Baird Investment Banking Pitch Book

RELATIVE TRADING ANALYSIS Antero Midstream (AM) Antero Midstream GP (AMGP) AMC Pro Forma @ 1.6x Exchange Ratio @ 1.7x Exchange Ratio @ 1.8x Exchange Ratio @ 1.9x Exchange Ratio @ 2.0x Exchange Ratio Price $29.73 $18.61 $18.61 $18.61 $18.61 $18.61 $18.61 Current Yield 5.2% 2.3% NA NA NA NA NA 2019E Yield 7.4% 4.8% 6.9% 6.7% 6.4% 6.2% 6.0% Higher exchange ratios lower the initial pro forma distribution, but forward growth trajectory is relatively unchanged 2019-22 Est. Distribution Growth CAGR 22.9% 35.8% 27.0% 27.6% 27.6% 27.6% 27.7% Equity Value / Cash Flow (1) 2018E 14.4x 23.6x NA ΝΑ ΝΑ NA Treliminary Draft ΝΑ 2019E 10.8x 14.6x 11.0x 11.4x 11.8x 12.3x 12.7x ***** BAIRD Net Debt / 2019E EBITDA 1.3x NM 1.3x 1.3x 1.3x 1.3x 1.3x 1 " Source: Antero management projections. (1) Cash flow represents distributable cash flow attributable to LP unitholders / shareholders at full payout. Cash flow to AMGP is net of Series B profit interest and taxes. Project Bronco | Page 12

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