Baird Investment Banking Pitch Book

PRO FORMA IMPACT AT 1.773x (incl. $3.00 cash) ($ in millions, unless otherwise noted) Total Cash to AR Shareholders (at status quo coverage) Total cash flow from midstream ownership $600 $5.00 $400 $300 $200 $100 $0 $278 127% $219 $496 2019E Accretion / (Dilution) ($6) (2.2%) $282 $275 2020E $3 0.8% Status Quo $338 $341 ▬▬▬▬▬▬▬▬▬▬▬▬▬▬-L 2021E $13 3.1% $405 $418 2022E 1.773x XR (incl. $3.00 cash) LEVERAGE Net debt/LTM EBITDA at year-end 4.0x 3.0x 2.0x 1.0x 0.0x 2.3x 3.0x 2018E 2.3x 2.8x 2019E Trellminar Draft 2.3x 2.7x 2020E Source: Antero management projections. As of August 21, 2018. Note: Assumes AMGP purchases 100% of AM public units (188.2 million on a fully diluted basis); AMGP issues 304.5 million shares to current AM unitholders. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series 8 units. 2.1x 2.5x 2021E 2.0x BAIRD Project Bronco 2.3x 2022E Page 7

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