Baird Investment Banking Pitch Book

REVIEW OF KEY FOCUS AREAS & OBJECTIVES (CONT.) HOW DOES THE PROPOSAL IMPACT AR'S BROADER STRATEGIC OBJECTIVES? AR Key Strategic Objectives: The AMGP -AM acquisition is additive to AR's broader strategic objectives, though we would emphasize this transaction should not be viewed as a "silver bullet" to meaningfully enhance AR's stock price in the short-term 1 Free cash flow generation confidencial- Freliminar. Draft 2 Eliminate conflicts of interest 3 Simplify the structure Core component of AR's strategic plan, driven primarily by efficiency gains in its E&P operations Prudent usage of free cash flow to (i) accelerate de- leveraging; (ii) implement share buybacks; or (iii) initiate a dividend Remove the perception of misaligned interests stemming from unequal ownership in AR/AM/AMGP Reduce the complexity of the Antero story resulting from three publicly traded entities *** Proposal Impact BAIRD Minimally accretive to AR cash flow over 2019-2022 Proposal contemplates no cash as part of the transaction Proposal more effectively aligns the AR/Midstream ownership structure and eliminates incentives held outside of AR Creation of a single midstream C-Corp substantially reduces complexity Project Bronco Page 3

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