Baird Investment Banking Pitch Book

CASH FLOW ACCRETION / DILUTION RECAP ($ in millions, unless otherwise noted) AM Unitholders Distribution per LP Unit $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 ($0.15) (6.7%) $500 $400 $300 $200 $100 $0 <$2.21 $2.06 2019E AR Shareholders Total Cash Flow from Midstream Ownership ($15) (6.7%) Accretion / (Dilution) ($0.02) (0.6%) $219 $204 $2.85 $2.83 2020E $282 $280 $0.08 2.3% Status Quo $3.42 $3.50 2021E Accretion/ (Dilution) ($2) (0.6%) $8 2.3% $338 $346 $0.12 3.0% F▬▬L $4.10 $4.22 2022E $12 3.0% $405 $418 Pro Forma for Proposal AMGP Shareholders Distribution per Common Share $3.00 $2.00 $1.00 $0.00 $0.40 45.0% $60 $50 $40 $30 $20 $10 $0 $0.89 2019E Series B Holders Total Cash Flow $1.29 $12 $12 95% $24 $1.34 Accretion/(Dilution) $19 Trellminary Prart $0.43 32.2% 2020E $1.77 $1.74 $33 2019E 2020E 2021E 2022E 2019E 2020E Source: Antero management projections Note: Assumes AMGP purchases 100% of AM public units with 100% equity at a 1.600x exchange ratio; AMGP issues 299.3 million shares to current AM unitholders. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series 8 units. $0.44 25.5% Accretion / (Dilution) $13 70% $2.19 2021E $26 $15 58% $40 2021E $2.22 BAIRD $33 $0.42 18.8% $2.64 2022E $16 48% $49 2022E Project Bronco | Page 3

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