Confidential SUMMARY TERMS OF WATER EARN-OUT AR is considering a proposal whereby AM would accelerate the earn-out payment associated with the 2015 water drop-down In September 2015, AR sold its integrated water business to AM for $1.05 billion, plus an additional $250 million subject to the following Earn-Out provisions: – Payment of $125 million at year-end 2019 upon AM delivering a total of 176,295,000 barrels of water from 2017-2019 (equating to an average of 161 Mbbld) Payment of $125 million at year-end 2020 upon AM delivering a total of 219,200,000 barrels of water from 2018-2020 (equating to an average of 200 Mbbld) – Note, AR is agnostic to the source of the delivered water volumes from AM (freshwater, Veolia, etc.) There is no “banking” concept associated with the water earn-out volumes No explicit terms preventing AR from taking volumes for the purpose of reaching earn-out payments Page 3 Project Bronco | Source: Sept 2015 Water Services Agreement and Contribution Agreement in connection with the contribution of water assets from AR to AM. Base Case projections as of March 23. Cumulative AR Projections (Cumulative) Payment Earn-out Projected Earn-Out to AR Threshold Volumes % of Proj. Earn-Out Period ($MM) (Mbbl) (Mbbl) Volumes 36-month Period Ending 12/31/19 $125 176,295 197,539 112% Daily Earn-out Threshold (Mbbld) 161 AR Projections (Daily) Projected Earn-Out Avg. Volumes % of Proj. (Mbbld) Volumes 180 112% 36-month Period Ending 12/31/20 $125 219,200 221,999 101% 200 203 101%

Confidential HISTORICAL & PROJECTED WATER DELIVERY VOLUMES 2019 EARN-OUT TARGET FORECAST VS. EARN-OUT Total Daily (Mbbl) Earn-Out Ta rg et Mg mt. Foreca st (Mbbl) (Mbbld) % of Target Ta rget Vol umes (2017-2019) 176,295 161 100% 250, 000 200, 000 150, 000 100, 000 Forecast + Cumulative to Date 197,539 180 112% 50,000 0 2020 EARN-OUT TARGET 2019 Earn-Out 2020 Earn-Out Total Daily (Mbbl) (Mbbld) % of Target (Mbbld) 250 Earn-Out Ta rg et Mg mt. Foreca st Ta rget Vol umes (2018-2020) 219,200 200 100% 200 180 150 100 Forecast + Cumulative to Date 221,999 203 101% 50 0 2019 Earn-Out 2020 Earn-Out Page 4 Project Bronco | Source: Sept 2015 Water Services Agreement and Contribution Agreement in connection with the contribution of water assets from AR to AM. Base Case projections as of March 23. Daily Cumulative Cumul a ti ve Vol umes to Da te (1Q18) 19,869 221 9% Remaining Volumes to Fill 199,331 198 91% 9 mos . ended 12/31/18 Foreca s t 47,225 2019 Foreca s t 74,553 2020 Foreca s t 80,352 172 204 220 22% 34% 37% Total Forecast 202,130 201 92% 203 200 161 Cumul a ti ve Vol umes to Da te (2017-1Q18) 75,761 167 43% Remaining Volumes to Fill 100,534 157 57% 9 mos . ended 12/31/18 Foreca s t 47,225 2019 Foreca s t 74,553 172 204 27% 42% Total Forecast 121,778 190 69% 221,999 197,539 219,200 176,295

Confidential EARN-OUT ACCELERATION PRICING RECOMMENDATION Key factors impacting the pricing of the earn-out acceleration payment Earn-out acceleration pricing (and associated discount) should be based primarily on the probability of AR achieving the targeted delivery volumes. Key factors to consider: – – – AR drilling plan has been vetted by the AR Board and disclosed (in detail) publicly AR is currently forecasting to surpass its earn-out threshold in both 2019 and 2020 AR controls its own destiny with regard to water usage and achieving the earn-out payments While use of proceeds is important to AR, it is our view that it should not be a “driver” of pricing the earn-out acceleration – – AR should focus on the earn-out discount relative to the probability of achieving the earn-out volumes Nonetheless, adding capital to the overall AR ecosystem today can help accelerate AR’s free cash flow, debt reduction and return of capital initiatives Page 5 Project Bronco | Given the high probability of having to make the earn-out payments in both 2019 and 2020, AM’s theoretical risk tolerance associated with the earn-out capital should be low: –How much capital would AM require today to generate $125 million in both 2019 and 2020, with very minimal risk? –Said another way, AM would expect to earn a low return profile were it willing to risk the capital associated with the earn-out payments –At a minimum, AM should be compelled to eliminate a financial obligation at an attractive discount relative to its overall weighted average cost of capital

Confidential EARN-OUT ACCELERATION PRICING RECOMMENDATION Analyzing the earn-out acceleration payment in the context of AM and AR’s cost of capital continuum: From AM’s perspective, it should be compelled to accelerate the earn-out at or above its overall weighted average cost of capital, and perhaps even lower based on the risk profile of the earn-out From AR’s perspective, a discount beyond it’s cost of equity is unattractive – AR could raise capital more cost effectively COST OF CAPITAL ANALYSIS (1) PV OF EARN-OUT PAYMENT ($MM) (2) WACC Cost of Debt Cost of Equi ty Discount Rate Implied Payment 14% Higher Risk Implied 11.0% $200 12% 10.0% $203 9.0% $208 10% Reasonable Discount Boundaries 8% 6% Lower Risk Implied 5.0% $225 4% 4.0% $230 2-yr Treasury: 2.3% 2% 0% Source: Management Base Case projections as March 23, 2017. (1)Based on AR and AM cost of capital analyses. (2)Assumes a present value date of May 1, 2018. Page 6 Project Bronco | 8.0% $212 7.0% $216 6.0% $220 11.0% 9.0%9.0% 8.0% 4.4% 4.0%

Confidential POTENTIAL ADDITIONAL AR CONCESSIONS AR may consider extending the MVC in connection with an earn-out acceleration EBITDA ($ in millions) VOLUME FORECAST (Mbbld) Total Wa ter EBITDA MVC Water EBITDA 250 $300 200 $250 $200 150 $183 $146 $150 100 120 MVC $100 50 $50 0 $0 2017A 2018E 2019E 2020E 2017A 2018E 2019E 2020E As it relates to achievement of the MVCs, AR is agnostic to the source of the delivered water volumes from AM (freshwater, Veolia, etc.) There is a “banking” provision associated with the MVCs whereby excess volumes above defined thresholds can be credited toward MVC shortfalls in the subsequent year – To date, the MVCs have been and are projected to be well below AR’s expected water usage, rendering the banking provisions relatively inconsequential Page 7 Project Bronco | Source: Sept 2015 Water Services Agreement and Contribution Agreement in connection with the contribution of water assets from AR to AM. Base Case projections as of March 23. $268 $245 $207 $144 $171 $140 150 MVC $111 204 220 178 120 153 120 100

Confidential SERIES B UNITS – SUMMARY OF KEY TERMS On December 31, 2016, Antero Resources Midstream Management contributed all of the IDRs to Antero IDR Holdings, LLC (“IDR LLC”) in exchange for 100% the Series A units Series B units are reserved for issuance to officers and employees of Antero Resources As of December 31, 2016, the Series B units were scheduled to vest ratably over a three-year period Each Series B unit represents a profits interest and therefore has no capital account balance The Series B units entitle the holders to receive up to 6% of the amount of each quarterly distribution in excess of $7.5 million in respect of the IDRs of Antero Midstream AM’ quarterly IDR cash flow is distributed as follows: 1) 100% to Series A, up to $7.5 million 2) [(IDR Cash Flow less $7.5 million) x 6%] to Series A 3) Remaining cash flow to Series A Each Series B unit holder has the right to redeem all of a portion of its vested Series B units in exchange for newly-issued AMGP common shares with a value equal to: – Pro rata share of up to 6% of any increase in AMGP’s equity value in excess of $2.0 billion (equity value calculated using 20-day VWAP of AMGP shares) In no event will the aggregate number of newly-issued AMGP common shares to Series B holders exceed 6% of total common shares outstanding – Upon exchange, the redeeming member will surrender its Series B units to IDR LLC for cancellation Maximum dilution to AMGP shareholders: [(AMGP common shares outstanding x 20-day VWAP) less $2.0 billion] x 6% Page 8 Project Bronco | Redemption Right / Optional Exchange Profits Interest Overview

Confidential SERIES B Continued UNITS – SUMMARY OF KEY TERMS AMGP will have the right to cause each Series B unit to be exchanged for common shares in AMGP upon the earliest of: – – – December 31, 2026 Change of control transaction Liquidation of IDR LLC The Series B units will vest upon a change of control, defined as the occurrence of any of the following events – Any merger or other business combination involving IDR Holdings or the general partner of AMGP in which a majority of the outstanding Series A Units of IDR LLC or the general partner of AMGP’s common units are exchanged for or converted into cash, securities of a corporation or other business organization or other property; A sale or other disposition of all or a material portion of the assets or membership interests of IDR LLC; A sale or other disposition of all or substantially all of the assets of the general partner of AMGP followed by a liquidation of the general partner or a distribution to the members of the general partner of all or substantially all of the net proceeds of such disposition; or The sale of all of the outstanding common units of the general partner of AMGP in a single transaction or series of related transactions. – – – Page 9 Project Bronco | Note: An AMGP acquisition of AM does not trigger a change of control Change of Control Mandatory Exchange

Confidential SERIES B UNIT ECONOMICS Status quo – assuming no transaction between AMGP and AM STATUS QUO PROFITS INTEREST ($ in millions, except per unit data) Current Run-rate 2018E 2019E 2020E 2021E 2022E Forecasted AM Distribution / Unit Tota l IDR Pa yments Les s : Pri ori ty Ca s h Fl ow to Seri es A (7.5%) Rema i ni ng Ca s h Fl ow Ava i l a bl e % Attributable to Series A $1.46 $94.8 $1.72 $142.8 $2.21 $235.5 $2.85 $355.3 $3.42 $462.0 $4.10 $589.2 (30.0) (30.0) (30.0) (30.0) (30.0) (30.0) $64.8 94% $112.8 94% $205.5 94% $325.3 94% $432.0 94% $559.2 94% Ca s h Fl ow to Seri es A (**pre G&A a nd ta xes ) $90.9 $136.0 $223.2 $335.8 $436.0 $555.7 CONVERSION MECHANISM AND IMPLIED VALUE ($ in millions, except per unit data) Current Run-rate 2018E 2019E 2020E 2021E 2022E Forecasted AMGP Distribution / Unit Di s tri buti on Yi el d As s umpti on (1) $0.30 1.91% $0.54 2.25% $0.89 2.50% $1.34 2.75% $1.74 3.00% $2.22 3.25% Implied AMGP Equity Value $2,919 $4,444 $6,608 $9,064 $10,805 $12,722 Les s : Benchma rk Seri es B Pool (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) $919 $2,444 $4,608 $7,064 $8,805 $10,722 Source: Management Base Case projections as of March 23 (1) Assumes a 25 bps yearly yield increase owing to gradually declining distribution growth. Page 10 Project Bronco | PV-10 of 2022 Conversion Value + Annual Cash Flow $512 PV-15 434 PV-20 373 Conversion Value of Series B Interest (6%) $55 $147 $276 $424 $528 $643 Cash Flow to Series B 3.9 6.8 12.3 19.5 25.9 33.6 % Attributable to Series B 6% 6% 6% 6% 6% 6%

Confidential SERIES B UNIT MECHANICS UNDER TRANSACTIONS ($ and units in millions, except per unit data) CONTEMPLATED Assumes 100% equity and an illustrative 15% acquisition premium AM unit price: $24.71 / AMGP unit price: $15.68 Series B units converted at the market cap for pro forma AMGP AMGP shares issued to AM: 340.2 AMGP eliminates AM’s IDRs in exchange for AM units Assumes 100% equity and an illustrative 15% acquisition premium AM unit price: $24.71 / AMGP unit price: $15.68 Series B units converted at the market cap of stand-alone AMGP AM shares issued to AMGP: 135.9 AMGP shares issued to AR: 179.2 AMGP shares issued to AM public: 161.1 Pre-Conversion of Series B Pre-Conversion of Series B AMGP Pro Forma Units O/S AMGP Share Price AMGP Pro Forma Market Cap Conversion of Series B 526.4 $15.68 AMGP Shares O/S AMGP Share Price AMGP Market Cap Conversion of Series B 186.2 $15.68 $8,253 $2,919 AMGP Pro Forma Market Cap Less: Benchmark Series B Pool $8,253 (2,000) AMGP Market Cap Less: Benchmark Series B Pool $2,919 (2,000) $6,253 $919 Page 11 Project Bronco | AR Management / Sponsors Public AMGP ARAMAMGP PF AM -53%-27%-67% 73%47%33% ---31% - 27% 42% Total100%100%100% 100% AR Management / Sponsors Public ARAMAMGP PF AMGP -53%-27%47%67% 73%-33% 33% 27% 40% Total100%100%100% 100% Pro Forma Ownership Pro Forma Ownership Series B Equity Value (6.0%)$55 AMGP Shares Issued to Series B3.5 Series B Equity Value (6.0%)$375 AMGP Shares Issued to Series B23.9 AM Acquisition of AMGP IDRs AMGP Acquisition of AM

Confidential SUMMARY FIRM TRANSPORT (“FT”) COMMITMENTS AR’s firm transportation commitments relative to forecast gas production (1) 2018 – 2022 FIRM TRANSPORT COMMITMENT VOLUMES 6,000 FT Commitment 4,734 5,000 4,667 4,667 4,000 city 3,000 2,000 1,000 - 2018 2019 2020 2021 2022 ESTIMATED FT BY LINE (2) (MMBTU/D) FT UNUTILIZED COST (MMBTU/D) 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Rex Rover M3 TGP TCO / CGTLA Other 660 880 688 778 640 43 660 880 688 869 1,410 227 660 880 688 869 1,410 160 Tota l Ca pa ci ty Tota l Uti l i zed Ca pa ci ty 3,689 2,484 4,734 3,153 4,667 3,811 4,667 4,399 4,667 5,017 % Utilized 67% 67% 82% 94% 108% Unuti l i zed Ca pa ci ty 1,205 1,580 855 268 NA Unuti l i zed Cos t ($mm) Les s :Mi ti ga ti on ($mm) $231 (115) $290 (51) $134 (36) NA NA NA NA "Ful l y Burdened" (3) $0.64 $0.72 $0.62 NA NA Source: Antero management. (1)Gas only volumes. Excludes ME2 and ATEX firm commitments. (2)Estimated capacity on a btu equivalent basis, utilizing a 10% uplift. AR provided data is given on a btu basis. (3)Equals (Total FT Cost minus Mitigation for Unutilized Capacity) divided by Total Utilized Capacity. Page 13 Project Bronco | Marcellus Utica MMbtu / d Net Unutilized Cost ($mm) $116 $240 $98 NA NA Total FT Cost ($mm) $696 $876 $895 $874 $822 $ / mmbtu $0.52 $0.51 $0.53 $0.51 $0.48 Total 3,689 4,734 4,667 4,667 4,667 tion s FT AR Gross Gas Production Foreca st ( MMbtu/d) 5,017 4,667 Produc exceed capa 3,689 1,580 855 268 4,399 3,811 1,205 3,153 2,484 Under-Utilization

Confidential GAS SALES FORECAST PROJECTED GAS SALES BY INDEX Index: TCO Chi ca go/Mi chCon CGTLA ANR SE TGP-500L NYMEX DOM S TETCO M2 14% 21% 17% 18% 18% 10% 3% 1% 25% 18% 23% 16% 2% 16% 0% 0% 19% 18% 19% 16% 14% 14% 1% 0% 20% 17% 16% 14% 18% 8% 6% 0% 17% 16% 14% 12% 16% 7% 7% 11% TCO Chicago /MichCon CG TLA ANR SE TGP-500L NYM EX DOM S TETCO M 2 3%2% 19% 11% 14% 18% 15% 18% Total 100% 100% 100% 100% 100% STRIP PRICING BY INDEX ($/MMBTU) Index: Index: TCO Chi ca go/Mi chCon CGTLA ANR SE TGP-500L NYMEX DOM S TETCO M2 2018-22 Diff. % Exposure TCO Chi ca go/Mi chCon CGTLA ANR SE TGP-500L NYMEX DOMS TETCO M2 $2.56 $2.66 $2.69 $2.71 $2.75 $2.83 $2.32 $2.30 $2.43 $2.57 $2.69 $2.72 $2.73 $2.81 $2.30 $2.28 $2.40 $2.58 $2.70 $2.75 $2.74 $2.82 $2.26 $2.23 $2.43 $2.63 $2.74 $2.80 $2.77 $2.85 $2.27 $2.24 $2.47 $2.68 $2.89 $2.83 $2.81 $2.89 $2.31 $2.26 $2.46 $2.63 $2.74 $2.76 $2.76 $2.84 $2.29 $2.26 ($0.38) ($0.21) ($0.10) ($0.08) ($0.08) $0.00 ($0.55) ($0.58) 19% 18% 18% 15% 14% 11% 3% 2% BTU Uplift $0.23 $0.22 $0.25 $0.27 $0.26 $0.25 $2.90 Realized Price $2.91 $2.85 $2.90 $2.92 $2.92 Page 14 Project Bronco | Source: Antero Management. Based on strip pricing as of 12/31/2017. Differential to Nymex $0.08 $0.04 $0.08 $0.07 $0.03 $0.06 Weighted Average $2.68 $2.63 $2.65 $2.65 $2.66 $2.65 Avg 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Avg 19% 18% 18% 15% 14% 11% 3% 2% 100%

Confidential GAS HEDGES HAVE SUPPORTED FT AR’s gas firm transportation portfolio is not economic based on current strip pricing…though northeast markets would be severely imbalanced if AR were to sell its growing gas production in-basin $0.23 ($0.52) Dominion South FT Uplift BTU Uplift Hedge Ga ins FT Cost Marketing Cost Realiz ed Price $0.15 $0.25 Dominion South FT Uplift BTU Uplift Hedge Ga ins FT Cost Marketing Cost Realiz ed Price $0.02 $0.26 Dominion South FT Uplift BTU Uplift Hedge Ga ins FT Cost Marketing Cost Realiz ed Price Page 15 Project Bronco | Source: Based on data provided by Antero Management. Utilizes strip pricing as of 12/31/2017. $2.45 $2.31 FT non-economic $0.35 ($0.48) 2022 (16% Hedged) $2.44 $2.26 ($0.09 ) FT non-economic $0.39 ($0.53) 2020 (36% Hedged) ($0.12 ) $2.72 $2.32 FT non-economic $0.36 $0.45 2018 (78% Hedged)

Confidential MARCELLUS / UTICA (Bcf/d) TAKEAWAY CAPACITY DETAILS Name Operator Main Line Project Type Point(s) of Expansion Destination Start-up 2014 2015 2016 2017E 2018E 2019E Rose Lake Expansion Kinder Morgan TGP 300 Line New Pipeline Bradford Co., PA Northeast PA Nov. 2014 230 230 230 230 230 230 Northeast Connector Williams Transco Connector York City, PA Rockaway, NY Nov. 2014 65 100 100 100 100 100 Leidy Southeast Williams Transco Loop Northeast, PA Mid-Atlantic Seaboard 4Q15 525 525 525 525 525 East Side Expansion NiSource Columbia Upgrades Northeast PA & Northern NJ Northeast Seaboard Nov. 2015 312 312 312 312 312 Niagara Expansion Kinder Morgan TGP 200 Line Loop Chautauqua Co., N.Y Niargara, NY Nov. 2015 158 158 158 158 158 Northern Access 2015 NFGS National Fuel Compressor Hinsdale, NY / Eden NY Northeast Seaboard Nov. 2015 140 140 140 140 140 Rock Springs Williams Transco Lateral Lancaster Co., PA Cecil Co., MD Aug. 2016 192 192 192 192 AIM Project Spectra Energy AGT Loop NY, CT, RI, MA Boston, MA Nov. 2016 342 342 342 342 Atlantic Bridge Spectra Energy AGT Upgrades Northeast PA Northeast Seaboard Nov. 2017 350 350 350 New York Bay Expansion Project Williams Transco Upgrades Northeast PA Northern NJ Nov. 2017 115 115 115 Atlantic Sunrise Williams Transco Upgrades Northeast PA Fairfax Co., VA Mid-2018 1,700 1,700 PennEast Pipeline Project UGI Corp PennEast New Pipeline Luzerne Co., PA Trenton, NJ 2H 2018 1,100 1,100 Diamond East Project Williams Transco Loop Lycoming / Luzerne, PA Mercer, NJ Mid-2018 1,000 1,000 Northeast Supply Enhancement Project Williams Transco Loop York County, PA Rockaway, NY Dec. 2019 400 Northern Access 2016 NFGS TGP 200 Line New Pipeline McKean Co., PA Erie Co., NY Nov. 2017 497 NE Takeaway from New Projects 295 1,465 1,999 2,464 6,264 7,161 Southeast Main Line TransCanada ANR Reversal Lebanon, OH Patterson, LA Various Stages 1,250 2,000 2,000 2,000 2,000 2,000 REX East-to-West Reversal Tall Grass Energy LP Rockies Express Reversal Monroe Co., OH Missouri Various Stages 600 1,200 2,000 2,800 2,800 2,800 Utica Backhaul Kinder Morgan TGP 300 Line Reversal Southwest PA Gulf Coast Apr. 2014 500 500 500 500 500 500 TEAM 2014 Spectra Energy Texas Eastern / AGT Loop OH, WV, & PA Northern NJ Nov. 2014 600 600 600 600 600 600 West Side Expansion NiSource Columbia Upgrades Waynesburg, WV & Smithfield, PA Leach, KY & Rayne, LA Nov. 2014 444 984 984 984 984 984 TEAM South Spectra Energy Texas Eastern Upgrades Uniontown, PA Attala Co, NS Nov. 2014 300 300 300 300 300 300 Uniontown to Gas City Spectra Energy Texas Eastern Reversal Uniontown, PA Gas City, IN Aug. 2015 425 425 425 425 425 Broad Run Flexibility Kinder Morgan TGP 100 Line Upgrades Broad Run, WV Gulf Coast Various Stages 590 590 590 790 790 Ohio Pipeline Energy Network (OPEN) Spectra Energy Texas Eastern Reversal Monroe Co., OH Gulf Coast Nov. 2015 550 550 550 550 550 ET Rover Project ETP Panhandle Eastern New Pipeline Defiance, Ohio Sarnia, Canada / Gulf Coast 3Q17 1,900 3,250 3,250 Gulf Markets Expansion Spectra Energy Texas Eastern Reversal Southwest PA Southwest PA Nov. 2017 350 350 350 Access South Project Spectra Energy Texas Eastern Upgrades Uniontown, PA Kosciusko, MS Nov. 2017 320 320 320 Adair Southwest Project Spectra Energy Texas Eastern Upgrades Southwest PA Adair Co., KY Nov. 2017 200 200 200 Leach Xpress NiSource Columbia Upgrades OH, WV, & PA Leach, KY 1Q18 1,500 1,500 NEXUS Project Spectra Energy Vector New Pipeline Northeastern OH Southeastern MI 3Q18 1,750 1,750 Mountain Valley Project EQT Transco New Pipeline Wetzel Co., WV Pittsylvania Co., VA 4Q18 2,000 2,000 Appalachia to Market Project Spectra Energy Texas Eastern Upgrades Berne, OH Lambertville, NJ Nov. 2018 1,000 1,000 Gulf Xpress Columbia Columbia Upgrades Leach, KY Rayne, LA Nov. 2018 870 870 Western Marcellus Project Williams Transco New Pipeline Clarington, OH Station 165, Southern VA Late-2018 1,500 1,500 Atlantic Coast Pipeline Dominion Atlantic Coast New Pipeline Harrison Co., OH Greenswille Co., VA Late-2019 1,500 SW Takeaway from New Projects 3,694 7,149 7,949 11,519 21,689 23,189 Page 17 Project Bronco | Source: Company documents, Bentek, company documents, and Wall Street Research. Total Takeaway from New Projects3,9898,6149,94813,98327,95330,350 Incremental YoY Change3,9894,6251,3344,03513,9702,397 Bentek Marcellus/Utica Production Forecast16,40619,75122,40324,50927,90129,372 YoY Growth4,5003,3442,6532,1063,3921,471 YoY Expansion3,4558003,57010,1701,500 Southwest PA/Utica Pipeline Expansion YoY Expansion1,1705344653,800897 Northeast PA Pipeline Expansion