Baird Investment Banking Pitch Book

ILLUSTRATIVE HAS / GETS ANALYSIS (CONT.) Dividend Yield Static Multiple Case Trading Multiple Expansion Cases Status Quo AM Distribution / LP Unit (AM Management Case) Estimated Distribution Yield Implied Status Quo AM Common Unit Price Pro Forma AMGP Corp DCF/Share Estimated Dividend Yield Implied Pro Forma AMGP Corp Common Share Price Proposed Equity Exchange Ratio Implied PF AMGP Corp Common Share Price per AM Common Unit Add: Cash Consideration per AR-Owned AM Unit All-in Value per AR-Owned AM Unit % Value Uplift / (Dedine) Midpoint of Current AM & C-Corp Comps C-Corp Peer Median Price / DCF per LP 6.5% 5.5% 2019E $2.21 7.5% $29.43 $1.25 7.5% $16.58 1.6023x $26.57 $3.00 $29.57 0% 2019E 14% 33% Trellminara Graft 2020E $2.85 7.5% $37.95 $1.61 7.5% $21.39 1.6023x $34.27 $3.00 $37.27 (2%) 2020E 12% 31% 2021E Value Uplift Source: Antero management projections and S&P Capital IQ. As of October 5, 2018. (1) AM status quo 2019E distribution yield per Wall Street consensus estimates. Midpoint of (1) AM status quo 2019E distribution yield and (2) median 2019E dividend yield for midstream C-corp peers (OKE, TRGP, WMB): per Wall Street consensus estimates. Median 2019E dividend yield for midstream C-corp peers (OKE, TRGP, WMB); per Wall Street consensus estimates. $3.42 7.5% $45.54 $1.93 7.5% $25.67 1.6023x $41.13 $3.00 $44.13 (3%) 2021E 11% 30% ***** BAIRD 2022E Project Bronco $4.10 7.5% $54.59 $2.31 7.5% $30.80 1.6023x $49.36 $3.00 $52.36 (4%) 2022E 10% 29% Page 5

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