Baird Investment Banking Pitch Book

ILLUSTRATIVE COUNTER CONSTRUCT ■ Increase AMGP for AM exchange ratio from 1.6x to 1.7x Add a cash component of $750 mm, or approximately $4.00 per AM unit Reduce Series B exchange from 18.5 mm shares to 10 mm shares Mandate no distribution cut to AM unitholders (achieved in 2019 via a modest adjustment to the distribution coverage ratio) Implied Premium to AM Price AMGP Unit Price x Share Exchange Ratio = Takeout Price (pre-cash) + Cash Component / Unit = Total Takeout Price Current AM Price Implied Premium Source: Antero management projections. Note: Represents closing prices as of June 28, 2018. $18.61 1.700x $31.64 4.00 $35.64 29.73 19.9% $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 Distribution Forecast to AM Unitholders $3.00 $2.00 $1.00 $0.00 $1,500 $1,000 Distribution Forecast to AMGP Unitholders $500 7 $0 Standalone Pro Forma Note, coverage ratio decreases from 1.31x to 1.25x $3.42 $3.56 $2.21 $2.21 2019E $0.89 $219 $2.85 $2.87 2020E $1.30 $1.34 2019E 2020E Total Cash to AR from Midstream Holdings $2,000 $615 2019E Treliminary Draft M Standalone $282 $284 2020E $1.69 $1.74 2021E $338 $352 $2.09 2021E 2021E Pro Forma $4.10 $2.22 $405 $432 I BAIRD $4.37 2022E $2.57 2022E $1,6831 $1,244 2022E I Total Project Bronco | Page 22

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