Baird Investment Banking Pitch Book

AMGP'S CLOSEST GP COMPARABLES AMGP's growth profile is unique among even its closest peers IDR-ONLY CAGR 60% 50% 40% 30% 20% 10% 0% 3.5x 3.0x 2.5x 2.0x 1.5x 55% 1.0x 0.5x 0.0x 48% EQT GP HOLDINGS, P DISTRIBUTION GROWTH LEVERAGE (2) Midstream GP 2.9x Current 2.2x 2018F ILQA - '20 (¹) Antero Midstream P 23% 21% '18-21 1.6x 9% 9% Western Gas Equity Partners LP 1.5x Western Gas Equity Partners LP MLP DISTRIBUTION CAGR 30% 25% 20% 15% 10% 5% 0% 125% GP/IDR TIER 100% 75% 50% 25% 25% 0% Antero Midstream GP 26% 50.0% 43% Antero Midstream GP ■LQA - ¹20 (¹) 14% EQT GP HOLDINGS UP Source: Partnership filings, S&P Capital and Wall Street consensus estimated as of April 17, 2018. AMGP statistics based on and Antero management Base Case projections. (1) LOA presents 4Q 2017E, annualized. (2) Measures the implied percent growth in GP cash flow relative to a 10% increase in the distribution per LP unit based on the current distribution of the MLP. IDR Tier EQT GP HOLDINGS UP 13% 49.8% Confidential 95% '18-'21 ^^ EQT GP HOLDINGS UP 5% % above 50% Tier Cont 49.5% BAIRD Western Gas tyre, UP 5% 104% Western Gas Equity Partners, LP Project Bronco | Page 24

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