Prior vs. Current Since June 20, 2018 Special Committee Meeting Added “Potential Counterproposal” transaction analysis Based on 1.700x exchange ratio plus $3.50 per unit cash consideration to all AM unitholders (including AR) 1.700x equity exchange ratio plus $3.50 cash per unit results in adjusted exchange ratio of 1.883x Analysis includes accretion/dilution on distributable cash flow & distributions, leverage, and levered discounted cash flow Exchange ratio adjusted for cash consideration assumes no new shares issued Cash component funded on revolver Added net income and taxable income calculation for SQ AM based on information from management Addition of pro forma impact accretion/dilution analysis on AR Downside Volumes Case Contribution analysis updated to: Account for the effect of Series B tax step-up Calculate AMGP taxes paid on distributions from LP less G&A as compared to previous analysis in which taxes paid were paid on total distributions from the LP New PF AMGP management distribution and dividend coverage ratio assumptions from Management Removed Public GPs (EQGP and WGP) from Pro Forma AMGP peer set Added an analysis of precedent transaction premiums Status quo AMGP accretion / (dilution) analysis updated to assume 1.0x AM Coverage Added accretion / dilution sensitivities that reflect burden of forecasted transaction taxes 4 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Summary of Proposal from AMGP AM Common Units will be exchanged for 1.6 AMGP shares Represents no premium to current spot XR as of June 21, 2018 Based on prices as of February 23, 2018, offer implies a 15% premium to AM’s closing price and 4% premium to 30-day VWAP Based on prices as of June 7, 2018, implies a 3% premium to AM’s 30-day VWAP Class B units will be exchanged for 18.5mm AMGP shares Implies ~$354mm valuation at market close as of June 21, 2018 Pro forma for transaction equity ownership breakdown as follows: AM Unitholders: ~59.5% AMGP Shareholders: ~36.8% Series B Unitholders: ~3.4% Streamlined Transaction Structure Single, publicly-traded midstream corporation Alignment of management incentives between AM unitholders, AMGP shareholders and Series B unitholders Improved Financial Performance Elimination of IDR’s will reduce PF AMGP’s cost of capital relative to SQ entity Elimination of Series B will increase cash available for distribution to PF equity owners Expected elimination of cash taxes payable by PF AMGP through 5-year forecast as a result of the tax basis “step-up” attributable to the Transaction and additional depreciation generated from capital investment Enhanced Trading Metrics PF AMGP will have larger float and greater liquidity Larger potential investor base given institutional investor preference for traditional C-corp structure New shares should, over time, be eligible for inclusion in major indices further expanding investor universe 5 Rationale for Transaction Pro Forma Ownership Splits Class B Valuation Exchange Ratio Proposal ComponentDescription CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Antero Entities Ownership Overview ($ in millions, unless otherwise noted) Organizational Structure Overview Sponsors Management Public Shareholders 72% A Units Management Public Unitholders Source: Company filings, FactSet as of 6/21/18. (1) 50% of Series B remain unvested; remaining 50% will vest half on 12/31/2018 and half on 12/31/2019. All shares automatically vest upon the liquidation of IDR LLC. Value based on 6% of AMGP equity value above $2,000mm. (2) AR net debt consolidates for AM. 6 Sponsor/M anagenent Ownership AR AM AM GP - Series A AM GP - Series B(1) Total # Shares (000s) Value ($MM) % Outstanding # Units (000s) Value ($MM) % Outstanding # Shares (000s) Value ($MM) % Outstanding Units (000s) Value ($MM) % Outstanding Warburg Pinc us LLC 46,609 $965 14.7% - - - 55,110 $1,053 29.6% - - - Yorktown Partners LLC 12,905 $267 4.1% - - - 15,534 $297 8.3% - - - Total Aggregate Investm ent $2,018 $564 Total Sponsor 59,514 $1,233 18.8% - - - 70,644 $1,350 37.9% - - - $2,583 Paul Rady 16,350 $339 5.2% 303 $9 0.2% 19,997 $382 10.7% 48 $45 48.7% Glen Warren 10,823 $224 3.4% 207 $6 0.1% 14,931 $285 8.0% 32 $30 32.5% O ther 3 $0 0.0% 353 $11 0.2% 2,937 $56 1.6% 19 $18 18.9% $775 $546 $85 Total M anagement 29,787 $563 8.6% 863 $26 0.5% 37,865 $724 20.3% 99 $93 100.0% $1,406 TO TAL 89,301 $1,795 27.3% 863 $26 0.5% 108,509 $2,074 58.3% 99 $93 100.0% $3,988 Holdings Management reholders 38% 19% 100%100% Series 100% Series Antero IDRB Units 9% Antero R esources (“AR”) (“IDR LLC”) Non-Econ100% IDRs GP 53% LP Antero Midstream Partners LP (“AM”) 47% LP Antero Midstream Partners GP LLC 20% Public Sha Antero Midstream GP LP (“AMGP”) 42% Metric AR AM AMGP Price (as of 6/21/2018) $20.71 $30.58 $19.11 Fully Dilluted Shares O/S 322 188 186 Market Equity Value 6,658 5,751 3,558 GP Equity Value - 3,558 - Total Equity Value 6,658 9,309 3,558 Net Debt(2) 4,812 1,301 (14) Series B Value - - 93 Total Enterprise Value $11,470 $10,610 $3,637 Value of AM Units Held $3,042 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Antero Midstream Timeline Relative Performance Since AM IPO (11/5/2014)(1,2) AM AM Peers AMGP AMGP Peers AR Notable Events Primary Issuance Secondary Issuance 150% 125% 22% 100% (10%) (19%) (21%) 75% Antero Midstream 50% (60%) 25% Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Source: Company filings, FactSet as of 6/21/18. Note: AM peers include BPMP, CNXM, EQM, HESM, NBLX, PXSP, SHLX, WES, and VLP. AMGP peers include EQGP and WGP. Note: AM peer selection considered E&P sponsored MLPs and high-growth MLPs, categorized as such if current – 2022E distribution growth CAGR is greater than 10%. (1) Indexed values reflect total return on investment. Distributions and dividends reinvested at current market price on date paid. (2) AM price performance indexed to IPO price of $25.00 and AMGP price performance indexed to IPO price of $23.50. 7 2/23/2018 artners announces the formation of pecial Committee AM prices offering P S 2/14/2018 SailingStone Capital files 13D disclosing 11% stake in Antero Resources 11/5/2014 AM IPO 3/24/2016 of ~8MM common units (~$179MM) from AR 12/22/2017 The Tax Cuts & Jobs Act is signed into law 9/6/2017 AM prices public offering of ~10MM common units (~$315MM) from AR 2/6/2017 AM prices public offering of ~6MM common units (~$198MM) CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Historical XR & Distribution Since AMGP IPO (5/4/17) Comparison Contrac tual Valuation Yield-Based Valuation Historical AM/AMGP Exchange Ratio % Premium / ) 10.8% 27.4% 22.0% 1.80x x 1.70x 0x 0x 1.60x 1.50x 1.40x 1.30x May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Antero Midstream Historical Distribution Split by Entity(1) AM AMGP Series B AM Distribution CAGR: 29% AMGP Distribution CAGR: 155% 1% 1% 2% 16%1% 1% 19% 22% 24% Q1 '15 5 6 4 '17 72% 7 / $0.18 $29 / $0.19 $36 / $0.21 $39 / $0.22 $41 / $0.24 $44 / $0.25 $47 / $0.27 $50 / $0.28 $56 / $0.30 $60 / $0.32 $63 / $0.34 $68 / $0.37 Q1-'15 - Q$20 '/15$0.00 - Q3 '1$51 / $0.01 Q4 '15 - $2 / $0.Q011'16 - $3 /Q$20'1.602 - $Q53 /'16$0.03 - Q4 '1$67 / $0.04 Q1 '17 $11 / $0Q.026'17 $14 /Q3$0'1.708 $1 $Q148 '/17$0.10 $1 Q1 $'1282 / $0.13 - - $0 $1 $1 AMGP(2) - - $0 $1 $2 $3 $5 $7 $11 $5 / $0.05 $11 / $0.06 $14 / $0.08 $20 / $0.11 Source: Company filings, FactSet as of 6/21/18. (1) (2) (3) (4) (5) AM CAGR is calculated from Q1’15 to Q1’18. AMGP CAGR is calculated from Q2’17 to Q1’18 based on initial post-IPO distribution grossed up for full quarter. AMGP attributable distribution per AM LP unit pre-IPO. AMGP CAFD & declared distribution post-IPO. Adjusted to reflect proposed Series B conversion, with AMGP share price calculated as (AMGP equity value + [(AMGP equity value - $2bn) x 6%])/(AMGP fully diluted shares outstanding + 18.5mm). Proposal % Premium / (Discount) calculated as premium / (discount) between current proposal (1.600x) and adjusted XR. Implied exchange at 1.700x equity exchange ratio and $3.50 in cash. 8 AM LP$27 / $0.18 $29 / $0.19 $36 / $0.21 $39 / $0.22 $41 / $0.24 $44 / $0.25 $47 / $0.27 $50 / $0.28 $56 / $0.30 $60 / $0.32 $63 / $0.34 $68 / $0.37 $73 / $0.39 Series B-- - - - - - $0 $1 $1 $1 $1 $2 1% 1% 1% 1% 2% 2% Q2 '15 100% Q3 '1 100% 1% Q 99% 4 '15 2% 98% Q1 4% '16 96% 6% Q2 '16 94% 16% 19% 22% 24% 26% 12% Q 87% 4 '16 83% Q1 9% Q3 '1 91% Q2 '17 77% Q3 '17 74% '17 80% Q 3-M onth Average (Current)1.582x1.700x 2/23/2018 1.380x1.479x 30-Day Average (at 2/23/2018) 1.444x1.543x Series B Conversion Units18.518.522.9 Adj. AM GP Share Pric e$17.84$18.56$19.11 Current AM Share Pric e$30.58$30.58$30.58 (5.9% 8.2% 3.7% 1.714 1.60 1.60 At 2/23/2018 Adjusted XR1.714x1.648x1.600x AM GP Units O utstanding Inc luding Series B204.7204.7510.1 ($ in millions, unless otherwise noted) Sample Adjusted XR Calculation Counterproposal (at Proposal % 1.883x) Period Spot XR Adj. XR Premium / (Discount)(4) (Discount)(5) At Transac tion Contrac tual Valuation AM GP Shares O utstanding186.2186.2186.2 AM GP Units IssuedNANA300.9 AM GP Pric e$19.11$19.11$19.11 2018E Series B CFNA$7NA 2018E YieldNA2.8%NA 2.00x ProposalSpot XRSeries B Threshold$2,000NA$2,000 Series B Redem ption Right6.0%NA6.0% Implied Series B Valuation$93$241$439 1.90x Adj. XR(3) Proposal --1.600x ---- Potential Counterproposal --1.883x ---- Adj. Current 1.714x 1.714x (6.7%) 9.9% Current 1.600x 1.714x (6.7%-) 9.9% 30-Day Average (Current) 1.595x 1.710x (6.4%) 10.1% 3-M onth Average (at 2/23/2018) 1.484x 1.588x 0.7% 18.6% Sinc e AM GP IPO Average 1.558x 1.669x (4.1%) 12.9% AM GP Equity Value Inc luding Series B$3,652$3,799$9,748 AM GP M arket Value$3,558$3,558$9,309 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Analyst Perspectives on Situation Price Target AM Current Price Median Price Target AR AMGP Ra$y2m0.7o1nd$24J.a0m0 es: 2-14-18 $19.$1127 $24.00 $30.58 $36.00 Alembic Global Advisors: 4-26-18 $34 MUFG Securities Ameri cas: 4-26-18 $28 MUFG Securities Ameri cas: 4-26-18 $40 estricte$2d9: 2-14-18 $23 KeyBanc Capital Markets: 6-18-18 Raymond James: 4-26-18 $27 Scotia Howard Weil: 5-22-18 $40 Guggenheim Securities: 5-11-18 Ladenburg Thalmann & Co: 5-23-18 (1) Tudor Pickering Holt & Co.: 4-23-18 26 KLR Group: 5-L14a-d18enburg Thalmann : 2-14-18 $28 $38 Stephens Inc: 5-18-18 Restricted: 5-23-18 5 Stifel Nicolaus: 4-26-18 37 MUFG Securities Ameri cas: 4-26S-e18aport Global S ur$i2t5ies: 2-14-18 $26 Scotia Howard Weil: 5-22-18 Stifel Nicolaus: 5-21-18 Ladenburg Thalmann & Co: 5-23-18 $36 Wells Fargo Securities: 6-12-18 BMO Capital Markets: 6-1M8-U18FG Securities Ame$r2i4cas: 2-14-18 9 Wells Fargo Securities: 5-24-18 $36 Scotia Howard Weil: 6-7-18 (1) Restricted: 6-8-18 Tudor Pickering Holt & Co.: 4-3-18 Wells Fargo S urities: 2-16-18 Janney Montgomery Scott: 4-26-18 $30 $36 Restricted: 6-11-18 SunTrust Robinson Humphrey: 4-26-18 Raymond James: 4-26-18 $36 (1) Tudor Pickering Holt & Co.: 4-23-18 Raymond James: 4-27-18 est$r2ic3 ted: 2-28-18 22 Cowen & Company: 6-7-18 Guggenheim Securities: 4-13-18 Restricted: 5-16-18 22 Wells Fargo Securities: 4-2T7-u18dor Pickering Ho$2 o.: 3-9-18 $22 Seaport Global Securities: 4-6-18 6 Seaport Global Securities: 4-26-18 Morningstar Equi ty Research: 4-26-18 $19 “We see AM as well positioned to capitalize on AR growth, especially as the organic opportunity set appears deep with >3,300 economic drilling. We expect stout throughput volume growth to support distribution CAGR of 28-30% through 2020 with continued robust growth thereafter, all while maintaining solid coverage. Superior distribution growth, a strong B/S, and substantial coverage differentiate AM from peers, in our view.” J.P. Morgan, 2/26/2018 “While there are several$2pe3rmutations, we’ve analyzed two scenarios: (1) AM acquires AMGP and (2) AMGP acquires AM (our analysis assumes a 10% premium under each scenario). Regardless of which way the transaction g$o2e4s, we estimate the pro forma entity could grow its cash flows at a five-year CAGR of 19%, with better alignment to “AR delivered better than expected 1Q1R8ersetsruiclttsed: 3-13-18 on stronger margins and a big gain on gas marketing for the quarter. While guidance would indicate the marketing gain is likely not repeatable, the company’s upsStcroeatima HopoewraartdionWseil: 3-14-18 are getting incrementally more efficient driven by longer laterals and larger pads, and the company remains on track for 20% volume growth in 2018.” : 3-19-18 AR. Restricted Jefferies, 5/01/2018 $24 Wells Fargo, 5/03/2018 9 Source: Broker research commentary. FactSet as of 6/21/18. (1) TPH Research restricted on 4/17/18. $ $2 $24 $24 $24 $23 $ $ $1 $ $34 $25 R $27 &$2C6 o $26 $25 $24 $24 $23 $22 l0t & C ec ec R CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AM Selected Comparable Company Analysis Dist. Growth 2018E to 2020E CAGR Unit Price at 6/21/2018 Total Equity Market Value(1) Enterprise Value % Dist. to GP/IDRs Price (Yield) DCF / LP Unit EBITDA 2018E Coverage Company Current 2018E 2018E 2019E 2018E 2019E DCF / Unit DCF / Unit Source: FactSet as of 6/21/18 and Wall Street research. (1) (2) (3) (4) Values GP and IDR cash flow at LP yield for MLPs with non-public GPs. Defined as high-growth MLP if current – 2020E distribution growth CAGR is greater than 10%. Based on Wall Street consensus estimates as compiled by FactSet. Antero Midstream Partners LP announced on February 26, 2018 that its Board of Directors had formed a special committee, in conjunction with the formation of special committees at both Antero Resources and Antero Midstream GP, to evaluate potential measures and transactions that could involve Antero Midstream. Implied unit prices are calculated based on Management projections. 11 (5) LP Distribution / Unit Yield Range Implied Unit Price AM at Mgmt.AM at WSC Low Median High Low Median High 2018E Distribution$1.72$1.718.0%6.6%4.3% Yield $21.38$25.79$39.63 Metric Multiple Range Implied Unit Price(5) AM at Mgmt.AM at WSC Low Median High Low Median High 2018E LP$2.05$2.339.6x12.2x16.3x $19.61$24.96$33.35 2019E LP$2.74$2.887.8x11.2x12.6x $21.48$30.81$34.56 Metric Multiple Range Implied Unit Price (5) AM at Mgmt.AM at WSC Low Median High Low Median High 2018E EBITDA$730$71411.6x12.9x17.8x $18.65$23.85$42.61 2019E EBITDA$989$9349.0x10.4x13.0x $21.05$28.57$41.95 Mean $6,048 $7,962 15% 16% 5.8% 6.2% 12.8x 11.1x 13.7x 10.7x 1.38x Median $3,944 $5,146 15% 26% 6.2% 6.6% 12.2x 11.2x 12.9x 10.4x 1.26x Low $1,135 $2,093 6% 0% 4.0% 4.3% 9.6x 7.8x 11.6x 9.0x 1.09x High $13,459 $17,176 20% 37% 7.7% 8.0% 16.3x 12.6x 17.8x 13.0x 2.11x E&P Sponsored Mean $6,278 $8,329 14% 17% 6.4% 6.8% 11.2x 9.7x 12.9x 10.4x 1.37x E&P Sponsored Median $2,090 $3,163 15% 9% 6.6% 6.9% 10.8x 9.1x 12.8x 10.5x 1.24x Other High - Growth MLP Mean $5,762 $7,502 13% 24% 5.5% 5.9% 13.9x 11.8x 14.5x 11.0x 1.28x Other High - Growth MLP Median $5,381 $6,947 13% 29% 5.4% 5.9% 13.5x 11.9x 13.9x 10.4x 1.30x AM at WSC (3,4) $30.58 $9,403 $10,689 29% 28% 5.1% 5.6% 13.1x 10.6x 15.0x 11.4x 1.28x AM at Mgmt. Estimates $30.58 $9,403 $10,689 29% 28% 5.1% 5.6% 14.9x 11.1x 14.6x 10.8x 1.27x E&P Spon. Western Gas Partners, L.P. $48.67 $13,459 $17,176 6% 35% 7.7% 7.9% 9.6x 7.8x 14.1x 12.0x 1.11x CNX Midstream Partners LP 20.50 1,438 2,093 15% 9% 6.3% 6.7% 12.2x 9.1x 12.8x 9.0x 1.26x HG & E&P Spon.(2)` Hess Midstream Partners LP 20.34 1,135 3,163 15% 2% 6.6% 6.9% 13.0x 11.7x 11.6x 9.5x 1.13x Noble Midstream Partners LP 50.60 2,090 3,045 20% 4% 4.0% 4.3% 10.8x 11.2x 13.1x 10.5x 2.11x EQT Midstream Partners LP 56.10 13,268 16,167 16% 35% 7.6% 8.0% 10.3x 8.4x 12.7x 10.9x 1.24x Other High Growth MLP Shell Midstream Partners LP 22.44 6,819 8,748 12% 26% 6.2% 6.6% 13.9x 11.9x 14.8x 10.4x 1.09x BP Midstream Partners LP 21.03 2,351 2,657 15% 0% 5.1% 5.3% 16.3x 12.6x 17.8x 13.0x 1.26x Valero Energy Partners LP 38.88 3,944 5,146 16% 31% 5.2% 5.8% 12.2x 10.8x 12.4x 10.0x 1.43x Phillips 66 Partners LP 50.96 9,933 13,458 10% 37% 5.6% 6.0% 13.1x 12.0x 12.9x 10.4x 1.34x M K L Enterprise Value / I J Price / G H LP Distribution / Unit / F E D C B A CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Precedents | MLP Transactions Analysis 5/17/18 Williams Companies Williams Partners, LP 57,793 12.6x 56,013 12.2x 10,427 6.4% 0% Yes C-Corp Affiliate 2/7/18 Terra Nitrogen GP, Inc. Terra Nitrogen Co. LP 1,474 7.0x 1,432 6.8x $387 3.7% 100% Yes C-Corp Affiliate 8/29/17 Zenith Energy US, LP Arc Logistics Partners LP 736 12.9x 736 12.9x 407 15.2% 100% Yes MLP 3rd Party 3/2/17 VTTI, B.V VTTI Energy Partners, LP 1,867 9.2x 1,842 9.1x 481 6.0% 100% Yes C-Corp Affiliate 2/1/17 ONEOK, Inc ONEOK Partners, LP 23,654 12.0x 22,380 11.4x 9,309 25.8% 0% Yes C-Corp Affiliate 11/21/16 Sunoco Logistics Partners, LP Energy Transfer Partners, LP 54,455 9.7x 54,455 9.7x 21,965 (0.2%) 0% No MLP Affiliate 9/26/16 Transcanada Columbia Pipeline Partners 3,464 4.9x 3,384 4.8x 915 11.1% 100% Yes C-Corp Affiliate 11/3/15 Targa Resources Corp. Targa Resources Partners LP 12,229 10.6x 12,138 10.5x 6,672 18.4% 0% Yes C-Corp Affiliate 10/26/15 Western Refining, Inc. Northern Tier Energy 5,286 11.8x 5,185 11.5x 1,982 11.7% 65% Yes C-Corp 3rd Party 5/6/15 Crestwood Equity Partners, LP Crestwood Midstream Partners 6,920 11.9x 6,901 11.9x 3,381 17.2% 0% No MLP Affiliate 1/26/15 Energy Transfer Partners, LP Regency Energy Partners LP 18,593 11.0x 18,593 11.0x 11,276 13.2% 1% No MLP Affiliate 10/13/14 Targa Resources Partners LP Atlas Pipeline Partners LP 6,002 17.5x 6,002 17.5x 3,866 15.0% 3% No MLP 3rd Party 8/10/14 Kinder Morgan Inc. Kinder Morgan Energy Partners 52,566 8.8x 52,351 8.8x 27,351 12.0% 12% Yes C-Corp Affiliate 7/24/14 Breitburn Energy Partners QR Energy LP 2,856 9.4x 2,856 9.4x 1,811 17.5% 19% No MLP 3rd Party 8/27/13 Plains All American LP PAA Natural Gas Storage LP 2,531 20.1x 2,434 19.4x 755 8.5% 0% No MLP Affiliate 1/29/13 Kinder Morgan Energy Partners LP Copano Energy LLC 4,858 14.9x 4,858 14.9x 3,911 23.5% 0% No MLP 3rd Party Affiliate 3rd Party Overall AMGP Proposal Potential Counterproposal Source: Company filings, press releases, presentations and FactSet for pricing data. Represents precedent MLP transactions by affiliated and third party MLPs, Public GPs and C-Corps since 2011. Note: Considers transactions where target is an MLP. (1) (2) (3) (4) (5) (6) Based on Wall Street research. Non-adjusted transaction TEV values affiliated and non-affiliated units at offer price. Adjusted transaction TEV value affiliated units at market price and non-affiliated units at offer price. Includes MLP and C-Corp GPs. Illustrative transaction value for PF AMGP at AMGP Proposal includes conversion of Series B units, AM existing debt, and the purchase of AM units outstanding. Excludes transaction fees. Premium to Series B implied current XR of 1.714. Illustrative transaction value for PF AMGP at Potential Counterproposal includes conversion of Series B units, cash consideration to avoid share selling, AM existing debt, and the purchase of AM units outstanding. Excludes transaction fees. Assumes cash consideration of $3.50 per public unit outstanding. Premium to Series B implied current XR of 1.714. 12 2/23/11 Enterprise Products Partners Duncan Energy Partners LP 3,282 9.5x 2,973 8.6x 1,006 28.1% 0% No MLP Affiliate Median $3,876 10.8x $3,814 10.8x $1,123 8.6% 0% Mean 13,177 10.9x 12,963 10.6x 5,412 10.1% 26% Median $4,858 13.5x $4,858 13.5x $1,982 15.2% 4% Mean 5,653 14.0x 5,642 14.0x 3,831 18.7% 22% Median $4,289 11.4x $4,243 11.4x $1,661 12.0% 0% Mean 11,125 11.7x 10,966 11.5x 4,981 12.4% 25% --Antero Midstream GP LP(5) Antero Midstream Partners LP $10,306 14.1x ---- ---- 0% Yes C-Corp Affiliate (6) --Antero Midstream GP LP Antero Midstream Partners LP 11,256 15.4x ---- ---- 6% Yes C-Corp Affiliate 5/6/13 Inergy Midstream LP Crestwood Midstream Partners LP 2,643 14.6x 2,643 14.6x 1,661 14.5% 4% No MLP 3rd Party 10/10/13 Regency Energy Partners LP PVR Partners LP 5,659 13.5x 5,659 13.5x 3,931 25.7% 1% No MLP 3rd Party 8/10/14 Kinder Morgan Inc. El Paso Pipeline Partners 13,677 11.9x 13,193 11.4x 5,421 15.4% 12% Yes C-Corp Affiliate 11/12/14 Enterprise Products Partners LP Oiltanking Partners LP 4,289 23.0x 4,243 22.8x 1,392 1.7% 0% No MLP Affiliate 6/15/14 Williams Partners LP Access Midstream Partners LP 35,891 11.0x 35,891 11.0x 23,579 1.3% 0% No MLP Affiliate 4/6/15 Tesoro Logistics LP QEP Midstream Partners LP 1,145 7.5x 1,104 7.2x 394 8.6% 0% No MLP Affiliate 7/13/15 MPLX LP MarkWest Energy Partners, LP 22,360 22.8x 22,360 22.8x 16,612 36.3% 8% No MLP 3rd Party 8/1/16 Transocean, Inc Transocean Partners 1,202 3.5x 1,153 3.3x 259 20.8% 0% No C-Corp Affiliate 5/30/16 SemGroup Corp. Rose Rock Midstream 2,034 12.0x 2,034 12.0x 771 0.0% 0% Yes C-Corp Affiliate 10/24/16 American Midstream Partners LP JP Energy Partners LP 476 8.6x 476 8.6x 302 9.1% 0% No MLP 3rd Party 1/27/17 Enbridge Energy Company Midcoast Energy Partners, LP 1,176 11.4x 1,194 11.6x 170 (8.6%) 100% Yes C-Corp Affiliate 4/3/17 World Point Terminals, Inc. World Point Terminals, LP 594 9.1x 570 8.8x 159 5.8% 100% Yes C-Corp Affiliate 5/18/17 Energy Transfer Partners, LP PennTex Midstream Partners, LP 963 12.6x 873 11.4x 280 20.1% 100% No MLP Affiliate 1/2/18 Archrock, Inc Archrock Partners, LP 2,438 9.6x 2,358 9.3x 607 23.4% 0% Yes C-Corp Affiliate 3/26/18 Tall Grass Energy GP, LP Tallgrass Energy Partners, LP 8,361 12.0x 8,083 11.6x 1,686 0.6% 0% Yes C-Corp Affiliate A B C D E F G H I J K L M Announcement Date Acquiror Target Transaction Value TEV / FY1 EBITDA(1,2) Adj. Transaction Value(1,3) Adj. TEV / FY1 EBITDA(1,3) Deal Value 1-Day Premium % Cash Taxable Transaction Buyer Type Transaction Type 6/19/18 Cheniere Energy Inc. Cheniere Energy Partners LP Holdings $5,651 10.7x $5,526 10.4x $1,240 2.2% 0% No C-Corp Affiliate CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AM DCF Analysis | AR Valuation Effective Date: 6/30/2018 Base Volumes Case Discounted Levered DCF Analysis Levered DCF Attributable to AM LP Unitholders Discounted Distribution Analysis Distributions Attributable to LP Unitholders 9.0x 10.5x 12.0x 8.0% 7.0% 6.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Levered DCF Analysis Supplemental Calculation Detail Discounted Distribution Analysis Supplemental Calculation Detail LP DCF per Unit $1.08 $2.74 $3.24 $3.75 $4.29 LP Distribution Per Unit $0.91 $2.21 $2.85 $3.42 $4.10 Disc ount Fac tor 0.953 0.866 0.787 0.716 Disc ount Fac tor 0.953 0.866 0.787 0.716 PV of LP DCF per Unit $1.03 $2.38 $2.55 $2.68 PV of LP Dist. per Unit $0.87 $1.91 $2.24 $2.45 Terminal M ultiple 10.5x Terminal Yield 7.0% Terminal Disc . Fac tor 0.683 Terminal Disc . Fac tor 0.683 13 Source: Management projections and FactSet as of 6/21/18. Implied Terminal Value per Unit$39.99 Implied Value per Unit$47.47 Implied Terminal Value per Unit$30.76 Implied Value per Unit$39.40 Disc . LP Dist. Total$7.47 Disc . LP DCF Total$8.64 2H 2018E 2019E 2020E 2021E2022E 2H 2018E 2019E 2020E 2021E2022E $45.47 $50.85 $58.02 $42.47 $47.47 $54.14 $39.73 $44.38 $50.58 Discount Rate $37.39 $42.12 $46.85 $35.01 $39.40 $43.80 $32.82 $36.91 $41.00 Discount Rate 2022E Distribution Y ield 2022E DCF Multiple CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AM DCF Analysis | AR Valuation Effective Date: 6/30/2018 Base Volumes Case Discounted Levered DCF Analysis Levered DCF Attributable to AM LP Unitholders Discounted Distribution Analysis Distributions Attributable to LP Unitholders 9.0x 10.5x 12.0x 8.0% 7.0% 6.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Levered DCF Analysis Supplemental Calculation Detail Discounted Distribution Analysis Supplemental Calculation Detail LP DCF per Unit $1.08 $2.74 $3.24 $3.75 $4.29 LP Distribution Per Unit $0.91 $2.21 $2.85 $3.42 $4.10 Disc ount Fac tor 0.953 0.866 0.787 0.716 Disc ount Fac tor 0.953 0.866 0.787 0.716 PV of LP DCF per Unit $1.03 $2.38 $2.55 $2.68 PV of LP Dist. per Unit $0.87 $1.91 $2.24 $2.45 Terminal M ultiple 10.5x Terminal Yield 7.0% Terminal Disc . Fac tor 0.683 Terminal Disc . Fac tor 0.683 14 Source: Management projections and FactSet as of 6/21/18. Implied Terminal Value per Unit$39.99 Implied Value per Unit$47.47 Implied Terminal Value per Unit$30.76 Implied Value per Unit$39.40 Disc . LP Dist. Total$7.47 Disc . LP DCF Total$8.64 2H 2018E 2019E 2020E 2021E2022E 2H 2018E 2019E 2020E 2021E2022E $45.47 $50.85 $58.02 $42.47 $47.47 $54.14 $39.73 $44.38 $50.58 Discount Rate $37.39 $42.12 $46.85 $35.01 $39.40 $43.80 $32.82 $36.91 $41.00 Discount Rate 2022E Distribution Y ield 2022E DCF Multiple CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AM DCF Analysis | AR Downside Valuation Effective Date: 6/30/2018 Volumes Case Discounted Levered DCF Analysis Levered DCF Attributable to AM LP Unitholders Discounted Distribution Analysis Distributions Attributable to LP Unitholders 9.0x 10.5x 12.0x 8.0% 7.0% 6.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Levered DCF Analysis Supplemental Calculation Detail Discounted Distribution Analysis Supplemental Calculation Detail LP DCF per Unit $1.01 $2.40 $3.02 $3.33 $3.76 LP Distribution Per Unit $0.86 $2.15 $2.58 $2.97 $3.42 Disc ount Fac tor 0.953 0.866 0.787 0.716 Disc ount Fac tor 0.953 0.866 0.787 0.716 PV of LP DCF per Unit $0.96 $2.08 $2.38 $2.39 PV of LP Dist. per Unit $0.82 $1.86 $2.03 $2.13 Terminal M ultiple 10.5x Terminal Yield 7.0% Terminal Disc . Fac tor 0.683 Terminal Disc . Fac tor 0.683 16 Source: Management projections and FactSet as of 6/21/18. Implied Terminal Value per Unit$33.36 Implied Value per Unit$40.20 Implied Terminal Value per Unit$26.97 Implied Value per Unit$34.78 Disc . LP Dist. Total$6.83 Disc . LP DCF Total$7.81 2H 2018E 2019E 2020E 2021E2022E 2H 2018E 2019E 2020E 2021E2022E $33.03 $37.18 $41.32 $30.93 $34.78 $38.64 $29.00 $32.59 $36.17 Discount Rate $38.55 $43.03 $49.02 $36.02 $40.20 $45.76 $33.72 $37.60 $42.77 Discount Rate 2022E DCF Multiple 2022E Distribution Y ield CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AMGP Selected Comparable Company Analysis GP EBITDA (2) CAFD (3) Unit Price at 6/21/2018 Total Entity Equity Value Total Entity TEV Implied GP Equity Value Implied GP TEV Price (Yield) (1) 2018E - 2022E Dist. CAGR Company Current 2018E 2018E 2019E 2018E 2019E EQT GP Holdings LP(6) $25.57 $7,734 $7,969 $6,511 $7,734 4.0% 4.7% 19.9x 15.8x 19.3x 15.4x 29.2% Western Gas Equity Partners, LP 35.57 7,788 8,891 5,356 7,814 6.4% 6.6% 17.3x 15.8x 15.1x 13.8x 11.6% CAFD With Series B Conversion Source: FactSet as of 6/21/18 and Wall Street research. Note: Implied GP value calculated as the equity value of GP - equity value of the LP units held + net debt held by the GP. (1) (2) Total entity distribution yield calculated as GP distribution per unit / share over current GP unit / share price. Total entity enterprise value calculated as the equity value of GP + net debt held by the GP. GP EBITDA calculated as total distributions to the GP. For AMGP, EBITDA calculated as total distributions to IDR, LLC less Series B payments. Implied GP equity value calculated as GP share / unit price times GP shares outstanding. Cash available for distribution (CAFD) calculated as GP EBITDA less interest expense and maintenance capex. Antero Midstream Partners LP announced on February 26, 2018 that its Board of Directors had formed a special committee, in conjunction with the formation of special committees at both Antero Resources and Antero Midstream GP, to evaluate potential measures and transactions that could involve Antero Midstream. Implied share prices are calculated based on Management projections. EQGP Pro Forma for RMP acquisition announced April 2018. “Total HoldCo Distributions with Series B Conversion” calculated as HoldCo distributions with post-tax Series B payments added back in over (AMGP FD S/O + 18.5mm Series B converted units). (3) (4) (5) (6) (7) 19 Total HoldCo Distributions (7) Yield Range Implied Total Entity Share Price AMGP at Mgmt. Estimates AMGP at WSC Low Median High Low Median High 2018E Distribution $106 $106 6.6% 5.7% 4.7% Yield $7.78 $9.08 $10.92 Series B AMGP at Mgmt. Estimates AMGP at WSC Low Median High Low Median High 2019E $166 $178 13.8x 14.6x 15.4x $11.17 $11.81 $12.45 AMGP at Mgmt. Estimates AMGP at WSC Low Median High Low Median High With Series 2019E EBITDA $237 $234 15.8x 15.8x 15.8x B Conversion $18.36 $18.36 $18.36 Implied GP Share Price (5) Multiple Range Metric Implied Total Entity Share Price (5) Multiple Range Metric Series B Mean $7,761 $8,430 $5,933 $7,774 5.2% 5.7% 18.6x 15.8x 17.2x 14.6x 20.4% Median $7,761 $8,430 $5,933 $7,774 5.2% 5.7% 18.6x 15.8x 17.2x 14.6x 20.4% Low $7,734 $7,969 $5,356 $7,734 4.0% 4.7% 17.3x 15.8x 15.1x 13.8x 11.6% High $7,788 $8,891 $6,511 $7,814 6.4% 6.6% 19.9x 15.8x 19.3x 15.4x 29.2% AMGP at WSC(4) $19.11 $3,652 $3,652 $3,652 $3,637 2.3% 2.8% 36.3x 22.0x 36.3x 22.0x 58.3% AMGP at Mgmt Estimates $19.11 $3,652 $3,652 $3,652 $3,637 2.3% 2.8% 26.7x 16.3x 36.3x 21.9x 58.3% M K L Implied GP Equity Value / I J Total Entity Enterprise Value / G H Total Entity Distribution / Unit / F E D C B A CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AMGP DCF Analysis | AR Base Volumes Case AMGP with Series B Value Conversion | Valuation Effective Date: 6/30/2018 Discounted Levered DCF(1) Analysis Distributions Attributable to IDR, LLC | Before Series B Payments Discounted Distribution Analysis | Pre-Series B Payment AMGP Distributions | 1.0x Coverage | SQ AM Distribution Policy 14.0x 16.0x 18.0x 7.0% 5.5% 4.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Levered DCF(1) Analysis Supplemental Calculation Detail Discounted Distribution Analysis Supplemental Calculation Detail Adj. GP Dist. Per Share(2) Disc ount Fac tor HoldCo DCF $61 $178 $270 $352 $449 $0.30 $0.87 $1.32 $1.72 $2.19 Disc ount Fac tor 0.953 0.866 0.787 0.716 0.953 0.866 0.787 0.716 PV of GP FCF $58 $155 $213 $252 PV of GP Dist. per Share $0.29 $0.76 $1.04 $1.23 Terminal M ultiple 16.0x Terminal Yield 5.5% Terminal Disc . Fac tor 0.683 Terminal Disc . Fac tor 0.683 Less Net Debt / Corp. Adjustments (14) AM GP Shares O /S (Inc lusive of 18.5mm Series B Conversion Shares) 204.7 20 Source: Management projections and FactSet as of 6/21/18. (1)AMGP discounted DCF defined as HoldCo DCF with Series B payments added back in. Discounted cost of equity at 10.0%. (2)Adj. GP distribution per share calculated as (AMGP DCF + Series B payment added back) / (fully diluted AMGP shares outstanding + 18.5mm converted Series B units). Implied Equity Value per Share $27.35 Implied Equity Value $5,598 Implied Terminal Value per Share $27.23 Implied Equity Value per Share $30.54 Implied Terminal Value Enterprise Value $5,583 Disc . Adj. Dist. Total $3.31 Disc . IDR Distribution Total $677 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E $26.49 $32.78 $43.77 $24.71 $30.54 $40.76 $23.07 $28.50 $38.00 Discount Rate $26.10 $29.33 $32.55 $24.35 $27.35 $30.34 $22.75 $25.53 $28.32 Discount Rate 2022E Distribution Y ield 2022E CAFD Multiple CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AMGP DCF Analysis | AR Downside Volumes Case AMGP with Series B Value Conversion | Valuation Effective Date: 6/30/2018 Discounted Levered DCF(1) Analysis Distributions Attributable to IDR, LLC | Before Series B Payments Discounted Distribution Analysis | Pre-Series B Payment AMGP Distributions | 1.0x Coverage | SQ AM Distribution Policy 14.0x 16.0x 18.0x 7.0% 5.5% 4.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Levered DCF(1) Analysis Supplemental Calculation Detail Discounted Distribution Analysis Supplemental Calculation Detail Adj. GP Dist. Per Share(2) Disc ount Fac tor HoldCo DCF $53 $169 $231 $287 $352 $0.26 $0.83 $1.13 $1.40 $1.72 Disc ount Fac tor 0.953 0.866 0.787 0.716 0.953 0.866 0.787 0.716 PV of GP FCF $51 $147 $182 $206 PV of GP Dist. per Share $0.25 $0.72 $0.89 $1.00 Terminal M ultiple 16.0x Terminal Yield 5.5% Terminal Disc . Fac tor 0.683 Terminal Disc . Fac tor 0.683 Less Net Debt / Corp. Adjustments (14) AM GP Shares O /S (Inc lusive of 18.5mm Series B Conversion Shares) 204.7 22 Source: Management projections and FactSet as of 6/21/18. (1)AMGP discounted IDR distribution defined as HoldCo DCF with Series B payments added back in. Discounted cost of equity at 10.0%. (2)Adj. GP distribution per share calculated as (AMGP DCF + Series B payment added back) / (fully diluted AMGP shares outstanding + 18.5mm converted Series B units). Implied Equity Value per Share $21.70 Implied Equity Value $4,441 Implied Terminal Value per Share $21.33 Implied Equity Value per Share $24.19 Implied Terminal Value Enterprise Value $4,427 Disc . Adj. Dist. Total $2.86 Disc . IDR Distribution Total $585 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E $21.03 $25.95 $34.55 $19.62 $24.19 $32.19 $18.33 $22.58 $30.02 Discount Rate $20.74 $23.26 $25.78 $19.35 $21.70 $24.04 $18.09 $20.27 $22.45 Discount Rate 2022E Distribution Y ield 2022E CAFD Multiple CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Analysis at Various Exchange Ratios ($ in millions, unless otherwise noted) (4) Adjusted Comparable Metrics Trading Median Transaction Median (NTM) Multiples: Statistic 2018E EBITDA $730 14.4x 14.6x 14.8x 15.0x 15.3x 15.5x 12.9x 11.9x 2019E EBITDA $989 10.6x 10.8x 10.9x 11.1x 11.3x 11.4x 10.8x (2) 2018E DCF $385 14.4x 14.8x 15.3x 15.7x 16.1x 16.6x 12.6x (2) 2019E DCF $516 10.7x 11.1x 11.4x 11.7x 12.0x 12.4x 11.7x Current Yield $1.56 5.3% 5.1% 5.0% 4.9% 4.7% 4.6% 5.9% 2018E Yield $1.72 5.8% 5.7% 5.5% 5.3% 5.2% 5.1% 6.3% AM Statistic Trading Median Transaction Median 2018E EBITDA $729 14.4x 14.6x 14.8x 15.1x 15.3x 15.5x 12.9x 11.9x 2019E EBITDA $851 12.3x 12.5x 12.7x 12.9x 13.1x 13.3x 10.8x 2018E DCF (2) 2019E DCF (2) $384 14.4x 14.8x 15.3x 15.7x 16.2x 16.6x 12.6x $452 12.2x 12.6x 13.0x 13.4x 13.7x 14.1x 11.7x Current Yield $1.56 5.3% 5.1% 5.0% 4.9% 4.7% 4.6% 5.9% 2018E Yield $1.72 5.8% 5.7% 5.5% 5.3% 5.2% 5.1% 6.3% Source: Company filings, and FactSet as for 6/21/18. (1) (2) (3) (4) Includes Series B conversion value of (AMGP equity value + [(AMGP equity value - $2bn) x 6%]). DCF attributable to the LP unitholders. Adjusted to reflect proposed Series B conversion, with AMGP share price calculated as (AMGP equity value + [(AMGP equity value - $2bn) x 6%])/(AMGP fully diluted shares outstanding + 18.5mm). Potential counterproposal: 1.700x XR and $3.50 cash consideration / unit. 25 14.1x 12.1x 14.0x 11.9x 5.5% 6.0% 14.7x 12.6x 15.0x 12.7x 5.1% 5.6% 15.4x 13.2x 16.4x 14.0x 4.6% 5.1% AR Downside Volumes Case 14.1x 10.4x 14.0x 10.4x 5.5% 6.0% 15.4x 11.4x 16.4x 12.2x 4.6% 5.1% 14.6x 10.8x 14.9x 11.1x 5.1% 5.6% AR Base Case M L At Potential Counterproposa B C F I K At Offer At Current (3) Exchange Ratio (At Current AMGP Sh. Price of $19.11) 1.600x 1.650x1.700x 1.714x 1.750x1.800x1.850x 1.883x 1.900x Premium to Implied AM Unit Price (AMGP Share Price x Adj. Current XR) (6.7%) (3.7%)(0.8%) 0.0% 2.1%5.0%7.9% 9.9% 10.8% Implied AM Unit Price $28.54 $29.44$30.33 $30.58 $31.22$32.11$33.00 $33.59 $33.90 Fully Diluted AM Units Outstanding 188.1 188.1188.1 188.1 188.1188.1188.1 188.1 188.1 Implied Fully-Diluted AM Equity Value $5,368 $5,536$5,703 $5,751 $5,871$6,039$6,207 $6,318 $6,374 AM Net Debt AMGP Enterprise Value (Including Series B) (1) 1,301 3,637 1,3011,301 3,6373,637 1,301 3,637 1,3011,3011,301 3,6373,6373,637 1,301 3,637 1,301 3,637 Implied AM Enterprise Value(1) $10,306 $10,474$10,642 $10,689 $10,810$10,977$11,145 $11,256 $11,313 Implied AMGP Equity Value 3,652 3,6523,652 3,652 3,6523,6523,652 3,652 3,652 Implied AM Ownership 59.5% 60.3%61.0% 61.2% 61.7%62.3%63.0% 63.4% 63.6% AM J H G E D A CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Contribution Analysis | AR Base Case AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow) Contribution Analysis Implied Ownership Implied Exchange Ratio | Series B Adjusted(1,2) AM AMGP 2017A DCF 2017A DCF 2018E DCF 201 2019E DCF 201 2020E DCF 202 2021E DCF 202 2022E DCF 202 2017A Distributions 2017A Distributions 5.364x 2018E Distributions 2018E Distributions 2019E Distributions 2019E Distributions 2020E Distributions 2020E Distributions 2021E Distributions 2021E Distributions 2022E Distributions 2022E Distributions Source: Management projections. FactSet as of 6/21/18. Note: AM DCF calculated as LP Interest in EBITDA less interest expense, maintenance capex, and tax withholding reimbursements paid to AR. AMGP DCF calculated as IDR DCF from AM to IDR LLC less G&A and cash taxes plus post-tax Series B payments. Note: AM distributions calculated as distributions attributable to LP unitholders. AMGP distributions defined as distributions attributable to IDR, LLC less taxes paid on full distributions available to IDR, LLC less G&A. Note: Cash tax shield from Series B depreciation of ~$6mm per year. (1)Implied exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding + 18.5mm converted Series B units. (2)Potential counterproposal: 1.700x XR and $3.50 cash consideration / unit. 26 76.1% 23.9% 70.7% 29.3% 66.6% 33.4% 65.8% 34.2% 65.0% 35.0% 64.5% 35.5% 82.9% 17.1% 75.9% 24.1% 71.4% 28.6% 68.3% 31.7% 66.6% 33.4% 65.3% 34.7% Proposal: 1.600x Potential Counterproposal: 1.883x 8E DCF 9E DCF 0E DCF 1E DCF 2E DCF 3.193x 2.408x 1.994x 1.926x 1.858x 1.820x 3.142x 2.496x 2.152x 1.994x 1.879x CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Contribution Analysis | AR Downside Volumes Case AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow) Contribution Analysis Implied Ownership Implied Exchange Ratio | Series B Adjusted(1,2) AM AMGP 2017A DCF 2017A DCF 2018E DCF 2018E DCF 2019E DCF 2019E DCF 2020E DCF 2020E DCF 2021E DCF 2021E DCF 2022E DCF 2022E DCF 2017A Distributions 2017A Distributions 5.364x 2018E Distributions 2018E Distributions 2019E Distributions 2019E Distributions 2020E Distributions 2020E Distributions 2021E Distributions 2021E Distributions 2022E Distributions 2022E Distributions Source: Management projections. FactSet as of 6/21/18. Note: AM DCF calculated as LP Interest in EBITDA less interest expense, maintenance capex, and tax withholding reimbursements paid to AR. AMGP DCF calculated as IDR DCF from AM to IDR LLC less G&A and cash taxes plus post-tax Series B payments. Note: AM distributions calculated as distributions attributable to LP unitholders. AMGP distributions defined as distributions attributable to IDR, LLC less taxes paid on full distributions available to IDR, LLC less G&A. Note: Cash tax shield from Series B depreciation of ~$6mm per year. (1)Implied exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding + 18.5mm converted Series B units. (2)Potential counterproposal: 1.700x XR and $3.50 cash consideration / unit. 27 76.1% 23.9% 70.7% 29.3% 69.0% 31.0% 66.2% 33.8% 65.7% 34.3% 65.0% 35.0% 82.9% 17.1% 75.9% 24.1% 71.8% 28.2% 69.4% 30.6% 67.9% 32.1% 66.6% 33.4% Proposal: 1.600x Potential Counterproposal: 1.883x 3.193x 2.413x 2.228x 1.955x 1.916x 1.854x 3.142x 2.551x 2.265x 2.111x 1.994x CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Contribution Analysis | AR Base Case AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow Contribution Analysis Implied Ownership Implied Exchange Ratio | Series B Adjusted(1,2) AM AMGP 2017A DCF 201 2018E DCF 201 2019E DCF 201 2020E DCF 202 2021E DCF 202 2022E DCF 202 2017A Distributions 2017A Distributions 5.364x 2018 Distributions 2018 Distributions 2019 Distributions 2019 Distributions 2020 Distributions 2020 Distributions 2021 Distributions 2021 Distributions 2022 Distributions 2022 Distributions Source: Management projections. FactSet as of 6/21/18. Note: AM DCF calculated as LP Interest in EBITDA less interest expense, maintenance capex, and tax withholding reimbursements paid to AR. AMGP DCF calculated as IDR DCF less taxes on total IDR DCF less G&A expenses. AMGP distributions defined as distributions attributable to IDR, LLC less taxes paid on full distributions available to IDR, LLC less G&A. Note: Cash tax shield from Series B depreciation of ~$6mm per year. (1)Implied exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding + 18.5mm converted Series B units. (2)Potential counterproposal: 1.700x XR and $3.50 cash consideration / unit. 28 78.6% 21.4% 72.6% 27.4% 68.7% 31.3% 67.1% 32.9% 65.9% 34.1% 65.0% 35.0% 82.9% 17.1% 75.9% 24.1% 71.4% 28.6% 68.3% 31.7% 66.6% 33.4% 65.3% 34.7% Proposal: 1.600x Potential Counterproposal: 1.883x 7A DCF 8E DCF 9E DCF 0E DCF 1E DCF 2E DCF 3.670x 2.648x 2.192x 2.036x 1.931x 1.855x 3.142x 2.496x 2.152x 1.994x 1.879x CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Contribution Analysis | AR Downside Volumes Case AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow Contribution Analysis Implied Ownership Implied Exchange Ratio | Series B Adjusted(1,2) AM AMGP 2017A DCF 201 2018E DCF 201 2019E DCF 201 2020E DCF 202 2021E DCF 202 2022E DCF 202 2017A Distributions 2017A Distributions 5.364x 2018 Distributions 2018 Distributions 2019 Distributions 2019 Distributions 2020 Distributions 2020 Distributions 2021 Distributions 2021 Distributions 2022 Distributions 2022 Distributions Source: Management projections. FactSet as of 6/21/18. Note: AM DCF calculated as LP Interest in EBITDA less interest expense, maintenance capex, and tax withholding reimbursements paid to AR. AMGP DCF calculated as IDR DCF less taxes on total IDR DCF less G&A expenses. AMGP distributions defined as distributions attributable to IDR, LLC less taxes paid on full distributions available to IDR, LLC less G&A. Note: Cash tax shield from Series B depreciation of ~$6mm per year. (1)Implied exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding + 18.5mm converted Series B units. (2)Potential counterproposal: 1.700x XR and $3.50 cash consideration / unit. 29 78.6% 21.4% 72.6% 27.4% 70.2% 29.8% 67.7% 32.3% 66.8% 33.2% 65.9% 34.1% 82.9% 17.1% 75.9% 24.1% 71.8% 28.2% 69.4% 30.6% 67.9% 32.1% 66.6% 33.4% Proposal: 1.600x Potential Counterproposal: 1.883x 7A DCF 8E DCF 9E DCF 0E DCF 1E DCF 2E DCF 3.670x 2.651x 2.360x 2.095x 2.013x 1.929x 3.142x 2.551x 2.265x 2.111x 1.994x CONFIDENTIAL DRAFT SUBJECT TO CHANGE

(1) Implied Exchange AM & AMGP Ratios AR Base Volumes Case 8.0% 1.436x 1.795x 8.0% 1.551x 2.190x 1.807x 1.715x 10.0% 1.441x 1.799x 10.0% 1.554x 2.191x 1.630x 1.550x 12.0% 1.446x 1.803x 12.0% 1.557x 2.192x 1.390x 1.324x AR Downside Volumes Case 8.0% 1.598x 1.993x 8.0% 1.659x 2.331x 1.924x 1.832x 10.0% 1.603x 1.997x 10.0% 1.662x 2.332x 1.737x 1.657x 12.0% 1.608x 2.000x 12.0% 1.665x 2.334x 1.482x 1.417x Source: Management projections. FactSet as of 6/21/18. 30 Note: AM distributable cash flow defined as distributable cash flow attributable to AM LP unitholders. AMGP distributable cash flow defined as HoldCo DCF with pre-tax Series B payments added back in. AMGP share values based on Shares Outstanding including 18.5mm additional shares from Series B conversion. (1)Low AM to high AMGP and high AM to low AMGP implied unit and share prices compared to assess full range of potential exchange ratios. 2.047x 1.843x 1.569x 1.116x 1.119x 1.123x 1.281x 1.286x 1.292x Low Mid High Discount Rate Discount Rate YE 2019 YE 2020 YE 2021 Low MedHigh Low MedHigh Implied XR Implied XR PV of FSP at 10% Discount Rate PV of Future Share Price Discounted Distribution Approach Discounted Levered DCF Approach 1.937x 1.744x 1.483x 1.039x 1.042x 1.045x 1.149x 1.154x 1.159x Low Mid High Discount Rate Discount Rate YE 2019 YE 2020 YE 2021 Low MedHigh Low MedHigh PV of FSP at 10% Discount Rate Implied XR Implied XR PV of Future Share Price Discounted Distribution Approach Discounted Levered DCF Approach Proposal: 1.600x Potential Counterproposal: 1.883x CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Premiums Paid Analysis | MLP Transactions 6/19/18 Cheniere Energy Partners LP Holding Cheniere Energy Inc. $5,651 2.2% 10.7% 5/16/18 No 3/26/18 Tallgrass Energy Partners, LP Tall Grass Energy GP, LP 8,361 0.6% (18.4%) 2/7/18 Yes 1/2/18 Archrock Partners, LP Archrock, Inc 2,438 23.4% 23.4% NA Yes 5/18/17 PennTex Midstream Partners, LP Energy Transfer Partners, LP 963 20.1% 17.8% 10/24/16 Yes 4/3/17 World Point Terminals, LP World Point Terminals, Inc. 594 5.8% 5.8% NA Yes 1/27/17 Midcoast Energy Partners, LP Enbridge Energy Company 1,176 (8.6%) (8.6%) NA Yes 10/24/16 JP Energy Partners LP American Midstream Partners 476 9.1% 9.1% NA No 8/1/16 Transocean Partners LLC Transocean Inc. 1,202 20.8% 20.8% NA No 11/3/15 Targa Resources Partners LP Targa Resources Corp. 12,229 18.4% 18.4% NA Yes 7/13/15 MarkWest Energy Partners, LP MPLX LP 22,360 36.3% 36.3% NA No 4/6/15 QEP Midstream Partners LP Tesoro Logistics LP 1,145 8.6% (14.0%) 10/18/14 No 6/15/14 Access Midstream Partners LP Williams Partners LP 35,891 1.3% 1.3% NA No 11/12/14 Oiltanking Partners LP Enterprise Products Partners LP 4,289 1.7% (0.9%) 9/30/14 No 8/10/14 El Paso Pipeline Partners Kinder Morgan Inc. 13,677 15.4% 15.4% NA Yes 10/10/13 PVR Partners LP Regency Energy Partners LP 5,659 25.7% 25.7% NA No 5/6/13 Crestwood Midstream Partners LP Inergy Midstream LP 2,643 14.5% 14.5% NA No 2/23/11 Duncan Energy Partners LP Enterprise Products Partners 3,282 28.1% 28.1% NA No 31 Source: Company filings, press releases, presentations and FactSet for pricing data. Represents precedent MLP transactions by affiliated and third party MLPs, Public GPs and C-Corps since 2011. Note: Considers transactions where target is an MLP. Implied transaction premium to AM based on adjusted offer XR of 1.714x adjusted to reflect proposed Series B conversion, with AMGP share price calculated as (AMGP equity value + [(AMGP equity value - $2bn) x 6%])/(AMGP fully diluted shares outstanding + 18.5mm). Median 12.0% 13.2% Mean 12.4% 11.5% Taxable Transactions Median 9.2% 11.9% Taxable Transactions Mean 10.3% 9.7% 1/29/13 Copano Energy LLC Kinder Morgan Energy Partners LP 4,858 23.5% 23.5% NA No 8/27/13 PAA Natural Gas Storage LP Plains All American LP 2,531 8.5% 8.5% NA No 7/24/14 QR Energy LP Breitburn Energy Partners 2,856 17.5% 17.5% NA No 8/10/14 Kinder Morgan Energy Partners Kinder Morgan Inc. 52,566 12.0% 12.0% NA Yes 10/13/14 Atlas Pipeline Partners LP Targa Resources Partners LP 6,002 15.0% 15.0% NA No 1/26/15 Regency Energy Partners LP Energy Transfer Partners, LP 18,593 13.2% 13.2% NA No 5/6/15 Crestwood Midstream Partners Crestwood Equity Partners, LP 6,920 17.2% 17.2% NA No 10/26/15 Northern Tier Energy Western Refining, Inc. 5,286 11.7% 11.7% NA Yes 5/30/16 Rose Rock Midstream SemGroup Corp. 2,034 0.0% 0.0% NA Yes 9/26/16 Transcanada Columbia Pipeline Partners LP 3,464 11.1% 9.9% 3/16/16 Yes 11/21/16 Energy Transfer Partners, LP Sunoco Logistics Partners, LP 54,455 (0.2%) (0.2%) NA No 2/1/17 ONEOK Partners, LP ONEOK, Inc 23,654 25.8% 25.8% NA Yes 3/2/17 VTTI Energy Partners, LP VTTI, B.V 1,867 6.0% 6.0% NA Yes 8/29/17 Arc Logistics Partners LP Zenith Energy US, LP 736 15.2% 15.2% NA Yes 2/7/18 Terra Nitrogen Co. LP Terra Nitrogen GP, Inc. 1,474 3.7% 3.7% NA Yes 5/17/18 Williams Partners, LP Williams Companies 57,793 6.4% 16.5% 3/15/18 Yes Premium A B C D E F G H Announcement Date Target Acquiror Transaction Value 1-Day Premium Unaffected 1-Day Premium Unaffected Date Taxable Transaction CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Transaction Assumptions Transaction Assumptions Sources & Uses At Proposed Transaction Transaction effective on 6/30/2018 To acquire AM, AMGP will convert into a C-Corp in a 100% stock transaction Base case assumes: AMGP Equity Issued $6,117 Purchase AM Units Outstanding $5,750 Each outstanding AM common unit exchanged for 1.6 AMGP shares All existing Series B units exchanged for 18.5mm AMGP shares (1) AM Debt Rolled to AMGP Balance Sheet 1,394 Conversion of Series B Units 354 Assumes Company provided pf coverage ratio to drive pf dividend policy Step-up depreciation due to Transaction Fees 13 AM Existing Debt (3) 1,394 Capex allocated on a 5-20 year MACRs schedule depending on capex category Goodwill based on inside tax basis and 704(c) and 743(b) extrapolation provided by PwC New capex financed by $500mm senior unsecured issuance in 2018, 2019, 2020, and 2022 at a 5.000% interest rate Series B Conversion AMGP Ownership Comparison at 1.600x XR At Transaction Proposed At Current AMGP SQ Units Outstanding 186.2 186.2 Implied XR AMGP Common Units Issued 1.600x 300.9 Existing Public 15.5% - Pre-Series B Fully Diluted Post-Transaction Share Count 186.2 487.1 Prior AM Public 28.0% 20-Day AMGP VWAP as of 06/21/2018 $18.91 $18.91 Existing Public 42.0% Mgmt. 7.4% Sponsors 38.0% Impled Pre-Series Market Cap ($MM) $3,520 $9,209 Series B 3.7% Series B Valuation Threshold ($MM) $2,000 NA Sponsors 14.0% Series B Conversion Rate 6.00% NA 2018E Series B Cash Flows NA NA AR 31.5% Illustrative Yield NA NA Mgmt. 20.0% Impled Post-Series Market Cap ($MM) $3,612 $9,559 % Shares Issued to AM % AMGP Shares Oustanding % Class B Shares Outstanding --97.5% 2.5% 59.5% 36.8% 3.7% Source: FactSet as of 6/21/18. (1) (2) (3) Includes equity issued for Series B unit conversion into AMGP shares. Equity values based on share price as of 6/21/18. Provided by Management. 34 3.7% Series B share under current proposal Implied Series B Valuation $91 $350 Post-Series B Fully Diluted Post-Transaction Share Count 191.0 505.6 AMGP Shares Issued for Series B Conversion 4.8 18.5 Pro Forma Status Quo AMGP Proposal Total Uses$7,511 Total Sources$7,511 Uses Sources CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distributable Cash AM & AMGP | AR Base Case Flow Accretion / (Dilution) AM Accretion / (Dilution) - % At 1.600x Exchange Ratio AMGP Accretion / (Dilution) - % At 1.0x AM Coverage 47.0% 5.1% 4.3% 1.9% 33.0% 27.5% 23.5% (1.6%) 19.3% (7.0%) 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E Pro Forma AMGP: $0.62 $1.67 $2.04 $2.42 $2.78 Accretion / (Dilution) Analysis at Various XRs Accretion / (Dilution) Analysis at Various XRs 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E 1.600x (7.0%) (1.6%) 1.9% 4.3% 5.1% 1.600x 47.0% 33.0% 27.5% 23.5% 19.3% 1.700x (4.8%) 0.8% 4.4% 7.0% 7.8% 1.700x 41.7% 28.3% 23.0% 19.2% 15.1% 1.800x (2.6%) 3.1% 6.7% 9.3% 10.2% 1.800x 36.8% 23.8% 18.7% 15.0% 11.1% 1.900x (0.7%) 5.1% 8.9% 11.5% 12.5% 1.900x 32.3% 19.7% 14.7% 11.2% 7.5% 2.000x 1.2% 7.1% 10.9% 13.6% 14.7% 2.000x 28.0% 15.8% 11.0% 7.6% 4.0% 35 Source: Management projections and FactSet as of 6/21/18 Exchange Ratio Exchange Ratio Status Quo AMGP: $0.42 $1.26 $1.60 $1.96 $2.33 $ Acc / (Dil):$0.20 $0.42 $0.44 $0.46 $0.45 Status Quo AM: $1.08 $2.74 $3.24 $3.75 $4.29 Pro Forma AMGP: $1.00 $2.70 $3.30 $3.91 $4.51 $ Acc / (Dil):($0.08) ($0.04) $0.06 $0.16 $0.22 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distribution Accretion AM & AMGP | AR Base Case / (Dilution) AM Accretion / (Dilution) - % At 1.600x Exchange Ratio AMGP Accretion / (Dilution) - % 54.5% 54.8% 32.3% 22.1% 14.9% 2H 2018E 2019E 2020E 2021E 2022E Pro Forma AMG Accretion / (Dilution) Analysis at Various XRs Accretion / (Dilution) Analysis at Various XRs 2H 2018E 2019E 2020E 2021E 2022E 1.600x 1.600x 54.5% 54.8% 32.3% 22.1% 14.9% 1.700x 1.700x 48.9% 49.2% 27.6% 17.9% 10.8% 1.800x 1.800x 43.8% 44.1% 23.2% 13.8% 7.1% 1.900x 1.900x 39.0% 39.3% 19.1% 10.0% 3.5% 2.000x 2.000x 34.5% 34.7% 15.2% 6.4% 0.2% 36 Source: Management projections and FactSet as of 6/21/18 Exchange Ratio Exchange Ratio Status Quo AM: $ Acc / (Dil): PF AMGP Coverage: 1.318x 1.223x 1.159x 1.144x 1.100x Status Quo AMGP: $0.31 $0.89 $1.35 $1.75 $2.23 Pro Forma AMGP: $0.48 $1.38 $1.78 $2.14 $2.56 $ Acc / (Dil):$0.17 $0.49 $0.43 $0.39 $0.33 PF AMGP Coverage:1.318x 1.223x 1.159x 1.144x 1.100x (0.1%) (0.1%) (0.1%) 0.0% (16.5%) 2H 2018E 2019E 2020E 2021E 2022E $0.91 $2.21 $2.85 $3.42 $4.10 P:$0.76 $2.21 $2.85 $3.42$4.10 ($0.15) ($0.00) ($0.00)($0.00)$0.00 2H 2018E 2019E 2020E 2021E 2022E (16.5%) (0.1%) (0.1%) (0.1%) 0.0% (14.4%) 2.3% 2.4% 2.5% 2.5% (12.5%) 4.6% 4.6% 4.8% 4.9% (10.8%) 6.7% 6.8% 6.9% 7.1% (9.1%) 8.7% 8.7% 8.9% 9.1% CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distributable Cash Flow Accretion / (Dilution) AM & AMGP | AR Downside Volumes Case AM Accretion / (Dilution) - % AMGP Accretion / (Dilution) - % At 1.0x AM Coverage 52.6% (0.4%) (2.8%) 39.7% (4.5%) 28.4% 21.0% 7.9% (8.8%) (9.0%) 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E Pro Forma AMGP: $0.92 $2.30 $3.01 $3.24 $3.42 Accretion / (Dilution) Analysis at Various XRs Accretion / (Dilution) Analysis at Various XRs 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E 1.600x (8.8%) (4.5%) (0.4%) (2.8%) (9.0%) 1.600x 52.6% 39.7% 28.4% 21.0% 7.9% 1.700x (6.6%) (2.2%) 2.2% 1.6% (6.2%) 1.700x 47.1% 34.7% 24.0% 19.0% 4.7% 1.800x (4.5%) 0.0% 4.6% 5.1% (2.8%) 1.800x 42.1% 30.0% 19.9% 15.6% 3.0% 1.900x (2.6%) 2.0% 6.8% 7.4% 1.6% 1.900x 37.3% 25.6% 16.0% 11.9% 2.0% 2.000x (0.8%) 3.9% 9.0% 9.5% 5.9% 2.000x 32.9% 21.6% 12.4% 8.4% 1.0% 37 Source: Management projections and FactSet as of 6/21/18 Exchange Ratio Exchange Ratio Status Quo AM:$1.01 $2.40 $3.02 $3.33 $3.76 $ Acc / (Dil):($0.09) ($0.11) ($0.01) ($0.09) ($0.34) Status Quo AM: $0.37 $1.02 $1.45 $1.66 $1.96 Pro Forma AMGP:$0.57 $1.43 $1.86 $2.01 $2.12 $ Acc / (Dil):$0.20 $0.40 $0.41 $0.35 $0.15 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distribution Accretion / (Dilution) AM & AMGP | AR Downside Volumes Case AM Accretion / (Dilution) - % At 1.600x Exchange Ratio AMGP Accretion / (Dilution) - % 61.2% 40.7% 38.8% 23.7% 11.2% 2H 2018E 2019E 2020E 2021E 2022E Pro Forma AMG Accretion / (Dilution) Analysis at Various XRs Accretion / (Dilution) Analysis at Various XRs 2H 2018E 2019E 2020E 2021E 2022E 1.600x 1.600x 61.2% 38.8% 40.7% 23.7% 11.2% 1.700x 1.700x 55.5% 33.8% 35.8% 21.7% 7.9% 1.800x 1.800x 50.1% 29.2% 31.3% 18.9% 5.7% 1.900x 1.900x 45.1% 24.8% 27.1% 15.1% 4.5% 2.000x 2.000x 40.4% 20.8% 23.1% 11.5% 3.5% 38 Source: Management projections and FactSet as of 6/21/18 Exchange Ratio Exchange Ratio Status Quo AM: $ Acc / (Dil): PF AMGP Coverage: 1.318x 1.223x 1.159x 1.144x 1.100x Status Quo AMGP: $0.27$0.85$1.15$1.43$1.75 Pro Forma AMGP:$0.44$1.17$1.62$1.77$1.95 $ Acc / (Dil):$0.17$0.33$0.47$0.34$0.20 PF AMGP Coverage:1.318x1.223x1.159x1.144x1.100x 0.7% (4.7%) (9.0%) (12.5%) (18.7%) 2H 2018E 2019E 2020E 2021E 2022E $0.86 $2.15 $2.58 $2.97 $3.42 P:$0.70 $1.88 $2.60 $2.83 $3.11 ($0.16) ($0.27) $0.02 ($0.14) ($0.31) 2H 2018E 2019E 2020E 2021E 2022E (18.7%) (12.5%) 0.7% (4.7%) (9.0%) (16.7%) (10.3%) 3.3% (0.4%) (6.2%) (14.9%) (8.4%) 5.7% 3.1% (2.7%) (13.1%) (6.5%) 8.0% 5.3% 1.6% (11.5%) (4.8%) 10.1% 7.4% 5.9% CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Growth Comparison at SQ AM, SQ AMGP, & PF AMGP AMGP Proposal AR Base Case AM $2.05 $2.74 $3.24 $3.75 $4.29 16% AM GP @ 1.0x AM Coverage= $0.77 $1.26 $1.60 $1.96 $2.33 23% PF AM GP $1.09 $1.69 $2.06 $2.44 $2.82 19% AR Downside Volumes Case AM $2.04 $2.40 $3.02 $3.33 $3.76 16% AM GP @ 1.0x AM Coverage $0.77 $1.02 $1.45 $1.66 $1.96 24% PF AM GP $1.07 $1.35 $1.79 $1.98 $2.15 17% AR Base Case AM $1.72 $2.21 $2.85 $3.42 $4.10 23% AM GP $0.54 $0.89 $1.35 $1.75 $2.23 36% PF AM GP $0.95 $1.38 $1.78 $2.14 $2.56 23% AR Downside Volumes Case AM $1.72 $2.15 $2.58 $2.97 $3.42 17% AM GP $0.54 $0.85 $1.15 $1.43 $1.75 27% PF AM GP $0.88 $1.10 $1.54 $1.73 $1.95 21% Source: Management projections and FactSet as of 6/21/18. Note: Coverage assumptions as provided by Management. PF AMGP coverage extrapolated based on fixed distributions provided for AR Base Case. SQ AM coverage for AR Base Case extrapolated based on fixed distributions provided for AR Base Case. SQ AM coverage for AR Downside Volumes base extrapolated based on fixed distributions provided for AR Downside Volumes Case. 40 SQ AM M gmt Dist Coverage (Base Case) 1.27x 1.31x 1.16x 1.11x 1.05x SQ AM M gmt Dist Coverage (AR Downside Volumes Case) 1.26x 1.16x 1.21x 1.15x 1.12x PF AM GP M anagement Dividend Coverage 1.32x 1.22x 1.16x 1.14x 1.10x 2018E 2019E 2020E 2021E 2022E 2019E - 2022E CAGR Distributions / Dividends per Unit / Share 2018E 2019E 2020E 2021E 2022E 2019E - 2022E CAGR DCF per Unit / Share CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Midstream Distribution Growth vs. Yield MLPs vs. C-Corps Non-Sponsored MLPs Midstream C-Corps Denotes MLPs without IDRs 16.0% 14.0% 12.0% 10.0% 8.0% QM M M 6.0% VLP MMP 4.0% 2.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Distribution Growth (2018E-2022E) CAGR (%) 41 Sources: Company filings, FactSet estimates as of 6/21/18 Note: Companies selected represent dividend/distribution paying midstream C-Corps and MLPs (both with and without IDRs). 2018E Yield (%) E&P Sponsored Other High Growth SM LP BPL PF AMGP 2019E – 2022E Distribution Growth CAGR (AR Downside Case) = ~18% PF AMGP 2019E – 2022E Distribution Growth CAGR (AR Base Case) = ~23% ENLK TEGP ANDX EQGP NBLX KM I HEP DCP SEM G TLP WES E TRGP ENBL CEQP WGP HES ENLC SHLX CNX PSXP BPM P TRP PAGP WM B AM GP AM y = 0.0919e-2.844x R² = 0.5277 y = 0.0878e-2.299x R² = 0.606 •4 of 7 E&P-sponsored MLPs (not including AM) are above the regression line that includes AMGP •All C-Corps except TEGP are below the regression line that includes AMGP Excluding AMGP I ncluding AMGP CONFIDENTIAL DRAFT SUBJECT TO CHANGE

PF AMGP Selected Public Trading Comparables Midstream C-Corps, Public General Partners, & High – Growth MLPs Dist. Growth DCF (2,3) Unit Price at 6/21/2018 Price (Yield) 2018E to EBITDA (1) Company Equity Value TEV Current 2018E 2020E CAGR 2018E 2019E 2018E 2019E 2018E Kinder Morgan Inc ONEOK, Inc. Plains All American Pipeline GP SemGroup Corporation Targa Resources Corp. The Williams Companies, Inc. $17.16 68.78 24.66 25.80 48.24 27.69 $37,856 28,274 6,982 2,028 10,734 33,592 $77,067 36,449 6,878 4,832 16,976 54,180 4.7% 4.6% 4.9% 7.3% 7.5% 4.9% 4.7% 4.7% 5.0% 7.4% 7.5% 5.8% 25% 10% 14% 5% 0% 6% 8.8x 16.2x 11.1x 10.9x 13.0x 16.5x 8.5x 15.3x 9.1x 8.1x 10.9x 14.7x 10.3x 15.6x 20.2x 12.2x 13.0x 21.9x 10.1x 14.5x 18.3x 10.5x 11.0x 20.6x 2.6x 1.3x 1.7x 1.5x 1.1x 1.3x CNX Midstream Partners LP EQT Midstream Partners LP Hess Midstream Partners LP Noble Midstream Partners LP BP Midstream Partners LP Shell Midstream Partners LP Valero Energy Partners LP $20.50 56.10 20.34 50.60 21.03 22.44 38.88 $1,438 13,268 1,135 2,090 2,351 6,819 3,944 $2,093 16,167 3,163 3,045 2,657 8,748 5,146 6.3% 7.6% 6.6% 4.0% 5.1% 6.2% 5.2% 6.7% 8.0% 6.9% 4.3% 5.3% 6.6% 5.8% 12.2x 10.3x 13.0x 10.8x 16.3x 13.9x 12.2x 9.1x 8.4x 11.7x 11.2x 12.6x 11.9x 10.8x 12.8x 12.7x 11.6x 13.1x 17.8x 14.8x 12.4x 9.0x 10.9x 9.5x 10.5x 13.0x 10.4x 10.0x 1.3x 1.2x 1.1x 2.1x 1.3x 1.1x 1.4x 15% 16% 15% 20% 15% 12% 16% Source: FactSet as of 6/21/18 and Wall Street research. (1) (2) (3) (4) For C-corps, CAGR calculated using Q4 2017 dividend annualized and 2020E dividend. Calculated as equity value to LP DCF. DCF calculated as EBITDA less interest expense and maintenance capital. Defined as high-growth MLP if current – 2020E distribution growth CAGR is greater than 10%. 42 PF AMGP at Offer $19.11 $9,020 $10,689 5.0% 5.0% 28% 14.2x 10.6x 13.7x 10.8x 1.2x PF AMGP at Potential Counter Proposal $19.11 $9,970 $11,256 4.5% 4.8% 29% 16.2x 11.9x 14.4x 11.4x 1.2x Mean $11,578 $18,262 5.8% 6.1% 13% 12.7x 10.9x 14.5x 12.2x 1.5x Median $6,819 $6,878 5.2% 5.8% 15% 12.2x 10.9x 13.0x 10.5x 1.3x Midstream C-Corp Mean $19,911 $32,730 5.7% 5.8% 10% 12.7x 11.1x 15.5x 14.2x 1.6x Midstream C-Corp Median $19,504 $26,712 4.9% 5.4% 8% 12.0x 10.0x 14.3x 12.8x 1.4x High-Growth MLP Mean $4,435 $5,860 5.9% 6.2% 15% 12.7x 10.8x 13.6x 10.5x 1.4x High-Growth MLP Median $2,351 $3,163 6.2% 6.6% 15% 12.2x 11.2x 12.8x 10.4x 1.3x High - Growth MLPs(4) Non-IDR Midstream C-Corps L Coverage J K Enterprise Value / H I Equity Value / G E F Distribution / Unit / D C B A CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Has / Gets Analysis | Valuation Effective Date: 6/30/2018 AR Base Case Discounted Levered DCF Analysis Discounted Levered DCF Analysis 9.0x 10.5x 12.0x 10.0x 12.0x 14.0x 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Distribution Analysis Discounted Distribution Analysis 8.0% 7.0% 6.0% 7.0% 6.0% 5.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Cash Flow | Unlevered FCF(1) | Discounted at WACC 11.0x 13.0x 15.0x 7.0% 8.5% 10.0% Source: Management projections and FactSet as of 6/21/18. (1) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 43 $39.63 $46.51 $53.39 $37.32 $43.83 $50.33 $35.17 $41.33 $47.48 Discount Rate 2022E Terminal M ultiple $43.38 $49.63 $58.37 $40.47 $46.27 $54.40 $37.81 $43.21 $50.77 Discount Rate $45.47 $50.85 $58.02 $42.47 $47.47 $54.14 $39.73 $44.38 $50.58 Discount Rate 2022E Distribution Yield 2022E Distribution Yield $42.21 $48.84 $55.47 $39.48 $45.64 $51.80 $36.98 $42.71 $48.44 Discount Rate $37.39 $42.12 $46.85 $35.01 $39.40 $43.80 $32.82 $36.91 $41.00 Discount Rate 2022E DCF M ultiple 2022E DCF M ultiple XR Adjusted PF AMGP Implied Share Price |1.600x XR Stand Alone AM Implied Unit Price CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Has / Gets Analysis | AR Valuation Effective Date: 6/30/2018 Downside Volumes Case Discounted Levered DCF Analysis Discounted Levered DCF Analysis 9.0x 10.5x 12.0x 10.0x 12.0x 14.0x 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Distribution Analysis Discounted Distribution Analysis 8.0% 7.0% 6.0% 7.0% 6.0% 5.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Cash Flow | Unlevered FCF(1) | Discounted at WACC 11.0x 13.0x 15.0x 7.0% 8.5% 10.0% Source: Management projections and FactSet as of 6/21/18. (1) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 44 $31.67 $36.89 $42.11 $29.83 $34.77 $39.71 $28.12 $32.79 $37.46 Discount Rate 2022E Terminal M ultiple $34.52 $39.41 $46.27 $32.22 $36.77 $43.14 $30.12 $34.35 $40.27 Discount Rate $38.55 $43.03 $49.02 $36.02 $40.20 $45.76 $33.72 $37.60 $42.77 Discount Rate 2022E Distribution Yield 2022E Distribution Yield $33.03 $38.06 $43.09 $30.92 $35.60 $40.27 $28.99 $33.33 $37.68 Discount Rate $33.03 $37.18 $41.32 $30.93 $34.78 $38.64 $29.00 $32.59 $36.17 Discount Rate 2022E DCF M ultiple 2022E DCF M ultiple XR Adjusted PF AMGP Implied Share Price |1.600x XR Stand Alone AM Implied Unit Price CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Has / Gets Analysis | Valuation Effective Date: 6/30/2018 AR Base Case Discounted Levered DCF Analysis Discounted Levered DCF Analysis 14.0x 16.0x 18.0x 10.0x 12.0x 14.0x 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Distribution Analysis Discounted Distribution Analysis 7.0% 5.5% 4.0% 7.0% 6.0% 5.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Cash Flow | Unlevered FCF(1) | Discounted at WACC 11.0x 13.0x 15.0x 7.0% 8.5% 10.0% Source: Management projections and FactSet as of 6/21/18. (1) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 45 $24.77 $29.07 $33.37 $23.33 $27.39 $31.46 $21.98 $25.83 $29.68 Discount Rate 2022E Terminal M ultiple $27.11 $31.02 $36.48 $25.29 $28.92 $34.00 $23.63 $27.00 $31.73 Discount Rate $26.49 $32.78 $43.77 $24.71 $30.54 $40.76 $23.07 $28.50 $38.00 Discount Rate 2022E Distribution Yield 2022E Distribution Yield $26.38 $30.53 $34.67 $24.68 $28.52 $32.37 $23.11 $26.69 $30.27 Discount Rate $26.10 $29.33 $32.55 $24.35 $27.35 $30.34 $22.75 $25.53 $28.32 Discount Rate 2022E DCF M ultiple 2022E CAFD M ultiple PF AMGP Implied Share Price Stand Alone AMGP Implied Share Price CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Has / Gets Analysis | AR Valuation Effective Date: 6/30/2018 Downside Volumes Case Discounted Levered DCF Analysis Discounted Levered DCF Analysis 14.0x 16.0x 18.0x 10.0x 12.0x 14.0x 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Distribution Analysis Discounted Distribution Analysis 7.0% 5.5% 4.0% 7.0% 6.0% 5.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Cash Flow | Unlevered FCF(1) | Discounted at WACC 11.0x 13.0x 15.0x 7.0% 8.5% 10.0% Source: Management projections and FactSet as of 6/21/18. (1) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 46 $19.79 $23.06 $26.32 $18.65 $21.73 $24.82 $17.57 $20.49 $23.41 Discount Rate 2022E Terminal M ultiple $21.57 $24.63 $28.92 $20.14 $22.98 $26.96 $18.82 $21.47 $25.17 Discount Rate $21.03 $25.95 $34.55 $19.62 $24.19 $32.19 $18.33 $22.58 $30.02 Discount Rate 2022E Distribution Yield 2022E Distribution Yield $20.65 $23.79 $26.93 $19.33 $22.25 $25.17 $18.12 $20.83 $23.55 Discount Rate $20.74 $23.26 $25.78 $19.35 $21.70 $24.04 $18.09 $20.27 $22.45 Discount Rate 2022E DCF M ultiple 2022E CAFD M ultiple PF AMGP Implied Share Price Stand Alone AMGP Implied Share Price CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Illustrative Discounted Future Value SQ AM & PF AMGP | AR Base Case & AR Downside Volumes Case SQ AM | AR Base Case PF AMGP | 1.600x XR Adjusted | AR Base Case $47.38 $43.94 $38.06 $33.65 2019E SQ AM | AR nside Volumes Case $46.91 $46.05 $43.69 $39.93 $38.12 $35.43 $34.61 $34.17 $33.19 $37.44 $33.94 $30.62 2019E 2020E 2021E 2019E 2020E 2021E 47 Source: Management projections and FactSet as of 6/21/18. Note: Valuation based on annual distributions. Assumptions Management projections | Valuation date as of 6/30/18 Future share price calculated at FY1 distributions divided by yield Discounted to 6/30/18 at 10% cost of equity Interim distributions discounted upon receipt to 6/30/18 $30.58 8.0% Current AM Unit Price 5.0% 6.0% 7.0% Yield $56.39 $49.91 $49.41 $43.50 $44.16 $38.69 2020E 2021E $62.77 $56.35 $52.98 $50.47 $42.25 $45.99 $40.97 $36.37 2019E 2020E 2021E Downside Volumes Case $47.64 6.0% $41.81 7.0% PF AMGP | 1.600x XR Adjusted | AR Dow $48.16 $39.48$40.73 $38.55 Yield $30.58 5.0% 6.0% 7.0% Yield 6.0% 7.0% 8.0% Current AM Unit Price Yield CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Illustrative Discounted Future Value SQ AMGP & PF AMGP | AR Base Case & AR Downside Volumes Case SQ AMGP | AR Base Case $34.63 $29.62 $21.83 $17.37 2019E SQ AMGP | AR Downside Volumes Case $25.45 $20.44 $18.78 $14.96 $22.23 2019E 48 Source: Management projections and FactSet as of 6/21/18. Note: Valuation based on annual distributions. Assumptions Management projections | Valuation date as of 6/30/18 Future share price calculated at FY1 distributions divided by yield Discounted to 6/30/18 at 10% cost of equity Interim distributions discounted upon receipt to 6/30/18 5.0% 6.0% 7.0% Yield 5.0% 6.0% 7.0% Yield $42.58 $35.91 $31.87 $26.68 $25.75 $21.41 $19.11 6.0% 7.0% 8.0% PF AMGP | AR Base Case $40.75 $36.16 $31.97 $30.56 $26.82 $30.26 $26.55 $23.15 2019E 2020E 2021E 2020E 2021E PF AMGP | AR Downside Volumes Case $31.45 $30.19 $29.18 $26.81 $25.54 $24.49 $23.49 $21.14 2019E 2020E 2021E $33.62 $29.49 $25.23 $21.95 $17.64 $19.11 2020E 2021E 6.0% 7.0% 8.0% Current AM Unit Price Yield Current AM Unit Price Yield CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distributable Cash AM & AMGP | AR Base Case Flow Accretion / (Dilution) AM Accretion / (Dilution) - % At 1.600x Exchange Ratio AMGP Accretion / (Dilution) - % At 1.0x AM Coverage 47.0% (2.7%) (1.9%) (4.9%) 33.0% 27.5% (8.1%) 23.5% 19.3% (13.2%) 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E Pro Forma AMGP: $0.62 $1.67 $2.04 $2.42 $2.78 Accretion / (Dilution) Analysis at Various XRs Implied After-Accretion / (Dilution) Analysis at Various XRs Tax XR 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E 1.600x 47.0% 33.0% 27.5% 23.5% 19.3% 1.600x (13.2%) (8.1%) (4.9%) (2.7%) (1.9%) 1.700x 41.7% 28.3% 23.0% 19.2% 15.1% 1.700x (12.1%) (6.9%) (3.6%) (1.3%) (0.5%) 1.800x 36.8% 23.8% 18.7% 15.0% 11.1% 1.800x (11.0%) (5.8%) (2.4%) (0.0%) 0.8% 1.900x 32.3% 19.7% 14.7% 11.2% 7.5% 1.900x (10.0%) (4.7%) (1.3%) 1.1% 2.0% 2.000x 28.0% 15.8% 11.0% 7.6% 4.0% 2.000x (9.0%) (3.7%) (0.3%) 2.1% 3.1% 50 Source: Management projections and FactSet as of 6/21/18 1.493x 1.569x 1.646x 1.722x 1.798x Exchange Ratio Exchange Ratio Status Quo AMGP: $0.42 $1.26 $1.60 $1.96 $2.33 $ Acc / (Dil):$0.20 $0.42 $0.44 $0.46 $0.45 Status Quo AM: $1.08 $2.74 $3.24 $3.75 $4.29 Pro Forma AMGP: $0.94 $2.52 $3.08 $3.65 $4.21 $ Acc / (Dil):($0.14) ($0.22) ($0.16) ($0.10) ($0.08) CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distribution Accretion AM & AMGP | AR Base Case / (Dilution) AM Accretion / (Dilution) - % At 1.600x Exchange Ratio (1.493x Tax Adjusted Exchange Ratio) AMGP Accretion / (Dilution) - % 54.5% 54.8% 32.3% (22.1%) 22.1% 14.9% 2H 2018E 2019E 2020E 2021E 2022E Pro Forma AMG Accretion / (Dilution) Analysis at Various XRs Implied After-Accretion / (Dilution) Analysis at Various XRs 2H 2018E 2019E 2020E 2021E 2022E 1.600x 54.5% 54.8% 32.3% 22.1% 14.9% 1.600x 1.700x 48.9% 49.2% 27.6% 17.9% 10.8% 1.700x 1.800x 43.8% 44.1% 23.2% 13.8% 7.1% 1.800x 1.900x 39.0% 39.3% 19.1% 10.0% 3.5% 1.900x 2.000x 34.5% 34.7% 15.2% 6.4% 0.2% 2.000x (18.3%) (2.3%) (2.2%) (2.1%) (1.9%) 51 Source: Management projections and FactSet as of 6/21/18 1.798x Exchange Ratio Exchange Ratio Status Quo AM: $ Acc / (Dil): PF AMGP Coverage: 1.318x 1.223x 1.159x 1.144x 1.100x Status Quo AMGP: $0.31 $0.89 $1.35 $1.75 $2.23 Pro Forma AMGP: $0.48 $1.38 $1.78 $2.14 $2.56 $ Acc / (Dil):$0.17 $0.49 $0.43 $0.39 $0.33 PF AMGP Coverage:1.318x 1.223x 1.159x 1.144x 1.100x (6.8%) (6.7%) (6.7%) (6.6%) 2H 2018E 2019E 2020E 2021E 2022E $0.91 $2.21 $2.85 $3.42 $4.10 P:$0.71 $2.06 $2.66 $3.19 $3.83 ($0.20) ($0.15) ($0.19) ($0.23) ($0.27) Tax 2H 2018E 2019E 2020E 2021E 2022E XR 1.493x (22.1%) (6.8%) (6.7%) (6.7%) (6.6%) 1.569x (21.0%) (5.5%) (5.5%) (5.4%) (5.3%) 1.646x (20.0%) (4.4%) (4.3%) (4.2%) (4.1%) 1.722x (19.1%) (3.3%) (3.2%) (3.1%) (3.0%) CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distributable Cash Flow Accretion / (Dilution) AM & AMGP | AR Downside Volumes Case AM Accretion / (Dilution) - % At 1.600x Exchange Ratio (1.493x Tax Adjusted Exchange Ratio) AMGP Accretion / (Dilution) - % At 1.0x AM Coverage 52.6% 39.7% (7.0%) (9.3%) 28.4% (10.9%) 21.0% (14.9%) 7.9% (15.1%) 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E $ Acc / (Dil): ($0.15) ($0.26) ($0.21) ($0.31) ($0.57) Accretion / (Dilution) Analysis at Various XRs Implied After-Accretion / (Dilution) Analysis at Various XRs Tax XR 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E 1.600x 52.6% 39.7% 28.4% 21.0% 7.9% 1.600x (14.9%) (10.9%) (7.0%) (9.3%) (15.1%) 1.700x 47.1% 34.7% 24.0% 19.0% 4.7% 1.700x (13.7%) (9.7%) (5.7%) (6.2%) (13.4%) 1.800x 42.1% 30.0% 19.9% 15.6% 3.0% 1.800x (12.7%) (8.6%) (4.4%) (3.9%) (11.1%) 1.900x 37.3% 25.6% 16.0% 11.9% 2.0% 1.900x (11.7%) (7.5%) (3.2%) (2.7%) (8.0%) 2.000x 32.9% 21.6% 12.4% 8.4% 1.0% 2.000x (10.8%) (6.6%) (2.0%) (1.6%) (4.8%) 52 Source: Management projections and FactSet as of 6/21/18 Exchange Ratio 1.493x 1.569x 1.646x 1.722x 1.798x Exchange Ratio Status Quo AM:$1.01 $2.40 $3.02 $3.33 $3.76 Pro Forma AMGP: $0.86 $2.14 $2.81 $3.02 $3.20 Status Quo AM: $0.37 $1.02 $1.45 $1.66 $1.96 Pro Forma AMGP:$0.57 $1.43 $1.86 $2.01 $2.12 $ Acc / (Dil):$0.20 $0.40 $0.41 $0.35 $0.15 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distribution Accretion / (Dilution) AM & AMGP | AR Downside Volumes Case AM Accretion / (Dilution) - % At 1.600x Exchange Ratio (1.493x Tax Adjusted Exchange Ratio) AMGP Accretion / (Dilution) - % 61.2% 40.7% 38.8% (15.0%) 23.7% 11.2% 2H 2018E 2019E 2020E 2021E 2022E Pro Forma AMG Accretion / (Dilution) Analysis at Various XRs Implied After-Accretion / (Dilution) Analysis at Various XRs 2H 2018E 2019E 2020E 2021E 2022E 1.600x 61.2% 38.8% 40.7% 23.7% 11.2% 1.600x 1.700x 55.5% 33.8% 35.8% 21.7% 7.9% 1.700x 1.800x 50.1% 29.2% 31.3% 18.9% 5.7% 1.800x 1.900x 45.1% 24.8% 27.1% 15.1% 4.5% 1.900x 2.000x 40.4% 20.8% 23.1% 11.5% 3.5% 2.000x (20.4%) (14.4%) (1.0%) (3.5%) (4.8%) 53 Source: Management projections and FactSet as of 6/21/18 1.798x Exchange Ratio Exchange Ratio Status Quo AM: $ Acc / (Dil): PF AMGP Coverage: 1.318x 1.223x 1.159x 1.144x 1.100x Status Quo AMGP: $0.27$0.85$1.15$1.43$1.75 Pro Forma AMGP:$0.44$1.17$1.62$1.77$1.95 $ Acc / (Dil):$0.17$0.33$0.47$0.34$0.20 PF AMGP Coverage:1.318x1.223x1.159x1.144x1.100x (6.1%) (11.1%) (18.3%) (24.1%) 2H 2018E 2019E 2020E 2021E 2022E $0.86 $2.15 $2.58 $2.97 $3.42 P:$0.65 $1.75 $2.42 $2.64 $2.91 ($0.21) ($0.39) ($0.16) ($0.33) ($0.51) Tax 2H 2018E 2019E 2020E 2021E 2022E XR 1.493x (24.1%) (18.3%) (6.1%) (11.1%) (15.0%) 1.569x (23.1%) (17.2%) (4.7%) (8.0%) (13.4%) 1.646x (22.2%) (16.2%) (3.4%) (5.8%) (11.1%) 1.722x (21.3%) (15.3%) (2.1%) (4.6%) (7.9%) CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Transaction Assumptions Potential Counterproposal Transaction Assumptions Sources & Uses at Potential Counterproposal Transaction effective on 6/30/2018 To acquire AM, AMGP will convert into a C-Corp in a 100% stock transaction Potential counterproposal assumes: Purchase AM Units Outstanding $6,109 AMGP Equity Issued (1) $6,476 Conversion of Series B Units 354 AM Debt Rolled to AMGP Balance Sheet 1,394 Cash Consideration to Avoid Share Selling (2) Transaction Fees (3) AM Existing Debt Each outstanding AM common unit exchanged for 1.7 AMGP shares Cash consideration of $3.50 paid to all unitholders (including AR) to cover taxes paid by unitholders. Cash consideration financed by borrowings on the Company’s revolving credit facility at a 3.00% interest rate All existing Series B units exchanged for 18.5mm AMGP shares Cash consideration assumed to purchase additional secondary shares 658 Revolver Draw 658 13 1,394 AMGP Ownership Comparison Existing Public 14.9% Mgmt. 7.1% Prior AM Public 28.7% Sponsors 38.0% Existing Public 42.0% Series B 3.5% Sponsors 13.5% AR 32.3% M gmt. 20.0% Source: FactSet as of 6/21/18. (1) (2) Includes equity issued for Series B unit conversion into AMGP shares. Assumes Cash consideration per unit paid to cover transaction related taxes and avoid downward pressure on PF AMGP share pric es from tax motivated liquidations. Provided by Management. Equity ownership does not reflect the gross up of the Potential Counterpropsoal XR for the $3.50 cash consideration. 56 (3) (4) 3.5% Series B share under Potential Counterproposal Pro Forma(4) Status Quo Total Uses $8,528 Total Sources $8,528 Uses Sources CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Cash Consideration Sizing PF AMGP Leverage Analysis | AR Base Case PF AMGP Leverage Analysis | AR Downside Volumes Case Cash Consideration Sizing | 1.700x Equity Exchange Ratio Total Tax Liability | Basis for IPO Unitholder(1) Source: Management projections and FactSet as of 6/21/18. Note: PF AMGP revolver capacity assumed to be equal to AM revolver capacity of $1.5bn with Q3 balance of $389mm and $400mm in Base case and Downside case, respectively, based on Management projections. (1)Tax payable on equity component of consideration based on 1.7x XR and assumes average IPO unitholder basis. 57 C a s h C o ns ide ra t io n P e r A M Unit T a x P a ya ble o n E quit y C o ns ide ra t io n ( 1 ) / A M Unit F e de ra l C a pit a l G a ins T a x O n C a s h C o ns ide ra t io n S t a t e C a pit a l G a ins T a x O n C a s h C o ns ide ra t io n T o t a l T a x Lia bilit y P e r A M Unit $0.00 $3.36 $0.00 $0.00 $3.36 $2.50 $3.36 $0.60 $0.13 $4.09 $3.00 $3.36 $0.71 $0.16 $4.23 $3.50 $3.36 $0.83 $0.18 $4.38 $4.00 $3.36 $0.95 $0.21 $4.52 $4.50 $3.36 $1.07 $0.23 $4.67 Cash Consideration Per AM Unit Equity Consideration / PF AMGP Share Total Cash Consideration ($mm) Total Equity Consid. at 1.700x % Cash of Total Consideration Implied XR at Total Consideration Current At-Market XR with Series B Dilution Implied Prem. / (Dis.) to Current At-Mkt XR with Series B Dil. $0.00 $32.49 $0 $6,109 0.0% 1.700x 1.714x (0.8%) $2.50 $32.49 $470 $6,109 7.1% 1.831x 1.714x 6.8% $3.00 $32.49 $564 $6,109 8.5% 1.857x 1.714x 8.3% $3.50 $32.49 $658 $6,109 9.7% 1.883x 1.714x 9.9% $4.00 $32.49 $752 $6,109 11.0% 1.909x 1.714x 11.4% $4.50 $32.49 $846 $6,109 12.2% 1.935x 1.714x 12.9% Cash Consideration Total Cash Revolver Availability ($mm) Leverage (Net Debt / EBITDA) at Y E Per AM Unit Consideration ($mm) at Q3 2018 (Post-Txn Close) 2018E 2019E 2020E 2021E 2022E $0.00 $0 $1,005 2.4x 2.6x 2.4x 2.4x 2.3x $2.50 $470 $626 2.9x 2.9x 2.5x 2.4x 2.2x $3.00 $564 $532 3.0x 3.0x 2.6x 2.5x 2.3x $3.50 $658 $437 3.2x 3.2x 2.7x 2.6x 2.3x $4.00 $752 $342 3.3x 3.3x 2.8x 2.7x 2.4x $4.50 $846 $248 3.4x 3.4x 2.9x 2.7x 2.5x Cash Consideration Total Cash Revolver Availability ($mm) Leverage (Net Debt / EBITDA) at Y E Per AM Unit Consideration ($mm) at Q3 2018 (Post-Txn Close) 2018E 2019E 2020E 2021E 2022E $0.00 $0 $1,111 2.1x 2.1x 2.0x 1.9x 1.8x $2.50 $470 $638 2.7x 2.6x 2.4x 2.3x 2.1x $3.00 $564 $543 2.8x 2.7x 2.5x 2.4x 2.2x $3.50 $658 $449 3.0x 2.8x 2.6x 2.4x 2.3x $4.00 $752 $354 3.1x 2.9x 2.7x 2.5x 2.3x $4.50 $846 $259 3.2x 3.0x 2.8x 2.6x 2.4x CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distributable Cash Flow Accretion / (Dilution) At 1.700x Exchange Ratio and Various Cash Considerations | AR Base Case AM Accretion / (Dilution) - % AMGP Accretion / (Dilution) - % At 1.0x AM Coverage 37.6% At 1.700x XR 16.6% 17.7% 25.4% 20.7% 17.2% 13.4% (37.05%) 2022E 2H 2018E 2019E 2020E 2021E 2022E PF AMGP: $3.65 $0.58 $0.16 $1.58 $0.32 $1.93 $0.33 $2.29 $0.34 $2.65 $0.31 $ $ $ Acc / (Dil): $0.28 Accretion / (Dilution) Analysis at Various XRs Accretion / (Dilution) Analysis at Various XRs Cash Cash Consid. / Unit Implied XR at 1.700x Consid. / Unit 2H 2018E 2019E 2020E 2021E 2022E Cash Consideration - Taxes 58 Source: Management projections and FactSet as of 6/21/18. Note: 1.883x represents implied XR at 1.700x equity XR and cash consideration of $3.50 / unit. Cash assumed to be used to purchase additional secondary shares. Note: Cash Consideration – Taxes scenario assumes cash proceeds are used to fund transaction-related tax obligations and are not factored into accretion/dilution analysis. $0.00 $3.50 $2.50 $3.00 $3.50 $4.00 1.909x 3.4% 10.4% 14.8% 17.9% 19.1% Cash Consideration / Implied XR 41.7% 28.3% 23.0% 19.2% 15.1% $0.00 1.700x $3.50 1.700x 37.6% 25.4% 20.7% 17.2% 13.4% $2.50 $3.00 1.831x 1.857x 38.8% 26.2% 21.3% 17.8% 13.9% 38.2% 25.8% 21.0% 17.5% 13.7% $3.50 1.883x 37.6% 25.4% 20.7% 17.2% 13.4% $4.00 1.909x 37.0% 25.0% 20.3% 17.0% 13.2% Cash Consideration / Implied XR Status$3Q.7u6o AMGP: $0.42 $1.26 $1.60 $1.96 $2.33 4.04 ($0.11) Status Quo AM: PF AMGP with $0:$1.00 $2.71 $3.32 $3.95 $4.56 PF AMGP with $3.50: $$11..1001 $3.00$2.40 $3.68 $3.02 $4.37 $3.33$5.05 $ Acc / (Dil): $ Acc / (Dil): 13.5% 9.2% 5.3%6.3% 2.5% 2.5% (1.4%) (7.5%) (90.52%) (45.76%) 101..53%% 112..10%% 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E $1.08 $2.74 $3.24 $3.75 $4.29 $0.91 $2.29 $3.04 $3.37 ($01..0081) ($0.04$)2.54 $0.08 $3.36 $0.20 $3.73$0.27 $($00..0130) $0.2(5$0.11) $0.44 $0.01 $0.62 $0.04$0.76 $0.00 $0.13 $0.34 $0.40 Implied XR 2H 2018E 2019E 2020E 2021E 2022E at 1.700x 1.700x (4.8%) 0.8% 4.4% 7.0% 7.8% 1.700x (7.5%) (1.4%) 2.5% 5.3% 6.3% 1.831x 0.5% 6.9% 11.0% 13.9% 14.9% 1.857x 1.5% 8.1% 12.3% 15.2% 16.3% 1.883x 2.5% 9.2% 13.5% 16.6% 17.7% 1.883x XR and $3.50 Cash 1.700x XR and $3.50 Cash CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distribution Accretion / (Dilution) At 1.700x Exchange Ratio and Various Cash Considerations | AR Base Case AM Accretion / (Dilution) - % AMGP Accretion / (Dilution) - % At 1.700x XR 44.6% 46.0% 10.9% 11.3% 11.7% 12.0% 25.2% 16.0% 9.3% (37.05%) 2H 2018E 2019E 2020E 2021E 2022E PF AMGP with $0: $0.76 $2.21 $2.86 $3.45 $4.15 $3.65 ($0.11) $0.28 Accretion / (Dilution) Analysis at Various XRs Accretion / (Dilution) Analysis at Various XRs Cash Cash Consid. / Unit Implied XR at 1.700x Consid. / Unit 2H 2018E 2019E 2020E 2021E 2022E Source: Management projections and FactSet as of 6/21/18. Note: AMGP accretion / (dilution) based on SQ AM Management Coverage. Cash Consideration - Taxes 59 Note: 1.883x represents implied XR at 1.700x equity XR and cash consideration of $3.50 / unit. Cash assumed to be used to purchase additional secondary shares. Note: Cash Consideration – Taxes scenario assumes cash proceeds are used to fund transaction-related tax obligations and are not factored into accretion/dilution analysis. Cash Consideration / Implied XR Cash Consideration / Implied XR $0.00 1.700x 48.9% 49.2% 27.6% 17.9% 10.8% $3.50 1.700x 44.6% 46.0% 25.2% 16.0% 9.3% $2.50 $3.00 1.831x 1.857x 45.9% 46.9% 25.9% 16.5% 9.8% 45.2% 46.4% 25.6% 16.3% 9.6% $3.50 1.883x 44.6% 46.0% 25.2% 16.0% 9.3% $4.00 1.909x 44.0% 45.5% 24.9% 15.7% 9.1% $0.00 $3.50 $2.50 $3.00 $3.50 $4.00 1.909x (7.1%) 12.1% 12.6% 13.0% 13.4% Status Quo AM: PF AMGP with $3.50: $$01..8014 $2.45$2.40 $3.17 $3.02 $3.82 $3.$343.59 $ Acc / (Dil): $ Acc / (Dil): PF AMGP Coverage:1$.30.1080x 1.223x$0.13 1.159x $0.34 1.144x $01.4.0100x Status20Q22uEo AMGP: $0.31 $0.89 $1.35 $1.75 $2.23 Pro Forma AMGP: $0.44 $1.30 $1.68 $2.03 $2.44 $ Acc$/3.(7D6il): $0.14 $0.41 $0.34 $0.28 $0.21 PF AM$G4.P04Coverage: 1.318x 1.223x 1.159x 1.144x 1.100x 0.1% 0.5% 0.9% 1.1% (8.0%) (16.9%) (90.52%) (45.76%) 101..53%% 112..10%% 2H 2018E 2019E 2020E 2021E 2022E 2$H02.09118E $2.212019E $2.85 2020E $3.42 202$14E.10 ($$00..1915) $0.00$2.29 $0.01 $3.04 $0.03 $3.$307.05 ($$01..017) $0.24$2.54 $0.32 $3.36 $0.40 $3.$703.49 ($0.10) ($0.11) $0.01 $0.04 Implied XR 2H 2018E 2019E 2020E 2021E 2022E at 1.700x 1.700x (14.4%) 2.3% 2.4% 2.5% 2.5% 1.700x (16.9%) 0.1% 0.5% 0.9% 1.1% 1.831x (9.8%) 8.5% 8.8% 9.1% 9.4% 1.857x (8.9%) 9.7% 10.1% 10.4% 10.7% 1.883x (8.0%) 10.9% 11.3% 11.7% 12.0% 1.883x XR and $3.50 Cash 1.700x XR and $3.50 Cash CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distributable Cash Flow Accretion / (Dilution) At 1.700x Exchange Ratio and Various Cash Considerations | AR Downside Volumes Case AM Accretion / (Dilution) - % AMGP Accretion / (Dilution) - % At 1.0x AM Coverage 42.5% At 1.700x XR 11.3% 12.0% 31.2% (3.0%) 21.9% (4.7%) 17.7% 8.9% (37.05%) 2022E 2H 2018E 2019E 2020E 2021E 2022E PF AM$G3.P6:5 $ Acc / (Dil): $0.53 $0.16 $1.34 $0.32 $1.77 $0.32 $1.96 $0.30 $2.13 $0.17 $1.01 $2.54 $3.36 $3.73 $0.28 Accretion / (Dilution) Analysis at Various XRs Accretion / (Dilution) Analysis at Various XRs Cash Cash Consid. / Unit Implied XR at 1.700x Consid. / Unit 2H 2018E 2019E 2020E 2021E 2022E Cash Consideration - Taxes 60 Source: Management projections and FactSet as of 6/21/18. Note: 1.883x represents implied XR at 1.700x equity XR and cash consideration of $3.50 / unit. Cash assumed to be used to purchase additional secondary shares. Note: Cash Consideration – Taxes scenario assumes cash proceeds are used to fund transaction-related tax obligations and are not factored into accretion/dilution analysis. $0.00 $3.50 $2.50 $3.00 $3.50 $4.00 1.909x 1.2% 6.6% 12.6% 13.3% 9.6% Cash Consideration / Implied XR $0.00 1.700x 47.1% 34.7% 24.0% 19.0% 4.7% $3.50 1.700x 42.5% 31.2% 21.9% 17.7% 8.9% $2.50 $3.00 1.831x 1.857x 43.8% 32.2% 22.5% 18.3% 7.5% 43.2% 31.7% 22.2% 18.0% 8.2% $3.50 1.883x 42.5% 31.2% 21.9% 17.7% 8.9% $4.00 1.909x 41.8% 30.7% 21.6% 17.5% 9.5% Cash Consideration / Implied XR Status$3Q.7u6o AMGP: $0.37 $1.02 $1.45 $1.66 $1.96 $4.04 ($0.11) Status Quo AM: PF AMGP with $0:$0.91 $2.29 $3.04 $3.37 $3.65 PF AMGP with $3.50: $$11..001 $2.54$2.40 $3.36 $3.02 $3.73 $3.33$4.04 $ Acc / (Dil): $ Acc / (Dil): 7.5% 5.6% 0.2% 0.5% 1.1% (9.5%) (90.52%) (45.76%) 101..53%% 112..10%% 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E $1.01 $2.40 $3.02 $3.33 $3.76 ($$00..1901) ($0.11$)2.29 $0.01 $3.04 $0.04 $3.3(7$0.11) $($00..010) $0.1(3$0.11) $0.34 $0.01 $0.40 $0.04$0.28 $0.00 $0.13 $0.34 $0.40 Implied XR 2H 2018E 2019E 2020E 2021E 2022E at 1.700x 1.700x (6.6%) (2.2%) 2.2% 1.6% (6.2%) 1.700x (9.5%) (4.7%) 0.5% 1.1% (3.0%) 1.831x (1.6%) 3.4% 8.7% 9.4% 3.2% 1.857x (0.7%) 4.5% 10.0% 10.7% 5.3% 1.883x 0.2% 5.6% 11.3% 12.0% 7.5% 1.883x XR and $3.50 Cash 1.700x XR and $3.50 Cash CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distribution Accretion / (Dilution) At 1.700x Exchange Ratio and Various Cash Considerations | AR Downside Volumes Case AM Accretion / (Dilution) - % AMGP Accretion / (Dilution) - % At 1.700x XR 50.6% 12.5% 9.8% 7.5% (0.9%) 33.6% (3.0%) 30.4% 21.1% 11.6% (37.05%) 2H 2018E 2019E 2020E 2021E 2022E s Quo PF AMGP: PF AMGP with $0: $0.69 $1.87 $2.62 $2.94 $3.32 $3.65 ($0.11) $0.28 Accretion / (Dilution) Analysis at Various XRs Accretion / (Dilution) Analysis at Various XRs Cash Cash Consid. / Unit Implied XR at 1.700x Consid. / Unit 2H 2018E 2019E 2020E 2021E 2022E Source: Management projections and FactSet as of 6/21/18. Note: AMGP accretion / (dilution) based on SQ AM Management Coverage. Cash Consideration - Taxes 61 Note: 1.883x represents implied XR at 1.700x equity XR and cash consideration of $3.50 / unit. Cash assumed to be used to purchase additional secondary shares. Note: Cash Consideration – Taxes scenario assumes cash proceeds are used to fund transaction-related tax obligations and are not factored into accretion/dilution analysis. Cash Consideration / Implied XR $0.00 $3.50 $2.50 $3.00 $3.50 $4.00 1.909x (9.8%) (2.3%) 13.8% 11.1% 9.6% 55.5% 33.8% 35.8% 21.7% 7.9% $0.00 1.700x $3.50 1.700x 50.6% 30.4% 33.6% 21.1% 11.6% $2.50 $3.00 1.831x 1.857x 52.0% 31.3% 34.2% 21.7% 10.2% 51.3% 30.9% 33.9% 21.4% 10.9% $3.50 1.883x 50.6% 30.4% 33.6% 21.1% 11.6% $4.00 1.909x 49.9% 29.9% 33.2% 20.8% 12.3% Cash Consideration / Implied XR Status Quo AM: PF AMGP with $3.50: $$01..7017 $2.08$2.40 $2.90 $3.02 $3.26 $3.$33.68 $ Acc / (Dil): $ Acc / (Dil): PF AMGP Coverage:1$.30.1080x 1.223x$0.13 1.159x $0.34 1.144x $01.4.0100x Statu2022E AMGP: $0.27 $0.85 $1.15 $1.43 $1.75 $0.41 $1.10 $1.54 $1.73 $1.95 $ Acc$/3.(7D6il): $0.14 $0.26 $0.39 $0.30 $0.20 PF AM$G4.P04Coverage: 1.318x 1.223x 1.159x 1.144x 1.100x 1.5% (10.6%) (3.2%) (12.7%) (19.3%) (90.52%) (45.76%) 101..53%% 112..10%% 2H 2018E 2019E 2020E 2021E 2022E 2$H02.08168E $2.152019E $2.58 2020E $2.97 202$13E.42 ($$00..1917) ($0.27$)2.29 $0.04 $3.04 ($0.03) $3(.$307.10) ($$01..019) ($0.07$)2.54 $0.32 $3.36 $0.29 $3.$703.26 ($0.10) ($0.11) $0.01 $0.04 Implied XR 2H 2018E 2019E 2020E 2021E 2022E at 1.700x 1.700x (16.7%) (10.3%) 3.3% (0.4%) (6.2%) 1.700x (19.3%) (12.7%) 1.5% (0.9%) (3.0%) 1.831x (12.3%) (5.2%) 9.9% 7.3% 3.2% 1.857x (11.5%) (4.2%) 11.2% 8.5% 5.4% 1.883x (10.6%) (3.2%) 12.5% 9.8% 7.5% 1.883x XR and $3.50 Cash 1.700x XR and $3.50 Cash CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Distribution Accretion / (Dilution) At Various PF AMGP Coverage Ratios & Exchange Ratios & Cash Consideration 2H 2018E AM Accretion / (Dilution) - % 2019E AM Accretion / (Dilution) - % 1.700x 1.600x 1.700x 1.800x 1.900x 2.000x 62 Source: Management projections and FactSet as of 6/21/18. 1.700x 1.600x 1.700x 1.800x 1.900x 2.000x Exchange Ratio EExxcchhaannge Ratio Implied Cash Adjusted XR 1.000x B/E Coverage at 1.700x XR & $3.50 Cash 1.225x Breakeven Coverage at Implied Adj. Cash XR 1.356x 1.450x 1.700x 1.783x 1.883x 1.983x 2.083x 2.183x 22.5% 33.2% 35.6% 37.9% 40.0% 42.0% 0.0% 8.8% 10.8% 12.6% 14.3% 15.9% (9.7%) (1.8%) 0.0% 1.7% 3.2% 4.7% (15.5%) (8.1%) (6.4%) (4.9%) (3.4%) (2.1%) Implied Cash Adjusted XR 1.000x B/E Coverage at 1.700x XR & $3.50 Cash 1.095x 1.150x Breakeven Coverage at Implied Adj. Cash XR 1.213x 1.700x 1.783x 1.883x 1.983x 2.083x 2.183x 9.5% 19.2% 21.3% 23.3% 25.2% 27.0% 0.0% 8.8% 10.8% 12.6% 14.3% 15.9% (4.8%) 3.6% 5.5% 7.3% 8.9% 10.4% (9.7%) (1.8%) 0.0% 1.7% 3.2% 4.7% Coverage Ratio Coverage Ratio CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Growth Comparison SQ AM, SQ AMGP, & PF AMGP at Potential Counterproposal AR Base Case AM $2.05 $2.74 $3.24 $3.75 $4.29 16% AM GP @ 1.0x AM Coverage= $0.77 $1.26 $1.60 $1.96 $2.33 23% PF AM GP $1.05 $1.59 $1.95 $2.32 $2.68 19% AR Downside Volumes Case AM $2.04 $2.40 $3.02 $3.33 $3.76 16% AM GP @ 1.0x AM Coverage $0.77 $1.02 $1.45 $1.66 $1.96 24% PF AM GP $1.07 $1.35 $1.79 $1.98 $2.15 17% AR Base Case AM $1.72 $2.21 $2.85 $3.42 $4.10 23% AM GP $0.54 $0.89 $1.35 $1.75 $2.23 36% PF AM GP $0.92 $1.30 $1.68 $2.03 $2.44 23% AR Downside Volumes Case AM $1.72 $2.15 $2.58 $2.97 $3.42 17% AM GP $0.54 $0.85 $1.15 $1.43 $1.75 27% PF AM GP $0.88 $1.10 $1.54 $1.73 $1.95 21% Source: Management projections and FactSet as of 6/21/18. Note: Coverage assumptions as provided by Management. PF AMGP coverage extrapolated based on fixed distributions provided for AR Base Case. SQ AM coverage for AR Base Case extrapolated based on fixed distributions provided for AR Base Case. SQ AM coverage for AR Downside Volumes base extrapolated based on fixed distributions provided for AR Downside Volumes Case. 63 SQ AM M gmt Dist Coverage (Base Case) 1.27x 1.31x 1.16x 1.11x 1.05x SQ AM M gmt Dist Coverage (AR Downside Volumes Case) 1.26x 1.16x 1.21x 1.15x 1.12x PF AM GP M anagement Dividend Coverage 1.32x 1.22x 1.16x 1.14x 1.10x 2018E 2019E 2020E 2021E 2022E 2019E - 2022E CAGR Distributions / Dividends per Unit / Share 2018E 2019E 2020E 2021E 2022E 2019E - 2022E CAGR DCF per Unit / Share CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Has / Gets Analysis | For AM | Potential Counterproposal AR Base Case Discounted Levered DCF Analysis Discounted Levered DCF Analysis 9.0x 10.5x 12.0x 10.0x 12.0x 14.0x 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Distribution Analysis Discounted Distribution Analysis 8.0% 7.0% 6.0% 7.0% 6.0% 5.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Cash Flow | Unlevered FCF(2) | Discounted at WACC 11.0x 13.0x 15.0x 7.0% 8.5% 10.0% Source: Management projections and FactSet as of 6/21/18. (1) Implied XR at 1.700x equity XR and cash consideration of $3.50 / unit. Cash consideration added to implied share price at 1.700x XR. (2) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 64 $43.47 $50.42 $57.38 $41.14 $47.72 $54.29 $38.96 $45.19 $51.41 Discount Rate 2022E Terminal M ultiple $49.54 $56.18 $65.47 $46.45 $52.62 $61.25 $43.62 $49.36 $57.39 Discount Rate $45.47 $50.85 $58.02 $42.47 $47.47 $54.14 $39.73 $44.38 $50.58 Discount Rate 2022E Distribution Yield 2022E Distribution Yield $46.12 $52.82 $59.52 $43.36 $49.59 $55.81 $40.84 $46.63 $52.42 Discount Rate $37.39 $42.12 $46.85 $35.01 $39.40 $43.80 $32.82 $36.91 $41.00 Discount Rate 2022E DCF M ultiple 2022E DCF M ultiple XR Adjusted PF AMGP Implied Share Price |1.883x XR(1) Stand Alone AM Implied Unit Price CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Has / Gets Analysis | AR For AM | Potential Counterproposal Downside Volumes Case Discounted Levered DCF Analysis Discounted Levered DCF Analysis 9.0x 10.5x 12.0x 10.0x 12.0x 14.0x 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Distribution Analysis Discounted Distribution Analysis 8.0% 7.0% 6.0% 7.0% 6.0% 5.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Cash Flow | Unlevered FCF(2) | Discounted at WACC 11.0x 13.0x 15.0x 7.0% 8.5% 10.0% Source: Management projections and FactSet as of 6/21/18. (1) Implied XR at 1.700x equity XR and cash consideration of $3.50 / unit. Cash consideration added to implied share price at 1.700x XR. (2) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 65 $37.14 $42.71 $48.27 $35.19 $40.46 $45.72 $33.37 $38.36 $43.34 Discount Rate 2022E Terminal M ultiple $40.13 $45.33 $52.61 $37.69 $42.52 $49.29 $35.45 $39.95 $46.24 Discount Rate $38.55 $43.03 $49.02 $36.02 $40.20 $45.76 $33.72 $37.60 $42.77 Discount Rate 2022E Distribution Yield 2022E Distribution Yield $38.31 $43.67 $49.03 $36.07 $41.05 $46.03 $34.02 $38.65 $43.29 Discount Rate $33.03 $37.18 $41.32 $30.93 $34.78 $38.64 $29.00 $32.59 $36.17 Discount Rate 2022E DCF M ultiple 2022E DCF M ultiple XR Adjusted PF AMGP Implied Share Price |1.883x XR(1) Stand Alone AM Implied Unit Price CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Has / Gets Analysis | For AMGP | Potential Counterproposal AR Base Case Discounted Levered DCF Analysis Discounted Levered DCF Analysis 14.0x 16.0x 18.0x 10.0x 12.0x 14.0x 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Distribution Analysis Discounted Distribution Analysis 7.0% 5.5% 4.0% 7.0% 6.0% 5.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Cash Flow | Unlevered FCF(1) | Discounted at WACC 11.0x 13.0x 15.0x 7.0% 8.5% 10.0% Source: Management projections and FactSet as of 6/21/18. (1) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 66 $23.51 $27.60 $31.69 $22.14 $26.01 $29.88 $20.86 $24.52 $28.18 Discount Rate 2022E Terminal M ultiple $27.08 $30.99 $36.45 $25.27 $28.89 $33.97 $23.60 $26.98 $31.70 Discount Rate $26.49 $32.78 $43.77 $24.71 $30.54 $40.76 $23.07 $28.50 $38.00 Discount Rate 2022E Distribution Yield 2022E Distribution Yield $25.07 $29.01 $32.96 $23.45 $27.11 $30.77 $21.96 $25.37 $28.78 Discount Rate $26.10 $29.33 $32.55 $24.35 $27.35 $30.34 $22.75 $25.53 $28.32 Discount Rate 2022E DCF M ultiple 2022E CAFD M ultiple PF AMGP Implied Share Price Stand Alone AMGP Implied Share Price CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Has / Gets Analysis | AR For AMGP | Potential Counterproposal Downside Volumes Case Discounted Levered DCF Analysis Discounted Levered DCF Analysis 14.0x 16.0x 18.0x 10.0x 12.0x 14.0x 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Distribution Analysis Discounted Distribution Analysis 7.0% 5.5% 4.0% 7.0% 6.0% 5.0% 8.0% 8.0% 10.0% 10.0% 12.0% 12.0% Discounted Cash Flow | Unlevered FCF(1) | Discounted at WACC 11.0x 13.0x 15.0x 7.0% 8.5% 10.0% Source: Management projections and FactSet as of 6/21/18. (1) Unlevered free cash flow defined as PF AMGP EBITDA less cash taxes and capital expenditures. Implied equity value per share backs out implied AM Q2 2018 net debt per share. 67 $19.79 $23.06 $26.34 $18.64 $21.74 $24.84 $17.57 $20.50 $23.43 Discount Rate 2022E Terminal M ultiple $21.55 $24.61 $28.89 $20.11 $22.95 $26.93 $18.80 $21.44 $25.14 Discount Rate $21.03 $25.95 $34.55 $19.62 $24.19 $32.19 $18.33 $22.58 $30.02 Discount Rate 2022E Distribution Yield 2022E Distribution Yield $20.47 $23.63 $26.78 $19.16 $22.09 $25.02 $17.95 $20.68 $23.41 Discount Rate $20.74 $23.26 $25.78 $19.35 $21.70 $24.04 $18.09 $20.27 $22.45 Discount Rate 2022E DCF M ultiple 2022E CAFD M ultiple PF AMGP Implied Share Price Stand Alone AMGP Implied Share Price CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Pro Forma Trading AM Share Price as of 6/21/2018: $30.58 Implied AM Ownership AM 2018E ($1.82) 5.95% PF Mkt Cap Weighted Y ield ($0.95) 4.85% AMGP 2018E ($0.61) 3.20% 6.00% 5.00% 4.00% 3.00% 59.5% $25.33 $25.54 $30.40 $31.33 $38.00 $47.46 $50.67 60.3% $26.13 $26.34 $31.35 $32.31 $39.19 $48.95 $52.25 61.0% $26.92 $27.14 $32.30 $33.28 $40.38 $50.43 $53.83 61.2% $27.14 $27.36 $32.57 $33.56 $40.71 $50.85 $54.28 61.7% $27.71 $27.93 $33.25 $34.26 $41.56 $51.91 $55.42 62.3% $28.50 $28.73 $34.20 $35.24 $42.75 $53.40 $57.00 63.4% $29.82 $30.06 $35.78 $36.87 $44.72 $55.86 $59.63 63.6% $30.08 $30.33 $36.10 $37.20 $45.13 $56.36 $60.17 69 Source: Company Management, FactSet as of 6/21/18. Note: 2018E Dividend / Distribution Yields based on Annualized 2H 2018E dividends / distributions. Cash Adj. XR at Potential Counterproposal Current Adj. XR Current Offer 1.900x 1.883x 1.800x 1.750x 1.714x 1.700x 1.650x 1.600x Exchange Ratio A I Exchange Ratio Adjusted Implied AM Unit Price 2018E Dividend Y ield H G F E D C B CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Transaction Tax Implications At AMGP Proposal Average Tax Basis Calculation(1) Average tax basis of $23.27 per unit for public AM unitholders as of YE 2017 Antero Resourc es O ther Non-Public Unitholders Public Unitholders 90,841,730 8,028,605 94,757,401 $2.01 25.70 23.27 The average public AM unit holder would need to receive cash consideration of $2.04 per unit to avoid having to sell shares post-transaction to pay transaction related taxes Total Active Units 193,627,736 Cash Consideration Required to Avoid Share Selling AM GP Share Pric e Exc hange Ratio O ffer Pric e $19.11 1.600x $30.58 AM GP Share Pric e Exc hange Ratio O ffer Pric e $19.11 1.600x $30.58 AM GP Share Pric e Exc hange Ratio O ffer Pric e $19.11 1.600x $30.58 Detail of Gains (per Unit) Average O rdinary Gain Average Capital Gain Detail of Gains (per Unit) Average O rdinary Gain Average Capital Gain Detail of Gains (per Unit) Average O rdinary Gain Average Capital Gain $3.37 3.94 $4.83 5.24 $6.56 3.51 Average Assumed Passive Ac tivity Loss (2) Tax on Gain (per Unit) Federal O rdinary Inc ome Tax Rate Individual M LP Investor Deduc tion Rate Adjusted O rdinary Tax Rate ACA Tax Federal Tax Rate Federal Capital Gains Tax Rate Effec tive State Tax Rate( 3) Average Assumed Passive Ac tivity Loss (2) Tax on Gain (per Unit) Federal O rdinary Inc ome Tax Rate Individual M LP Investor Deduc tion Rate Adjusted O rdinary Tax Rate ACA Tax Federal Tax Rate Federal Capital Gains Tax Rate Effec tive State Tax Rate( 3) Assumed Passive Ac tivity Loss(3) Tax on Gain (per Unit) Federal O rdinary Inc ome Tax Rate Individual M LP Investor Deduc tion Rate Adjusted O rdinary Tax Rate ACA Tax Federal Tax Rate Federal Capital Gains Tax Rate Effec tive State Tax Rate( 3) ($1.08) ($1.46) ($2.00) 37.0% 20.0% 29.6% 3.8% 33.4% 23.8% 5.2% 37.0% 20.0% 29.6% 3.8% 33.4% 23.8% 5.2% 37.0% 20.0% 29.6% 3.8% 33.4% 23.8% 5.2% PAL Rate PAL Gain Deduc tion 37.0% ($0.40) PAL Rate PAL Gain Deduc tion 37.0% ($0.54) PAL Rate PAL Gain Deduc tion 37.0% ($0.74) Tax on O rdinary Gain Effective Ordinary Gain Tax Rate Tax on Capital Gain Effective Capital Gain Tax Rate State Tax O rdinary Inc ome( 4) Effective Ordinary Gain Tax Rate State Tax Capital Gain( 4) Effective Capital Gains Tax Rate $0.72 21.5% $0.94 23.8% $0.17 5.2% $0.20 5.2% Tax on O rdinary Gain Effective Ordinary Gain Tax Rate Tax on Capital Gain Effective Capital Gain Tax Rate State Tax O rdinary Inc ome( 4) Effective Ordinary Gain Tax Rate State Tax Capital Gain( 4) Effective Capital Gains Tax Rate $1.07 22.3% $1.25 23.8% $0.25 5.2% $0.27 5.2% Tax on O rdinary Gain Effective Ordinary Gain Tax Rate Tax on Capital Gain Effective Capital Gain Tax Rate State Tax O rdinary Inc ome( 4) Effective Ordinary Gain Tax Rate State Tax Capital Gain( 4) Effective Capital Gains Tax Rate $1.45 22.1% $0.84 23.8% $0.34 5.2% $0.18 5.2% Total Effective Tax Rate 27.9% Total Effective Tax Rate 28.2% Total Effective Tax Rate 27.9% Source: FactSet as of 6/21/18 and Wall Street research. (1) (2) (3) (4) Provided by management. Assumed passive activity loss and tax on ordinary gain for IPO investor utilizes company provided estimates based on a per unit basis range of $19.00-$22.00.` Passive activity loss calculated to be $2.00 for an IPO investor. State tax rate determined by using a weighted average of 50 state income tax rates and median federal taxable income brackets for married and single filers. 71 Total Tax on Gain $2.81 Total Tax on Gain $2.84 Total Tax on Gain $2.04 Total Gain $10.07 Total Gain $10.07 Total Gain $7.30 Average EOY 2017 Tax Basis $20.51 Average EOY 2017 Tax Basis $20.51 Average EOY 2017 Tax Basis $23.27 For IPO Investor - IPO Basis(4) For IPO Investor - Average Basis( 1) For Average Unitholder Average EOY 2017 Basis for Public Unitholders $23.27 Average EOY 2017 Basis for IPO Investors $20.51 Unitholder Active Units EOY 2017 Basis CONFIDENTIAL DRAFT SUBJECT TO CHANGE

After-Tax Distribution For Average Unitholder Calculation Detail | $391 $989 $1,222 $1,413 $1,642 EBITDA - Interest Expense EBITDA - Distributions from Unconsolidated Affiliates + Equity in Earnings of Unconsolidated Affiliates - Equity Based Compensation - Interest Expense - Depreciation of Goodwill and Current Assets - Additional Depreciation from Step Up in Basis - Capex Expense for Tangible Assets - Interest Expense Add-back $391 ($27) $27 ($23) (37) (350) (27) (133) 0 $989 ($88) $87 ($48) (90) (670) (179) (164) 0 $1,222 ($141) $119 ($41) (110) (602) (287) (176) 0 $1,413 ($168) $134 ($33) (126) (560) (281) (352) 0 $1,642 ($196) $157 ($35) (124) (548) (204) (352) 12 ($38) ($90) ($114) ($132) ($143) - IDR Distributions ($82) ($237) ($357) ($464) ($592) - Distributions from Unc onsolidated Affiliates ($27) ($88) ($141) ($168) ($196) + Equity in Earnings of Unc onsolidated Affiliates $27 $87 $119 $134 $157 - Equity Based Compensation ($23) ($48) ($41) ($33) ($35) Taxable Income Before NOLs ($179) ($162) ($17) $27 $344 248 613 688 750 833 Taxable Income Before Tax Depreciation - NOLs applied from previous years $0 $0 $0 ($21) ($275) O versubc ription 103% 103% 103% 103% 103% Taxable Income ($179) ($162) ($17) $5 $69 AMGP Taxable Income + NOL Utilization - Payment of Income Taxes +/-Change in depreciation (MACRS vs ADS SL) + Tangible Asset Capex ($179) - - (8) 133 ($162) - - 32 164 ($17) - - 64 176 $5 21 1 16 352 $69 275 17 (35) 352 256 631 708 772 858 Taxable Income Before Tax Depreciation Tax Deprec iation (253) (588) (642) (648) (644) Net Income 3 43 66 124 214 Current Earnings & Profits Current Dist. from AMGP to Shareholders Qualified Dividend? Return of Capital(1) Qualified Dividend(2) Partial Return of Capital(3) Percentage RoC Percentage QD ($54) 329 RoC 329 - - 100% 0% $34 698 Cum E&P - 34 663 95% 5% $223 900 Cum E&P - 223 677 75% 25% $393 1,080 Cum E&P - 393 687 64% 36% $643 1,296 Cum E&P - 643 653 50% 50% AM Shares Outstanding 188.1 188.1 188.1 188.1 188.1 Taxable Income / Unit (Net of PAL) $0.00 $0.00 $0.01 $0.02 $0.04 Average Tax Basis per Unit $23.27 $21.57 $19.61 $17.11 $14.35 Less: Return of Capital per Unit(1) Average EoY Basis per Unit ($1.70) ($1.96) ($2.50) ($2.76) ($2.96) $21.57 $19.61 $17.11 $14.35 $11.39 Income Tax Taxable Income / Unit (Net of PAL) $0.00 $0.00 $0.01 $0.02 $0.04 Tax Basis/Share - Return of Capital $30.58 ($0.65) $29.93 ($1.31) $28.62 ($1.34) $27.28 ($1.36) $25.92 ($1.29) Income Tax Rate 29.6% 29.6% 29.6% 29.6% 29.6% EoY Basis $30.26 $29.60 $28.28 $26.94 $25.60 Tax / Unit $0.00 ($0.00) ($0.00) ($0.01) ($0.01) Implied Tax Rate -% 1% 6% 9% 12% Tax Adjusted Exchange Ratio at AMGP Proposal 1.493x 1.493x 1.493x 1.493x 1.493x Source: Management projections and FactSet as of 6/21/18. 72 (1) (2) (3) Return of capital per share / unit calculated as the total distributions to holders when Current Earnings & Profits are less than 0. Qualified dividend calculated as equal to the lesser of Current Earnings & Profits or Distributions to Shareholder assuming Current Earnings & Profit is greater than 0. Partial Return of Capital is calculated as the difference between Distributions to Shareholders and Current Earnings & Profits assuming Qualified Dividends are applicable. Implied After-Tax XR Calculation Detail Exchange Ratio Implied AM Unit $ Forecast Taxes Payable After Tax Unit Take Implied After-Tax XR 1.600x $30.58 $2.04 $28.54 1.493x 1.700x $32.49 $2.49 $29.99 1.569x 1.800x $34.40 $2.95 $31.45 1.646x 1.900x $36.31 $3.40 $32.91 1.722x 2.000x $38.22 $3.86 $34.36 1.798x PF After Tax AM Dividend X R Adjusted Share $0.71 $2.04 $2.50 $2.91 $3.38 After-Tax PF AMGP Dividend Per Share $0.48 $1.36 $1.68 $1.95 $2.26 After Tax AM Distibution Per LP Unit $0.86 $2.21 $2.85 $3.41 $4.09 Return of Capital Taxes $0.00 $0.00 $0.00 $0.00 $0.00 Qualified Dividend Taxes $0.00 $0.02 $0.11 $0.19 $0.30 Before Tax PF AMGP Dividend Per Share $0.48 $1.38 $1.78 $2.14 $2.56 Total Tax per Share $-$0.02 $0.11 $0.19 $0.30 Income Taxes / Unit $0.00 $0.00 $0.00 $0.01 $0.01 Before Tax AM Distibution Per LP Unit $0.86 $2.21 $2.85 $3.42 $4.10 Shares Outstanding 505.6 505.6 505.6 505.6 505.6 PF AMGP After-Tax Dividend Calculation 2H 2018 2019E 2020E 2021E 2022E SQ AM After-Tax Distribution Calculation 2H 2018 2019E 2020E 2021E 2022E CONFIDENTIAL DRAFT SUBJECT TO CHANGE

After-Tax Distribution Accretion / (Dilution) CONFIDENTIAL DRAFT AM & AMGP | For Average AM Unit Holder at AMGP Proposal | AR Base Case AM Accretion / (Dilution) - % At Tax Affected 1.600x Exchange Ratio (Implied XR of 1.493x) AMGP Accretion / (Dilution) - % 102.7% 100.8% (7.8%) (12.2%) (14.7%) 63.4% (22.1%) 46.4% 33.0% (17.4%) 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E Pro Forma AMGP: $0.48 $1.36 $1.68 $1.95 $2.26 Accretion / (Dilution) Analysis at Various XRs Implied After-Accretion / (Dilution) Analysis at Various XRs 2H 2018E 2019E 2020E 2021E 2022E Tax XR 2H 2018E 2019E 2020E 2021E 2022E 1.600x 102.7% 100.8% 63.4% 46.4% 33.0% 1.600x 1.493x (22.1%) (7.8%) (12.2%) (14.7%) (17.4%) 1.700x 95.4% 95.2% 58.7% 42.1% 28.7% 1.700x 1.569x (21.0%) (5.8%) (10.4%) (12.9%) (16.0%) 1.800x 88.7% 89.1% 54.3% 38.0% 24.8% 1.800x 1.646x (20.0%) (4.3%) (8.6%) (11.3%) (14.6%) 1.900x 82.4% 82.8% 50.1% 34.2% 21.1% 1.900x 1.722x (19.1%) (3.3%) (6.9%) (9.8%) (13.3%) 2.000x 1.798x (18.3%) (2.2%) (5.3%) (8.3%) (12.1%) 2.000x 76.5% 76.8% 46.3% 30.6% 17.6% Source: Management projections and FactSet as of 6/21/18 Note: AMGP accretion / (dilution) based on SQ AM Management Coverage. After-tax distributions is distribution from entity less attributable qualified dividends and gains on capital taxes. Note: Implied after-tax exchange ratio adjusted for average AM unitholder tax costs as provided by Management (refer to page 71). 73 Exchange Ratio Exchange Ratio PF AMGP Coverage 1.318x 1.223x 1.159x 1.144x 1.100x PF AMGP Coverage 1.318x1.223x1.159x1.144x1.100x Status Quo AMGP: $0.23 $0.68 $1.03 $1.33 $1.70 $ Acc / (Dil):$0.24 $0.68 $0.65 $0.62 $0.56 Status Quo AM:$0.91$2.21$2.85$3.41$4.09 Pro Forma AMGP: $0.71$2.04$2.50$2.91$3.38 $ Acc / (Dil):($0.20) ($0.17) ($0.35) ($0.50) ($0.71) SUBJECT TO CHANGE

After-Tax Distribution Accretion / (Dilution) CONFIDENTIAL DRAFT AM & AMGP | For Average AM Unit Holder at AMGP Proposal | AR Downside Case AM Accretion / (Dilution) - % At Tax Affected 1.600x Exchange Ratio (Implied XR of 1.493x) AMGP Accretion / (Dilution) - % 111.6% 82.1% (13.1%) 70.6% (18.3%) (19.2%) (24.1%) 47.1% 29.9% (24.1%) 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E Pro Forma AMGP: $0.44 $1.17 $1.50 $1.60 $1.73 Accretion / (Dilution) Analysis at Various XRs Implied After-Accretion / (Dilution) Analysis at Various XRs 2H 2018E 2019E 2020E 2021E 2022E Tax XR 2H 2018E 2019E 2020E 2021E 2022E 1.600x 111.6% 82.1% 70.6% 47.1% 29.9% 1.600x 1.493x (24.1%) (18.3%) (13.1%) (19.2%) (24.1%) 1.700x 104.0% 75.6% 66.0% 45.3% 26.7% 1.700x 1.569x (23.1%) (17.2%) (11.2%) (16.2%) (22.2%) 1.800x 97.0% 69.5% 61.6% 42.6% 24.6% 1.800x 1.646x (22.2%) (16.2%) (9.3%) (13.7%) (19.8%) 1.900x 90.4% 63.8% 57.6% 38.9% 23.6% 1.900x 1.722x (21.3%) (15.3%) (7.4%) (12.0%) (16.8%) 2.000x 1.798x (20.4%) (14.4%) (5.7%) (10.4%) (13.8%) 2.000x 84.2% 58.5% 53.9% 35.5% 22.6% Source: Management projections and FactSet as of 6/21/18 Note: AMGP accretion / (dilution) based on SQ AM Management Coverage. After-tax distributions is distribution from entity less attributable qualified dividends and gains on capital taxes. Note: Implied after-tax exchange ratio adjusted for average AM unitholder tax costs as provided by Management (refer to page 71). 74 Exchange Ratio Exchange Ratio PF AMGP Coverage 1.318x 1.223x 1.159x 1.144x 1.100x PF AMGP Coverage 1.318x 1.223x 1.159x 1.144x 1.100x Status Quo AMGP: $0.21 $0.64 $0.88 $1.09 $1.33 $ Acc / (Dil):$0.23 $0.53 $0.62 $0.51 $0.40 Status Quo AM:$0.86 $2.14 $2.58 $2.96 $3.41 Pro Forma AMGP: $0.65 $1.75 $2.24 $2.39 $2.59 $ Acc / (Dil):($0.21) ($0.39) ($0.34) ($0.57) ($0.82) SUBJECT TO CHANGE

After-Tax Distribution Accretion / (Dilution) For Average AM Unit Holder at AMGP Proposal at 1.0x Coverage for AM & PF AMGP | AR Base Case AM Accretion / (Dilution) - % At Tax Affected 1.600x Exchange Ratio (Implied XR of 1.493x) AMGP Accretion / (Dilution) - % At 1.0x AM Coverage 92.9% 73.2% 59.2% (8.8%) (9.0%) (9.6%) (9.8%) 50.2% 39.5% (12.5%) 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E Pro Forma AMGP: $0.62 $1.66 $1.94 $2.24 $2.48 Accretion / (Dilution) Analysis at Various XRs Implied After-Accretion / (Dilution) Analysis at Various XRs 2H 2018E 2019E 2020E 2021E 2022E Tax XR 2H 2018E 2019E 2020E 2021E 2022E 1.600x 92.9% 73.2% 59.2% 50.2% 39.5% 1.600x 1.493x (8.8%) (9.0%) (9.6%) (9.8%) (12.5%) 1.700x 86.0% 68.2% 54.4% 45.6% 35.0% 1.700x 1.569x (7.6%) (7.2%) (7.9%) (8.1%) (11.0%) 1.800x 79.6% 62.5% 50.0% 41.3% 30.7% 1.800x 1.646x (6.5%) (6.0%) (6.2%) (6.5%) (9.6%) 1.900x 73.6% 57.1% 45.9% 37.3% 26.6% 1.900x 1.722x (5.4%) (4.9%) (4.5%) (4.9%) (8.4%) 2.000x 1.798x (4.4%) (3.9%) (3.0%) (3.4%) (7.3%) 2.000x 67.9% 52.0% 42.0% 33.5% 22.8% 75 Source: Management projections and FactSet as of 6/21/18 Note: After-tax distributions is distribution from entity less attributable qualified dividends and gains on capital taxes. Note: Implied after-tax exchange ratio adjusted for average AM unitholder tax costs as provided by Management (refer to page 71). Exchange Ratio Exchange Ratio PF AMGP Coverage 1.000x 1.000x 1.000x 1.000x 1.000x PF AMGP Coverage 1.000x 1.000x 1.000x 1.000x 1.000x Status Quo AMGP: $0.32 $0.96 $1.22 $1.49 $1.78 $ Acc / (Dil):$0.30 $0.70 $0.72 $0.75 $0.70 Status Quo AM:$1.02 $2.73 $3.21 $3.71 $4.23 Pro Forma AMGP: $0.93 $2.48 $2.90 $3.34 $3.71 $ Acc / (Dil):($0.09) ($0.25) ($0.31) ($0.36) ($0.53) CONFIDENTIAL DRAFT SUBJECT TO CHANGE

After-Tax Distribution Accretion / (Dilution) For Average AM Unit Holder at AMGP Proposal at 1.0x Coverage for AM & PF AMGP | AR Downside Volumes Case AM Accretion / (Dilution) - % At Tax Affected 1.600x Exchange Ratio (Implied XR of 1.493x) AMGP Accretion / (Dilution) - % At 1.0x AM Coverage 100.3% 83.3% 57.8% (11.0%) (13.1%) (16.2%) (16.1%) 45.9% 27.6% (23.2%) 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E Pro Forma AMGP: $0.57 $1.43 $1.75 $1.85 $1.91 Accretion / (Dilution) Analysis at Various XRs Implied After-Accretion / (Dilution) Analysis at Various XRs 2H 2018E 2019E 2020E 2021E 2022E Tax XR 2H 2018E 2019E 2020E 2021E 2022E 1.600x 100.3% 83.3% 57.8% 45.9% 27.6% 1.600x 1.493x (16.2%) (11.0%) (13.1%) (16.1%) (23.2%) 1.700x 93.1% 76.7% 53.3% 44.0% 24.4% 1.700x 1.569x (15.1%) (9.8%) (11.2%) (13.0%) (21.3%) 1.800x 86.4% 70.6% 49.2% 40.6% 22.9% 1.800x 1.646x (14.1%) (8.7%) (9.4%) (11.0%) (18.5%) 1.900x 80.2% 64.9% 45.3% 36.8% 21.8% 1.900x 1.722x (13.1%) (7.7%) (7.7%) (9.3%) (15.4%) 2.000x 1.798x (12.2%) (6.7%) (6.0%) (7.7%) (12.4%) 2.000x 74.4% 59.5% 41.7% 33.4% 20.9% 76 Source: Management projections and FactSet as of 6/21/18 Note: After-tax distributions is distribution from entity less attributable qualified dividends and gains on capital taxes. Note: Implied after-tax exchange ratio adjusted for average AM unitholder tax costs as provided by Management (refer to page 71). Exchange Ratio Exchange Ratio PF AMGP Coverage 1.000x 1.000x 1.000x 1.000x 1.000x PF AMGP Coverage 1.000x 1.000x 1.000x 1.000x 1.000x Status Quo AMGP: $0.29 $0.78 $1.11 $1.27 $1.49 $ Acc / (Dil):$0.29 $0.65 $0.64 $0.58 $0.41 Status Quo AM:$1.02 $2.39 $3.00 $3.29 $3.71 Pro Forma AMGP: $0.85 $2.13 $2.61 $2.76 $2.85 $ Acc / (Dil):($0.17) ($0.26) ($0.39) ($0.53) ($0.86) CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Transaction Tax Implications At Potential Counterproposal Average Tax Basis Calculation(1) Average tax basis of $23.27 per unit for public AM unitholders as of YE 2017 Antero Resourc es O ther Non-Public Unitholders Public Unitholders 90,841,730 8,028,605 94,757,401 $2.01 25.70 23.27 Total Active Units 193,627,736 Cash Consideration Required to Avoid Share Selling AM GP Share Pric e Exc hange Ratio Cash Consideration O ffer Pric e $19.11 1.700x $3.50 $35.99 AM GP Share Pric e Exc hange Ratio Cash Consideration O ffer Pric e $19.11 1.700x $3.50 $35.99 AM GP Share Pric e Exc hange Ratio Cash Consideration O ffer Pric e $19.11 1.700x $3.50 $35.99 Detail of Gains (per Unit) Average O rdinary Gain Average Capital Gain Detail of Gains (per Unit) Average O rdinary Gain Average Capital Gain Detail of Gains (per Unit) Average O rdinary Gain Average Capital Gain $3.37 9.35 $4.83 10.65 $6.56 8.92 Average Assumed Passive Ac tivity Loss (2) Tax on Gain (per Unit) Federal O rdinary Inc ome Tax Rate Individual M LP Investor Deduc tion Rate Adjusted O rdinary Tax Rate ACA Tax Federal Tax Rate Federal Capital Gains Tax Rate Effec tive State Tax Rate( 3) PAL Rate PAL Gain Deduc tion Average Assumed Passive Ac tivity Loss (2) Tax on Gain (per Unit) Federal O rdinary Inc ome Tax Rate Individual M LP Investor Deduc tion Rate Adjusted O rdinary Tax Rate ACA Tax Federal Tax Rate Federal Capital Gains Tax Rate Effec tive State Tax Rate( 3) PAL Rate PAL Gain Deduc tion ($1.08) ($1.46) Assumed Passive Ac tivity Loss( 3) ($2.00) Tax on Gain (per Unit) Federal O rdinary Inc ome Tax Rate Individual M LP Investor Deduc tion Rate Adjusted O rdinary Tax Rate ACA Tax Federal Tax Rate Federal Capital Gains Tax Rate Effec tive State Tax Rate( 3) PAL Rate PAL Gain Deduc tion 37.0% 20.0% 29.6% 3.8% 33.4% 23.8% 5.2% 37.0% 20.0% 29.6% 3.8% 33.4% 23.8% 5.2% 37.0% 20.0% 29.6% 3.8% 33.4% 23.8% 5.2% 37.0% ($0.40) 37.0% ($0.54) 37.0% ($0.74) Tax on O rdinary Gain Effective Ordinary Gain Tax Rate Tax on Capital Gain Effective Capital Gain Tax Rate State Tax O rdinary Inc ome( 4) Effective Ordinary Gain Tax Rate State Tax Capital Gain( 4) Effective Capital Gains Tax Rate $0.72 21.5% $2.23 23.8% $0.17 5.2% $0.48 5.2% Tax on O rdinary Gain Effective Ordinary Gain Tax Rate Tax on Capital Gain Effective Capital Gain Tax Rate State Tax O rdinary Inc ome( 4) Effective Ordinary Gain Tax Rate State Tax Capital Gain( 4) Effective Capital Gains Tax Rate $1.07 22.3% $2.54 23.8% $0.25 5.2% $0.55 5.2% Tax on O rdinary Gain Effective Ordinary Gain Tax Rate Tax on Capital Gain Effective Capital Gain Tax Rate State Tax O rdinary Inc ome( 4) Effective Ordinary Gain Tax Rate State Tax Capital Gain( 4) Effective Capital Gains Tax Rate $1.45 22.1% $2.12 23.8% $0.34 5.2% $0.46 5.2% Total Effective Tax Rate 28.4% Total Effective Tax Rate 28.5% Total Effective Tax Rate 28.3% Source: FactSet as of 6/21/18 and Wall Street research. (1) (2) (3) (4) Provided by management. Assumed passive activity loss and tax on ordinary gain for IPO investor utilizes company provided estimates based on a per unit basis range of $19.00-$22.00. Passive activity loss calculated to be $2.00 for an IPO investor. State tax rate determined by using a weighted average of 50 state income tax rates and median federal taxable income brackets for married and single filers. 78 Total Tax on Gain $4.38 Total Tax on Gain $4.41 Total Tax on Gain $3.61 Total Gain $15.48 Total Gain $15.48 Total Gain $12.72 Average EOY 2017 Tax Basis $20.51 Average EOY 2017 Tax Basis $20.51 Average EOY 2017 Tax Basis $23.27 For IPO Investor - IPO Basis(4) For IPO Investor - Average Basis( 1) For Average Unitholder Average EOY 2017 Basis for Public Unitholders $23.27 Average EOY 2017 Basis for IPO Investors $20.51 Unitholder Active Units EOY 2017 Basis CONFIDENTIAL DRAFT SUBJECT TO CHANGE

After-Tax Distribution For Average Unitholder Calculation Detail For Potential Counterproposal $391 $989 $1,222 $1,413 $1,642 EBITDA - Interest Expense EBITDA - Distributions from Unconsolidated Affiliates + Equity in Earnings of Unconsolidated Affiliates - Equity Based Compensation - Interest Expense - Depreciation of Goodwill and Current Assets - Additional Depreciation from Step Up in Basis - Capex Expense for Tangible Assets - Interest Expense Add-back $391 ($27) $27 ($23) (47) (386) (27) (133) 0 $989 ($88) $87 ($48) (108) (740) (179) (164) 0 $1,222 ($141) $119 ($41) (129) (674) (287) (176) 0 $1,413 ($168) $134 ($33) (146) (631) (281) (352) 0 $1,642 ($196) $157 ($35) (116) (619) (204) (352) 40 ($38) ($90) ($114) ($132) ($143) - IDR Distributions ($82) ($237) ($357) ($464) ($592) - Distributions from Unc onsolidated Affiliates ($27) ($88) ($141) ($168) ($196) + Equity in Earnings of Unc onsolidated Affiliates $27 $87 $119 $134 $157 - Equity Based Compensation ($23) ($48) ($41) ($33) ($35) Taxable Income Before NOLs ($224) ($251) ($108) ($64) $310 248 613 688 750 833 Taxable Income Before Tax Depreciation - NOLs applied from previous years $0 $0 $0 $0 ($248) O versubc ription 103% 103% 103% 103% 103% Taxable Income ($224) ($251) ($108) ($64) $62 AMGP Taxable Income + NOL Utilization - Payment of Income Taxes +/-Change in depreciation (MACRS vs ADS SL) + Tangible Asset Capex ($224) - - (8) 133 ($251) - - 32 164 ($108) - - 64 176 ($64) - - 16 352 $62 248 16 (35) 352 256 631 708 772 858 Taxable Income Before Tax Depreciation Tax Deprec iation (253) (588) (642) (648) (644) Net Income 3 43 66 124 214 Current Earnings & Profits Current Dist. from AMGP to Shareholders Qualified Dividend? Return of Capital(1) Qualified Dividend(2) Partial Return of Capital(3) Percentage RoC Percentage QD ($99) 322 RoC 322 - - 100% 0% ($55) 682 RoC 682 - - 100% 0% $132 883 Cum E&P - 132 751 85% 15% $304 1,064 Cum E&P - 304 760 71% 29% $611 1,279 Cum E&P - 611 669 52% 48% AM Shares Outstanding 188.1 188.1 188.1 188.1 188.1 Taxable Income / Unit (Net of PAL) $0.00 $0.00 $0.01 $0.02 $0.04 Average Tax Basis per Unit $23.27 $21.57 $19.61 $17.11 $14.35 Less: Return of Capital per Unit(1) Average EoY Basis per Unit ($1.70) ($1.96) ($2.50) ($2.76) ($2.96) $21.57 $19.61 $17.11 $14.35 $11.39 Income Tax Taxable Income / Unit (Net of PAL) $0.00 $0.00 $0.01 $0.02 $0.04 Tax Basis/Share - Return of Capital $30.58 ($0.61) $29.97 ($1.30) $28.67 ($1.43) $27.23 ($1.45) $25.78 ($1.28) Income Tax Rate 29.6% 29.6% 29.6% 29.6% 29.6% EoY Basis $30.27 $29.64 $28.31 $26.87 $25.46 Tax / Unit $0.00 ($0.00) ($0.00) ($0.01) ($0.01) Implied Tax Rate -% -% 3% 7% 11% Exchange Ratio 1.700x 1.700x 1.700x 1.700x 1.700x Source: Management projections and FactSet as of 6/21/18. 79 (1) (2) (3) Return of capital per share / unit calculated as the total distributions to holders when Current Earnings & Profits are less than 0. Qualified dividend calculated as equal to the lesser of Current Earnings & Profits or Distributions to Shareholder assuming Current Earnings & Profit is greater than 0. Partial Return of Capital is calculated as the difference between Distributions to Shareholders and Current Earnings & Profits assuming Qualified Dividends are applicable. PF After Tax AM Dividend X R Adjusted Share $0.76 $2.21 $2.76 $3.21 $3.68 After-Tax PF AMGP Dividend Per Share $0.44 $1.30 $1.62 $1.89 $2.16 After Tax AM Distibution Per LP Unit $0.86 $2.21 $2.85 $3.41 $4.09 Return of Capital Taxes $0.00 $0.00 $0.00 $0.00 $0.00 Qualified Dividend Taxes $0.00 $0.00 $0.06 $0.14 $0.28 Before Tax PF AMGP Dividend Per Share $0.44 $1.30 $1.68 $2.03 $2.44 Total Tax per Share $-$- $0.06 $0.14 $0.28 Income Taxes / Unit $0.00 $0.00 $0.00 $0.01 $0.01 Before Tax AM Distibution Per LP Unit $0.86 $2.21 $2.85 $3.42 $4.10 Shares Outstanding 524.4 524.4 524.4 524.4 524.4 PF AMGP After-Tax Dividend Calculation 2H 2018 2019E 2020E 2021E 2022E SQ AM After-Tax Distribution Calculation 2H 2018 2019E 2020E 2021E 2022E CONFIDENTIAL DRAFT SUBJECT TO CHANGE

After-Tax Distribution Accretion / (Dilution) At 1.700x Exchange Ratio and Various Cash Considerations | AR Base Case AM Accretion / (Dilution) - % At 1.700x Exchange Ratio 0.1% AMGP Accretion / (Dilution) - % 89.8% 91.6% (3.0%) (5.8%) 58.5% 41.9% 27.2% (16.9%) 2H 2018E 2019E 2020E 2021E 2H 2018E 2019E 2020E 2021E 2022E ro Forma AMGP: $0.44 $1.30 $1.62 $1.89 $2.16 Accretion / (Dilution) Analysis at Various XRs Accretion / (Dilution) Analysis at Various XRs Cash Consid. / Unit Potential Counterproposal XR Cash Consid. / Unit (1) Potential Counterproposal XR 2H 2018E 2019E 2020E 2021E 2H 2018E 2019E 2020E 2021E 2022E 80 Source: Management projections and FactSet as of 6/21/18. (1) Assumes cash consideration is used to pay taxes. $3.50 1.700x 89.8%91.6%58.5%41.9%27.2% $4.00 $4.50 1.700x 1.700x 89.0%91.0%58.5%41.8%26.9% 88.2%90.3%58.4%41.8%26.6% $3.50 1.700x (16.9%)0.1%(3.0%)(5.8%) $4.00 $4.50 1.700x 1.700x (17.3%)(0.2%)(3.0%)(5.9%) (17.6%)(0.5%)(3.1%)(5.9%)(10.5%) Cash Consideration (10.1%) 2022E P At Potential Counterproposal 2022E (10.1%) (10.3%) Cash Consideration PF AMGP Coverage 1.318x 1.223x 1.159x 1.144x 1.100x PF AMGP Coverage 1.318x1.223x1.159x1.144x1.100x Status Quo AMGP: $0.23 $0.68 $1.03 $1.33 $1.70 $ Acc / (Dil):$0.21 $0.62 $0.60 $0.56 $0.46 Status Quo AM:$0.91 $2.21 $2.85 $3.41 $4.09 Pro Forma AMGP: $0.76 $2.21 $2.76 $3.21 $3.68 $ Acc / (Dil):($0.15) $0.00 ($0.09) ($0.20) ($0.41) CONFIDENTIAL DRAFT SUBJECT TO CHANGE

After-Tax Distribution Accretion / (Dilution) At 1.700x Exchange Ratio and Various Cash Considerations | AR Downside Volumes Case AM Accretion / (Dilution) - % At 1.700x Exchange Ratio AMGP Accretion / (Dilution) - % (3.6%) 97.6% (8.4%) 71.1% 66.2% (12.6%) 46.6% 31.9% (19.3%) 2H 2018E 2019E 2020E 2021E 2H 2018E 2019E 2020E 2021E 2022E ro Forma AMGP: $0.41 $1.10 $1.46 $1.60 $1.76 Accretion / (Dilution) Analysis at Various XRs Accretion / (Dilution) Analysis at Various XRs Cash Consid. / Unit (1) Potential Counterproposal XR Cash Consid. / Unit Potential Counterproposal XR 2H 2018E 2019E 2020E 2021E 2H 2018E 2019E 2020E 2021E 2022E 81 Source: Management projections and FactSet as of 6/21/18. (1) Assumes that cash consideration is used to pay taxes. $3.50 1.700x 97.6%71.1%66.2%46.6%31.9% $4.00 $4.50 1.700x 1.700x 96.7%70.4%66.2%46.6%32.7% 95.8%69.8%66.3%46.6%33.6% $3.50 1.700x (19.3%)(12.6%)(3.6%)(8.4%) $4.00 $4.50 1.700x 1.700x (19.7%)(13.0%)(3.6%)(8.4%) (20.1%)(13.3%)(3.6%)(8.3%)(11.2%) Cash Consideration (12.3%) 2022E P At Potential Counterproposal 2022E (12.3%) (11.7%) Cash Consideration PF AMGP Coverage 1.318x 1.223x 1.159x 1.144x 1.100x PF AMGP Coverage 1.318x1.223x1.159x1.144x1.100x Status Quo AMGP: $0.21 $0.64 $0.88 $1.09 $1.33 $ Acc / (Dil):$0.20 $0.46 $0.58 $0.51 $0.42 Status Quo AM:$0.86 $2.14 $2.58 $2.96 $3.41 Pro Forma AMGP: $0.69 $1.87 $2.48 $2.72 $2.99 $ Acc / (Dil):($0.17) ($0.27) ($0.09) ($0.25) ($0.42) CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Certain TPH Relationships Relationship Disclosure TPH Investment Banking & Antero Midstream Partners, Antero Midstream Partners GP and Antero Resources In May 2017, TPH served as co-manager on Antero Midstream GP’s $875 million initial public offering In October 2016, TPH served as financial advisor to Antero Resources on its $170 million sale of 17,000 net acres in southwest PA In June 2016, TPH served as a co-manager on Antero Resources’ $762 million follow-on equity offering In November 2014, TPH served as a co-manager on Antero Midstream’s $1 billion initial public offering In May 2014, TPH served as a senior co-manager on Antero Resources’ $744 million follow-on equity offering In October 2013, TPH acted as senior co-manager on Antero Resources’ $1.57 billion initial public offering 82 TPH is a full service securities firm engaged in securities trading, brokerage and private equity and investment management activities as well as providing investment banking and other financial services. In the ordinary course of business, TPH and its affiliates, including Perella Weinberg Partners, may acquire, hold or sell, for their own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of AM, AMGP, AR, their affiliates, other prospective transaction participants and other companies that may be involved in the transactions, as well as provide investment banking and other financial services to such companies. TPH has in the past and may in the future provide financial advisory services to AM, AMGP, AR and other transaction participants. In addition, TPH, its affiliates and certain of their employees, including members of the team performing this engagement, as well as certain private equity and investment management funds associated or affiliated with TPH in which they may have financial interests, may from time-to-time acquire, hold or make direct or indirect investments in or otherwise finance a wide variety of companies, including the parties, other transaction participants and their respective affiliates. TPH merged with Perella Weinberg Partners (“PWP”) in November 2016 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Contribution Analysis | Status Quo AM & AMGP Supplemental Calculation | AR Base Case AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow) I DR DCF (-) Series B Payment (-) G&A Expenses (-) Cash Taxes (+) Tax Shield from Series B Depreciation $122 (2) (2) (16) --$206 (7) (2) (34) 6 $337 (12) (2) (56) 6 $430 (20) (2) (85) 6 $526 (26) (2) (110) 6 $628 (34) (2) (141) 6 Pre-Series B HoldCo DCF $102 $169 $272 $330 $394 $457 Seres B A djustment Add Back (1 - Tax Rate) of Series B to HoldCo DCF Tax Rate 2 25.3% 5 25.3% 9 25.3% 15 25.3% 19 25.3% 25 25.3% AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow I DR DCF (-) G&A Expenses Tax able Cash Flow (-) Cash Taxes (+) Tax Shield from Series B Depreciation $122 (2) $120 (30) --$206 (2) $204 (52) 6 $337 (2) $335 (85) 6 $430 (2) $428 (108) 6 $526 (2) $524 (133) 6 $628 (2) $626 (159) 6 Post-Tax Total IDR DCF $90 $158 $256 $326 $397 $473 Tax Rate 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 84 Source: Management projections. FactSet as of 6/21/18. Implied X R 3.670x 2.648x 2.192x 2.036x 1.931x 1.855x AM DCF / LP Unit $1.61 $2.05 $2.74 $3.24 $3.75 $4.29 A MGP Contribution DCF $90 $158 $256 $326 $397 $473 A MGP Shares Outstanding (includes 18.5mm Series B) 204.7 204.7 204.7 204.7 204.7 204.7 DCF / Share $0.44 $0.77 $1.25 $1.59 $1.94 $2.31 2017 2018 2019 2020 2021 2022 A MGP Shares Outstanding (includes 18.5mm Series B) 204.7 204.7 204.7 204.7 204.7 204.7 DCF / Share $0.50 $0.85 $1.38 $1.68 $2.02 $2.36 AM DCF / LP Unit $1.61 $2.05 $2.74 $3.24 $3.75 $4.29 Implied X R 3.193x 2.408x 1.994x 1.926x 1.858x 1.820x A MGP Contribution DCF $103 $174 $282 $344 $413 $483 2017 2018 2019 2020 2021 2022 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Contribution Analysis | Status Quo AM & AMGP Supplemental Calculation | AR Downside Volumes Case AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow) I DR DCF (-) Series B Payment (-) G&A Expenses (-) Cash Taxes (+) Tax Shield from Series B Depreciation $122 (2) (2) (16) --$205 (7) (2) (34) 6 $273 (12) (2) (53) 6 $390 (17) (2) (73) 6 $448 (21) (2) (90) 6 $529 (26) (2) (110) 6 Pre-Series B HoldCo DCF $102 $168 $212 $304 $340 $396 Seres B A djustment Add Back (1 - Tax Rate) of Series B to HoldCo DCF Tax Rate 2 25.3% 5 25.3% 9 25.3% 12 25.3% 16 25.3% 19 25.3% AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow I DR DCF (-) G&A Expenses Tax able Cash Flow (-) Cash Taxes (+) Tax Shield from Series B Depreciation $122 (2) $120 (30) --$205 (2) $203 (51) 6 $273 (2) $271 (69) 6 $390 (2) $388 (98) 6 $448 (2) $446 (113) 6 $529 (2) $527 (133) 6 Post-Tax Total IDR DCF $90 $158 $209 $295 $339 $399 Tax Rate 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 85 Source: Management projections. FactSet as of 6/21/18. Implied X R 3.670x 2.651x 2.360x 2.095x 2.013x 1.929x AM DCF / LP Unit $1.61 $2.04 $2.40 $3.02 $3.33 $3.76 A MGP Contribution DCF $90 $158 $209 $295 $339 $399 A MGP Shares Outstanding (includes 18.5mm Series B) 204.7 204.7 204.7 204.7 204.7 204.7 DCF / Share $0.44 $0.77 $1.02 $1.44 $1.66 $1.95 2017 2018 2019 2020 2021 2022 A MGP Shares Outstanding (includes 18.5mm Series B) 204.7 204.7 204.7 204.7 204.7 204.7 DCF / Share $0.50 $0.85 $1.08 $1.55 $1.74 $2.03 AM DCF / LP Unit $1.61 $2.04 $2.40 $3.02 $3.33 $3.76 Implied X R 3.193x 2.413x 2.228x 1.955x 1.916x 1.854x A MGP Contribution DCF $103 $173 $221 $316 $356 $415 2017 2018 2019 2020 2021 2022 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Supplemental Calculation Detail | AMGP Proposal Pro Forma AMGP DCF Analyses | Exchange Ratio Adjusted Implied Equity Value | AR Base Case Levered DCF Analysis Supplemental Calculation Detail Discounted Distribution Analysis Supplemental Calculation Detail PF AM GP DCF per Share Disc ount Fac tor PV of PF AM GP DCF per Share $0.63 0.953 $0.60 $1.69 0.866 $1.46 $2.06 0.787 $1.62 $2.44 0.716 $1.75 $2.82 PF AM GP Dist. per Share Disc ount Fac tor PV of PF AM GP Dist.per Share $0.48 0.953 $0.45 $0.89 0.866 $0.77 $1.35 0.787 $1.06 $1.75 0.716 $1.25 $2.23 Terminal M ultiple Terminal Disc . Fac tor 12.0x 0.683 Terminal Yield Terminal Disc . Fac tor 6.0% 0.683 88 Source: Management projections and FactSet as of 6/21/18. Implied Terminal Value per Share $23.09 Implied Equity Value per Share $28.52 XR Adj. AM Equity Value per Share $45.64 Implied Terminal Value per Share $25.38 Implied Equity Value per Share $28.92 XR Adj. AM Equity Value per Share $46.27 Disc . PF AM GP DCF Total $5.43 Disc . PF AM GP Dist. Total $3.54 2H 2018E 2019E 2020E 2021E 2022E 2H 2018E 2019E 2020E 2021E 2022E CONFIDENTIAL DRAFT SUBJECT TO CHANGE

After-Tax Distribution For AMGP Shareholder Supplemental Calculation AM GP Taxable Inc ome (-) Less Inc ome Taxes $79 ($19) $226 ($56) $339 ($85) $440 ($110) $560 ($141) Current Earnings & Profits $59 $170 $254 $330 $419 Current Dist. from AM GP to Shareholders $57 $166 $250 $326 $415 Qualified Dividend ? QD QD QD QD QD (1) Full Return of Capital Amt (RoC) $0 $0 $0 $0 $0 (2) Qualified Dividend Partial RoC (3) $57 $0 $166 $0 $250 $0 $326 $0 $415 $0 Accumulated E&P Perc entage RoC Perc entage QD 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% Shares O utstanding 186.2 186.2 186.2 186.2 186.2 Tax Basis / Share (-) Return of Capital $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 EOY Basis $0.00 $0.00 $0.00 $0.00 $0.00 RoC Taxes QD Taxes $0.00 $0.07 $0.00 $0.21 $0.00 $0.32 $0.00 $0.42 $0.00 $0.53 Im plied Tax Rate 23.8% 23.8% 23.8% 23.8% 23.8% Source: Management projections and FactSet as of 6/21/18. (1) (2) (3) Return of capital per share / unit calculated as the total distributions to holders when Current Earnings & Profits are less than 0. Qualified dividend calculated as equal to the lesser of Current Earnings & Profits or Distributions from AMGP to Shareholders assuming Current Earnings & Profit is greater than 0. Partial Return of Capital is calculated as the difference between Distributions from AMGP to Shareholders and Current Earnings & Profits assuming Qualified Dividends are applicable. 89 ATAX AM GP Dist. Per Share $0.23 $0.68 $1.03 $1.33 $1.70 Total Tax per Share $0.07 $0.21 $0.32 $0.42 $0.53 BTAX AM GP Dist. Per Share $0.31 $0.89 $1.35 $1.75 $2.23 2H 2018 2019E 2020E 2021E 2022E SQ AM GP After-Tax Distribution Calculation CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Precedent Simplification Transactions 5/17/18 3/26/18 1/2/18 2/1/17 11/21/16 10/24/16 9/6/16 5/30/16 11/3/15 10/26/15 7/13/15 5/6/15 4/6/15 1/26/15 6/15/14 10/13/14 8/10/14 8/10/14 7/24/14 10/10/13 8/27/13 5/6/13 1/29/13 2/23/11 Williams Companies Tall Grass Energy GP, LP Arc hroc k, Inc O NEO K, Inc Sunoc o Logistic s Partners, LP Americ an M idstream Partners LP Enbridge, Inc . SemGroup Corp. Targa Resourc es Corp. Western Refining, Inc . M PLX LP Crestwood Equity Partners, LP Tesoro Logistic s LP Energy Transfer Partners, LP Williams Partners LP Targa Resourc es Partners LP Kinder M organ Inc . Kinder M organ Inc . Breitburn Energy Partners Regenc y Energy Partners LP Plains All Americ an LP Inergy M idstream LP Kinder M organ Energy Partners LP Enterprise Produc ts Partners LP Williams Partners, LP Tallgrass Energy Partners, LP Arc hroc k Partners, LP O NEO K Partners, LP Energy Transfer Partners, LP JP Energy Partners LP Spec tra Energy Rose Roc k M idstream Targa Resourc es Partners LP Northern Tier Energy M arkWest Energy Partners, LP Crestwood M idstream Partners QEP M idstream Partners LP Regenc y Energy Partners LP Ac c ess M idstream Partners LP Atlas Pipeline Partners LP Kinder M organ Energy Partners El Paso Pipeline Partners QR Energy LP PVR Partners LP PAA Natural Gas Storage LP Crestwood M idstream Partners LP Copano Energy LLC Dunc an Energy Partners LP $57,793 $8,361 $2,438 $23,654 $54,455 $476 $46,980 $2,034 $12,229 $5,286 $22,360 $6,920 $1,145 $18,593 $35,891 $6,002 $52,566 $13,677 $2,856 $5,659 $2,531 $2,643 $4,858 $3,282 8.8% 4.6% (11.8%) 2.8% (4.1%) 5.0% (0.8%) 12.9% (7.3%) 2.6% (13.6%) (2.0%) (16.0%) (14.8%) 11.8% (8.1%) (11.3%) (9.1%) 12.5% (0.5%) (5.9%) 5.5% (13.8%) 0.8% 12.6% 8.8% 0.5% 7.1% 0.7% 5.0% 2.4% 10.2% (1.8%) 10.1% (10.9%) 3.1% (21.8%) (15.1%) 2.4% (14.2%) (6.7%) (4.8%) 16.3% (4.7%) 4.8% (0.7%) (23.3%) 1.3% 14.4% 5.7% 5.7% 10.6% 2.1% --4.1% 7.4% 1.6% 0.0% (10.0%) 6.9% (16.2%) (8.1%) 2.7% (15.9%) (4.8%) 2.7% 34.0% (5.8%) 3.8% (5.6%) (20.3%) (1.5%) 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 35.4% 92.4% 100.0% 100.0% 98.8% 100.0% 96.7% 88.0% 88.0% 80.7% 99.0% 100.0% 96.2% 100.0% 100.0% ---- ---- ---- ---- --$17.50 $6.20 ---- $0.32 --$1.26 $10.77 $4.65 $4.29 $0.29 --$1.03 ---- 92 Source: Company filings, Wall Street Research Note: Accretion Dilution represents Target DCF pro forma for Acquirer Exchange Ratio (grossed up for cash consideration where applicable) AMGP ProposalAntero Midstream GP LPAntero Midstream Partners LP$10,306(1.6%)1.9%4.3%100.0%--Potential Counterproposal Antero Midstream GP LPAntero Midstream Partners LP$11,256(1.6%)2.3%5.0%100.0%--M edian $6,002 (1.4%) 1.0% 2.1% 100.0% $2.77 M ean $15,934 (2.2%) (0.8%) 0.6% 95.0% $3.60 I Cash Consideration H % Equity Consideration G FY + 3 Ac c retion F FY + 2 Ac c retion E FY + 1 Ac c retion D Transac tion Value C Target B Ac quiror A Announc ement Date CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Selected Energy Precedent Transactions (USD in millions, except per unit (share) data) 4/26/2018 SJW Group California Water Service Group $1,879 20% 29% 2/5/2018 8point3 Energy Partners LP Capital Dynamics AG $2,654 (11%) (17%) 8/29/2017 Arc Logistics Partners LP Zenith Energy US LP $615 15% 13% 7/19/2017 Avista Corp Hydro One Ltd $5,282 24% 20% 1/25/2017 WGL Holdings Inc AltaGas Ltd $6,602 12% 13% 6/3/2016 Talen Energy Corp Riverstone Holdings LLC $5,045 17% 21% 2/1/2016 Questar Corp Dominion Resources Inc $6,088 23% 28% Fairfax Financial Holdings; Management; ACON Investments; Albright Capital Management 10/26/2015 APR Energy plc (66.1246%) $737 (2%) 159% 8/24/2015 AGL Resources Inc Southern Co $12,401 38% 40% Macquarie Group; Manulife Financial; British Columbia Investment Management 10/20/2014 Cleco Corp $4,709 15% 1% 4/30/2014 Pepco Holdings Inc Exelon Corp $12,107 20% 35% 11/19/2013 Coastal Energy Co Compania Espanola de Petroleos SA - CEPSA $2,182 28% 1% 4/8/2013 Lufkin Industries Inc General Electric Co $3,320 38% 30% 12/5/2012 McMoRan Exploration Co Freeport-McMoRan Copper & Gold Inc $2,430 74% 18% 10/17/2011 Brigham Exploration Co Statoil ASA $4,667 20% 19% 8/29/2011 Venoco Inc Private Investor (Timothy M. Marquez) $400 39% (2%) 6/23/2011 Central Vermont Public Service Corp Gas Metro $670 2% 51% 4/15/2011 Bronco Drilling Co Inc Chesapeake Energy Corp $324 6% 14% 8/9/2010 Superior Well Services Inc (92.4%) Nabors Industries Ltd $844 21% 26% 11/1/2009 Encore Acquisition Co Denbury Resources Inc $4,665 35% 36% 7/28/2008 EnergySouth Inc Sempra Energy $731 23% 24% Source: Dealogic as of 6/21/2018. Note: Excludes MLPs and transactions without publicly available premiums data. Based on deals involving U.S. targets with deal value greater than $250MM, target general industry group defined as oil & gas or utilities & energy, announce date since 2008, acquirer final stake > 90% and 100% cash consideration. (1) Niska units were trading at $1.21 / unit for a market capitalization of $50MM at the time of the transaction, net debt of $726MM and LTM EBITDA of ($25.4MM). 93 Median$2,98721%24% Mean4,31029%34% 9/15/2009Parallel Petroleum CorpApollo Global Management LLC$48211%66% 3/3/2010Southwest Water CoJP Morgan Asset Management; Water Asset Management$42756%84% 11/9/2010Atlas Energy IncChevron Corp$4,67237%42% 4/20/2011DPL IncAES Corp$4,6789%15% 7/15/2011Petrohawk Energy CorpBHP Billiton Ltd$15,10865%62% 9/12/2011Global Industries LtdTechnip SA$1,07355%129% 12/21/2011WCA Waste CorpMacquarie Infrastructure Partners II$53330%62% 1/7/2013EnergySolutions IncEnergy Capital Partners LLC$95721%34% 5/29/2013NV Energy IncBerkshire Hathaway Inc$10,42320%11% 12/11/2013UNS Energy CorpFortis Inc$4,34730%22% 9/29/2014Athlon Energy IncEnCana Corp$6,83425%26% 6/14/2015Niska Gas Storage Partners LLC(1)Brookfield Infrastructure Partners LP$985223%111% 9/4/2015TECO Energy IncEmera Inc$10,39131%27% 10/26/2015Piedmont Natural Gas Co IncDuke Energy Corp$6,57942%53% 2/9/2016Empire District Electric CoAlgonquin Power & Utilities Corp$2,37121%23% 8/22/2016CST Brands IncAlimentation Couche-Tard Inc$4,4092%7% 2/21/2017Delta Natural Gas Co IncPNG Companies LLC$26017%14% 8/18/2017Calpine CorpEnergy Capital Partners; Access Industries ; CPPIB$17,38913%8% 12/12/2017Fairmount Santrol Holdings IncSCR Sibelco NV$1,91814%23% 4/23/2018Vectren CorpCenterPoint Energy Inc$8,09410%15% Announcement Transaction Premium Date Target Acquiror Value ($MM) 1-Day 1-Month 5/23/2018Babcock & Wilcox Enterprises IncSteel Partners Holdings LP$72315%21% CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AR Historical and Projected Taxes Assumptions AR Federal & State NOL Carryforwards NOL Other DTL Net DTL ~$3.0 billion of U.S. federal NOLs that expire at various dates from 2024 through 2037 $772 $45 Significant increase in NOLs due to expensing of IDCs in 2017 ahead of 80% utilization limitation imposed by 2017 JOBS tax reform ~$2.3 billion of state NOLs that expire at various dates from 2024 through 2037 Tax shields eliminate cash taxes entirely through 2021 ($1,911) 2015A 2013A 2014A 2016A 2017A Historical AR Tax Assets & Liabilities NOL Valuation Sensitivity(1) Federal State 2018 2023 2028 2033 2038 0% 5% 10% 15% 20% 2013A 2014A 2015A 2016A 2017A 94 Source: Management Projections, Company Filings. (1) NOL carryforward allocated straight line over utilization period. $1,000 $1,300 $1,100 $1,000 $1,400 $1,200 $1,500 $1,400 $3,000 $2,300 Discount Rate $728$728$728$728$728 $728$570$447$350$274 $728$452$280$174$108 $728$362$180$89$44 $728$292$117$47$19 Utilization Period $440 $439 $540 $529 $728 $522 $19 $495 $33 $450 ($10) $432 $7 ($348) ($795) ($1,371) ($950) ($780) ($787) ($1,234) ($1,479) ($1,552) CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Management Projections: Assumptions General Assumptions Commodity Prices | NYMEX Strip 5-year plan lateral length averages 11,500’ Price Decks for AR Base Volumes Case & AR Downside Volumes Case AR Downside Pricing at Base Volumes Case Currently running 5 rigs in Marcellus and 1 in Utica; complete ~790 wells from 2018 to 2022 Achieve production target of 5.2 Bcfe/d by 2022 Realized NGL (Y-Grade) ($/BBl) HHub ($/MMBtu) 3 AR Cases: i) AR Base Case, ii) AR Downside Pricing at Base Volumes Case, and iii) AR Downside Volumes Case $40.14 $2.89 Description of downside cases: $39.28 $2.85 $2.83 $2.81 $2.82 $38.47 “AR Downside Pricing at Base Volumes Case” $37.44 $2.50 natural gas / $50 oil pricing on “AR Base Volumes Case” production $36.95 “AR Downside Volumes Case” $35.54 $35.52 $35.50 $35.45 $2.50 $2.50 $2.50 $2.50 Production CAGR of 15% through 2022 vs. “AR Base Volumes Case” production GAGR of 18%. Utilizes “AR Base Volumes Case” pricing $500MM in new debt issued in 2018, 2019, 2020, and 2022 Issued at 5.0% interest rate 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E 500M additional units issued in Q3 2018 related to vesting of management options 5-year identified project inventory of $2.7B plus an additional $1.0B of potential downstream opportunities ~$500MM of capital efficiencies captured from new AR development plan and AM infrastructure plan Utilizes two cases for analysis AR Development Plan | Wells Completed / Year Highly-Rich Gas Condensate Highly-Rich Gas Rich Gas Condensate Highly Rich Gas / Condensate Dry Gas 165 AR Downside V mes Case 16 160 AR Base Case olu 155 8 9 145 8 9 8 2 AR Base Volumes Case (“AR Base Case”) AR Downside Volumes Case 3 11635 165 17 164 160 19 145 155 155 3 9 3 33 3 5 3 3 6 59 96 6 3 Series B units receive distributions equal to 6% of GP distributions in excess of $7.5 million every quarter Corporate incomes taxes of 21% and 4% of federal and state taxes, respectively 2 2019E 2020E 202 Status Quo distribution policy remains at 1.00x throughout projection period Pro forma distribution policy based on management projections Pro forma 4-year distribution coverage as follows: 2019 – 1.31x, 2020 – 1.16x, 2021 – 1.11x, and 2022 – 1.05x 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E 96 Source: Management projections. AMGP 145 135 20 9 111 23 19 116 65 106 2 14 21 18 81 20 E 73 67 20 14 13 9 5 8 8 8 31 2 13031 17 19 3 13 96 101 106 14 106 018E 68 59 30 57 55 33 30 14 AM AR CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Management Projections: AR Base Volumes Case AR ($ in millions, unless otherwise noted) Production Volumes (MMcfe/d) EBITDAX(1) Gas NGLs (excl. Ethane) Ethane Oil EBITDAX (Excl. Hedges) Income from Hedges LP Distributions from AM $2,728 5,194 105 8 $405 87 05 342 $338 $219 $282 2,253 $170 $585 261 56 1,847 261 40 $1,4$016,250 $1,250$464 173 $112 31 173 $135 $2 6 2016 2017 2018 2019 2020 2021 2022 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2016A 2017A 2018E 2019E 2020E 2021E 2022E Capital Expenditures Free Cash Flow(2) Free Cash Flow Cumulative FCF DrillingLeasehold Acquisition & Maintenance Acquisitions $2,112 $2,216 12 $1,615 $1,684 $1$,18,56460 ,660 $1,102 $519 9 $792 589 2016 2017 2018 20192020 2021 2022 2018A 2019A 2020E 2021E 2022E 2016A 2017A 2018E 2019E 2020E 2021E 2022E Source: Management projections, Company Filings. (1) AM fully consolidated in SEC financial statement. (2) Free cash flow net of land maintenance capital. 97 $19 $500 $513 $273 $310 $588 $2,216 $1,854 $1,780 $1,850 ,1 $105$2 0 $2,00$72 $163 1,85 $1,780 $ $103 $1,747$ $163 $1 $1, 684$81 $1,699 $588 $238 $164 $149 $95 ,$51,1589 $238 1$,14,55211 $1,464 $164 $$11,,446542 Cumulative Free Cash Flow 2018E-2022E Base Case $1,615 Downside Pric ing Case $184 Downside Case $909 $2,305 $2, 72 $2,086$2,100 $2 $338 0 ,305 $35 $4 $ $2,288 $1,774 $1,7 $ $219 2,08 6$ $282 2,10 $37 $1,93$01 74 $224 $1,406 $170 $1,594$ 3 $112 4$01,283$ $1,003 $135 $1,140 $214 03 $901 $290 4,545 4,545 5,194 471 1 05 471 974 33,,994455 402 402 87 834 3,33,33030 342 7700 3,644 3,644 2022 771122 2,702 2,70256 282686 5599 3,222 3,222 2021 603 603 2,822 2,822 2020 1,8472,253 2,382 2,382 2019 465 105 40 7 419 1,92 1,920 2018 332 31 105 1,6 1,620 201 1,3 1,379 201 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Management Projections: AR AR Downside Pricing at Base Volumes Case ($ in millions, unless otherwise noted) Production Volumes (MMcfe/d) EBITDAX(1) GasNGLs (excl. Ethane) Ethane Oil EBITDAX (Excl. Hedges) Income from Hedges LP Distributions from AM 5,194 5,194 105 4,545 87 $2,728 $2,263 402 05 7700 $2,100 $405 6 $1,7 $219 $282 261 56 $170 261 40 $1,4$016,250 $1,250$464 173 1,847 40 $112 31 $135 31 3 $817 6 2016 2017 2018 2019 2020 2021 2022 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2016A 2017A 2018E 2019E 2020E 2021E 2022E Capital Expenditures Free Cash Flow(2) Free Cash Flow (Net of Land Maintenance Capex) Cumulative FCF DrillingLeasehold Acquisition & Maintenance Acquisitions $2,112 $2,216 12 $1,684 $1$,18,56460 ,660 9 589 $317 $182 $184 ($20) 2020E 2 2018A 2019A 2021E 2022E 2016A 2017A 2018E 2019E 2020E 2021E 2022E Source: Management projections, Company Filings. (1) AM fully consolidated in SEC financial statement. (2) Free cash flow net of land maintenance capital. 98 $19 $298 $297 ($115) $588 $2,216 $1,854 $1,780 $1,850 ,1 02 $105$2 0 $2,00$72 2 $163 1,85 2021 $1,780 202 $ $103 $1,747$ 0 $163 $1 2 $1, 20 684$81 $1,699 19 $588 $238 $164 $149 $95 ,$51,1589 018 $238 1$,14,55211 2017 $1,464 $164 $$11,,446542 2016 Cumulative Free Cash Flow 2018E-2022E Base Case $1,615 Downside Pric ing Case $184 Downside Case $909 $2,305 $1,886$2,08 $1,811$1,889 $1,774$338 $4 $ 74$219 $338 $1,406 $170 $282 $155 $2 $1,703 $851 $388 $128 $1 $1,422 $112 $1,003 $135 $1,140 $ $1,141 $214 03 $901 40$ $291 4,545 471 1 05 471 974 33,,994455 402 87 834 3,33,33030 334422 3,644 3,644 2022 771122 2,702 2,2532,70256 282686 5599 3,222 3,222 2021 603 603 2,822 2,822 2020 1,8472,253 2,382 2,382 2019 465 105 173 7 419 1,92 1,920 2018 332 105 1,6 1,620 201 1,3 1,379 201 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Management Projections: AR Downside Volumes Case AR ($ in millions, unless otherwise noted) Production Volumes (MMcfe/d) EBITDAX(1) Gas NGLs (excl. Ethane) Ethane Oil EBITDAX (Excl. Hedges)Income from HedgesLP Distributions from AM 5,194 4,505105 4,545 471 $2,728 89 $405 $2,305 $2,100 $2,086 $1,774 $1,786 $338 712 $1,77$41,669 $219 $282 $1,537 $1,520 2,253 $170 $201 261 56 1,847 261 40 $1,4$016,252 $1,250$464 173 $112 31 173 $135 $2 31 $1 3 6 2016 2017 2018 2019 2020 2021 2022 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2016A 2017A 2018E 2019E 2020E 2021E 2022E Capital Expenditures Free Cash Flow(2) Free Cash Flow (Net of Land Maintenance Capex) Cumulative FCF DrillingLeasehold Acquisition & Maintenance Acquisitions $2,216 12 $588 $909 $769 $608 $47 2016 2017 201820192020 2021 2022 2018A 2019A 2020E 2021E 2022E 2016A 2017A 2018E 2019E 2020E 2021E 2022E Source: Management projections, Company Filings. (1) AM fully consolidated in SEC financial statement. (2) Free cash flow net of land maintenance capital. 99 $20 $589 $655 $588 $2,216 $1,854 $2,1 $163 $1$,18,56460 $1,850 $1,780 $238 $164 $1$61349 $1,660$1,6$814,443 $1,494 $238 1$,14,55211 $1,464 $164 $$11,,446542 $1,251 $1,179 $81 589 $1,362 $105 $2 $1,388 $103 9$ $1,148 $95 ,511 $1,084 Cumulative Free Cash Flow 2018E-2022E Base Case $1,615 Downside Pric ing Case $184 Downside Case $909 $1,406 $170 $326 $244 $285 $851 $ $112 $388 $155 $1,305 $1,003 $135 $1,140 $128 $1,107 $214 $ $905 03 $902 $616 $291 4,046 3,945402 87 452 3,605 3,330342 70 392 82 876 3,121 2,702286 59 331 58 834 756 648 2,70256 259 47 3,644 3,087 2022 3,222 2,816 2021 534 1,8472,253 2,822 2,568 2020 465 105 40 7 2,382 2,281 2019 419 1,92 1,920 2018 332 105 1,6 1,620 201 1,3 1,379 201 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Management Projections: AR Base Volumes Case AM ($ in millions, unless otherwise noted) Operations & EBITDA Low Pressure (Bcf/d) | Water Handling (MBbls/d) Capital Expenditures Gathering & Compression Water Handling Earn-out payment Stonewall MPLX JV Low Pressure Water Delivery Produced Water EBITDA $1,292 $491 $1,460 $925 $1,642 $1,081 $1, $1,642 413 $176 $1,413 $1,222 $1,222 $989 $989 $730 $730 7 $529 $404 $529 6 404 $81 5 $14 4 4 $220 6A 4 3.1 2.7 2018E 2019E 2020E 2.0121E 2022E 2016A 2017A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 0.8 1.1 1.2 1.5 DCF20a17nA d Distrib20u18tEions per20U19nE it 2022E Distribution Breakdown 016A 2020E 2021E2018E – 2022E CAGR LP DCF per Unit LP Distributions per Unit AM LPs AMGP (IDRs) Series B Uni ts $4.29 $3.75 $4.29 $3.24 $3.75 -% 1% 1% 2% 2% 2% 2% $2.74 $4.10 % $2.05 $3.42 $3.24 $2.21 $4.10 $1.61 $1.49 $2.85 $3.42 $2.76 $1.72 $1.33 $1.03 $2.07 $2.85 2019E 20$1.61 $1.49 16A2017A 2018$E2.21 2020E 2021E 2022E 8%/2$91%.72 27%/29%34%/29% 18%/29% 16%/20% 14%/20% Growth(1) $1.33 1.76x 1.33x 1.27x1.31x 1.16x 1.11x 1.05x Rat$io1(2.) 03 16A 2016A 2017A 2018E 2019E 2020E 2021E 2022E Source: Management Projections, Company Filings. Note: Operational volumes based on annual average volumes. (1) YoY growth of LP DCF per unit and LP distributions per unit respectively. (2) Coverage ratio calculated as total DCF over total distributions. 100 YoY Coverage Total LP DCF$353$299$385$516$609$705$807 Tota2l0L1P6A 2017A 2018E 2019E 2020E 2021E 2022E Distributions$269$246$323$416$536$643$771 8% - % 1 22% 7A 1% 29% 30% E 2% 34% 36% 2% 38% 39% 2% 40% 41% 2 2% 41% 42% 92% 20 78% 201 68% 69% 2018 63% 64% 2019E 59% 60% 2020E 57% 58% 2021E 55% 57% 022E 20% 24% 6 261 6.9 243 220 205 5. 178 4.7 1 154 4. 124 3.5 107 94 2.8 1 2.2 73 1.7 52 1.4 40 41 29 $266 7 $491 $214 $266 $164 $815 $1,108 $2 $6$41265 $125 $164 $86 $719 $169 $176 $684 $9$2430 $611 $124 $2 $44 $214 $125 $125 $110 $186 $349 $75 $169 $352 $416 2019E $3$2926 2 $188 .4 $381 2018E $349 2017A 20 $92 $322 2020E 22$E229 $222801 02$12E20 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Management Projections: AR Downside Volumes Case AM ($ in millions, unless otherwise noted) Operations & EBITDA Low Pressure (Bcf/d) | Water Handling (MBbls/d) Capital Expenditures Gathering & Compression Water Handling Earn-out payment Stonewall Wastewater MPLX JV Low Pressure Water Delivery Produced Water EBITDA $925 $925 $815 $1,642 $1,413 $719 $1,409 $1,222 $1,105 $1,229 $989 $851 $2 $729 $214 $730 7 $529 $404 $529 6 404 6 5 $14 4 E E 2021E $1942022E $19 2.2 4 3.1 2.7 2016A 2017A 2018E 2019E 2020E 2.0121E 2022E 2016A 2017A 2018E 2019E 2020E 2021E 2022E 0.8 1.1 1.2 1.5 DCF20a17nA d Distrib20u18tEions per20U19nE it 2022E Distribution Breakdown 016A 2020E 2021E2018E – 2022E CAGR LP DCF per Unit LP Distributions per Unit AM LPs AMGP (IDRs) Series B Uni ts $4.29 $3.76 $3.33 -% 1% 1% 2% $3.02 $3.75 2% 2% 2% $2.40 $3.24 % $2.04 $3.42 $2.97$4.10 $1.61 $1.49 $2.58 $3.42 $2.76 $1.72 $2.15 $1.33 $1.03 $2.07 $2.85 2019E 20$1.61 $1.49 16A 2017A 2018$E2.21 2020E 2021E 2022E 64% Growth(1) $1.33 1.76x 1.33x 1.26x 1.16x 1.21x 1.15x 1.12x Rat$io1(2.) 03 16A 2016A 2017A 2018E 2019E 2020E 2021E 2022E Source: Management Projections, Company Filings. Note: Operational volumes based on annual average volumes. (1) YoY growth of LP DCF per unit and LP distributions per unit respectively. (2) Coverage ratio calculated as total DCF over total distributions. 101 YoY8%/2$91%.72 27%/29%18%/25%26%/20%10%/15%13%/15% Coverage Total LP DCF$353$299$384$452$568$627$707 Tota2l0L1P6A 2017A 2018E 2019E 2020E 2021E 2022E Distributions$269$246$323$403$485$559$643 8% - % 1 22% 7A 1% 29% 30% E 2% 34% 36% 2% 37% 39% 2% 38% 41% 2 2% 40% 42% 92% 20 78% 201 68% 69% 2018 63% 2019E 59% 61% 2020E 57% 60% 2021E 55% 58% 022E 16% 19% 62.192 4 178 189 172 154 154.4 124 3.8 1 3. 3.1 96 87 2.6 1 68 1.7 49 1.4 40 41 29 $491 0.00 7 $124 $491 $266 $266 $186 $646 $164 $14 $125 $176 $646 $125 $430 $124 $2 $214 $381 $169 $488 $506 $352 $349 $186 $75 $168 $178 $272 $188 .42016A 2018E $381 2017A $349 $682020 $926019 $260 $85 $228 $224 $168 $147 CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Management Projections: AR Base Volumes Case AMGP ($ in millions, unless otherwise noted) IDR LLC, Series B Cash Flow, and Tax Observations AMGP Total Distributions ’18 – ’22 CAGR IDR LLC owns the 100% of the IDRs in AM and has two share classes SQ AM Distribution Policy SQ AM Fully Distributed $441$441 $36$9369 AMGP owns 100% of the Series A units Management owns 100% of the Series B units $415 $415 $302 $302 Series B unitholders are entitled to receive up to 6% of the distributions from AM in excess of $7.5MM per quarter $237 $237 $326 $326 Remaining profits pass through AMGP via Series A shares $250 $250 $144 Series B units scheduled to vest at a value of 6% of equity value above $2 billion in the event of a liquidation of IDR LLC AMGP currently pays corporate taxes of 21% and 4% at the federal and state taxes, respectively $86 $144 $101 $166 $52 $86 $166 $48 $10 $52 2017A$120018E $48 2016A 2019E 2020E 2021E 2022E $10 2016A 2017A 2018E 2019E 2020E 2021E 2022E IDR LLC Cash Flow AMGP & Series B Unit Valuation(1,2,5) $592 Distributions to AMGP Taxes G&A Series B Reserved CF 2016A 2017A 2018E 2019E 2020E 2021E 2022E AM Distributions to IDR LLC $17 $70 $144 $237 $357 $464 $592 Series B Take --(2) (7) (12) (20) (26) (34) Cash Distributions to AMGP $17 $67 $137 $224 $337 $438 $558 G&A(3) (1) (1) (2) (2) (2) (2) (2) $85 Taxes (7) (7) (34) (56) (85) (110) (141) $2 CAFD to AMGP Shareholders $10 $59 $101 $166 $250 $326 $415 Illustrative Yield 3.3% 3.3% 3.3% 3.3% 3.3% 3.8% 5.0% $69 $$11 $$1100 $2 $1$00101 $17 $$66 2016A 2017A 2018E2019E2020E 2021E 2022E 2016A 2017A 2018E 2019E 2020E 2021E 2022E Source: Management Projections, Company Filings. (1) (2) (3) (4) (5) Implied AMGP and Series B valuation from 2016A through 2020E based on 2018E yield. Implied AMGP and Series B valuation from 2021E forward based on yield vs growth regression analysis derived on slide 18. Excludes IPO related G&A. Series B valuation calculated as 6% of the valuation of AMGP less $2 billion. Illustrative yield based on regression analysis as presented on page 91. 102 AMGP Valuation $290 $1,788 $3,048 $5,027 $7,586 $8,529 $8,341 Series B Valuation(4) N/A N/A $63 $182 $335 $392 $380 $2 $2 $464 $34 $141 $2 $357 $26 $2 $110 $415 $2 $237 $2 $326 $250 $2 $144 $56 $166 $2 $34$34 $ 2 $4$848 32% 43% CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Management Projections: AR Downside Volumes Case AMGP ($ in millions, unless otherwise noted) IDR LLC, Series B Cash Flow, and Tax Observations AMGP Total Distributions IDR LLC owns the 100% of the IDRs in AM and has two share classes SQ AM Distribution Policy SQ AM Fully Distributed $441 AMGP owns 100% of the Series A units Management owns 100% of the Series B units ’18 – ’22 CAGR $369 $377 $415 $302 Series B unitholders are entitled to receive up to 6% of the distributions from AM in excess of $7.5MM per quarter $320 $326 $237 $279 $326 Remaining profits pass through AMGP via Series A shares $250 $144 $197 $166 $266 Series B units scheduled to vest at a value of 6% of equity value above $2 billion in the event of a liquidation of IDR LLC AMGP currently pays corporate taxes of 21% and 4% at the federal and state taxes, respectively $86 $149 $101 $52 $215 $86 $48 $10 $157 2019E $52 2016A 2017A $48 $120018E 2020E 2021E 2022E $10 2016A 2017A 2018E 2019E 2020E 2021E 2022E IDR LLC Cash Flow AMGP & Series B Unit Valuation(1,2,5) Distributions to AMGP Taxes G&A Series B Reserved CF 2016A 2017A 2018E 2019E 2020E 2021E 2022E $2 AM Distributions to IDR LLC $17 $70 $144 $224 $306 $380 $464 $464 $2 Series B Take --(2) (7) (12) (17) (21) (26) Cash Distributions to AMGP $17 $67 $137 $213 $290 $359 $438 G&A(3) (1) (1) (2) (2) (2) (2) (2) Taxes (7) (7) (34) (53) (73) (90) (110) $2 $2 CAFD to AMGP Shareholders $10 $59 $101 $157 $215 $266 $326 Illustrative Yield 3.3% 3.3% 3.3% 3.3% 3.3% 4.8% 5.7% $2 $1 $$1100 $1$00101 $17 $$66 2016A 2017A 2018E2019E2020E 2021E2022E 2016A 2017A 2018E 2019E 2020E 2021E 2022E Source: Management Projections, Company Filings. (1) (2) (3) (4) (5) Implied AMGP and Series B valuation from 2016A through 2020E based on 2018E yield. Implied AMGP and Series B valuation from 2021E forward based on yield vs growth regression analysis derived on slide 18. Excludes IPO related G&A. Series B Valuation calculated as 6% of the valuation of AMGP less $2 billion. Illustrative yield based on regression analysis as presented on page 91. 103 AMGP Valuation $290 $1,788 $3,048 $4,767 $6,506 $5,510 $5,723 Series B Valuation(4) N/A N/A $63 $166 $270 $211 $223 $3$820 $2 $26 $110 $306 $2$2 $90 $326 $224 $73 $266 $144 $53 $215 $157 $2 $69 $1$2 $34$34 $4$848 34% 25% CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AM Status Quo AR Base Volumes Case, AR Downside Volumes Case, and Wall Street Consensus ($ in millions, unless otherwise noted) Wall Street Consensus Mgmt. Projections at AR Base Case Mgmt. Projections at AR Downside Productio n Case 2019E – 2022E CAGR Commentary EBITDA $4.29 $1,642 $1,534 AM is covered by 17 analysts as compared to 27 for AR and 13 for AMGP $3.81 $1,413 $3.42 $1,354 $1,222 $1,197 $1,409 Median price target of $36.00 as of 6/21/18 $989 $1,229 $729 $1,105 $730 $934 Average price target range of $25.00 - $40.00 as of 6/21/18 $529 $714 $851 2017A 2018E 2019E 2020E 2021E 2022E 2019E – 2022E CAGR 2019E – 2022E CAGR Distributable Cash Flow / LP Unit Distributions per Unit 1E $4.29 $4.10 $3.50 $3.8 $3.42 $3.75 $3.12 $3.78 $2.85 $3.42 $3.38 $2.97 $3.2148 $2.21 $2.20 $2.88 $3.40 $2.84 $1.72 $1.72 $2.74 $2.15 $3.07 $2.58 $2.33 $1.71 $2.45 $2.08 $0.47 $1.61 $2.05 2017A 2018E 2019E 2020E 2021E 2022E 2017A 2018E 2019E 2020E 2021E 2022E 104 Source: Management Projections, Thomson One, FactSet as of 6/21/18. 23% 17% 17% 16% 9% 1 16% 18% 18% 18% CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AMGP Status Quo AR Base Volumes Case, AR Downside Volumes Case, and Wall Street Consensus ($ in millions, unless otherwise noted) Wall Street Consensus Mgmt. Projections at AR Base Case Mgmt. Projections at AR Downside Productio n Case 2019E – 2022E CAGR Commentary EBITDA $4.29 $558 AMGP is covered by 13 analysts as compared to 27 for AR and 17 for AM $3.81 $438 $3.42 $438 Median price target of $24.00 as of 6/21/18 $337 $359 $290 $224 Average price target range of $16.00 - $28.00 as of 6/21/18 $337 $137 $133 $213 $221 $137 $59 2017A 2018E 2019E 2020E 2021E 2022E 2019E – 2022E CAGR 2019E – 2022E CAGR Total Distributions to AMGP Shareholders Distributions per Share 1E $415 $2.23 $326 $1.75 $326 $1.75 $250 $266 $1.35 $1.43 $215 $1.15 $166 $0.89 $252 $1.35 $101 $0.54 $101 $0.54 $157 $166 $0.85 $0.89 $56 $0.30 $101 $0.54 2017A 2018E 2019E 2020E 2021E 2022E 2017A 2018E 2019E 2020E 2021E 2022E 105 Source: Management Projections, Thomson One, FactSet as of 6/21/18. Note: WSC estimates available for AMGP through 2020E. 2017A distributions / share represents 4th quarter distribution annualized. 36% 27% 36% 27% 36% 27% CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Midstream Distribution Growth vs. Yield MLPs vs. C-Corps Non-Sponsored MLPs Midstream C-Corps Denotes MLPs without IDRs 16.0% 14.0% 12.0% 10.0% 8.0% QM M M 6.0% VLP MMP 4.0% 2.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Distribution Growth (2018E-2022E) CAGR (%) 108 Sources: Company filings, FactSet estimates as of 6/21/18 Note: Companies selected represent dividend/distribution paying midstream C-Corps and MLPs (both with and without IDRs). 2018E Yield (%) E&P Sponsored Other High Growth SM LP BPL PF AMGP 2018E – 2022E Distribution Growth CAGR (AR Downside Case) = ~18% PF AMGP 2018E – 2022E Distribution Growth CAGR (AR Base Case) = ~26% ENLK TEGP ANDX EQGP NBLX KM I HEP DCP SEM G TLP WES E TRGP ENBL CEQP WGP HES ENLC SHLX CNX PSXP BPM P TRP PAGP WM B AM GP AM y = 0.0919e-2.844x R² = 0.5277 y = 0.0878e-2.299x R² = 0.606 •4 of 7 E&P-sponsored MLPs (not including AM) are above the regression line that includes AMGP •All C-Corps except TEGP are below the regression line that includes AMGP Excluding AMGP I ncluding AMGP CONFIDENTIAL DRAFT SUBJECT TO CHANGE

SQ AM Peer Group Cost of Equity Analysis Comparable Public Company Yield-Based Cost of Equity Expected Total Return Expected Current - 2020E Distribution CAGR Long-Term Economic Growth Estimate Expected Growth(1) Company Current Yield Implied Total Return 4.0% 5.6% 6.3% 12.0% CNX M idstream Partners LP 14.9% 4.0% 5.7% 6.6% 12.2% Hess M idstream Partners LP 15.2% 4.0% 5.6% 5.1% 10.7% BP M idstream Partners LP 14.6% 4.0% 5.7% 5.2% 11.0% Valero Energy Partners LP 15.6% 4.0% 5.7% 7.6% 13.3% EQT M idstream Partners LP 15.6% Cost of Equity Sensitized Peer Total Return Cost of Equity Barra Beta Low High (2) Raw Beta 0.76 1.02 (3) Spot Risk-Free Rate 3.0% 3.0% Equity Risk Premium (4) 6.0% 6.0% Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 6/21/18. (1) Weights Expected Current – 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. Barra beta as of 3/23/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. 20-year treasury bond yield as of 6/21/18. Duff & Phelps historical arithmetic premium. (2) (3) (4) 110 Cost of Equity7.6%9.2% Cost of Equity 10.5% 11.5% M edian 14.9% 4.0% 5.6% 6.2% 11.0% M ean 14.6% 4.0% 5.6% 5.6% 11.2% Western Gas Partners, L.P. 5.8% 4.0% 4.3% 7.7% 12.0% Shell M idstream Partners LP 12.2% 4.0% 5.2% 6.2% 11.4% Noble M idstream Partners LP 19.7% 4.0% 6.4% 4.0% 10.4% Phillips 66 Partners LP 9.8% 4.0% 4.9% 5.6% 10.5% A B C D E F CONFIDENTIAL DRAFT SUBJECT TO CHANGE

SQ AMGP Peer Group Cost of Equity Analysis Comparable Public Company Yield-Based Cost of Equity Expected Total Return Expected Current - 2020E Distribution CAGR Long-Term Economic Growth Estimate Expected Growth(1) Company Current Yield Implied Total Return 4.0% 4.6% 6.4% 11.0% Western Gas Equity Partners, LP 8.3% Cost of Equity Sensitized Peer Total Return Cost of Equity Barra Beta Low High (2) Raw Beta 0.84 1.14 (3) Spot Risk-Free Rate 3.0% 3.0% Equity Risk Premium (4) 6.0% 6.0% Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 6/21/18. (1) Weights Expected Current – 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. Barra beta as of 3/23/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. 20-year treasury bond yield as of 6/21/18. Duff & Phelps historical arithmetic premium. (2) (3) (4) 111 Cost of Equity8.1%9.9% Cost of Equity 9.3% 10.3% M edian 7.9% 4.0% 4.6% 5.2% 9.8% M ean 7.9% 4.0% 4.6% 5.2% 9.8% EQT GP Holdings LP 7.5% 4.0% 4.5% 4.0% 8.6% A B C D E F CONFIDENTIAL DRAFT SUBJECT TO CHANGE

PF AMGP Peer Group WACC Analysis Expected Total Return 2018E - 2020E Dividend CAGR Long-Term Economic Growth Estimate (1) Company Expected Growth Current Yield Implied Total Return Kinder M organ Inc 4.0% 7.1% 10.1% 25.0% 2.9% 4.0% 5.4% 4.9% 10.3% Plains All Americ an Pipeline GP 13.7% 4.0% 3.5% 7.5% 11.0% Targa Resourc es Corp. 0.3% 4.0% 4.5% 4.0% 8.6% EQT GP Holdings LP 7.5% 4.0% 5.6% 6.3% 12.0% CNX M idstream Partners LP 14.9% 4.0% 5.7% 6.6% 12.2% Hess M idstream Partners LP 15.2% 4.0% 5.6% 5.1% 10.7% BP M idstream Partners LP 14.6% 4.0% 5.7% 5.2% 11.0% Valero Energy Partners LP 15.6% Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 6/21/18. (1) Weights Expected Current – 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. 112 M edian 13.7% 4.0% 5.4% 5.2% 11.0% M ean 12.3% 4.0% 5.2% 5.5% 10.7% Shell M idstream Partners LP 12.2% 4.0% 5.2% 6.2% 11.4% Noble M idstream Partners LP 19.7% 4.0% 6.4% 4.0% 10.4% EQT M idstream Partners LP 15.6% 4.0% 5.7% 7.6% 13.3% Western Gas Equity Partners, LP 8.3% 4.0% 4.6% 6.4% 11.0% The Williams Companies, Inc . 6.4% 4.0% 4.4% 4.3% 8.7% SemGroup Corporation 5.1% 4.0% 4.2% 7.0% 11.1% ONEOK, Inc . 10.3% 4.0% 4.9% 4.3% 9.3% A B C D E F CONFIDENTIAL DRAFT SUBJECT TO CHANGE

PF AMGP Peer Group WACC Analysis (cont.) Cost of Equity Comparable Company Yield-Based Cost of Equity Barra Beta Low High Low High (2) Raw Beta 0.84 1.14 (3) Spot Risk-Free Rate 3.0% 3.0% Cost of Equity 10.5% 11.5% Equity Risk Premium (4) 6.0% 6.0% Market Value of Equity $9,662 $9,662 Cost of Capital PF Capital Structure Cost of Capital Optimal Capital Structure(5) Low High Low High Cost of Equity Cost of Debt 10.5% 3.4% 11.5% 4.9% Cost of Equity 10.5% 3.4% 11.5% 4.9% (1) Cost of Debt Market Value of Equity Total Debt $9,662 $1,310 $9,662 $1,310 Market Value of Equity Total Debt $9,662 $3,460 $9,662 $3,460 Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 6/21/18. (1) (2) (3) (4) (5) Illustrative low and high range reflects a -/+ 100 bps range around after tax current 5.6% cost of debt at AM. Barra beta as of 3/23/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. 20-year treasury bond yield as of 6/21/18. Duff & Phelps historical arithmetic premium. Optimal Capital Structure based on Total Debt of 3.5x 2019E EBITDA 113 Cost of Capital8.6%9.7% Cost of Equity9.6%10.7% Cost of Equity8.1%9.9% Cost of Capital10.5%11.5% CONFIDENTIAL DRAFT SUBJECT TO CHANGE

SQ AM Peer Group Cost of Equity Analysis Comparable Public Company Yield-Based Cost of Equity Expected Total Return Expected Current - 2020E Distribution CAGR Long-Term Economic Growth Estimate Expected Growth(1) Company Current Yield Implied Total Return 4.0% 5.6% 6.3% 12.0% CNX M idstream Partners LP 14.9% 4.0% 5.7% 6.6% 12.2% Hess M idstream Partners LP 15.2% 4.0% 5.6% 5.1% 10.7% BP M idstream Partners LP 14.6% 4.0% 5.7% 5.2% 11.0% Valero Energy Partners LP 15.6% 4.0% 5.7% 7.6% 13.3% EQT M idstream Partners LP 15.6% Cost of Equity Sensitized Peer Total Return Cost of Equity Barra Beta Low High (2) Raw Beta 0.76 1.02 (3) Spot Risk-Free Rate 3.0% 3.0% Equity Risk Premium (4) 6.0% 6.0% Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 6/21/18. (1) Weights Expected Current – 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. Barra beta as of 3/23/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. 20-year treasury bond yield as of 6/21/18. Duff & Phelps historical arithmetic premium. (2) (3) (4) 114 Cost of Equity7.6%9.2% Cost of Equity 10.5% 11.5% M edian 14.9% 4.0% 5.6% 6.2% 11.0% M ean 14.6% 4.0% 5.6% 5.6% 11.2% Western Gas Partners, L.P. 5.8% 4.0% 4.3% 7.7% 12.0% Shell M idstream Partners LP 12.2% 4.0% 5.2% 6.2% 11.4% Noble M idstream Partners LP 19.7% 4.0% 6.4% 4.0% 10.4% Phillips 66 Partners LP 9.8% 4.0% 4.9% 5.6% 10.5% A B C D E F CONFIDENTIAL DRAFT SUBJECT TO CHANGE

SQ AMGP Peer Group Cost of Equity Analysis Comparable Public Company Yield-Based Cost of Equity Expected Total Return Expected Current - 2020E Distribution CAGR Long-Term Economic Growth Estimate Expected Growth(1) Company Current Yield Implied Total Return 4.0% 4.6% 6.4% 11.0% Western Gas Equity Partners, LP 8.3% Cost of Equity Sensitized Peer Total Return Cost of Equity Barra Beta Low High (2) Raw Beta 0.84 1.14 (3) Spot Risk-Free Rate 3.0% 3.0% Equity Risk Premium (4) 6.0% 6.0% Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 6/21/18. (1) Weights Expected Current – 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. Barra beta as of 3/23/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. 20-year treasury bond yield as of 6/21/18. Duff & Phelps historical arithmetic premium. (2) (3) (4) 115 Cost of Equity8.1%9.9% Cost of Equity 9.3% 10.3% M edian 7.9% 4.0% 4.6% 5.2% 9.8% M ean 7.9% 4.0% 4.6% 5.2% 9.8% EQT GP Holdings LP 7.5% 4.0% 4.5% 4.0% 8.6% A B C D E F CONFIDENTIAL DRAFT SUBJECT TO CHANGE

PF AMGP Peer Group WACC Analysis Expected Total Return 2018E - 2020E Dividend CAGR Long-Term Economic Growth Estimate (1) Company Expected Growth Current Yield Implied Total Return Kinder M organ Inc 4.0% 7.1% 10.1% 25.0% 2.9% 4.0% 5.4% 4.9% 10.3% Plains All Americ an Pipeline GP 13.7% 4.0% 3.5% 7.5% 11.0% Targa Resourc es Corp. 0.3% 4.0% 4.5% 4.0% 8.6% EQT GP Holdings LP 7.5% 4.0% 5.6% 6.3% 12.0% CNX M idstream Partners LP 14.9% 4.0% 5.7% 6.6% 12.2% Hess M idstream Partners LP 15.2% 4.0% 5.6% 5.1% 10.7% BP M idstream Partners LP 14.6% 4.0% 5.7% 5.2% 11.0% Valero Energy Partners LP 15.6% Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 6/21/18. (1) Weights Expected Current – 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. 116 M edian 13.7% 4.0% 5.4% 5.2% 11.0% M ean 12.3% 4.0% 5.2% 5.5% 10.7% Shell M idstream Partners LP 12.2% 4.0% 5.2% 6.2% 11.4% Noble M idstream Partners LP 19.7% 4.0% 6.4% 4.0% 10.4% EQT M idstream Partners LP 15.6% 4.0% 5.7% 7.6% 13.3% Western Gas Equity Partners, LP 8.3% 4.0% 4.6% 6.4% 11.0% The Williams Companies, Inc . 6.4% 4.0% 4.4% 4.3% 8.7% SemGroup Corporation 5.1% 4.0% 4.2% 7.0% 11.1% ONEOK, Inc . 10.3% 4.0% 4.9% 4.3% 9.3% A B C D E F CONFIDENTIAL DRAFT SUBJECT TO CHANGE

PF AMGP Peer Group WACC Analysis (cont.) Cost of Equity Comparable Company Yield-Based Cost of Equity Barra Beta Low High Low High (2) Raw Beta 0.84 1.14 (3) Spot Risk-Free Rate 3.0% 3.0% Cost of Equity 10.5% 11.5% Equity Risk Premium (4) 6.0% 6.0% Market Value of Equity $9,662 $9,662 Cost of Capital PF Capital Structure Cost of Capital Optimal Capital Structure(5) Low High Low High Cost of Equity Cost of Debt 10.5% 3.4% 11.5% 4.9% Cost of Equity 10.5% 3.4% 11.5% 4.9% (1) Cost of Debt Market Value of Equity Total Debt $9,662 $1,310 $9,662 $1,310 Market Value of Equity Total Debt $9,662 $3,460 $9,662 $3,460 Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 6/21/18. (1) (2) (3) (4) (5) Illustrative low and high range reflects a -/+ 100 bps range around after tax current 5.6% cost of debt at AM. Barra beta as of 3/23/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. 20-year treasury bond yield as of 6/21/18. Duff & Phelps historical arithmetic premium. Optimal Capital Structure based on Total Debt of 3.5x 2019E EBITDA 117 Cost of Capital8.6%9.7% Cost of Equity9.6%10.7% Cost of Equity8.1%9.9% Cost of Capital10.5%11.5% CONFIDENTIAL DRAFT SUBJECT TO CHANGE

IDENTIAL DRAFT JECT TFOocCusHArNeGaE Wet Gas Type Curve Area Overview Type Curve Map with AR BTU Lines and TPH TC Areas TPH Type Curve Areas(1) 1 SW Lean Wet Gas IRR: 46% Antero Type Curve Areas(1) Rich Gas BTU Range: 1,100-1,200 2019 Wells: 4 IRR(2): 30% Highly Rich Gas AR Inventory Overview(1) Inventory Highly-Rich Gas Cond. Highly-Rich Gas Rich Gas Condensate Dry Gas 14 106 3 19 3 30 101 13 2 9 33 96 5 17 9 57 59 33 8 8 55 68 31 8 3 285 527 512 152 155 Source: DrillingInfo, IHS, Company data. Antero assumptions based on Antero publicly disclosed information. Note: Marcellus wells with first production on or after 1/1/2015. IRRs for 12,000’ laterals at strip as of 3/29/2018, unless otherwise noted. (1) TPH IRR assumes 40% ethane recovery; Antero IRR assumes ethane rejection. (2) IRR at strip as of 12/31/2017. 119 1,631 Total 145 155 160 165 165 Avg. Lateral Length 9,800 10,500 11,850 12,600 12,750 Remaining 2018E 2019E 2020E 2021E 2022E 2 SW Southern Rich Wet Gas IRR: 44% 3 SW Southern Gas Condensate IRR: 67% B BTU Range: 1,200-1,275 2019 Wells: 101 IRR: 47% Highly Rich Gas Condensate BTU Range: 1,275-1,350 2019 Wells: 30 IRR: 115% C AM Gathering Pipelines AM Water Delivery Pipelines 2 31 A B C A CONF SUB

Type Curve Summary Type Curve Plot TPH RWG TC Fit TPH GC TC Fit TPH Avg Gas AR TC Fit AR/TPH Bridge Gas TPH Avg Gas 12,000 Type Curve EUR, Gross Wellhead (MMcfe) Oil (Mbbl) Gas (MMcf) 10,890 85 10,380 9,413 226 8,059 18,668 146 17,795 16,137 387 13,816 23,185 84 22,679 23,946 211 22,679 9,000 EUR, Gross Sales (MMcfe) Oil (Mbbl) Gas (MMcf) NGL (Mbbl) % Liquids Cond Yield (bbl/MMcf) Cond Yield, Decline Period (Months) NGL Yield (bbl/MMcf) 14,004 85 8,823 779 37% 15-8 3 75 12,154 226 6,448 725 47% 55-25 12 90 24,006 146 15,125 1,335 37% 15-8 3 75 20,835 387 11,053 1,243 47% 55-25 12 90 30,215 84 21,545 1,361 29% 19-3 6 60 31,883 211 20,411 1,701 36% 130-5 6 75 6,000 3,000 Type Curve Parameters 0 24-Hr IP - Peak Rate, Gas (Mcf/d) Initial Decline (%/yr) B Factor Terminal Decline (%/yr) 5,500 - 8,000 59% 1.30 6% 4,000 - 7,000 63% 1.30 6% 9,400 - 13,700 59% 1.30 6% 6,900 - 12,000 63% 1.30 6% 19,420 61% 1.30 6% 19,420 61% 1.30 6% 0 1 2 3 4 5 Year Selected Observations Economic Assumptions TPH type well criteria D&C ($M) $6,400 $6,700 $10,100 $10,500 $11,400 $11,400 Operators: All Vintage Cut-Off: 2015+ Fixed LOE ($/well/mo) Variable LOE, Oil ($/bbl) Variable LOE, NGL ($/Mcf) Total All-In Gas LOE( 2) ($/Mcf) Variable LOE, Water ($/bbl) $2,800 $5.00 $6.80 $0.89 $4.68 $2,800 $5.00 $6.80 $0.89 $4.68 $2,800 $5.00 $6.80 $0.89 $4.68 $2,800 $5.00 $6.80 $0.89 $4.68 $1,353 - - $1.99 - $1,353 - - $1.99 - WV only reports data annually Proppant Cut-Off: 1,500+ lb/ft Stage Spacing Cut-Off: <200 ft Segregated by fluid window Differential, Oil ($/bbl) Differential, Gas ($/Mcf) Differential, NGL (% of Strip) BTU Factor( 3) (Btu/scf) Residual Shrink (%) ($7.50) ($0.60) 40% 1.083 85% ($7.50) ($0.60) 40% 1.083 80% ($7.50) ($0.60) 40% 1.083 85% ($7.50) ($0.60) 40% 1.083 80% ($6.00) $0.03 65% 1.000 95% ($6.00) $0.03 65% 1.000 90% A type curve similar to Antero’s publicly disclosed curve can be observed by filtering the data to observe: Royalty (%) 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% Only AR operated wells 2016+ vintage cut-off All fluid windows Results NPV10 at Strip(4) ($MM) $4.0 $5.3 $8.0 $10.3 $9.8 $16.2 F & D ($/Mcfe) $0.54 $0.65 $0.49 $0.59 $0.44 $0.42 Source: DrillingInfo, IHS, Company data. Antero assumptions based on Antero publicly disclosed information. Note: TPH IB assumes 40% ethane recovery; Antero assumes ethane rejection. (1) (2) (3) (4) Assumes 100% AM water & processing fees. Antero Variable LOE is $1.99 / Mcfe (applied on total equivalent production) and includes midstream and transportation expenses. BTU uplift is included in the +$0.03 gas differential . Economics run at 5 year strip as of 3/29/2018. 120 Cumulative Gas Prod (MMcf) IRR at Strip(4) (%) 35% 53% 44% 67% 47% 115% Total Opex / Mcfe ($/Mcfe) $1.30 $1.32 $1.24 $1.25 $2.02 $2.02 D&C / ft ($M) $0.914 $0.957 $0.842 $0.875 $0.950 $0.950 Avg Lateral Length (ft) 7,000 7,000 12,000 12,000 12,000 12,000 EUR, Sales / 1k' (Bcfe) 2.00 1.74 2.00 1.74 2.52 2.66 EUR, WH / 1k' (Bcfe) 1.56 1.34 1.56 1.34 1.93 2.00 Bridging TPH curve to AR by changing well criteria as described below TPH IB Antero Disclosed( 1) S Rich Wet Gas S Gas Condensate S Rich Wet Gas 12K' S Gas Condensate 12K' Highly Rich Gas High Rih Gas Condensate CONFIDENTIAL DRAFT SUBJECT TO CHANGE

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