Tudor, Pickering, Holt & Co Investment Banking

Antero Midstream Timeline Relative Performance Since Committee Announcement (2/23/2018) (1) 130% 120% 110% 100% 90% 80% 23-Feb-18 18-Mar-18 Ay with n -AM 10-Apr-18 3-May-18 CNXM EQM 26-May-18 HESM 18-Jun-18 Source: Company filings, FactSet as of 8/30/2018. (1) Indexed values reflect total return on investment. Distributions and dividends reinvested at current market price on date paid. NBLX my چیست 11-Jul-18 3-Aug-18 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 12% 11% (8%) (14%) 26-Aug-18 TUDORPICKERING 9 HOLT&COCHANT BANKING &

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