Baird Investment Banking

ANTERO FAMILY PRICE PERFORMANCE - SINCE 1/1/18 AR 1.1% 30.0% 20.0% 10.0% 0.0% (10.0%) (20.0%) (30.0%) (40.0%) (50.0%) (50.0%) Pre Analyst Day - 13D Filing AM AMGP 7.0% 5.4% 01/01/18 Source: Capital IQ. 1/18/18: Analyst Day 1/29/18: Sailing Stone files 13D 2/26/18: Announced formation of Special Committee 03/01/18 AMZ 1.9% - AR AR (5.6%) 04/30/18 Pre 13D Filing - Pre Simplification AM (11.0%) AM AMGP (22.3%) www 06/29/18 Candidate Preliminar Draft AMZ (7.9%) -AMGP 08/28/18 AR (49.3%) AMZ Post Simplification - Current AMGP (40.1%) AM (36.5%) 10/9/18: Announced AM/AMGP simplification 10/27/18 Project Bronco BAIRD AMZ (20.6%) (18.7%) (25.9%) (43.3%) (48.1%) 12/26/18 Page 1

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