Baird Investment Banking Pitch Book

4 SELECT EQUITY RESEARCH ANALYST PRICE TARGETS - PRIOR TO SS 13D FILING & SPECIAL COMMITTEE FORMATION Firm Raymond James Scotia Howard Weil Baird Ladenburg Thalmann Seaport Global Wells Fargo Barclays Morgan Stanley MUFG Securities J.P. Morgan Goldman Sachs Source: Wall Street research. Date 01/22/18 01/22/18 01/19/18 01/19/18 01/19/18 01/19/18 01/18/18 01/18/18 01/18/18 11/21/17 11/03/17 Low Median High Antero Antero Midstream Partners LP 12-Month Price Target $36.00 40.00 43.00 41.00 38.00 40.00 37.00 36.00 40.00 39.00 35.00 $35.00 39.00 43.00 12-Month Price Target Confidential $27.00 24.00 35.00 28.00 26.00 30.00 23.00 27.00 30.00 25.00 27.00 $23.00 27.00 35.00 Implied Exchange Ratio 1.33x 1.67x 1.23x 1.46x 1.46x 1.33x 1.61x 1.33x 1.33x 1.56x 1.30x 1.23x 1.44x 1.67x BAIRD Project Bronco | Page 76

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