Baird Investment Banking Pitch Book

PRO FORMA IMPACT AT 1.773x (incl. $3.00 cash) ($ in millions, unless otherwise noted) DCF per AM LP Unit $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 $5.00 $4.00 $3.00 $2.00 $1.00 I $0.00 ($0.10) (3.7%) ————————— $2.75 $2.65 2019E ($0.19) (8.6%) 2020E 2021E 2022E Distribution per AM LP Unit (at status quo coverage) Accretion / (Dilution) $0.00 0.0% $3.24 $3.24 Excludes impact of cash received $2.21 ▬▬▬▬▬▬▬▬▬ ▬ ▬ ▬▬▬▬▬ $2.02 $0.08 2.2% $2.85 $2.79 $3.75 $3.83 Accretion / (Dilution) ($0.06) (2.2%) ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ $0.03 0.8% Status Quo $0.16 3.7% $3.42 $3.45 2021E $4.29 $4.45 ▬▬▬▬▬▬▬▬▬▬▬▬ $0.13 3.1% $4.10 $4.23 2022E 1.773x XR (incl. $3.00 cash) DCF per AMGP Share $3.00 $2.00 $1.00 $0.00 1.50x 1.00x 0.50x I I 0.00x Confidenca Preliminar Draft $0.75 84.2% $0.89 1.31x $1.64 1.20x Accretion / (Dilution) $0.66 49.4% 2019E 2020E 2021E Required Coverage Ratio to Hold AM Flat $1.34 2019E $2.00 2019E 2020E Source: Antero management projections. As of August 21, 2018. Note: Assumes AMGP purchases 100% of AM public units (188.2 million on a fully diluted basis); AMGP issues 304.5 million shares to current AM unitholders. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series 8 units. 1.16x 1.13x $0.63 36.0% 2020E $1.74 $2.37 1.11x 1.12x 2021E $2.22 $0.53 23.8% BAIRD $2.75 2022E 1.05x 1.08x Project Bronco 2022E Page 6

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