Baird Investment Banking Pitch Book

RELATIVE TRADING ANALYSIS Comparative trading metrics highlight the current valuation disparity between AMGP and AM (AMGP trades at a substantial premium) Antero Midstream (AM) On a pro forma basis, the valuation metrics of the new AMGP, "AMC", would suggest it's likely that the security holds its value and potentially trades higher, which would allow the owners (including AR) to realize additional value following the transaction Antero Midstream GP (AMGP) AMC Pro Forma @ 1.6x Exchange Ratio Price $29.73 $18.61 $18.61 Current Yield 5.2% 2.3% NA 2019E Yield 7.4% 4.8% 6.9% 2019-22 Est. Distribution Growth CAGR 22.9% 35.8% 27.0% Equity Value / Cash Flow (1) 2018E Preliminar Paft 14.4x 23.6x NA 2019E 10.8x 14.6x 11.0x BAIRD Source: Antero management projections. (1) Cash flow represents distributable cash flow attributable to LP unitholders / shareholders at full payout. Cash flow to AMGP is net of Series B profit interest and taxes. Net Debt / 2019E EBITDA Project Bronco 1.3x NM 1.3x Page 7

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