Baird Investment Banking Pitch Book

SUMMARY OF REVISED PROPOSAL 7 Reflects AMGP letter received Sept. 22 and most up-to-date units counts provided by Antero management ($ and shares in millions) Equity Component Cash Components (assuming 20-day VWAP) Total Exchange Ratio Equity Exchange Ratio per AM Common Unit AM Units Receiving Consideration (¹) New AMGP Shares Issued Merger Cash Consideration Cash per AM Unit AM Units Receiving Merger Consideration Total Merger Cash Consideration Cash Consideration Equivalent Exchange Ratio Special Cash Dividend Special Dividend per AM Unit AM Units Receiving Special Consideration Total Special Dividend Consideration Cash Consideration Equivalent Exchange Ratio "ALL-IN EXCHANGE RATIO" at 20-day VWAP at Last Close Source: Bloomberg market data as of September 21, 2018. Includes 1.1 million LTIP units. I I I I AR 1.6023x 98.870 158.420 AR $3.000 98.870 $296.6 0.174x 98.870 0.000x I AR 1.776x 1.775x ! AM 1.6350x 89.231 145.893 AM $3.000 89.231 $267.7 0.174x $0.415 89.231 $37.0 0.024x AM 1.833x 1.832x Series B 17.354 Treliminary Praft Series B Total Shares 321.667 Total Cash $564.3 $37.0 Existing AMGP Shares AMGP AM 186.209 Stock Prices as of 9/21/18 1 $17.35 30.05 BAIRD Total "AMC" Shares Project Bronco Last Close 20-day VWAP 507.876 $17.27 29.93 Page 1

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