Baird Investment Banking Pitch Book

2 AMGP PRECEDENT TRANSACTIONS ANALYSIS ($ in millions, except per unit data) ■ Given AMGP's 2018-2022 IDR CAGR of 42%, combined with AM's 2018-2022 distribution growth CAGR of 24%, Baird focused on higher growth comparable transactions in deriving its range of multiples Metric ■ Baird applied a range of normalized cash flow multiples (adjusting for a 1.1x coverage ratio) to derive a comparable transaction-based valuation for AMGP GP-Only Value / NTM Est. Normalized GP/IDR Cash Flow @ 1.1x Coverage AMGP NTM Est. Post-Tax IDR Cash Flow @ 1.1x Coverage $195 Implied AMGP Equity Value Less: Series B Conversion Value Value of GP Ownership / NTM GP Cash Flow (2) @ 1.1x Coverage High Source: Antero management. (1) Represents NTM estimated post-tax IDR cash flow, adjusted for 1.1x coverage ratio at AM. (2) Based on GP cash flow multiples adjusted for 1.1x coverage in precedent transactions (see previous page). (3) Represents estimated net debt and common shares outstanding as of September 30, 2018. (4) Represents 5.92% of equity value in excess of $2.0 billion. Low 25.0x (4) Implied AMGP Equity Value to Common Shareholders AMGP Common Shares Outstanding Implied AMGP Common Share Price (3) 30.0x Less: Net Debt Preliminary. Praft (3) Low Implied AMGP Valuation Range $4,870 $4,870 (170) BAIRD $4,701 186.2 $25.24 High $5,845 $5,845 (228) $5,617 186.2 $30.16 Project Bronco | Page 67

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