Baird Investment Banking Pitch Book

AM & AMGP RESEARCH COVERAGE REACTIONS Downward bias in price targets Firm Scotia Howard Weil Baird Seaport Global Capital One J.P. Morgan Goldman Sachs MUFG Securities Guggenheim Securities Morgan Stanley Stifel Wells Fargo Tudor Pickering Raymond James Ladenburg Thalmann Barclays High Median Low Source: Bloomberg. Pre-13D Filing $40.00 43.00 38.00 38.00 39.00 35.00 40.00 40.00 36.00 37.00 40.00 36.00 36.00 41.00 37.00 $43.00 $38.00 $35.00 Antero Midstream Partners LP Post-13D Filing $40.00 49.00 25.00 36.00 34.00 31.00 39.00 34.00 34.00 37.00 40.00 38.00 36.00 41.00 36.00 $36.00 $36.00 $25.00 Target Price Increases Target Price Decreases Unchanged Targets % Change 0.0% 14.0% (34.2%) (5.3%) (12.8%) (11.4%) (2.5%) (15.0%) (5.6%) 0.0% 0.0% 5.6% 0.0% 0.0% (2.7%) 14.0% (2.5%) (34.2%) 2 00 un 8 5 Pre-13D Filing $24.00 35.00 26.00 25.00 27.00 30.00 27.00 30.00 NA 27.00 28.00 23.00 $35.00 $27.00 $23.00 Confidential Midstream GP Post-13D Filing $24.00 26.00 16.00 not covered 21.00 20.00 29.00 not covered 24.00 not covered 30.00 $22.00 27.00 28.00 23.00 $24.00 $24.00 $16.00 Target Price Increases Target Price Decreases Unchanged Targets BAIRD % Change 0.0% (25.7%) (38.5%) (16.0%) (25.9%) (3.3%) (11.1%) 0.0% 0 6 5 0.0% 0.0% 0.0% 0.0% (3.3%) (38.5%) Project Bronco | Page 19

View entire presentation