Baird Investment Banking Pitch Book

ANTERO FAMILY RELATIVE TRADING Performance Since: Sailing Stone 13D (1/29/18) (2.5%) (8.5%) (16.7%) 20.0% 15.0% 10.0% 5.0% 0.0% (5.0%) (10.0%) (15.0%) (20.0%) (25.0%) (30.0%) 01/01/18 M AR AM AMGP 1/29/18: SailingStone files 13D Source: S&P Capital IQ as of June 15, 2018 01/28/18 2/26/18: Announcement of Special Committees 02/25/18 03/24/18 Special Committee Formation (2/26/18) 2.9% 14.5% (4.4%) t 1 I Tellminar. Part 04/21/18 In our view, market speculation surrounding an AMGP acquisition of AM, including multiple Wall Street research analyst reports on the topic, has significantly impacted trading levels 05/18/18 Note, AMZ traded (1.2%) during this time BAIRD Project Bronco 3.8% (1.4%) (11.4%) 06/15/18 Page 9

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