Baird Investment Banking Pitch Book

ECONOMIC IMPACT TO AR ($ in millions, unless otherwise noted) Total Cash to AR from Midstream Holdings $0 $297 At Close I $219 $219 2019 $282 $273 AR 31.2% 2020 Pro Forma Ownership of "AMC" AM 28.7% AMGP 36.7% $338 $337 2021 Status Quo ries 3.4% $405 $414 2022 Pro Forma Undiscounted $1,244 SQ Total Cash Through 2022 $1,539 PF Preliminary Praft $2,971 SQ $1,009 Market Value of Midstream Holdings Assuming Current AMGP Stock Price SQ -$222 $2,749 Source: Antero management projections. Assumes AMGP purchases 100% of AM public units (188.1 million on a fully diluted basis) with a combination of equity and cash; AMGP issues 304.3 million shares to current AM unitholders. Also assumes that AMGP issues 17.354 million shares in exchange for 100% of the Series B units. Further, the 2019 pro forma dividend is adjusted such that dividends to AR-owned AM units are held flat. PV-10 PF +$280 $1,289 PF BAIRD Project Bronco Page 6

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