Prior vs. Current Since September 2, 2018 Special Committee Meeting Updated materials to reflect most recent AMGP Proposal: Non-AR AM Unitholders - 1.6350x AMGP shares, $3.00 cash consideration, and a special one-time distribution on AM units of $0.415 to the non-AR AM unitholders (All-in exchange ratio of 1.8333x)(1) AR AM Unitholders - 1.6023x AMGP shares, $3.00 cash consideration (All-in exchange ratio of 1.7765x)(1) Series B units exchanged for 17.354mm AMGP shares Addition of Tallgrass Energy, LP to pro forma comparable peer set Comparables multiples updated to 2019 and 2020 from 2018 and 2019 Adjusted status quo AMGP terminal multiple and yield ranges based on market changes Change in effective date to 12/31/2018 from 6/30/2018 AM tax basis rolled forward to YE 2018 from YE 2017 Hypothetical Trading Analysis based on 2019E dividends rather 2H 2018E Annualized dividends Updated equity in unconsolidated affiliates to exclude the book depreciation on the underlying JV’s Has/gets analysis Prior DDM analysis driven by SQ distributions which has been corrected to reference PF dividends Corrected Unlevered FCF calculation Updated materials for market prices at close 10/3/2018 4 Source: FactSet as of 10/3/2018. (1) As of 10/3/2018 based on a 20-VWAP pricing CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Summary of Transaction Each Non-AR AM Common Unit to receive: 1.6350 AMGP shares $3.00 Cash $0.415 special cash distribution at closing For each common unit held, AR to receive: 1.6023 AMGP shares $3.00 Cash Series B units will be exchanged for 17.354mm AMGP shares Implies ~$301mm valuation at market close as of September 21, 2018 Newly issued AMGP shares will vest on the same schedule as Series B units Unvested new AMGP shares do not accrue dividends Pro forma for transaction equity ownership breakdown as follows: AM Unitholders: ~59.9% AMGP Shareholders: ~36.6% 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 PF AMGP will be reestablished as a Delaware C-corp 9-member independent, Board of Directors with no more than 4 appointed by AR, the Sponsors or Management AR, the Sponsors, and Management agree to vote in support of independent directors nominated by the Nominations & Governance Committee or in proportion to the votes cast by public stockholders 5 Governance AMGP’s Original Stated Rationale for Transaction Pro Forma Ownership Splits Series B Valuation Proposal Premiums Spot AM Price 20-Day Average XR 20-Day Average Adj-XR Spot AMGP Price Spot XR Spot Adj-XR 2/23/2018 10/3/2018 Implied Offer Premiums 2/23/2018 10/3/2018 $26.49$29.44 1.4173x1.7321x 1.5068x1.8521x $19.19$17.58 1.3804x1.6746x 1.4702x1.7889x $32.16 1.8333x 1.8333x --1.8333x 1.8333x 21.4%9.2% 29.4%5.8% 21.7%(1.0%) ----32.8%9.5% 24.7%2.5% Consideration Proposal ComponentDescription CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Antero Entities Ownership Overview ($ in millions, unless otherwise noted) Organizational Structure Overview Net Debt Sponsors Management Public Shareholders 72% A Units Management Public Unitholders Source: Company filings, FactSet as of 10/3/2018. (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 $861 14.7% - - - 55,110 $969 29.6% - - - Yorktown Partners LLC 12,905 $238 4.1% - - - 15,534 $273 8.3% - - - Total Aggregate Investm ent $1,830 $511 Total Sponsor 59,514 $1,099 18.8% - - - 70,644 $1,242 37.9% - - - $2,341 Paul Rady 16,350 $302 5.2% 303 $9 0.2% 19,997 $352 10.7% 48 $45 48.7% Glen Warren 10,823 $200 3.4% 207 $6 0.1% 14,931 $262 8.0% 32 $30 32.5% O ther 3 $0 0.0% 353 $10 0.2% 2,937 $52 1.6% 19 $18 18.9% $708 $499 $80 Total M anagement 29,787 $502 8.6% 863 $25 0.5% 37,865 $666 20.3% 99 $93 100.0% $1,286 TO TAL 89,301 $1,601 27.3% 863 $25 0.5% 108,509 $1,908 58.3% 99 $93 100.0% $3,627 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 10/3/2018) $18.47 $29.44 $17.58 Fully Dilluted Shares O/S 322 188 186 Market Equity Value 5,945 5,538 3,274 GP Equity Value - 3,274 - Total Equity Value 5,945 8,811 3,274 (2)5,274 1,400 (5) Series B Value - - 76 Total Enterprise Value $11,220 $10,212 $3,345 Value of AM Units Held $2,929 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 AMZ Notable Events Primary Issuance Secondary Issuance The Tax Cuts & 150% 125% 18% 100% (12%) (22%) (25%) 75% (43%) 50% (65%) 25% Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Source: Company filings, FactSet as of 10/3/2018. 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 2/14/2018 SailingStone Capital files 13D disclosing 11% stake in Antero Resources 2/23/2018 Antero Midstream Partners announces the formation of Special Committee 11/5/2014 AM IPO 3/24/2016 AM prices offering of ~8MM common units (~$179MM) from AR 12/22/2017 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 Exchange Ratio Analysis Since AMGP IPO (5/4/17) | Based on Spot Prices ($ in millions, unless otherwise noted) Historical AM/AMGP Exchange Ratio At Transac tion Contrac tual Valuation 186.2 314.9 $17.58 Contrac tual Valuation Yield-Based Valuation Period Market X R Adj. X R (Discount) to Market (Discount) to Ad - AM GP Shares O utstanding AM GP Units Issued AM GP Pric e 186.2 NA $17.58 186.2 NA $17.58 2.20x 2018E Yield NA 2.8% NA AMGP Proposal Series B Redem ption Right 6.0% NA 6.0% Spot XR 2.00x 1.833x 1.80x (1) 1.789x 1.675x 1.60x 1.40x 1.20x 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 Jul-18 Aug-18 Sep-18 Source: Company filings, FactSet as of 10/3/2018. 10 (1) 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 + 17.354mm) based on AMGP 20-Day VWAP on the day prior to transaction. 2018E Series B CF NA $7 NA Series B Threshold $2,000 NA $2,000 Implied Series B Valuation $76 $241 $409 Series B Conversion Units 17.4 17.4 23.2 Adj. XR Adj. AM GP Share Pric e $16.46 $17.27 $17.58 Current AM Share Pric e $29.44 $29.44 $29.44 At 2/23/2018 Adjusted XR 1.789x 1.705x 1.675x AM GP Units O utstanding Inc luding Series B 203.6 203.6 524.4 AM GP Equity Value Inc luding Series B $3,350 $3,515 $9,218 AM GP M arket Value $3,273 $3,273 $8,810 % Premium /% Premium / (1)j. X R X R at Transactionat Transaction At Transaction--1.833x---- Current1.675x1.789x9.5%2.5% 3-Month Average (Current)1.678x1.790x9.3%2.4% 30-Day Average (Current)1.721x1.840x6.5%(0.4%) 2/23/20181.380x1.470x32.8%24.7% 3-Month Average (at 2/23/2018)1.484x1.580x23.5%16.1% 30-Day Average (at 2/23/2018)1.444x1.535x26.9%19.4% Since AMGP IPO Average1.580x1.683x16.0% 8.9% Sample Adjusted XR Calculation CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AM Selected Comparable Company Analysis Dist. Growth 2018E to 2020E CAGR Unit Price at 10/3/2018 Total Equity Market Value(1) Enterprise Value % Dist. to GP/IDRs Price (Yield) DCF / LP Unit EBITDA 2018E Coverage Company Current 2018E 2019E 2020E 2019E 2020E DCF / Unit DCF / Unit Source: FactSet as of 10/3/2018 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. 12 (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$1.718.4%6.1%5.6% Yield $20.34$28.06$30.83 Metric Multiple Range Implied Unit Price(5) AM at Mgmt.AM at WSC Low Median High Low Median High 2019E LP$2.74$2.717.1x11.4x13.3x $19.52$31.09$36.56 2020E LP$3.24$3.177.2x10.6x12.6x $23.26$34.24$40.67 Metric Multiple Range Implied Unit Price (5) AM at Mgmt.AM at WSC Low Median High Low Median High 2019E EBITDA$989$9318.1x10.6x11.8x $17.09$30.44$36.79 2020E EBITDA$1,222$1,1526.7x8.7x10.6x $18.10$31.53$43.46 Mean $5,766 $7,720 13% 21% 6.5% 6.6% 10.8x 9.8x 10.4x 8.7x 1.30x Median $4,119 $5,293 14% 28% 6.0% 6.1% 11.4x 10.6x 10.6x 8.7x 1.29x Low $1,288 $1,877 6% 0% 5.4% 5.6% 8.4x 7.2x 8.1x 6.7x 1.03x High $12,280 $16,466 20% 38% 8.4% 8.4% 13.3x 12.6x 11.8x 10.6x 2.00x E&P Sponsored Mean $5,643 $7,774 14% 18% 7.0% 7.1% 9.8x 9.0x 10.0x 8.1x 1.32x E&P Sponsored Median $1,643 $3,346 15% 12% 6.9% 7.0% 9.2x 8.5x 10.5x 8.1x 1.19x Other High - Growth MLP Mean $5,920 $7,653 13% 24% 5.8% 6.0% 12.1x 11.4x 10.9x 9.5x 1.28x Other High - Growth MLP Median $5,462 $7,018 13% 30% 5.5% 5.8% 11.8x 11.2x 10.6x 9.5x 1.32x AM at WSC (3,4) $29.44 $8,888 $10,283 28% 30% 5.3% 5.8% 10.9x 9.3x 11.0x 8.9x 1.24x AM at Mgmt. Estimates $29.44 $8,888 $10,283 29% 31% 5.3% 5.8% 10.7x 9.1x 10.4x 8.4x 1.28x E&P Spon. Western Gas Partners, L.P. $45.43 $12,280 $16,466 6% 35% 8.4% 8.4% 9.2x 9.2x 11.4x 10.3x 1.09x CNX Midstream Partners LP 19.47 1,404 1,877 15% 12% 6.9% 7.0% 8.4x 7.2x 8.1x 6.7x 1.29x HG & E&P Spon.(2)` Hess Midstream Partners LP 23.07 1,288 3,346 15% 2% 6.0% 6.1% 12.6x 11.5x 10.5x 7.7x 1.19x Noble Midstream Partners LP 39.28 1,643 2,811 20% 5% 5.4% 5.6% 9.6x 7.3x 9.7x 6.8x 2.00x EQT Midstream Partners LP 52.96 11,601 14,371 14% 35% 8.2% 8.3% 9.2x 7.9x 10.5x 8.7x 1.03x Other High Growth MLP Shell Midstream Partners LP 21.91 6,804 8,743 12% 28% 6.7% 6.8% 11.4x 10.8x 10.6x 8.5x 1.10x BP Midstream Partners LP 19.35 2,082 2,375 15% 0% 5.6% 5.7% 11.7x 10.6x 10.6x 8.9x 1.31x Valero Energy Partners LP 40.42 4,119 5,293 14% 32% 5.4% 5.6% 11.9x 11.5x 10.6x 10.6x 1.39x Phillips 66 Partners LP 52.99 10,675 14,200 10% 38% 5.4% 5.8% 13.3x 12.6x 11.8x 10.1x 1.33x 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 8/24/18 Enbridge Inc. Spectra Energy Partners, LP 27,810 12.0x 26,945 11.6x 3,276 5.7% 0% Yes C-Corp Affiliate 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 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 1/2/18 Archrock, Inc Archrock Partners, LP 2,438 9.6x 2,358 9.3x 607 23.4% 0% 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% Yes MLP 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 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 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 5/30/16 SemGroup Corp. Rose Rock Midstream 2,034 12.0x 2,034 12.0x 771 0.0% 0% Yes C-Corp Affiliate 8/1/16 Transocean, Inc Transocean Partners 1,202 3.5x 1,153 3.3x 259 20.8% 0% No C-Corp 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 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 10/26/14 Williams Partners LP Access Midstream Partners LP 34,256 10.5x 34,256 10.5x 21,944 (0.2%) 0% No MLP 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 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 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 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 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 Mean 12,092 9.8x 11,802 9.6x 4,240 9.7% 37% Affiliate 3rd Party Overall 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) 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. Illustrative transaction value for PF AMGP at Transaction includes conversion of Series B units, AM existing debt, and the purchase of AM units outstanding. Excludes transaction fees. AM public unitholder premium to Series B implied current XR of 1.789x. 13 AMGP Proposal C-Corp Buying MLP Median $4,375 10.6x $4,284 10.5x $1,078 8.8% 6% Median $4,289 10.6x $4,243 10.5x $1,240 8.6% 0% Mean 15,264 10.8x 15,056 10.5x 6,217 10.1% 25% 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 $4,573 11.2x $4,550 11.2x $1,674 11.9% 0% Mean 12,720 11.6x 12,564 11.4x 5,586 12.4% 24% (4) Premium to Current Antero Midstream GP LP Antero Midstream Partners LP $11,165 11.3x ---- --9.5% 11% Yes C-Corp Affiliate Premium to Series B Adjusted Antero Midstream GP LP (4)Antero Midstream Partners LP 11,165 11.3x ---- --2.5% 11% Yes C-Corp 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 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 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 8/10/14 Kinder Morgan Inc. Kinder Morgan Energy Partners 52,566 8.8x 52,351 8.8x 27,351 12.0% 12% Yes C-Corp Affiliate 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 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 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 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 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 9/26/16 Transcanada Columbia Pipeline Partners 3,464 4.9x 3,384 4.8x 915 11.1% 100% 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 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 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 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 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 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 8/1/18 Energy Transfer Equity, L.P. Energy Transfer Partners 66,981 8.9x 66,915 8.9x 27,179 11.2% 0% No MLP 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 9/18/18 Enbridge Inc. Enbridge Energy Partners $15,562 10.0x $15,541 10.0x $2,742 2.1% 0% Yes C-Corp Affiliate CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AM DCF Analysis | AR Valuation Effective Date: 12/31/2018 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 $2.74 $3.24 $3.75 $4.29 LP Distribution Per Unit $2.21 $2.85 $3.42 $4.10 Disc ount Fac tor 0.954 0.867 0.788 Disc ount Fac tor 0.954 0.867 0.788 PV of LP DCF per Unit $2.61 $2.81 $2.96 PV of LP Dist. per Unit $2.11 $2.47 $2.70 Terminal M ultiple 10.5x Terminal Yield 7.0% Terminal Disc . Fac tor 0.751 Terminal Disc . Fac tor 0.751 14 Source: Management projections and FactSet as of 10/3/2018. Implied Terminal Value per Unit$44.01 Implied Value per Unit$51.28 Implied Terminal Value per Unit$33.84 Implied Value per Unit$42.22 Disc . LP Dist. Total$7.28 Disc . LP DCF Total$8.38 2019E 2020E 2021E2022E 2019E 2020E 2021E2022E $48.17 $53.99 $61.73 $45.78 $51.28 $58.62 $43.55 $48.76 $55.71 Discount Rate $39.27 $44.38 $49.49 $37.39 $42.22 $47.06 $35.63 $40.21 $44.79 Discount Rate 2022E Distribution Y ield 2022E DCF Multiple CONFIDENTIAL DRAFT SUBJECT TO CHANGE

AM DCF Analysis | AR Downside Valuation Effective Date: 12/31/2018 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 $2.40 $3.02 $3.33 $3.76 LP Distribution Per Unit $2.15 $2.58 $2.97 $3.42 Disc ount Fac tor 0.954 0.867 0.788 Disc ount Fac tor 0.954 0.867 0.788 PV of LP DCF per Unit $2.29 $2.62 $2.63 PV of LP Dist. per Unit $2.05 $2.24 $2.34 Terminal M ultiple 10.5x Terminal Yield 7.0% Terminal Disc . Fac tor 0.751 Terminal Disc . Fac tor 0.751 16 Source: Management projections and FactSet as of 10/3/2018. Implied Terminal Value per Unit$36.71 Implied Value per Unit$43.33 Implied Terminal Value per Unit$29.67 Implied Value per Unit$37.21 Disc . LP Dist. Total$6.62 Disc . LP DCF Total$7.54 2019E 2020E 2021E2022E 2019E 2020E 2021E2022E $34.63 $39.11 $43.59 $32.97 $37.21 $41.45 $31.43 $35.44 $39.46 Discount Rate $40.75 $45.60 $52.06 $38.74 $43.33 $49.45 $36.87 $41.22 $47.02 Discount Rate 2022E DCF Multiple 2022E Distribution Y ield CONFIDENTIAL DRAFT SUBJECT TO CHANGE

SQ AM After Tax Distribution Discount Model CONFIDENTIAL DRAFT 7% Yield-Based Terminal Value | AR Base Volumes Case BT LP Distribution Per Unit AT LP Distribution Per Unit Discount Factor PV of LP Dist. per Unit $4.10 $4.09 0.717 $2.93 $2.21 0.954 $2.11 $2.85 0.867 $2.47 $3.41 0.788 $2.69 Terminal Yield 7.0% Tax Calculation: Average Purchase Price Existing RoC $26.64 ($6.15) Beginning Tax Basis $20.49 Beg. Avg. Tax Basis / Unit Less: Distributions / Unit Plus: Net Income Allocated $20.49 (2.21) (0.78) $17.50 (2.85) (0.66) $13.99 (3.42) (0.38) $10.19 (4.10) 0.05 Avg. EOY Basis / Unit $17.50 $13.99 $10.19 $6.14 Implied Terminal Value per Unit Less: Basis at YE 2022E Less: PAL at YE 2022E $58.57 ($6.14) ($3.96) Gain Subject to Tax $48.47 Capital Gain Ordinary Gain $29.53 $18.94 Total Tax on Gain per Unit Tax on Ordinary Gain - 33.4% Tax on Capital Gain - 23.8% State Tax on Ordinary Income - 5.2% State Tax on Capital Gain - 5.2% $6.33 7.03 0.98 1.53 Total Effective Tax Rate After-Tax Future Value per Unit Terminal Disc. Factor 32.7% $42.70 0.683 18 Source: Management projections and FactSet as of 10/3/2018. Note: Assumes Unit sold on 12/31/2022. Implied Present Value per Unit at 6% Terminal Yield $44.10 Implied Present Value per Unit at 7% Terminal Yield $39.36 Implied Present Value per Unit at 8% Terminal Yield $35.81 Total Tax on Gain $15.87 Total Gain $48.47 2019E 2020E 2021E 2022E Implied Terminal Future Value per Unit $58.57 Disc. LP Dist. Total $10.20 2019E 2020E 2021E 2022E SUBJECT TO CHANGE

SQ AM After Tax Distribution Discount Model CONFIDENTIAL DRAFT 7% Yield-Based Terminal Value | AR Downside Volumes Case BT LP Distribution Per Unit AT LP Distribution Per Unit Discount Factor PV of LP Dist. per Unit $3.42 $3.41 0.717 $2.44 $2.14 0.954 $2.05 $2.58 0.867 $2.24 $2.96 0.788 $2.34 Terminal Yield 7.0% Tax Calculation: Average Purchase Price Existing RoC $26.64 ($6.15) Beginning Tax Basis $20.49 Beg. Avg. Tax Basis / Unit Less: Distributions / Unit Plus: Net Income Allocated $20.49 (2.15) (0.78) $17.57 (2.58) (0.66) $14.32 (2.97) (0.38) $10.97 (3.42) 0.05 Avg. EOY Basis / Unit $17.57 $14.32 $10.97 $7.61 Implied Terminal Value per Unit Less: Basis at YE 2022E Less: PAL at YE 2022E $48.86 ($7.61) ($3.96) Gain Subject to Tax $37.29 Capital Gain Ordinary Gain $18.35 $18.94 Total Tax on Gain per Unit Tax on Ordinary Gain - 33.4% Tax on Capital Gain - 23.8% State Tax on Ordinary Income - 5.2% State Tax on Capital Gain - 5.2% $6.33 4.37 0.98 0.95 Total Effective Tax Rate After-Tax Future Value per Unit Terminal Disc. Factor 33.9% $36.23 0.683 19 Source: Management projections and FactSet as of 10/3/2018. Note: Assumes Unit sold on 12/31/2022. Implied Present Value per Unit at 6% Terminal Yield $37.75 Implied Present Value per Unit at 7% Terminal Yield $33.80 Implied Present Value per Unit at 8% Terminal Yield $30.84 Total Tax on Gain $12.63 Total Gain $37.29 2019E 2020E 2021E 2022E Implied Terminal Future Value per Unit $48.86 Disc. LP Dist. Total $9.06 2019E 2020E 2021E 2022E SUBJECT TO CHANGE

AMGP Selected Comparable Company Analysis Unit Price at 10/3/2018 Total Entity Equity Value Total Entity TEV Implied GP Equity Value Implied GP TEV Price (Yield)( 1) GP EBITDA( 2) CAFD( 3) 2018E - 2022E Dist. CAGR Company Current 2018E 2019E 2020E 2019E 2020E EQT GP Holdings LP(6) $21.08 $6,376 $6,878 $5,221 $6,376 5.8% 5.7% 14.7x 12.1x 13.7x 11.8x 25.5% Western Gas Equity Partners, LP 31.97 7,000 8,242 4,722 6,998 7.3% 7.4% 14.7x 12.8x 12.4x 10.9x 11.0% CAFD With Series B Conversion Source: FactSet as of 10/3/2018 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 + 17.3mm Series B converted units). (3) (4) (5) (6) (7) 21 Total HoldCo Distributions Yield Range Implied Total Entity Share Price(7) AMGP at Mgmt. Estimates AMGP at WSC Low Median High Low Median High 2018E Distribution $106 $105 7.4% 6.6% 5.7% Yield $7.00 $7.88 $9.00 Series B AMGP at Mgmt. Estimates AMGP at WSC Low Median High Low Median High 2019E $166 $177 12.4x 13.0x 13.7x $10.08 $10.57 $11.07 AMGP at Mgmt. Estimates AMGP at WSC Low Median High Low Median High With Series 2019E EBITDA $237 $237 14.7x 14.7x 14.7x B Conversion $16.98 $17.02 $17.06 Implied GP Share Price (5) Multiple Range Metric Implied Total Entity Share Price(5) Multiple Range Metric Series B Mean $6,688 $7,560 $4,971 $6,687 6.5% 6.6% 14.7x 12.5x 13.0x 11.3x 18.2% Median $6,688 $7,560 $4,971 $6,687 6.5% 6.6% 14.7x 12.5x 13.0x 11.3x 18.2% Low $6,376 $6,878 $4,722 $6,376 5.8% 5.7% 14.7x 12.1x 12.4x 10.9x 11.0% High $7,000 $8,242 $5,221 $6,998 7.3% 7.4% 14.7x 12.8x 13.7x 11.8x 25.5% AMGP at WSC(4) $17.58 $3,350 $3,350 $3,350 $3,345 2.8% 3.1% 20.3x 14.7x 20.3x 14.1x 58.2% AMGP at Mgmt Estimates $17.58 $3,350 $3,350 $3,350 $3,345 2.8% 3.1% 14.9x 9.9x 20.2x 13.4x 58.2% 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: 12/31/2018 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 12.0x 14.0x 16.0x 7.0% 6.0% 5.0% 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 $178 $270 $352 $449 $0.88 $1.33 $1.73 $2.21 Disc ount Fac tor 0.954 0.867 0.788 0.954 0.867 0.788 PV of GP FCF $170 $234 $277 PV of GP Dist. per Share $0.84 $1.15 $1.36 Terminal M ultiple 14.0x Terminal Yield 6.0% Terminal Disc . Fac tor 0.751 Terminal Disc . Fac tor 0.751 Less Net Debt / Corp. Adjustments (5) AM GP Shares O /S (Inc lusive of 17.354mm Series B Conversion Shares) 203.6 22 Source: Management projections and FactSet as of 10/3/2018. (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 + 17.354mm converted Series B units). Implied Equity Value per Share $26.59 Implied Equity Value $5,413 Implied Terminal Value per Share $27.64 Implied Equity Value per Share $30.99 Implied Terminal Value Enterprise Value $5,408 Disc . Adj. Dist. Total $3.35 Disc . IDR Distribution Total $682 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E $28.48 $32.66 $38.50 $27.04 $30.99 $36.52 $25.69 $29.44 $34.67 Discount Rate $24.50 $28.01 $31.51 $23.28 $26.59 $29.91 $22.13 $25.27 $28.41 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: 12/31/2018 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 12.0x 14.0x 16.0x 7.0% 6.0% 5.0% 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 $169 $231 $287 $352 $0.83 $1.14 $1.41 $1.73 Disc ount Fac tor 0.954 0.867 0.788 0.954 0.867 0.788 PV of GP FCF $161 $201 $227 PV of GP Dist. per Share $0.79 $0.99 $1.11 Terminal M ultiple 14.0x Terminal Yield 6.0% Terminal Disc . Fac tor 0.751 Terminal Disc . Fac tor 0.751 Less Net Debt / Corp. Adjustments (5) AM GP Shares O /S (Inc lusive of 17.354mm Series B Conversion Shares) 203.6 24 Source: Management projections and FactSet as of 10/3/2018. (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 + 17.354mm converted Series B units). Implied Equity Value per Share $21.10 Implied Equity Value $4,295 Implied Terminal Value per Share $21.64 Implied Equity Value per Share $24.53 Implied Terminal Value Enterprise Value $4,289 Disc . Adj. Dist. Total $2.89 Disc . IDR Distribution Total $589 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E $22.58 $25.85 $30.42 $21.44 $24.53 $28.86 $20.38 $23.31 $27.41 Discount Rate $19.47 $22.21 $24.96 $18.50 $21.10 $23.70 $17.60 $20.06 $22.52 Discount Rate 2022E Distribution Y ield 2022E CAFD Multiple CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Analysis of Transaction ($ in millions, unless otherwise noted) AMGP 20-Day VWAP(1) $17.22 $17.58 $29.44 AMGP Market Price AM Market Price AM - Public Unitholders Equity XR Cash (Excl. Special Distribution) - $3.00 1.635x 0.174x 1.809x 0.024x (2) Equity + Cash (Excl. Special Distribution) XR Special Distribution ($) - $0.415 (2) All-In XR 1.833x Market Exchange Ratio Premium /(Discount) Market Exchange Ratio - Series B Adjusted Premium /(Discount) 1.675x 9.5% 1.789x 2.5% AM - AR Units Equity XR Cash (Excl. Special Distribution) Equity + Cash (Excl. Special Distribution) XR Special Distribution ($) 1.602x $3.00 1.777x - All-In XR 1.777x Implied Market Value Premium to Current AM Unit Price $31.17 5.9% 27 Source: Company filings, and FactSet as of 10/3/2018. (1)VWAP calculated as follows ((Sum of Daily VWAP)*(Sum of Daily Traded Value)) / (Sum of Daily Traded Value). (2)All cash adjustments to XR calculations utilize 20-day VWAP AMGP pricing. Implied Market Value $32.16 Premium to Current AM Unit Price 9.2% AMGP Proposal - X R Calculations CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Analysis of Transaction ($ in millions, unless otherwise noted) Comparable Metrics Trading Median Transaction Median (NTM) 10.6x 8.7x 11.2x 11.4x 10.6x 6.0% Trading Median Transaction Median (NTM) 10.6x 8.7x 11.2x 11.4x 10.6x 6.0% Source: Company filings, and FactSet as for 10/3/2018. 28 (1) (2) (3) Includes Series B units exchanged for 17.354mm AMGP shares DCF attributable to the LP unitholders. DCF multiples based on total all-in implied equity consideration for AM public and AR. Each Public AM Common Unit to receive: 1.6350 AMGP shares, $3.00 Cash, and $0.415 special cash distribution. For each common unit held, AR to receive: 1.6023 AMGP shares and $3.00 Cash. Volumes Case AR Downside AR Base Case E D C At AMGP Proposal(3) All-in Exchange Ratio to AR (At Current AMGP Sh. Price of $17.58) 1.7765x Premium to Implied AM Unit Price to AR (AMGP Share Price x All-in XR) 6.1% Implied AM Unit Price to AR $31.23 Fully Diluted AM Units Outstanding Owned by AR 98.9 Implied Fully-Diluted AM Equity Value Owned by AR $3,088 All-in Exchange Ratio to Public (At Current AMGP Sh. Price of $17.58) 1.8333x Premium to Implied AM Unit Price to Public (AMGP Share Price x All-in XR) 9.5% Implied AM Unit Price to Public $32.23 Fully Diluted AM Units Outstanding Owned by Public 89.2 Implied Fully-Diluted AM Equity Value Owned by Public $2,876 Total Implied Fully-Diluted AM Equity Value $5,964 AM Net Debt / (Cash) AMGP Net Debt / (Cash) Implied AMGP Equity Value(1) 1,628 ($5) $3,579 Implied AM Enterprise Value $11,165 AM Multiples: Statistic 2019E EBITDA $989 2020E EBITDA $1,222 2019E DCF(2) $515 2020E DCF(2) $609 Current Yield to Public $1.66 AM Statistic 2019E EBITDA $851 2020E EBITDA $1,105 2019E DCF(2) $451 2020E DCF(2) $568 Current Yield to Public $1.66 11.3x 9.1x 11.6x 9.8x 5.2% 13.1x 10.1x 13.2x 10.5x 5.2% B 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 2018E DCF 2019E DCF 2019E DCF 2020E DCF 2020E DCF 2021E DCF 2021E DCF 2022E DCF 2022E DCF 2017A Distributions 2017A Distributions 5.334x 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 10/3/2018. 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 + 17.354mm converted Series B units. (2)Transaction: 1.6350x XR and $3.415 cash consideration / unit. 29 76.0% 24.0% 70.4% 29.6% 66.6% 33.4% 65.7% 34.3% 64.9% 35.1% 64.5% 35.5% 82.9% 17.1% 75.9% 24.1% 71.4% 28.6% 68.2% 31.8% 66.5% 33.5% 65.2% 34.8% At Transaction: 1.8333x 3.175x 2.380x 1.992x 1.920x 1.851x 1.813x 3.147x 2.493x 2.146x 1.987x 1.872x 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 1.949x 2021E DCF 2021E DCF 2022E DCF 2022E DCF 2017A Distributions 2017A Distributions 5.334x 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 10/3/2018. 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 + 17.354mm converted Series B units. (2)At Transaction: 1.6350x XR and $3.415 cash consideration / unit. 30 76.0% 24.0% 70.5% 29.5% 69.0% 31.0% 66.1% 33.9% 65.6% 34.4% 64.9% 35.1% 82.9% 17.1% 75.9% 24.1% 71.8% 28.2% 69.3% 30.7% 67.8% 32.2% 66.5% 33.5% At Transaction: 1.8333x 3.175x 2.385x 2.229x 1.909x 1.847x 3.147x 2.549x 2.260x 2.105x 1.987x 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 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 5.334x 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 10/3/2018. 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 + 17.354mm converted Series B units. (2)At Transaction: 1.6350x XR and $3.415 cash consideration / unit. 31 78.5% 21.5% 72.4% 27.6% 68.6% 31.4% 67.0% 33.0% 65.8% 34.2% 64.9% 35.1% 82.9% 17.1% 75.9% 24.1% 71.4% 28.6% 68.2% 31.8% 66.5% 33.5% 65.2% 34.8% At Transaction: 1.8333x 3.649x 2.627x 2.189x 2.029x 1.924x 1.848x 3.147x 2.493x 2.146x 1.987x 1.872x 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 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 5.334x 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 10/3/2018. 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 + 17.354mm converted Series B units. (2)At Transaction: 1.6350x XR and $3.415 cash consideration / unit. 32 78.5% 21.5% 72.5% 27.5% 70.2% 29.8% 67.6% 32.4% 66.7% 33.3% 65.8% 34.2% 82.9% 17.1% 75.9% 24.1% 71.8% 28.2% 69.3% 30.7% 67.8% 32.2% 66.5% 33.5% At Transaction: 1.8333x 3.649x 2.631x 2.359x 2.089x 2.007x 1.922x 3.147x 2.549x 2.260x 2.105x 1.987x CONFIDENTIAL DRAFT SUBJECT TO CHANGE

(1) Implied Exchange AM & AMGP Ratios AR Base Volumes Case 8.0% 1.584x 2.019x 8.0% 1.653x 2.167x 1.780x 1.690x 10.0% 1.588x 2.022x 10.0% 1.655x 2.168x 1.741x 1.652x 12.0% 1.591x 2.024x 12.0% 1.657x 2.168x 1.690x 1.603x AR Downside Volumes Case 8.0% 1.760x 2.239x 8.0% 1.764x 2.306x 1.893x 1.804x 10.0% 1.764x 2.240x 10.0% 1.766x 2.306x 1.852x 1.763x 12.0% 1.767x 2.242x 12.0% 1.768x 2.306x 1.798x 1.710x Source: Management projections. FactSet as of 10/3/2018. 33 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 17.354mm 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. 2.014x 1.972x 1.915x 1.340x 1.342x 1.345x 1.387x 1.391x 1.396x 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 1.907x 1.867x 1.813x 1.251x 1.254x 1.256x 1.246x 1.250x 1.254x 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 At Transaction: 1.8333x CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Premiums Paid Analysis | MLP Transactions 8/24/18 Spectra Energy Partners, LP Enbridge Inc. 27,810 5.7% 19.4% 5/17/18 Yes (0.3%) 0.6% 6/19/18 Cheniere Energy Partners LP Holdings Cheniere Energy Inc. 5,651 2.2% 10.7% 5/16/18 No (3.5%) 9.4% 3/26/18 Tallgrass Energy Partners, LP Tall Grass Energy GP, LP 8,361 0.6% (18.4%) 2/7/18 Yes 40.3% 21.7% 1/2/18 Archrock Partners, LP Archrock, Inc 2,438 23.4% 23.4% NA Yes 27.1% 5.6% 5/18/17 PennTex Midstream Partners, LP Energy Transfer Partners, LP 963 20.1% 17.8% 10/24/16 Yes 0.6% (4.4%) 4/3/17 World Point Terminals, LP World Point Terminals, Inc. 594 5.8% 5.8% NA Yes N/A (10.1%) 1/27/17 Midcoast Energy Partners, LP Enbridge Energy Company 1,176 (8.6%) (8.6%) NA Yes (19.1%) (14.4%) 10/24/16 JP Energy Partners LP American Midstream Partners 476 9.1% 9.1% NA No (60.9%) (7.5%) 8/1/16 Transocean Partners LLC Transocean Inc. 1,202 20.8% 20.8% NA No 14.3% (8.4%) 11/3/15 Targa Resources Partners LP Targa Resources Corp. 12,229 18.4% 18.4% NA Yes (7.3%) (13.0%) 7/13/15 MarkWest Energy Partners, LP MPLX LP 22,360 36.3% 36.3% NA No (44.8%) (27.4%) 4/6/15 QEP Midstream Partners LP Tesoro Logistics LP 1,145 8.6% (14.0%) 10/18/14 No (7.7%) (32.5%) 10/26/14 Access Midstream Partners LP Williams Partners LP 34,256 (0.2%) (5.7%) 6/13/14 No (17.3%) (43.3%) 11/12/14 Oiltanking Partners LP Enterprise Products Partners LP 4,289 1.7% (0.9%) 9/30/14 No (21.5%) (41.9%) 8/10/14 El Paso Pipeline Partners Kinder Morgan Inc. 13,677 15.4% 15.4% NA Yes (49.7%) (41.7%) 10/10/13 PVR Partners LP Regency Energy Partners LP 5,659 25.7% 25.7% NA No N/A (33.9%) 5/6/13 Crestwood Midstream Partners LP Inergy Midstream LP 2,643 14.5% 14.5% NA No N/A (35.7%) 2/23/11 Duncan Energy Partners LP Enterprise Products Partners 3,282 28.1% 28.1% NA No 35.5% (22.8%) 34 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. Unaffected 1-Day premium for transaction as of 2/23/2018, prior to Special Committee formation announcement. Median 11.5% 12.6% Mean 11.9% 18.3% Taxable Transactions Median 6.2% 13.6% Taxable Transactions Mean 9.5% 10.3% At Transaction Premium to Current 9.5% 32.8% Premium to Series B Adjusted 2.5% 24.7% 1/29/13 Copano Energy LLC Kinder Morgan Energy Partners LP 4,858 23.5% 23.5% NA No N/A (32.0%) 8/27/13 PAA Natural Gas Storage LP Plains All American LP 2,531 8.5% 8.5% NA No (47.2%) (34.2%) 7/24/14 QR Energy LP Breitburn Energy Partners 2,856 17.5% 17.5% NA No N/A (44.8%) 8/10/14 Kinder Morgan Energy Partners Kinder Morgan Inc. 52,566 12.0% 12.0% NA Yes (49.7%) (41.7%) 10/13/14 Atlas Pipeline Partners LP Targa Resources Partners LP 6,002 15.0% 15.0% NA No N/A (40.5%) 1/26/15 Regency Energy Partners LP Energy Transfer Partners, LP 18,593 13.2% 13.2% NA No N/A (35.7%) 5/6/15 Crestwood Midstream Partners Crestwood Equity Partners, LP 6,920 17.2% 17.2% NA No (44.3%) (35.7%) 10/26/15 Northern Tier Energy Western Refining, Inc. 5,286 11.7% 11.7% NA Yes N/A (10.3%) 5/30/16 Rose Rock Midstream SemGroup Corp. 2,034 0.0% 0.0% NA Yes (12.2%) (3.7%) 9/26/16 Transcanada Columbia Pipeline Partners LP 3,464 11.1% 9.9% 3/16/16 Yes (7.8%) (7.1%) 11/21/16 Energy Transfer Partners, LP Sunoco Logistics Partners, LP 54,455 (0.2%) (0.2%) NA No (12.2%) (3.9%) 2/1/17 ONEOK Partners, LP ONEOK, Inc 23,654 25.8% 25.8% NA Yes 25.0% (11.9%) 3/2/17 VTTI Energy Partners, LP VTTI, B.V 1,867 6.0% 6.0% NA Yes N/A (12.2%) 8/29/17 Arc Logistics Partners LP Zenith Energy US, LP 736 15.2% 15.2% NA Yes N/A 6.4% 2/7/18 Terra Nitrogen Co. LP Terra Nitrogen GP, Inc. 1,474 3.7% 3.7% NA Yes N/A 3.0% 5/17/18 Williams Partners, LP Williams Companies 57,793 6.4% 16.5% 3/15/18 Yes 16.1% 9.5% 8/1/18 Energy Transfer Partners, LP Energy Transfer Equity, L.P. 66,981 11.2% 11.2% NA No (0.5%) 4.2% Premium A B C D E F G H I J Announcement Date Target Acquiror Transaction Value 1-Day Premium Unaffected 1-Day Premium Unaffected Date Taxable Transaction Acquiror Performance Since Day Prior to Announcement AMZ Performance Since Day Prior to Announcement 9/18/18 Enbridge Energy Partners Enbridge Inc. $15,562 2.1% 11.6% 5/17/18 Yes 4.7% 4.4% CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Transaction Assumptions | Pre-Unitholder Tax Transaction Assumptions Sources & Uses At Proposed Transaction Transaction effective on 12/31/2018 To acquire AM, AMGP will convert into a C-Corp in a 100% stock transaction Base case assumes: (1) AMGP Equity Issued $5,655 1,628 626 Purchase Non-Affiliated AM Units O/S Purchase Affiliated AM Units O/S Conversion of Series B Units Cash Consideration - Affiliated Units Cash Consideration - Non-Affiliated Units Transaction Fees(2) AM Existing Debt $2,565 $2,785 305 297 305 24 1,628 Each outstanding Public AM common unit exchanged for 1.6350 AMGP shares and $3.415 cash per AM unit, for an all-equity equivalent exchange ratio of 1.8333x Each outstanding AM common unit held at AR will be exchanged for 1.6023 AMGP shares and $3.00 cash per AM unit, for an all-equity equivalent exchange ratio of 1.7765x All existing Series B units exchanged for 17.354mm AMGP shares AM Debt Rolled to AMGP Balance Sheet Revolver Draw Assumes Company provided pf coverage ratio to drive pf dividend policy Step-up depreciation due to 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 $650mm refinancing of revolver debt with 5.5% term loan issued on 12/31/2018 New capex financed by $500mm senior unsecured issuance in 2018, 2019, 2020, and 2022 at a 5.000% interest rate AMGP Ownership Comparison Series B Conversion AMGP Proposal At Transaction Proposed At Current AMGP SQ Units Outstanding 186.2 186.2 AR Implied XR 1.6023x AM Implied XR 1.6350x Existing Public 15.0% AMGP Common Units Issued - 304.3 Prior AM Public 28.7% Pre-Series B Fully Diluted Post-Transaction Share Count 186.2 490.5 Mgmt. 7.7% 20-Day AMGP VW AP as of 10/03/2018 $17.22 $17.22 Sponsors 38.0% Existing Public 40.9% Series B 3.4% Impled Pre-Series Market Cap ($mm) $3,207 $8,447 Series B Valuation Threshold ($mm) $2,000 NA Sponsors 13.9% Series B Conversion Rate 6.00% NA AR 31.2% Impled Post-Series Market Cap ($mm) $3,279 $8,746 Mgmt. 21.1% % Shares Issued to AM % AMGP Shares Oustanding % Class B Shares Outstanding --97.8% 2.2% 59.9% 36.7% 3.4% Source: FactSet as of 10/3/2018. (1) Includes equity issued for Series B unit conversion into AMGP shares. (2) Provided by Management. 36 3.4% Series B share under Transaction Implied Series B Valuation $72 $299 Post-Series B Fully Diluted Post-Transaction Share Count 190.4 507.9 AMGP Shares Issued for Series B Conversion 4.204 17.354 Pro Forma Status Quo Total Uses$7,908 Total Sources$7,908 Uses Sources CONFIDENTIAL DRAFT SUBJECT TO CHANGE

xes Payable ($2.96) SUBJECT TO CHANGE et C a sh Consideration $0.45 Sec ondary Shares Purc hased 0.0259x AM Distributable Cash Flow Accretion / (Dilution) - % AMGP Distributable Cash Flow Accretion / (Dilution) - % At 1.0x AM Coverage At 1.8333x Exchange Ratio 1.8333x XR (1) (2) 1.6609x XR 29.8% 20.2% 19.7% 17.4% 16.6% 12.4% 15.8% 23.6% 9.5% 12.4% 21.6% 17.3% 6.3% 8.9% 5.7% 8.5% 1.8% (0.8%) 4.9% 2 1.8%8E H 201 2019E 2020E 2021E $3.14 $3.30 2021E 2022E $3.65 $3.96 2019E 2020E $1.07 $0.94 $2.65 $2.69 2019E 2020E 2021E 2022E Pro Forma AMGP: $1.63 $1.98 $2.38 $2.74 AM Distribution Accretion / (Dilution) - % At 1.8333x Exchange Ratio AMGP Distribution Accretion / (Dilution) - % 0.3% 0.2% 0.2% 0.2% 35.4% (9.3%) (9.2%) (9.2%) (9.1%) 15.8% 6.8% 2019E 2020E 2021E 2022E 0.5% 2019E 2020E 2021E 2022E (1) Pro Forma AMGP at 1.6609x: Pro Forma AMGP at 1.8333x: $2.01 $2.21 $2.59 $2.86 $3.10 $3.43 $3.73 $4.11 Pro Forma AMGP: $1.21 $1.56 $1.87 $2.24 PF AMGP Coverage: 1.355x 1.275x 1.276x 1.225x 38 Source: Management projections and FactSet as of 10/3/2018. (1)Pre – Unitholder Tax; 1.8333x represents implied XR at 1.6350x equity XR and cash consideration of $3.415 / unit. Cash assumed to be used to purchase additional secondary shares. (2)Post - Unitholder Tax; 1.6609x represents implied XR at 1.6350x equity XR; cash used to pay taxes, with any excess cash assumed to be used to purchase additional secondary shares. SQ AM Coverage:1.305x 1.164x 1.112x 1.052x Status Quo AMGP:$0.89 $1.35 $1.75 $2.23 $ Acc / (Dil):$0.32 $0.21 $0.12 $0.01 PF AMGP Coverage:1.355x 1.275x 1.276x 1.225x Status Quo AM:$2.21 $2.85 $3.42 $4.10 (2) $ Acc / (Dil):($0.20) ($0.26) ($0.32) ($0.37) $ Acc / (Dil):$0.00 $0.01 $0.01 $0.01 Status Quo AMGP: $1.26 $1.60 $1.96 $2.33 $ Acc / (Dil):$0.37 $0.38 $0.42 $0.40 Status Quo AM:$2.74 $1.04 $3.24 $2.97 $3.75$3.64 $4$.42.937 PF AMGP at 1.6609x: $2.72 ($0.13) $3.30 $0.05 $3.96$0.15 $4$.05.631 PF AMGP at 1.8333x: $3.00 ($0.04) $3.64 $0.33 $4.37$0.50 $5$.00.472 $ Acc / (Dil):($0.02) $0.06 $0.21 $0.27 $ Acc / (Dil):$0.26 $0.40 $0.62 $0.75 Accretion / (Dilution) Pre – Unitholder Tax(1,2) | AM & AMGP | AR Base Case All-In XR 1.8333x Gr Ta N oss CCasOh CNonFsIidDerEatNioTn IAL DRAF$3T.415 XR Equity Component 1.6350x Net After-Tax XR 1.6609x CONFIDENTIAL DRAFT SUBJECT TO CHANGE

PV Distribution Analysis | AR Base Case SQ AM Distribution/Unit PF AMGP Dividend/Share at Mgmt. Coverage PF AMGP Dividend at 1.6350x X R $2.21 $1.21 $1.97 $2.85 $1.56 $2.55 $3.42 $1.87 $3.06 $4.10 $2.24 $3.67 $0.42 PV Factor 1.00 0.95 0.87 0.79 0.72 SQ AM Distribution/Unit PF AMGP Dividend/Share at Mgmt. Coverage PF AMGP Dividend at 1.6464x X R $2.21 $1.21 $1.99 $2.85 $1.56 $2.56 $3.42 $1.87 $3.08 $4.10 $2.24 $3.69 $0.42 PV Factor 1.00 0.95 0.87 0.79 0.72 39 Source: Management, FactSet as of 10/3/2018. Note: Discount Factor based on 10% Cost of Equity. I mplied PF AMGP Present Value per Share$0.42 ($0.21) ($0.25) ($0.27) ($0.29) Cumulative PF AMGP Present Value per Share$0.42 $0.20 ($0.04) ($0.31) ($0.61) Net PF/SQ Distribution Cash Flows$0.42 ($0.22) ($0.29) ($0.34) ($0.41) 2019E2020E2021E2022E I mplied PF AMGP Present Value per Share$0.42 ($0.22) ($0.26) ($0.29) ($0.31) Cumulative PF AMGP Present Value per Share$0.42 $0.19($0.07)($0.36)($0.67) Net PF/SQ Distribution Cash Flows$0.42($0.24)($0.30) ($0.36) ($0.43) 2019E2020E2021E2022E CONFIDENTIAL DRAFT SUBJECT TO CHANGE

oss CCasOh CNonFsIidDerEatNioTn IAL DRAF$3T.415 et Cash Consideration $0.45 Sec ondary Shares Purc hased 0.0259x AM Distributable Cash Flow Accretion / (Dilution) - % AMGP Distributable Cash Flow Accretion / (Dilution) - % At 1.0x AM Coverage 35.3% At 1.8333x Exchange Ratio 1.8333x XR (1) (2) 1.6609x XR 20.2% 14.7% 19.7% 14.2% 10.8% 15.8% 25.3% 12.4% 24.3% 5.7% 19.5% 3.89.9%% 3.4%8.5% 0.4% 4.9% (4.2%) 2 1.8%8E H 201 2019E 2020E 2021E $3.14 $3.30 2021E 2022E $3.65 $3.96 2019E 2020E $1.07 $0.94 $2.65 $2.69 2019E 2020E 2021E 2022E Pro Forma AMGP: $1.38 $1.82 $2.07 $2.34 AM Distribution Accretion / (Dilution) - % At 1.8333x Exchange Ratio AMGP Distribution Accretion / (Dilution) - % 2.3% 1.9% 1.9% (1.7%) 36.0% (7.3%) (7.7%) (7.7%) 24.8% (11.0%) 15.3% 8.6% 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E Pro Forma AMGP at 1.6609x: Pro Forma AMGP at 1.8333x: $1.91 $2.11 $2.39 $2.64 $2.74 $3.02 $3.16 $3.48 Pro Forma AMGP: $1.15 $1.44 $1.65 $1.90 40 Source: Management projections and FactSet as of 10/3/2018. (1)Pre – Unitholder Tax; 1.8333x represents implied XR at 1.6350x equity XR and cash consideration of $3.415 / unit. Cash assumed to be used to purchase additional secondary shares. (2)Post - Unitholder Tax; 1.6609x represents implied XR at 1.6350x equity XR; cash used to pay taxes, with any excess cash assumed to be used to purchase additional secondary shares. SQ AM Coverage:1.152x 1.210x 1.145x 1.116x PF AMGP Coverage:1.203x 1.269x 1.258x 1.238x Status Quo AMGP:$0.85 $1.15 $1.43 $1.75 $ Acc / (Dil):$0.30 $0.29 $0.22 $0.15 PF AMGP Coverage:1.203x 1.269x 1.258x 1.238x Status Quo AM:(1)$2.15 $2.58 $2.97 $3.42 (2) $ Acc / (Dil):($0.24) ($0.19) ($0.23) ($0.26) $ Acc / (Dil):($0.04) $0.06 $0.05 $0.06 Status Quo AMGP: $1.02 $1.45 $1.66 $1.96 $ Acc / (Dil):$0.36 $0.37 $0.40 $0.38 Status Quo AM:$2.40 $1.04 $3.02 $2.97 $3.33$3.64 $3$.47.637 PF AMGP at 1.6609x: $2.30 ($0.13) $3.03 $0.05 $3.45$0.15 $3$.09.131 PF AMGP at 1.8333x: $2.54 ($0.04) $3.35 $0.33 $3.80$0.50 $4$.03.172 $ Acc / (Dil):($0.10) $0.01 $0.11 $0.15 $ Acc / (Dil):$0.14 $0.33 $0.47 $0.55 Accretion / (Dilution) Pre – Unitholder Tax(1,2) | AM & AMGP | AR Downside Volumes Case All-In XR 1.8333x Gr Ta N xes PaSyUabBleJECT TO CHANG($E2.96) XR Equity Component 1.6350x Net After-Tax XR 1.6609x CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Growth Comparison at Transaction Pre – Unitholder Tax | SQ AM, SQ AMGP, & PF AMGP AR Base Case AM $2.74 $3.24 $3.75 $4.29 16% AM GP @ 1.0x AM Coverage $1.26 $1.60 $1.96 $2.33 23% PF AM GP $1.64 $1.99 $2.39 $2.75 19% AR Downside Volumes Case AM $2.40 $3.02 $3.33 $3.76 16% AM GP @ 1.0x AM Coverage $1.02 $1.45 $1.66 $1.96 24% PF AM GP $1.38 $1.83 $2.08 $2.35 19% AR Base Case AM $2.21 $2.85 $3.42 $4.10 23% AM GP $0.89 $1.35 $1.75 $2.23 36% PF AM GP $1.21 $1.56 $1.87 $2.24 23% AR Downside Volumes Case AM $2.15 $2.58 $2.97 $3.42 17% AM GP $0.85 $1.15 $1.43 $1.75 27% PF AM GP $1.15 $1.44 $1.65 $1.90 18% Source: Management projections and FactSet as of 10/3/2018. 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. 41 SQ AM M gmt Dist Coverage (Base Case) 1.305x 1.164x 1.112x 1.052x SQ AM M gmt Dist Coverage (AR Downside Volumes Case) 1.152x 1.210x 1.145x 1.116x PF AM GP M gmt. Dividend Coverage (Base Case) 1.355x 1.275x 1.276x 1.225x PF AM GP M gmt. Dividend Coverage (AR Downside Volumes Case) 1.203x 1.269x 1.258x 1.238x 2019E 2020E 2021E 2022E 2019E - 2022E CAGR Distributions / Dividends per Unit / Share 2019E 2020E 2021E 2022E 2019E - 2022E CAGR DCF per Unit / Share CONFIDENTIAL DRAFT SUBJECT TO CHANGE

PF AMGP Selected Public Trading Comparables Midstream C-Corps & High – Growth MLPs Dist. Growth 2018E to 2020E CAGR(1) Unit Price at 10/3/2018 Price (Yield) DCF(2,3) EBITDA Company Equity Value TEV Current 2018E 2019E 2020E 2019E 2020E 2019E Kinder Morgan Inc ONEOK, Inc. Plains All American Pipeline GP SemGroup Corporation Targa Resources Corp. The Williams Companies, Inc. Tallgrass Energy, LP $18.24 68.43 25.08 22.22 58.38 27.98 24.27 $40,253 28,130 7,101 1,747 13,346 33,997 6,806 $76,807 36,468 6,909 4,574 19,561 55,037 6,806 4.4% 4.8% 4.8% 8.5% 6.2% 4.9% 8.0% 4.4% 4.7% 4.8% 8.6% 6.2% 4.9% 8.2% 25% 11% 10% 5% 1% 12% 5% 9.1x 15.0x 8.8x 7.2x 14.1x 11.0x 7.2x 8.7x 14.1x 8.1x 6.5x 10.3x 10.5x 7.8x 10.1x 14.3x 19.3x 10.5x 12.5x 12.5x 7.2x 9.7x 12.5x 19.3x 10.1x 10.3x 12.5x 7.2x 2.6x 1.3x 1.8x 1.5x 1.1x 1.3x 0.0x 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 $19.47 52.96 23.07 39.28 19.35 21.91 40.42 $1,404 11,601 1,288 1,643 2,082 6,804 4,119 $1,877 14,371 3,346 2,811 2,375 8,743 5,293 6.9% 8.2% 6.0% 5.4% 5.6% 6.7% 5.4% 7.0% 8.3% 6.1% 5.6% 5.7% 6.8% 5.6% 15% 14% 15% 20% 15% 12% 14% 11.3x 9.9x 14.2x 10.4x 13.7x 13.4x 12.8x 8.4x 9.2x 12.6x 9.6x 11.7x 11.4x 11.9x 11.5x 14.3x 12.8x 12.7x 16.7x 14.5x 13.4x 8.1x 10.5x 10.5x 9.7x 10.6x 10.6x 10.6x 1.3x 1.0x 1.2x 2.0x 1.3x 1.1x 1.4x Source: FactSet as of 10/3/2018 and Wall Street research. Note: Assumes AMGP share price of $17.35 for offer / AM Proposal metrics. (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 AMGP Proposal$17.58$5,964$11,1655.2%5.3%28%11.6x9.8x11.3x9.1x1.4x Mean$11,809$18,3216.0%6.1%13%11.6x10.2x13.5x11.2x1.5x Median$6,804$6,9095.6%5.7%14%11.3x10.3x12.8x10.5x1.3x Midstream C-Corp Mean$20,762$33,2265.6%5.6%11%10.9x9.7x13.2x12.4x1.6x Midstream C-Corp Median$20,738$28,0144.8%4.8%10%10.0x9.5x12.5x11.4x1.4x High-Growth MLP Mean$4,134$5,5456.3%6.5%15%12.2x10.7x13.7x10.1x1.3x High-Growth MLP Median$2,082$3,3466.0%6.1%15%12.8x11.4x13.4x10.5x1.3x 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 | AR Base Case AM Pre – Unitholder Tax | Valuation Effective Date: 12/31/2018 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 SQ AM Coverage 1.305x 1.164x 1.112x 1.052x 7.0% 8.5% 10.0% Source: Management projections and FactSet as of 10/3/2018. (1) Implied XR at 1.6350x equity XR and cash consideration of $3.415 / unit. Cash consideration added to implied share price at 1.6350x 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 Q4 2018 net debt per share. 43 PF AM GP Coverage 1.355x 1.275x 1.276x 1.225x $49.90 $58.53 $67.16 $47.84 $56.12 $64.40 $45.89 $53.83 $61.78 Discount Rate 2019E 2020E 2021E 2022E 2022E Terminal M ultiple SQ vs PF Distribution Coverage $51.70 $58.63 $68.33 $49.28 $55.84 $65.02 $47.03 $53.24 $61.94 Discount Rate $48.17 $53.99 $61.73 $45.78 $51.28 $58.62 $43.55 $48.76 $55.71 Discount Rate 2022E Distribution Yield 2022E Distribution Yield $47.75 $54.88 $62.01 $45.60 $52.35 $59.09 $43.59 $49.98 $56.37 Discount Rate $39.27 $44.38 $49.49 $37.39 $42.22 $47.06 $35.63 $40.21 $44.79 Discount Rate 2022E DCF M ultiple 2022E DCF M ultiple XR Adjusted PF AMGP Implied Share Price |1.8333x XR(1) Stand Alone AM Implied Unit Price CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Has / Gets Analysis | AR Downside Volumes Case AM Pre – Unitholder Tax | Valuation Effective Date: 12/31/2018 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 SQ AM Coverage 1.152x 1.210x 1.145x 1.116x 7.0% 8.5% 10.0% Source: Management projections and FactSet as of 10/3/2018. (1) Implied XR at 1.6350x equity XR and cash consideration of $3.415 / unit. Cash consideration added to implied share price at 1.6350x 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 Q4 2018 net debt per share. 44 PF AM GP Coverage 1.203x 1.269x 1.258x 1.238x $44.09 $51.50 $58.90 $42.30 $49.40 $56.50 $40.60 $47.42 $54.23 Discount Rate 2019E 2020E 2021E 2022E 2022E Terminal M ultiple SQ vs PF Distribution Coverage $44.78 $50.65 $58.87 $42.72 $48.28 $56.06 $40.80 $46.07 $53.44 Discount Rate $40.75 $45.60 $52.06 $38.74 $43.33 $49.45 $36.87 $41.22 $47.02 Discount Rate 2022E Distribution Yield 2022E Distribution Yield $41.59 $47.70 $53.81 $39.74 $45.52 $51.30 $38.01 $43.49 $48.96 Discount Rate $34.63 $39.11 $43.59 $32.97 $37.21 $41.45 $31.43 $35.44 $39.46 Discount Rate 2022E DCF M ultiple 2022E DCF M ultiple XR Adjusted PF AMGP Implied Share Price |1.8333x XR(1) Stand Alone AM Implied Unit Price CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Illustrative Discounted Future Value Pre – Unitholder Tax | SQ AM & PF AMGP | AR Base Case & AR Downside Volumes Case PF AMGP | 1.8333x XR Adjusted(1) | AR Base Case SQ AM | AR Base Case $55.57 $50.09 $53.45 $47.42 $40.94 $36.09 2019E SQ AM | AR de Volumes $47.88 $43.06 $37.20 $39.18 $40.32 $36.59 $36.48 $32.81 2019E 2020E 2021E 2019E 2020E 2021E Source: Management projections and FactSet as of 10/3/2018. Note: Valuation based on annual distributions. (1) Implied XR at 1.6350x equity XR and cash consideration of $3.415 / unit. 45 Assumptions Management projections | Valuation date as of 12/31/18 Future share price calculated at FY1 distributions divided by yield Discounted to 12/31/18 at 10% cost of equity Interim distributions discounted upon receipt to 12/31/18 $29.44 Current AM Unit Price 5.0% 6.0% 7.0% Yield $61.14 $54.01 $46.94 $47.68 $41.65 2020E 2021E $65.21 $58.92 $53.15 $45.05 $48.69 $43.78 $39.27 2019E 2020E 2021E Downside Volumes Case $51.566.0% $47.21 $45.147.0% $41.07 8.0% PF AMGP | 1.8333x XR Adjusted(1) | AR Downsi Case$56.04 $52.55 $49.43 $44.75 $41.94 $42.04 Yield $29.44 5.0% 6.0% 7.0% Yield 6.0% 7.0% 8.0% Current AM Unit Price Yield CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Transaction Tax Implications At Transaction Average Tax Basis Calculation(1) Average tax basis of $20.49 per unit for public AM unitholders as of YE 2018 Antero Resourc es Antero Resourc es - WaterARC Public Unitholders 90,841,730 8,028,605 94,757,401 $1.06 26.90 20.49 2017 YE Basis (+) 2018E Avg. Net Inc ome (-) 2018E Distributions $23.27 (1.07) 1.72 The average public AM unit holder would need to receive cash consideration of $2.96 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 AMGP Share Price Exchange Ratio Cash Consideration(5) Offer Price $17.58 1.6350x $3.00 $31.74 AMGP Share Price Exchange Ratio Cash Consideration(5) Offer Price $17.58 1.635x $3.00 $31.74 AMGP Share Price Exchange Ratio Cash Consideration(5) Offer Price $17.58 1.635x $3.00 $31.74 Detail of Gains (per Unit) Average Ordinary Gain One-Time Dividend / Unit (ordinary Gain) Average Capital Gain Detail of Gains (per Unit) Average Ordinary Gain One-Time Dividend / Unit (ordinary Gain) Average Capital Gain Detail of Gains (per Unit) Average Ordinary Gain One-Time Dividend / Unit (ordinary Gain) Average Capital Gain $3.37 0.415 7.89 $4.83 0.415 8.93 $6.56 0.415 4.68 Average Assumed Passive Activity Loss (2) Tax on Gain (per Unit) Federal Ordinary Income Tax Rate Individual MLP Investor Deduction Rate Adjusted Ordinary Tax Rate ACA Tax Federal Tax Rate Federal Capital Gains Tax Rate Effective State Tax Rate(3) PAL Rate PAL Gain Deduction Average Assumed Passive Activity Loss (2) Tax on Gain (per Unit) Federal Ordinary Income Tax Rate Individual MLP Investor Deduction Rate Adjusted Ordinary Tax Rate ACA Tax Federal Tax Rate Federal Capital Gains Tax Rate Effective State Tax Rate(3) PAL Rate PAL Gain Deduction Assumed Passive Activity Loss (3) Tax on Gain (per Unit) Federal Ordinary Income Tax Rate Individual MLP Investor Deduction Rate Adjusted Ordinary Tax Rate ACA Tax Federal Tax Rate Federal Capital Gains Tax Rate Effective State Tax Rate(3) PAL Rate PAL Gain Deduction ($2.12) ($2.42) ($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% 37.0% ($0.79) 37.0% ($0.90) 37.0% ($0.74) Tax on Ordinary Gain Effective Ordinary Gain Tax Rate Tax on Capital Gain Effective Capital Gain Tax Rate State Tax Ordinary Income(4) Effective Ordinary Gain Tax Rate State Tax Capital Gain(4) Effective Capital Gains Tax Rate $0.48 14.2% $1.88 23.8% $0.20 5.8% $0.41 5.2% Tax on Ordinary Gain Effective Ordinary Gain Tax Rate Tax on Capital Gain Effective Capital Gain Tax Rate State Tax Ordinary Income(4) Effective Ordinary Gain Tax Rate State Tax Capital Gain(4) Effective Capital Gains Tax Rate $0.86 17.7% $2.13 23.8% $0.27 5.6% $0.46 5.2% Tax on Ordinary Gain Effective Ordinary Gain Tax Rate Tax on Capital Gain Effective Capital Gain Tax Rate State Tax Ordinary Income(4) Effective Ordinary Gain Tax Rate State Tax Capital Gain(4) Effective Capital Gains Tax Rate $1.45 22.1% $1.11 23.8% $0.34 5.2% $0.24 5.2% Total Payable Effective Tax Rate 25.4% Total Effective Tax Rate 27.0% Total Payable Effective Tax Rate 28.0% Source: FactSet as of 10/3/2018 and Wall Street research. Note: Dividend of $0.415 / share added to ordinary gain. (1) (2) (3) (4) (5) 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 by Management to be $2.00 for an IPO investor. At Management’s direction, 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. Cash consideration excludes special distribution of $0.415. 49 Total Tax on Gain $3.15 Total Tax on Gain $3.72 Total Tax on Gain $2.96 Total Gain $11.24 Total Gain $13.76 Total Gain $11.67 Average EOY 2018 Tax Basis $17.98 Average EOY 2018 Tax Basis $17.98 Average EOY 2018 Tax Basis $20.49 IPO Investor - IPO Basis(1) For IPO Investor - Average Basis(1) Average Unitholder Average EOY 2018 Basis for Public Unitholders $20.49 Average EOY 2018 Basis for IPO Investors $17.98 2018E YE Basis$20.49 2018E YE Basis Unitholder Active Units EOY 2018 Basis CONFIDENTIAL DRAFT SUBJECT TO CHANGE

After-Tax Distribution For Average Unitholder Calculation Detail for Transaction $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 $989 ($88) $72 ($48) (121) (761) (87) (164) 0 $1,222 ($141) $104 ($41) (145) (753) (221) (176) 0 $1,413 ($168) $120 ($33) (152) (666) (229) (377) 0 $1,642 ($196) $146 ($35) (125) (622) (160) (352) 42 ($92) ($114) ($132) ($143) - IDR Distributions ($237) ($357) ($464) ($592) - Distributions from Unc onsolidated Affiliates ($88) ($141) ($168) ($196) + Equity in Earnings of Unc onsolidated Affiliates $72 $104 $120 $146 - Equity Based Compensation ($48) ($41) ($33) ($35) Taxable Income Before NOLs ($208) ($151) ($92) $332 597 674 736 822 Taxable Income Before Tax Depreciation - NOLs applied from previous years $0 $0 $0 ($266) O versubc ription 103% 103% 103% 103% Taxable Income ($208) ($151) ($92) $66 AM GP Taxable Income + NOL Utilization - Payment of Income Taxes +/-Change in depreciation (M ACRS vs ADS SL) + Tangible Asset Capex ($208) - - 205 164 ($151) - - 222 176 ($92) - - 85 377 $66 266 17 (65) 352 614 693 758 846 Taxable Income Before Tax Depreciation Tax Deprec iation (588) (642) (648) (644) Net Income 26 51 109 202 Current Earnings & Profits Current Dist. from AM GP to Shareholders Qualified Dividend? Return of Capital(1) Qualified Dividend(2) Partial Return of Capital(3) Accumulated Earnings and Profits $161 606 Cum E&P - 161 445 $247 791 Cum E&P - 247 545 $370 949 Cum E&P - 370 579 $561 1,139 Cum E&P - 561 579 AM Shares Outstanding 188.1 188.1 188.1 188.1 Taxable Income / Unit (Net of PAL) $0.00 $0.01 $0.02 $0.04 Average Tax Basis per Unit $20.49 $17.50 $13.99 $10.19 Less: Return of Capital per Unit(1) Average EoY Basis per Unit ($2.99) ($3.51) ($3.80) ($4.05) $17.50 $13.99 $10.19 $6.14 Income Tax % RoC (Annual Average) % Qualified Dividend (Annual Average) Percentage RoC Percentage QD 18% 7% 73% 27% 17% 8% 69% 31% 15% 10% 61% 39% 13% 12% 51% 49% Taxable Income / Unit (Net of PAL) $0.00 $0.01 $0.02 $0.04 Income Tax Rate 29.6% 29.6% 29.6% 29.6% Tax Basis/Share - Return of Capital $17.58 ($0.89) $16.69 ($1.07) $15.62 ($1.14) $14.48 ($1.14) Tax / Unit ($0.00) ($0.00) ($0.01) ($0.01) EoY Basis $16.69 $15.62 $14.48 $13.34 Implied Tax Rate 6% 7% 9% 12% Exchange ratio 1.6609x 1.6609x 1.6609x 1.6609x After-tax Distribution Dilution to AM Unitholder ($/Unit) After-tax Distribution Dilution to AM Unitholder (%) ($0.33) (15.0%) ($0.45) (15.9%) ($0.60) (17.5%) ($0.80) (19.5%) Source: Management projections and FactSet as of 10/3/2018. Note: 1.6609x represents implied XR at 1.6350x equity XR; cash used to pay taxes, with any excess cash assumed to be used to purchase additional secondary shares. 50 (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 XR Adjusted Share $1.88 $2.40 $2.82 $3.29 After-Tax PF AMGP Dividend Per Share $1.13 $1.44 $1.70 $1.98 Return of Capital Taxes $0.00 $0.00 $0.00 $0.00 Qualified Dividend Taxes $0.08 $0.12 $0.17 $0.26 Before Tax PF AMGP Dividend Per Share $1.21 $1.56 $1.87 $2.24 Total Tax per Share $0.08 $0.12 $0.17 $0.26 After Tax AM Distibution Per LP Unit $2.21 $2.85 $3.41 $4.09 Shares Outstanding 502.1 507.9 507.9 507.9 Income Taxes / Unit $0.00 $0.00 $0.01 $0.01 Before Tax AM Distibution Per LP Unit $2.21 $2.85 $3.42 $4.10 2019E 2020E 2021E 2022E PF AMGP After-Tax Calculation 2019E 2020E 2021E 2022E SQ AM After-Tax Distribution Calculation CONFIDENTIAL DRAFT SUBJECT TO CHANGE

After-Tax Distribution Accretion / (Dilution) CONFIDENTIAL DRAFT AM & AMGP | For Average AM Unit Holder at Transaction AM Accretion / (Dilution) - % At 1.6609x Exchange Ratio & AR Base Case AMGP Accretion / (Dilution) - % At AR Base Case 66.5% 40.7% (19.5%) 27.2% 16.5% 2019E 2020E 2021E 2022E Pro Forma AMGP: $1.13 $1.44 $1.70 $1.98 AM AMGP Accretion / (Dilution) - % At AR Downside Case At 1.6609x Exchange Ratio & AR Downside Case 74.9% 53.0% (14.9%) 39.3% (17.4%) 27.2% 2019E 2020E 2021E 2022E Pro Forma AMGP: $1.13 $1.35 $1.52 $1.70 51 Source: Management projections and FactSet as of 10/3/2018 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: 1.6609x represents implied XR at 1.6350x equity XR; cash used to pay taxes, with any excess cash assumed to be used to purchase additional secondary shares. PF AMGP Coverage:1.203x1.269x1.258x1.238x SQ AM Coverage:1.152x1.210x1.145x1.116x PF AMGP Coverage: 1.203x1.269x1.258x1.238x Status Quo AMGP:$0.64$0.88$1.09$1.33 $ Acc / (Dil):$0.48$0.47$0.43$0.36 Status Quo A Pro Forma AMGP:$1.87$2.23$2.52$2.82 $ Acc / (Dil):($0.27)($0.34)($0.44)($0.59) PF AMGP Coverage:1.355x1.275x1.276x1.225x Status Quo AMGP:$0.68$1.03$1.33$1.70 $ Acc / (Dil):$0.45$0.42$0.36$0.28 Status Quo A Pro Forma AMGP:$1.88$2.40$2.82$3.29 $ Acc / (Dil):($0.33)($0.45)($0.60)($0.80) SQ AM Coverage:1.305x1.164x1.112x1.052x PF AMGP Coverage: 1.355x1.275x1.276x1.225x (15.0%)(15.9%)(17.5%) 2019E2020E2021E2022E M:$2.21$2.85$3.41$4.09 Accretion / (Dilution) - % (12.7%)(13.3%) 2019E2020E2021E2022E M:$2.14$2.58$2.96$3.41 SUBJECT TO CHANGE

After-Tax Distribution Accretion / (Dilution) CONFIDENTIAL DRAFT For Average AM Unit Holder at Transaction at 1.0x Coverage for AM & PF AMGP AM Accretion / (Dilution) - % At 1.6609x Exchange Ratio & AR Base Case AMGP Accretion / (Dilution) - % At AR Base Case 62.1% 51.8% 46.4% 36.5% 2019E 2020E 2021E 2022E Pro Forma AMGP: $1.55 $1.85 $2.18 $2.43 AM AMGP Accretion / (Dilution) - % At AR Downside Case At 1.6609x Exchange Ratio & AR Downside Case 74.5% 55.2% (3.2%) 51.4% (4.9%) 40.5% (5.9%) 2020E 2021E 2022E 2019E 2020E 2021E 2022E Pro Forma AMGP: $1.35 $1.72 $1.92 $2.10 52 Source: Management projections and FactSet as of 10/3/2018 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: 1.6609x represents implied XR at 1.6350x equity XR; cash used to pay taxes, with any excess cash assumed to be used to purchase additional secondary shares. PF AMGP Coverage:1.000x1.000x1.000x1.000x SQ AM Coverage:1.000x1.000x1.000x1.000x PF AMGP Coverage: 1.000x1.000x1.000x1.000x Status Quo AMGP:$0.77$1.11$1.27$1.49 $ Acc / (Dil):$0.58$0.61$0.65$0.61 Status Quo A$3.00$3.29$3.71 Pro Forma AMGP:$2.25$2.85$3.19$3.49 $ Acc / (Dil):($0.14)($0.15)($0.10)($0.22) PF AMGP Coverage:1.000x1.000x1.000x1.000x Status Quo AMGP:$0.96$1.22$1.49$1.78 $ Acc / (Dil):$0.59$0.63$0.69$0.65 Status Quo A Pro Forma AMGP:$2.58$3.07$3.62$4.03 $ Acc / (Dil):($0.15)($0.13)($0.08)($0.20) SQ AM Coverage:1.000x1.000x1.000x1.000x PF AMGP Coverage: 1.000x1.000x1.000x1.000x (2.2%) (5.4%)(4.2%)(4.8%) 2019E2020E2021E2022E M:$2.72$3.21$3.70$4.23 Accretion / (Dilution) - % (5.9%) 2019E M:$2.39 SUBJECT TO CHANGE

PF AMGP After Tax Cash Flow 6% Terminal Yield Value | Unadjusted Exchange Ratio | AR Base Case At 1.6609x Exchange Ratio Tax Basis at YE 2018 Taxes Incurred in Merger (Assumed Paid in 2020) Cash Received from Offer Stepped Up Basis Upon Close $20.49 0.00 0.00 $32.16 XR Adj. PF AMGP BT Dist. per Share % RoC % QD Return of Capital Qualified Dividends Project Tax Liability $2.01 73.5% 26.5% $1.47 $0.53 ($0.13) $2.59 68.8% 31.2% $1.80 $0.82 ($0.19) $3.10 61.0% 39.0% $1.92 $1.22 ($0.29) $3.73 50.8% 49.2% $1.91 $1.85 ($0.44) Terminal Yield Sale at 12/31/22 - Terminal FV per XR Adj. PF AMGP Share Less: Basis on Conversion Plus: Dividends Treated as Return of Capital 6.00% $62.09 ($32.16) $7.10 Gain on Sale Tax on Gain Tax Rate(1) 29.0% $37.04 $10.74 Sale at 12/31/22 - Terminal FV per XR Adj. PF AMGP Share Less: Taxes on Gain $62.09 ($10.74) Net Proceeds $51.35 Total Net Cash Flow Total Cash In Flow Total Cash Out Flow - Tax on Dividends Total Cash Out Flow - Taxes in Merger $1.75 $1.88 $2.20 $2.40 $2.53 $2.82 $2.85 $3.29 $51.35 $62.09 ($0.13) ($0.19) ($0.29) ($0.44) ($10.74) $0.00 53 Source: Management projections and FactSet as of 10/3/2018. (1) Inclusive of Federal & State capital gains taxes. Discount Factor 0.954 0.867 0.788 0.717 0.683 Implied Present Value per Share $1.67 $1.91 $1.99 $2.04 $35.08 XR Adj. PF AMGP Implied Present Value per Share $42.69 XR Adj. PF AMGP AT Dist. per Share $1.88 $2.40 $2.82 $3.29 •AM current price of $29.44 •Cash consideration used to pay all taxes; any additional cash available assumed to purchase secondary shares 2019E 2020E 2021E 2022E Terminal CONFIDENTIAL DRAFT SUBJECT TO CHANGE

PF AMGP After Tax Cash Flow 6% Terminal Yield Value | Unadjusted Exchange Ratio | Downside Case At 1.6609x Exchange Ratio Tax Basis at YE 2018 Taxes Incurred in Merger (Assumed Paid in 2020) Cash Received from Offer Stepped Up Basis Upon Close $20.49 0.00 0.00 $32.16 XR Adj. PF AMGP BT Dist. per Share % RoC % QD Return of Capital Qualified Dividends Project Tax Liability $1.91 91.6% 8.4% $1.75 $0.16 ($0.04) $2.39 72.4% 27.6% $1.75 $0.67 ($0.16) $2.74 66.6% 33.4% $1.85 $0.93 ($0.22) $3.16 54.7% 45.3% $1.75 $1.44 ($0.34) Terminal Yield Sale at 12/31/22 - Terminal FV per XR Adj. PF AMGP Share Less: Basis on Conversion Plus: Dividends Treated as Return of Capital 6.00% $52.59 ($32.16) $7.10 Gain on Sale Tax on Gain Tax Rate(1) 29.0% $27.53 $7.98 Sale at 12/31/22 - Terminal FV per XR Adj. PF AMGP Share Less: Taxes on Gain $52.59 ($7.98) Net Proceeds $44.61 Total Net Cash Flow Total Cash In Flow Total Cash Out Flow - Tax on Dividends Total Cash Out Flow - Taxes in Merger $1.83 $1.87 $2.08 $2.23 $2.30 $2.52 $2.48 $2.82 $44.61 $52.59 ($0.04) ($0.16) ($0.22) ($0.34) ($7.98) $0.00 54 Source: Management projections and FactSet as of 10/3/2018. (1) Inclusive of Federal & State capital gains taxes. Discount Factor 0.954 0.867 0.788 0.717 0.683 Implied Present Value per Share $1.75 $1.80 $1.82 $1.77 $30.47 XR Adj. PF AMGP Implied Present Value per Share $37.61 XR Adj. PF AMGP AT Dist. per Share $1.87 $2.23 $2.52 $2.82 •AM current price of $29.44 •Cash consideration used to pay all taxes; any additional cash available assumed to purchase secondary shares 2019E 2020E 2021E 2022E Terminal CONFIDENTIAL DRAFT SUBJECT TO CHANGE

After-Tax Discounted Dividend / Distribution Analysis XR Adjusted Implied PV / Unit at Various 2022E Distribution Yield | 10% Equity Discount Rate AR Base Case SQ AM Coverage 1.305x 1.164x 1.112x 1.052x 8% 7% 6% $35.81 $39.36 $44.10 Tax-Adjusted Equity Only XR All-In XR 7% 6% 5% (1 AMGP Proposal AR Downside Volumes Case SQ AM Coverage 1.152x 1.210x 1.145x 1.116x 8% 7% 6% $30.84 $33.80 $37.75 Tax-Adjusted Equity Only XR All-In XR 7% 6% 5% (1 AMGP Proposal Source: Management projections and FactSet as of 10/3/2018. Note: Cash consideration of $3.415 per AM unit. Tax calculations provided by Management. Ordinary gain tax rate for AM accounts for Federal ordinary income tax rate of 37%, individual MLP investor deduction rate of 20% and 3.8% ACA tax rate. Ordinary gain tax rate for PF AMGP accounts for Federal ordinary income tax rate of 37% and 3.8% ACA tax rate. (1)Transaction based on Non-AR Unitholders receiving 1.6350x AMGP shares + $3.415 cash consideration, AR receives 1.6023x + $3.000 cash consideration, and Series B receive 17.354mm AMGP shares 55 XR ) 1.8333x 1.6609x $33.97 $37.61 $42.72 PF AMGP 2022E Dividend Yield PF AM GP Coverage 1.203x 1.269x 1.258x 1.238x 2019E 2020E 2021E 2022E SQ AM 2022E Distribution Yield XR ) 1.8333x 1.6609x $38.39 $42.69 $48.72 PF AMGP 2022E Dividend Yield PF AM GP Coverage 1.355x 1.275x 1.276x 1.225x 2019E 2020E 2021E 2022E SQ AM 2022E Distribution Yield •AM current price of $29.44 •Cash consideration used to pay all taxes; any additional cash available assumed to purchase secondary shares •For comparison purposes, AM Proposal assumes issuance of 17.354mm AMGP shares for Series B Unitholders 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 56 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

Supplemental Calculation Detail | At Transaction 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 $1.64 0.954 $1.56 $1.99 0.867 $1.72 $2.39 0.788 $1.88 $2.75 PF AM GP Dist. per Share Disc ount Fac tor PV of PF AM GP Dist.per Share $1.21 0.954 $1.15 $1.56 0.867 $1.35 $1.87 0.788 $1.47 $2.24 Terminal M ultiple Terminal Disc . Fac tor 12.0x 0.751 Terminal Yield Terminal Disc . Fac tor 6.0% 0.751 58 Source: Management projections and FactSet as of 10/3/2018. Implied Terminal Value per Share $24.76 Implied Equity Value per Share $29.93 XR Adj. AM Equity Value per Share $48.93 Implied Terminal Value per Share $28.09 Implied Equity Value per Share $32.06 XR Adj. AM Equity Value per Share $52.42 Disc . PF AM GP DCF Total $5.16 Disc . PF AM GP Dist. Total $3.98 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Precedent Simplification Transactions 8/1/18 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 Energy Transfer Equity, L.P. 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 Energy Transfer 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 $66,981 $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 (8.7%) 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% 3.6% 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% 6.0% 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% 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 ---- 59 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). (1)Accretion / (dilution) at AR Base Case assuming grossed up by 1.8333x XR. M edian $6,461 (3.0%) 1.3% 2.4% 100.0% $2.77 M ean $17,897 (3.4%) (0.6%) 0.8% 95.2% $3.60 At Transaction(1)Antero Midstream GP LP Antero Midstream Partners LP $10,751 9.5% 12.4% 16.6% 94.4% --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 10/3/2018. 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). 60 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

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. 62 $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 $317 589 $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. 63 $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. 64 $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 % $2.06 $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 28%/29%33%/29% 18%/29% 16%/20% 14%/20% Growth(1) $1.33 1.76x 1.33x 1.28x1.31x 1.16x 1.11x 1.05x Rat$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. 65 YoY Coverage Total LP DCF$353$299$388$515$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 % $2.06 $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) $1.33 1.76x 1.33x 1.28x 1.15x 1.21x 1.15x 1.12x Rat$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. 66 YoY8%/2$91%.72 28%/29%16%/25%26%/20%10%/15%13%/15% Coverage Total LP DCF$353$299$388$451$568$627$708 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$416 $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 $236 $326 $326 Remaining profits pass through AMGP via Series A shares $250 $251 $144 $147 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 $166 $52 $86 $101 $166 $48 $52$10 2016A $101 2017A2018E $48 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 $338 $438 $559 G&A(3) (1) (1) (2) (2) (2) (2) (2) $85 Taxes (7) (7) (34) (56) (85) (111) (141) $2 CAFD to AMGP Shareholders $10 $59 $101 $166 $251 $326 $416 Illustrative Yield 3.3% 3.3% 3.3% 3.3% 3.3% 3.8% 5.0% $34$34 $11 $2 $1$00101 $$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. 67 AMGP Valuation $290 $1,788 $3,049 $5,028 $7,587 $8,531 $8,343 Series B Valuation(4) N/A N/A $63 $182 $335 $392 $381 $17 $ $2 $2 $464 $34 $141 $2 $357 $2 $111 $416 $2 $237 $2 $326 $251 $2 $144 $56 $166 $69 $2 $ 2 $1100 $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 $371 $415 $302 Series B unitholders are entitled to receive up to 6% of the distributions from AM in excess of $7.5MM per quarter $314 $326 $237 $273 $326 Remaining profits pass through AMGP via Series A shares $250 $144 $191 $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 $146 $101 $52 $215 $86 $48 $157 2019E $10 $52 2016A $10 2017A $48 $120018E 2020E 2021E 2022E 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 $225 $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 (3) (1) (1) (2) (2) (2) (2) (2) G&A Taxes (7) (7) (34) (53) (73) (90) (111) $2 $2 CAFD to AMGP Shareholders $10 $59 $101 $157 $215 $266 $326 $53 Illustrative Yield 3.3% 3.3% 3.3% 3.3% 3.3% 4.8% 5.7% $2 $34 165 $1 $2 $1 $17 $$66 $$1100 2016A 2017A 2018E 2019E2020E2021E 2022E 2016A 2017A 2018E 2019E 2020E 2021E 2022E Source: Management Projections, Company Filings. (1) (2) (3) (4) 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. 68 AMGP Valuation $290 $1,788 $3,049 $4,768 $6,508 $5,511 $5,725 Series B Valuation(4) N/A N/A $63 $166 $270 $211 $223 $38$02 $2 $111 $306 $2$2 $90 $326 $225 $73 $266 $144 $56 $215 $157 $2 $69 $34 $ $1$01001 $$4488 34% 27% 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 AM is covered by 14 analysts as compared to 22 for AR and 12 for AMGP $3.81 $1,413 $1,382 $1,564 $3.42 $1,222 $1,409 Median price target of $37.50 as of 10/3/2018 $1,152 $989 $1,229 $931 $1,105 $730 $709 $729 Average price target range of $33.00 - $51.00 as of 10/3/2018 $851 $529 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 $3.51 $3.42 $3.75 $3.76 16% $3.13 $2.85 $3.42 $3.33 $2.97 $3.174 $2.21 $2.21 $2.71 $2.74 $2.82 $2.58 $1.72 $1.72 $2.15 $3.02 $1.71 $2.20 $2.06 $2.40 $0.47 $2.06 $1.61 2017A 2018E 2019E 2020E 2021E 2022E 2017A 2018E 2019E 2020E 2021E 2022E 69 Source: Management Projections, Thomson One, FactSet as of 10/3/2018. 23% 17% 17% 16% 5% 18% 19% 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 $559 AMGP is covered by 12 analysts as compared to 22 for AR and 14 for AM $3.81 $438 $3.42 $438 $458 Median price target of $23.00 as of 10/3/2018 $338 $359 $290 $390 $224 Average price target range of $19.00 - $27.00 as of 10/3/2018 $334 $137 $133 $213 $224 $137 $59 2017A 2018E 2019E 2020E 2021E 2022E 2019E – 2022E CAGR 2019E – 2022E CAGR Total Distributions to AMGP Shareholders Distributions per Share 1E $416 $2.23 $326 $1.75 $326 $1.75 $251 $266 $1.35 $1.43 $215 $1.15 $166 $0.89 $250 $1.34 $101 $0.54 $100 $0.54 $157 $165 $0.85 $0.89 $56 $0.30 $101 $0.54 2017A 2018E 2019E 2020E 2021E 2022E 2017A 2018E 2019E 2020E 2021E 2022E 70 Source: Management Projections, Thomson One, FactSet as of 10/3/2018. 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

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% 6.9% 12.5% CNX M idstream Partners LP 14.9% 4.0% 5.7% 6.0% 11.7% Hess M idstream Partners LP 15.2% 4.0% 5.6% 5.6% 11.2% BP M idstream Partners LP 14.7% 4.0% 5.5% 5.4% 10.9% Valero Energy Partners LP 13.7% 4.0% 5.6% 8.2% 13.8% EQT M idstream Partners LP 14.3% Cost of Equity Sensitized Peer Total Return Cost of Equity Barra Beta Low High (2) Raw Beta 0.86 1.16 (3) Spot Risk-Free Rate 3.1% 3.1% Equity Risk Premium (4) 6.0% 6.0% Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 10/3/2018. (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 9/21/18. Duff & Phelps historical arithmetic premium. (2) (3) (4) 73 Cost of Equity8.3%10.1% Cost of Equity 11.2% 12.2% M edian 14.7% 4.0% 5.6% 6.0% 11.7% M ean 14.4% 4.0% 5.6% 5.9% 11.5% Western Gas Partners, L.P. 6.1% 4.0% 4.3% 8.4% 12.7% Shell M idstream Partners LP 11.6% 4.0% 5.1% 6.7% 11.8% Noble M idstream Partners LP 20.1% 4.0% 6.4% 5.4% 11.9% Phillips 66 Partners LP 10.5% 4.0% 5.0% 5.4% 10.4% 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% 4.8% 7.3% 12.1% Western Gas Equity Partners, LP 9.1% Cost of Equity Sensitized Peer Total Return Cost of Equity Barra Beta Low High (2) Raw Beta 0.70 0.95 (3) Spot Risk-Free Rate 3.1% 3.1% Equity Risk Premium (4) 6.0% 6.0% Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 10/3/2018. (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 9/21/18. Duff & Phelps historical arithmetic premium. (2) (3) (4) 74 Cost of Equity7.4%8.9% Cost of Equity 10.8% 11.8% M edian 9.1% 4.0% 4.8% 6.5% 11.3% M ean 9.1% 4.0% 4.8% 6.5% 11.3% EQT GP Holdings LP 9.0% 4.0% 4.8% 5.8% 10.6% 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% 9.9% 25.0% 2.7% 4.0% 4.9% 4.8% 9.6% Plains All Americ an Pipeline GP 9.7% 4.0% 3.6% 6.2% 9.8% Targa Resourc es Corp. 1.4% 4.0% 4.8% 5.8% 10.6% EQT GP Holdings LP 9.0% 4.0% 5.6% 6.9% 12.5% CNX M idstream Partners LP 14.9% 4.0% 5.7% 6.0% 11.7% Hess M idstream Partners LP 15.2% 4.0% 5.6% 5.6% 11.2% BP M idstream Partners LP 14.7% 4.0% 5.5% 5.4% 10.9% Valero Energy Partners LP 13.7% Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 10/3/2018. (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. 75 M edian 12.0% 4.0% 5.2% 5.8% 11.2% M ean 12.4% 4.0% 5.3% 5.9% 11.1% Shell M idstream Partners LP 11.6% 4.0% 5.1% 6.7% 11.8% Noble M idstream Partners LP 20.1% 4.0% 6.4% 5.4% 11.9% EQT M idstream Partners LP 14.3% 4.0% 5.6% 8.2% 13.8% Western Gas Equity Partners, LP 9.1% 4.0% 4.8% 7.3% 12.1% The Williams Companies, Inc . 12.0% 4.0% 5.2% 4.3% 9.5% SemGroup Corporation 4.9% 4.0% 4.1% 8.1% 12.2% ONEOK, Inc . 10.5% 4.0% 5.0% 4.4% 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 3.1% 3.1% Cost of Equity 10.7% 11.7% Equity Risk Premium (4) 6.0% 6.0% Market Value of Equity $8,888 $8,888 Cost of Capital PF Capital Structure Cost of Capital Optimal Capital Structure(5) Low High Low High Cost of Equity Cost of Debt 10.7% 3.4% 11.7% 4.9% Cost of Equity 10.7% 3.4% 11.7% 4.9% (1) Cost of Debt Market Value of Equity Total Debt $8,888 $3,460 $8,888 $3,460 Market Value of Equity Total Debt $8,888 $1,420 $8,888 $1,420 Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 10/3/2018. (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 9/21/18. Duff & Phelps historical arithmetic premium. Optimal Capital Structure based on Total Debt of 3.5x 2019E EBITDA 76 Cost of Equity9.7%10.8% Cost of Capital8.7%9.8% Cost of Capital10.7%11.7% Cost of Equity8.2%10.0% CONFIDENTIAL DRAFT SUBJECT TO CHANGE

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