Confidential – Preliminary Draft PROJECT BRONCO CONFIDENTIAL DISCUSSION MATERIALS September 23, 2018 Project Bronco |

Confidential – Preliminary Draft SUMMARY OF REVISED PROPOSAL Reflects AMGP letter received Sept. 22 and most up-to-date units counts provided by Antero management ($ and shares in millions) Total Shares Existing AMGP Shares Total "AMC" Shares AR AM Series B Equi ty Exchange Rati o per AM Common Uni t AM Uni ts Recei vi ng Cons i derati on (1) New AMGP Shares Issued 1.6023x 1.6350x - 98.870 89.231 - 158.420 145.893 17.354 321.667 186.209 507.876 Total Series B Cash Merger Cash Consideration AR AM Ca s h per AM Uni t AM Uni ts Recei vi ng Merger Cons i dera ti on Tota l Merger Ca s h Cons i dera ti on $3.000 $3.000 - 98.870 89.231 - $296.6 $267.7 - $564.3 Special Cash Dividend Speci a l Di vi dend per AM Uni t AM Uni ts Recei vi ng Speci a l Cons i dera ti on (1) Tota l Speci a l Di vi dend Cons i dera ti on - $0.415 - 98.870 89.231 - - $37.0 - $37.0 Las t Cl os e 20-day VWAP AM 30.05 29.93 Source: Bloomberg market data as of September 21, 2018. (1)Includes 1.1 million LTIP units. Page 1 Project Bronco | Stock Prices as of 9/21/18 AMGP $17.35 $17.27 Total Exchange Ratio "ALL-IN EXCHANGE RATIO" at 20-day VWAP at Last Close AR 1.776x 1.775x AM 1.833x 1.832x Cash Consideration Equivalent Exchange Ratio 0.000x 0.024x Cash Consideration Equivalent Exchange Ratio 0.174x 0.174x Cash Components (assuming 20-day VWAP) Equity Component

Confidential – Preliminary Draft HISTORICAL EXCHANGE RATIO Based on September 21, 2018 closing prices ANALYSIS 1.90x All-in to AM: 1.832x All-in to AR: 1.775x Current: 1.732x 1.80x 1.70x 1.60x Average “Unaffected”: 1.55x 1.50x 1.40x 1.30x 1.20x 05A/M03G/1P7 IPO 07/26/17 10/18/17 01/11/18 04/05/18 06/28/18 09/21/18 Page 2 Project Bronco | Note: Avg. “Unaffected” represents the average exchange rate from AMGP IPO to 2/23/18, last close to announcement of the spe cial committees.

Confidential – Preliminary Draft SUMMARY CHANGES IN CONSIDERATION Reflects AMGP letters received Sept. 12 and 22 and most up-to-date units counts provided by Antero management Total Shares Existing AMGP Shares Total "AMC" Shares Per AMGP September 12 Letter AR AM Series B Equi ty Excha nge Ra ti o per AM Common Uni t AM Uni ts Recei vi ng Cons i dera ti on New AMGP Shares Issued 1.6084x 1.6084x - 98.870 89.231 - 159.023 143.519 18.500 321.042 186.209 507.252 Total Shares Existing AMGP Shares Total "AMC" Shares Per AMGP September 22 Letter AR AM Series B Equi ty Excha nge Ra ti o per AM Common Uni t AM Uni ts Recei vi ng Cons i dera ti on New AMGP Shares Issued 1.6023x 1.6350x - 98.870 89.231 - 158.420 145.893 17.354 321.667 186.209 507.876 Current AMGP Sha re Pri ce (9/21/18) $17.35 $17.35 $17.35 Les s : El i mi na ti on of Seri es B Di vi dend Hol i da y $7.9 Page 3 Project Bronco | Source: Bloomberg market data as of September 21, 2018. Total Value Impact vs. Prior AMGP Proposal ($10.5) $41.2 ($11.9) 17.354 Units Issued to Series B x 1/3 unvested 5.785 x $1.37 "AMC" PF 2019 Dividend $7.948 Share Value Impact vs. Prior AMGP Proposal ($10.5) $41.2 ($19.9) Total Share Impact (0.603) 2.374 (1.146)

Confidential – Preliminary Draft REVISED ($ in millions) COMPONENTS OF TOTAL CONSIDERATION 1.776x 1.776x Starting Equity Component Sha re Reduction Equity Exchang e Ra tio Cas h Consideration All-In Exchang e Ra tio Specia l Dividend Total Transa ction Economics From an all-in exchange ratio perspective, AM is $0.98/unit better off than AR, which is more than offset by its expected tax burden 0.024x 1.833x 1.809x 1.6084x Starting Equity Component Sha re Increa se Equity Exchang e Ra tio Cas h Consideration All-In Exchang e Ra tio Specia l Dividend Total Transa ction Economics Page 4 Project Bronco | Source: Bloomberg market data as of September 21, 2018. 0.027x 1.6350x converted to equivalent $3.00/unit cash exchange ratio based on AMGP 20-day VWAP $0.415/unit cash converted to exchange ratio equivalent based on AMGP 20-day VWAP 0.174x AM 1.6084x 1.6023x X 0.006x $3.00/unit cash converted to exchange ratio equivalent based on AMGP 20-day VWAP 0.174x AR

Confidential – Preliminary Draft PRO FORMA IMPACT ($ in millions, unless otherwise noted) Dividend per AR-Owned AM Unit Dividend per Public AM Unit $5.00 $5.00 received at close $4.00 $4.00 $2.85 $2.76 $3.00 $3.00 $2.00 $2.00 $1.00 $1.00 $0.00 $0.00 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E Dividend per AMGP Share Cash Flow to Series B $3.00 $50 $40 $2.00 $30 $26 $20 $1.00 $10 $0.00 $0 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E Source: Antero management projections. Assumes AMGP purchases 100% of AM public units (188.1 million on a fully diluted basis) with a combination of equity and cash ; AMGP issues 304.3 million shares to current AM unitholders. Also assumes that AMGP issues 17.354 million shares in exchange for 100% of the Series B units. Further, the 2019 pro forma divide nd is adjusted such that dividends to AR-owned AM units are held flat. Page 5 Project Bronco | $45 $37$33 $30 $24 $12 $19 $2.61 $2.13$2.22 $1.72 $1.74 $1.38 $1.34 $0.89 Accretion / (Dilution) $12 $11 $11 $12 96% 55% 44% 37% Accretion / (Dilution) $0.49 $0.38 $0.39 $0.39 55.3% 28.4% 22.2% 17.4% Excludes cash$4.10 $4.27 $3.42 $3.48 $2.85 $2.81 $2.21 $2.26 Excludes cash$4.10 $4.18 received at close $3.42 $3.41 1.05x 1.05x 1.11x 1.11x $2.21 $2.21 1.16x 1.16x 1.31x 1.19x Accretion / (Dilution) $0.05 ($0.04) $0.06 $0.17 2.0% (1.3%) 1.8% 4.1% Accretion / (Dilution) $0.00 ($0.09) ($0.01) $0.08 0.0% (3.3%) (0.2%) 2.0% Status QuoPro Forma

Confidential – Preliminary Draft ECONOMIC IMPACT TO AR ($ in millions, unless otherwise noted) Total Cash to AR from Midstream Holdings Total Cash Through 2022 Undiscounted PV-10 $1,539 +$280 $1,289 SQ PF SQ PF Market Value of Midstream Holdings Pro Forma Ownership of “AMC” Assuming Current AMGP Stock Price Series B 3.4% -$222 AM 28 % $2,971 31.2% AMGP 36.7% SQ PF Source: Antero management projections. Assumes AMGP purchases 100% of AM public units (188.1 million on a fully diluted basis) with a combination of equity and cash ; AMGP issues 304.3 million shares to current AM unitholders. Also assumes that AMGP issues 17.354 million shares in exchange for 100% of the Series B units. Further, the 2019 pro forma divide nd is adjusted such that dividends to AR-owned AM units are held flat. Page 6 Project Bronco | $2,749 $1,009 $1,244 $297 $405 $414 $338 $337 $282 $273 $0 $219 $219 At Clos e 2019 2020 2021 2022 Status QuoPro Forma

Confidential – Preliminary Draft PRO FORMA AMC LEVERAGE ANALYSIS NET DEBT / LTM EBITDA AT YEAR-END Status Quo Pro Forma excl. Special Dividend Pro Forma incl. Special Dividend 3.1x 3.0x 2.9x 2.9x 2.8x 2.8x 2018E 2019E 2020E 2021E 2022E Page 7 Project Bronco | Source: Antero management projections. 2.3x 2.2x 2.2x 2.6x 2.6x 2.1x 2.4x 2.4x 2.0x