Baird Investment Banking Pitch Book

reliminar Graft CURRENT AND PRO FORMA OWNERSHIP RESULTING FROM PROPOSAL TERMS ($ in millions, unless otherwise noted) Public - AM Public-AMGP AR Sponsors/ Management Series B Holders senior members of Antero Midstream management Antero Midstream Partners LP 88.2 million units 47% interest $2,674 98.9 million units 53% interest $2,999 Source: AR, AM and AMGP SEC fillings, June 8 Proposal and Antero management. Current Antero Midstream GP 61.4 million shares 33% interest $1,127 124.8 million shares 67% interest $2,290 98,600 Series B Units I I I | + I I I 1 I 1 1 I I I I I I I I I I I I T Pro Forma Antero Midstream "New AMGP" Corporation 141.1 million shares 28% interest $2,589 61.4 million shares 12% interest $1,127 158.2 million shares 31% interest $2,903 124.8 million shares 25% interest $2,290 18.5 million shares 4% interest $338 BAIRD Ownership in AR 85.6 million 27% Interest $1,669 Project Bronco Page 7

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