#1PROJECT BRONCO CONFIDENTIAL DISCUSSION MATERIALS August 1, 2018 Confidential - Preliminary Draft BAIRD#2POTENTIAL AMGP PERSPECTIVES ON EXCHANGE RATIO Historical exchange ratio analysis AMGP Proposal $19.22 X AR/AM Proposal $19.22 X 2.00x HISTORICAL EXCHANGE RATIO 1.90x 1.80x 1.70x 1.60x 1.50x 1.40x 1.30x Current AMGP Price 1.20x AMGP IPO Equity Exchange 1.65x 07/17/17 1.71x = 10/01/17 Equity Component $31.71 $32.87 mem سال میں نہ 12/15/17 + + Cash per AM Unit $3.84 = Total Takeout Price $31.71 03/01/18 Trellminan. Draft $36.71 + Current AMGP Price $19.22 $19.22 05/15/18 BAIRD All-in Exchange 1.65x 1.91x AR / AM Proposal: 1.91x 07/31/18 Current: 1.72x AMGP Proposal: 1.65x Project Bronco | Page 1#3POTENTIAL AMGP PERSPECTIVES ON EXCHANGE RATIO Relative cash flow contribution analysis FORECAST CASH FLOW CONTRIBUTION (¹) Distr. Cash Flow (2) Distributions AM AMGP Implied AM/AMGP Exchange Rate AM AMGP Implied AM/AMGP Exchange Rate 2018 $385 153 2.51x $321 105 2019 3.05x $514 250 2.06x $414 174 Near-Term 2.37x 2020 $606 318 Near-term implied exchange ratios are high based on relative cash flow contribution 1.90x $533 264 2021 2.02x $702 390 1.80x $640 344 1.86x Source: Antero management projections. (1) AM DCF represents distributable cash flow attributable to LP unitholders at a full payout. AMGP DCF calculated as total IDR cash flow at a full payout, less G&A and taxes on such amount. AMGP distributions cakulated as total IDR cash flow at management distribution coverage, less G&A and taxes on such amount. Note that such analyses assume the Series 8 units on an as-converted basis. Relative terminal yields required to match the 1.65x exchange ratio in the AMGP proposal. Contkenskt Freliminar: Praft 2022 $803 465 1.73x $767 439 1.75x Terminal Yield (2) ~8.0% ~7.0% ~8.0% ~7.0% Using this methodology implies ~100 bps difference in terminal yields to match the 1.65x offered exchange rate Long-Term Terminal Value $10,036 6,471 1.55x $9,590 ...but decline when factoring in a terminal value 6,266 BAIRD 1.53x PV-15% $7,051 4,274 1.65x $6,580 3,986 1.65x AMGP Proposal Project Bronco | Page 2#4#5POTENTIAL AMGP PERSPECTIVES ON EXCHANGE RATIO Hypothetical analysis assuming AMGP's maximum all-in exchange ratio is 1.7x Current AMGP Price $19.22 X $19.22 X $19.22 2019E ISQ $2.21 $2.21 X AM Distributions / LP Unit $2.85 $2.85 2020E All-in Exchange 1.70x 1.70x 1.70x PF (1.7x exchange) $3.42 $3.41 2021E = = Total Takeout Price $32.67 $32.67 $4.10 $4.13 2022E $32.67 1.31x Cash per AM Unit Required Coverage Ratio Adjustment to Hold AM Flat 2019E $3.84 = $3.00 = $2.50 Source: Antero management projections. Total cash from midstream investments, including any upfront cash from a potential transaction. ISQ PF (1.7x exchange) 1.17x 1.16x 1.11x 1.11x 1.10x 1.05x 1.06x Confidenes Preliminary, Graft Equity Exchange $28.83 $29.67 ÷ $30.17 + 2020E 2021E 2022E Current AMGP Price $19.22 $19.22 $19.22 = = $1,244 = 1.7x / $3.00 (un-adj. coverage) $1,506 $297 Implied Equity Exchange $1,210 1.50x Total Cash to AR (2019-22) (¹) (S in millions) SQ 1.54x 1.57x BAIRD 1.7x / $3.00 (adj. coverage) $1,540 $297 $1,244 Cash from transaction Project Bronco I Page 4#6PRO FORMA LEVERAGE ANALYSIS NET DEBT/LTM EBITDA AT YEAR-END 3.3x 2.3x 2018E Source: Antero management projections. AM Proposal 1.71 XR + $3.84 cash 3.0x 2.3x 2019E Includes: CNXM, EQM, HESM, NBLX, OKE, OMP, TRGP and WES 2.9x 2.3x 2020E AMGP Proposal 1.650 XR 2.7x 2.1x 2021E 2.4x 2.0x 2022E eliminan. Draft Peer Group Median (¹) (Current Net Debt/ LTM EBITDA) 3.4x Current BAIRD Project Bronco | Page 5