Baird Investment Banking Pitch Book

PROJECTED WATER DELIVERY VOLUMES Utilizing Antero Midstream Base Case Forecast FORECASTED WATER DELIVERY VOLUMES (Bbld) 300,000 250,000 200,000 150,000 100,000 50,000 0 Management 153,129 153,129 100 000 2017A 177,892 Street 186,763 120,000 2018E === MVC Amounts 204,255 213,910 120.000 2019E 219,541 250,921 2020E FORECAST VERSUS EARN-OUT (Bbld) Management 2019 Earn-out Threshold: 161,000 Source: Management Base Case projections as March 23, 2017; Wall Street estimates per March 22 J.P. Morgan presentation to AR Special Committee. 178,425 184,601 2019 Earn-Out 11% Confidential Street Earn-out Threshold 2020 Earn-out Threshold: 200,000 200,563 2020 Earn-Out % above Earn-Out Threshold 15% 0% BAIRD 217,198 Project Bronco Page 5

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