Baird Investment Banking Pitch Book

ANTERO FAMILY PRICE PERFORMANCE - LAST 6 MONTHS MY 15% 10% 5% 0% (5%) (10%) (15%) (20%) (25%) Analyst Day Announced - Analyst Day AMGP AMZ 20.2% 16.7% AR 6.7% AM 18.8% AR 11/29/17: Analyst Day announcement 10/16/17 11/15/17 Source: S&P Capital IQ and SEC filings as of April 17, 2018. hog AR 1.1% 12/16/17 AM Analyst Day - 13D Filing AM 7.0% 1/18/18: Analyst Day 01/15/18 AMGP 5.4% AMZ 1.9% AMGP 1/29/18: Sailing Stone files 13D 02/15/18 AR 2.0% Confidentia! 13D Filing - Present AM AMGP AMZ (18.7%) (22.1%) (13.6%) Alerian Index 2/26/18: Announced formation of Special Committee W 03/17/18 BAIRD 4% AR (7%) AMZ (12%) AM | (13%) AMGP 04/17/18 Project Bronco | Page 15

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