Baird Investment Banking Pitch Book

SERIES B UNIT VALUATION SPECTRUM ($ in millions, except per share data) Current Proposal Conversion AMGP Shares Issued Current AMGP Price Implied Value Proposed Shares Issued Source: Antero management projections. (1) As of June 28, 2018 (3) 18.5 $18.61 $344 PV-15% 18.5 AMGP 2022E Distributions Equals Series B Equity Value divided by Current AMGP Price. Equal AMGP 2022E Distributions divided by Estimated Terminal Yield. Implied AMGP Market Cap Less: Series B Benchmark Series B Pool x Series B Equity Value (5.92%) (3) VS. Potential Status Quo Series B Valuation in 2022E 3.0% $414 $13,792 ($2,000) $11,792 $698 (1) Current AMGP Market Cap Less: Series B Benchmark Series B Pool Estimated Terminal Yield 4.0% $372 AM Acquires AMGP Conversion Mechanics x Series B Equity Value (5.92%) Implied Shares Issued $414 $10,344 ($2,000) $8,344 $494 (2) $263 5.0% $414 $8,275 ($2,000) $6,275 $371 Preliminary. Rraft $198 BAIRD Assesses the potential value of the Series Bif held until 2022 under a Status Quo Scenario $3,465 ($2,000) $1,465 $87 4.7 Project Bronco | Page 16

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