Baird Investment Banking Pitch Book

Per AMGP September 12 Letter Equity Exchange Ratio per AM Common Unit AM Units Receiving Consideration New AMGP Shares Issued Per AMGP September 22 Letter Equity Exchange Ratio per AM Common Unit AM Units Receiving Consideration New AMGP Shares Issued SUMMARY CHANGES IN CONSIDERATION Reflects AMGP letters received Sept. 12 and 22 and most up-to-date units counts provided by Antero management Total Share Impact Current AMGP Share Price (9/21/18) Share Value Impact vs. Prior AMGP Proposal Less: Elimination of Series B Dividend Holiday Total Value Impact vs. Prior AMGP Proposal Source: Bloomberg market data as of September 21, 2018. AR 1.6084x 98.870 159.023 AR 1.6023x 98.870 158.420 (0.603) $17.35 ($10.5) ($10.5) AM 1.6084x 89.231 143.519 AM 1.6350x 89.231 145.893 2.374 $17.35 $41.2 $41.2 Series B 18.500 Series B 17.354 (1.146) $17.35 ($19.9) $7.9 ($11.9) Total Shares 321.042 Total Shares Trellminar. Draft 321.667 Existing AMGP Shares 186.209 Existing AMGP Shares 186.209 LEA 17.354 x 1/3 unvested 5.785 x $1.37 $7.948 BAIRD Total "AMC" Shares 507.252 Total 'AMC" Shares Project Bronco 507.876 Units Issued to Series B "AMC" PF 2019 Dividend Page 3

View entire presentation