Low D Total Entity TEV 8,665 57,764 $7,764 $8,665 $1,291 $3,291 Multiple Range Median Yield Range Median Implied GP Equity Value $5,124 4,939 $5,031 $5,031 $4,939 $5,124 $3.291 $3,291 Lew implied GP TEW $6,361 Low $6,091 $6,891 56,361 $7,420 $1.285 Implied Total Entity Share Pric $17.42 Implied Total Entity Share Price Median $8.13 Total Entity Distribution/Unit / Price (Yl) $17.85 High Ď $8.98 Current 6.3% 15.8% 6.9% H 2019E CAFD 2018E 7.0% 6.4% 7.0% AMOP at Ment. Estimates $166 Total Entity Enterprise Value / GP EBITDA (2) 2019E Matric 2018E 17.50 17.50 16.9 18.1x 12.9 AMG at WSC $177 Source: FactSet as of 8/30/2018 and Wall Street research. Note: Implied GP value calculated as the equity value of GP equity value of the LP units held net debt held by the GP. (1) Total entity distribution yield calculated as GP distribution per unit / share over current GP unit / share price. (2) Total entity enterprise value calculated as the equity value of GP + net debt held by the GP. GP EBITDA calculated as total distributions to the GP. For AMGP, EBITDA calculated as total distributions to IDR, LLC less Series B payments. (3) Implied GP equity value calculated as GP share / unit price times GP shares outstanding, Cash available for distribution (CAFD) calculated as GP EBITDA less interest expense and maintenance capex. Antero Midstream Partners LP announced on February 26, 2018 that its Board of Directors had formed a special committee, in conjunction with the formation of special committees at both Antero Resources and Antero Midstream GP, to evaluate potential measures and transactions that could involve Antero Midstream. Implied share prices are calculated based on Management projections. EQGP Pro Forma for RMP acquisition announced April 2018. -Total HoldCo Distributions with Series B Conversion" calculated as HoldCo distributions with post-tax Series B payments added back in over (AMGP FD S/O + 18.5mm Series B converted units). 15.4x 15.0x 15.0x 14.7x 15.4x 20.0x Low 13.2 K L Implied GP Equity Value / CAFDO 201 BE Multiple Range 14.5 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 15,6x 15.6x 145 16.8x 12.9x 32.7x Median High Low 13.600 $10.72 13.2 13,4x 13.4x 13.2x 13.6x 20.0x 2018E-2022E DHE. CAGR Implied GP Share Pric M Median $10.87 18.2% 11.1% 25.3% 58.4% $11.03 TUDORPICKERING 20 HOLT&COCHANT BANKING#21AMGP DCF Analysis | AR Base Volumes Case CONFIDENTIAL DRAFT SUBJECT TO CHANGE AMGP with Series B Value Conversion | Valuation Effective Date: 6/30/2018 Discounted Levered DCF(1) Analysis Distributions Attributable to IDR, LLC | Before Series B Payments Discount Rate HoldCo DCF 10.0% Discount Factor PV of GP FCF 12.0% 14.0x $27.09 $25.50 $24.03 2H 2018E 2022E CAFD Multiple $61 0.976 $60 Discounted Levered DCF(1) Analysis Supplemental Calculation Detail 16.0x $30.44 $28.64 $26.98 2019E $178 0.909 $162 2020E $270 0.826 $223 Disc. IDR Distribution Total Terminal Multiple Terminal Disc. Factor Implied Terminal Value Enterprise Value Less Net Debt / Corp. Adjustments Implied Equity Value AMGP Shares 0/5 (Inclusive of 18.5mm Series B Conversion Shares) Implied Equity Value per Share 18.0x $33.79 $31.79 $29.93 2021E $352 0.751 2022E $710 16.0x 0.716 $5,858 (5) $5,863 204.7 $28.64 Discounted Distribution Analysis | Pre-Series B Payment AMGP Distributions | 1.0x Coverage | SQ AM Distribution Policy Discount Rate 8.0% 10.0% 12.0% (2) Adj. GP Dist. Per Share Discount Factor PV of GP Dist. per Share 7.0% $27.54 Source: Management projections and FacBet as of 8/30/2018. (1) AMGP discounted DCF defined as HoldCo DCF with Series B payments added back in. Discounted cost of equity at 10.08. Adj. GP distribution per share calculated as (AMGP DCF Series B payment added back) / (fully diluted AMGP shares outstanding + 18.5mm converted Series & units). $25.92 $24.43 Disc. Adj. Dist. Total Terminal Yield Terminal Disc. Factor Implied Terminal Value per Share Implied Equity Value per Share 2022E Distribution Yield $0.30 0.976 50.29 Discounted Distribution Analysis Supplemental Calculation Detail 2H 2018E 5.5% $34.07 $32.05 $30.18 2019E $0.87 0.909 $0.79 2020E $1.32 0.826 $1.09 4.0% $45.50 $42.76 $40.24 2021E $1.72 0.751 $1.29 TUDORPICKERING HOLT&COCHANT BANKING PINTA 2022E $2.20 $3.47 5.5% 0.716 $28.58 $32.05 21#22AMGP Illustrative Discounted Future Value AR Base Volumes Case " AMGP Status Quo Assumptions $31.08 $22.90 0 $18.23 Management projections Valuation date as of 6/30/18 2019E Future share price calculated at FY1 annual distributions divided by yield Discounted to 6/30/18 at 10% cost of equity Interim distributions discounted upon receipt to 6/30/18 Source: Management projections and FactSet as of 8/30/2018. Note: Valuation based on annual distributions. Net of Series B value. $37.69 $28.01 $22.47 2020E $44.70 $33.45 $27.03 $17.28 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE Yield 4.0% 5.5% 7.0% Current Share Price TUDORPICKERING HOLT&CO MERCHANT BANKING 22#23AMGP DCF Analysis | AR Downside Volumes Case AMGP with Series B Value Conversion | Valuation Effective Date: 6/30/2018 Discounted Levered DCF(1) Analysis Distributions Attributable to IDR, LLC | Before Series B Payments Discount Rate HoldCo DCF Discount Factor 10.0% PV of GP FCF 12.0% 14.0x $21.51 $20.25 $19.10 2H 2018E Discounted Levered DCF(1) Analysis Supplemental Calculation Detail $53 0.976 2022E CAFD Multiple $52 16.0x $24.13 $22.71 $21.41 2019E $169 0.909 $154 2020E $231 0.826 $191 Disc. IDR Distribution Total Terminal Multiple Terminal Disc. Factor Implied Terminal Value Enterprise Value Less Net Debt / Corp. Adjustments Implied Equity Value AMGP Shares 0/S (Inclusive of 18.5mm Series B Conversion Shares) Implied Equity Value per Share 18.0x $26.76 $25.18 $23.72 2021E $287 0.751 $216 2022E $352 $613 0.716 $4,645 (5) $4,650 204.7 $22.71 Discounted Distribution Analysis | Pre-Series B Payment AMGP Distributions | 1.0x Coverage | SQ AM Distribution Policy Discount Rate 8.0% 10.0% 12.00 (2) Adj. GP Dist. Per Share Discount Factor PV of GP Dist. per Share 7.0% $21.86 Source: Management projections and FacBet as of 8/20/2018. (1) AMGP discounted IDR distribution defined as HoldCo DCF with Series B payments added back in. Discounted cost of equity at 10.08. Adj. GP distribution per share calculated as (AWGP DCF Series B payment added back) / (fully diluted AWGP shares outstanding + 18.5mm converted Series B units). $20.58 $19.40 Disc. Adj. Dist. Total Terminal Yield Terminal Disc. Factor Implied Terminal Value per Share Implied Equity Value per Share Discounted Distribution Analysis Supplemental Calculation Detail 2H 2018E 50.26 0.976 50.26 2022E Distribution Yield 5.5% $26.97 $25.38 $23.90 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2019E $0.83 0.909 $0.75 2020E $1.13 0.826 $0.93 $35.92 $33.77 $31.78 2021E $1,40 0.751 $1.05 TUDORPICKERING HOLT&CO MERCHANT BANKING 2022E $1.72 $3.00 5.5% 0.716 $22.38 $25.38 23#24AMGP Illustrative Discounted Future Value AR Downside Volumes Case AMGP Status Quo Assumptions $26.71 0 $19.70 D $15.69 Management projections Valuation date as of 6/30/18 2019E Future share price calculated at FY1 annual distributions divided by yield Discounted to 6/30/18 at 10% cost of equity Interim distributions discounted upon receipt to 6/30/18 Source: Management projections and FactSet as of 8/30/2018. Note: Valuation based on annual distributions. Net of Series B value. $30.95 $23.04 $18.52 2020E $35.28 $26.48 $21.45 $17.28 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE Yield 4.0% 5.5% 7.0% Current Share Price TUDORPICKERING HOLT&CO ENERGY INVESTMENTS MERCHANT BANKING 24#25IV. Analysis of Transaction CONFIDENTIAL DRAFT SUBJECT TO CHANGE TUDORPICKERING 25 HOLT&COCHANT BANKING#26(in millions, unless otherwise noted) AR Base Case (1) (2) GO 140 (9) Analysis at Various Exchange Ratios AR Downside Volumes Case Exchange Ratio (At Current AMGP Sh. Price of $17.28) Premium to implied AM Unit Price (AMGP Share Price x Adj. Current XR) Implied AM Unit Price Fully Diluted AM Units Outstanding Implied Fully-Diluted AM Equity Value AM Net Debt AMGP Enterprise Value (Including Series By Implied AM Enterprise Value Implied AMGP Equity Value Multiples: 2018E EBITDA 2019E EBITDA 2018E DCFI 2019E DCF Current Yleld 2018E Yield A 2018E EBITDA 2019E EBITDA 2018E DCF21 2019E DCF) Current Yield 2018E Yield Sour Company filing and Foret for $/30/2018 Includes DCF but AMA Prop1710x Rand 53.00 cach concideration / unit. AM Statistic $730 $385 $516 $1.72 AM Statistic $851 $334 $451 $1.66 $2.04 conversion value of (AMP equity value [JANGPaquity value-526) D to the LPunitholder $27.33 188.1 $5,141 3,285 $9,827 3,291 lax 13.4x 10.0x 6.38 13.4x 11.4x D 1.750x (5.4%) $28.13 188.1 $5,292 1,400 3,285 $9,978 3,291 13.7x 10.1x 13.8x 10.3x 5.98 13.7x 11.7x 13.8x 11.7x E At AMGP Proposal 1.797x 528.89 188.1 $5,435 1,400 3,285 $10,121 3,291 13.9x 10.5x 5.78 5.98 13.9x 11.9x 12.1x 5.78 1.800x (2.7%) $28.94 188.1 $5,443 1,400 3,285 $10,129 3,291 13.9x 10,2x 14.2x 10.6x 5.78 5.98 14.2x 12.1x 7.1% G 1.850x (0.0%) $29.74 $5,595 3,285 $10,280 14.1x 10.4x 1.5 10.8x 5.68 5.88 14.1x 12.1x 14.6x 12.4x 5.68 H A Current Adjusted 1.850x 0.0% $29.74 183.1 $5,595 1,400 3,285 $10,281 3,291 10,4x 14.6x 10.3x 5.68 5.88 12.1x 14.6x 12.4x 5.68 T Proposal 1.884x 1.8% $30.28 188.1 $5,096 1,400 3,285 $10,382 3,291 TÙ 5x 14.8x 11.0x 5.58 5.78 14.2x 12.2x 12.6x CONFIDENTIAL DRAFT SUBJECT TO CHANGE Comparable Metrics Trading Median 13.x 12.4x 11.3x 6.28 Trading 13.7x 10. Bx 12.4x 11.3x K Transaction Median (NTM) Transaction Median TUDORPICKERING HOLT&COI: 26#27Contribution Analysis | AR Base Case AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow) (1) (12) Contribution Analysis Implied Ownership 2017A DCF 2018E DCF 2019E DCF 2020E DCF 2021E DCF 2022E DCF 2017A Distributions 2018E Distributions 2019E Distributions 2020E Distributions 2021E Distributions 2022E Distributions 76.1% 70.7% 66.7% 65.9% 65.0% 64.6% 82.9% 75.9% 71.5% 68.3% 66.6% A.M 65.3% AMGP 23.9% 29.3% 33.3% 34.1% 35.0% 35.4% 17.1% 24.1% 28.5% 31.7% 33.4% 34.7% Implied Exchange Ratio | Series B Adjusted(1,2) AMGP Proposal: 1.797x 2017A DCF 2018E DCF 2019E DCF 2020E DCF 2021E DCF 2022E DCF 2017A Distributions 2018E Distributions 2019E Distributions 2020E Distributions 2021E Distributions 2022E Distributions Source Management projections. Factat as of 8/30/2018. Note: AMDCF calculated as LP Interest in EBITDA less interest expense, maintenance capex, and tax withholding reimbursements paid to AR. AMGP DCF calculated as IDR DCF from AM DR LLC GBA and cash taxes plus post-tax Series B payments. Note: AM distributions calculated as distributions attributable to LP unitholders. AMGP distributions defined as distributions attributable to IDR, LLC less taxes paid on full distributions available to IDR, LLC GAL Note: Cash taxxshield from Series B depreciation of -S6mm per year. Imped exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding 18.5mm converted Series 8 units. AM Proposal: 1.710x XR and $3.00 cash consideration / unit. AMGP Proposal: 1.614x XR and $3.415 cach consideration / unit. I 11 E II U 1 I II I II U 11 H L I I 11.823x 11 TI 1 I AM Proposal: 1.884x 2.418x 1.999x 1,930x 1.861x 2.503x 2.156x CONFIDENTIAL DRAFT SUBJECT TO CHANGE 1.996x 1.881x 3.193x 3.158x TUDORPICKERING HOLT&COCHANT BANKING 5.364x 27#28Contribution Analysis | AR Downside Volumes Case AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow) (1) (12) Contribution Analysis Implied Ownership 2017A DCF 2018E DCF 2019E DCF 2020E DCF 2021E DCF 2022E DCF 2017A Distributions 2018E Distributions 2019E Distributions 2020E Distributions 2021E Distributions 2022E Distributions 76.1% 70.8% 69.1% 66.2% 65.7% 65.0% 82.9% 75.9% 71.9% 69.4% 67.9% A.M 66.6% AMGP 23.9% 29.2% 30.9% 33.8% 34.3% 35.0% 17.1% 24.1% 28.1% 30.6% 32.1% 33.4% Implied Exchange Ratio | Series B Adjusted (1,2) AMGP Proposal: 1.797x 2017A DCF 2018E DCF 2019E DCF 2020E DCF 2021E DCF 2022E DCF 2017A Distributions 2018E Distributions 2019E Distributions 2020E Distributions 2021E Distributions 2022E Distributions Source Management projections. FactSet as of 8/30/2018 Note: AM DCF calculated as LP interest in EBITOA less interest expense, maintenance capex, and tax withholding reimbursements paid to AR. AMGP DCF calculated as IDR DCF from M DR LLC GBA and cash taxes plus post-tax Series B payments. Note: AM distributions calculated as distributions attributable to LP unitholders. AMGP distributions defined as distributions attributable to IDR, LLC less taxes paid on full distributions available to IDR, LLC GRA Note: Cach taxshield from Series 8 depreciation of -S6mm per year. Impled exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding 18.5mm converted Series 8 units. AM Proposal: 1.710x XR and $3.00 cash consideration / unit, AMGP Proposal: 1.614x XR and $3.415 cach consideration / unit. I I I U LL | | II I I U 11 I I I I I TI 11 II AM Proposal: 1.884x 2.421x 2.234x 1.959x 1.919x 1.856x CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2.270x 2.559x 2.115x 1.996x 3.193x 3.158x TUDORPICKERING HOLT&COI: ENERGY INVESTMENTS MERCHANT BANKING 5.364x 28#29Contribution Analysis | AR Base Case AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow Contribution Analysis Implied Ownership 2017A DCF 2018 DCF 2019E DCF 2020E DCF 2021E DCF 2022E DCF 20174 Distributions 2018 Distributions 2019 Distributions 2020 Distributions 2021 Distributions 2022 Distributions 78.6% 72.7% 68.7% 67.1% 65.9% 65.0% 82.9% 75.9% 71.5% AM 68.3% 66.6% 65.3% AMGP 21.4% 27.3% 31.3% 32.9% 34.1% 35.0% 17.1% 24.1% 28.5% 31.7% 33.4% 34.7% Imped exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding 18.5mm converted Series 5 units. AM Proposal: 1.710x XR and $3.00 cash consideration / unit. AMGP Proposal: 1.614x XR and $3.415 cach consideration / unit. Implied Exchange Ratio | Series B Adjusted (1,2) AMGP Proposal: 1.797x 2017A DCF 2018E DCF 2019E DCF 2020E DCF 2021E DCF 2022E DCF 2017A Distributions 2018 Distributions 2019 Distributions 2020 Distributions 2021 Distributions 2022 Distributions Sources Management projections. FactSet as of 8/30/2018. Note: AM DCF calculated as LP Interest in EBITDA less interest expense, maintenance capex, and tax withholding reimbursements paid to AR. AMGP DCF calculated as IDR DCF less taxes on totall IDR DCF less GBA expandes AMGP distributions defined as distributions attributable to IDR, LLC less taxes paid on full distributions available to IDR, LLC GA Note: Cash taxshield from Series 8 depreciation of -S6mm per year. 12) 11 1 I II 11 T T I I I T II II II AM Proposal: 1.884x 2.197x 2.039x 1.934x 2.659x 1.857x 11 2.156x 2.503x CONFIDENTIAL DRAFT SUBJECT TO CHANGE 1.996x 1.881x 3.670x 3.158x TUDORPICKERING HOLT&COI: MERCHANT BANKING 5.364x 29#30Contribution Analysis | AR Downside Volumes Case AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow Contribution Analysis Implied Ownership 2017A DCF 2018E DCF 2019E DCF 2020E DCF 2021E DCF 2022E DCF 2017A Distributions 2018 Distributions 2019 Distributions 2020 Distributions 2021 Distributions 2022 Distributions 78.6% 72.7% 70.3% 67.7% 66.8% 65.9% 82.9% 75.9% 71.9% AM 69.4% 67.9% 66.65 AMGP 21.4% 27.3% 29.7% 32.3% 33.2% 34.1% 17.1% 24.1% 28.1% 30.6% 32.1% 33.4% Implied Exchange Ratio | Series B Adjusted (1,2) AMGP Proposal: 1.797x 2017A DCF 2018E DCF 2019E DCF 2020E DCF 2021E DCF 2022E DCF 2017A Distributions 2018 Distributions 2019 Distributions 2020 Distributions 2021 Distributions 2022 Distributions Sources Management projections. FactSet as of 8/30/2018. Note: AM DCF calculated as LP Interest in EBITDA less interest expense, maintenance capex, and tax withholding reimbursements paid to AR. AMGP DCF calculated as IDR DCF less taxes on totall IDR DCF less GBA expenses AMGP distributions defined as distributions attributable to IDR, LLC les taxes paid on full distributions available to IDR, LLC less GOA. Note: Cach taxxshield from Series 8 depreciation of Som per year. (12) Imped exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding 18.5mm converted Series 5 units. AM Proposal: 1.710x XR and $3.00 cash consideration / unit. AMGP Proposal: 1.614x XR and $3.415 cach consideration / unit. I | | H HI I II " 11 I I U 11 II I I I AM Proposal: 1.884x 2.366x 2.661x 2.099x 2.016x 1.932x 2.559x 2.270x CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2.115x 1.996x 3.670x 3.158x TUDORPICKERING HOLT&COI: EVERGY INVESTMENT & MERCHANT BANKING 5.364x 30#31Discount Rate Discount Rate Implied Exchange Ratios(1) AM & AMGP AR Base Volumes Case Discounted Levered DCF Approach 8.0% 10.0% 12.0% 8.0% 10.0% Low 12.0% 1.148x 1.154x 1.159x AR Downside Volumes Case Discounted Levered DCF Approach Low 1.282x 1.287x Implied XR 1.293x 1.436x 1.446x Implied XR Med 1.600x 1.605x 1.609x High 1.795x 1.803x High 1.995x 1.999x 2.003x Discount Rate Discount Rate Discounted Distribution Approach 8.0% 10.0% 12.0% 8.0% 10.0% Low 12.0% 1.038x 1.041x Low 1.115x Discounted Distribution Approach 1.118x Implied XR 1.122x Med 1.550x 1.553x 1.556x Implied XR Med 1.657x AMGP Proposal: 1.797x AM Proposal: 1.884x 1.660x 1.663x High 2.189x 2.189x 2.190x 2.330x 2.331x 2.332x Source: Management projections. FactSet as of 8/30/2018. Note: AM distributable cash flow defined as distributable cash flow attributable to AM LP unitholders. AMGP distributable cash flow defined as HoldCo DCF with pre-tax Series B payments added back in AMGP share values based on Shares Outstanding including 13.5mm additional shares from Series B conversion. Low AM to high AMGP and high AM to low AMGP implied unit and share prices compared to assess full range of potential exchange ratios. Low Mid High Low Mid High PV of Future Share Price PV of FSP at 10% Discount Rate YE 2019 1.936x 1.743x 1.483x CONFIDENTIAL DRAFT SUBJECT TO CHANGE YE 2019 2.046x 1.842x YE 2020 PV of Future Share Price 1.568x 1.806x 1.629x 1.389x PV of FSP at 10% Discount Rate YE 2020 1.923x 1.736x YE 2021 1.481x 1.714x 1.549x 1.324x YE 2021 1.831x 1.656x 1.416x TUDORPICKERING HOLT&COI: ENERGY INVESTMENTS MERCHANT BANKING 31#328/1/18 6/19/13 5/17/18 3/26/18 2/7/18 8/20/17 5/18/17 4/3/17 2/1/17 1/27/17 10/24/16 9/26/16 11/3/15 10/26/15 2/13/15 1/26/15 10/13/14 11/12/14 Announcement Date 7/24/14 10/10/13 8/27/13 5/6/13 2/23/11 Median Mean Premiums Paid Analysis | MLP Transactions Taxable Trans Taxable Transactions an Target Energy Transfer Partners LP Chenler Energy Partners LP Holdings Wism Partners, LP Tags Energy Partners, LP Terra Nitrogen Co. LP Archrock Partners, LP Arc Logistics Partners LP PeTex Midstream Partners, LP VITI Energy Partners, LP World Point Terminals, LP ONDOX Partners, LP Midas Energy Partners LP Energy Transfer Partners, LP JP Energy Partners LP Transcanada Trance Partners LLC Rose Rock Midstream Targe Resources Partners LP Northern Ter Energy MarkWest Energy Partners, LP Crestwood Midstream Partners QEP Midstream Partners LP Regency Energy Partners LP Access Midstream Partners LP Atlas Pipeline Partners LP Otanking Partners LP Kinder Morgan Energy Partners BP Pipeline Partners QR Energy LP PVR Partners LP PAA Natural Gas Storage LP Crestwood Midstream Partners LP Copano Energy LLC Duncan Energy Partners LP Acquiror Energy Transfer Equity, L.P. Cheniere Energy Inc. wis Companies TallGras Energy GP, LP Terra Nitrogen GP, Inc. Archrock, Inc Zenith Energy US, LP Energy Transfer Partners, LP VITI, B.V World Point Terminals, Inc. ONECK, Inc Enbridge Energy Company Sunoco Logistics Partners, LP American Midstream Partners Columbia Pipeline Partners LP Transocean Inc. Sem Group Corp Tanga Resources Corp. western Refining, Inc. MPLX LP Crestwood Equity Partners, LP Tesoro Logistics LP Energy Transfer Partners, LP WiPartners LP Tanga Resources Partners LP Enterprise Products Partners LP Kinder Morgan Inc. Kinder Morgan Inc. Brabu Energy Partners Regency Energy Partners LP Plain Al American LP Inergy Midstream LP Kinder Morgan Energy Partners LP Enterprise Products Partners Transaction Value $44,981 8,361 1,474 736 %3 1,867 23,454 54,455 476 1,202 2,034 12,229 35,891 4,002 13,677 2.85 5.459 2,531 3,282 1-Day Premium 11.2% 0.6% 3.7% 23.48 15.2% 25.08 p.20 11.0 20.8% 0.0% 11.7% 13.2% 15.00 1.39% 12.0% 15.4% 8.50 14.5% 23.50 12.0% 12.4% 10.3% Unaffected 1-Day Premium 11.2% 1.7% 15.2% 25.8% 9.90 OLON 36.38 13.2% 15.0 10.90 17.58 14.5% 23.5 13.2% 11.9% 9.7% Source: Company filings, press releases, presentations and FactSet for pricing data. Representsprecedent MLP transactions by affiliated and third party MLPs, Public GPS and C-Corps since 2011. Note: Considers transactions where target is an MLP. Implied transaction premium to AM based on adjusted offer XR of 1.714x adjusted to reflect proposed Series B conversion, with AMGP share price calculated as (AMGP equity value +[(AMGP equity value $bn) x6(AMGP fully diluted shares outstanding 18.5mm). Unaffected Date NA 5/16/18 3/15/18 NA NA NA NA NA NA 3/16/16 NA NA NA 10/18/14 NA NA NA W30/14 NA NA NA NA NA NA H Taxable Transaction No No You Yo Yes Yes Yes Yas Yes No No Yes No Yes Yes Yes No No No No No No No Yes Yes No No No No No No CONFIDENTIAL DRAFT SUBJECT TO CHANGE Acquiror Performance Since Day Prior to Announcement 10.500 40.3% N/A N/A OAK N/A 25.0% (19.10 (12.20 (12.200 144. (17.710 21.50 149.790 149.790 N/A N/A N/A AMT Performance Since Day Prior to Announcement TUDORPICKERING HOLT&COI: ENERGY INVESTIMENTE MERCHANT BANKING 4.2 9,40 3,0% 14.400 (12.200 (11.990) 33.90 (7.5) 13.7%) (10.300) (35.74) (42.200) (40.500 (34.20) (35.790 (32.00) (22.8%) 32#33CONFIDENTIAL DRAFT SUBJECT TO CHANGE V. Pro Forma Impact for AMGP Proposal TUDORPICKERING HOLT&CO EVEAGY INVESTMENT & MERCHANT BANKING 33#34Transaction Assumptions | Pre-Unitholder Tax Sources & Uses At Proposed Transaction Sources Transaction Assumptions Transaction effective on 6/30/2018 To acquire AM, AMGP will convert into a C-Corp in a 100% stock transaction Base case assumes: □ " ■ ■ O All existing Series B units exchanged for 18.5mm AMGP shares Assumes Company provided pf coverage ratio to drive pf dividend policy Step-up depreciation due to Each outstanding AM common unit exchanged for 1.614 AMGP shares and $3.415 cash per AM unit, for an all-equity equivalent exchange ratio of 1.797x 13 Capex allocated on a 5-20 year MACRS schedule depending on capex category Goodwill based on inside tax basis and 704(c) and 743(b) extrapolation provided by PwC $650mm refinancing of revolver debt with 5.5% term loan issued on 9/30/2018 New capex financed by $500mm senior unsecured issuance in 2018, 2019, 2020, and 2022 at a 5.000% interest rate Series B Conversion AMGP SQ Units Outstanding Implied XR AMGP Common Units issued Pre-Series & Fully Diluted Post-Transaction Share Count 20-Day AMGP VWAP as of 08/30/2018 Impled Pre-Series Market Cap (Smm) AMGP Shares Issued for Series B Conversion Series & Valuation Threshold (mm) Series B Conversion Rate 201 Serie B Cash Flows Elustrative Yield Post-Series & Fully Diluted Post-Transaction Share Count Impled Post-Series Market Cap (Smm) Implied Series & Valuation % Shares Issued to AM % AMGP Shares Oustanding * Class 8 Shares Outstanding At Current 186.2 186.2 $18.99 $3,461 4.7 $2,000 6.00% Source: FactSet as of 8/30/2018. (1) Includes equity issued for Series B unit conversion into AMGP shares. (2) Provided by Management. MA MA 190.9 $3,5-9 $88 Proposal At Transaction Proposed $18.99 59,103 18.5 MA NA NA NA 508.3 $344 AMGP Equity Issued (1) AM Debe Rolled to AMGP Balance Sheet Revolver Draw Total Sources Sponsors 38.0% Status Quo $7,579 Mgmt. 20.0% Existing Public 42.0% CONFIDENTIAL DRAFT SUBJECT TO CHANGE Purchase AM Units Outstanding Conversion of Series Units AMGP Ownership Comparison at 1.614x XR Cash Consideration - Affiliated Units AM Existing Debt Total Uses Cash Consideration-Non-Affiliated Units (2) Transaction Fees Uses Prior AM Public 28.1% Pro Forma AR 31.7% Existing Public 15.4% Mgmt. 7.3% Sponsors 13.9% 3.6% Series B share under AMGP proposal TUDORPICKERING HOLT&COI: VERY NYESTMENT & MERCHANT BANKING 302 13 $7,579 Series B I 3.6% 34#35Net Exchange Ratio Detail AMGP Proposal AM Proposal All-In XR 1.797x 1.821x 1.870x 1.884x B Gross Cash Consideration $3.415 $3.415 $3.415 $3.415 $3.000 AMGP 20-day VWAP Cash Component of XR Equity Component of XR Taxes Payable Source: Management projections and FactSet as of 8/30/2018. $2.29 $2.41 $2.53 $2.65 XR (Eduding Special Distribution) Cash Consideration (Excluding Special Distribution) $2.61 D Net Cash Consideration $1.13 $1.01 $0.89 $0.76 $0.39 Calculation of XR Equity Component XR Equity Component 1.614x 1.638x 1.662x 1.710x Secondary Shares 1.775x $3.00 $18.59 (0.161x) 1.614x Purchased 0.065 0.058 0.051 0.044 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 0.022 G Net After-Taxx XR 1.679x 1.696x 1.713x 1.730x 1.732x TUDORPICKERING 35 HOLT&COCHANT BANKING#36Distributable Cash Flow Accretion / (Dilution) Pre Unitholder Tax(1,2) | AM & AMGP | AR Base Case CONFIDENTIAL DRAFT SUBJECT TO CHANGE AM Accretion / (Dilution) - % At 1.797x Exchange Ratio Status Quo AM: PF AMGP at 1.679x: PF AMGP at 1.797x: Exchange Ratio $ Acc / (Dil): $ Acc / (Dil): 1.797x 1.821x 1.846x 1.870x (0.6%) 1.884x (7.2%) 2H 2018E $1.08 $1.00 $1.07 ($0.08) ($0.01) 2H 2018E (0.6%) (0.2%) 0.2% 0.7% 5.4% 0.5% (1.6%) 2019E $2.74 $2.70 $2.89 Accretion / (Dilution) Analysis at Various XRs 2020E ($0.04) $0.15 2019E 5.8% 6.3% 6.6% -1.797 XR 2020E $3.24 $3.31 $3.54 $0.07 $0.30 9.9% 10.4% (1) 10.9% 10.7% 1.67% XR 12.6% 5.2% 2021E $3.75 $3.94 $4.22 $0.20 $0.47 2021E 12.6% 13.1% 13.6% (2) 14.1% 14.0% 13.7% 2022E $4.29 $4.56 $4.88 $0.27 $0.59 2022E 13.7% 14.3% 14.8% 15.3% 15.1% AM Proposal AMGP Accretion / (Dilution) - % At 1.0x AM Coverage 40.0% Status Quo AMGP: Pro Forma AMGP: $ Acc / (Dil): Exchange Ratio 1.797x 1.821x 1.846x 1.870x 2H 2018E 1.884x $0.42 $0.60 $0.17 38.8% 37.6% 36.4% Accretion / (Dilution) Analysis at Various XRs 2H 2018E 35.2% 27.5% Source: Management projections and FacBet as of 8/30/2018. (1) Pre Unitholder Tax 1.797x represents implied XR at 1.614x equity XR and cash consideration of $3.415 / unit. Cash assumed to be used to purchase additional secondary shares. Post - Unitholder Tax 1.679x represents implied XR at 1.61-equity XR; cash used to pay taxes, with any excesscash assumed to be used to purchase additional secondary shares. 2019E $1.26 $1.61 $0.35 2019E 27.5% 26.4% 25.2% 24.2% All-In XR Gross Cash Consideration Taxes Payable 1.614x Net Cash Consideration XR Equity Component Secondary Shares Purchased 0.065 Net After-Tax XR 1.679x 23.1% 23.0% 2020E $1.60 $1.97 $0.37 2020E 23.0% 21.9% 20.9% 19.8% 20.0% 18.8% 2021E $1.96 $2.35 $0.39 2021E 20.0% 18.9% 17.9% 16.8% 15.8% TUDORPICKERING HOLT&COI: EVERT INVESTMENT & MERCHANT BANKING 16.2% 2022E $2.34 $2.71 $0.38 2022E 16.2% 1.797x $3.415 (52.29) $1.13 15.2% 14.2% 13.2% 12.2% 36#37Distribution Accretion / (Dilution) Pre - Unitholder Tax(1,2) | AM & AMGP | AR Base Case Status Quo AM: Pro Forma AMGP at 1.679x:) Pro Forma AMGP at 1.797x:" $ Acc / (Dil): $ Acc / (Dil): PF AMGP Coverage: Exchange Ratio Bee AM Accretion / (Dilution) - % At 1.797x Exchange Ratio -1.797 XR 1.679x XR 1.797x 1.821x 1.846x 1.870x 1.884x (1) $0.91 (2) $0.85 $0.91 (6.6%) 0.4% 2H 2018E 0.8% 2H 2018E 1.2% ($0.06) $0.00 1.205x 2019E 8.6% 9.5% 1.0% Accretion / (Dilution) Analysis at Various XRs 9.4% 2019E $2.21 $2.23 $2.39 $0.02 $0.18 1.24 2020E 10.3% 10.8% 11.3% 2020E $2.85 $2.92 $3.13 $0.07 $0.28 1.131x 11.2% 10.3% 10.8% 10.3% 2021E 11.3% 11.8% 3.1% 2021E $3.42 $3.52 $3.77 $0.10 $0.35 1.11% 10.5% 11.0% 11.5% 10.5% 2022E 12.0% 1.076x 11.9% 3.2% 2022E $4.10 $4.23 $4.53 $0.13 $0.43 AM Proposal AMGP Accretion / (Dilution) - % Exchange Ratio Status Quo AMGP: Pro Forma AMGP: $ Acc / (Dil): PF AMGP Coverage: 1.205x 1.821x 1.846x 64.6% 1.870x 2H 2018E 1.884x $0.31 $0.51 $0.20 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2H 2018E 63.1% 49.1% 60.2% 2019E $0.89 $1.33 $0.44 1.224x Source: Management projections and FactSet as of 8/30/2018. Pre- Unitholder Tax 1.797x represents implied XR at 1.614x equity XR and cash consideration of $3.415 / unit. Cash assumed to be used to purchase additional secondary shares. Post - Unitholder Tax 1.679x represents implied XR at 1.61-6x equity XR; cash used to pay taxes, with any excess cash assumed to be used to purchase additional secondary shares. Accretion / (Dilution) Analysis at Various XRs 2019E All-In XR Gross Cash Consideration Taxes Payable 1.614x Net Cash Consideration XR Equity Component Secondary Shares Purchased 0.065 Net After-Tax XR 1.679x 45.2% 29.5% 2020E $1.35 $1.74 $0.40 1.131x 2020E 29.5% 28.3% 27.2% 26.1% 20.0% 25.0% 2021E $1.75 $2.10 $0.35 1.119 2021E 20.0% 18.9% 17.9% 16.9% 15.9% TUDORPICKERING HOLT&COCHANT BANKING 12.9% 2022E $2.23 $2.52 $0.29 1.797x $3.415 ($2.29) $1.13 1.076x 2022E 12.9% 12.0% 11.0% 10.00 37#38Distributable Cash Flow Accretion / (Dilution) Pre Unitholder Tax(1,2) | AM & AMGP I AR Downside Volumes Case Exchange Ratio AM Accretion / (Dilution) - % At 1.797x Exchange Ratio Status Quo AM: PF AMGP22) PF AMGP at 1 $ Acc / (Dil): $ Acc / (Dil): 1.821x 1.846x 1.870x (1) 1.884x (9.3%) 2H 2018E $1.01 $0.91 $0.98 ($0.09) ($0.03) 2H 2018E (2.5%) (2.1%) (1.7%) 1.6% (1.8%) (5.1%) 2019E $2.40 $2.28 $2.44 ($0.12) $0.04 Accretion / (Dilution) Analysis at Various XRs 2020E 2019E 2.1% 2.5% (2) -1.797 XR1.67% XR 3.0% 7.4% 0.3% 2020E $3.02 $3.03 $3.25 $0.01 $0.22 7.9% 1.3% 8.9% 2021E $3.33 $3.37 $3.61 $0.04 $0.28 2021E 9.9% (0.6%) (7.1%) 2022E $3.76 $3.49 $3.74 ($0.27) ($0.02) 2022E (0.6%) 2.4% AMGP Accretion / (Dilution) - % At 1.0x AM Coverage 44.7% Status Quo AM: Pro Forma AMGP: $ Acc / (Dil): Exchange Ratio 1.821x 1.846x 1.870x 2H 2018E 1.884x CONFIDENTIAL DRAFT SUBJECT TO CHANGE $0.38 $0.54 $0.17 44.7% 32.8% AM Proposal Accretion / (Dilution) Analysis at Various XRs 2H 2018E 39.7% 2019E $1.02 $1.36 $0.34 Source: Management projections and FactSet as of 8/30/2018. (1) Pre Unitholder Tax 1.797x represents implied XR at 1.614x equity XR and cash consideration of $3.415 / unit. Cash assumed to be used to purchase additional secondary shares. (2) Post - Unitholder Tax 1.679x represents implied XR at 1.61-6x equity XR; cash used to pay taxes, with any excess cash assumed to be used to purchase additional secondary shares. 2019E 32.8% 31.6% 30.4% 29.3% All-In XR Gross Cash Consideration Taxes Payable Net Cash Consideration XR Equity Component Secondary Shares Purchased Net After-Tax XR 28.2% 24.1% 2020E $1.46 $1.81 $0.35 2020E 24.1% 23.1% 22.0% 21.0% 20.6% 20.0% 2021E $1.67 $2.01 $0.34 2021E 20.6% 19.5% 18.5% 17.5% 16.5% TUDORPICKERING HOLT&COI: ENERGY INVESTMENTS MERCHANT BANKING 5.9% 202 2E $1.96 $2.08 $0.12 2022E 5.9% 1.797x $3.415 (52.29) $1.13 1.614x 0.065 1.679x 5.5% 5.0% 38#39Distribution Accretion / (Dilution) Pre Unitholder Tax(1,2) | AM & AMGP I AR Downside Volumes Case Status Quo AM: Pro Forma AMGP at 1.679x:) Pro Forma AMGP at 1.797x:" Bee AM Accretion / (Dilution) - % At 1.797x Exchange Ratio $ Acc / (Dil): $ Acc / (Dil): PF AMGP Coverage: Exchange Ratio 1.821x 1.846x 1.870x 1.884x 2H 2018E (3.00) (9.4%) (1) $0.86 (2) $0.78 (3.0%) $0.83 ($0.08) ($0.03) 1.205x 2H 2018E (2.6%) (1) (2) -1.797X1.679x XR (5.3) (12:09) 2019E 2019E (5.0%) $2.15 $1.89 $2.02 Accretion / (Dilution) Analysis at Various XRs ($0.26) ($0.12) 1.224 2020E 11.2% 11.8% 12.3% 12.8% 2020E 12.7% $2.58 $2.68 $2.87 $0.10 $0.29 1.131x 9.2% 10.2% 1.5% 2021E 2021E 10.1% $2.97 $3.02 $3.23 $0.05 $0.26 1.119 1.6% 3.6% 4.68 1.6% (5.1%) 5.0% 2022E 2022E $3.42 $3.25 $3.47 ($0.17) $0.05 1.076x AM Proposal AMGP Accretion / (Dilution) - % Exchange Ratio Status Quo AMGP: Pro Forma AMGP: $ Acc / (Dil): PF AMGP Coverage: 1.205x 1.797x 1.821x 1.846x 71.1% 1.870x 2H 2018E 1.884x $0.27 $0.46 $0.19 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2H 2018E 71.1% 68.0% 66.5% 33.0% 65.1% 2019E Accretion / (Dilution) Analysis at Various XRs $0.85 $1.12 $0.28 1.224x Source: Management projections and FacBet as of 8/30/2018. Pre Unitholder Tax 1.797x represents implied XR at 1.614x equity XR and cash consideration of $3.415 / unit. Cash assumed to be used to purchase additional secondary shares. Post - Unitholder Tax 1.679x represents implied XR at 1.61-equity XR; cash used to pay taxes, with any excess cash assumed to be used to purchase additional secondary shares. 2019E 31.8% All-In XR Gross Cash Consideration Taxes Payable Net Cash Consideration XR Equity Component Secondary Shares Purchased Net After-Tax XR 29.5% 38.4% 2020E $1.15 $1.60 $0.44 1.131x 2020E 38.4% 37.2% 36.0% 34.9% 25.6% 33.8% 2021E $1.43 $1.80 $0.37 1.119x 2021E 25.6% 24.5% 23.46 22.4% 21.4% TUDORPICKERING HOLT&COCHANT BANKING 10.5% 1.797x $3.415 (52.29) $1.13 1.614x 0.065 1.679x 2022E $1.75 $1.93 $0.18 1.076x 2022E 10.5% 9.3% 10.1% 39#40Growth Comparison at AMGP Proposal Pre - Unitholder Tax | SQ AM, SQ AMGP, & PF AMGP AR Base Case AM AMGP @ 1.0x AM Coverage PF AMGP AR Downside Volumes Case AM AMGP 1.0x AM Coverage PF AMGP AR Base Case AMGP PF AMGP AR Downside Volumes Case AMGP PF AMGP DCF per Unit / Share SQ AM Mgmt Dist Coverage (Base Case) SQ AM Mgmt Dist Coverage (AR Downside Volumes Case) PF AMGP Management Dividend Coverage 2018E $0.77 $1.19 $0.77 $1.07 2018E Distributions / Dividends per Unit / Share $1.72 $0.54 $1.01 $1.72 $0.93 2019E 1.27x 1.26x 1.20x $2.74 $1.26 $1.61 $2.40 $1.02 $1.36 2019E $2.21 $0.89 $1.33 $2.15 $0.85 $1.12 1.31x 1.16x 1.22x 20 20 E $3.24 $1.60 $1.97 $3.02 $1.46 $1.81 20 20 E $2.85 $1.35 $1.74 $2.58 $1.15 $1.60 1.16x 1.21x 1.13x 2021E $3.75 $1.96 $2.35 $3.33 $1.67 $2.01 2021E $3.42 $1.75 $2.10 $2.97 $1.43 $1.80 1.11x 1.14x 1.12x Source: Management projections and FactSet as of 8/30/2018. Note: Coverage assumptions as provided by Management. PF AMGP coverage extrapolated based on fixed distributions provided for AR Base Case. SQ AM coverage for AR Base Case extrapolated based on fixed distributions provided for AR Base Case. SQ AM coverage for AR Downside Volumes base extrapolated based on fixed distributions provided for AR Downside Volumes Case. 2022E $4.29 $2.34 $2.71 $3.76 $1.96 $2.08 2022E $4.10 $2.23 $2.52 $3.42 $1.75 $1.93 1.05x 1.12x 1.08x CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2019E - 2022E CAGR 16% 23% 19% 16% 15% 2019E - 2022E CAGR 23% 24% 17% 27% 20% TUDORPICKERING HOLT&CO MERCHANT BANKING 40#41PF AMGP Selected Public Trading Comparables Midstream C-Corps & High - Growth MLPs Company Kinder Morgan Inc ONEOK, Inc. Plains All American Pipeline GP SemGroup Corporation Tanga Resources Corp. The Williams Companies, Inc. A CNX Midstream Partners LP EQT Midstream Partners LP He Midstream Partners LP Noble Midstream Partners LP BP Midstream Partners LP Shell Midstream Partners LP Valero Energy Partners LP Median Midstream C-Corp Mean Midstream C-Corp Median High-Growth MLP Mean High-Growth MLP Median PF AMGP at AMGP Proposal PF AMGP at AM Proposal Unit Price at 8/30/2018 $17.78 26.09 22.54 36.40 $17.28 $17.28 Equity Value $39,237 2,028 36,062 $1,431 2,221 7,000 3,709 $11,831 $7,000 $20,723 $4,210 $2,221 $8,726 $8,987 D TEV 7,283 $1,904 3,313 3,032 2,527 8,939 4,884 $18,349 $7.283 $33,201 $27,100 $5,618 $3,313 $10,121 $10,382 Source: FactSet as of 8/30/2018 and Wall Street research. Note: Assumes AMGP share price of $17.28 for offer / AM Proposal metrics. (1) For C-corps, CAGR calculated using Q4 2017 dividend annualized and 2020E dividend. (2) Calculated as equity value to LP DCF. (3) DCF calculated as EBITDA less interest expense and maintenance capital. Defined as high-growth MLP if current - 2020E distribution growth CAGR is greater than 10%. Distribution/Unit / Price [field) Current Non-IDR Midstream C-Corps 7.3% High-Growth MLPs (4) 5.8% 5.8% 5.8% 6.1% 5.7% 5.5% 6.0% 6.1% 5.5% 5.1% 5.7% 2018 to 2020E CAGR 25% 10% 10% 5% 196 15% 15% 20% 15% 12% 13% 10% 28% 29% H Equity Value / DCF(2,3) 2018E 10.9x 18.1x 13.7x 12.4x 13.0x 13.2x 12.7x 12.4x 14.1x 2019E 8.4x 13.0x 13.3x 11.7x 11.3x 11.4x 11.3x 11.1x 11.1x 11.3x td.Ex 11.0x Enterprise Value EBITDA 2018E 10.0x 15.0x 12.20 14.0x 23.0x 11.7x 12.2x 14.9x 14.0x 15.9x 1.5x 14.1x 13.7x 13.9x CONFIDENTIAL DRAFT SUBJECT TO CHANGE 14.2x K 2019E 14.0x 10.0 12.0x 21.6x 10.8x 10,4x 10.9x 12.3x 10.8x 14.6x 13.0x 10.3x 10.8x 10.2x fu Ex TUDORPICKERING HOLT&CO CHANT BANKING 2018E 1.1x 1.3 1.3x 1,0x 20x 1.3x 1.3x 1.2x 41#42Discount Rate Has / Gets Analysis | AR Base Case AM Pre - Unitholder Tax | Valuation Effective Date: 6/30/2018 Discounted Levered DCF Analysis Discount Rate 8.0% 10.0% 12.0% Stand Alone AM Implied Unit Price 10.0% Discounted Distribution Analysis 12.0% 9.0x $38.81 $36.67 $47.23 $44.52 $42.02 2022E DCF Multiple 10.5x $43.72 $41.27 $39.01 2022E Distribution Yield 7.0% $52.82 $49.76 $46.94 12.0x $48.64 $45.88 $43.33 6.0% $60.28 $56.75 $53.50 XR Adjusted PF AMGP Implied Share Price | 1.797x XR(¹) Discounted Levered DCF Analysis Discount Rate Discount Rate 8.0% 10.0% Discount Rate 12.0% Discounted Distribution Analysis 8.0% 10.0% 12.0% 7.0% 10.0x $45.90 8.5% $43.54 10.0% $41.33 7.00 $46.28 11.0x $43.40 $41.37 $39.46 Source: Management projections and FactSet as of 8/30/2018. (1) Implied XR at 1.614x equity XR and cash consideration of $3.415 / unit. Cash consideration added to implied share price at 1.614x XR. (2) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 2022E DCF Multiple 12.0x $52.62 $49.81 $47.22 2022E Distribution Yield 6.0% $55.49 $52.42 Discounted Cash Flow | Unlevered FCF(2)| Discounted at WACC $49.59 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2022E Terminal Multiple 13.0x $50.30 $47.95 $45.73 14.0x $59.30 $56.08 $53.11 5.0% $64.65 $61.01 $57.66 15.0x $57.21 $5-4.53 $52.00 TUDORPICKERING HOLT&COCHANT BANKING 42#43Discount Rate Has / Gets Analysis | AR Downside Volumes Case AM Pre - Unitholder Tax | Valuation Effective Date: 6/30/2018 Discounted Levered DCF Analysis Discount Rate 8.0% 10.0% 12.0% 8.0% Stand Alone AM Implied Unit Price Discounted Distribution Analysis 10.0% 12.0% $34.30 $32.41 $30.66 $40.04 $37.76 $35.66 2022E DCF Multiple 10.5x $38.61 $36.45 $34.45 2022E Distribution Yield 7.0% $44.71 $42.14 $39.76 12.0x $42.91 $38.25 $50.92 $47.97 $45.24 XR Adjusted PF AMGP Implied Share Price | 1.797x XR(¹) Discounted Levered DCF Analysis Discount Rate Discount Rate 8.0% 10.0% Discount Rate 12.0% Discounted Distribution Analysis 8.0% 10.0% 12.0% 7.0% 10.0x $37.02 8.5% $35.15 10.0% $33.43 7.0% $39.64 $37.54 11.0x $35.87 $34.24 $32.71 Source: Management projections and FactSet as of 8/30/2018. (1) Implied XR at 1.614x equity XR and cash consideration of $3.415 / unit. Cash consideration added to implied share price at 1.614x XR. (2) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 2022E DCF Multiple 12.0x $42.15 $39.96 $37.94 Discounted Cash Flow | Unlevered FCF(2)| Discounted at WACC 2022E Distribution Yield 6.0% $44.77 $42.35 $40.12 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2022E Terminal Multiple 13.0x $41.17 $39.29 $37.52 14.0x $47.28 $44.77 5.0% $51.96 $49.09 $46.45 15.0x $46.47 $44.33 $42.33 TUDORPICKERING HOLT&COCHANT BANKING 43#44Discount Rate Has / Gets Analysis | AR Base Case AMGP Pre Unitholder Tax | Valuation Effective Date: 6/30/2018 Discounted Levered DCF Analysis Discount Rate 8.0% 10.0% 12.0% 8.0% Stand Alone AMGP Implied Share Price Discounted Distribution Analysis 10.0% 12.0% 14.0x $27.09 $25.50 7.0% $27.54 $25.92 $24.43 2022E CAFD Multiple 16.0x $30.44 $28.64 $26.98 2022E Distribution Yield 5.5% $34.07 $32.05 $30.18 18.0x $33.79 $31.79 $29.93 $45.50 $42.76 $40.24 Discounted Levered DCF Analysis Discount Rate Discount Rate 8.0% 10.0% Discount Rate 12.0% 8.0% Discounted Distribution Analysis 10.0% 12.0% 7.0% PF AMGP Implied Share Price 8.5% 10.0x $26.35 10.0% $24.87 $23.50 7.00 $28.21 $26.56 11.0x $24.78 $23.52 $22.34 Source: Management projections and FactSet as of 8/30/2018. (1) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 2022E DCF Multiple 12.0x $30.49 $28.75 $27.15 2022E Distribution Yield 6.0% $32.27 $30.37 Discounted Cash Flow | Unlevered FCF(1) | Discounted at WACC $28.61 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2022E Terminal Multiple 13.0x $29.06 $27.60 $26.22 14.0x $34.64 $32.64 $30.79 5.0% $37.95 $35.70 $33.62 15.0x $33.34 $31.68 $30.11 TUDORPICKERING HOLT&COI: ENERGY NYESTIVENTA MERCHANT BANKING 44#45Discount Rate Has / Gets Analysis | AR Downside Volumes Case AMGP Pre Unitholder Tax | Valuation Effective Date: 6/30/2018 Discounted Levered DCF Analysis Discount Rate 8.0% 10.0% 12.0% 8.0% Stand Alone AMGP Implied Share Price 10.0% Discounted Distribution Analysis 12.0% 14.0x $21.51 $20.25 $19.10 7.0% $21.86 $20.58 $19.40 2022E CAFD Multiple 16.0x $24.13 $22.71 $21.41 2022E Distribution Yield 5.5% $26.97 $25.38 $23.90 18.0x $26.76 $25.18 $23.72 4.0% $35.92 $33.77 $31.78 Discounted Levered DCF Analysis Discount Rate Discount Rate 8.0% 10.0% Discount Rate 8.0% Discounted Distribution Analysis 10.0% 12.0% 7.0% PF AMGP Implied Share Price 8.5% 10.0x $20.83 10.0% $19.67 $18.60 7.00 $22.45 $21.15 $19.95 11.0x $20.11 $19.11 $18.16 Source: Management projections and FactSet as of 8/30/2018. (1) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 2022E DCF Multiple 12.0x $24.00 $22.65 $21.40 2022E Distribution Yield 6.0% $25.63 $24.13 Discounted Cash Flow | Unlevered FCF(1)| Discounted at WACC $22.75 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2022E Terminal Multiple 13.0x $23.40 $22.23 $21.14 14.0x $27.18 $25.63 $24.20 5.0% $30.09 $28.31 $26.67 15.0x $26.68 $25.36 $24.12 TUDORPICKERING HOLT&COCHANT BANKING 45#46Illustrative Discounted Future Value Pre Unitholder Tax | SQ AM & PF AMGP | AR Base Case & AR Downside Volumes Case SQ AM | AR Base Case PF AMGP | 1.797x XR Adjusted (1) | AR Base Case $39.91 2019E $41.88 $36.29 $32.11 SQ AM | AR Downside Volumes Case 2019E $52.36 Assumptions $45.63 2020E $45.83 $40.58 $39.98 2020E $35.60 $59.16 $51.83 $46.33 $29.74 2021E $-49.98 $43.86 Source: Management projections and FactSet as of 8/30/2018. Note: Valuation based on annual distributions. (1) Implied XR at 1.614x equity XR and cash consideration of $3.415 / unit. $39.27 $29.74 2021E Management projections | Valuation date as of 6/30/18 Future share price calculated at FY1 distributions divided by yield Discounted to 6/30/18 at 10% cost of equity 0 Interim distributions discounted upon receipt to 6/30/18 1 1 I 1 I 1 Yield 6.0% 7.0% Current AM Unit Price Yield 7.0% 8.0% Current AM Unit Price | | $52.30 $43.78 $37.70 2019E $47.96 $40.15 $34.58 $58.63 2019E $49.29 $42.63 2020E $42.36 $36.66 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2020E $65.33 O $55.14 $47.87 2021E PF AMGP | 1.797x XR Adjusted (1) | AR Downside Volumes Case 1 I $50.35 T $50.66 O $42.84 $37.26 2021E TUDORPICKERING HOLT&COI: Yield ENERGY INVESTMENTS 5.0% 6.0% 7.0% Yield 5.0% 6.0% 7.0% I 46 1 1#47Illustrative Discounted Future Value Pre - Unitholder Tax | SQ AMGP & PF AMGP | AR Base Case & AR Downside Volumes Case SQ AMGP | AR Base Case $31.08 $22.90 $18.23 2019E $26.71 $19.70 $15.69 2019E $37.69 Assumptions $28.01 $22.47 2020E SQ AMGP | AR Downside Volumes Case $30.95 $23.04 $18.52 2020E $44.70 $33.45 Source: Management projections and FactSet as of 8/30/2018. Note: Valuation based on annual distributions. $27.03 $17.281 2021E $35.28 $26.48 $21.45 $17.28 2021E Management projections | Valuation date as of 6/30/18 Future share price calculated at FY1 distributions divided by yield Discounted to 6/30/18 at 10% cost of equity 0 Interim distributions discounted upon receipt to 6/30/18 Yield 4.0% 5.5% 7.0% Current AMGP Share Price Yield 4.0% 5.5% 7.0% Current AMGP Share I 1 I 11 1 I 1 1 PF AMGP | AR Base Case $32.86 $27.59 $23.82 2019E $30.15 $25.31 $21.85 537.33 PF AMGP | AR Downside Volumes Case 2019E $31.55 $27.42 2020E $32.13 $27.18 $23.65 2020E CONFIDENTIAL DRAFT SUBJECT TO CHANGE $42.09 $35.78 $31.27 2021E $32.83 $27.99 $24.53 2021E TUDORPICKERING HOLT&COI: EVERGY INVESTMENTS MERCHANT BANKING Yield 5.0% 6.0% 7.0% Yield 5.0% 7.0% 47 I T I 1 I I I 1 I I I I#48VI. Pro Forma Trading Analysis CONFIDENTIAL DRAFT SUBJECT TO CHANGE TUDORPICKERING 48 HOLT&COCHANT BANKING#49Exchange Ratio Pro Forma Trading AM Share Price as of 8/30/2018: $29.74 Cash Adj. AMGP Proposal Current Adj. XR Cash Adj. XR at AM Proposal 1.797x 1.800x 1.825x 1.850x 1.884x B Implied AM Ownership 59.7% 59.8% 60.1% 60.5% 61.0% 6.00% $28.46 $28.50 $28.90 $29.29 $29.83 D Exchange Ratio Adjusted Implied AM Unit Price AM 2018E ($1.82) 6.12% $27.90 $27.94 $28.33 $28.72 $29.24 Source: Company Management, FactSet as of 8/30/2018. Note: 2018E Dividend / Distribution Yields based on Annualized 2H 2018E dividends / distributions. (1) Assumes equity ownership based on exchange ratio net of cash credit. E 2H Annualized 2018E Dividend Yield PF Mkt Cap Weighted Yield ($0.95) 5.14% $33.25 $33.30 $33.76 $34.22 F $34.85 5.00% $34.15 $34.20 $34.68 $35.15 $35.79 4.00% $42.69 $42.75 $43.34 $43.94 $44.74 CONFIDENTIAL DRAFT SUBJECT TO CHANGE H AMGP 2018E ($0.61) 3.54% $48.21 $48.28 $48.95 $49.62 $50.53 TUDORPICKERING 49 HOLT&COCHANT BANKING#50CONFIDENTIAL DRAFT SUBJECT TO CHANGE VII. After-Tax Pro Forma Impact Supplemental Materials for AMGP Proposal TUDORPICKERING 50 HOLT&COI: EVEAUT INVESTMENT MERCHANT BANKING#51Transaction Tax Implications At AMGP Proposal [1] 121 131 1 Average Tax Basis Calculation (1) ■ Average tax basis of $23.27 per unit for public AM unitholders as of YE 2017 ■ The average public AM unit holder would need to receive cash consideration of $2.29 per unit to avoid having to sell shares post- transaction to pay transaction related taxes Cash Consideration Required to Avoid Share Selling Average Unitholder AMGP Share Price Exchange Ratio Cash Consideration Offer Price Average EDY 2017 Tax Basis Detail of Gains (per Unit) Average Ordinary Gain One-Time Dividend/Unit (Orindary Gain Jerg CapAtal Gailm Total Gain Average Assumed Passive Activity Loss Taxon Gain (per Unit) Federal Ordinary Income Tax Rate Individual MLP Investor Deduction Rasa Adjusted Ordinary Tax Rate ACA Tax Federal Capital Gains Tax Rate Effective State Tax Rate PAL R PAL Gain Deduction Taxon Ordinary Gain Effective Ordinary Gal Tax Rate Taxon Capital Gain Effective Capital Gain Tax Rate State Tax Ordinary Income Effective Ordinary Gin Tax Rate State Tax Capital Gain Effective Capital Gains Tax Rate Total Tax ondain TotalPay Effective Tax Rate $17.28 53.00 $30.90 $23.27 53.78 $8.46 ($1.08) 20.0% 3.8% $0.86 $1.01 27.1% AMGP Share Price Exchange Ratio Cash Consideration For IPO Investor Average Basis Offer Price Average BDY 2017 Tax Basis Detail of Gains (per unit) Average Ordinary Gain One-Time Dividend / Unit (Orindary Ga ivierage Capital Gain Total Gain Average Assumed Pacsive Activity Loss Tax on Gain (per Unit) Federal Ordinary Income Tax Rate Individual MLP Investor Deduction Rate Adjud Ordinary Tax Rate ACA Tax Federal Tax Rate Federal Capital Gains Tax Rate Effective State Tax Rate PAL Rate PAL Gain Deduction Taxon Ordinary Gain Effective Ordinary Gain Tax Rate Taxon Capital Gain Effective Capital Gain Tax Rate State Tax Ordinary Incom Effective Ordinary Gain Tax Rate State Ta Capital Ga Effective Capital Gaine Tax Rate Total Taxon Gain Total Effective Tax Rate Source: FactSet as of 30/2015 and Wall Street research Note Dividend of 50.415/ share added to ordinary gain Provided by managemen Assumed passive activity loss and taxon ordinary gain for IPO Investor utilizes company provided estimates based on a par unit basis range of $19.00-$22.00. Passive activity loss calculated to be $2.00 for an IPO Investor. Unitholder Antero Resources Antero Resources - Water ARC Public Unitholders Total Active Units Average EOY 2017 Basis for Public Unitholders Average EOY 2017 Basis for IPO Investors Staxa determined by using weighted average of 50 state income tax rates and median federal taxable income brackets for married and single flors. Cashconsideration excludes special distribution of $0.415. 1.614x $20.51 $4.83 5.56 $10.81 3.8% 37.0% $1.21 $1.32 $0.27 $0.29 AMGP Share Price Exchange Ratio Cash Consideration Offer Price Average EDY 2017 Tax Bas சிச்சாம் Ciapital. Galin Detail of Gains (per Unit) Average Ordinary Gain One-Time Dividend / Unit Orindary Gin Total Gain Assumed Passive Activity Lo IPO Investor IPO Back Federal Capital Gains Tax Rate Effective State Tax Rate PAL Rate PAL Gain Deduction Tax on Gain (per Unit) Federal Ordinary Income Tax Rate Individual MLP Investor Deduction Rate Adjusted Ordinary Tax Rat ACA Tax Taxon Ordinary Gain Effective Ordinary Gain Tax Rate Taxon Capital Gain Effective Capital Gain Tax Rate State Tax Ordinary Income Active Units Effective Ordinary Gain Tax Ra State Tax Capital Ga Total Tax on Gain 90,841,730 8,028,605 94,757,401 193,627,736 TotalPayable Effective Tax Rate CONFIDENTIAL DRAFT SUBJECT TO CHANGE EDY 2017 Basis $2.01 25.70 23.27 $23.27 $20.51 $17.28 $3.00 $30.90 5:20.51 3.83 $10.39 ($2.00) 37.00 3.8% 23.00 (30.74 $1.59 $0.36 5.5% $0.20 5.2% $3.04 29.5% TUDORPICKERING 51 HOLT&COCHANT BANKING#52EXITDA After-Tax Distribution For Average Unitholder Calculation Detail for AMGP Proposal Interest Expense -DR Distributions - Distributions from Unconsolidated Affilates + Equity in Earnings of Unconsolidated Affinates -Equity Bed Compensation Taxable Income Before Tax Depreciation Oversubcription Taxable Income Before Tax Depreciation Tax Depreciation Net Income AM Share Outstanding Taxable income / Unit (Net of PAL) Average Tax Basis per Unit Less: Return of Capital per Unit Average EoY Basis per Unit Income Tax Taxable income / Unit (Net of PAL) Income Tax Rate Income Taxes / Unit Before Tax AM Distibution Per LP Unit Tax / Unit SQ AM After-Tax Distribution Calculation After Tax AM Distribution Per LP Unit 2H 2018E 2019E 5391 $989 ($27) 527 ($23) 248 103% 255 (253) 2 188.1 $0.00 ($2.78) $20.49 $0.00 50.00 $0.91 $0.91 (588) 613 103% 631 42 188.1 $0.00 $20.49 ($2.99) $17.50 50.00 29.6% 50.00 $2.21 $2.21 2020E $1,222 $119 ($41) 103% 65 188.1 $17.50 ($3.51) $13.99 $0.01 50.00 $2.85 (50.00) $2.85 2021E $134 (533) 103% 771 123 188.1 50.02 $13.99 ($3.80) 50.02 29.4 $0.01 $3.42 2022E ($35) 832 100% 213 $0.04 $10.19 ($4.05) $0.01 $4.10 ($0.01) EBITDA - Distributions from Unconsolidated Affiliates + Equity in Earings of Unconsolidated Affiliates -Equity Based Compensation - Interest Expense - Depreciation of Goodwill and Current Assets - Additional Depreciation from Step Up in Basis -Capex Expense for Tangible Assets -Interest Expense Add-back Taxable income Before HOLS - NOLS applied from previous years Taxable Income AMGP Taxable income +NOL Utilization - Payment of Income Taxes +/- Change in depreciation (MACRS vs ADS SL) +Tangible Asset Capex Current Earnings & Profits Current Dist, from AM GP to Shareholders Qualified Dividend? Retum of Capital Qualified Dividend Partial Return of Capital Percentage Roc Percentage op Shares Outstanding Tax Basis Sham Retum of Capital EoY Basis Retum of Capital Taxes Qualified Dividend Taxes Before Tax PF AMGP Dividend Per Share PF AMGP After-Tax Calculation 2H 2018E Total Tax per Share Impiled Tax Rate After-Tax PF AMGP Dividend Per Share PF After Tax AM Dividend XR Adjusted Share After-tax Distribution Dilution to AM Unitholder (Sunit) After-tax Distribution Dilution to AM Unitholder ( Source: Management projections and FactSet as of 8/30/2018. Note: 1.614x implied after-tax XR represents a 1.614x equity XR and cash consideration of $3.415 / unit. Cash assumed to be used to eliminate unitholder tax liability. Return of capital per share / unit calculated as the total distributions to holders when Current Eamings & Profits are less than 0. (1) Qualified dividend calculated as equal to the lesser of Current Eamings & Profits or Distributions to Shareholder assuming Current Eamings & Profit is greater than 0. Partial Return of Capital is calculated as the difference between Distributions to Shareholders and Current Earnings & Profits assuming Qualified Dividends are applicable. $391 ($27) $27 (52) (353) (27) (133) 0 ($196) 50 ($196) (5196) (8) 133 (572) 340 Roc 340 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 50.51 1.679x $0.85 2019E ($88) $87 (126) $9.89 $1,222 $1,413 $1,642 ($141) ($168) $119 $134 (179) 0 (5205) $0 ($205) ($205) 37 164 RoC 668 100% OFC ON 508.3 508.3 $17.28 $16.61 (50.67) $16.61 $0.00 50.00 50.51 S- 2020E $1.33 1,67% $2.23 50.02 ($41) (152) (176) 0 ($65) $0 ($65) (565) 64 176 $175 Cum E&P 175 711 80% $15.30 $13.90 $0.00 $0.00 90.00 $0.00 $1.33 $1.74 $ $0.00 $1.66 2021E $2.79 (2190) (567) (281) (352) 0 (523) 50 (523) 16 352 $344 508.3 508.3 $15.30 $13.90 Cum E&P 723 68% 32% $12.43 $0.00 $0.16 $2.10 50.16 EN $1.94 1,67% $3.25 2022E TUDORPICKERING HOLT&COCHANT BANKING ($196) $157 (135) (554) (204) 46 $360 ($288) $72 572 18 (35) 35.2 $659 1.281 Cum EGP 659 623 49% 51% 508.3 $12.48 $11.25 $0.00 $0.31 12% $2.21 1,67% $3.71 52#53After-Tax Distribution Accretion / (Dilution AM & AMGP | For Average AM Unit Holder at AMGP Proposal | AR Base Case AM Accretion / (Dilution) - % At 1.679x Exchange Ratio Status Quo AM: Pro Forma AMGP: $ Acc / (Dil): Exchange Ratio $0.91 $0.85 ($0.06) PF AMGP Coverage 1.205x $3.415 $3.415 $3.415 (6.6%) $3.415 2H 2018E $3.000 1.713x 1.730x 1.732x 1.0% (6.6%) 2019E $221 $2.23 $0.02 1.224x Accretion / (Dilution) Analysis at Various XRs Cash Impled Consid. / After-Tax 2H 2018E Unit 2019E 1.0% 1.38 1.4% (2.1%) 0.8% 2020E $2.85 $2.79 ($0.06) 1.13 1x 2020E (2.1%) (1.9%) (1.6%) (4.7%) (1.3%) 2021E $3.41 $3.25 ($0.16) 1.119 2021E (4.2%) (4.0%) (4.5%) (9.1%) 20ZZE $4.09 $3.71 ($0.37) 1.076x 2022E (9.1%) (9.0%) AM Proposal (8.8%) (9.2%) AMGP Accretion / (Dilution) - % Status Quo AMGP: $0.23 Pro Forma AMGP: $0.51 $ Acc / (Dil): $0.27 PF AMGP Coverage 1.205x Exchange Ratio 1.679x 1.696x 1.713x 116.0% 1.730x 2H 2018E 1.732x 2H 2018E 116.0% 114.1% 112.1% Accretion / (Dilution) Analysis at Various XRs 110.3% 95.7% 108.7% 2019E $0.68 $1.33 $0.65 1.224x 2019E 95.7% 93.9% 92.2% 90.5% 89.1% 61.9% Source: Management projections and FactSet as of 8/30/2018 Note: AMGP accretion / (dilution) based on SQ AM Management Coverage. After-tax distributions is distribution from entity less attributable qualified dividends and gains on capital taxes. Note: 1.679x implied after-tax XR represents a 1.61-4x equity XR and cash consideration of $3.415 / unit. Cash assumed to be used to eliminate unitholder tax liability. 2020E $1.03 $1.66 $0.63 1.131x 2020E 61.9% 60.7% CONFIDENTIAL DRAFT SUBJECT TO CHANGE 58.4% 45.4% 2021E $1.33 $1.94 $0.60 1.119x 2021E 44.3% 43.2% 42.1% 41.1% 30.1% 2022E $1.70 $2.21 $0.51 1.076x 2022E 30.1% 29.0% TUDORPICKERING HOLT&COCHANT BANKING 27.9% 26.9% 53#54After-Tax Distribution Accretion / (Dilution) AM & AMGP | For Average AM Unit Holder at AMGP Proposal | AR Downside Case AM Accretion / (Dilution) - % At 1.679x Exchange Ratio Status Quo AM: Pro Forma AMGP: $ Acc / (Dil): Exchange Ratio $0.86 $0.78 ($0.08) PF AMGP Coverage 1.205x $3.415 $3.415 $3.415 (9.4%) $3.415 2H 2018E $3.000 1.679x 1.696x 1.713x 1.730x (12.0%) 201⁹E Accretion / (Dilution) Analysis at Various XRs Cash Implied Comid. / After-Tax 2H 2018E Unit XR 1.732x $2.14 $1.89 ($0.26) 1.224x (9.3%) (9.2%) (9.1%) 2019E (12.0%) (11.9%) (2.8%) (12.2%) 2020E $2.58 $2.51 ($0.07) 1.13 1x 2020E (2.8%) (2.5%) (2.2%) (7.3%) (1.9%) 2021E $2.96 $2.75 ($0.22) 1.119 2021E (6.5%) (7.0%) (14.6%) 202 ZE $3.41 $2.91 ($0.50) 1.076x AM Proposal 2022E (13.4%) (13.1%) AMGP Accretion / (Dilution) - % PF AMGP Coverage Status Quo AMGP: $0.21 Pro Forma AMGP: $0.46 $ Acc / (Dil): $0.26 ange Ratio 1.679x 1.696x 1.713x 124.6% 1.730x 2H 2018E 1.732x 1.205x 2H 2018E 124.6% 122.5% 120.5% 118.6% 74.5% 116.9% 2019E Accretion / (Dilution) Analysis at Various XRs $0.64 $1.12 $0.48 1.224x 2019E 74.5% 72.98 71.4% 68.7% 69.7% Source: Management projections and FacBet as of 8/30/2018 Note: AMGP accretion / (dilution) based on SQ AM Management Coverage. After-tax distributions is distribution from entity less attributable qualified dividends and gains on capital taxes. Note: 1.679x implied after-tax XR represents a 1.61-4x equity XR and cash consideration of $3.415 / unit. Cash assumed to be used to eliminate unitholder tax liability. 2020E $0.88 $1.49 $0.61 1.131x 2020E 69.7% 68.6% 67.4% 66.3% CONFIDENTIAL DRAFT SUBJECT TO CHANGE 65.2% 50.1% 202 1E $1.09 $1.64 $0.55 1.11% 2021E 50.1% 49.00 45.9% 2022E 30.1% 29.7% 29.3% 28.2% TUDORPICKERING HOLT&COI: EVERGY INVESTIMENT & MERCHANT BANKING 30.1% 2022E $1.33 $1.73 $0.40 1.076x 54#55After-Tax Distribution Accretion / (Dilution) CONFIDENTIAL DRAFT SUBJECT TO CHANGE For Average AM Unit Holder at AMGP Proposal at 1.0x Coverage for AM & PF AMGP | AR Base Case AM Accretion / (Dilution) - % At 1.679x Exchange Ratio Status Quo AM: Pro Forma AMGP: $ Acc / (Dil): Exchange Ratio $1.08 $1.02 ($0.05) PF AMGP Coverage 1.000x Cash Consid. / $3.415 $3.415 $3.415 (4.9%) $3.415 2H 2018E $3.000 1.679x 1.696x 1.713x 1.730x (0.4%) Accretion / (Dilution) Analysis at Various XRs Implied After-Tax 2H 2018E XR 1.732x 2019E $2.73 $2.72 ($0.01) 1.000x 2019E (0.2%) (0.1%) (0.0%) (1.8%) (0.6%) 2020E $3.21 $3.15 ($0.06) 1.000x 2020E (1.8%) (1.5%) (1.7%) (1.0%) 2021E $3.71 $3.65 ($0.06) 1.000x 2021E (1.7%) (1.2%) (6.0%) 2022E $4.23 $3.98 ($0.25) 1.000x AM Proposal 2022E (5.8%) (5.7%) (5.5%) AMGP Accretion / (Dilution) - % At 1.0x AM Coverage Status Quo AMGP: Pro Forma AMGP: $ Acc / (Dil): PF AMGP Coverage Exchange Ratio 1.679x 1.696x 1.713x 88.1% 1.730x 2H 2018E $0.32 $0.61 $0.29 1.000x 2H 2018E Source: Management projections and FactSet as of 8/30/2018 Note: After-tax distributions is distribution from entity less attributable qualified dividends and gains on capital taxes. Note: 1.679x implied after-tax XR represents a 1.614x equity XR and cash consideration of $3.415 / unit. Cash assumed to be used to eliminate unitholder tax liability. 88.1% 84.8% 83.1% 68.7% 81.7% 2019E Accretion / (Dilution) Analysis at Various XRs $0.96 $1.62 $0.66 1.000x 2019E 68.7% 65.7% 53.9% 64.2% 2020E $1.22 $1.88 $0.66 1.000x 2020E 53.9% 52.7% 51.6% 45.6% 50.5% 2021E $1.49 $2.17 $0.68 1.000k 2021E 45.6% 44.5% 2022E 33.2% 31.0% TUDORPICKERING HOLT&COCHANT BANKING 33.2% 2022E $1.78 $2.37 $0.59 1.000k 55#56After-Tax Distribution Accretion / (Dilution) For Average AM Unit Holder at AMGP Proposal at 1.0x Coverage for AM & PF AMGP | AR Downside Volumes Case AM Accretion / (Dilution) - % At 1.679x Exchange Ratio Status Quo AM: Pro Forma AMGP: $ Acc / (Dil): Exchange Ratio $1.01 $0.94 ($0.07) PF AMGP Coverage 1.000x Cash Consid. / Unit $3.415 $3.415 $3.415 (7.1%) $3.415 2H 2018E $3.000 1.679x 1.696x 1.713x 1.730x (4.0%) Accretion / (Dilution) Analysis at Various XRs Implied After-Tax 2H 2018E XR 1.732x 2019E $2.40 $2.30 ($0.10) 1.000x 2019E (4.0%) (3.8%) (5.3%) (3.7%) 2020E $3.00 $2.84 ($0.16) 1.000x 2020E (5.3%) (5.0%) (4.7%) (6.5%) (5.0%) 2021E $3.30 $3.08 ($0.21) 1.000x 2021E (6.5%) (5.7%) (6.28) (15.2%) 2022E $3.71 $3.15 ($0.56) 1.000x AM Proposal 2022E (15.2%) AMGP Accretion / (Dilution) - % At 1.0x AM Coverage Status Quo AMGP: Pro Forma AMGP: $ Acc / (Dil): PF AMGP Coverage Exchange Ratio 1.679x 1,696x 1.713x 1.730x 94.3% 1.732x 2H 2018E $0.29 $0.56 $0.27 1.000x 2H 2018E Source: Management projections and FactSet as of 8/30/2018 Note: After-tax distributions is distribution from entity less attributable qualified dividends and gains on capital taxes. Note: 1.679x implied after-tax XR represents a 1.614x equity XR and cash consideration of $3.415 / unit. Cash assumed to be used to eliminate unitholder tax liability. 94.38 90.8% 75.6% 89.18 2019E Accretion / (Dilution) Analysis at Various XRs $0.78 $1.37 $0.59 1.000x 2019E 75.6% 74.0% 72.5% 52.7% 71.0% 2020E $1.11 $1.69 $0.58 1.000x 2020E 52.7% 51.6% 50.6% CONFIDENTIAL DRAFT SUBJECT TO CHANGE 49.5% 44.5% 2021E $1.27 $1.84 $0.57 1.000x 2021E 42.5% 41.5% 40.5% 2022E 25.2% TUDORPICKERING HOLT&COI: EVEAUT INVESTMENTS MERCHANT BANKING 25.2% 2022E $1.50 $1.87 $0.38 1.000k 56#57PF AMGP After Tax Cash Flow 6% Terminal Yield Value | AMGP Proposal | Unadjusted Exchange Ratio At 1.679x Exchange Ratio Tax Basis at YE 2017 Taxes Incurred in Merger (Assumed Paid in 2020) Cash Received from Offer Stepped Up Basis Upon Close XR Adj. PF AMGP BT Dist. per Share % RoC % QD Return of Capital Qualified Dividends Project Tax Liability XR Adj. PF AMGP AT Dist. per Share 2H 2018E Tax on Gain Terminal Yield Sale at 12/31/22 Terminal FV per XR Adj. PF AMGP Share Less: Basis on Conversion Plus: Dividends Treated as Return of Capital Total Net Cash Flow Total Cash In Flow Total Cash Out Flow Tax on Tax Rate 29.0% Sale at 12/31/22 Terminal FV per XR Adj. PF AMGP Share Less: Taxes on Gain Net Proceeds $0.85 100.0% 0.0% $1.12 $0.00 $0.00 $0.85 Dividends Total Cash Out Flow Taxes in Merger Discount Factor Implied Present Value per Share XR Adj. PF AMGP Implied Present Value per Share Source: Management projections and FactSet as of 8/30/2018. (1) Inclusive of Federal & State capital gains taxes. $0.85 $0.85 $0.00 0.976 $0.83 2019E $23.27 0.00 0.00 $31.08 $2.23 100.0% 0.0% $2.21 $0.00 $0.00 $2.23 $2.23 $2.23 $0.00 $0.00 0.909 $2.03 2020E $2.92 80.3% 19.7% $2.35 $0.58 ($0.14) $2.79 $2.65 $2.79 ($0.14) 0.826 $2.19 2021E $3.52 67.7% 32.3% $2.39 $1.14 ($0.27) $3.25 $2.98 $3.25 ($0.27) 0.751 $2.24 2022E $4.23 48.6% 51.4% $2.06 $2.18 ($0.52) $3.71 $3.20 $3.71 ($0.52) 0.683 $2.18 CONFIDENTIAL DRAFT SUBJECT TO CHANGE . Terminal AM current price of $29.74 Cash consideration used to pay all taxes; any additional cash available assumed to purchase secondary shares $70.53 ($31.08) $10.12 $49.57 $14.37 $70.53 ($14.37) $56.16 $56.16 $70.53 ($14.37) 0.651 $36.56 $46.03 TUDORPICKERING HOLT&COI: SNEAGY NYESTMENT & MERCHANT BANKING 57#58After-Tax Dividend Distribution Analysis XR Adjusted Implied PV / Unit at Various 2022E Distribution Yield | At Implied AMGP Proposal Coverage AM current price of $29.74 Cash consideration used to pay all taxes; any additional cash available assumed to purchase secondary shares Exchange Ratio 1.679x 1.696x 1.713x 1.730x 1.732x Source: Management projections and FactSet as of 8/30/2018 Note: Cash consideration is held constant at $3.41 per AM unit. 8% $35.02 7% $41.38 $41.51 $41.64 $41.77 $41.60 SQ AM 2022E Distribution Yield $38.41 PF AMGP 2022E Distribution Yield 6% $46.03 $46.17 $46.31 $46.45 $46.25 Note: Taxcalculations provided by Management, Ordinary gain taxx rate for AM accounts for Federal ordinary income tax rate of 37%, individual MLP Investor deduction rate of 20% and 38%ACA tax rate Ordinary gain tax rate for PF AMGP accounts for Federal ordinary income tax rate of 37% and 3.8% ACA tax rate Note: Assuming 10% discount. CONFIDENTIAL DRAFT SUBJECT TO CHANGE 6% $42.92 5% $52.56 $52.70 $52.85 $53.00 $52.75 TUDORPICKERING HOLT&COCHANT BANKING 58#59Certain TPH Relationships Relationship Disclosure TPH Investment Banking & Antero Midstream Partners, Antero Midstream Partners GP and Antero Resources ■ ■ In May 2017, TPH served as co-manager on Antero Midstream GP's $875 million initial public offering In October 2016, TPH served as financial advisor to Antero Resources on its $170 million sale of 17,000 net acres in southwest PA In June 2016, TPH served as a co-manager on Antero Resources' $762 million follow-on equity offering In November 2014, TPH served as a co-manager on Antero Midstream's $1 billion initial public offering In May 2014, TPH served as a senior co-manager on Antero Resources' $744 million follow-on equity offering In October 2013, TPH acted as senior co-manager on Antero Resources' $1.57 billion initial public offering CONFIDENTIAL DRAFT SUBJECT TO CHANGE TPH merged with Perella Weinberg Partners ("PWP") in November 2016 TPH is a full service securities firm engaged in securities trading, brokerage and private equity and investment management activities as well as providing investment banking and other financial services. In the ordinary course of business, TPH and its affiliates, including Perella Weinberg Partners, may acquire, hold or sell, for their own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of AM, AMGP, AR, their affiliates, other prospective transaction participants and other companies that may be involved in the transactions, as well as provide investment banking and other financial services to such companies. TPH has in the past and may in the future provide financial advisory services to AM, AMGP, AR and other transaction participants. In addition, TPH, its affiliates and certain of their employees, including members of the team performing this engagement, as well as certain private equity and investment management funds associated or affiliated with TPH in which they may have financial interests, may from time-to- time acquire, hold or make direct or indirect investments in or otherwise finance a wide variety of companies, including the parties, other transaction participants and their respective affiliates. TUDORPICKERING 59 HOLT&COCHANT BANKING#60Appendix CONFIDENTIAL DRAFT SUBJECT TO CHANGE TUDORPICKERING 60 HOLT&COCHANT BANKING#61Contribution Analysis | Status Quo AM & AMGP Supplemental Calculation | AR Base Case AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow) 2019 2020E IDR DCF (-) Series B Payment (-) G&A Expenses (-) Cash Taxes (+) Tax Shield from Series B Depreciation Pre-Series B HoldCo DCF Seres B Adjustment Add Back (1 Tax Rate) of Series B to HoldCo DCF Tax Rate AMGP Contribution DCF AMGP Shares Outstanding includes 18.5mm Series B) DCF/Share AM DCF / LP Unit Implied XR IDR DCF (-) G&A Expenses Taxable Cash Flow (-) Cash Taxes (+)Tax Shield from Series & Depreciation Post-Tax Total IDR DCF Tax Rate AMGP Contribution DCF AMGP Shares Outstanding includes 18.5mm Series Bl DCF/Share AM DCF / LP Unit Implied XR 2017 A Source: Management projections. FactSet as of 8/30/2018. $122 2017A (2) (16) $102 $103 204.7 $0.50 $1.61 3.193x $132 (2) $120 (30) $90 AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow $90 204,7 $1.61 2018E 3.670x $206 2018E (7) (2) 6 5 25.3% $174 204.7 $0.85 $2.04 2.409x $306 (2) (52) 6 $158 $158 204.7 $0.77 $2.04 2648x $337 (12) 20190 6 $272 9 $281 204.7 $1.37 $2.74 1.994x (2) (85) 6 $256 $256 204,7 $2.74 2.192x 2020L $430 (20) (2) 6 $329 15 $344 204.7 $1.68 $3.24 1.926x (2) $428 (108) 6 $326 $326 204,7 $1.59 $0.24 2.005x 2021E 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE $526 6 5390 $413 204.7 $2.02 $3.75 1.858x $524 (133) 6 $397 $397 204.7 $3.75 2022E 2022E (2) $457 25.3% 25 TUDORPICKERING HOLT&CO 204.7 $2.36 $4.29 EVAGY NYESTMENTS MERCHANT BANKING $482 1.820x (2) (158) 6 $473 204.7 $2.31 $473 61#62Contribution Analysis | Status Quo AM & AMGP Supplemental Calculation | AR Downside Volumes Case AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow) 2019E 2020E IDR DCF (-) Series B Payment (-) GBA Expenses (-) Cash Taxes (+) Tax Shield from Series B Depreciation Pre-Series B HoldCo DCF Seres B Adjustment Add Back (1 Tax Rate) of Series B to HoldCo DCF Tax Rate AMGP Contribution DCF AMGP Shares Outstanding (includes 18.5mm Series B) DCF / Share AM DCF / LP Unit Impled XR IDR DCF (-) GUA Expenses Taxable Cash Flow (-) Cash Taxes (+)Tax Shield from Series & Depreciation Post-Tax Total IDR DCF Tax Rate AMGP Contribution DCF AMGP Shares Outstanding includes 18.5mm Series Bi DCF/Share AM DCF / LP Unit Implied XR 2017A Source: Management projections. FactSet as of 8/30/2018. $122 2017A (16) $102 $103 204.7 $0.50 $1.61 3.193x $122 (2) $120 (30) $90 $90 AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow 204,7 $1.61 2018E 3.670x $205 2018E (7) (2) & $168 5 25.3% $173 204.7 $0.85 $2.04 2. 412x $305 (2) (51) 6 $158 25.3% $158 204,7 $0.77 $2.04 2.650x (12) 20190 $212 9 25.36 $221 204.7 $1.08 $2.40 2.227x (2) $271 6 $209 $209 204,7 $1.02 $2.40 2.359x 2020L $389 (17) (73) 6 $304 12 $316 204.7 $1.55 $3.02 1.955x $389 $387 (98) 6 $295 $295 204.7 $3.02 2021E 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE $443 (21) (2) (90) 6 5340 16 $356 204.7 $1.74 $3.33 1.915x (113) 6 $339 25.3% $339 204.7 $1.66 $3.30 2022E 2022E $529 (26) (2) $396 204.7 $2.03 $3.76 $415 1.853x 2.012x TUDORPICKERING HOLT&CO CHEAST INVESTMENTS MERCHANT BANKING $527 (133) 25.3% 6 204.7 $1.95 $399 62#63Contribution Analysis | Status Quo AM & AMGP Supplemental Calculation | AR Base Case AMGP Distribution per Share Calculation Total Distributions from LP Less: G&A Taxable Distributions Less: Taxes on Total Distributions (+) Tax Shield from Series B Depreciation Tax Rate Post Tax, Post-GGA Distributions AMGP Shares Outstanding (+ 18.5 Series B Units) AMGP Distribution/Share AM Distribution per Unit Calculation TotalLP Distributions LP Units LP Dist. / Unit Implied XR Source: Management projections. FactSet as of 8/30/2018. 2017A 2017A $70 (2) 68 (17) 25.3% $51 204.7 $0,25 $746 185.4 $1.33 5.364x 2018 2018 $144 (2) 142 6 25.3% $112 $0.55 $323 188.1 $1.72 3.13% 2019E 2019E $237 235 (59) 6 25.3% $181 50.89 $416 188.1 $2.21 2.495x 2020E 2000€ $357 (2) 355 (90) 6 25.3% $271 204.7 $1.33 $536 188.1 $2.85 2.151x 2021E 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE $464 (2) 462 6 25.3% $351 $1.72 $643 188.1 $3.42 1.993x 2022E 2022E TUDORPICKERING HOLT&COI: MERCHANT BANKING $592 (2) 590 6 25.3% $447 $2.18 $771 188.1 $4.10 1.878x 63#64Contribution Analysis | Status Quo AM & AMGP Supplemental Calculation | AR Downside Volumes Case AMGP Distribution per Share Calculation Total Distributions from LP Less: G&A Taxable Distributions Less: Taxes on Total Distributions (+) Tax Shield from Series B Depreciation Tax Rate Post Tax, Post-GGA Distributions AMGP Shares Outstanding (+ 18.5 Series B Units) AMGP Distribution/Share AM Distribution per Unit Calculation TotalLP Distributions LP Units LP Dist. / Unit Implied XR Source: Management projections. FactSet as of 8/30/2018. 2017A 2017A $70 (2) 68 (17) 25.3% $51 204.7 $0.25 $746 185.4 $1.33 5.364x 2018 2018 $144 (2) 142 6 25.3% $112 $0.55 $323 188.1 $1.72 3.13% 2019E 2019E $225 223 (56) 6 25.3% $172 50.84 $404 188.1 $2.15 2.54% 2020E 2000€ $306 (2) 304 6 25.3% $733 204.7 $1.14 188.1 $2.58 2.263x 2021E 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE $380 (2) 378 (96) 6 25.3% $288 $1.41 $559 188.1 $2.97 2.110x 2022E 2022E $464 TUDORPICKERING HOLT&COCHANT BANKING (2) 462 (117) 6 25.3% $351 $1.72 188.1 $3.42 1.993x 64#65Supplemental Calculation Detail | AMGP Proposal CONFIDENTIAL DRAFT SUBJECT TO CHANGE Pro Forma AMGP DCF Analyses | Exchange Ratio Adjusted Implied Equity Value | AR Base Case Levered DCF Analysis Supplemental Calculation Detail PF AMGP DCF per Share Discount Factor PV of PF AMGP DCF per Share 2H 2018E 2019E 2020E 2021E 2022E $0.61 $1.64 $2.00 $2.38 $2.75 0.976 0.909 0.826 0.751 $0.59 $1.49 $1.66 $1.79 Disc. PF AMGP DCF Total Terminal Multiple Terminal Disc. Factor Implied Terminal Value per Share Implied Equity Value per Share XR Adj. AM Equity Value per Share Source: Management projections and FactSet as of 8/30/2018. $5.53 12.0x 0.716 $23.65 $29.18 $47.27 Discounted Distribution Analysis Supplemental Calculation Detail PF AMGP Dist. per Share Discount Factor PV of PF AMGP Dist.per Share Disc. PF AMGP Dist. Total Terminal Yield 2H 2018E 2019E $0.46 0.976 $0.45 Terminal Disc. Factor Implied Terminal Value per Share Implied Equity Value per Share XR Adj. AM Equity Value per Share 2020E 2021E 2022E $1.35 $1.75 $2.23 0.751 $1.31 $0.89 0.909 0.826 $0.81 $1.11 TUDORPICKERING HOLT&COI: ENERGY INVESTIMENTS MERCHANT BANKING $3.69 6.0% 0.716 $26.64 $30.33 $49.13 65#66After-Tax Distribution Supplemental Calculation For AMGP Shareholder (3) AMGP Taxable income (-) Less Income Taxes Current Earnings & Profits Current Dist. from AMGP to Shareholders Qualified Dividend Full Return of Capital Amt (RoC) Qualified Dividend Partial RoC (3) Accumulated EGP Percentage RoC Percentage QD (2) Shares Outstanding Tax Basis / Share (-) Return of Capital EOY Basis Roc Taxes QD Taxes BTAX AMGP Dist. Per Share Total Tax per Share Implied Tax Rate ATAX AMGP Dist. Per Share SQ AMGP After-Tax Distribution Calculation 2H 2018E $79 ($19) $59 $57 QD $0 $57 $0 0.0% 100.0% 186.2 $0.00 50.00 $0.00 $0.00 $0.07 $0.31 $0.07 $0.23 2019E $226 ($56) $170 $166 QD 50 $166 50 0.0% 100.0% 186.2 $0.00 $0.00 $0.00 $0.00 $0.21 $0.89 $0.21 $0.68 2020E $340 (585) $255 $251 50 $251 50 0.0% 100.0% 186.2 $0.00 50.00 $0.00 $0.00 $0.32 $1.35 $0.32 23.8% $1.03 Source: Management projections and Facet as of 8/30/2018. Return of capital per share / unit calculated as the total distributions to holders when Current Earings & Profits are less than 0. Qualified dividend calculated as equal to the lesser of Current Earings & Profits or Distributions from AMGP to Shareholders assuming Current Lamings & Profit is greater than 0. Partial Return of Capital is calculated as the difference between Distributions from AMGP to Shareholders and Current Earings & Profits assuming Qualified Dividends are applicable. 2021E $440 ($111) $330 $326 QD $0 $326 $0 100.0% 186.2 $0.00 $0.00 $0.00 $0.00 $0.42 $1.75 $0.42 $1.33 2022E $561 ($141) $420 $416 QD $0 $416 $0 0.0% 100.0% 186.2 $0.00 $0.00 $0.00 $0.00 $0.53 $2.23 $0.53 $1.70 CONFIDENTIAL DRAFT SUBJECT TO CHANGE TUDORPICKERING HOLT&COCHANT BANKING 66#67AM Wall Street Consensus Research Detail Report Janney Montgomery Scott Wells Fargo Securities Scotia Howard Weil Ladenburg Thalmann & Co Stifel Nicolaus MUFG Securities Americas Raymond James Median Mean Date 8/2/18 5/24/18 8/2/18 8/2/18 8/2/18 8/2/18 8/2/18 Source: Thomson One and FactSet as of 8/30/2018. 2018E $714 $706 $724 $708 $710 $733 $705 $710 $714 2019E $953 $936 $891 $931 $916 $952 $925 $931 $929 EBITDA 2020E $1,197 $1,174 $1,056 $1,174 $1,142 2021E $1,382 $1,382 $1,382 2022E $1,564 $1,564 $1,564 2018E $586 $576 $582 $598 $585 $583 $585 2019E $797 $756 $768 $792 $770 $769 $771 DCF 2020E $1,009 $937 $937 $937 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2021E $1,112 $1,112 $1,112 2022E TUDORPICKERING HOLT&COCHANT BANKING $1,276 $1,276 $1,276 67#68AM Wall Street Consensus Research Detail Report Janney Montgomery Scott Wells Fargo Securities Scotia Howard Weil Ladenburg Thalmann & Co Stifel Nicolaus MUFG Securities Americas Raymond James Median Mean Date 8/2/18 5/24/18 8/2/18 8/2/18 8/2/18 8/2/18 8/2/18 Source: Thomson One and FactSet as of 8/30/2018. 2018E $1.71 $1.70 $1.72 $1.70 $1.71 $1.71 $1.71 Distributions per LP Unit 2019 E $2.19 $2.18 $2.21 $2.18 $2.19 $2.18 $2.19 2020E $2.79 $2.79 $2.79 $2.79 2021E $3.13 $3.13 $3.13 2022E $3.51 $3.51 $3.51 2018E $2.08 $2.08 $2.08 2019E $2.61 CONFIDENTIAL DRAFT SUBJECT TO CHANGE DCF per LP Unit 2020E $2.61 - $2.61 - 2021E 2022E TUDORPICKERING 68 HOLT&CO CHANT BANKING#69Precedent Simplification Transactions Announcement Date 8/1/18 5/17/18 3/26/18 1/2/18 2/1/17 11/21/16 10/24/16 9/6/16 5/30/16 11/3/15 10/26/15 7/13/15 5/6/15 4/6/15 1/26/15 6/15/14 10/13/14 8/10/14 8/10/14 7/24/14 A 10/10/13 8/27/13 5/6/13 1/29/13 2/23/11 AMGP Proposal AM Proposal Energy Transfer Equity, L.P. William Companies Tall Grass Energy GP, LP Archrock, Inc. ONEOK, Inc Sunoco Logistics Partners, LP American Midstream Partners LP Enbridge, Inc. SemGroup Corp. Acquiror Targa Resources Corp. Western Refining, Inc. MPLX LP Crestwood Equity Partners, LP Tesoro Logistics LP Energy Transfer Partners, LP Williams Partners LP Targa Resources Partners LP Kinder Morgan Inc. Kinder Morgan Inc. Breitburn Energy Partners Regency Energy Partners LP ains All American LP Inergy Midstream LP Kinder Morgan Energy Partners LP Enterprise Products Partners LP Median Mean Antero Midstream GP LP Antero Midstream GP LP C Target Energy Transfer Partners, LP Williams Partners, LP Tallgrass Energy Partners, LP Archrock Partners, LP ONEOK Partners, LP Energy Transfer Partners, LP JP Energy Partners LP Spectra Energy Rose Rock Midstream Targa Resources Partners LP Northern Tier Energy MarkWest Energy Partners, LP Crestwood Midstream Partners QEP Midstream Partners LP Regency Energy Partners LP Access Midstream Partners LP Atlas Pipeline Partners LP Kinder Morgan Energy Partners El Paso Pipeline Partners QR Energy LP PVR Partners LP PAA Natural Stor LP Crestwood Midstream Partners LP Copano Energy LLC Duncan Energy Partners LP Antero Midstream Partners LP Antero Midstream Partners LP D Transaction Value $66,981 $57,793 $2,438 $23,654 $54,455 $46,980 $2,004 $12,229 $5,286 $22,360 $6,920 $1,145 $18,993 $35,891 $6,002 $52,566 $13,677 $2,856 $5,659 $2,643 $4,858 $3,282 $6,461 $17,897 $10,121 $10,382 E FY + 1 Accretion (8.7%) (11.8%) 2.8% 5.0% (0.8%) 12.9% (7.3%) (13.6%) (16.0%) 11.80 (8.1%) (11.3%) (9.1%) 12.5% (0.5%) (5.9%) 5.5%. (13.8%) 0.8% (3.0%) (3.4%) (5.4%) (0.9%) Source: Company filings, Wall Street Research Note: Accretion Dilution represents Target DCF pro forma for Acquirer Exchange Ratio (grossed up for cash consideration where applicable) F FY + 2 Accretion 3.6% 12.6% 0.5% 7.1% 0.7% 5.0% 10.2% 10.1% (10.9%) 3.1% (21.8%) (15.1%) (14.2%) (6.7%) (4.8%) 16.3% (0.7%) (23.3%) 1.3% 1.3% (0.6%) (1.8%) 2.5% G FY+ 3 Accretion 6.0% 5.7% 5.7% 10.6% 2.1% 4.1% 7.4% 1.6% 0.0% (10.0%) 6.9% (16.25) 2.7% (15.9%) (4.8%) 2.7% 34.0% (5.8%) (5.6%) (20.3%) (1.5%) 2.4% 0.8% 1.1% 5.2% CONFIDENTIAL DRAFT SUBJECT TO CHANGE H % Equity Consideration 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 35.46 92.48 100.0% 100.0% 100.0% 96.7% 80.7% 100.0% 96.20 100.0% 100.0% 100.0% 95.2% 100.0% 100.0% | Cash Consideration $17.50 $6.20 $0.32 $1.26 $10.77 $4.65 $4.29 $0.29 --- $1.03 $2.77 $3.60 TUDORPICKERING HOLT&COI: ENERGY INVESTIMENTA MERCHANT BANKING 69#70Selected Energy Precedent Transactions (USD in millions, except per unit (share) data) Announcement Data 5/23/2018 4/26/2018 4/23/2018 2/5/2018 12/12/2017 8/29/2017 8/18/2017 7/19/2017 1/25/2017 6/3/2016 2/9/2016 2/1/2016 10/26/2015 9/4/2015 6/14/2015 10/20/2014 9/29/2014 4/30/2014 12/11/2013 11/19/2013 5/2-1/2013 4/8/2013 1/7/2013 12/5/2012 12/21/2011 10/17/2011 9/12/2011 7/15/2011 4/20/2011 11/9/2010 3/3/2010 9/15/2009 7/28/2008 Median Babcock Wilcox Enterprises Inc 5W Group point Energy Partners LP Are Logistics Partners LP Calpine Corp Avista Corp De Natural Gas Conc WGL Holdings inc CST Brands Inc Tan Energy Corp Empire District Electric Co Piedmont Natural Gas Conc APR Energy (6.12468) TECO Energy Inc AGL Resources Inc Niska Gas Storage Partners LLC) Claco Corp Action Energy Inc Pepco Holdings Inc UNS Energy Corp Coastal Energy Co NV Energy Inc Luin Industries Inc EnergySolutions Inc McMan Exploration Co WCA Waste Corp Brigham Exploration Co Global Industries Ltd Target Perak Energy Corp Central Vermont Public Service Corp DPL Inc Bronco Driting Conc Atlas Energy Inc Superior wall Services Inc (240) Southwest Water Co Encone Acquisition Co Parallel Petroleum Corp Steel Partners Holdings LP CenterPoint Energy In Capital Dynamics AG SCR SNV Zenith Energy US LP Energy Capital Partners: Access Industries; CPPB Hydro One Ltd PMG Companies LLC AG Ltd Alimentation Couche-Tardin Riverstone Holdings LLC Algonquin Power & Utilities Corp Dominion Resources Inc Duke Energy Corp Fairtex Financial Holdings: Management ACONInstments Abright Capital Management Emers Inc Acquiror Brookfield Infrastructure Partners LP Macquarie Group: Manulife Financial, British Columbia Investment Management EnCane Corp Exion Corp Fortis Inc Compania Espanola de Petroles SACEPSA Berkshire Hathaway Inc General Electric Co Energy Capital Partners LLC Freeport-McMoran Copper & Gold Inc Macquarie Infrastructure Partners I Tech SA Private Investor (Timothy M. Marque BHP Billiton Ltd Gas Metro AES Corp Chesapeake Energy Corp Chevron Corp Nabor Industries Ltd Denbury Resources Inc Apollo Global Management LLC Sempra Energy Transaction Value (MM) $323 $17,389 $260 $6,602 $2,371 $10,391 53,182 $10,423 $1,073 $15,00 34,678 Source: Dealogic as of 8/30/2018. Note: Excludes MLPs and transactions without publicly available premiums data. Based on deals involving U.S. targets with deal value greater than $250MM, target general industry group defined as oil & gas or utilities & energy, announce date since 2008, acquirer final stake 90% and 100% cash consideration. (1) Niska units were trading at $1.21 / unit for a market capitalization of $50MM at the time of the transaction, net debt of $726MM and LTM EBITDA of ($25.4MM). 5427 $731 4,310 1-Day 95% TON 54% TON 24% 17M 20 17% 21 23% 42% 20 31% 338% 15% 25% 20% 30% 20% 21% 30% 55% DAN 204 * ME 37N 21 SAN 11% 23% 21% CONFIDENTIAL DRAFT SUBJECT TO CHANGE 1-Month (1790) 20% 80 140 73 15/8% 278 40% 11 TERG 24% 35% 220 116 30% 340 626 1290 5TK 15% 42% B4% 64% 24% 34% TUDORPICKERING HOLT&CO: EVEAGY INVESTMENTS MERCHANT BANKING 70#71AR Historical and Projected Taxes Assumptions -$3.0 billion of U.S. federal NOLs that expire at various dates from 2024 through 2037 0 Significant increase in NOLS due to expensing of IDCs in 2017 ahead of 80% utilization limitation imposed by 2017 JOBS tax reform -$2.3 billion of state NOLS that expire at various dates from 2024 through 2037 Tax shields eliminate cash taxes entirely through 2021 Historical AR Tax Assets & Liabilities Federal State $1,000 $1,300 2013A $1,100 $1,000 2014A $1,400 $1,200 2015A $1,500 $1,400 Source: Management Projections, Company Filings. (1) NOL carryforward allocated straight line over utilization period. 2016A $3,000 $2,300 2017A AR Federal & State NOL Carryforwards NOL Other DTL $440 $450 ($348) ($787) Discount Rate 2013A ($10) 06 5% 10% 15% $439 $432 20% ($795) ($1,234) NOL Valuation Sensitivity(¹) 2014A 2018 $728 $728 $728 $728 $7 $728 $540 $522 ($1,371) ($1,911) 2015A 2023 $728 $570 $452 $362 $19 $292 Utilization Period 2028 $728 $447 CONFIDENTIAL DRAFT SUBJECT TO CHANGE ($950) ($1,479) $280 $180 $117 Net DTL $529 $495 2016A $33 2033 $728 $350 $174 $89 $47 $772 $728 ($780) ($1,552) 2017A 2038 $728 $274 $108 TUDORPICKERING HOLT&CO EVERGY INVESTMENTS MERCHANT BANKING $45 $44 $19 71#72Financial Projections CONFIDENTIAL DRAFT SUBJECT TO CHANGE TUDORPICKERING HOLT&COCHANT BANKING 72#73Management Projections: AR AR Base Volumes Case (in millions, unless otherwise noted) Production Volumes (MMcfe/d) 1.847 332 1,379 2016A $588 $164 $1,464 2,253 2016A 131 419 105 1,620 2017A Capital Expenditures $2,216 $1,854 $163 $238 Gas ☐NGLS (excl. Ethane) o Ethane Oil 2017A-2022ZE CAGR: 18% $1,452 2,702 2017A 40 465 1,920 2018E 3,330 286 56 603 $1,511 2,382 2018E 2019E $1,660 $1,684 $149 $95 $1,589 2019E 59 Source: Management projections, Company Filings. (1) AM fully consolidated in SEC financial statement. (2) Free cash flow net of land maintenance capital. 3,945 342 712 2,822 2020E ☐Drilling Leasehold Acquisition & Maintenance Acquisitions $1,780 $81 70 4,545 402 2020E 3,222 2021E $1,850 $103 $1,699 $1,747 87 2021E 5,194 471 974 2022E 1105 $2,112 $105 $2,007 202 ZE EBITDAX(1) $1,406 $1,003 $290 2016A EBITDAX (Excl. Hedges) Income from Hedges a LP Distributions from AM $2,728 2017A-2022E CAGR: 17% $1,250 $135 $214 $19 20184 $901 2017A Cumulative Free Cash Flow Base Case Downside Pricing Case Downside Case Free Cash Flow(2) $1,774 $170 $464 $1,140 2018E-2022E 2018E $1,615 $184 5900 $519 Free Cash Flow $500 $2,086 $2,100 $219 2019A $585 $1,283 2019E $792 $273 2020E $282 $224 $1,594 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2020€ $1,102 $310 $2,305 $338 $37 Cumulative FCF 2021E $1,930 2021E $405 $35 $2,288 2022E $1,615 $513 2022E TUDORPICKERING HOLT&COCHANT BANKING 73#74Management Projections: AR AR Downside Pricing at Base Volumes Case (in millions, unless otherwise noted) Production Volumes (MMcfe/d) 1.847 332 105 1,379 2016A $588 $164 $1,464 2,253 131 419 2016A 1,620 2017A Capital Expenditures $2,216 $1,854 $163 $238 Gas ONGLS (excl. Ethane) o Ethane Ol 2017A-2022ZE CAGR: 18% $1,452 2,702 2017A 40 465 1,920 2018E 3,330 286 56 603 $1,511 2,382 2018E 2019E $1,660 $1,684 $149 $95 $1,589 2019E 59 Source: Management projections, Company Filings. (1) AM fully consolidated in SEC financial statement. (2) Free cash flow net of land maintenance capital. 3,945 342 712 2,822 2020E ☐Drilling Leasehold Acquisition & Maintenance Acquisitions $1,780 $81 70 4,545 402 2020E 834 3,222 2021E $1,850 $103 $1,699 $1,747 87 2021E 5,194 471 974 3,644 2022E 1105 $2,112 $105 $2,007 202 ZE EBITDAX(1) $1,406 $1,003 $291 2016A $19 EBITDAX (Excl. Hedges) Income from Hedges OLP Distributions from AM. $1,250 $135 $214 Base Case Downside Pricing Case 20184 $901 2017A $1,774 $170 $464 $1,140 2018E $1,615 $184 5909 $317 $298 Free Cash Flow (2) Free Cash Flow (Net of Land Maintenance Capex) Cumulative Free Cash Flow 2018E-2022E 2019A 2017A-2022E CAGR: 13% $1,886 $219 $851 $817 2019E $1,811 $282 $388 $297 ($20) 2020E $1,141 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2020E $182 ($115) 2021E $1,889 $338 $128 $1,422 2021E $2,263 $405 $155 $1,703 2022E Cumulative FCF $184 1 2022E TUDORPICKERING HOLT&CO SERGY INVESTMENT & MERCHANT BANKING 74#75Management Projections: AR AR Downside Volumes Case (in millions, unless otherwise noted) Production Volumes (MMcfe/d) 1,847 332 105 1,379 2016A $588 $164 $1,464 2,253 131 419 2016A 1,620 2017A Gas ONGLS (excl. Ethane) o Ethane Oil Capital Expenditures $2,216 $1,854 $163 $238 2,702 40 465 2017A 1,920 2018E 2017A-2022E CAGR: 15% $1,660 $149 $1,452 $1,511 2018E 56 3,121 259 534 2,281 2019E $1,179 $95 $1,084 147 2019E 3,605 331 6-48 Source: Management projections, Company Filing. (1) AM fully consolidated in SEC financial statement. (2) Free cash flow net of land maintenance capital. 2,568 2020E ☐Drilling Leasehold Acquisition & Maintenance Acquisitions $1,443 $81 $1,362 58 2020E 4,046 392 756 2,816 2021E $1,251 $103 182 $1,148 2021E 4,505 452 876 3,087 2022E $1,494 $105 $1,388 202 ZE 89 EBITDAX(1) $1,406 $1,003 $291 2016A EBITDAX (Excl. Hedges) Income from Hedges OLP Distributions from AM. $1,252 $20 $214 20184 $902 2017A Base Case Downside Pricing Case Cumulative Free Cash Flow Free Cash Flow (2) $1,774 $170 $464 $1,140 2018E-2022E $1,615 $184 5909 2018E $608 2017A-2022E CAGR: 7% Free Cash Flow (Net of Land Maintenance Capex) $589 2019A $1,669 $201 $851 $616 2019E $655 $47 2020E CONFIDENTIAL DRAFT SUBJECT TO CHANGE $1,537 $1,520 $244 $285 $388 $128 $905 2020E $769 2021E $1,107 2021E $1,786 $326 $155 $1,305 2022E Cumulative FCF $909 $140 2022E TUDORPICKERING HOLT&CO SIVERY INVESTMENT 75#76Management Projections: AM AR Base Volumes Case (in millions, unless otherwise noted) YOY Growth Operations & EBITDA Low Pressure (Bcf/d) | Water Handling (MBbls/d) Coverage Ratio $404 Total LP DCF Total LP Distributions 124 1.4 2016A $1.49 $1.03 20164 1.76x Low Pressure Water Delivery Produced Water EBITDA $1,642 $353 $269 $529 40 2017A $1.61 $1.33 T DCF and Distributions per Unit LP DCF per Unit $730 2017A 178 41 2018E $2.04 $1.72 2018E 8%/29% 27%/29% 1.33x $299 $246 $989 1.27x $385 $323 205 2019E 52 $2.74 $2.21 $1,222 2019€ 34%/29% 1.31x $516 $416 220 3.5 2020E LP Distributions per Unit $3.24 $2.85 202.0E 18%/29% 73 1.16x $609 $536 $1,413 Source: Management Projections, Company Filings. Note: Operational volumes based on annual average volumes. YoY growth of LP DCF per unit and LP distributions per unit respectively. (2) Coverage ratio calculated as total DCF over total distributions. 243 2021E $3.75 $3.42 2021E 16%/20% 1.11x 94 $705 $643 4.7 2022E 2018E - 2022E CAGR $4.29 I $4.10 I 2022E 14%/20% 107 1.05x $807 $771 I 20% I E Capital Expenditures Gathering & Compression Water Handing DEam-out payment Stonewall OMPLX JV $491 $75 $188 $228 2016A 92% $925 2016A $266 $124 $186 $349 2017A 22% 78% $646 Distribution Breakdown 2017A $2 $214 $381 2018 1% 29% $15 69% 2018E $815 $164 $125 $110 $416 2019E AM LPS AMGP (IDRS) □ Series B Units 2% 64% $719 2019E $176 $125 $96 $322 2020E 38% CONFIDENTIAL DRAFT SUBJECT TO CHANGE 60% 2020E $430 $169 $220 2021E 40% 58% 2021E $352 $92 $229 2022E 2% 41% 57% 202 ZE TUDORPICKERING HOLT&COI: EVAGY INVESTMENT & MERCHANT BANKING 76#77Management Projections: AM AR Downside Volumes Case (in millions, unless otherwise noted) Operations & EBITDA Low Pressure (Bcf/d) | Water Handling (MBbls/d) YOY Growth Coverage 1.4 Total LP DCF Total LP Distributions 124 2016A $1.49 $1.03 20164 1.76x Low Pressure Water Delivery Produced Water EBITDA $353 $269 $529 154 40 2017A $1.61 $1.33 DCF and Distributions per Unit LP DCF per Unit T 1.33x $729 $299 $246 178 41 2018E $2.04 2017A 2018E 8%/29% 27%/29% 1.26x $384 $323 $1.72 $851 2.6 2019E $2.40 49 $2.15 2019E 18%/25% 1.16x $452 $404 $1,105 3.1 189 LP Distributions per Unit 2020E $3.02 $2.58 202.0E 26%/20% 68 1.21x $568 $485 $1,229 Source: Management Projections, Company Filings. Note: Operational volumes based on annual average volumes. YoY growth of LP DCF per unit and LP distributions per unit respectively. (2) Coverage ratio calculated as total DCF over total distributions. 172 3.5 2021E $3.33 $2.97 2021E 10%/15% 87 1.14x $627 $559 T $1,409 3.8 2022E 2018E- 2022E CAGR $3.76 $3.42 2022E 13%/15% 1.12x $708 $643 96 I I I 16% I 19% I Capital Expenditures Gathering & Compression Water Handling DEam-out payment $491 $75 $188 $228 2016A 92% $925 2016A $266 $124 $186 $349 2017A 22% 78% $2 2017A $646 Distribution Breakdown $214 $381 2018E 1% 29% $14 69% 2018E $488 $168 $96 $224 2019E 2% AM LPS AMGP (IDRS) □Series B Units 34% 64% $506 2019E $178 $68 $260 2020E 2% 37% 61% CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2020E Stonewall $272 $85 518- $168 2021E 2% 38% 60% Wastewater □MPLX JV 2021E $194 $147 2022E 2% 40% 58% 202 ZE TUDORPICKERING HOLT&COCHANT BANKING 77#78Management Projections: AMGP AR Base Volumes Case (in millions, unless otherwise noted) IDR LLC, Series B Cash Flow, and Tax Observations IDR LLC owns the 100% of the IDRs in AM and has two share classes AMGP owns 100% of the Series A units Management owns 100% of the Series B units ■ ☐ ■ 0 Series B unitholders are entitled to receive up to 6% of the distributions from AM in excess of $7.5MM per quarter Remaining profits pass through AMGP via Series A shares Series B units scheduled to vest at a value of 6% of equity value above $2 billion in the event of a liquidation of IDR LLC AMGP currently pays corporate taxes of 21% and 4% at the federal and state taxes, respectively IDR LLC Cash Flow Distributions to AMGP □ Taxes $69 $17 $175 $10 $48 2016A 2017A $144 $101 $2 DG&A Series B Reserved CF $237 $56 $166 2019E $357 $2 $20 $85 $251 2020E $2 (3) (4) (5) Illustrative yield based on regression analysis as presented on page 91. $464 $26 $111 $326 2021E $2 $592 $34 $141 $416 202 2E AMGP Total Distributions SQ AM Distribution Policy $52 2018E Source: Management Projections, Company Filings. (1) Implied AMGP and Series B valuation from 2016A through 2020E based on 2018E yield. Implied AMGP and Series B valuation from 2021E forward based on yield vs growth regression analysis derived on slide 18. Excludes IPO related GEA. Series B valuation calculated as 6% of the valuation of AMGP less $2 billion. $10 GRADI 2016A Serie: B Take Taxes AM Distributions to IDR LLC Cash Distributions to AMGP $86 Metrazhe Yeld CAFD to AMGP Shareholders AMGP Valuation 2017A Series B Valuation $48 $144 $101 AMGP & Series B Unit Valuation (1,2,5) 2018E $17 (7) $236 $10 $166 NAWA 2019E 2016A 2017A 2018 (2) $47 (7) SQ AM Fully Distributed $302 $251 N/A 2020E $137 $59. $101 3.MM $3,049 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 563 2019 $224 $166 3.3% $182 $369 $326 2021E $110 (2) (85) $251 $440 2020E 2021E 3022E 57.580 $416 2022E (24) $430 (2) $326 '18 - 22 CAGR $392 32% 147! TUDORPICKERING HOLT&COCHANT BANKING (2) $8.532 $0.344 $416 $381 78#79Management Projections: AMGP AR Downside Volumes Case (in millions, unless otherwise noted) IDR LLC, Series B Cash Flow, and Tax Observations IDR LLC owns the 100% of the IDRS in AM and has two share classes AMGP owns 100% of the Series A units Management owns 100% of the Series B units ■ ☐ ■ Series B unitholders are entitled to receive up to 6% of the distributions from AM in excess of $7.5MM per quarter Remaining profits pass through AMGP via Series A shares Series B units scheduled to vest at a value of 6% of equity value above $2 billion in the event of a liquidation of IDR LLC AMGP currently pays corporate taxes of 21% and 4% at the federal and state taxes, respectively IDR LLC Cash Flow Distributions to AMGP □ Taxes DGBA Series B Reserved CF $69 $17 $1 5316 $10 $48 2016A 2017A $2 $144 $101 $2 $225 $53 $157 2019E $2 $306 $73 $215 2020E $2 (3) (4) (5) Illustrative yield based on regression analysis as presented on page 91. $380 $90 $266 2021E $2 $464 $26 $111 $326 2022E AMGP Total Distributions SQ AM Distribution Policy 2018E Source: Management Projections, Company Filings. (1) Implied AMGP and Series B valuation from 2016A through 2020E based on 2018E yield. Implied AMGP and Series B valuation from 2021E forward based on yield vs growth regression analysis derived on slide 18. Excludes IPO related GEA. Series & Valuation calculated as 6% of the valuation of AMGP less $2 billion. $52 $10 GRADI 2016A Serie: B Take Taxes AM Distributions to IDR LLC Cash Distributions to AMGP $86 CAFD to AMGP Shareholders rathe Yeld AMGP Valuation 2017A Series B Valuation $48 $144 $101 AMGP & Series B Unit Valuation (1,2,5) 2018E $17 (7) $192 $10 $157 NUW 2019E 2016A 2017A 2018 (7) $59 $1,700 SQ AM Fully Distributed $273 N/A $215 2020E $137 CONFIDENTIAL DRAFT SUBJECT TO CHANGE $101 3.3% $213 (2) (53) $157 3.3% $3,049 54.769 $314 202 1E $166 $266 2019E 2020E 2021E 2022E $290 (2) (73) $215 $371 $270 $326 2022E (2) (90) $266 $5,512 TUDORPICKERING HOLT&COI: *18 - '22 CAGR EVERGY INVESTMENT & MERCHANT BANKING 34% 27%! $438 (2) $326 5.7% $224 79#80AM Status Quo AR Base Volumes Case, AR Downside Volumes Case, and Wall Street Consensus (in millions, unless otherwise noted) Commentary AM is covered by 14 analysts as compared to 22 for AR and 11 for AMGP Median price target of $38.00 as of 8/30/2018 Average price target range of $35.00 $41.00 as of 8/30/2018 Distributable Cash Flow / LP Unit $1.61 Wall Street Consensus 0 2017A $2.19 $2.04 2018E $2.722.65 $2.04 $2.40 2019E $3:24 $3.02 Mgmt. Projections at AR Base Case 2020E Source: Management Projections, Thomson One, FactSet as of 8/30/2018. $3.75 $3.33 2021E 2019E- 2022E CAGR I 16% $4.29 16% I | $3.74 16% 2022E EBITDA $529 2017A $0.47 ⒸMgmt. Projections at AR Downside Production Case 2017A $730 $729 2018E $714 $851 $1.72 $1.720 Distributions per Unit $989 $1.71 2018E $931 $1,105 2019E $2.21 $2.20 $1,222 2019E 2020E $1,174 $2.85 $2.15 $1,413 2020E CONFIDENTIAL DRAFT SUBJECT TO CHANGE O $1,229 $2.58 $2.82 $1,382 O 2021E $3.42 $1,642 2021E $1,409 8 $2.97 $1,564 2022E $3.13 $4.10 $3.42 2019E- 2022E CAGR 1 $3.51 2022E ENERGY INVESTMENT & MERCHANT BANKING I 1 18% 2019E- 2022E CAGR 1 23% I 17% TUDORPICKERING 80 HOLT&COI:#81AMGP Status Quo AR Base Volumes Case, AR Downside Volumes Case, and Wall Street Consensus (in millions, unless otherwise noted) Commentary ☐ AMGP is covered by 11 analysts as compared to 22 for AR and 14 for AM Median price target of $26.00 as of 8/30/2018 Average price target range of $23.00 $27.00 as of 8/30/2018 $56 Total Distributions to AMGP Shareholders 2017A Wall Street Consensus $101 $100 $101 2018E $166 $165 2019E $251 $157 Mgmt. Projections at AR Base Case $215 $251 202 CE $326 $266 2021E 2019E- 2022E CAGR - 1 36% $416 I $326 2022E EBITDA $59 2017A $0.30 O 2017A ⒸMgmt. Projections at AR Downside Production Case Source: Management Projections, Thomson One, FactSet as of 8/30/2018. Note: WSC estimates available for AMGP through 2020E. 2017A distributions / share represents 4 quarter distribution annualized. $137 $133 $137 2018E $0.54 Distributions per Share $0.54 $0.54 $224 2018E $221 2019E $0.89 $338 $213 2019E $0.89 $1.35 $0.85 $290 $337 2020E $1.15 $1.35 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2:02.0E $438 $359 2021E $1.75 $1.43 2021E $559 202 ZE $438 $2.23 0 2019E- 2022E CAGR 1 36% 1 27% 1 202.2E $1.75 TUDORPICKERING HOLT&COCHANT BANKING 2019E- 2022E CAGR I 27% 81#82PF AMGP Projections at AMGP Proposal AR Base Volumes Case & AR Downside Volumes Case (in millions, unless otherwise noted) EBITDA $783 730 729 $729 2H 2018 $1.19 $1.07 Mgmt. Projections at AR Base Case 2H 2018 $989 $851 2019E Distributable Cash Flow / Share $1.61 0 $1.36 $1,222 2019E $1,105 2020E $1.97 $1.81 2020E $1,413 $1,229 2021E $2.35 $2.01 2021E Source: Management Projections, Thomson One, FactSet as of 8/30/2018. Note: Analysis based on fully diluted share count. ⒸMgmt. Projections at AR Downside Production Case FY 2018E EBITDA Distributable Cash Flow 2019E- 2022E CAGR 1---1 $1,642 i 18% 18% $1,409 2022E $2.71 O $2.08 2022E I I 2019E- 2022E CAGR 24% 20% $605 $553 2H 2018 Dividend / Share $1.01 $0.93 2H 2018 $817 $691 2019E $1.33 $1.12 2019E $1,001 $918 2020E $1.74 $1.60 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2020E $1,194 $1,021 2021E $2.10 O $1.80 2019E- 2022E CAGR $1,425 20% 15% $1,058 2022E 2019E- 2022E CAGR |---| 19% 15% $2.52 $1.93 1 2022E 1 I 2021E TUDORPICKERING 82 HOLT&COCHANT BANKING 1#83PF AMGP Projections at AM Proposal AR Base Volumes Case & AR Downside Volumes Case (in millions, unless otherwise noted) EBITDA $783 730 729 $729 2H 2018 $1.15 $1.06 Mgmt. Projections at AR Base Case 2H 2018 $989 $851 2019E Distributable Cash Flow / Share $1.55 0 $1.31 $1,222 2019E $1,105 2020E $1.90 $1.75 2020E $1,413 $1,229 2021E $2.27 O $1.94 2021E Source: Management Projections, Thomson One, FactSet as of 8/30/2018. ⒸMgmt. Projections at AR Downside Production Case FY 2018E EBITDA Distributable Cash Flow 2019E- 2022E CAGR 1---1 18% 18% $1,642 i $1,409 2022E $2.62 $2.05 I 2019E- 2022E CAGR 2022E 24% 21% I $606 $554 2H 2018 $0.98 $0.89 $818 Dividend / Share 2H 2018 $692 2019E $1.29 $1.09 2019E $1,002 $920 2020E $1.68 $1.55 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2020E $1,195 $1,023 2021E $2.03 0 $1.74 2019E- 2022E CAGR 1- $1,431 $1,078 2022E 2019E- 2022E CAGR 1---1 19% 16% $2.44 $1.90 1 2022E 21% 16% I 1 I 2021E TUDORPICKERING 83 HOLT&COCHANT BANKING 1#84Cost of Capital CONFIDENTIAL DRAFT SUBJECT TO CHANGE TUDORPICKERING 84 HOLT&COCHANT BANKING#85SQ AM Peer Group Cost of Equity Analysis Comparable Public Company Yield-Based Cost of Equity Expected Total Return Company CNX Midstream Partners LP Phillips 66 Partners LP Hess Midstream Partners LP Noble Midstream Partners LP BP Midstream Partners LP Shell Midstream Partners LP Valero Energy Partners LP Western Gas Partners, L.P. EQT Midstream Partners LP Median Mean Cost of Equity Sensitized Peer Total Return Cost of Equity B Expected Current - 2020E Distribution CAGR 14.96 10.5% 15.2% 20.1% 12.3% 13.7% 5.5% 14.7% 14.6% 14.5% 11.0% Long-Term Economic Growth Estimate 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 12.0% Expected Growth Raw Beta D (2) 5.6% 5.0% 5.7% 5.2% 5.5% 5.6% Cost of Equity Barra Beta 5.6% 5.6% (3) Spot Risk-Free Rate Cost of Equity Equity Risk Premium Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 8/30/2018. (1) Weights Expected Current - 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. (2) Barra beta as of 3/23/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. (3) 20-year treasury bond yield as of 8/21/18. Duff & Phelps historical arithmetic premium. E Current Yield 5.5% 5.8% 4.8% 5.4% 6.5% 6.0% 7.7% 7.7% 6.0% 5.8% CONFIDENTIAL DRAFT SUBJECT TO CHANGE Low Implied Total Return 0.76 6.0% 7.5% 12.4% 10.5% 11.5% 11.2% 11.0% 11.7% 11.5% 11.9% 13.3% 11.5% 11.4% High TUDORPICKERING HOLT&COI: ENERGY INVESTIMENT MERCHANT BANKING 1.02 2.9% 6.0% 9.1% 85#86SQ AMGP Peer Group Cost of Equity Analysis Comparable Public Company Yield-Based Cost of Equity Expected Total Return Mean Median EQT GP Holdings LP Western Gas Equity Partners, LP A Company Cost of Equity Sensitized Peer Total Return Cost of Equity B Expected Current - 2020E Distribution CAGR 8.6% 8.8% 8.8% 10.6% Long-Term Economic Growth Estimate 4.00 4.0% 4.0% 11.6% D Expected Growth Raw Beta 4.7% 4.7% 4.7% Cost of Equity Barra Beta (3) Spot Risk-Free Rate Equity Risk Premium Cost of Equity Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 8/30/2018. (1) Weights Expected Current - 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. Barra beta as of 3/23/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. (3) 20-year treasury bond yield as of 8/21/18. Duff & Phelps historical arithmetic premium. E Current Yield 5.8% 6.3% CONFIDENTIAL DRAFT SUBJECT TO CHANGE Low Implied Total Return 0.84 2.9% 6.0% F 8.0% 10.6% 11.1% 11.1% High 1.14 2.9% 6.0% 9.8% TUDORPICKERING 86 HOLT&COCHANT BANKING#87PF AMGP Peer Group WACC Analysis Expected Total Return Mean A Kinder Morgan Inc ONEOK, Inc. Plains All American Pipeline GP SemGroup Corporation Targa Resources Corp. The Williams Companies, Inc. EQT GP Holdings LP Median Company Western Gas Equity Partners, LP CNX Midstream Partners LP EQT Midstream Partners LP Hess Midstream Partners LP Noble Midstream Partners LP BP Midstream Partners LP Shell Midstream Partners LP Valero Energy Partners LP B 2018E- 2020E Dividend CAGR 25.0% 10.5% 9.9% 5.1% 0.8% 6.4% 14.7% 15.2% 20.1% 12.3% 13.7% 12.3% 12.1% C Long-Term Economic Growth Estimate 4.00 4.00% 4.0% 4.00 4.0% 4.00 4.0% 4.0% 4.00% 4.00 4.0% D Expected Growth (1) 7.1% 5.0% 4.2% 3.5% 4.7% 5.6% 5.6% 5.7% 5.6% 5.2% 5.5% 5.2% 5.2% Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 8/30/2018. (1) Weights Expected Current - 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. E Current Yield 4.5% 7.0% 6.6% 5.8% 6.9% 6.8% 5.8% 5.40€ 6.5% 5.8% 5.7% CONFIDENTIAL DRAFT SUBJECT TO CHANGE F Implied Total Return 10.0% 9.5% 9.5% 11.1% 10.1% 10.6% 11.6% 12.4% 13.3% 11.5% 11.2% 11.0% 11.7% 11.5% 11.1% 10.9% TUDORPICKERING HOLT&COCHANT BANKING 87#88PF AMGP Peer Group WACC Analysis (cont.) Cost of Equity Comparable Company Yield-Based Cost of Equity Market Value of Equity Cost of Capital Cost of Capital PF Capital Structure Cost of Equity Cost of Debt Market Value of Equity Total Debt Cost of Equity Low Duff & Phelps historical arithmetic premium. (5) Optimal Capital Structure based on Total Debt of 3.5x 2019E EBITDA 10.6% $8,737 10.6% Low 10.6% 3.4% $8,737 $1,420 9.6% High 11.6% $8,737 11.6% High 11.6% 4.9% $8,737 $1,420 10.7% Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 8/30/2018. (1) Illustrative low and high range reflects a -/+ 100 bps range around after tax current 5.6% cost of debt at AM. (2) Barra beta as of 3/23/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. (3) 20-year treasury bond yield as of 8/21/18. Cost of Equity Barra Beta Raw Beta (2) Spot Risk-Free Rate Equity Risk Premium Cost of Equity (3) Cost of Capital Optimal Capital Structure (5) Cost of Equity Cost of Debt Market Value of Equity Total Debt Cost of Capital CONFIDENTIAL DRAFT SUBJECT TO CHANGE Low 0.84 2.9% 6.0% 8.0% Low 10.6% $8,737 $3,460 8.6% High 1.14 2.9% 6.0% 9.8% High 11.6% 4.9% $8,737 $3,460 9.7% TUDORPICKERING 88 HOLT&COCHANT BANKING#89Additional Market Detail CONFIDENTIAL DRAFT SUBJECT TO CHANGE TUDORPICKERING HOLT&CO ENERGY INVESTMENTS MERCHANT BANKING 89#90Wet Gas Type Curve Area Overview Type Curve Map with AR BTU Lines and TPH TC Areas TPH Type Curve Areas(1) AM Gathering Pipelines AM Water Delivery Pipelines Guernsey Noble Harrison Washington Wood Monroe CA Pleasants Roane Belmont Calhoun Ritchie B Tylac Jefferson Giler # Doddride 1,275 BTU shall Brooke Ohio Wetbel Braxton cock Lewis Beaver 0 1,200 BTU Harreson Washingtory 1,100 BTU Greene Marion Upshur . Allegheny Monongalia Taylor Barbour Ra SW Lean Wet Gas IRR: 46% SW Southern Rich Wet Gas IRR: 44% SW Southern Gas Condensate IRR: 67% AR Inventory Overview(1) Highly-Rich Gas Cond. Highly-Rich Gas Rich Gas Condensate Dry Gas Total Avg. Lateral Length 2018E 14 Source: Drillingnfo, IHS, Company data. Antero assumptions based on Antero publicly disclosed information. Note: Marcellus wells with first production on or after 1/1/2015. IRRs for 12,000" laterals at strip as of 3/29/2018, unless otherwise noted. TPH IRR assumes 40% ethane recovery: Antero IRR assumes ethane rejection. (2) IRR at strip as of 12/31/2017. 106 3 19 3 145 9,800 2019E 30 101 13 2 9 155 Antero Type Curve Areas(1) 33 96 5 17 2020E 2021E 9 160 1 1 10,500 11,850 Rich Gas BTU Range: 1,100-1,200 2019 Wells: 4 IRR(2²): 30% Highly Rich Gas BTU Range: 1,200-1,275 2019 Wells: 101 IRR: 47% Highly Rich Gas Condensate BTU Range: 1,275-1,350 2019 Wells: 30 IRR: 115% 57 59 33 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 8 8 165 12,600 2022E 55 31 8 3 165 12,750 Remaining Inventory 285 527 512 152 155 1,631 TUDORPICKERING HOLT&COCHANT BANKING 90 I I#91Type Curve Summary Type Curve BUR, WH/1k' (Befe) EUR, Gross Wellhead (MMcfe) Oil (Mbbl) Gas (MM) EUR, Sales / 1k" (Befe) EUR, Gross Sales (MMcfe) Oil (Mbbl) NGL (MBB) % Liquids Cond Yield (bb/MMC) Cond Yield, Dedine Period (Months) NGL Yield (bb/MM.) Type Curve Parameters Avg Lateral Length (ft) 24-Hr IP Peak Rate, Gas (Met/d) Initial Dedine Oy) B Factor Terminal Decline (y) Economic Assumptions D&C (SM) DGC / ft (SM) Fixed LOE (S/well/mo) Variable LOE, Oil ($/bb) Variable LOE, NGL (S/M) Total All-In Gas LOE (S/M) Variable LOE, Water ($/bbl) Total Opex / Mefe (S/Mete) Differential Oil ($/bbl) Differential God (S/M) Differential, NGL (% of Strip) BTU Factor (Btusef) Residual Shrink (5) Royalty (4) NPV10 at Strip (SMM) IRR at Strip (%) F&D (S/Mcle) 5 Rich Wet Gas 1.56 10,890 10,390 2.00 85 8.823 779 37% 15-8 3 75 5,500 - 8,000 59% $2,800 $6.00 ($7.50) (50.60) 85% $4.0 $0.54 TPH IB 5 Ga Condensate 1.34 9,413 8,059 1.74 226 47% 55-25 12 7,000 4,000 -7,000 1.30 $6,700 $0.957 $2,800 $5.00 $6.00 $0.89 $1.32 ($7.50) BOW $5.3 53% $0.65 S Rich Wet Gas 12K 146 2.00 37% 3 75 $10,100 $0.842 $1.24 ($7.50) (50.60) 40% 15.0% Condensate 12K 9,400 - 13,700 6,900 - 12,000 $8.0 44% 1.34 14,137 387 13,816 1.74 387 11,053 12 90 1.30 600 $10,500 $0.875 $2,800 $5.00 $6.80 80% $10.3 $50.59 Antero Disclosed" Highly Rich Gas 1.93 23,185 84 2.52 84 21,545 29% 6 40 AN $0.950 ($6.00) 50.03 95% 15.0% 47% $0.44 High Rih Gat Condensate 2.00 211 20,411 1,701 130-5 6 75 $11,400 $1,353 $1.99 ($6.00) $16.2 115% $0.42 Source: Drillinginfo, IHS, Company data. Antero assumptions based on Antero publicly disclosed information. Note: TPH IB assumes 40% ethane recovery: Antero assumes ethane rejection. (1) Assumes 100% AM water & processing fees. (2) Antero Variable LOE is $1.99 / Mcfe (applied on total equivalent production) and includes midstream and transportation expenses. (3) BTU uplift is included in the +$0.03 gas differential. (4) Economics run at 5 year strip as of 3/29/2018. Type Curve Plot -TPH RWG TC Fit Ⓒ TPH Avg Gas 12,000 Cumulative Gas Prod (MMC) 9,000 6,0:00 3,000 M ☐ . -TPH GC TC Fit ⒸTPH Avg Gas Bridging TPH curve to AR by changing well criteria as described below 1 Selected Observations TPH type well criteria Operators: All Vintage Cut-Off: 2015+ 2 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 3 -AR TC Fit ⒸAR/TPH Bridge Gas WV only reports data annually Proppant Cut-Off: 1,500+ lb/ft Stage Spacing Cut-Off: <200 ft Segregated by fluid window 4 5 A type curve similar to Antero's publicly disclosed curve can be observed by filtering the data to observe: Only AR operated wells B 2016+ vintage cut-off All fluid windows TUDORPICKERING HOLT&COCHANT BANKING 91#92IRR Price Sensitivities Oil Price Sensitivity (1) $60 / bbl $55 / bbl $50 / bbl $45 / bbl $40 / bbl TPH SW Southern Rich Wet Gas 23% 17% 21% 24% 19% 29% 30% 30% 37% 36% 29% 43% 46% 39% 42% 51% 59% TPH SW Southern Gas Condensate 78% 102% Indicates IRR price sensitivities at AR Downside Pricing Case Source: Antero assumptions based on Antero publicly disclosed information. Note: TPH IB assumes 40% ethane recovery; Antero assumes ethane rejection. Holds Gas price flat at $2.80 / MMBtu. (2) Holds Oil price flat at $50 / bbl. (3) "AR Downside Pricing Case" applies $2.50 natural gas / $50 oil pricing to "AR Base Volumes Case" production. Gas Price Sensitivity(2) AR Highly Rich Gas AR Highly Rich Gas Condensate $2.90 / mmbtu $2.75 / mmbtu $2.70 / mmbtu $2.50 / mmbtu $2.30 / mmbtu 16% 21% 22% 17% 26% 28% 29% 27% 33% 33% 27% 32% 38% 37% CONFIDENTIAL DRAFT SUBJECT TO CHANGE 37% 45% 56% 54% 63% TUDORPICKERING HOLT&COI: ENERGY INVESTMENTS MERCHANT BANKING 92#93EUR / D&C Benchmarking EUR (Bcfe / 1,000') D&C ($ / ft) 2.5 Highly Rich $950 Highly Rich Gas Highly Rich Gas Cond Antero Resources 2.7 Antero Resources $950 Highly Rich Gas Cond Source: Company IR materials. Antero assumptions based on Antero publicly disclosed information. X EQT $897 EQT 1 2.9 CNX $825 CNX CONFIDENTIAL DRAFT SUBJECT TO CHANGE Median = 2.4 1.6 Swn Southweston Energy Median = $893 $893 SWN Southwestern Energy TUDORPICKERING HOLT&COI: LYRGY INVESTMENTS MERCHANT BANKING 93#94TUDORPICKERING HOLT&CO About The Firm ENERGY INVESTMENT & Tudor, Pickering, Holt & Co. is an integrated energy investment and merchant bank, providing high quality advice and services to institutional and corporate clients. Through the company's two broker- dealer units, Tudor, Pickering, Holt & Co. Securities, Inc. (TPHCSI) and Tudor Pickering Holt & Co Advisors LP (TPHCA), members FINRA, the company offers securities and investment banking services to the energy community. TPH Asset Management LP (TPHAM) is an SEC registered investment adviser that delivers a suite of energy investment strategies. TPH Partners Group LP is a relying advisor of TPHAM. Certain employees of TPHAM are also employees of TPHCSI. The firm, headquartered in Houston, Texas, has approximately 170 employees and offices in Calgary, Canada; Denver, Colorado; and New York, New York. Its affiliate, Tudor, Pickering Holt & Co. International, LLP, is located in London, England. Its Canadian affiliate, Tudor Pickering Holt & Co Securities - Canada LP, is located in Calgary, Alberta. Contact Us Houston (Research, Sales and Trading): 713-333-2960 Houston (Investment Banking): 713-333-7100 Houston (Asset Management): 713-337-3999 Denver (Sales): 303-300-1900 Denver (Investment Banking): 303-300-1900 New York (Investment Banking): 212-610-1660 New York (Research, Sales): 212-610-1600 London: +011 44(0) 20 3008 6428 Calgary: 403-705-7830 www.TPHCo.com Copyright 2018 - Tudor, Pickering, Holt & Co. Disclosure Statement CONFIDENTIAL DRAFT SUBJECT TO CHANGE Tudor, Pickering, Holt & Co. does not provide accounting, tax or legal advice. 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