Confidential – Preliminary Draft REVISED DISTRIBUTION POLICY: PRO FORMA IMPACT ($ in millions, unless otherwise noted) Dividend and Dividend Coverage per AR-Owned AM Unit $4.16 $4.10 $3.09 $3.03 $2.57 $2.53 $2.00 $1.96 2019 2020 2021 2022 Cash Dividends to AR Analysis (excluding $3.00/unit at closing) Status Quo + $16 Source: Antero management projections. (1) Based on 10-day VWAP ended October 5, 2018. (2) As set forth in the AM stand-alone projections. (3) Equivalent initial AM distribution ($1.38) based on 1.6023x exchange ratio; then AM stand-alone projection coverage. (4) Equivalent initial AM distribution ($1.22) based on 1.807x all-in exchange ratio; then 29% growth in 2020 and 20% annual growth thereafter. (5) Equivalent initial AM distribution ($1.25) based on 1.775x all-in exchange ratio; then 29% growth in 2020 and 20% annual growth thereafter. Page 1 Project Bronco | AM Sta tus Quo (2) Total Cash Dividends to AR 2019 2020 2021 2022 Total Cash '19-'22 PV-10 vs. AM $1,009 - $219 $282 $338 $405 $1,244 "Keep Whol e" Ca s e (3) $219 $270 $335 $411 $1,236 $1,002 ($8) Ma na gement Di s tr. Ca s e (4) $194 $250 $300 $360 $1,103 $895 (114) Potenti a l AR/AM Counter (5) $197 $254 $305 $366 $1,124 $912 (98) PV-10 $3.42 $3.39 1.05x 1.05x $3.64 $3.71 1.21x 1.19x $2.85 $2.74 1.11x 1.11x 1.25x 1.23x $2.21 $2.21 1.16x 1.16x 1.26x 1.24x 1.31x 1.19x 1.34x 1.32x Sta tus Quo AM 2019 Di s tr. $2.210 ÷ Al l -i n ER to AR (1) 1.775x PF AMC 2019 Di s r. x Equi ty XR to AR 1.6023x $2.00 $1.245 Status Quo (1) “Keep Whole” Case (2) Management Distr. Case (3) Potential AR/AM Counter (4)

Confidential – Preliminary Draft SERIES B VALUATION COMPARISON CASH FLOW COMPARISON ($ in millions) AM M anag ement Cas e AM M odified C overag e Ca se $33 $22 2019 2020 2021 2022 SERIES B VALUATION COMPARISON ($ in millions) Ca s h Fl ow to Seri es B $12 $19 $26 $33 Ca s h Fl ow to Seri es B $12 $17 $22 $29 As s umed Termi na l Yi el d (1 ) 6.5% As s umed Termi na l Yi el d (1 ) 6.5% Implied Terminal Value $509 Implied Terminal Value $439 Proposed Series B Value: 17.354 shares x $17.51 (AMGP Price) = $304 Source: Antero management. (1)Based on analysis of 2018E yield for AMGP's public comparables (ETE, ENLC, EQGP and WGP). (2)Represents present value of 2019-2022 cash flows and 2022 implied market value discounted to October 5, 2018 at 15.8%, AMGP's estimated cost of equity. Page 2 Project Bronco | PV-15.8% (2) $291 PV-15.8% (2) $336 2019 2020 2021 2022 2019 2020 2021 2022 AM Modified Coverage Case AM Management Case $26 $29 $19 $17 $12 $12

Confidential – Preliminary Draft SERIES B VALUATION ANALYSIS (CONT.) Implied Series B Value based on PF AMGP Corp Market Capitalization Pro Forma AMGP Market Cap (before Series B Conversion (1)) Series B Peg Value $8,589.0 (2,000.0) Series B Available Value x 5.92% Series B Interest $6,589.0 $390.1 (1) Based on current draft simplification transaction terms as of October 6, 2018 and an assumed AMGP share price of $17.51 (last close price as of 10/5/2018). Assumes no change to AMGP share price. Page 3 Project Bronco | Implied AMGP Corp Shares to Series B 22.277 Shares Proposed to be offered to Series B 17.354